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].
Generation me Properties(GIPR) - 2024 Q1 - Quarterly Results