8-K
GENERATION INCOME PROPERTIES, INC. (GIPR)
A
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 1, 2025
GENERATION INCOME PROPERTIES, INC.
(Exact Name of Registrant as Specified in its Charter)
| Maryland | 001-40771 | 47-4427295 |
|---|---|---|
| (State or Other Jurisdiction of<br><br>Incorporation) | (Commission<br><br>File Number) | (IRS Employer<br><br>Identification No.) |
| 401 East Jackson Street, Suite 3300<br><br>Tampa, Florida | 33602 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (813)-448-1234
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.01 per share | GIPR | The Nasdaq Stock Market LLC |
| Warrants to purchase Common Stock | GIPRW | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On April 1, 2025, Generation Income Properties, Inc. (the “Company”) issued a press release reporting its financial results for the three and twelve months ended December 31, 2024. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
Item 7.01. Regulation FD Disclosure.
The Company is also furnishing in this Current Report on Form 8-K a presentation (the “Investor Presentation”) to be used by the Company at various meetings with investors, analysts, or others from time to time. The Investor Presentation may be amended or updated at any time and from time to time through another Current Report on Form 8-K, a later company filing or other means. A copy of the Investor Presentation is furnished herewith as Exhibit 99.2 and is incorporated into this Item 7.01 by reference.
The information furnished in these Items 2.02 and 7.01, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings.
| Item 9.01. | Financial Statements and Exhibits. |
|---|---|
| (d) | Exhibits. |
| --- | --- |
| Exhibit<br><br>No. | Description |
| --- | --- |
| 99.1 | Press Release dated April 1, 2025 |
| 99.2 | Investor Presentation Deck dated April 1, 2025 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Forward-Looking Statements
This Current Report on Form 8-K may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Such statements are based on management’s current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Investors are cautioned that there can be no assurance actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. Please refer to the risks detailed from time to time in the reports we file with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 28, 2025, as well as other filings on Form 10-Q and periodic filings on Form 8-K, for additional factors that could cause actual results to differ materially from those stated or implied by such forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GENERATION INCOME PROPERTIES, INC. | ||
|---|---|---|
| Date: April 1, 2025 | By: | /s/ Ron Cook |
| Ron Cook | ||
| Principal Finance and Accounting Officer |
EX-99.1
Exhibit 99.1
FOR IMMEDIATE RELEASE
April 1, 2025
Generation Income Properties Announces Year End 2024 Financial and Operating Results
TAMPA, FLORIDA – Generation Income Properties, Inc. (NASDAQ: GIPR) ("GIPR" or the "Company") today announced its three and twelve month financial and operating results for the period ended December 31, 2024.
Annual Highlights
(For the 12 months ended December 31, 2024)
- Generated net loss attributable to GIP common shareholders of $8.44 million, or ($1.64) per basic and diluted share.
- Generated Core FFO of $179 thousand, or $0.03 per basic and diluted share.
- Generated Core AFFO of $373 thousand, or $0.07 per basic and diluted share.
FFO and related measures (such as Core FFO and Core AFFO) are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to Core FFO and Core AFFO is included at the end of this release.
Portfolio
- Approximately 60% of our portfolio’s annualized rent as of December 31, 2024 was derived from tenants that have (or whose parent company has) an investment grade credit rating from a recognized credit rating agency of “BBB-” or better. Our largest tenants are the General Service Administration, Dollar General, and the City of San Antonio, who collectively contributed approximately 39% of our portfolio’s annualized base rent as of December 31, 2024.
- Our portfolio is 99% leased and occupied and tenants are currently 100% rent paying.
- Approximately 93% of the leases in our current portfolio (based on ABR as of December 31, 2024) provide for increases in contractual base rent during future years of the current term or during the lease extension periods.
- Average effective annual rental per square foot is $15.08.
Liquidity and Capital Resources
- $647 thousand in total cash and cash equivalents as of December 31, 2024.
- Total mortgage loans, net was $56.3 million as of December 31, 2024.
Financial Results
- During the twelve months ended December 31, 2024, total revenue from operations was 9.8 million, as compared to $7.6 million for the twelve months ended December 31, 2023 The overall revenue increase was driven by the integration of the 13-property portfolio acquired from Modiv in August 2023.
- Operating expenses, including G&A, for the twelve months ended December 31, 2024 were $14.9 million as compared to $11 million for the twelve months ended December 31, 2023 due to increases in depreciation and amortization and interest expense from recent acquisitions. Compensation costs decreased by $312,203, or approximately 23% as management optimized staffing levels and overhead to align with the Company's scale.
- Net loss attributable to common shareholders was $8.4 million for the twelve months ended December 31, 2024 as compared to $6.2 million for the twelve months ended December 31, 2023.
