Company: GIPRW
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0000950170-25-072868
Chunk: 24

Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 24
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 Tractor Supply
         Kernersville, NC
          
         3,507,000

         2.90%
          
         10/22/2031
          
         3,245,489
          
         n/a
          
         1.20

         70,849,913

         66,184,027

         59,443,251

         Less Debt Discount, net
          
         (826,271
         )
          
         (317,978
         )

         Less Debt Issuance Costs, net
          
         (742,825
         )
          
         (785,358
         )

         64,614,931

         58,339,915

       (a) Loan subject to prepayment penalty(b) Fixed via interest rate swap(c) One loan in the amount of $11.4 million secured by six properties and allocated to each property based on each property's appraised value.(d) Adjustment effective April 1, 2027 equal to 5-year Treasury plus 2.5% and subject to a floor of 3.85%

21

(e) One loan in the amount of $21.0 million secured by 13 properties and allocated to each property based on each property's appraised value. The Company amortized debt issuance costs and debt discount during the three months ended March 31, 2025 and 2024 to interest expense of approximately $42,533 and $47,780, respectively. The Company did not pay any debt issuance costs during the three months ended March 31, 2025 and 2024. Each mortgage loan requires the Company to maintain certain debt service coverage ratios as noted above. In addition, two mortgage loans, one encumbered by six properties and requiring a 1.50 DSCR, and another stand alone mortgage loan requiring a 1.50 DSCR, require the Company to maintain a 54% loan to fair market stabilized value ratio. Fair market stabilized value shall be determined by the lender by reference to acceptable guides and indices or appraisals from time to time at its discretion. As of March 31, 2025,the Company was in compliance with all covenants, with the exception of one project level debt service coverage ratio ("DSCR") covenant for PNC for 15091 SW Alabama 20, LLC. In January 2024, Pratt and Whitney Automation vacated the property at