Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations.

You should read the following management's discussion and analysis of our financial condition and results of operations in conjunction with our unaudited financial statements and notes thereto included in Part I, Item 1 of this Quarterly Report on Form 10-Q and with our audited financial statements and notes thereto for the year ended December 31, 2025, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed on March 31, 2026 (the "2025 10-K") with the U.S. Securities and Exchange Commission (the "SEC"). This discussion, particularly information with respect to our future results of operations or financial condition, business strategy, plans and objectives for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading "Cautionary Statement Regarding Forward-Looking Statements" in this Quarterly Report on Form 10-Q. You should review the disclosure under Part 1, Item 1A of the 2025 10-K for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. References in this Quarterly Report on Form 10-Q to the "Registrant" or the "Trust" refer to Power REIT and "we," "us," "our" and "Power REIT" refer to Power REIT, together with its consolidated subsidiaries.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this "Report") includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are those that predict or describe future events or trends and that do not relate solely to historical matters. You can generally identify forward-looking statements as statements containing the words "believe," "expect," "will," "anticipate," "intend," "estimate," "project," "plan," "assume" or other similar expressions, or negatives of those expressions, although not all forward-looking statements contain these identifying words. All statements contained in this Report regarding our future strategy, future operations, projected financial position, estimated future revenues, projected costs, future prospects, the future of our industries and results that might be obtained by pursuing management's current or future plans and objectives are forward-looking statements.

You should not place undue reliance on any forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control, including those identified below, under Part II, Item 1A. "Risk Factors" and elsewhere in this Report, and those identified under Part I, Item 1A of the 2025 10-K. Our forward-looking statements are based on the information currently available to us and speak only as of the date of the filing of this Report. New risks and uncertainties arise from time to time, and it is impossible for us to predict these matters or how they may affect us. Over time, our actual results, performance, financial condition or achievements may differ from the anticipated results, performance, financial condition or achievements that are expressed or implied by our forward-looking statements, and such differences may be significant and materially adverse to our security holders. Our forward-looking statements contained herein speak only as of the date hereof, and we make no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations.

Overview

We are a Maryland-domiciled, internally-managed real estate investment trust (a "REIT") that owns a portfolio of real estate assets related to transportation, energy infrastructure, Controlled Environment Agriculture ("CEA") and single family rental properties in the United States.

We are structured as a holding company and own our assets through fifteen direct and indirect wholly-owned, special purpose subsidiaries that have been formed in order to hold real estate assets, obtain financing and generate lease revenue. As of September 30, 2026, our assets consisted of approximately 112 miles of railroad infrastructure and related real estate which is owned by our subsidiary Pittsburgh & West Virginia Railroad ("P&WV"), approximately 447 acres of fee simple land leased to a utility scale solar power generating project with an aggregate generating capacity of approximately 82 Megawatts ("MW") and approximately 61 acres of land with approximately 253,000 square feet of CEA properties in the form of greenhouses (the "Greenhouse Portfolio") and two single family rental properties.

During the nine months ended September 30, 2026, the Trust did not declare a dividend of approximately $490,000 ($0.484375 per share per quarter that had accrued) to holders of Power REIT's 7.75% Series A Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Stock"). On September 3, 2026 the Trust filed a Preliminary Proxy Statement for the following proposals to be voted upon at a Special Meeting of Series A Preferred Stockholders: (i) an amendment to the Articles Supplementary to the Trust's Declaration of Trust relating to the Series A Preferred Stock, (the "Preferred Stock Amendment"), to provide that each share of Series A Preferred Stock can be converted into 0.5 of our common shares, $0.001 par value per share (the "Common Shares"), upon the effective time of the Preferred Stock Amendment (such automatic conversion, the "Conversion") (the "Preferred Stock Proposal"); (ii) if the Preferred Stock Amendment proposal is not approved, or the Trust does not affect the Conversion, the election of Alexander Kachmar and David Cacciapaglia as additional trustees of the Board of Trustees (the "Board Nominee Proposal"); and (iii) one or more adjournments of the Special Meeting, if necessary or appropriate, to solicit additional proxies if there are insufficient votes at the time of the Special Meeting to approve the Preferred Stock Proposal or the Board Nominee Proposal. If the Preferred Stock Proposal is not approved, the Board currently intends to pursue the delisting of the Series A Preferred Stock from the NYSE American, as described further below and in the accompanying proxy statement. The Special Meeting has not yet been held.