Commenting on the year, a letter from CEO David Sobelman:
To my fellow GIPR Shareholders,
Our stock price is down to around its all-time low and I think it’s important to address that first and acknowledge that it’s the most important topic to cover in this year-end letter. As we release the company’s results for 2024 I want to provide insight into the decisions we made, a recap of 2024 events, key developments since December 31, and our strategy for repositioning parts of our company to emphasize our long-term value.
This letter is long, covering many key topics. To help you navigate to the information most pertinent to you, those topics are outlined below.
- Stock Price and Dividend Policy
- 2024 Recap of Events
- Subsequent Events
- Capital
- The Plan for 2025
An average GIPR shareholder currently owns about 650 shares of the company, which includes approximately 4200 shareholders at our last count. I’m stating this because it’s important to have the context of our current shareholder base as you read some thoughts around the topics that are important to cover.
Stock Price and Dividend Policy
As mentioned, our price is at an all-time low. The frank reason is that we believe the market wants a dividend from their REIT investments, and we don’t currently provide one. In 2024, we suspended our dividend because it wasn’t fully covered by company profits.
Early-stage REITs commonly return investor capital through dividends while scaling. Since our IPO in 2021, we chose to pay dividends from cash, given the positive outlook of the net lease investment market. In order to raise public capital through the issuance of common shares, we needed to stabilize our price through dividends. While this is a traditional growth strategy, it did not materialize as expected due to post-COVID economic pressures affecting the real estate and finance sectors.
Since 2021, we have experienced significant growth in our portfolio. Our portfolio is now approximately 3.5 times larger than it was three years ago. However, our cost of capital has not decreased. Below is a timeline of key economic events since our NASDAQ listing:
- September 2021 IPO to Nasdaq
- March 2022 Interest rates began to rise
- 2022 – 2023 Cap rates remained low and misaligned with interest rates
- 2022 – 2024 Net lease transaction volume declined for 11 consecutive quarters to the same levels as 2010, post Great Financial Crisis, due to the above economic drivers.
These factors have led us to the decision not to raise additional public capital through the issuance of GIPR common shares subsequent to our IPO.
As mentioned, we suspended our dividend in 2024 to prioritize long-term financial health over simply returning capital to shareholders. This was the most difficult decision we’ve made since listing on Nasdaq, but the financial data clearly indicated it was the right short-term course of action.
We believe real estate markets are cyclical, and we are positioning our balance sheet, capital structure, and portfolio to capitalize on the disconnect between capital markets and net lease asset pricing.
The next question you’re likely asking is, “When will the dividend be reinstated?” While we can’t provide a specific date, the key trigger will be reaching profitability—or being very close to it—with a clear path to sustaining a fully covered dividend. Since we believe our stock price has declined primarily due to the lack of a dividend, restoring it is a top priority.
In conversations with shareholders, analysts, and bankers, the consensus is clear: “Pay a dividend when you have the means to do so sustainably.” We are committed to being both an income provider and a growth company. We have expanded significantly and will continue to grow, with our next major objective being the reinstatement of the dividend.
Accomplishments in 2024
There is a tremendous effort to “do a lot with a little” and the team at GIPR is committed to making sure your investment is a long-term success. Below is a list of almost everything we did in 2024 to put us on the trajectory for not only growth, but also for future profitability.
- New tenants to our portfolio
- Auburn University (S&P: AA), Huntsville, AL
- Armed Services YMCA (Department of Defense contractor, S&P: AA), Norfolk, VA
- Lease Extensions
- Fresenius Dialysis (S&P: BBB), Chicago, IL
- Dollar Tree (S&P: BBB), Dalton, GA
- Acquisitions
- Best Buy (S&P: BBB), Grand Junction, CO
- Purchased the asset at today’s cap rates (effectively 8.1%)
- Debt Extensions
- Extended the expiration date of two expiring loans to 2029 with no additional cash required for the extension.
- Capital raising
- $2.5 million was raised in the form of common LP units with a redemption value of $7.15/unit, about 4.5x the value of our current shares.
- This structure allowed for no dilution to common shareholders.
- Equity Extension
- Extended the redemption date of the equity partner in two of our Norfolk, VA properties from 2025 to 2027.
Subsequent Events
On February 6, 2025, we successfully closed an UPREIT contribution transaction involving three properties, two of which are investment-grade tenanted, for a gross contribution price of just over $11 million. This is a significant achievement for us, bringing our Gross Asset Value (GAV) to approximately $115 million. While the financial success of the deal is important, the story behind it highlights how our values guide our work and bring both financial and personal rewards.
In 2004, I was just starting out as a commercial real estate broker in Washington, DC. I was newly licensed and eager, but my draw against commissions was only $30,000 a year - which, in Washington, DC, meant living on a tight budget with no guaranteed commissions coming in. I was hungry to succeed, both figuratively and literally.
