Financial Performance - Generated a net loss attributable to GIP common shareholders of $2.1 million, or ($0.55) per basic and diluted share for Q3 2024[1] - Net loss attributable to common shareholders for Q3 2024 was $(2,969,596), compared to $(1,828,902) in Q3 2023, reflecting a 62.3% increase in losses[16] - The company reported a comprehensive loss attributable to common shareholders of $(2,969,596) for Q3 2024, compared to $(1,749,933) in Q3 2023[16] - Net loss for the three months ended September 30, 2024, was $(2,103,549), compared to $(1,213,265) for the same period in 2023[18] - Core Funds From Operations (Core FFO) for the three months ended September 30, 2024, was $(145,885), compared to $(65,567) in 2023[18] - Funds From Operations (FFO) for the nine months ended September 30, 2024, was $(601,651), a slight increase from $(552,406) in 2023[18] - Adjusted Funds From Operations (AFFO) for the nine months ended September 30, 2024, was $(1,226,944), compared to $(468,990) in 2023[18] Revenue and Income - Total revenue from operations for Q3 2024 was $2.4 million, up from $1.8 million in Q3 2023, driven by the integration of a 13-property portfolio acquired from Modiv[3] - Total revenue for Q3 2024 was $2,400,282, a 30.1% increase from $1,844,148 in Q3 2023[16] - Rental income for Q3 2024 reached $2,326,980, up 26.4% from $1,841,044 in Q3 2023[16] - GIPR's net operating income (NOI) for Q3 2024 was $1.7 million, compared to $1.4 million for the same period last year[3] - Net Operating Income (NOI) for Q3 2024 was $1,671,220, a 18.3% increase from $1,412,789 in Q3 2023[17] Assets and Liabilities - Total assets as of September 30, 2024, were $107,972,756, a slight decrease from $108,691,416 as of December 31, 2023[14] - Total liabilities increased to $75,244,921 as of September 30, 2024, compared to $74,170,048 at the end of 2023[14] - Cash and cash equivalents decreased to $1,547,110 from $3,117,446 at the end of 2023, indicating a liquidity contraction[14] Expenses - General and administrative expenses for Q3 2024 were $577,565, up from $530,538 in Q3 2023, representing an increase of 8.9%[16] - Interest expense for Q3 2024 was $1,098,608, a significant increase from $770,624 in Q3 2023, reflecting higher borrowing costs[16] Portfolio and Tenants - The portfolio is 89% leased and occupied, with tenants paying 100% of rent[2] - Approximately 60% of the portfolio's annualized base rent is derived from tenants with an investment-grade credit rating of "BBB-" or better[2] - Average effective annual rental per square foot is $14.75[2] Capital and Dividends - The company suspended its dividend in July 2024 to focus on growth and plans to reinstate it when feasible[4] - The company raised $2.5 million in new capital through preferred units from a new investor in July 2024[4] - GIPR has no debt obligations due until 2028 and no cash redemptions due until 2026, allowing for strategic flexibility[9] Stock and Shares - Total weighted average shares of common stock outstanding for the three months ended September 30, 2024, was 5,433,833, compared to 2,618,077 in 2023[18] - Non-cash stock compensation for the three months ended September 30, 2024, was $94,935, down from $119,380 in 2023[18] Adjustments and Revisions - Adjustments to net loss for the three months ended September 30, 2024, amounted to $2,109,058, compared to $1,069,658 in 2023[18] - The company revised its FFO calculation to include loss on held for sale asset valuation as an add-back[18] - FFO and related measures are considered useful by the company for comparing operating performance among REITs[19]
Generation me Properties(GIPR) - 2024 Q3 - Quarterly Results