Financial Performance - Total revenue for the three months ended March 31, 2024, was $2,433,173, an increase of $1,096,134 compared to $1,337,039 for the same period in 2023, driven by the integration of the acquired 13 property portfolio from Modiv[139] - For the three months ended March 31, 2024, the company reported a net loss of $1,879,096, compared to a net loss of $1,190,353 for the same period in 2023, reflecting an increase in losses of approximately 58%[143] - Net loss attributable to common shareholders for the three months ended March 31, 2024, was $2,920,220, up from $1,317,567 in 2023, indicating a year-over-year increase of about 121%[146] - Funds From Operations (FFO) for the three months ended March 31, 2024, was $(1,033,041), compared to $(126,803) in 2023[183] - Core Adjusted Funds From Operations for the three months ended March 31, 2024, was $241,218, compared to $(14,849) in 2023[183] Operating Expenses - Total operating expenses for the three months ended March 31, 2024, were $3,633,825, an increase of $1,598,031 from $2,035,794 in the same period in 2023[142] - The company accrued $0 in other expenses for the three months ended March 31, 2024, compared to $506,000 in 2023, showing a significant reduction in tax-related expenses[144] - General, administrative, and organizational costs increased by $105,650, driven by higher accounting, audit, and tax fees during the three months ended March 31, 2024[149] Portfolio and Leasing - Approximately 65% of the portfolio's annualized base rent (ABR) as of March 31, 2024, was derived from tenants with an investment grade credit rating of "BBB-" or better[135] - The portfolio was 93% leased and occupied as of March 31, 2024[135] - Approximately 91% of the leases in the current portfolio provide for increases in contractual base rent during future years[135] - Average effective annual rental per square foot was $14.75 as of March 31, 2024[135] - The largest tenants contributed approximately 63% of the portfolio's annualized base rent[135] Cash Flow and Liquidity - As of March 31, 2024, the company had total cash of $1,690,320 and outstanding mortgage loans with a principal balance of $57,823,894, indicating a liquidity position that may be insufficient to meet future obligations[147] - Net cash provided by operating activities increased to $25,977 for the three months ended March 31, 2024, compared to a net cash used of $850,964 in the same period of 2023, attributed to the doubling of income-generating assets from the Modiv acquisition[171] - Net cash used in financing activities rose to $1,487,603 for the three months ended March 31, 2024, up from $80,387 in 2023, due to increased mortgage principal repayments and dividend payments[173] Debt and Financing - The company entered into a loan agreement on August 10, 2023, for $21 million to finance the acquisition of the Modiv Portfolio, with a fixed interest rate of 7.47% per annum[152] - The company maintained compliance with all debt service coverage ratios (DSCR), except for one project-level DSCR covenant for 2510 Walmer Ave, which tested at 1.17:1 against a required minimum of 1.25:1[163] - The company reported a debt service coverage ratio requirement of 1.50 for certain mortgage loans, ensuring financial stability[163] - The minimum required principal payments on debt for the next nine months total $13.82 million[164] - The company has a technical default risk for the 2510 Walmer Ave project due to the DSCR covenant breach, but the lender has indicated no immediate action[163] Going Concern and Future Outlook - The company has substantial doubt about its ability to continue as a going concern for at least the next 12 months due to recurring losses and projected cash needs exceeding current liquidity[158] - The company intends to maintain financial flexibility using retained cash flows, long-term debt, and preferred stock to finance growth, aiming for a lower-leveraged portfolio in the long term[170] Preferred Equity - The company entered into new Amended and Restated Limited Liability Company Agreements for its Norfolk, Virginia properties, raising $3 million through the issuance of preferred membership interests[164] - The company is required to pay a 7% internal rate of return (IRR) to the preferred equity member on a monthly basis, with a share of 16% of equity in capital transactions[164] - The Preferred Interest has a cumulative accruing distribution preference of 15.5% per year, compounded monthly, with a portion deemed as the current preferred return at 5% per annum[165] - The Preferred Interest must be redeemed in full by August 10, 2025, at a redemption amount equal to the greater of the LC2 Investment plus accrued preferred return or the Make-Whole Amount[167] Acquisition Activities - The company completed the acquisition of a tenant-in-common interest in Rockford, Illinois for a purchase price of $1.3 million, with an additional capital contribution of $2.1 million made by LC2[165] - A new lease for 2510 Walmer Ave was executed on March 28, 2024, expected to restore full occupancy by May 1, 2024[163]

