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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 001-40771
GENERATION INCOME PROPERTIES, INC.
(Exact name of Registrant as specified in its charter)
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Maryland |
47-4427295 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. employer identification no.) |
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401 E. Jackson Street Suite 3300 Tampa, FL |
33602 |
(Address of principal executive offices) |
(Zip code) |
Registrant’s telephone number, including area code: 813-448-1234
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class: |
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Trading symbol |
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Name of each exchange on which registered |
Common Stock par value $0.01 per share |
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GIPR |
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The Nasdaq Stock Market LLC |
Warrants to purchase Common Stock |
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GIPRW |
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The Nasdaq Stock Market LLC |
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. Yes ☑ No ☐
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). Yes ☑ No ☐
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.:
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Large accelerated filer |
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Accelerated filer |
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Non-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 5,423,188 shares of Common Stock, par value $0.01 per share, outstanding as of November 1, 2024.
GENERATION INCOME PROPERTIES, INC.
TABLE OF CONTENTS
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PART I. |
FINANCIAL INFORMATION |
3 |
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Item 1. |
Financial Statements |
3 |
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Generation Income Properties, Inc. Consolidated Balance Sheets September 30, 2024 (unaudited) and December 31, 2023 |
3 |
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Generation Income Properties, Inc. Consolidated Statements of Operations Three and Nine Months Ended September 30, 2024 and September 30, 2023 (unaudited) |
4 |
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Generation Income Properties, Inc. Consolidated Statements of Changes in Equity, Redeemable Preferred Stock, and Redeemable Non-Controlling Interests for the Nine Months Ended September 30, 2024 and September 30, 2023 (unaudited) |
5 |
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Generation Income Properties, Inc. Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and September 30, 2023 (unaudited) |
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Notes to Unaudited Consolidated Financial Statements |
10 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
29 |
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Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
40 |
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Item 4. |
Controls and Procedures |
40 |
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PART II. |
OTHER INFORMATION |
42 |
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Item 1. |
Legal Proceedings |
42 |
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Item 1A. |
Risk Factors |
42 |
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Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
42 |
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Item 3. |
Defaults Upon Senior Securities |
42 |
