Generation Income Properties Q2 2024 Update

TL;DR

GIPR Q2 2024 10-Q filed. Retained earnings $5.76M. Mentions mortgages on Fresenius & Dollar General properties.

AI Summary

Generation Income Properties, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported retained earnings of $5,758,541 as of June 30, 2024. The filing also references various entities and financial instruments, including mortgages related to properties like Fresenius Chicago Illinois and Dollar General Big Spring TX, and promissory notes with interest rate floors.

Why It Matters

This filing provides insight into the financial health and operational details of Generation Income Properties, Inc., impacting investors and stakeholders.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information and references to various assets and liabilities, suggesting a medium level of complexity and potential risk.

Key Numbers

• $5.76M — Retained Earnings (As of June 30, 2024)

Key Players & Entities

• GENERATION INCOME PROPERTIES, INC. (company) — Filer
• $5,758,541 (dollar_amount) — Retained Earnings as of June 30, 2024
• 2024-06-30 (date) — Reporting Period End Date
• Fresenius Chicago Illinois (company) — Property related to mortgage
• Dollar General Big Spring TX (company) — Property related to mortgage

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock par value $0.01 per share GIPR The Nasdaq Stock Mar
• $226 — erated positive operating cash flows of $226 ,605 and had cash on hand of $ 2.55 mil

Filing Documents

• gipr-20240630.htm (10-Q) — 2719KB
• gipr-ex10_5.htm (EX-10.5) — 37KB
• 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
• 0000950170-24-097282.txt ( ) — 12536KB
• gipr-20240630.xsd (EX-101.SCH) — 1874KB
• gipr-20240630_htm.xml (XML) — 2384KB

Financial Statements

Financial Statements 3 Generation Income Properties, Inc. Consolidated Balance Sheets June 30, 2024 (unaudited) and December 31, 2023 3 Generation Income Properties, Inc. Consolidated Statements of Operations Three and Six Months Ended June 30, 2024 and June 30, 2023 (unaudited) 4 Generation Income Properties, Inc. Consolidated Statements of Changes in Equity, Redeemable Preferred Stock, and Redeemable Non-Controlling Interests for the Six Months Ended June 30, 2024 and June 30, 2023 (unaudited) 5 Generation Income Properties, Inc. Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and June 30, 2023 (unaudited) 8 Notes to Unaudited Consolidated Financial Statements 9 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 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37 PART II. OTHER INFORMATION 38 Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39

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 June 30, As of December 31, 2024 2023 Assets Investments in real estate Land $ 21,236,021 $ 21,996,902 Building and site improvements 64,800,757 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 ( 9,900,184 ) ( 8,855,332 ) Net real estate investments $ 88,135,845 $ 97,406,605 Cash and cash equivalents 2,553,234 3,117,446 Restricted cash 34,500 34,500 Deferred rent asset 392,795 1,106,191 Prepaid expenses 367,331 139,941 Prepaid guaranty fees - related party 96,360 - Accounts receivable 266,834 241,166 Escrow deposits and other assets 775,351 493,393 Held for sale assets 5,750,250 - Right of use asset, net 6,121,340 6,152,174 Total Assets $ 104,493,840 $ 108,691,416 Liabilities and Equity Liabilities Accounts payable $ 328,725 $ 406,772 Accrued expenses 862,986 688,146 Accrued expense - related party 683,347 683,347 Acquired lease intangible liabilities, net 948,290 1,016,260 Insurance payable 260,182 34,966 Deferred rent liability 180,168 260,942 Lease liability, net 6,439,175 6,415,041 Other payable - related party 904,920 1,809,840 Loan payable - related party 5,500,000 5,500,000 Mortgage loans, net of unamortized debt discount of $ 1,230,802 and $ 1,326,362 at June 30, 2024 and December 31, 2023, respectively, and debt issuance costs 56,273,271 56,817,310 Derivative liabilities 119,029 537,424 Total liabilities $ 72,500,093 $ 74,170,048 Redeemable Non-Controlling Interests $ 22,527,046 $ 18,812,423 Preferred Stock - Series A Redeemable Preferred stock, net, $ 0.01 par value, 2,400,000 shares authorized, no shares issued o

View Full Filing

View this 10-Q filing on SEC EDGAR