One day, a senior broker handed me a sticky note with a name and phone number on it, and he asked me to reach out and figure out why this person had initially contacted him. With no prospects to chase, I called the number, introduced myself, and started a conversation. We connected over net lease properties, and a few months later, we closed on my first net lease transaction - a Tractor Supply property in upstate New York. That initial transaction marked the beginning of a lasting relationship.
Over time, we became more involved with each other’s lives - from celebrating milestones like the birth of my first child (she’s off to college this year!) to attending his wedding. Eventually, he reached out for help with his estate planning and real estate holdings, and I was honored to act as an advisor to his family.
As the years went on, his strategy shifted. He moved from growing his portfolio through 1031 exchanges to using the 721 UPREIT structure, allowing him to defer capital gains taxes. Starting with one Starbucks location in 2022, he has now used our UPREIT program for 4 properties, all capital gains tax deferred.
Looking back over 20 years, I’m reminded of the power of relationships; how you treat people matters, and the bonds you build can last a lifetime.
Capital
We are consistently analyzing our cost of capital both on a macro and micro level. On a granular level we target a minimum of a 150-basis point spread between our cost of capital and our acquisition cap rates.
Our largest preferred equity tranche is with our partner, Loci Capital, in the amount of $14MM. For those that would like to learn more as to “why” we chose to accept Loci’s equity, the reason is very simple. We used Loci’s preferred investment as a means for us to purchase thirteen (13) properties from Modiv Industrial (NYSE: MDV) in August 2023. Transactions for net lease properties were scarce as the sentiment of the financial markets was based primarily on fear. Therefore, the cap rate for the transaction was higher than usual and we felt it was a good time to purchase these properties when there was less competition to do so.
Loci’s equity investment allowed us to double the size of the company, in many measures, and provided us an opportunity to grow GIPR when many other REITs were struggling to increase in scale. However, we had a very strong belief that we would be able to recapitalize both the debt and equity that we used for that transaction when the overall financial markets began their stabilization.
The Plan for 2025
Debt
As previously mentioned, when we did our largest transaction in 2023, we made the decision to take on expensive debt with the understanding that the cap rate would be fixed but the debt could be adjusted as time went on. These assets have performed as expected and remained profitable at the property level, but we believe there is an opportunity to reduce our interest rate in these assets and increase their profitability and spread between our cost of capital and going-in cap rate for the benefit of the company.
Recapitalize equity
We have some equity that needs to be addressed. We knew that when we originally took the Loci Preferred equity, and I led the decision to do so because the inflection point was either not grow at all or grow and recapitalize the equity as fast as possible. We are hyper-focused on replacing the preferred equity with either new, less expensive equity and/or less expensive debt in order to provide some stability to our assets.
Recycle Capital
I have heard that the name of our company doesn’t match our investment thesis. Some people that I’ve spoken with, including shareholders and equity partners, originally believed that we just bought assets to hold indefinitely and that this was the “Generational” outlook we had. Although we do take a generational, long-term focus, we acknowledge that our generational focus requires us to be nimble and flexible at times.
Our hands-on asset management allows us to find gaps in our assets, tenants, real estate and other long-term investments in order to make decisions on whether or not we should buy, hold, sell or refinance.
By selling and repositioning capital, this strengthens our balance sheet by identifying and executing on opportunities to dispose of under-performing assets or properties that are not core to our investment thesis and we will continue to review our portfolio to identify these opportunities. If we’re successful with our plan to refinance our properties, sell assets and reposition parts of our portfolio, we’ll use the capital derived from those events to reinvest into the company in the form of purchasing new assets, paying down additional debt, paying down some preferred equity or into the overall operations of the company.
UPREITs
We’ve discussed Umbrella Partnership Real Estate Investment Trusts transactions (UPREITs) in the past, sometimes these are called contributions or 721 exchanges. We’ve successfully used this growth mechanism since early in our life cycle. However, since there is a drastic decline in overall transaction volume in the net lease real estate industry, we believe UPREITs have become popular, and our acquisitions team has developed a pipeline of potential UPREIT assets that is larger than any time in the company’s history.
The main driver of why someone would contemplate these types of transactions is:
They trust our management team.
They want a tax-deferred solution for themselves (similar to a 1031 exchange).
They don’t want to do a 1031 exchange and thereby have the associated continued ownership responsibilities.
They are planning for a time when they may not want to be actively involved in their real estate holdings.
They are planning their estates, so their heirs do not have to own real estate assets.
They are trying to solve for a “friendly” way to dissolve a partnership and have each partner make their own decisions on how to manage their equity.
They are unable to sell their asset in a traditional method.
They want to continue to receive income while they no longer have ownership responsibilities.
Decrease General and Administrative Expenses
While we’ve always been somewhat frugal, we realize that we should be mindful of every expense in this market. We have looked closely, line by line, at our expenses and made determinations of what was helpful to have but not immediately and directly influencing our path to growth.
Raise new capital for acquisitions and operations
As we’ve already proven this year, we’re able to raise new capital at the operating partnership level and will continue to make this a primary effort going forward.
