UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
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(I.R.S. employer identification no.) |
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.:
Large accelerated filer |
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Accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
The registrant had
GENERATION INCOME PROPERTIES, INC.
TABLE OF CONTENTS
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PART I. |
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Item 1. |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
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Item 4. |
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PART II. |
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Item 1. |
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Item 1A. |
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Item 2. |
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Item 3. |
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Item 4. |
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Item 5. |
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Item 6. |
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36 |
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Generation Income Properties, Inc. Consolidated Balance Sheets
(unaudited)
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As of March 31, |
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As of December 31, |
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2024 |
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2023 |
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Assets |
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Investments in real estate |
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Land |
$ |
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$ |
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Building and site improvements |
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Acquired tenant improvements |
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Acquired lease intangible assets |
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Less: accumulated depreciation and amortization |
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( |
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( |
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Net real estate investments |
$ |
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$ |
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Cash and cash equivalents |
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Restricted cash |
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Deferred rent asset |
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Prepaid expenses |
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Prepaid guaranty fees - related party |
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Accounts receivable |
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Escrow deposits and other assets |
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Held for sale assets |
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Right of use asset, net |
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Total Assets |
$ |
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$ |
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Liabilities and Equity |
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Liabilities |
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Accounts payable |
$ |
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$ |
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Accrued expenses |
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Accrued expense - related party |
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Acquired lease intangible liabilities, net |
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Insurance payable |
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Deferred rent liability |
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Lease liability, net |
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Other payable - related party |
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Loan payable - related party |
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Mortgage loans, net of unamortized debt discount of $ |
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Derivative liabilities |
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Total liabilities |
$ |
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$ |
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Redeemable Non-Controlling Interests |
$ |
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$ |
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Preferred Stock - Series A Redeemable Preferred stock, net, |
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$ |
$ |
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$ |
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Stockholders' Equity |
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Common stock, $ |
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Additional paid-in capital |
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Accumulated deficit |
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( |
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( |
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Total Generation Income Properties, Inc. Stockholders' Equity |
$ |
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$ |
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Non-Controlling Interest |
$ |
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$ |
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Total equity |
$ |
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$ |
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Total Liabilities and Equity |
$ |
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$ |
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The accompanying notes are an integral part of these unaudited consolidated financial statements.
3
Generation Income Properties, Inc. Consolidated Statements of Operations
(unaudited)
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Three Months ended March 31, |
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2024 |
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2023 |
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Revenue |
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Rental income |
$ |
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$ |
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Other income |
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Total revenue |
$ |
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$ |
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Expenses |
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General and administrative expense |
$ |
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$ |
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Building expenses |
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Depreciation and amortization |
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Interest expense, net |
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Compensation costs |
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Total expenses |
$ |
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$ |
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Operating loss |
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( |
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( |
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Other expense |
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( |
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Gain on derivative valuation, net |
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Income on investment in tenancy-in-common |
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Loss on held for sale asset valuation |
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( |
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Net loss |
$ |
( |
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$ |
( |
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Less: Net income attributable to non-controlling interests |
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Net loss attributable to Generation Income Properties, Inc. |
$ |
( |
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$ |
( |
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Less: Preferred stock dividends |
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Net loss attributable to common shareholders |
$ |
( |
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$ |
( |
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Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted |
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Basic & Diluted Loss Per Share Attributable to Common Stockholders |
$ |
( |
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$ |
( |
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The accompanying notes are an integral part of these unaudited consolidated financial statements.