On October 27, 2026, the Trust convened its 2026 Annual Meeting of Shareholders (the "Annual Meeting"). The Trust had not received sufficient votes to approve Proposal 3, which is a proposal to amend the Articles Supplementary to the Trust's Declaration of Trust relating to the Series A Preferred Stock, so that future amendments to the Declaration of Trust that affect only the contract rights of the Series A Preferred Stock could be approved by the holders of the Series A Preferred Stock, voting as a separate class, without a further vote of the common shareholders. The Trust has adjourned the Annual Meeting to continue to solicit votes in favor Proposal 3.

The Trust believes that the Conversion is in the best interest of the Trust because it would eliminate the Series A Preferred Stock from the Trust's capital structure and may assist the Trust in maintaining its NYSE American listing. The conversion ratio of .5 Common Shares for each share of Series A Preferred Stock is a ratio that already exists in the governing documents but only in the event of a de-listing and de-registration as a publicly reporting entity. The Trust believes that if this proposal is approved and it can complete the conversion, it is more likely to continue as a listed and publicly reporting entity. The alternative may be a delisting of the Common and Preferred Shares and a de-registration as a publicly reporting entity. There can be no assurance that the proposal will be approved or that the conversion will be approved or completed.

The Trust has been informed that a complaint has been filed seeking to compel the Trust to hold a special meeting of the holders of its Series A Preferred Stock for the purpose of electing two additional trustees. The Trust has filed a preliminary proxy statement with the Securities and Exchange Commission for a meeting of the holders of its Series A Preferred Stock and intends to proceed with the process of convening such a meeting.

Our primary objective is to maximize the long-term value for our shareholders. To that end, our business goals are to obtain the best possible rental income at our properties in order to maximize our cash flows, net operating income, funds from operations, funds available for distribution to shareholders and other operating measures and results, and ultimately to maximize the values of our properties.

To achieve this primary goal, we have developed a business strategy focused on increasing the values of our properties, and ultimately of the Trust, which includes:

● Raising capital by monetizing the embedded value in our portfolio to improve our liquidity position and, as appropriate reducing debt levels to strengthen our balance sheet;

● Selling off non-core properties and underperforming assets;

● Seeking to re-lease properties that are vacant or have non-performing tenants

● Seeking to minimize the carrying costs related to the Greenhouse Portfolio given the speculative nature of valuing these assets;

● Raising the overall level of quality of our portfolio and of individual properties in our portfolio;

● Improving the operating results of our properties; and

●Taking steps to position ourselves for future growth opportunities.

Recent Events

On September 18, 2026, a wholly owned subsidiary of Power REIT, PW CO CanRE Tam 7 LLC, sold a cannabis related greenhouse cultivation property located in Ordway, Colorado. The property was described in prior filings as Tam 7 and included all property improvements and equipment. The purchaser was an unaffiliated third party and the price was established based on an arm's length negotiation. The sale price was $400,000 and the subsidiary of the Trust provided $350,000 of seller financing at an interest rate of 8% per annum during year one, 12% per annum during year two, and 14% per annum for the third year following the closing with the entire principal balance due at maturity. There was an approximately $85,000 loss on sale which includes closing costs.

On August 14, 2026 and on September 9, 2026, a newly formed wholly owned subsidiary of Power REIT, PowerHouse OK 1 LLC purchased two single-family rental properties in Tulsa, Oklahoma for $75,000 and $65,000, respectively.

On July 31, 2026, a wholly owned subsidiary of Power REIT, PW CO CanRE Tam 19 LLC, sold its interest in a cannabis related greenhouse cultivation property located in Ordway, Colorado. The property was described in prior filings as Tam 19 and was vacant. The purchaser was an unaffiliated third party and the price was established based on an arm's length negotiation. The sale price was $212,500 and the loss recognized was approximately $660 which includes closing costs.