Dividend Policy
Our major intent is to reinstate our dividend as fast as possible, and we believe these activities will bring us closer to that this year.
Communication
I’ve heard from a few shareholders that we don’t communicate enough. Therefore, you’re going to see our announcements and communications more frequently in an effort to reach as many people as possible. However, I invite you to sign up for our company distribution list in order for you to receive information as soon as it’s released.
Conclusion
As you can see, I had a lot to say! You deserve full transparency about what we’re doing. It’s not all good news, but you know what we’ve done, what we’re planning, and why we’re making these decisions.
We have a tremendous amount of work ahead, and we’re tackling it with a small but highly skilled and dedicated team. Right now, we are undervalued, overlooked, and perceived as a risk. My job is to change that.
This year, as I mentioned, we’re committed to improving communication. We’ve realized that our current level of outreach isn’t enough. You’ll hear more from us—sometimes in financially or economically focused announcements, and other times in updates that reflect our broader mission. We’re not just buying properties; we’re building a company and a community. While economics are fundamental, truly successful companies offer more than just financial returns—they provide mission, purpose, values, and culture.
I appreciate the trust you’ve placed in me and take that responsibility seriously. I look forward to our continued growth and keeping you informed every step of the way.
Thank you.
David Sobelman
About Generation Income Properties
Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate investment trust formed to acquire and own, directly and jointly, real estate investments focused on retail, office, and industrial net lease properties in densely populated
submarkets. Additional information about Generation Income Properties, Inc. can be found at the Company's corporate website: www.gipreit.com.
Forward-Looking Statements
This Current Report on Form 8-K may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Such statements are based on management’s current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Investors are cautioned that there can be no assurance actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. Please refer to the risks detailed from time to time in the reports we file with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 28, 2025, as well as other filings on Form 10-Q and periodic filings on Form 8-K, for additional factors that could cause actual results to differ materially from those stated or implied by such forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.
Notice Regarding Non-GAAP Financial Measures
In addition to our reported results and net earnings per diluted share, which are financial measures presented in accordance with GAAP, this press release contains and may refer to certain non-GAAP financial measures, including Funds from Operations ("FFO"), Core Funds From Operations ("Core FFO"), Adjusted Funds from Operations (“AFFO”), Core Adjusted Funds from Operations ("Core AFFO"), and Net Operating Income (“NOI”). We believe the use of Core FFO, Core AFFO and NOI are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and related measures, including NOI, should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. You should not consider our Core FFO, Core AFFO, or NOI as an alternative to net income or cash flows from operating activities determined in accordance with GAAP. Our reconciliation of non-GAAP measures to the most directly comparable GAAP financial measure and statements of why management believes these measures are useful to investors are included below.
Consolidated Balance Sheets
| As of December 31, | |||||
|---|---|---|---|---|---|
| 2023 | |||||
| Assets | |||||
| Investment in real estate | |||||
| Land | 23,288,811 | $ | 21,996,902 | ||
| Building and site improvements | 67,647,250 | 71,621,499 | |||
| Acquired tenant improvements | 2,384,076 | 2,072,205 | |||
| Acquired lease intangible assets | 10,504,740 | 10,571,331 | |||
| Less: accumulated depreciation and amortization | (12,462,091 | ) | (8,855,332 | ) | |
| Net real estate investments | 91,362,786 | 97,406,605 | |||
| Cash and cash equivalents | 612,939 | 3,117,446 | |||
| Restricted cash | 34,500 | 34,500 | |||
| Deferred rent asset | 331,837 | 1,106,191 | |||
| Prepaid expenses | 140,528 | 139,941 | |||
| Accounts receivable | 48,118 | 241,166 | |||
| Escrow deposits and other assets | 1,233,123 | 493,393 | |||
| Held for sale assets | 6,732,001 | - | |||
| Right of use asset, net | 6,067,958 | 6,152,174 | |||
| Total Assets | 106,563,790 | $ | 108,691,416 | ||
| Liabilities and Equity | |||||
| Liabilities | |||||
| Accounts payable | 171,262 | $ | 406,772 | ||
| Accrued expenses | 1,127,896 | 688,146 | |||
| Accrued expense - related party | 683,347 | 683,347 | |||
| Acquired lease intangible liabilities, net | 1,036,274 | 1,016,260 | |||
| Insurance payable | 40,835 | 34,966 | |||
| Deferred rent liability | 176,017 | 260,942 | |||
| Lease liability, net | 6,464,901 | 6,415,041 | |||
| Other payable - related party | - | 1,809,840 | |||
| Loan payable - related party | 5,500,000 | 5,500,000 | |||
| Mortgage loans, net of unamortized debt discount of 1,103,336 and 1,326,362 at December 31, 2024 and December 31, 2023, respectively, and debt issuance costs | 58,340,234 | 56,817,310 | |||
| Derivative liabilities | 169,685 | 537,424 | |||
| Total liabilities | 73,710,451 | 74,170,048 | |||
| Redeemable Non-Controlling Interests | 26,664,545 | 18,812,423 | |||
| Preferred Stock - Series A Redeemable Preferred stock, net, | |||||
| 0.01 par value, 2,400,000 shares authorized, no shares issued or outstanding as of December 31, 2024 and 2,400,000 shares issued and outstanding at December 31, 2023 with liquidation preferences of 5 per share | - | 11,637,616 | |||
| Stockholders' Equity | |||||
| Common stock, 0.01 par value, 100,000,000 shares authorized; 5,443,188 and 2,620,707 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively | 54,431 | 26,207 | |||
| Additional paid-in capital | 29,019,047 | 18,472,049 | |||
| Accumulated deficit | (23,277,545 | ) | (14,833,058 | ) | |
| Total Generation Income Properties, Inc. Stockholders' Equity | 5,795,933 | 3,665,198 | |||
| Non-Controlling Interest | 392,861 | 406,131 | |||
| Total equity | 6,188,794 | 4,071,329 | |||
| Total Liabilities and Equity | 106,563,790 | $ | 108,691,416 |
All values are in US Dollars.
