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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☑ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2021
OR
☐ |
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)
Maryland |
47-4427295 |
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. employer
identification no.) |
|
|
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:
Title of each class: |
|
Trading symbol |
|
Name of each exchange on which registered |
Common Stock par value $0.01 per share |
|
GIPR |
|
The Nasdaq Stock Market LLC
|
Warrants to purchase Common Stock |
|
GIPRW |
|
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.:
Large accelerated filer |
|
☐ |
Accelerated filer |
|
☐ |
|
|
|
|
|
|
Non-accelerated filer |
|
☑ |
Smaller reporting company |
|
☑ |
|
|
|
|
|
|
|
|
|
Emerging growth company |
|
☑ |
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 2,160,200 shares of Common Stock, par value $0.01 per share, outstanding as of November 11, 2021.
GENERATION INCOME PROPERTIES, INC.
TABLE OF CONTENTS
2
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
Generation Income Properties, Inc. Consolidated Balance Sheets
|
As of September 30, |
|
|
As of December 31, |
|
|
2021 |
|
|
2020 |
|
|
(Unaudited) |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in real estate |
|
|
|
|
|
|
|
Property |
$ |
36,621,767 |
|
|
$ |
37,352,447 |
|
Tenant improvements |
|
482,701 |
|
|
|
482,701 |
|
Acquired lease intangible assets |
|
2,949,411 |
|
|
|
3,014,149 |
|
Less accumulated depreciation and amortization |
|
(3,168,841 |
) |
|
|
(2,317,454 |
) |
Total investments |
|
36,885,038 |
|
|
|
38,531,843 |
|
Investment in tenancy-in-common |
|
717,337 |
|
|
|
- |
|
Cash and cash equivalents |
|
14,194,639 |
|
|
|
937,564 |
|
Restricted cash |
|
34,500 |
|
|
|
184,800 |
|
Deferred rent asset |
|
145,428 |
|
|
|
126,655 |
|
Prepaid expenses |
|
220,652 |
|
|
|
134,165 |
|
Deferred financing costs |
|
- |
|
|
|
614,088 |
|
Accounts receivable |
|
105,108 |
|
|
|
75,794 |
|
Escrow deposit and other assets |
|
106,106 |
|
|
|
75,831 |
|
Total Assets |
$ |
52,408,808 |
|
|
$ |
40,680,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholder's Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Accounts payable |
$ |
156,638 |
|
|
$ |
118,462 |
|
Accounts payable - related party |
|
100 |
|
|
|
- |
|
Accrued expenses |
|
278,581 |
|
|
|
406,125 |
|
Acquired lease intangible liability, net |
|
608,697 |
|
|
|
415,648 |
|
Insurance payable |
|
99,096 |
|
|
|
40,869 |
|
Deferred rent liability |
|
185,805 |
|
|
|
188,595 |
|
Note Payable - related party |
|
- |
|
|
|
1,100,000 |
|
Mortgage loans, net of unamortized discount of $633,647 and $689,190 at September 30, 2021 and December 31, 2020, respectively |
|
26,765,781 |
|
|
|
28,356,571 |
|
Total liabilities |
|
28,094,698 |
|
|
|
30,626,270 |
|
|
|
|
|
|
|
|
|
Redeemable Non-Controlling Interests |
|
9,605,028 |
|
|
|
8,684,431 |
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
|
Common stock, $0.01 par value, 100,000,000 shares authorized;
2,272,700 shares issued and 2,160,200 outstanding at September 30, 2021 and 576,918 issued and outstanding at December 31, 2020 |
|
22,727 |
|
|
|
5,770 |
|
Treasury shares, at cost |
|
(100 |
) |
|
|
- |
|
Additional paid-in capital |
|
19,256,827 |
|
|
|
5,541,411 |
|
Accumulated deficit |
|
(4,570,372 |
) |
|
|
(4,177,142 |
) |
Total Generation Income Properties, Inc. stockholders' equity |
|
14,709,082 |
|
|
|
1,370,039 |
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
$ |
52,408,808 |
|
|
$ |
40,680,740 |
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
3
Generation Income Properties, Inc. Consolidated Statements of Operations (unaudited)
|
Three Months ended September 30, |
|
|
Nine Months ended September 30, |
|
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental income |
$ |
988,244 |
|
$ |
871,825 |
|
|
$ |
2,913,322 |
|
$ |
2,630,067 |
|
|
Other income |
|
45,250 |
|
|
- |
|
|
|
