Generation Income Properties Files 2023 10-K

TL;DR

GIPR filed its 2023 10-K, showing full-year financials and property details. Check it for REIT performance.

AI Summary

Generation Income Properties, Inc. filed its 2023 10-K on April 8, 2024, detailing its real estate investment trust operations. The company's fiscal year ended December 31, 2023. Key aspects include various property agreements, such as the Starbucks Tampa FL Member property and the City of San Antonio Prek San Antonio TX Member, along with financial instruments like secured mortgage loans and preferred equity agreements.

Why It Matters

This filing provides a comprehensive overview of Generation Income Properties' financial health and operational activities for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report for a REIT, but the nature of real estate investments and associated financial instruments carries inherent risks.

Key Players & Entities

• GENERATION INCOME PROPERTIES, INC. (company) — Filer
• 2023-12-31 (date) — Fiscal Year End
• 2024-04-08 (date) — Filing Date
• StarbucksTampaFLMember (property) — Specific Property Mentioned
• CityOfSanAntonioPrekSanAntonioTxMember (property) — Specific Property Mentioned
• gipr:SecuredMortgageLoanOneMember (financial_instrument) — Specific Financial Instrument Mentioned

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock par value $0.01 per share GIPR The Nasdaq Stock Mar
• $3.97 — of the common stock on June 30, 2023 of $3.97). The registrant had 5,419,586 share
• $42 million — from Modiv Inc. for a purchase price of $42 million. The acquired portfolio consists of ele

Filing Documents

• gipr-20231231.htm (10-K) — 3532KB
• gipr-ex10_68.htm (EX-10.68) — 227KB
• gipr-ex21_1.htm (EX-21.1) — 38KB
• gipr-ex23_1.htm (EX-23.1) — 4KB
• gipr-ex31_1.htm (EX-31.1) — 17KB
• gipr-ex31_2.htm (EX-31.2) — 18KB
• gipr-ex32_1.htm (EX-32.1) — 11KB
• gipr-ex32_2.htm (EX-32.2) — 9KB
• img146566919_0.jpg (GRAPHIC) — 375KB
• img184847513_0.jpg (GRAPHIC) — 258KB
• img184847513_1.jpg (GRAPHIC) — 63KB
• 0000950170-24-042640.txt ( ) — 15922KB
• gipr-20231231.xsd (EX-101.SCH) — 2246KB
• gipr-20231231_htm.xml (XML) — 2414KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 32 Item 1C. Cybersecurity 32 Item 2.

Properties

Properties 33 Item 3.

Legal Proceedings

Legal Proceedings 34 Item 4. Mine Safety Disclosures 34 PART II. 35 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 6. [Reserved] 35 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 47 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 77 Item 9A.

Controls and Procedures

Controls and Procedures 77 Item 9B. Other Information 77 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 77 PART III. 78 Item 10. Directors, Executive Officers and Corporate Governance 78 Item 11.

Executive Compensation

Executive Compensation 78 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78 Item 13. Certain Relationships and Related Transactions, and Director Independence 78 Item 14. Principal Accountant Fees and Services 78 PART IV. 78 Item 15. Exhibit and Financial Statement Schedules 78 Item 16. Form 10-K Summary 83

SIGNATURES

SIGNATURES 84 2 Note Regarding Company References In this Annual Report on Form 10-K ("Form 10-K"), references to the "Company," "we," "us," "our" or similar terms refer to Generation Income Properties, Inc., a Maryland corporation, together with its consolidated subsidiaries, including Generation Income Properties, L.P., a Delaware limited partnership, which we refer to as our operating partnership (the "Operating Partnership"). As used in this Form 10-K, an affiliate, or person affiliated with a specified person, is a person that directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, the person specified. Cautionary Note Regarding Forward Looking Statements and Summary Risk Factors This Form 10-K contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained herein. When used in this report, the words "anticipate," "believe," "estimate," "expect" and similar expressions as they relate to the Company or its management are intended to identify such forward-looking statements. Actual results, performance or achievements could differ materially from the results expressed in, or implied by these forward-looking statements. Readers should be aware of important factors that, in some cases, have affected, and in the future could affect, actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. Factors that could have a material adverse effect on our forward-looking statements and upon our business, results of operations, financial condition, funds derived from operations, cash available for distribution, cash flows, liquidity and prospects include, but are not limited to, the facto

B USINESS

ITEM 1. B USINESS Our Company We are an internally managed real estate investment trust focused on acquiring and managing income-producing retail, office and industrial properties net leased to high quality tenants in major markets throughout the United States. We believe our focus on owning properties leased to investment grade or creditworthy tenants provide attractive risk adjusted returns through current yields, long term appreciation and tenant renewals. We believe that single-tenant commercial properties, as compared with shopping centers, malls, and other traditional multi-tenant properties, offer a distinct investment advantage since single-tenant properties generally require less management and operating capital and generally have less recurring tenant turnover. Given the stability and predictability of the cash flows, many net leased properties are held in family trusts, providing us an opportunity to acquire these properties for tax deferred units while giving the owners potential liquidity through the conversion of the units for freely tradable shares of stock. We make regular cash distributions to our stockholders out of our cash available for distribution, typically on a monthly basis. Generally, our policy will be to pay distributions from cash flow from operations. However, our distributions may be paid from sources other than cash flows from operations, such as from the proceeds from a capital raise, borrowings or distributions in kind. We have been organized as a Maryland corporation and have operated in conformity with the requirements for qualification and taxation as a REIT under U.S. federal income tax laws since the beginning of our taxable year ended December 31, 2021. The Company formed a Maryland entity GIP TRS Inc. in 2022 to operate as a taxable REIT subsidiary but this subsidiary does not hold any assets or business operations as of the date of this Form 10-K. We and our Operating Partnership were organized to operate using

View Full Filing

View this 10-K filing on SEC EDGAR