Consolidated Statements of Operations
| Three Months ended December 31, (unaudited) | Year ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Revenue | ||||||||||||
| Rental income | $ | 2,660,699 | $ | 3,107,063 | $ | 9,510,791 | $ | 7,593,564 | ||||
| Other income | 9,247 | 15,472 | 251,845 | 39,036 | ||||||||
| Total revenue | 2,669,946 | 3,122,535 | 9,762,636 | 7,632,600 | ||||||||
| Expenses | ||||||||||||
| General and administrative expense | 477,253 | 500,460 | 2,109,271 | 1,734,134 | ||||||||
| Building expenses | 606,268 | 633,986 | 2,673,624 | 1,699,200 | ||||||||
| Depreciation and amortization | 1,290,285 | 1,441,599 | 4,765,203 | 3,538,569 | ||||||||
| Interest expense, net | 1,144,057 | 1,037,821 | 4,286,546 | 2,744,406 | ||||||||
| Compensation costs | 243,731 | 392,337 | 1,060,336 | 1,372,539 | ||||||||
| Total expenses | 3,761,594 | 4,006,203 | 14,894,980 | 11,088,848 | ||||||||
| Operating loss | (1,091,648 | ) | (883,668 | ) | (5,132,344 | ) | (3,456,248 | ) | ||||
| Other expense | - | - | - | (506,639 | ) | |||||||
| (Loss) gain on derivative valuation | 681,143 | (401,782 | ) | 372,573 | (401,782 | ) | ||||||
| Income on investment in tenancy-in-common | - | - | - | 32,773 | ||||||||
| Dead deal expense | - | - | (35,873 | ) | (109,569 | ) | ||||||
| (Loss) recovery on held for sale valuation | 981,750 | - | (77,244 | ) | - | |||||||
| Net income (loss) | 571,245 | (1,285,450 | ) | (4,872,888 | ) | (4,441,465 | ) | |||||
| Less: Net income attributable to non-controlling interests | 864,194 | 593,881 | 3,476,599 | 1,275,797 | ||||||||
| Net loss attributable to Generation Income Properties, Inc. | (292,949 | ) | (1,879,331 | ) | (8,349,487 | ) | (5,717,262 | ) | ||||
| Less: Preferred stock dividends | - | 285,000 | 95,000 | 475,000 | ||||||||
| Net loss attributable to common shareholders | (292,949 | ) | (2,164,331 | ) | (8,444,487 | ) | (6,192,262 | ) | ||||
| Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted | 5,453,833 | 2,528,109 | 5,163,956 | 2,520,437 | ||||||||
| Basic & Diluted Loss Per Share Attributable to Common Stockholders | $ | (0.05 | ) | $ | (0.86 | ) | $ | (1.64 | ) | $ | (2.46 | ) |
Reconciliation of Non-GAAP Measures
(unaudited)
The following tables reconcile net income (loss), which we believe is the most comparable GAAP measure, to Net Operating Income (“NOI”):
| Three Months ended December 31, | Year ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net loss attributable to common shareholders | $ | (292,949 | ) | $ | (2,164,331 | ) | $ | (8,444,487 | ) | $ | (6,192,262 | ) |
| Plus: Net income attributable to non-controlling interest | 864,194 | 593,881 | 3,476,599 | 1,275,797 | ||||||||
| Plus: Net income attributable to preferred | - | 285,000 | 95,000 | 475,000 | ||||||||
| Net income (loss) | 571,245 | (1,285,450 | ) | (4,872,888 | ) | (4,441,465 | ) | |||||
| Plus: | ||||||||||||
| General and administrative expense | $ | 477,253 | $ | 500,460 | $ | 2,109,271 | $ | 1,734,134 | ||||
| Depreciation and amortization | 1,290,285 | 1,441,599 | 4,765,203 | 3,538,569 | ||||||||
| Interest expense, net | 1,144,057 | 1,037,821 | 4,286,546 | 2,744,406 | ||||||||
| Compensation costs | 243,731 | 392,337 | 1,060,336 | 1,372,539 | ||||||||
| Other expense | - | - | - | 506,639 | ||||||||
| Loss (gain) on derivative valuation | (681,143 | ) | 401,782 | (372,573 | ) | 401,782 | ||||||