On June 2, 2026, the Trust initiated a one-for-ten reverse stock split of shares of the Trust's common stock, $0.001 par value per share (the "Common Stock"), where every ten issued and outstanding shares of Common Stock were converted into one share of Common Stock (the "Reverse Stock Split"). At the market open on June 3, 2026 (the first business day after the effective time of the Reverse Stock Split), the Common Stock began trading on a split-adjusted basis with a new CUSIP number (73933H 309). No fractional shares were issued in connection with the Reverse Stock Split. Instead, each stockholder that held fractional shares as a result of the Reverse Stock Split were entitled to receive, in lieu of such fractional shares, cash in an amount equal to the applicable fraction multiplied by the $8.30, the closing price of the Common Stock on NYSE American on June 2, 2026 (as adjusted for the Reverse Stock Split), without any interest. The Reverse Stock Split was applied to all outstanding shares of Common Stock and did not affect any particular stockholder's relative ownership percentage of shares of Common Stock, except for de minimis changes resulting from the payment of cash in lieu of fractional shares. The Reverse Stock Split also did not affect the relative voting or other rights that accompany the shares of Common Stock, except to the extent that it resulted from a stockholder receiving cash in lieu of fractional shares.

On June 24, 2026, a wholly owned subsidiary of Power REIT, PW OK CanRE Vinita LLC, sold its interest in a cannabis related greenhouse cultivation property located in Vinita, Oklahoma. The property was described in prior filings as Vinita and was vacant. The purchaser was an unaffiliated third party and the price was established based on an arm's length negotiation. The sale price was $315,000 and the loss recognized was approximately $110,000 which includes closing costs.

On February 11, 2026, the PW CO CanRE Mav 14 LLC ("Mav 14") property was sold at auction. As part of the sale, the Trust wrote off accrued property tax of approximately $61,000 and recognized a total loss of approximately $494,000.

Improving Our Balance Sheet by Reducing Debt and Leverage; Maintaining Liquidity

Leverage

We continue to seek ways to reduce our debt and debt leverage by improving our operating performance and through a variety of other means available to us. These means might include leasing vacant properties, selling properties, raising capital or through other actions.

Capital Recycling

In the later part of 2022, we commenced property reviews to establish a plan for the portfolio and, where appropriate, have been disposing of and seeking to dispose of properties that we do not believe meet financial and strategic criteria given economic, market and other circumstances. Disposing of these properties can enable us to redeploy or recycle our capital to other uses, such as to repay debt, to reinvest in other real estate assets and development and redevelopment projects, and for other corporate purposes. Along these lines, in 2023 and 2024 we completed sales of assets for total gross proceeds of approximately $9.81 million which included approximately $2.1 million of seller financing provided to the buyers. During 2025, we completed sales of assets for total gross proceeds of approximately $325,000 which included approximately $105,000 of seller financing provided to a buyer and in 2026, we sold three properties for gross proceeds of approximately $927,000 which included $350,000 of seller financing provided to a buyer. In addition, the Mav 14 property was sold at auction in February 2026. We also have one property that we are marketing for sale and/or lease, which have been classified as an "Asset Held for Sale."

Improving Our Portfolio

We are currently seeking to refine our property holdings by selling greenhouse properties and/or re-leasing them in an effort to improve the overall performance going forward. Effective April 11, 2025, we closed on a settlement agreement with the lender for the Greenhouse Loan, which resulted in the write-off of the Nebraska and Michigan properties, along with the remaining balance of the Greenhouse Loan. The transaction also relieved the ongoing costs associated with maintaining the Nebraska and Michigan properties. We intend to continue to seek to realize value from the retained assets. This is expected to include entering into new leases and selling properties based on market conditions. We will also continue to focus on improving cash collections from existing tenants. During the quarter ended September 30, 2026, the Trust acquired two single family rental properties and is actively exploring the expansion of this portfolio. In addition, we are exploring strategic alternatives that may or may not include real estate investments in an effort to increase shareholder value.

Taking Steps to Position the Company for Future Growth Opportunities

We are taking steps designed to position ourselves to create shareholder value. In connection therewith, we have implemented processes designed to ensure strong internal discipline in the use, harvesting and recycling of our capital, and these processes will be applied in connection with seeking to reposition properties.

