v3.24.1.u1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Investment in real estate    
Land $ 21,996,902 $ 12,577,544
Building and site improvements 71,621,499 39,764,890
Acquired tenant improvements 2,072,205 907,382
Acquired lease intangible assets 10,571,331 4,677,928
Less: accumulated depreciation and amortization (8,855,332) (5,623,318)
Net real estate investments 97,406,605 52,304,426
Investment in tenancy-in-common 0 1,218,268
Cash and cash equivalents 3,117,446 3,718,496
Restricted cash 34,500 34,500
Deferred rent asset 1,106,191 288,797
Prepaid expenses 139,941 132,642
Accounts receivable 241,166 96,063
Escrow deposit and other assets 493,393 184,241
Right of use asset, net 6,152,174 6,232,662
Total Assets 108,691,416 64,210,095
Liabilities    
Accounts payable 406,772 173,461
Accrued expenses 688,146 365,624
Accrued expense - related party 683,347 128,901
Acquired lease intangible liabilities, net 1,016,260 639,973
Insurance payable 34,966 46,368
Deferred rent liability 260,942 251,798
Lease liability, net 6,415,041 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 issuance costs of $1,326,362 and $717,381 at December 31, 2023 and December 31, 2022, respectively 56,817,310 35,233,878
Derivative liabilities 537,424 0
Total liabilities 74,170,048 47,283,591
Redeemable Non-Controlling Interests 18,812,423 5,789,731
Preferred Stock - Series A Redeemable Preferred stock, net,    
$0.01 par value, 2,400,000 shares authorized, issued, and outstanding at December 31, 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; 2,620,707 and 2,501,644 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively 26,207 25,016
Additional paid-in capital 18,472,049 19,307,518
Accumulated deficit (14,833,058) (8,640,796)
Total Generation Income Properties, Inc. stockholders' equity 3,665,198 10,691,738
Non-Controlling Interest 406,131 445,035
Total equity 4,071,329 11,136,773
Total Liabilities and Equity $ 108,691,416 $ 64,210,095

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