Company: GIPRW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000950170-25-046959
Chunk: 108

Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 108
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.1 million capital contribution.   

        La-Z-Boy - Rockford, IL

        Land
         
        1,437,353

        Building and site improvements
         
        2,412,300

        Tenant improvements
         
        33,497

        Acquired lease intangible assets
         
        421,250

        Total real estate investments
         
        4,304,400

       On August 29, 2024, the Company acquired a 30,465 square foot retail property in Ames, Iowa for $5.6 million occupied by Best Buy with a remaining lease of approximately 6 years at an annual base rent of $405,470. Future minimum rent reflected in the table below, accordingly.

      Best Buy

      Land
      $
      2,032,016

      Building and site improvements
       
      2,811,317

      Acquired tenant improvements
       
      308,715

      Acquired lease intangible assets
       
      574,710

      Total real estate investments
      $
      5,726,758

Note 4 – Acquired Lease Intangible Assets, net Intangible assets, net is comprised of the following:  

        As of December 31,

        As of December 31,

        2024

        2023

        Acquired lease intangible assets
        $
        10,504,740

        $
        10,571,331

        Accumulated amortization
         
        (3,821,035
        )

        (2,581,586
        )

        Acquired lease intangible assets, net
        $
        6,683,705

        $
        7,989,745

 63

 The acquired lease intangible assets balance as of December 31, 2024 consists of $8,847,484 in-place leases and $1,657,256 above market leases. The acquired lease intangible assets balance as of December 31, 2023 consists of $8,914,075 in-place leases and $1,657,256 above market leases.    The amortization for in-place assets for the twelve months ended December 31, 2024 and 2023 was $1,476,650 and $1,181,837, respectively. The amortization for above market leases for the twelve months ended December 31