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

Company: GENERATION INCOME PROPERTIES, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 10
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         2,371,297

         $
         2,274,730

13

For the three months ended March 31, 2025 and 2024, we had three tenants that each account for more than 10% of our rental revenue as indicated below: 

         2025

         2024

         General Services Administration - Norfolk, VA, Manteo, NC & Vacaville, CA
          
         14
         %

         16
         %

         Pre-K - San Antonio, TX
          
         10
         %

         14
         %

         Dollar General - multiple locations
          
         12
         %

         13
         %
        
       The following table presents future minimum rental cash payments due to the Company over the next five calendar years and thereafter ending December 31 is listed below: 

         As of March 31,

         2025

         2025 (9 months remaining)
         $
         6,984,283

         2026
          
         9,081,429

         2027
          
         7,273,565

         2028
          
         5,617,155

         2029
          
         4,365,213

         Thereafter
          
         21,722,580

         $
         55,044,225

        On March 29, 2024, the Company executed a 10-year lease, with two five-year renewal options, with Armed Services YMCA for the use of approximately 35,000 square feet on the property located at 2510 Walmer Avenue, Norfolk, Virginia. Rent commenced on May 1, 2024 under the contracted twelve month tenant improvement period of twelve months at a reduced fixed base rent of approximately $23,000 per month. Base rent increases to a fixed rate of approximately $34,000 per month in month 13 and escalates annually at approximately 2.5%.On August 29, 2024, the Company acquired a 30,465 square foot retail property in Ames, Iowa for $5.5 million occupied by Best Buy with a remaining lease of approximately 6 years at an annual base rent of $405,470. Future minimum rent is reflected in the above table, accordingly. On February 6, 2025, the Company acquired three single-tenant retail properties from a single seller for an aggregate