FOR IMMEDIATE RELEASE
Generation Income Properties Secures Early Best Buy Lease Extension, Highlighting Tenant Commitment at an Increased Rent; Provides Update on Chicago Property Agreement
TAMPA, FL – August 20, 2025 – Generation Income Properties, Inc. (NASDAQ: GIPR) (“GIPR” or the “Company”), announced the successful execution of a long-term lease extension with Best Buy Stores, L.P. (NYSE: BBY) at its property located in Grand Junction, Colorado, and provided an update on the previously announced Purchase and Sale Agreement with 919 Investments LLC regarding the Company’s Chicago property leased to Fresenius Medical Care (NYSE: FMS).
Best Buy Lease Extension
On August 18, 2025, the Company, through its subsidiary, executed a Second Amendment to Lease with Best Buy, extending the lease for an additional five years, from April 1, 2027 through March 31, 2032. The amendment also provides Best Buy with two additional five-year renewal options.
As part of the amendment, the renewal rent beginning April 1, 2027, was amended to approximately $376,087 annually, representing an increase from the current annual rent of approximately $353,061, and a decrease from the originally scheduled renewal rent of approximately $388,368.
David Sobelman, President and Chief Executive Officer of Generation Income Properties, stated:
“From the period of our initial due diligence, prior to our acquisition of this property, we felt very confident that this asset perfectly fit our investment thesis; well-located real estate, occupied by an investment grade tenant that had a high probability of extending beyond the short lease term in which the tenant was operating. We are excited that our thesis has been proven as evidenced that Best Buy has chosen to remain at our property, demonstrating their commitment by extending their lease 1.5 years ahead of their expiration and increasing the rent by approximately 6.5%. During our ownership, Best Buy has invested significant capital into this site, reinforcing its importance to their long-term operations. Our values and proactive management have allowed us to foster a genuine relationship with our tenant which provided a best-case scenario outcome for all involved. This early extension enhances the stability of our portfolio and exemplifies the value creation for our shareholders.”
Chicago Property Purchase and Sale Agreement Termination
Also on August 18, 2025, the Company received notice from 919 Investments LLC terminating the previously announced Purchase and Sale Agreement for the property located at 3134 W. 76th Street, Chicago, Illinois, leased to Fresenius Medical Care (NYSE: FMS). Under the terms of the Purchase and Sale Agreement, the buyer exercised its right to terminate during the inspection period.
As a result, the Company will retain ownership of the property and continue to lease and collect rent from FMS under the existing lease agreement, which, as previously announced, was extended to October 31, 2033 using our same value-creation investment thesis.