Financial Performance - Generated a net loss attributable to common shareholders of $6.2 million, or $2.46 per share, for the twelve months ended December 31, 2023[6]. - Net loss attributable to common shareholders for Q4 2023 was $(2,164,331), compared to $(976,366) in Q4 2022[35]. - The net loss attributable to common shareholders for the twelve months ended December 31, 2023, was $6,192,262, compared to $3,237,640 in 2022[40]. - The company reported a net loss of $1,285,450 for the three months ended December 31, 2023, compared to a net loss of $872,851 for the same period in 2022[40]. - Basic and diluted income (loss) per share attributable to common stockholders was $(0.86) for the three months ended December 31, 2023, compared to $(0.39) in the prior year[40]. Revenue and Income - Total revenue increased by 40% year-over-year to $7.6 million, up from $5.4 million in 2022, primarily due to property acquisitions[6]. - Total revenue for Q4 2023 was $3,122,535, a 123% increase from $1,397,339 in Q4 2022[35]. - Rental income for the year ended December 31, 2023, reached $7,593,564, up 41% from $5,394,778 in 2022[35]. - Net operating income (NOI) rose to $5.9 million, a 40% increase from $4.2 million in the previous year, driven by property acquisitions[6]. - Net Operating Income (NOI) for the year ended December 31, 2023, was $5,933,400, a 40% increase from $4,224,270 in 2022[37]. Funds from Operations - Core FFO was $534 thousand, or $0.21 per share, while Core AFFO was $705 thousand, or $0.28 per share[6]. - Funds From Operations (FFO) for the three months ended December 31, 2023, was $557,931, a significant increase from a loss of $312,955 in the same period of 2022[40]. - Core Funds From Operations (Core FFO) reached $695,621 for the three months ended December 31, 2023, compared to a loss of $75,686 in the prior year[40]. - Adjusted Funds From Operations (AFFO) for the twelve months ended December 31, 2023, was $213,969, down from a loss of $566,855 in 2022[40]. Assets and Liabilities - Total assets increased to $108,691,416 as of December 31, 2023, from $64,210,095 in 2022, representing a 69% growth[32]. - Total cash and cash equivalents stood at $3.15 million as of December 31, 2023[6]. - Interest expense for the year ended December 31, 2023, was $2,744,406, compared to $1,620,237 in 2022, indicating a 69% rise[35]. - The company incurred other expenses of $506,639 for the twelve months ended December 31, 2023, compared to no such expenses in 2022[40]. - Depreciation and amortization expenses for the three months ended December 31, 2023, were $1,441,599, up from $559,896 in the same period of 2022[40]. Portfolio and Acquisitions - The company acquired thirteen properties in seven states for $42 million, contributing to significant growth in various metrics[17]. - Approximately 68% of the portfolio's annualized base rent comes from tenants with an investment grade credit rating of "BBB-" or better[6]. - 84% of the portfolio's annualized base rent includes provisions for future rent increases during the lease term or renewal periods[6]. - The average annual base rent (ABR) per square foot is $16.02[6]. - The company has identified risks related to acquisition opportunities and market conditions that could impact future performance[29]. Shareholder Information - The company reported a total of 2,620,707 shares of common stock outstanding as of December 31, 2023, compared to 2,501,644 shares in 2022[32]. - The total weighted average shares of common stock outstanding for the three months ended December 31, 2023, was 2,528,109, an increase from 2,501,644 in the same period of 2022[40]. - Preferred stock dividends for the year totaled $475,000, with no dividends reported in 2022[35]. - The company is currently not providing guidance on future financial results or acquisitions but will update shareholders on material events as they arise[5].

