Company: GIPRW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000950170-25-046959
Chunk: 12

Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 12
---
 x 5
    Yes
    $
    405,471
     
    $
    13.40

    Tenants - All Properties

    570,086

    $
    8,595,903
     
    $
    15.08

(1)Tenant, or tenant parent, rated entity. 

(2)Annualized cash base rental income in place as of December 31, 2024. Our leases do not include tenant concessions or abatements. 

(3)Prior tenant terminated the lease and vacated on January 31, 2024, space was relet to a new tenant in August 2024.

 10

(4)Includes rent escalations available from lease renewal options.

(5)Tenant has the right to terminate the lease as of March 31, 2032, March 31, 2037, March 31, 2042, March 31, 2047, March 31, 2052, and March 31, 2057.

(6)Two tenants occupy this single property.

Acquisition Pipeline

We are continually engaging in internal research as well as informal discussions with various parties regarding our potential interest in potential acquisitions that fall within our target market. There is no assurance that any currently available properties in our acquisition pipeline will remain available, or that we will pursue or complete potential acquisitions, at prices acceptable to us or at all.

Property and Asset Management Agreements

We manage our properties in-house, except for our Norfolk, Virginia properties and our Maitland, Florida property.

We previously engaged Colliers International Asset Services to provide property management services to our two properties in Norfolk, Virginia. The agreements provided for us to pay Colliers International Asset Services a management fee equal to 2.5% of the gross collected rent of each of the two properties (inclusive of tenant expense reimbursements) as well as a construction supervision fee for any approved construction. The Company engaged Bevara Building Services for facility management and property management services for the two Norfolk, Virginia properties from June 15, 2022 through July 2023. Effective August 2023 Colliers International Asset Services resumed management services for our Norfolk, VA properties. The Company paid an aggregate of approximately $49,000 for property management services in fiscal year 2024. 

Distributions 

From inception through December 31, 2024, we have distributed $5,031,548 to common stockholders. The Company suspended common stock