General Information	9 Months Ended
Sep. 30, 2011
General Information	1. General Information The foregoing interim financial statements are unaudited but, in the opinion of management, reflect all adjustments necessary for a fair presentation of the results of operations for the interim periods presented. All adjustments are of a normal recurring nature. Pittsburgh & West Virginia Railroad ("Registrant" or "Trust") has elected to be treated for tax purposes as a real estate investment trust (REIT). It is the Trust’s policy to distribute at least 90% of its ordinary taxable income to its shareholders to maintain its REIT corporate status. Furthermore, in accordance with the terms of the lease, Norfolk Southern Corporation (“NSC”) will reimburse the Trust, in the form of additional rent, for all taxes and governmental charges imposed upon the leased assets of the Trust except for taxes relating to base cash rent payments made by the NSC. Due to the treatment of the lease as a direct financing lease for GAAP purposes, the tax basis of the leased property is higher than the GAAP basis in the leased property. Under the provisions of the lease, the Trust may not issue, without the prior written consent of NSC, any shares or options to purchase shares or declare any dividends on its shares of beneficial interest in an amount exceeding the value of the assets not covered by the lease plus the annual cash rent of $915,000 to be received under the lease, less any expenses incurred for the benefit of shareholders. At September 30, 2011, all net assets, other than cash, are covered by the lease. The Trust may not borrow any money or assume any guarantees except with the prior written consent of NSC.

General Information

9 Months Ended

Sep. 30, 2011

1. General Information

The foregoing interim financial statements are unaudited but, in the opinion of management, reflect all adjustments necessary for a fair presentation of the results of operations for the interim periods presented. All adjustments are of a normal recurring nature.

Pittsburgh & West Virginia Railroad ("Registrant" or "Trust") has elected to be treated for tax purposes as a real estate investment trust (REIT). It is the Trust’s policy to distribute at least 90% of its ordinary taxable income to its shareholders to maintain its REIT corporate status. Furthermore, in accordance with the terms of the lease, Norfolk Southern Corporation (“NSC”) will reimburse the Trust, in the form of additional rent, for all taxes and governmental charges imposed upon the leased assets of the Trust except for taxes relating to base cash rent payments made by the NSC. Due to the treatment of the lease as a direct financing lease for GAAP purposes, the tax basis of the leased property is higher than the GAAP basis in the leased property.

Under the provisions of the lease, the Trust may not issue, without the prior written consent of NSC, any shares or options to purchase shares or declare any dividends on its shares of beneficial interest in an amount exceeding the value of the assets not covered by the lease plus the annual cash rent of $915,000 to be received under the lease, less any expenses incurred for the benefit of shareholders. At September 30, 2011, all net assets, other than cash, are covered by the lease. The Trust may not borrow any money or assume any guarantees except with the prior written consent of NSC.

PITTSBURGH & WEST VIRGINIA RAILROAD 10-Q/A