45,250 |
|
|
- |
|
|
Total revenue |
$ |
1,033,494 |
|
$ |
871,825 |
|
|
$ |
2,958,572 |
|
$ |
2,630,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General, administrative and organizational costs |
|
268,632 |
|
|
267,608 |
|
|
|
808,623 |
|
|
689,660 |
|
|
Building expenses |
|
195,464 |
|
|
179,319 |
|
|
|
539,739 |
|
|
534,947 |
|
|
Depreciation and amortization |
|
388,141 |
|
|
363,898 |
|
|
|
1,164,838 |
|
|
1,083,917 |
|
|
Interest expense, net |
|
336,025 |
|
|
334,323 |
|
|
|
1,028,446 |
|
|
1,060,776 |
|
|
Compensation costs |
|
117,332 |
|
|
129,880 |
|
|
|
328,394 |
|
|
257,882 |
|
|
Total expenses |
|
1,305,594 |
|
|
1,275,028 |
|
|
|
3,870,040 |
|
|
3,627,182 |
|
|
Operating loss |
|
(272,100 |
) |
|
(403,203 |
) |
|
|
(911,468 |
) |
|
(997,115 |
) |
|
Income on investment in tenancy-in-common |
|
4,750 |
|
|
- |
|
|
|
4,750 |
|
|
- |
|
|
Gain on disposal of property |
|
923,178 |
|
|
- |
|
|
|
923,178 |
|
|
- |
|
|
Net income (loss) |
$ |
655,828 |
|
$ |
(403,203 |
) |
|
$ |
16,460 |
|
$ |
(997,115 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income attributable to non-controlling interest |
|
199,716 |
|
|
152,023 |
|
|
|
409,690 |
|
|
334,718 |
|
|
Net Income (loss) attributable to Generation Income Properties, Inc. |
$ |
456,112 |
|
$ |
(555,226 |
) |
|
$ |
(393,230 |
) |
$ |
(1,331,833 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Weighted Average Shares of Common Stock Outstanding – Basic |
|
939,559 |
|
|
525,495 |
|
|
|
699,395 |
|
|
525,332 |
|
|
Total Weighted Average Shares of Common Stock Outstanding – Diluted |
|
939,559 |
|
|
525,495 |
|
|
|
699,395 |
|
|
525,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Income (Loss) Per Share Attributable to Common Stockholder |
$ |
0.49 |
|
$ |
(1.06 |
) |
|
$ |
(0.56 |
) |
$ |
(2.54 |
) |
|
Diluted Income (Loss) Per Share Attributable to Common Stockholder |
$ |
0.49 |
|
$ |
(1.06 |
) |
|
$ |
(0.56 |
) |
$ |
(2.54 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4
Generation Income Properties, Inc. Consolidated Statements of Cash Flows
(unaudited)
|
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
CASHFLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
16,460 |
|
|
$ |
(997,115 |
) |
Adjustments to reconcile net income (loss) to cash provided by operating activities |
|
|
|
|
|
|
|
|
Depreciation |
|
|
833,291 |
|
|
|
776,070 |
|
Amortization of acquired lease intangible assets |
|
|
331,547 |
|
|
|
307,847 |
|
Amortization of debt issuance costs |
|
|
94,600 |
|
|
|
106,210 |
|
Amortization of below market leases |
|
|
(115,921 |
) |
|
|
(82,123 |
) |
Common stock issued in lieu of cash compensation |
|
|
33,000 |
|
|
|
- |
|
Restricted stock unit compensation |
|
|
153,636 |
|
|
|
74,338 |
|
Equity in earnings on investment in tenancy-in-common |
|
|
(4,750 |
) |
|
|
- |
|
Gain on sale of property |
|
|
(923,178 |
) |
|
|
- |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(29,314 |
) |
|
|
(168 |
) |
Other assets |
|
|
(30,275 |
) |
|
|
(35,636 |
) |
Deferred rent asset |
|
|
(18,773 |
) |
|
|
(1,510 |
) |
Prepaid expenses |
|
|
(86,487 |
) |
|
|
(103,223 |
) |
Accounts payable |
|
|
38,176 |
|
|
|
29,503 |
|
Accrued expenses |
|
|
(116,544 |
) |
|
|
64,173 |
|
Deferred rent liability |
|
|
(2,790 |
) |
|
|
38,333 |
|
Net cash provided by operating activities |
|
|
172,678 |
|
|
|
176,699 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchase of land, buildings, other tangible and intangible assets |
|
|
(3,530,809 |
) |
|
|
(196,016 |
) |
Investment in tenancy-in-common |
|
|
(712,587 |
) |
|
|
- |
|
Proceeds from sale of land, buildings, other tangible and intangible assets |
|
|
5,245,858 |
|
|
|
- |
|
Net cash provided by (used in) investing activities |
|
|
1,002,462 |
|
|
|
(196,016 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from issuance of stock and warrants, net |
|
|
14,379,505 |
|
|
|
- |
|
Proceeds from issuance of redeemable interest |
|
|
2,100,000 |
|
|
|
- |
|
Mortgage loan repayments - related party |