| Income on investment in tenancy-in-common | - | - | - | (32,773 | ) | |||||||
| Dead deal expense | - | - | 35,873 | 109,569 | ||||||||
| Loss (recovery) on held for sale valuation | (981,750 | ) | - | 77,244 | - | |||||||
| Net Operating Income | $ | 2,063,678 | $ | 2,488,549 | $ | 7,089,012 | $ | 5,933,400 |
FFO and Related Measures
(unaudited)
The following tables reconcile net income (loss), which we believe is the most comparable GAAP measure, to FFO, Core FFO, AFFO, and Core AFFO:
| Three Months ended December 31, | Year ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net income (loss) | $ | 571,245 | $ | (1,285,450 | ) | $ | (4,872,888 | ) | $ | (4,441,465 | ) | |
| Other expense | - | - | - | 506,639 | ||||||||
| Loss (gain) on derivative valuation | (681,143 | ) | 401,782 | (372,573 | ) | 401,782 | ||||||
| Depreciation and amortization | 1,290,285 | 1,441,599 | 4,765,203 | 3,538,569 | ||||||||
| Loss (recovery) on held for sale valuation | (981,750 | ) | - | 77,244 | - | |||||||
| Funds From Operations | 198,637 | 557,931 | (403,014 | ) | 5,525 | |||||||
| Amortization of debt issuance costs | 107,062 | 42,755 | 202,621 | 146,745 | ||||||||
| Non-cash stock compensation | 189,870 | 94,935 | 379,739 | 382,002 | ||||||||
| Adjustments to Funds From Operations | 296,932 | 137,690 | 582,360 | 528,747 | ||||||||
| Core Funds From Operations | $ | 495,569 | $ | 695,621 | $ | 179,346 | $ | 534,272 | ||||
| Net income (loss) | $ | 571,245 | $ | (1,285,450 | ) | $ | (4,872,888 | ) | $ | (4,441,465 | ) | |
| Other expense | - | - | - | 506,639 | ||||||||
| Loss (gain) on derivative valuation | (681,143 | ) | 401,782 | (372,573 | ) | 401,782 | ||||||
| Depreciation and amortization | 1,290,285 | 1,441,599 | 4,765,203 | 3,538,569 | ||||||||
| Amortization of debt issuance costs | 107,062 | 42,755 | 202,621 | 146,745 | ||||||||
| Above and below-market lease amortization, net | 262,711 | 79,084 | 262,711 | (2,873 | ) | |||||||
| Straight line rent, net | (59,047 | ) | 3,189 | (27,766 | ) | 64,572 | ||||||
| Adjustments to net income (loss) | (61,882 | ) | 1,968,409 | 4,830,196 | 4,655,434 | |||||||
| Adjusted Funds From Operations | $ | 509,363 | $ | 682,959 | $ | (42,692 | ) | $ | 213,969 | |||
| Dead deal expense | - | - | 35,873 | 109,569 | ||||||||
| Non-cash stock compensation | 189,870 | 94,935 | 379,739 | 382,002 | ||||||||
| Adjustments to Adjusted Funds From Operations | 189,870 | 94,935 | 415,612 | 491,571 | ||||||||
| Core Adjusted Funds From Operations | $ | 699,233 | $ | 777,894 | $ | 372,920 | $ | 705,540 | ||||
| Net income (loss) | $ | 571,245 | $ | (1,285,450 | ) | $ | (4,872,888 | ) | $ | (4,441,465 | ) | |
| Net income attributable to non-controlling interests | 864,194 | 593,881 | 3,476,599 | 1,275,797 | ||||||||
| Net loss attributable to Generation Income Properties, Inc. | (292,949 | ) | (1,879,331 | ) | (8,349,487 | ) | (5,717,262 | ) | ||||
| Less: Preferred stock dividends | - | 285,000 | 95,000 | 475,000 | ||||||||
| Net loss attributable to common shareholders | $ | (292,949 | ) | $ | (2,164,331 | ) | $ | (8,444,487 | ) | $ | (6,192,262 | ) |
| Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted | 5,453,833 | 2,528,109 | 5,163,956 | 2,520,437 |
The table above presents FFO in accordance with the most current available NAREIT guidance and in alignment with current industry standards.
