Company: GIPRW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000950170-25-046959
Chunk: 80

Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 80
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7 equal to 5-year Treasury plus 2.5% and subject to a floor of 3.85%

(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.

Our mortgage debt requires us to maintain certain debt service coverage ratios as noted above.

 43

Minimum required principal payments on our outstanding debt for subsequent years ending December 31 are as follows:  

    Mortgage Loans

    Other Payable - Related Party

    Loan Payable - Related Party
     
    Total as of December 31, 2024

    2025
    $
    1,289,603

    -

    -

    1,289,603

    2026
     
    1,319,320

    -

    5,500,000

    6,819,320

    2027
     
    1,422,520

    -

    -

    1,422,520

    2028
     
    21,757,611

    -

    -

    21,757,611

    2029
     
    13,220,019

    -

    -

    13,220,019

    Thereafter
     
    20,434,178

    -

    -

    20,434,178

    $
    59,443,251

    $
    -

    $
    5,500,000
     
    $
    64,943,251

On February 8, 2023, the Operating Partnership entered into new Amended and Restated Limited Liability Company Agreements for GIPVA 2510 and GIPVA 130 in which the Operating Partnership, as the sole member of GIPVA 2510 and GIPVA 130, admitted a new member, Brown Family Enterprises, LLC (the "Purchaser"), a preferred equity partner and therefore a related party, through the issuance to Purchaser of membership interests in the form of Class A Preferred Units of GIPVA 2510 and GIPVA 130.  GIPVA 2510 and GIPVA 130 (the “Virginia SPEs”) hold the Company’s Norfolk, Virginia properties.  

Also on February 8, 2023, both of the Virginia SPEs and the Purchaser entered into Unit Purchase Agreements in which GIP