|
|
(1,100,000 |
) |
|
|
(800,000 |
) |
Redemption of redeemable non-controlling interests |
|
|
(1,200,000 |
) |
|
|
- |
|
Mortgage loan borrowings |
|
|
2,125,000 |
|
|
|
11,287,500 |
|
Mortgage loan repayments |
|
|
(3,771,333 |
) |
|
|
(10,024,198 |
) |
Deferred financing costs paid in cash |
|
|
- |
|
|
|
(153,239 |
) |
Debt issuance costs paid in cash |
|
|
(39,991 |
) |
|
|
(564,857 |
) |
Insurance financing borrowings |
|
|
277,059 |
|
|
|
189,153 |
|
Insurance financing repayments |
|
|
(218,832 |
) |
|
|
(145,749 |
) |
Distribution on redeemable non-controlling interests |
|
|
(389,093 |
) |
|
|
(334,718 |
) |
Dividends paid on common stock |
|
|
(230,680 |
) |
|
|
(210,185 |
) |
Net cash generated from (used in) financing activities |
|
|
11,931,635 |
|
|
|
(756,293 |
) |
Net increase (decrease) in cash and cash equivalents |
|
|
13,106,775 |
|
|
|
(775,610 |
) |
Cash and cash equivalents and restricted cash - beginning of period |
|
|
1,122,364 |
|
|
|
1,398,365 |
|
Cash and cash equivalents and restricted cash - end of period |
|
$ |
14,229,139 |
|
|
$ |
622,755 |
|
|
|
|
|
|
|
|
|
|
CASH TRANSACTIONS |
|
|
|
|
|
|
|
|
Interest Paid |
|
$ |
938,984 |
|
|
$ |
940,316 |
|
NON-CASH TRANSACTIONS |
|
|
|
|
|
|
|
|
Stock issued for accrued liabilities |
|
|
11,000 |
|
|
|
- |
|
Deferred financing costs incurred on account |
|
|
- |
|
|
|
182,697 |
|
Deferred distribution on redeemable non-controlling interests |
|
|
20,597 |
|
|
|
- |
|
Accounts payable - related party for redemption of common stock shares |
|
|
100 |
|
|
|
- |
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
5
Generation Income Properties, Inc. Consolidated Statements of Changes in Stockholders’ Equity
(unaudited)
|
|
Common Stock Shares |
|
|
Common Stock Amount |
|
|
Treasury Stock Amount |
|
|
Additional
Paid-In- Capital |
|
|
Accumulated
Deficit |
|
|
Generation Income Properties, Inc. Stockholders' Equity |
|
|
Redeemable Non-
Controlling
Interest |
|
Balance - December 31, 2019 |
|
|
525,250 |
|
|
$ |
5,253 |
|
|
$ |
— |
|
|
$ |
4,773,639 |
|
|
$ |
(2,345,489 |
) |
|
|
2,433,403 |
|
|
$ |
8,198,251 |
|
Restricted stock unit compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,023 |
|
|
|
— |
|
|
|
20,023 |
|
|
|
— |
|
Distribution on Redeemable Non-Controlling Interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(142,844 |
) |
Dividends paid on Common Stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(105,101 |
) |
|
|
— |
|
|
|
(105,101 |
) |
|
|
— |
|
Net (loss) income for the quarter |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(494,032 |
) |
|
|
(494,032 |
) |
|
|
142,844 |
|
Balance - March 31, 2020 |
|
|
525,250 |
|
|
$ |
5,253 |
|
|
$ |
— |
|
|
$ |
4,688,561 |
|
|
$ |
(2,839,521 |
) |
|
$ |
1,854,293 |
|
|
$ |
8,198,251 |
|
Restricted stock unit compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27,009 |
|
|
|
— |
|
|
|
27,009 |
|
|
|
— |
|
Distribution on Redeemable Non-Controlling Interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(39,851 |
) |
Net (loss) income for the quarter |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(282,575 |
) |
|
|
(282,575 |
) |
|
|
39,851 |
|
Balance - June 30, 2020 |
|
|
525,250 |
|
|
$ |
5,253 |
|
|
$ |
- |
|
|
$ |
4,715,570 |
|
|
$ |
(3,122,096 |
) |
|
$ |
1,598,727 |
|
|
$ |
8,198,251 |
|
Restricted stock unit compensation |
|
|
1,668 |
|
|
|
17 |
|
|
|
|
|
|
|
27,289 |
|
|
|
— |
|
|
|
27,306 |
|
|
|
— |
|
Distribution on Redeemable Non-Controlling Interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(152,023 |
) |
Dividends paid on Common Stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(105,084 |
) |
|
|
— |
|
|
|
(105,084 |
) |
|
|
— |
|
Net (loss) income for the quarter |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(555,226 |
) |
|
|
(555,226 |
) |
|
|
152,023 |
|
Balance - September 30, 2020 |
|
|
526,918 |
|
|
|
5,270 |
|
|
|
— |
|
|
|
4,637,775 |
|
|
|
(3,677,322 |
) |
|
|
965,723 |
|
|
|
8,198,251 |
|
|
|
|
|