4
Generation Income Properties, Inc. Consolidated Statements of Changes in Equity, Redeemable Preferred Stock, and Redeemable Non-Controlling Interests
(unaudited)
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Common Stock |
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Additional |
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Accumulated Deficit |
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Stockholders' Equity |
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Non-Controlling Interests |
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Total Equity |
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Redeemable Preferred Stock |
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Redeemable Non-Controlling Interests |
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Shares |
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Amount |
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Balance, December 31, 2022 |
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$ |
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$ |
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$ |
( |
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$ |
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$ |
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$ |
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$ |
- |
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$ |
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Restricted stock unit compensation |
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- |
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- |
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- |
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- |
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Cashless exercise of warrants |
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( |
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- |
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- |
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- |
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- |
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- |
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- |
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Issuance of Redeemable Non-Controlling Interests |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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Redemption of Redeemable Non-Controlling Interests |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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( |
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Distribution on Non-Controlling Interests |
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- |
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- |
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- |
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- |
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- |
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( |
) |
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( |
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- |
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( |
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Dividends paid on common stock |
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- |
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- |
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( |
) |
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- |
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( |
) |
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- |
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( |
) |
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- |
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- |
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Net (loss) income for the quarter |
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- |
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- |
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- |
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( |
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( |
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( |
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( |
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- |
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Balance, March 31, 2023 |
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$ |
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$ |
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$ |
( |
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$ |
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$ |
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$ |
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$ |
- |
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$ |
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Balance, December 31, 2023 |
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$ |
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$ |
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$ |
( |
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$ |
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$ |
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$ |
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$ |
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$ |
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Restricted stock unit compensation |
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- |
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- |
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- |
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- |
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- |
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- |
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Stock issuance costs |
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- |
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- |
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( |
) |
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- |
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( |
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- |
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( |
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- |
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- |
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Cashless exercise of warrants |
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( |
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- |
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- |
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- |
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- |
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- |
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- |
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Conversion of preferred stock to Common stock |
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- |
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- |
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( |
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- |
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Distribution on Non-Controlling Interests |
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- |
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- |
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- |
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- |
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- |
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( |
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( |
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- |
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( |
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Dividends on preferred stock |
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- |
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- |
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- |
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- |
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- |
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- |
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- |
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( |
) |
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- |
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Dividends paid on common stock |
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- |
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- |
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( |
) |
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- |
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( |
) |
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- |
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( |
) |
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- |
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- |
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Net (loss) income for the period |
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- |
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- |
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- |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
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Balance, March 31, 2024 |
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$ |
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$ |
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$ |
( |
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$ |
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$ |
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$ |
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$ |
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$ |
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The accompanying notes are an integral part of these unaudited consolidated financial statements.
5
Generation Income Properties, Inc. Consolidated Statements of Cash Flows
(unaudited)
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Three Months Ended March 31, |
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2024 |
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2023 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net loss |
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$ |
( |
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$ |
( |
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Adjustments to reconcile net loss to cash used in operating activities |
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Depreciation of building and site improvements |
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Amortization of acquired tenant improvements |
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Amortization of in-place leases |
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Amortization of above market leases |
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Amortization of below market leases |
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( |
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( |
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Amortization of above market ground lease |
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( |
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( |
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Amortization of debt issuance costs |
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Restricted stock unit compensation |
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Non-cash ground lease expense |
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Income on investment in tenancy-in-common |
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( |
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Gain on derivative valuation, net |
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( |
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Loss on held for sale asset valuation |
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Changes in operating assets and liabilities |
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Accounts receivable |
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( |
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( |
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Escrow and other assets |
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( |
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Deferred rent asset |
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( |
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Prepaid expenses |
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( |
) |
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( |
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Prepaid guaranty fees - related party |
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( |
) |
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Accounts payable |
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( |
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( |
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Accrued expenses |
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( |
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Lease liability |
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Deferred rent liability |
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( |
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( |
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Net cash provided by (used in) operating activities |
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$ |
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$ |
( |
) |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Escrow return for purchase of properties |
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( |
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Net cash used in investing activities |
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$ |
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$ |
( |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from issuance of redeemable non-controlling interests |
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Redemption of redeemable non-controlling interests |
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( |
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Repayment on other payable - related party |
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( |
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( |
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Mortgage loan repayments |
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( |
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( |
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Equity issuance costs |
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( |
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Insurance financing borrowings |
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Insurance financing repayments |
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( |
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( |
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Distribution on non-controlling interests |
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( |
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( |
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Dividends paid on preferred stock |
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( |
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Dividends paid on common stock |
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( |
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( |
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Net cash used in financing activities |
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$ |
( |
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$ |
( |
) |
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Net decrease in cash and cash equivalents |
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$ |
( |
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$ |
( |
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Cash and cash equivalents and restricted cash - beginning of period |
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Cash and cash equivalents and restricted cash - end of period |
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$ |
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$ |
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CASH TRANSACTIONS |
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Interest paid |
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$ |
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$ |
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NON-CASH TRANSACTIONS |
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Conversion of Preferred Stock into Common Stock |
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$ |
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$ |
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Stock issued for cashless exercise of Investor Warrants |
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$ |
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$ |
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Deferred distribution on redeemable non-controlling interests |
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$ |
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$ |
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The accompanying notes are an integral part of these unaudited consolidated financial statements.