Property Ownership and Rental Income - As of March 29, 2024, the company owns twenty-six properties, with 40% of total base rent derived from office properties and 60% from retail/medical-retail properties[65][78]. - The company has five tenants that each account for more than 10% of annualized rent, collectively contributing approximately 64% of the portfolio's annualized base rent as of March 29, 2024[102]. - The company owns twenty-six properties across various states, with a focus on markets where tenants can succeed in their operations[104]. Financial Performance and Losses - The company has experienced a cumulative net loss of approximately $14.8 million from inception through December 31, 2023, primarily due to start-up costs and high corporate expenses[67]. - The company has funded distributions entirely from the net proceeds of securities offerings to date, which may reduce funds available for property acquisitions[90]. - The company had total cash (unrestricted and restricted) of $3,151,946 and properties with a cost basis of $104,912,421 as of December 31, 2023[152]. - Outstanding debt amounted to $56,817,310, indicating a significant leverage position[152]. Risks and Challenges - The company relies heavily on single tenants for rental income, which poses a risk if any tenant defaults or does not renew their lease[66]. - The company may not achieve sufficient portfolio diversity due to its current size and focus on single-tenant properties[78]. - The company may incur losses due to ineffective risk management processes, given its limited number of employees[83]. - The bankruptcy of a major tenant could significantly harm the company's financial condition and ability to pay distributions[102]. - Future pandemics or health crises could adversely affect tenants' financial conditions and the company's access to capital markets, potentially impacting cash flows and financial performance[94]. - Rising operating expenses could reduce cash flow and funds available for future acquisitions[116]. - Increased vacancy rates may necessitate lower rental rates and greater concessions, impairing distribution capabilities[118]. - Adverse economic conditions, including health crises, could materially affect tenant operations and overall profitability[119]. - Environmental liabilities associated with properties could lead to significant financial burdens[127]. Debt and Financing - The company anticipates incurring additional indebtedness in the future, which may restrict operational flexibility and increase vulnerability to economic conditions[72]. - The company is required to distribute at least 90% of its annual taxable income to maintain REIT status, limiting its ability to retain cash for investments[158]. - High levels of debt could increase loan payments, reducing cash available for distribution to stockholders[157]. - The company may face liquidity constraints if it cannot generate sufficient cash flows from operations or secure future capital to meet its debt obligations[176]. - The company has significant debt obligations, with $7.3 million and $4.6 million of secured nonrecourse principal due in September 2024 and October 2024, respectively[175]. - Rising interest rates are expected to continue throughout 2023, potentially increasing debt servicing costs and reducing cash available for distribution to stockholders[170]. - The company may utilize interest-only mortgage indebtedness, which could increase the risk of default and reduce funds available for distribution due to balloon payments at maturity[165]. Regulatory and Compliance Issues - The company’s qualification as a REIT is contingent upon meeting specific tests imposed by the Code, and failure to qualify could result in significant tax liabilities and reduced net earnings available for distribution[178]. - The company may face a 4% nondeductible excise tax if distributions are less than the sum of 85% of ordinary income, 95% of capital gain net income, and 100% of undistributed income from prior years[185]. - The company may be subject to federal and state income taxes, which would reduce cash available for distribution to shareholders[184]. - Compliance with environmental regulations may require material expenditures, adversely affecting cash available for distributions[134]. Corporate Governance and Shareholder Issues - The company has 110 million authorized shares, allowing management to issue additional shares without shareholder consent, potentially diluting current shareholders' equity[200]. - The company’s charter limits any person from owning more than 9.8% of its outstanding common stock, which may deter potential takeovers[209]. - The board has the authority to issue stock that could subordinate the rights of common stockholders, potentially discouraging third-party acquisitions[210]. - Maryland law restricts business combinations with interested stockholders for five years, which could inhibit changes in control that may benefit stockholders[215]. - The company expects to enter into indemnification agreements with its directors and officers, which may limit recovery options for stockholders[214]. Market Conditions and Competition - The company faces significant competition in acquiring attractive net lease properties, which may increase investment costs and affect growth[69][80]. - Competition for property acquisitions may reduce profitability and returns on investments[132]. - The company may face challenges in financing or refinancing properties due to high mortgage rates, which could limit acquisitions and cash flow[158]. - Market fluctuations in real estate financing may affect the availability and cost of funds needed for future investments, impacting the company's investment goals[174]. Stock Performance and Investor Relations - The company’s stock price may be volatile, influenced by various factors including market interest rates and economic conditions[198]. - The company’s securities are listed on the Nasdaq, and failure to meet listing requirements could lead to delisting, adversely affecting market price and trading efficiency[199]. - The company’s stock price and trading volume may decline if analysts do not publish favorable research or cease coverage[206]. - Certain provisions of the company's warrants could make it more difficult for third parties to acquire the company[205].

RENO, Nev.--(BUSINESS WIRE)--Modiv Industrial, Inc. (“Modiv Industrial”, “Modiv”, the “Company”, “we” or “our”) (NYSE:MDV), the only public REIT exclusively focused on acquiring industrial manufacturing real estate, today announced operating results for the fourth quarter and full year ended December 31, 2023. Highlights: Annual revenue of $46.9 million increased 7.1% year-over-year compared with 2022 revenue of $43.8 million. 2022 revenue included a $3.8 million non-recurring early lease termination fee ...

Generation Income Properties, Inc. (NASDAQ:GIPR) Q3 2023 Earnings Conference Call November 14, 2023 9:00 AM ET Company Participants Emily Cusmano - Chief of Staff David Sobelman - Chief Executive Officer Allison Davies - Chief Financial Officer Conference Call Participants Michael Diana - Maxim Group Operator Good morning, ladies and gentlemen, and welcome to the Generation Income Properties Third Quarter 2023 Earnings Conference Call. At this time, all lines have been placed in a listen-only mode. Please n ...

g UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-40771 GENERATION INCOME PROPERTIES, INC. (Exact name of Registrant as specified in its charter) Maryland 47-4427295 (State ...

Generation Income Properties, Inc. (NASDAQ:GIPR) Q2 2023 Results Conference Call August 14, 2023 11:00 AM ET Company Participants Emily Cusmano - Chief of Staff David Sobelman - CEO Allison Davies - CFO Conference Call Participants Michael Diana - Maxim Group Operator Greetings. Welcome to the Generation Income Properties Second Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. At this time, I would like to hand the call over to Emily Cusmano, C ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-40771 GENERATION INCOME PROPERTIES, INC. (Exact name of Registrant as specified in its charter) Maryland 47-4427295 (State or oth ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-40771 GENERATION INCOME PROPERTIES, INC. (Exact name of Registrant as specified in its charter) Maryland 47-4427295 (State or other jurisdiction of incorporation or organization) 401 E. Jackson Street Suite 3300 Tampa, FL 33602 (Address of principal executive offices) ...

LEASE MATURITIES GIPR's Opportunistic Lease Terms Create Greater Flexibility & Potential Higher Rental Rate Increases (in years) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | 9.5 | 8.8 | 7.6 | 7 | | | | | | | | | | | | | | | | | | | NTST | ADC | PINE | GOOD | GIPR | 5.3 • High credit quality tenants with essential businesses • 100% occupied stabilized net lease portfolio • Annualized ABR of $5.4MM L ...