Company: GIPRW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000950170-25-046959
Chunk: 76

Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 76
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 integrated Modiv properties in 2023. Key expenditures increased as follows, property taxes approximately $548,000, repairs, maintenance and janitorial approximately $315,000, and utilities approximately $78,000 year over year.

•Depreciation and amortization increased by $1,226,634, or 35%, resulting from full year operations during 2024 versus five months of the integrated Modiv properties in 2023.

•Interest expense, net increased by $1,542,140, or 56%, resulting from full year operations during 2024 versus five months of the integrated Modiv properties in 2023. Additionally, during the twelve months ended December 31, 2024, we incurred a guaranty fee expense of $387,056 payable to our President and CEO of which $206,219 remained payable as of December 31, 2024.

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•Compensation costs decreased by $312,203, or approximately 23% as management optimized staffing levels and overhead to align with the Company's scale.

Net Loss 

For the twelve months ended December 31, 2024 and 2023, we generated a net loss of $4,872,888 and 4,441,465, respectively. 

Income on Investment in Tenancy in Common 

For the twelve months ended December 31, 2024 and 2023, our share of earnings on our investment in tenancy in common and accounted for under the equity method generated income of $0 and $32,773, respectively. On September 7, 2023, the Company purchased the remaining tenancy-in-common ("TIC") interest and assumed control of the property. As of December 31, 2024, the Company owns the full interest in the property and the TIC interest is no longer exists.

Net Loss Attributable to Non-controlling Interests 

For the twelve months ended December 31, 2024 and 2023, net income attributable to non-controlling interest was $3,476,599 and $1,275,797, respectively. The increase is primarily attributable to LC2-NNN Pref, LLC's $14,100,000 preferred equity investment in conjunction with the Modiv acquisition in August 2023, including servicing current and deferred interests as detailed in Preferred Equity.

Net Loss Attributable to Common Shareholders 

For the twelve months ended December 31, 2024 and 2023, we generated a net loss