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Item 4. |
Mine Safety Disclosures |
42 |
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Item 5. |
Other Information |
42 |
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Item 6. |
Exhibits |
43 |
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SIGNATURES |
45 |
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Generation Income Properties, Inc. Consolidated Balance Sheets
|
|
|
|
|
|
|
|
As of September 30, |
|
As of December 31, |
|
|
2024 |
|
2023 |
|
|
(unaudited) |
|
|
|
Assets |
|
|
|
|
Investments 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 deposits and other assets |
|
982,637 |
|
|
493,393 |
|
Held for sale assets |
|
5,750,250 |
|
|
- |
|
Right of use asset, net |
|
6,088,025 |
|
|
6,152,174 |
|
Total Assets |
$ |
107,972,756 |
|
$ |
108,691,416 |
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
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 |
|
Mortgage loans, net of unamortized debt discount of $1,156,620 and $1,326,362 at September 30, 2024 and December 31, 2023, respectively, and debt issuance costs |
|
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, |
|
|
|
|
$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 |
|
- |
|
|
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 |
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Generation Income Properties, Inc. Consolidated Statements of Operations
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended September 30, |
|
Nine Months ended September 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Revenue |
|
|
|
|
|
|
|
|
Rental income |
$ |
2,326,980 |
|
$ |
1,841,044 |
|
$ |
6,850,092 |
|
$ |
4,486,501 |
|
Other income |
|
73,302 |
|
|
3,104 |
|
|
242,598 |
|
|
23,564 |
|
Total revenue |
|
2,400,282 |
|
|
1,844,148 |
|
|
7,092,690 |
|
|
4,510,065 |
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
General and administrative expense |
|
577,565 |
|
|
530,538 |
|
|
1,632,018 |
|
|
1,233,674 |
|
Building expenses |
|
729,062 |
|
|
431,359 |
|
|
2,067,356 |
|
|
1,065,214 |
|
Depreciation and amortization |
|
1,068,081 |
|
|
981,419 |
|
|
3,474,918 |
|
|
2,096,970 |
|
Interest expense, net |
|
1,098,608 |
|
|
770,624 |
|
|
3,142,489 |
|
|
1,706,585 |
|
Compensation costs |
|
296,399 |
|
|
346,196 |
|
|
816,605 |
|
|
980,202 |
|
Total expenses |
|
3,769,715 |
|
|
3,060,136 |
|
|
11,133,386 |
|
|
7,082,645 |
|
Operating loss |
|
(1,369,433 |
) |
|
(1,215,988 |
) |
|
(4,040,696 |
) |
|
(2,572,580 |
) |
Other expense |
|
- |
|
|
(639 |
) |
|
- |
|
|
(506,639 |
) |
Loss on derivative valuation |
|
(734,116 |
) |
|
- |
|
|
(308,570 |
) |
|
- |
|
Income on investment in tenancy-in-common |
|
- |
|
|
3,362 |
|
|
- |
|
|
32,773 |
|
Dead deal expense |
|
- |
|
|
- |
|
|
(35,873 |
) |
|
(109,569 |
) |
Loss on held for sale asset valuation |
|
- |
|
|
- |
|
|
(1,058,994 |
) |
|
- |
|
Net loss |
|
(2,103,549 |
) |
|
(1,213,265 |
) |
|
(5,444,133 |
) |
|
(3,156,015 |
) |
Less: Net income attributable to non-controlling interests |
|
866,047 |
|
|
425,637 |
|
|
2,612,405 |
|
|
681,916 |
|
Net loss attributable to Generation Income Properties, Inc. |
|
(2,969,596 |
) |
|
(1,638,902 |
) |
|
(8,056,538 |
) |
|
(3,837,931 |
) |
Less: Preferred stock dividends |
|
- |
|
|
190,000 |
|
|
95,000 |
|
|
190,000 |
|
Net loss attributable to common shareholders |
|
(2,969,596 |
) |
|
(1,828,902 |
) |
|
(8,151,538 |
) |
|
(4,027,931 |
) |
Other comprehensive income: |
|
|
|
|
|
|
|
|
Gain on change in fair value of derivative instrument |
|
- |
|
|
78,969 |
|
|
- |
|
|
78,969 |
|
Comprehensive loss attributable to common shareholders |
$ |
(2,969,596 |
) |
$ |
(1,749,933 |