We may seek to acquire, in an opportunistic, selective and disciplined manner, properties that have operating metrics that are better than or equal to our existing portfolio averages, and that we believe have strong potential for increased cash flows and appreciation in value. Taking advantage of any acquisition opportunities would likely involve some use of debt or equity capital. We will pursue transactions that we expect can meet the financial and strategic criteria we apply, given economic, market and other circumstances. In addition, we are exploring the potential to use our existing corporate structure for strategic transactions including potentially merging assets or companies with us. The Trust is also exploring strategic alternatives that may or may not include real estate investments in an effort to increase shareholder value.

Critical Accounting Estimates

The consolidated financial statements are prepared in conformity with accounting principles and generally accepted in the United States of America ("GAAP"), which requires the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses in the periods presented. We believe that the accounting estimates employed are appropriate and resulting balances are reasonable; however, due to inherent uncertainties in making estimates, actual results may differ from the original estimates, requiring adjustments to these balances in future periods. None of the estimates are considered critical accounting estimates.

Results of Operations

Three Months Ended September 30, 2026 and 2025

Income

Income during the three months ended September 30, 2026 and 2025 was $542,175 and $513,110, respectively. Income during the three months ended September 30, 2026, consisted of rental income of $274,485, direct financing lease income of $228,750, and other income of $38,940. The increase in total income was due to an increase in rental income of $28,756 and an increase in other income of $309.

During the three months ended September 30, 2026, the Trust's income was concentrated from certain tenants. For the three months ended September 30, 2026, Power REIT collected approximately 85% of its rental income and lease income from direct financing lease from the tenants of two properties. The tenants are Norfolk Southern Railway and Regulus Solar LLC which represent 45% and 40% of rental income and lease income from direct financing lease, respectively. For the three months ended September 30, 2025, Power REIT collected approximately 91% of its rental income and lease income from direct financing lease from two properties. The tenants were Norfolk Southern Railway and Regulus Solar LLC which represented 48% and 42% of rental income and lease income from direct financing lease, respectively.

Expenses

Expenses for the three months ended September 30, 2026 compared to the same period in 2025 decreased by $120,751 to $592,719, primarily due to a decrease in general and administrative expense of $70,525, a decrease in property expenses and taxes of $43,483, and to a lesser extent, a decrease in depreciation expense of $6,841 and interest expense of $8,612, offset by an increase in impairment expense of $8,710.

Our non-property related expenses, are for general and administrative expenses, which consist principally of insurance, legal and other professional fees, consultant fees, NYSE American listing fees, shareholder service company fees and auditing costs as well as property related expenses that are not covered by tenants.

Other Income/(Expense)

Other income/(expense) decreased by $509,080 primarily due to a loss on sale of properties of $85,664, a decrease in unrealized/realized gain/loss on marketable securities of $45,917 and $377,499, respectively.

Nine Months Ended September 30, 2026 and 2025

Income

Income during the nine months ended September 30, 2026 and 2025 was $1,715,362 and $1,505,687, respectively. Income during the nine months ended September 30, 2026, consisted of rental income of $712,443, direct financing lease income of $686,250, and other income of $316,669. The increase in total income was due to an increase in other income of $189,879 which is mainly due to the interest received on the settlement of the PW SD mortgage loan and an increase rental income of $19,796.

During the nine months ended September 30, 2026, the Trust's income was concentrated from certain tenants. For the nine months ended September 30, 2026, Power REIT collected approximately 92% of its rental income and lease income from direct financing lease from the tenants of two properties. The tenants are Norfolk Southern Railway and Regulus Solar LLC which represent 49% and 43% of rental income and lease income from direct financing lease, respectively. For the nine months ended September 30, 2025, Power REIT collected approximately 93% of its rental income and lease income from direct financing lease from two properties. The tenants were Norfolk Southern Railway and Regulus Solar LLC which represented 50% and 43% of rental income and lease income from direct financing lease, respectively.

Expenses

Expenses for the nine months ended September 30, 2026 compared to the same period in 2025 decreased by $2,254,080 to $1,583,325, primarily due to a decrease in interest expense of $1,097,630 due to the settlement of the Greenhouse Loan, a decrease in property expenses and taxes of $616,016, a decrease in general and administrative expense of $292,078 and to a lesser extent, a decrease in depreciation expense of $12,583, offset by an increase in impairment expense of $361,227. Expenses for the nine months ended September 30, 2026 also includes a recovery of allowance for receivable of $597,000.