6
GENERATION INCOME PROPERTIES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 – Nature of Operations
Generation Income Properties, Inc. (the “Company”) was formed as a Maryland corporation on
The Company formed Generation Income Properties L.P. (the “Operating Partnership”) in
The Company places each property in a separate entity which may have a Redeemable Non-Controlling interest as a member.
As of March 31, 2024, the Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis owned
Management’s Liquidity Plans and Going Concern
On August 27, 2014, FASB issued ASU 2014-05, Disclosure of Uncertainties about an Entity’s ability to Continue as a Going Concern, which requires management to assess a company’s ability to continue as a going concern within one year from financial statement issuance and to provide related footnote disclosures in certain circumstances. In accordance with ASU 2014-05, management’s analysis can only include the potential mitigating impact of management’s plans that have not been fully implemented as of the issuance date if (a) it is probable that management’s plans will be effectively implemented on a timely basis, and (b) it is probable that the plans, when implemented, will alleviate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying Consolidated Financial Statements are prepared in accordance with U.S. GAAP applicable to a going concern. This presentation contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and does not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described below.
For the three months ended March 31, 2024, the Company generated positive operating cash flows of $
Note 2 – Summary of Significant Accounting Policies
Basis of Presentation
The information furnished reflects all adjustments, consisting only of normal recurring items which are, in the opinion of management, necessary in order to make the financial statements not misleading. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) were omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements and footnotes included in the Company’s Annual Report on Form 10-K filed with the SEC on April 8, 2024. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024.
The preparation of the consolidated financial statements in conformity with U.S. GAAP. The Company adopted the calendar year as its basis of reporting. Certain immaterial prior year amounts have been reclassified for consistency with the current period presentation.
7
Consolidation
The accompanying consolidated financial statements include the accounts of Generation Income Properties, Inc. and the Operating Partnership and all of the direct and indirect wholly-owned subsidiaries of the Operating Partnership and the Company’s subsidiaries. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements.
The consolidated financial statements include the accounts of all entities in which the Company has a controlling interest. The ownership interests of other investors in these entities are recorded as non-controlling interests or redeemable non-controlling interest. Non-controlling interests are adjusted each period for additional contributions, distributions, and the allocation of net income or loss attributable to the non-controlling interests. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income or loss.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of commitments and contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. It is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change significantly if economic conditions were to weaken.
8
Cash
The Company considers all demand deposits, cashier’s checks and money market accounts to be cash equivalents. Amounts included in restricted cash represent funds owned by the Company related to tenant escrow reimbursements and immediate capital repair reserve.
|
As of March 31, |
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As of December 31, |
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|
2024 |
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|
2023 |
|
||
Cash and cash equivalents |
$ |
|
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$ |
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Restricted cash |
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Cash and cash equivalents and restricted cash |
$ |
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$ |
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Revenue Recognition
The Company leases real estate to its tenants under long-term net leases which the Company accounts for as operating leases. Those leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. In addition to straight-line rents, deferred rent liability includes $
The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates, and economic conditions in the area where the property is located. In the event that uncollectability exists with respect to any tenant changes, the Company would recognize an adjustment to Rental income. The Company’s review of collectability of charges under its operating leases includes any accrued rental revenues related to the straight-line rents. There were no allowances for receivables recorded during three months ended March 31, 2024 or 2023.
The Company’s leases provide for reimbursement from tenants for common area maintenance (“CAM”), insurance, real estate taxes and other operating expenses (“recoverable costs”). A portion of our operating cost reimbursement revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued.
The Company often recognizes above- and below-market lease intangibles in connection with acquisitions of real estate. The capitalized above- and below-market lease intangibles are amortized to rental income over the remaining term of the related leases.
Stock-Based Compensation
The Company records all equity-based incentive grants to employees and non-employee members of the Company’s Board of Directors in compensation costs based on their fair values on the date of grant. Stock-based compensation expense, reduced for estimated forfeitures, is recognized on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the outstanding equity awards.
Investments in Real Estate
Acquisitions of real estate are recorded at cost. The Company assigns the purchase price of real estate to tangible and intangible assets and liabilities based on fair value. Tangible assets consist of land, buildings, site improvements, and tenant improvements. Intangible assets and liabilities consist of the value of in-place leases and above- or below- market leases assumed with the acquisition. At the time of acquisition, the Company assesses whether the purchase of the real estate falls within the definition of a business under Accounting Standards Codification (“ASC”) 805 and to date has concluded that all asset transactions are asset acquisitions. Therefore, each acquisition has been recorded at the purchase price whereas assets and liabilities, inclusive of closing costs, are allocated to land, building, site improvements, tenant improvements, and intangible assets and liabilities based upon their relative fair values at the date of acquisition.