) |
$ |
(8,151,538 |
) |
$ |
(3,948,962 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted |
|
5,433,833 |
|
|
2,618,077 |
|
|
5,083,640 |
|
|
2,591,956 |
|
|
|
|
|
|
|
|
|
|
Basic & Diluted Loss Per Share Attributable to Common Stockholders |
$ |
(0.55 |
) |
$ |
(0.70 |
) |
$ |
(1.60 |
) |
$ |
(1.55 |
) |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Generation Income Properties, Inc. Consolidated Statements of Changes in Equity, Redeemable Preferred Stock, and Redeemable Non-Controlling Interests
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Additional Paid-In Capital |
|
Accumulated Other Comprehensive Income |
|
Accumulated Deficit |
|
Stockholders' Equity |
|
Non-Controlling Interests |
|
Total Equity |
|
Redeemable Preferred Stock |
|
Redeemable Non-Controlling Interests |
|
|
Shares |
|
Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2022 |
|
2,501,644 |
|
$ |
25,016 |
|
$ |
19,307,518 |
|
|
|
$ |
(8,640,796 |
) |
$ |
10,691,738 |
|
$ |
445,035 |
|
$ |
11,136,773 |
|
$ |
- |
|
$ |
5,789,731 |
|
Restricted stock compensation |
|
98,593 |
|
|
986 |
|
|
89,662 |
|
|
|
|
- |
|
|
90,648 |
|
|
- |
|
|
90,648 |
|
|
- |
|
|
- |
|
Cashless exercise of warrants |
|
10,648 |
|
|
106 |
|
|
(106 |
) |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Issuance of Redeemable Non-Controlling Interests |
|
- |
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
3,000,000 |
|
Redemption of Redeemable Non-Controlling Interests |
|
- |
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(2,479,299 |
) |
Distribution on Non-Controlling Interests |
|
- |
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
(2,844 |
) |
|
(2,844 |
) |
|
- |
|
|
(115,817 |
) |
Dividends paid on common stock |
|
- |
|
|
- |
|
|
(297,479 |
) |
|
|
|
- |
|
|
(297,479 |
) |
|
- |
|
|
(297,479 |
) |
|
- |
|
|
- |
|
Net (loss) income for the quarter |
|
- |
|
|
- |
|
|
- |
|
|
|
|
(1,317,567 |
) |
|
(1,317,567 |
) |
|
(4,908 |
) |
|
(1,322,475 |
) |
|
- |
|
|
132,122 |
|
Balance, March 31, 2023 |
|
2,610,885 |
|
$ |
26,108 |
|
$ |
19,099,595 |
|
|
|
$ |
(9,958,363 |
) |
$ |
9,167,340 |
|
$ |
437,283 |
|
$ |
9,604,623 |
|
$ |
- |
|
$ |
6,326,737 |
|
Restricted stock compensation |
|
- |
|
|
- |
|
|
77,039 |
|
|
|
|
- |
|
|
77,039 |
|
|
- |
|
|
77,039 |
|
|
- |
|
|
- |
|
Cashless exercise of warrants |
|
6,653 |
|
|
67 |
|
|
(67 |
) |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Issuance of Redeemable Non-Controlling Interests |
|
- |
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Redemption of Redeemable Non-Controlling Interests |
|
- |
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Distribution on Non-Controlling Interests |
|
- |
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
(2,844 |
) |
|
(2,844 |
) |
|
- |
|
|
(126,998 |
) |
Dividends paid on common stock |
|
- |
|
|
- |
|
|
(305,991 |
) |
|
|
|
- |
|
|
(305,991 |
) |
|
- |
|
|
(305,991 |
) |
|
- |
|
|
- |
|
Net (loss) income for the quarter |
|
- |
|
|
- |
|
|
- |
|
|
|
|
(881,462 |
) |
|
(881,462 |
) |
|
(14,238 |
) |
|
(895,700 |
) |
|
- |
|
|
143,303 |
|
Balance, June 30, 2023 |
|
2,617,538 |
|
$ |
26,175 |
|
$ |
18,870,576 |
|
|
|
$ |
(10,839,825 |
) |
$ |
8,056,926 |
|
$ |
420,201 |
|
$ |
8,477,127 |
|
$ |
- |
|
$ |
6,343,042 |
|
Restricted stock compensation |
|
- |
|
|
- |
|
|
119,380 |
|
|
|
|
- |
|
|
119,380 |
|
|
- |
|
|
119,380 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cashless exercise of warrants |
|
1,694 |
|
|
17 |
|
|
(17 |
) |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Issuance of Preferred Stock |
|
- |
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
11,637,616 |
|
|
- |
|