Our non-property related expenses, are for general and administrative expenses, which consist principally of insurance, legal and other professional fees, consultant fees, NYSE American listing fees, shareholder service company fees and auditing costs as well as property related expenses that are not covered by tenants.

Other Income/(Expense)

Other income/(expense) decreased by $2,188,544 primarily due to an increase on loss on sale of properties of $682,399, a decrease in gain on extinguishment of debt of $1,092,670 and by a decrease in unrealized and realized gain/loss on marketable securities of $35,976 and $377,499, respectively.

Net Loss Attributable to Common Shareholders

Net loss attributable to common shareholders during the nine months ended September 30, 2026 was $1,083,058 compared to a net loss of $1,358,269 for the nine months ended September 30, 2025, a decrease of $275,211.

Liquidity and Capital Resources

Our cash, cash equivalents totaled $2,650,441 as of September 30, 2026, an increase of $415,135 from December 31, 2025. Our current loan liabilities totaled approximately $800,000 as of September 30, 2026 as compared to approximately $760,000 as of December 31, 2025.

Effective April 11, 2025, we entered into a settlement agreement with the lender under the Greenhouse Loan that resulted in the write-off of the Nebraska and Michigan properties, along with the remaining balance of the Greenhouse Loan. The transaction also relieves the ongoing costs associated with maintaining the Nebraska and Michigan properties.

We are not current on payment of property taxes for the Greenhouse Portfolio. These taxes are included on the Balance Sheet as accrued expenses and liabilities held for sale of approximately $1,122,000. If the property taxes remain delinquent, the remaining Greenhouse Portfolio will be subject to tax foreclosure.

On January 24, 2025, the Trust entered into a sales agreement (the "Sales Agreement"), with A.G.P./Alliance Global Partners ("AGP") pursuant to which it may, from time to time, issue and sell its common shares in an "at the market offering," however, AGP is not obligated to sell any common shares and there are limits on the dollar amount of common shares it can sell pursuant to the Sales Agreement. In addition, the Trust's ability to raise capital through the sale of securities may be limited by the rules of the SEC and NYSE American LLC ("NYSE American") that place limits on the number and dollar amount of securities that may be sold. There can be no assurances that the Trust will be able to raise the funds needed, especially in light of the fact that its ability to sell securities registered on its registration statement on Form S-3 will be limited until such time as the market value of the Trust's voting securities held by non-affiliates is $75 million or more. As of September 30, 2026, 282,613 common shares (on a pre-reverse stock split basis) had been sold pursuant to the Sales Agreement. During the nine months ended September 30, 2026, prior to the Trust's 1-for-10 reverse stock split effective June 2, 2026, the Trust sold 10,781 common shares (on a pre-reverse stock split basis) pursuant to the Sales Agreement for net proceeds of $10,945.

During the nine months ended September 30, 2026, we generated approximately $959,000 of cash from debt service related to the seller financing provided in 2024, 2025 and 2026. The remaining seller financing agreements have a combined remaining balance of $1,244,000 as of September 30, 2026.

We will continue to seek to maximize value from the retained assets. This will include entering into new leases and selling properties based on market conditions. We will also continue to focus on improving cash collections from existing tenants. In addition, we are exploring strategic alternatives that may or may not include real estate investments in an effort to increase shareholder value.

Cash Provided by (Used in) Operating Activities

During the nine months ended September 30, 2026 and 2025, cash provided by (used in) operating activities was $215,667 and $(200,693), respectively. The improvement in operating cash flows was primarily attributable to a lower net loss and the impact of non-cash items, partially offset by less favorable changes in working capital, including changes in prepaid expenses, accounts payable, accrued expenses and other liabilities. Operating cash flows were also affected by non-cash items, including impairment expense, the loss on sale of properties, depreciation and amortization, unrealized loss on marketable securities, and, in the prior-year period, the gain on extinguishment of debt.

Our cash outlays at Power REIT (parent company) consist principally of professional fees, consultant fees, NYSE American listing fees, legal, insurance, shareholder service company fees, auditing costs and general and administrative expenses. Our cash outlays related to our various property-owning subsidiaries consist principally of principal and interest expense on debts, property maintenance, property taxes, insurance, legal as well as other property related expenses that are not covered by tenants. To the extent we need to raise additional capital to meet our obligations, there can be no assurance that financing on favorable terms will be available when needed. Although we entered into the Sales Agreement the rules of the SEC and NYSE American place limits on the number and dollar amount of securities that may be sold. There can be no assurances that we will be able to raise the funds needed. If we are unable to sell certain assets when anticipated at prices anticipated, we may not have sufficient cash to fund operations and commitments beyond the next twelve months.

