Company: GIPRW
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0000950170-25-072868
Chunk: 33

Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 33
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ville, NC
      
     19,097
      
     Tractor Supply
     BBB
     N
      
     10.3
      
     4 x 5
     Yes
     $
     303,000
      
     $
     15.87

     Tenants - All Properties

     596,105

     $
     9,082,390
      
     $
     15.24

   (1)Tenant, or tenant parent, rated entity. (2)Annualized cash base rental income in place as of March 31, 2024. Our leases do not include tenant concessions or abatements. (3)Tenant has the right to terminate the lease on August 31, 2024 subject to certain conditions.(4)Tenant terminated the lease and vacated on January 31, 2024.(5)Includes rent escalations available from lease renewal options.(6)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.(7)Two tenants occupy this single property. New lease executed for the vacant unit, effective May 1, 2024. Distributions From inception through March 31, 2025, we have distributed $5,024,622 to common stockholders.Recent Developments On February 6, 2025, the Operating Partnership entered into a Contribution and Subscription Agreement (the "Contribution Agreement") pursuant to which the Operating Partnership issued 698,465 Series B-2 Redeemable Preferred Units with total value of $4,190,793 in exchange for membership interests in special purpose vehicles that own 3 properties in Sanford, FL, Cleveland, TN, and Kernersville, NC.On February 6, 2025, the Company entered into a Contribution and Subscription Agreement (the “Contribution Agreement”) with 

26

(i) LMB Lewiston, LLC, an Ohio limited liability company (“SPV One”), LMB Ft. Kent, LLC, an Ohio limited liability company (“SPV Two”) and LMB Auburn Hills I, LLC, an Ohio limited liability company (“SPV Three”; and together with SPV One and SPV Two, the “SPVs”); (ii) Lloyd M. Bernstein, as the sole member