Generation Income Properties Q1 2024 Update

TL;DR

GIPR Q1 2024 10-Q filed. Shows ongoing property deals and loan activity.

AI Summary

Generation Income Properties, Inc. filed its 10-Q for the period ending March 31, 2024. The company's financial activities include various mortgage and equity agreements, with specific mentions of properties like the Dollar General in Mount Gilead, OH, and the GSA Navy in Norfolk, Virginia. The filing also details loan payables and preferred equity agreements, indicating ongoing financial operations and investments.

Why It Matters

This filing provides insight into Generation Income Properties' financial health and ongoing real estate investment activities for the first quarter of 2024.

Risk Assessment

Risk Level: medium — The filing details various financial instruments and property-related transactions, which inherently carry risks associated with real estate and debt.

Key Numbers

• Q1 2024 — Reporting Period (Financial activities for the first quarter of 2024 are detailed.)
• 2024-03-31 — As of Date (Key financial positions and balances are reported as of this date.)

Key Players & Entities

• GENERATION INCOME PROPERTIES, INC. (company) — Filer
• 0000950170-24-062478 (other) — Accession Number
• 20240331 (date) — Reporting Period End Date
• Dollar General Mount Gilead, OH (company) — Property Mentioned
• GSA Navy Norfolk, Virginia (company) — Property Mentioned
• Irby Property Partners (company) — Partner/Agreement Mentioned

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock par value $0.01 per share GIPR The Nasdaq Stock Mar

Filing Documents

• gipr-20240331.htm (10-Q) — 2238KB
• gipr-ex31_1.htm (EX-31.1) — 15KB
• gipr-ex31_2.htm (EX-31.2) — 15KB
• gipr-ex32_1.htm (EX-32.1) — 10KB
• gipr-ex32_2.htm (EX-32.2) — 10KB
• 0000950170-24-062478.txt ( ) — 11170KB
• gipr-20240331.xsd (EX-101.SCH) — 1951KB
• gipr-20240331_htm.xml (XML) — 1999KB

Financial Statements

Financial Statements 3 Generation Income Properties, Inc. Consolidated Balance Sheets March 31, 2024 (unaudited) and December 31, 2023 3 Generation Income Properties, Inc. Consolidated Statements of Operations Three Months Ended March 31, 2024 and March 31, 2023 (unaudited) 4 Generation Income Properties, Inc. Consolidated Statements of Changes in Consolidated Statements of Changes in Equity, Redeemable Preferred Stock, and Redeemable Non-Controlling Interests for the Three Months Ended March 31, 2024 and March 31, 2023 (unaudited) 5 Generation Income Properties, Inc. Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and March 31, 2023 (unaudited) 6 Notes to Unaudited Consolidated Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 32 PART II. OTHER INFORMATION 33 Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 35

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Financi al Statements

ITEM 1. Financi al Statements Generation Income Properties, Inc. Consolidated Ba lance Sheets (unaudited) As of March 31, As of December 31, 2024 2023 Assets Investments in real estate Land $ 21,236,021 $ 21,996,902 Building and site improvements 64,654,032 71,621,499 Acquired tenant improvements 2,072,205 2,072,205 Acquired lease intangible assets 9,927,046 10,571,331 Less: accumulated depreciation and amortization ( 8,618,181 ) ( 8,855,332 ) Net real estate investments $ 89,271,123 $ 97,406,605 Cash and cash equivalents 1,655,820 3,117,446 Restricted cash 34,500 34,500 Deferred rent asset 366,278 1,106,191 Prepaid expenses 473,380 139,941 Prepaid guaranty fees - related party 96,360 - Accounts receivable 283,850 241,166 Escrow deposits and other assets 569,803 493,393 Held for sale assets 5,750,250 - Right of use asset, net 6,131,688 6,152,174 Total Assets $ 104,633,052 $ 108,691,416 Liabilities and Equity Liabilities Accounts payable $ 51,901 $ 406,772 Accrued expenses 593,731 688,146 Accrued expense - related party 683,347 683,347 Acquired lease intangible liabilities, net 982,275 1,016,260 Insurance payable 367,322 34,966 Deferred rent liability 170,317 260,942 Lease liability, net 6,427,039 6,415,041 Other payable - related party 1,357,380 1,809,840 Loan payable - related party 5,500,000 5,500,000 Mortgage loans, net of unamortized debt discount of $ 1,278,582 and $ 1,326,362 at March 31, 2024 and December 31, 2023, respectively 56,545,312 56,817,310 Derivative liabilities 169,942 537,424 Total liabilities $ 72,848,566 $ 74,170,048 Redeemable Non-Controlling Interests $ 19,498,296 $ 18,812,423 Preferred Stock - Series A Redeemable Preferred stock, net, $ 0.01 par value, 2,400,000 shares authorized, no shares issued or outstanding as of Ma

View Full Filing

View this 10-Q filing on SEC EDGAR