v3.23.3
Consolidated Balance Sheets (unaudited) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Investment in real estate    
Land $ 21,996,902 $ 12,577,544
Building and site improvements 71,623,505 39,764,890
Acquired tenant improvements 2,247,081 907,382
Acquired lease intangible assets 10,573,535 4,677,928
Less: accumulated depreciation and amortization (7,478,372) (5,623,318)
Net real estate investments 98,962,651 52,304,426
Investment in tenancy-in-common 0 1,218,268
Cash and cash equivalents 4,338,172 3,718,496
Restricted cash 34,500 34,500
Deferred rent asset 340,198 288,797
Prepaid expenses 318,622 132,642
Accounts receivable 305,888 96,063
Escrow deposit and other assets 303,568 184,241
Right of use asset, net 6,169,714 6,232,662
Total Assets 110,773,313 64,210,095
Liabilities    
Accounts payable 304,278 173,461
Accrued expenses 1,007,486 365,624
Accrued expense - related party 587,022 128,901
Acquired lease intangible liabilities, net 1,051,624 639,973
Insurance payable 138,291 46,368
Deferred rent liability 317,449 251,798
Lease liability, net 6,380,708 6,356,288
Other payable - related party 1,809,840 2,587,300
Loan payable - related party 5,500,000 1,500,000
Mortgage loans, net of unamortized debt discount of $1,374,035 and $717,381 at September 30, 2023 and December 31, 2022, respectively 57,078,131 35,233,878
Total liabilities 74,174,829 47,283,591
Redeemable Non-Controlling Interests 18,424,559 5,789,731
Preferred Stock    
Series A Redeemable Preferred stock, net, $0.01 par value, 2,400,000 shares authorized, issued, and outstanding at September 30, 2023 with liquidation preferences of $ 5 per share and no shares authorized or issued at December 31, 2022 11,637,616 0
Stockholders' Equity    
Common stock, $0.01 par value, 100,000,000 shares authorized; 2,619,232 and 2,501,644 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively 26,192 25,016
Additional paid-in capital 18,683,617 19,307,518
Accumulated other comprehensive income 78,969 0
Accumulated deficit (12,668,727) (8,640,796)
Total Generation Income Properties, Inc. stockholders' equity 6,120,051 10,691,738
Non-Controlling Interest 416,258 445,035
Total equity 6,536,309 11,136,773
Total Liabilities and Stockholders' Equity $ 110,773,313 $ 64,210,095

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