Company: GIPRW
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0000950170-25-072868
Chunk: 32

Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 32
---
 March 31, 2025 owned 99.6% of the outstanding common units 

24

of the Operating Partnership. The Company formed a Maryland entity GIP REIT OP Limited LLC in 2018 that owns 0.001% of the Operating Partnership. Public Offering and Nasdaq Listing In September 2021, the Company closed an underwritten public offering of 1,665,000 units at a price to the public of $10 per unit generating net proceeds of $13.8 million including issuance costs incurred during the years ended December 31, 2021 and 2020.  Each unit consisted of one share of common stock and one warrant to purchase one share of common stock at an exercise price equal to $10 per share.  The common stock and warrants included in the units (which were separated into one share of common stock and one warrant) currently trade on the Nasdaq Capital Market (“Nasdaq”) under the symbols “GIPR” and “GIPRW,” respectively. Our Investments The following are characteristics of our properties as of March 31, 2025:•Creditworthy Tenants. Approximately 65% of our portfolio’s annualized base rent ("ABR") as of March 31, 2025 was derived from tenants that have (or whose parent company has) an investment grade credit rating from a recognized credit rating agency of “BBB-” or better. Our largest tenants are the General Service Administration, City of San Antonio (Prek-K), and Dollar General, and contributed approximately 36% of our portfolio’s annualized base rent. •% Leased. Our portfolio is 93% leased and occupied. •Contractual Rent Growth. Approximately 92% of the leases in our current portfolio (based on ABR as of March 31, 2025) provide for increases in contractual base rent during future years of the current term or during the lease extension periods. •Average Effective Annual Rental per Square Foot. Average effective annual rental per square foot is 15.24. Given the nature of our leases, our tenants either pay the realty taxes directly or reimburse us for such costs. We believe all of our properties are adequately covered by insurance. The table below presents an overview of the properties in our portfolio as of March 31, 2025:

25

     Property Type
     Location
     Rentable Square Feet
      
     Tenant
     S&P Credit Rating (1)
     IG
     Remaining Term (