Our reported results are presented in accordance with GAAP. We also disclose funds from operations ("FFO"), adjusted funds from operations ("AFFO"), core funds from operations ("Core FFO") and core adjusted funds of operations ("Core AFFO") all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.
FFO and related measures do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income or loss as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.
We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines FFO as GAAP net income or loss adjusted to exclude extraordinary items (as defined by GAAP), net gains from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, and real estate related depreciation and amortization, including the pro rata share of such adjustments of unconsolidated subsidiaries. We then adjust FFO for non-cash revenues and expenses such as amortization of deferred financing costs, above and below market lease intangible amortization, straight line rent adjustment where the Company is both the lessor and lessee, and non-cash stock compensation to calculate Core AFFO.
FFO is used by management, investors, and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. FFO and AFFO may not be comparable to similarly titled measures employed by other companies. We believe that Core FFO and Core AFFO are useful measures for management and investors because they further remove the effect of non-cash expenses and certain other expenses that are not directly related to real estate operations. We use each as measures of our performance when we formulate corporate goals.
As FFO excludes depreciation and amortization, gains and losses from property dispositions that are available for distribution to stockholders and extraordinary items, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and interest costs, providing a perspective not immediately apparent from net income or loss. However, FFO should not be viewed as an alternative measure of our operating performance since it does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties which could be significant economic costs and could materially impact our results from operations. Additionally, FFO does not reflect distributions paid to redeemable non-controlling interests.
Investor Contacts
Investor Relations
ir@gipreit.com
MARCH 2025 INVESTOR PRESENTATION
Forward-Looking Statements This presentation may contain forward-looking statements and information relating to, among other things, Generation Income Properties, Inc. (“the company”), its business plan and strategy, its properties and assets, and its industry. These forward-looking statements are based on the beliefs of, assumptions made by, and information currently available to the company’s management. When used in the offering materials, the words “estimate,” “project,” “believe,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. These statements reflect management’s current views with respect to future events and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward- looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events. DISCLAIMER
GIPR Overview Key Highlights 15 Tenant Market Caps 16 Investment Thesis CONTENTS Portfolio & Growth 17 Meet the Team 01 02 04 12 Values & Culture
1 NASDAQ listed since 2021: GIPR 2 $115M GAV 3 4 5 6 7 8 9 93% Occupancy 30 Properties 16 States 4.7yrs WALT ~608K Square Feet ~63% Investment Grade (IG) & Investment Grade Profile (IGP)* ~5.5M Common Stock Outstanding GIPR OVERVIEW GIPR OVERVIEW 01 as of latest filing date *Represents tenants with investment grade credit metrics (more than $1.0 billion in annual sales and a debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Fitch, Moody's, or NAIC.
Redemption Extensions Preferred Investment $2.5M cash contribution into GIPLP in exchange for preferred partnership units - June 2024 Debt Extension Extended debt maturities on two Norfolk, VA loans from 2024 to 2029 - August 2024 $5.5M Acquisition Acquired a Best Buy in Ames, IA for $5.5M (8.1% cap rate) with approximately ~45% LTV - August 2024 No required redemptions until 2026 - July 2024 KEY HIGHLIGHTS 02 06 07 08 09 ASYMCA Lease Signing & Backfilled Vacancy 35,087 SF, 10-year lease term with credit-worthy, Department of Defense funded tenant - March 2024 Auburn University Lease Signing & Backfilled Vacancy 27,000 SF, 3-year lease term with an AA- investment-grade rated (Moody’s) tenant - July 2024 Dollar Tree Lease Extension 5-year lease extension completed two years before current lease expiration - March 2024 Fresenius Lease Extension 7-year extension completed two years before current lease expiration extending the remaining term to 9 years - October 2024 02 03 04 05 Click on Underlined Titles for SEC Filings $11.2M UPREIT Transaction Completion of an UPREIT contribution transaction consisting of three high-quality retail properties - February 2025 01
Conversations with GIPR Our podcast highlights entrepreneurial efforts and tells stories of interesting people in our community. Click here to listen to all epsisodes. Podcast Case Studies INVESTOR RELATIONS Click Boxes Above to Read Full Case Studies 03
INVESTMENT THESIS GIPR Unlocks Value & Growth in Stabilized Short-Term Net Leased Assets 04 04
