Company: GIPRW
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0000950170-25-072868
Chunk: 35

Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 35
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 198,281 OP Units valued at $6.00 per unit representing aggregate consideration of approximately $1.19 million plus (ii) the acquisition of existing mortgage indebtedness in the amount of approximately $3.26 million. The mortgage indebtedness acquired in connection with the acquisition of the SPV Two Property is a fixed rate loan owed to Camden National Bank. The loan matures on October 22, 2031, and has an interest rate equal to 2.9%.SPV Three owns the fee simple interests in the retail property located at 3815 South Orlando Drive, Sanford, FL (the “SPV Three Property”). The SPV Three Property contains 8,148 rentable square feet and is 100% leased to M3 Food Group, LLC (Zaxby’s). The SPV Interests in SPV Three were acquired in exchange for consideration valued at approximately $4.8 million (subject to prorations and adjustments), consisting of (i) 383,483 OP Units valued at $6.00 per unit representing aggregate consideration of approximately $2.3 million plus (ii) the acquisition of existing mortgage indebtedness in the amount of approximately $2.5 million. The mortgage indebtedness acquired in connection with the acquisition of the SPV Three Property is a fixed rate loan owed to Valley National Bank. The loan matures on May 14, 2026, and has an interest rate equal to 6.29%. Results of Operations  Operating results for the three months ended March 31, 2025 compared to the three months ended March 31, 2024:Revenue During the three months ended March 31, 2025, total revenue from operations was $2,381,595 as compared to $2,433,173 for the three months ended March 31, 2024.  Operating Expenses During the three months ended March 31, 2025, we incurred total operating expenses of $3,857,376 as compared to $3,633,825 for the three months ended March 31, 2024. Operating expenses increased by $223,551 as follows: 

     Three months ended March 31,

     2025
      
     2024
      
     Change

     General and administrative expense
     $
     505,378
      
     $
     449,797
      
     $
     55,581

     Building expenses
      
     636,225