The fair value of the in-place leases are estimated as the cost to replace the leases including loss of rent, commissions and legal fees. The in-place leases are amortized over the remaining team of the leases as amortization expense. The fair value of the above- or below-market lease is estimated as the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and the estimated current market lease rate expected over the remaining non-cancelable life of the lease. The capitalized above- or below-market lease values are amortized as a decrease or increase to rental income over the remaining term of the lease inclusive of the renewal option periods that are considered probable at acquisition.
Depreciation Expense
Real estate and related assets are stated net of accumulated depreciation. Renovations, replacements and other expenditures that improve or extend the life of assets are capitalized and depreciated over their estimated useful lives. Expenditures for ordinary
9
maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the buildings, which are generally between
Lease Liabilities
The Company has a certain property within its portfolio that is on land subject to a ground lease with a third party, which is classified as an operating lease. Accordingly, the Company owns only a long-term leasehold in this property. The building and improvements constructed on the leased land are capitalized as investment in real estate and are depreciated over the shorter of the useful life of the improvements or the lease term.
Under ASC 842, the Company recognizes a lease liability for its ground lease and corresponding right of use asset related to this same ground lease which is classified as an operating lease. A key input in estimating the lease liability and resulting right of use asset is establishing the discount rate in the lease, which since the rate implicit in the contract is not readily determinable, requires additional inputs for the longer-term ground lease, including mortgage market-based interest rates that correspond with the remaining term of the lease, the Company's credit spread, and the payment terms present in the lease. This discount rate is applied to the remaining unpaid minimum rental payments for the lease to measure the lease liability.
Impairments
The Company reviews investments in real estate and related lease intangibles for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable though operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end of the previously estimated life. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. An impairment loss of approximately $
The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions, and purchase offers received from third parties, which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. Estimating future cash flows is highly subjective and estimates can differ materially from actual results.
Real Estate Held for Sale
The Company executed a contract to sell the property located at 15091 SW Alabama, Huntsville, AL for $
Income Taxes
The Company elected to be taxed as a real estate investment trust (“REIT”) under Section 856 through 860 of the Internal Revenue Code, commencing with our taxable year ending December 31, 2021. To continue to qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its taxable income to its stockholders. As a REIT, the Company generally will not be subject to federal corporate income tax on that portion of its taxable
10
income that is currently distributed to stockholders. Accordingly, the only provision for federal income taxes in the accompanying consolidated financial statements relates to the Company's consolidated taxable REIT subsidiary of which no income was generated during the three months ended March 31, 2024 and 2023.
The Company also recognizes liabilities for unrecognized tax benefits which are recognized if the weight of available evidence indicates that it is not more-likely-than-not that the positions will be sustained on examination, including resolution of the related processes, if any. As of each balance sheet date, unrecognized benefits are reassessed and adjusted if the Company’s judgment changes as a result of new information.
Earnings per Share
In accordance with ASC 260, basic earnings (loss) per share (“EPS”) is computed by dividing net loss attributable to the Company that is available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock warrants, using the treasury stock method, and convertible debt, using the if-converted method. Diluted EPS excludes all potentially dilutive securities such as warrants and convertible membership units of the Operating Partnership (“GIP LP Units”) if their effect is anti-dilutive. As of the three months ended March 31, 2024 and 2023, all potentially dilutive securities were excluded because the effect was anti-dilutive.
Derivative Financial Instruments
Derivatives are recorded at fair value on the balance sheet as assets or liabilities. The valuation of derivative instruments requires us to make estimates and judgments that affect the fair value of the instruments. Fair values of our derivatives are estimated by pricing models that consider the forward yield curves and discount rates. Such amounts and the recognition of such amounts are subject to estimates that may change in the future.
