Generation Income Properties Enters Material Definitive Agreement

TL;DR

GIPR filed an 8-K for a material definitive agreement creating a financial obligation.

AI Summary

On August 30, 2024, Generation Income Properties, Inc. entered into a material definitive agreement related to the creation of a direct financial obligation. The company, incorporated in Maryland, filed this 8-K report on September 6, 2024, detailing the financial obligation under an off-balance sheet arrangement.

Why It Matters

This filing indicates a significant new financial commitment or obligation for Generation Income Properties, Inc., which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — The creation of a new financial obligation, especially one under an off-balance sheet arrangement, introduces potential financial risks and requires careful monitoring.

Key Players & Entities

• GENERATION INCOME PROPERTIES, INC. (company) — Registrant
• August 30, 2024 (date) — Date of earliest event reported
• September 6, 2024 (date) — Filing date
• Maryland (jurisdiction) — State of Incorporation

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share GIPR The Nasdaq Stock Mar
• $7,180,362.80 — has an outstanding principal balance of $7,180,362.80. Payments of interest and principal in
• $52,079.73 — rincipal in the amount of approximately $52,079.73 are due and payable monthly beginning o

Filing Documents

• gipr-20240830.htm (8-K) — 58KB
• gipr-ex10_1.htm (EX-10.1) — 388KB
• 0000950170-24-104385.txt ( ) — 634KB
• gipr-20240830.xsd (EX-101.SCH) — 47KB
• gipr-20240830_htm.xml (XML) — 6KB

01. Entry into Material Definitive Agreement

Item 1.01. Entry into Material Definitive Agreement. The information set forth under Item 2.03 below is hereby incorporated herein by reference. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On August 29, 2024, GIPVA 2510 Walmer Ave, LLC ("Walmer SPE"), an indirect subsidiary of Generation Income Properties, Inc., entered into a Debt Modification Agreement with Bayport Credit Union (the "Debt Modification Agreement") to amend and extend the loan currently secured by the Companys Norfolk, VA office building at 2510 Walmer Avenue. The Debt Modification Agreement extends the current debt maturity date to August 30, 2029 and bears an interest rate of 6.15% per annum. The obligation has an outstanding principal balance of $7,180,362.80. Payments of interest and principal in the amount of approximately $52,079.73 are due and payable monthly beginning on September 30, 2024, with all remaining principal and accrued but unpaid interest due and payable on the maturity date of August 30, 2029. The foregoing description of the Debt Modification Agreement summary in nature and is qualified in its entirety by reference to the full text of the Debt Modification Agreement, a copy of which is filed as an exhibit hereto and is incorporated by reference herein.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits ( d) Exhibits . Exhibit No. Description 10.1 Debt Modification Agreement for GIPVA 2510 Walmer Ave, LLC dated August 30, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Words such as "anticipate," "estimate," "expect," "intend," "plan," and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties, many of which are beyond management's control, that could cause actual results to differ materially from those described in the forward-looking statements, as well as risks relating to general economic conditions, market conditions, interest rates, and other factors. Investors are cautioned that there can be no assurance actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. Please refer to the risks detailed from time to time in the reports we file with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC, as well as other filings on Form 10-Q and periodic filings on Form 8-K, for additional factors that could cause actual results to differ materially from those stated or implied by such forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law. 1

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GENERATION INCOME PROPERTIES, INC. Date: September 6, 2024 By: /s/ David Sobelman David Sobelman Chief Executive Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR