Company: GIPRW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000950170-25-046959
Chunk: 124

Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 124
---
 the Company would use its commercially reasonable efforts to cause the Series A Preferred Stock to be listed on each securities exchange on which the Common Stock were then listed or, if the Common Stock were not then listed, on a national securities exchange selected by Modiv, provided that the Series A Preferred Stock met the listing requirements of any such securities exchange. During the twelve months ended December 31, 2024 and 2023, the Company incurred $0 and $362,384, respectively, of issuance costs related to the issuance of the Series A Preferred Stock. Because of the redemption right, the non-controlling interest is presented as temporary equity at redemption value of $0 and $12,000,000 less issuance costs as of December 31, 2024 and 2023, respectively.     During the twelve months ended December 31, 2024 and 2023, the Company paid and accrued $0.0396 per share per month preferred stock dividends of $95,000 and $475,000, respectively, comprised of $0 and $380,000 paid to Modiv and $0 and $95,000 payable as of December 31, 204 and 2023, respectively. In January 2024, all outstanding Series A Preferred Stock shares were redeemed for common shares. See Note 13 below.Note 8 – Leases Lessor AccountingAll of the Company's leases of real estate are classified as operating leases. The Company's Rental income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per the lease contract, which are primarily related to base rent. The Company’s leases also provide for reimbursement from tenants for common area maintenance (“CAM”), insurance, real estate taxes and other operating expenses (“Recoverable Costs”). A portion of our operating cost reimbursement revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued. Income for these amounts is recognized on a 

 74

straight-line basis. Variable lease income includes the tenants' contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred. The following table provides a disaggregation of lease income recognized as either fixed or variable lease income: 

          2024

          2023

          Rental income
          ﻿

          ﻿

          Fixed and in-substance fixed lease income
           
          8,086,951

          6,595,120

          Variable lease income
           
          1,715