AMEX, PW - Pittsburgh & West Virginia Railroad
Pittsburgh & West Virginia Railroad (the Registrant) was organized in
Pennsylvania in 1967, as a business trust, for the purpose of acquiring the
business and property of a small leased railroad. The railroad was leased in
1964 to Norfolk and Western Railway Company, now known as Norfolk Southern
Corporation ("NSC"), by Registrant's predecessor company for 99 years with the
right of unlimited renewal for additional 99 year periods under the same
terms and conditions, including annual rent payments.
Registrant's business consists solely of the ownership of the properties
subject to the lease, and of collection of rent thereon. The rent received is
$915,000 per year, in cash, which amount is fixed and unvarying for the life of
the lease, including any renewal periods. In addition, the lease provides that
certain non-cash items be recorded as rent income each year. ...
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