Financial Performance - Generated a net loss attributable to common shareholders of $2.3 million, or ($0.42) per share for Q2 2024[1] - The net loss attributable to common shareholders for Q2 2024 was $(2,261,722), compared to $(881,462) in Q2 2023[18] - The company reported a net loss of $1,461,488 for the three months ended June 30, 2024, compared to a net loss of $752,397 for the same period in 2023[20] - Funds From Operations (FFO) for the three months ended June 30, 2024, was $(326,252), a decrease from $(194,396) in the prior year[20] - Core Funds From Operations (Core FFO) for the three months ended June 30, 2024, was $(40,822), compared to $(88,492) for the same period in 2023[20] - Adjusted Funds From Operations (AFFO) for the three months ended June 30, 2024, was $(63,838), down from $(219,886) in the previous year[20] Revenue and Income - Total revenue from operations for Q2 2024 was $2.3 million, up from $1.3 million in Q2 2023, driven by the integration of a 13-property portfolio acquired in August 2023[4] - Total revenue for Q2 2024 was $2,259,235, a 70% increase from $1,328,878 in Q2 2023[16] - Rental income for Q2 2024 reached $2,248,382, compared to $1,318,750 in Q2 2023, reflecting a 70% year-over-year growth[16] - Net operating income (NOI) for Q2 2024 was $1.6 million, compared to $1 million for the same period last year[4] - Net Operating Income (NOI) for Q2 2024 was $1,575,608, compared to $1,008,623 in Q2 2023, representing a 56% increase[18] Expenses and Liabilities - Total expenses for Q2 2024 were $3,729,846, up from $1,986,715 in Q2 2023, indicating an increase of 88%[16] - Total liabilities decreased to $72,500,093 as of June 30, 2024, from $74,170,048 as of December 31, 2023[15] Cash and Assets - Total cash and cash equivalents as of June 30, 2024, were $2.59 million[3] - Cash and cash equivalents as of June 30, 2024, were $2,553,234, down from $3,117,446 as of December 31, 2023[15] - Total assets decreased to $104,493,840 as of June 30, 2024, from $108,691,416 as of December 31, 2023[15] Portfolio and Occupancy - Portfolio occupancy increased to 93%, with 100% rent collection from leased properties[8] - Approximately 60% of the portfolio's annualized base rent (ABR) comes from tenants with an investment grade credit rating of "BBB-" or better[2] - 92% of leases in the current portfolio provide for increases in contractual base rent during future years[2] Stock and Derivatives - The company reported a gain on derivative valuation of $44,996 in Q2 2024, compared to no gain in Q2 2023[18] - The company recognized a loss on derivative valuation of $(44,996) for the three months ended June 30, 2024[20] - The weighted average shares of common stock outstanding increased to 5,433,833 in Q2 2024 from 2,615,471 in Q2 2023[16] - The total weighted average shares of common stock outstanding increased to 5,433,833 for the three months ended June 30, 2024, from 2,615,471 in the prior year[20] Dividend and Cash Conservation - The company suspended its dividend in July 2024 to conserve cash during economic uncertainty[9] Rental Rates - Average effective annual rental per square foot is $14.75[2] Depreciation and Non-Cash Compensation - The company incurred depreciation and amortization expenses of $1,180,232 for the three months ended June 30, 2024, compared to $558,001 in the same period of 2023[20] - Non-cash stock compensation for the three months ended June 30, 2024, was $189,870, up from $77,039 in the prior year[20] Operating Performance Measures - The company believes that FFO and related measures are useful for comparing operating performance among REITs, despite not being cash generated from operating activities[22]
Generation me Properties(GIPR) - 2024 Q2 - Quarterly Results