Company: GIPRW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000950170-25-046959
Chunk: 71

Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 71
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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.

(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.

Recent Developments

•Acquisitions

On August 29, 2024, we acquired a 30,465 square foot retail property in Ames, Iowa for $5.5 million occupied by Best Buy with a remaining lease of approximately 6 years at an annual base rent of $405,470. Future minimum rent reflected in the above table, accordingly.  

•Capital Activity and Distributions

On January 29, 2024 the Company exchanged all shares of its Series A Redeemable Preferred Stock to 2,794,597 shares of our common stock according to the following allocation:

•2,623,153 shares out of the 2,794,597 shares of our common stock were distributed by Modiv OP and subsequently distributed by Modiv to the holders of its common stock;

•the remaining 171,444 shares of our common stock issued to Modiv OP will be held by Modiv OP. 

 38

On July 3, 2024 we announced that our Board of Directors had voted to suspend the Company's dividend for shareholders of record of our common stock.  

On July 24, 2024, the Operating Partnership of Generation Income Properties, Inc., entered into a Fifth Amendment to the Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “LPA Amendment”), pursuant to which the Company, as the general partner of the Operating Partnership, issued partnership interests to LMB Owenton I LLC (“Contributor”) in the form of Series B-1 Preferred Units (