Company: GIPRW
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0000950170-25-072868
Chunk: 27

Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 27
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 9, 2022 the Company and Operating Partnership entered a Redemption Agreement with a unit holder. As such, the Company recorded an Other payable - related party in the amount of $2,912,300 upon execution of the Redemption Agreement entered into July 20, 2022 and has paid the note in full as of December 31, 2024. Remaining balances of $0 and $1,357,380 were outstanding as of March 31, 2025 and March 31, 2024, respectively. On October 14, 2022, the Company entered into a loan transaction that is evidenced by a secured non-convertible promissory note to Brown Family Enterprises, LLC, a preferred equity partner and therefore a related party, for $1,500,000 that is due on October 14, 

22

2024, and bears a fixed interest rate of 9%, simple interest. Interest is payable monthly. The loan may be repaid without penalty at any time. The loan is secured by the Operating Partnership’s equity interest in its current direct subsidiaries that hold real estate assets pursuant to the terms of a security agreement between the Operating Partnership and Brown Family Enterprises, LLC. On July 21, 2023, the Company amended and restated the promissory note to reflect an increase in the loan to $5.5 million and extend the maturity date thereof from October 14, 2024 to October 14, 2026. Except for the increase in the amount of the Loan and Note and the extension of the maturity date thereof, no changes were made to the original note. Minimum required principal payments on the Company’s debt for subsequent years ending December 31 are as follows:  

         Mortgage Loans
          
         Other Payable - Related Party
          
         Loan Payable - Related Party
          
         Total as of March 31, 2025

         2025
         $
         1,138,148

         -

         -

         1,138,148

         2026
          
         5,110,416

         -

         5,500,000

         10,610,416

         2027
          
         1,508,613

         -

         -

         1,508,613

         2028
          
         21,846,023

         -

         -

         21,846,023

         2029