Fair Value Measurements
Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement is determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the Company uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from independent sources (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the Company's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The three levels of inputs used to measure fair value are as follows:
Note 3 – Acquired Lease Intangible Assets, net
In-place leases, net is comprised of the following:
|
As of March 31, |
|
|
As of December 31, |
|
||
|
2024 |
|
|
2023 |
|
||
In-place leases |
$ |
|
|
$ |
|
||
Accumulated amortization |
|
( |
) |
|
|
( |
) |
In-place leases, net |
$ |
|
|
$ |
|
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The amortization for in-place leases for the three months ended March 31, 2024 and
|
As of March 31, |
|
|
|
2024 |
|
|
2024 (9 months remaining) |
$ |
|
|
2025 |
|
|
|
2026 |
|
|
|
2027 |
|
|
|
2028 |
|
|
|
Thereafter |
|
|
|
|
$ |
|
Above-market leases, net is comprised of the following:
|
As of March 31, |
|
|
As of December 31, |
|
||
|
2024 |
|
|
2023 |
|
||
Above-market leases |
$ |
|
|
$ |
|
||
Accumulated amortization |
|
( |
) |
|
|
( |
) |
Above-market leases, net |
$ |
|
|
$ |
|
The amortization for above-market leases for the three months ended March 31, 2024 and 2023 was $
|
As of March 31, |
|
|
|
2024 |
|
|
2024 (9 months remaining) |
$ |
|
|
2025 |
|
|
|
2026 |
|
|
|
2027 |
|
|
|
2028 |
|
|
|
Thereafter |
|
|
|
|
$ |
|
Note 4 – Acquired lease intangible liabilities, net
Acquired lease intangible liabilities, net is comprised of the following:
|
As of March 31, |
|
|
As of December 31, |
|
||
|
2024 |
|
|
2023 |
|
||
Acquired lessor lease intangible liabilities |
$ |
|
|
$ |
|
||
Accumulated accretion to rental income |
|
( |
) |
|
|
( |
) |
Acquired lessor lease intangible liabilities, net |
$ |
|
|
$ |
|
||
|
|
|
|
|
|
||
Acquired lessee lease intangible liabilities |
$ |
|
|
$ |
|
||
Accumulated amortization to offset building expenses |
|
( |
) |
|
|
( |
) |
Acquired lessee lease intangible liabilities, net |
$ |
|
|
$ |
|
The amortization for acquired lessor lease intangible liabilities for the three months ended March 31, 2024 and 2023 was $
|
As of March 31, |
|
|
|
2024 |
|
|
2024 (9 months remaining) |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2027 |
|
|
|
2028 |
|
|
|
Thereafter |
|
|
|
|
$ |
|
12
The amortization for acquired lessee lease intangible liabilities for the three months ended March 31, 2024 and 2023 was $
|
As of March 31, |
|
|
|
2024 |
|
|
2024 (9 months remaining) |
$ |
|
|
2025 |
|
|
|
2026 |
|
|
|
2027 |
|
|
|
2028 |
|
|
|
Thereafter |
|
|
|
|
$ |
|
Note 5 – Leases
Lessor Accounting
All of the Company's leases are classified as operating leases. The Company's rental income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per the lease contract, which are primarily related to base rent. The Company’s leases also provide for reimbursement from recoverable costs. A portion of our operating cost reimbursement revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued. Income for these amounts is recognized on a straight-line basis. Variable lease income includes the tenants' contractual obligations to reimburse the Company for their portion of recoverable costs incurred.
|
2024 |
|
|
2023 |
|
||
Rental income |
|
|
|
|
|
||
Fixed and in-substance fixed lease income |
$ |
|
|
$ |
|
||
Variable lease income |
|
|
|
|
|
||
Other related lease income, net: |
|
|
|
|
|
||
Amortization of above- and below-market leases, net |
|
( |
) |
|
|
|
|
Straight line rent revenue |
|
|
|
|
|
||
Total rental income |
$ |
|
|
$ |
|
For the three months ended March 31, 2024 and 2023, we had
|
2024 |
|
|
2023 |
|
||
General Services Administration - Norfolk, VA, Manteo, NC & Vacaville, CA |
|
% |
|
|
% |
||
Pre-K - San Antonio, TX |
|
% |
|
N/A |
|
||
Dollar General - multiple locations |
|
% |
|
N/A |
|
||
PRA Holdings, Inc. - Norfolk, VA |
< |
|
|
|
% |
||
Pratt & Whitney Automation, Inc. - Huntsville, AL |
< |
|
|
|
% |
||
Kohl's Corporation - Tucson, AZ |
< |
|
|
|
% |
The following table presents future minimum rental cash payments due to the Company over the next five calendar years and thereafter as of December 31:
|
As of March 31, |
|
|
|
2024 |
|
|
2024 (9 months remaining) |
$ |
|
|
2025 |
|
|
|
2026 |
|
|
|
2027 |
|
|
|
2028 |
|
|
|
Thereafter |
|
|
|
|
$ |
|
On March 29, 2024, the
Lessee Accounting
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The Company acquired