Issuance of Redeemable Non-Controlling Interests |
|
- |
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
14,100,000 |
|
Redemption of Redeemable Non-Controlling Interests |
|
- |
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(2,100,000 |
) |
Distribution on Non-Controlling Interests |
|
- |
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
(2,844 |
) |
|
(2,844 |
) |
|
|
|
(345,219 |
) |
Dividends on preferred stock |
|
- |
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(190,000 |
) |
|
- |
|
Dividends paid on common stock |
|
|
|
|
|
(306,322 |
) |
|
|
|
|
|
(306,322 |
) |
|
|
|
(306,322 |
) |
|
|
|
|
Other comprehensive income |
|
- |
|
|
- |
|
|
- |
|
|
78,969 |
|
|
- |
|
|
78,969 |
|
|
- |
|
|
78,969 |
|
|
- |
|
|
- |
|
Net (loss) income for the quarter |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(1,828,902 |
) |
|
(1,828,902 |
) |
|
(1,099 |
) |
|
(1,830,001 |
) |
|
190,000 |
|
|
426,736 |
|
Balance, September 30, 2023 |
|
2,619,232 |
|
$ |
26,192 |
|
$ |
18,683,616 |
|
$ |
78,969 |
|
$ |
(12,668,727 |
) |
$ |
6,120,051 |
|
$ |
416,258 |
|
$ |
6,536,309 |
|
$ |
11,637,616 |
|
$ |
18,424,559 |
|
Balance, December 31, 2023 |
|
2,620,707 |
|
$ |
26,207 |
|
$ |
18,472,049 |
|
$ |
- |
|
$ |
(14,833,058 |
) |
$ |
3,665,198 |
|
$ |
406,131 |
|
$ |
4,071,329 |
|
$ |
11,637,616 |
|
$ |
18,812,423 |
|
Restricted stock compensation |
|
- |
|
|
- |
|
|
94,935 |
|
|
- |
|
|
- |
|
|
94,935 |
|
|
- |
|
|
94,935 |
|
|
- |
|
|
- |
|
Stock issuance costs |
|
- |
|
|
- |
|
|
(61,938 |
) |
|
- |
|
|
- |
|
|
(61,938 |
) |
|
- |
|
|
(61,938 |
) |
|
- |
|
|
- |
|
Cashless exercise of warrants |
|
4,551 |
|
|
46 |
|
|
(46 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Conversion of preferred stock to Common stock |
|
2,794,597 |
|
|
27,946 |
|
|
11,609,670 |
|
|
- |
|
|
- |
|
|
11,637,616 |
|
|
- |
|
|
11,637,616 |
|
|
(11,637,616 |
) |
|
- |
|
Distribution on Non-Controlling Interests |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(2,844 |
) |
|
(2,844 |
) |
|
- |
|
|
(267,833 |
) |
Dividends on preferred stock |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(95,000 |
) |
|
- |
|
Dividends paid on common stock |
|
- |
|
|
- |
|
|
(525,106 |
) |
|
- |
|
|
- |
|
|
(525,106 |
) |
|
- |
|
|
(525,106 |
) |
|
- |
|
|
- |
|
Net (loss) income for the period |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(2,920,220 |
) |
|
(2,920,220 |
) |
|
(7,582 |
) |
|
(2,927,802 |
) |
|
95,000 |
|
|
953,706 |
|
Balance, March 31, 2024 |
|
5,419,855 |
|
$ |
54,199 |
|
$ |
29,589,564 |
|
$ |
- |
|
$ |
(17,753,278 |
) |
$ |
11,890,485 |
|
$ |
395,705 |
|
$ |
12,286,190 |
|
$ |
- |
|
$ |
19,498,296 |
|
Restricted stock compensation |
|
- |
|
|
- |
|
|
94,935 |
|
|
|
|
- |
|
|
94,935 |
|
|
- |
|
|
94,935 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issuance costs |
|
- |
|
|
- |
|
|
(15,450 |
) |
|
|
|
- |
|
|
(15,450 |
) |
|
- |
|
|
(15,450 |
) |
|
- |
|
|
- |
|
Cashless exercise of warrants |
|
3,333 |
|
|
33 |
|
|
(33 |
) |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Issuance of Redeemable Non-Controlling Interests |
|
- |
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
2,500,000 |
|
Distribution on Non-Controlling Interests |
|
- |
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
- |
|
|
(2,844 |
) |
|
(2,844 |
) |
|
- |
|
|
(271,090 |
) |
Dividends paid on common stock |
|
- |
|
|
- |
|
|
(634,407 |
) |
|
|
|
- |
|
|
(634,407 |
) |
|
- |
|
|
(634,407 |
) |
|
- |
|
|
- |
|
Net (loss) income for the period |
|
- |
|
|
- |
|
|
- |
|
|
|
|
(2,261,722 |
) |
|
(2,261,722 |
) |
|
- |
|
|
(2,261,722 |
) |
|
- |
|
|
800,234 |
|
Balance, June 30, 2024 |
|
5,423,188 |
|
|
54,232 |
|
|
29,034,609 |
|
|
|