v3.24.3
Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Investment in real estate    
Land $ 23,268,037 $ 21,996,902
Building and site improvements 67,618,615 71,621,499
Acquired tenant improvements 2,380,920 2,072,205
Acquired lease intangible assets 10,501,756 10,571,331
Less: accumulated depreciation and amortization (11,070,036) (8,855,332)
Net real estate investments 92,699,292 97,406,605
Cash and cash equivalents 1,547,110 3,117,446
Restricted cash 34,500 34,500
Deferred rent asset 435,767 1,106,191
Prepaid expenses 270,626 139,941
Accounts receivable 164,549 241,166
Escrow deposit and other assets 982,637 493,393
Held for sale assets 5,750,250 0
Right of use asset, net 6,088,025 6,152,174
Total Assets 107,972,756 108,691,416
Liabilities    
Accounts payable 79,297 406,772
Accrued expenses 1,383,743 688,146
Accrued expense - related party 683,347 683,347
Acquired lease intangible liabilities, net 1,026,681 1,016,260
Insurance payable 150,450 34,966
Deferred rent liability 155,968 260,942
Lease liability, net 6,452,484 6,415,041
Other payable - related party 452,460 1,809,840
Loan payable - related party 5,500,000 5,500,000
Secured Debt 58,551,152 56,817,310
Derivative liabilities 809,339 537,424
Total liabilities 75,244,921 74,170,048
Redeemable Non-Controlling Interests 26,135,796 18,812,423
Preferred Stock - Series A Redeemable Preferred stock, net,    
Preferred Stock $0.01 par value, 2,400,000 shares authorized, no shares issued or outstanding as of September 30, 2024 and 2,400,000 shares issued and outstanding at December 31, 2023 with liquidation preferences of $5 per share 0 11,637,616
Stockholders' Equity    
Common stock, $0.01 par value, 100,000,000 shares authorized; 5,419,855 and 2,620,707 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 54,232 26,207
Additional paid-in capital 29,129,543 18,472,049
Accumulated deficit (22,984,596) (14,833,058)
Total Generation Income Properties, Inc. Stockholders' Equity 6,199,179 3,665,198
Non-Controlling Interest 392,861 406,131
Total equity 6,592,040 4,071,329
Total Liabilities and Equity $ 107,972,756 $ 108,691,416

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