Company: GIPRW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000950170-25-046959
Chunk: 75

Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 75
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 not indicative of those expected in future periods, as we expect that rental income, interest expense, rental operating expense, general and administrative expense, and depreciation and amortization will significantly change in future periods as a result of growth through future acquisitions of real estate related investments.

Results of Operations for the Years Ended December 31, 2024 and 2023

Revenue 

For twelve months ended December 31, 2024, total revenue from operations was $9,762,636 as compared to $7,632,600 for the twelve months ended December 31, 2023. The revenue increase of $2,130,036 for the twelve-months ended December 31, 2024, resulted from having a full year versus five months of operating the properties acquired in the Modiv acquisition during 2024 and 2023, respectively.

Expenses 

During the twelve months ended December 31, 2024 and 2023 expenses incurred were as follows:

    Twelve months ended December 31,

    2024
     
    2023
     
    Change

    General, administrative and organizational costs
    $
    2,109,271
     
    $
    1,734,134
     
    $
    375,137

    Building expenses
     
    2,673,624

    1,699,200

    974,424

    Depreciation and amortization
     
    4,765,203

    3,538,569

    1,226,634

    Interest expense, net
     
    4,286,546

    2,744,406

    1,542,140

    Compensation costs
     
    1,060,336

    1,372,539

    (312,203
    )

    Total expenses
    $
    14,894,980
     
    $
    11,088,848
     
    $
    3,806,132

•General and administrative expense increased by $375,137, or approximately 22%, year over year as the Company engaged incremental professional services support for audit, tax, financial reporting and other professional services. Approximately, $300,000 of the increase comprises nonrecurring or transaction specific expenditures.

•Building expenses increased by $974,424, or approximately 57%, resulting from full year operations during 2024 versus five months of the