Cash Provided By Investing Activities

Cash provided by investing activities during the nine months ended September 30, 2026 and 2025 was $887,836 and $600,113, respectively. The increase of $287,723 was primarily attributable to higher proceeds from the sale of properties and increased collections on mortgage loan receivable offset by purchases of single family rental properties.

Cash Used/Provided By Financing Activities

Cash used in financing activities during the nine months ended September 30, 2026 was $688,368, compared to cash used in financing activities of $637,511 during the same period in 2025. The increase in cash used of $50,857 was primarily due to the absence of proceeds from debt financing received in the prior-year period and lower proceeds from financing activities, partially offset by lower principal payments on debt and proceeds received from the issuance of common shares pursuant to the Sales Agreement.

FUNDS FROM OPERATIONS - NON-GAAP FINANCIAL MEASURES

We assess and measure our overall operating results based upon an industry performance measure referred to as Core Funds From Operations ("Core FFO") which our management believes to be a useful indicator of our operating performance. Core FFO is a non-GAAP financial measure. Core FFO should not be construed as a substitute for net income (loss) (as determined in accordance with GAAP) for the purpose of analyzing our operating performance or financial position, as Core FFO is not defined by GAAP. The following is a definition of this measure, an explanation as to why we present it and, at the end of this section, a reconciliation of Core FFO to the most directly comparable GAAP financial measure.

Our management believes that alternative measures of performance, such as net income computed under GAAP, or Funds From Operations computed in accordance with the definition used by the National Association of Real Estate Investment Trusts ("NAREIT"), include certain items that are not indicative of the results provided by our asset portfolio and inappropriately affect the comparability of our period-over-period performance. These items include certain non-cash expenses, including stock-based compensation, amortization of intangible lease assets, amortization of debt costs, and depreciation on land improvements, as well as impairment charges and gains or losses on sale of property. Therefore, management uses Core FFO and defines it as net income excluding such items.

A reconciliation of our Core FFO to net income for the three and nine months ended September 30, 2026 and 2025 is included in the table below:

CORE FUNDS FROM OPERATIONS (FFO)

(Unaudited)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue		$	542,175			$	513,110			$	1,715,362			$	1,505,687
Net Income (Loss)		$	(135,713	)		$	223,551			$	(593,437	)		$	(868,648	)
Stock-Based Compensation			-				47,738				-				334,162
Interest Expense - Amortization of Debt Costs			7,848				7,847				23,543				23,542
Amortization of Intangible Lease Asset			56,872				56,872				170,616				170,616
Depreciation on Land Improvements			6,971				13,812				24,214				36,797
Impairment Expense			40,514				31,804				406,631				45,404
Recovery of Allowance for Receivable			-				-				(597,000	)			-
Loss on sale of property			85,664				-				690,027				7,628
Core FFO Available to Preferred and Common Stock			62,156				381,624				124,594				(250,499	)
Preferred Stock Dividends			(163,207	)			(163,207	)			(489,621	)			(489,621	)
Core FFO Available to Common Shares		$	(101,051	)		$	218,417			$	(365,027	)		$	(740,120	)
Weighted Average Shares Outstanding (basic)*			367,120				338,966				367,141				338,966
Core FFO per Common Share			(0.28	)			0.64				(0.99	)			(2.18	)

*On June 2, 2026, the Trust effected a 1 for 10 reverse stock split. All share and per-share amounts in these financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.

Core FFO for the nine months ended September 30, 2026 reflects the deduction of the $597,000 recovery of the allowance for receivable, consistent with the add-back of the related allowance in Core FFO for 2025. Core FFO for the three and six months ended June 30, 2026, as previously reported, did not reflect this deduction. Reflecting the deduction, Core FFO available to common shares for the three and six months ended June 30, 2026 would have been $(24,325) and $(263,976), or $(0.07) and $(0.72) per common share, respectively, compared with $572,675 and $333,024, or $1.56 and $0.91 per common share, as previously reported.