Targeted Acquisitions We purchase shorter-term net leased assets at higher cap rates, unlocking embedded value - our focus is on high quality RE, tenant credit, site-specific performance and geographic attributes. INVESTMENT THESIS Proactive Asset Management We enhance property performance through strategic oversight and operational efficiencies. Strong Tenant Relationships Creating relationships at the corporate & property level to improve the profitability of long-term, consistent occupancy. Internal Growth Platform poised for advantageous internal growth through lease renewals, rental increases, re-tenancy, & asset appreciation. 05
CONTRARIAN SHORT-TERM LEASE THESIS The Net Lease market remains fragmented with approximately 95% of buyers in the market being private individuals leading to market opportunity for institutional buyers and REITs. 01 02 03 04 The majority of both private and institutional buyers focus on assets with over 10 years remaining in lease term, leading to even less competition in the market for short term assets and a greater buying opportunity for GIPR. Due to the lack of demand for short term leases, there is a significant basis point spread on asking cap rates for the property type. Per Northmarq there is an approximate 75 basis point discount between net lease assets with 5 years or less remaining in lease term versus 10 years or more remaining. GIPR looks to take advantage of both market opportunity and basis point spread by acquiring shorter term leased assets at a discount and renewing and extending leases to lead to effectively 10 year plus lease terms. 06
CURRENT BUYING OPPORTUNITIES GIPR anticipates that market dynamics this year and through 2026 may create more favorable buying opportunities. The following data highlights three critical factors influencing the transaction market: transaction volume, trends in cap rates, and trends in interest rates. 01 02 03 04 Traditionally, transaction volumes have remained high, cap rates have stayed low, indicating that net lease properties have been trading at a premium, and interest rates have reached historic lows. However, due to Federal Reserve policies, interest rates rose sharply between 2022 and 2024, resulting in a slowdown in transaction volumes and a gradual increase in cap rates. The latest data suggests that the market is beginning to recalibrate toward a more favorable buying environment, with cap rates stabilizing at higher levels and interest rates decreasing. This shift may lead to a positive basis point spread between cap rates and the cost of capital, signaling promising investment opportunities ahead. See the graph on the following page for illustration. 07
CURRENT BUYING OPPORTUNITIES 2021 High transaction volume Low cap rates Low cost of capital 2022-2024 Decreasing transaction volume Slowly increasing cap rates Rapidly increasing cost of capital 2025 Low transaction volume Sustained high cap rates Decreasing cost of capital Patient and disciplined GIPR investing Buying opportunity for GIPR Greater buying opportunity for GIPR 08
Acquisition Details: Purchase Price: $5,050,000 Credit Rating: BBB $303,000 NOI Acquisition Details: Purchase Price: $1,372,278 Credit Rating: BBB $119,727 NOI DOLLAR GENERAL Cleveland, TN UPREIT PORTFOLIO ACQUISITION OVERVIEW Acquisition Details: Purchase Price: $1,372,278 Orlando MSA $240,434 NOI ZAXBYS Sanford, FL 09 TRACTOR SUPPLY Kernersville, NC
Fresenius Medical Care Chicago, IL Acquisition Details: Purchase Price: $3,100,000 7.24% cap rate Extension Details: Seven-Year Extension New Value: The lease extension brought the total remaining lease term for this Fresenius property to nine (9) years. At the time of lease extension, a conservative cap rate compressions results in a 6.75% cap rate for the new property value NOI = $235,360 Cap Rate = 6.75% Property Value = $3,486,814 Acquisition Details: Purchase Price: $1,372,278 7.55% cap rate 2 LYR $103,607 NOI Extension Details: Five-Year Extension New Value: Lease extension brought the total remaining lease term for this Dollar Tree property to seven (7) years. At the time of lease extension, a conservative cap rate compressions results in a 6.5% cap rate for the new property value. NOI = $109,060 6.5% Cap Rate Property Value = $1,677,846 Dollar Tree Morrow, GA GIPR THESIS PROVEN - EXAMPLES OF 2024 Acquisition Details: Purchase Price: $11,800,000 Annual Gross Rent: $1,237,111 Leased by two Investment Grade Credit Tenants: United States General Service Admin., & Maersk Line Limited New Tenant/ Lease Details: GIPR overcame MAERSK Line Limited vacating the property (approximately 35,000 SF) to re-lease the vacancy to the Armed Services YMCA, a Department of Defense Funded Tenant for a 10-Year Lease Term New Value Estimate: Annual Gross Rent = $1,348,217 Property Value = $12,800,000 Armed Services YMCA Norfolk, VA ~12.5% Increase in Value ~8.5% Increase in Value ~22% Increase in Value 10
...our relationship based, short-term lease thesis successfully drives value through early lease extensions and effective re-tenanting of vacant assets, contributing to sustained cash flow and enhanced property performance. IN SIMPLE TERMS... 11
Tenant City / State Bldg. Area (sf) Asset Class S&P Credit Rating Current Annual Rent Lease Expiration Date WALT Renewal Options Irby Construction Plant City, FL 7,826 O BBB- $ 2 x 5 years 7-Eleven Corporation Washington, D.C. 3,000 R A $ 129,804.00 3/31/26 1.11 2 x 5 years General Services Administration Vacaville, CA 11,014 O AA+ $ 257,049.96 8/24/26 1.51 N/A exp U.S. Services Inc. Maitland, FL 33,118 O Not Rated $ 864,583.32 11/30/26 1.78 1 x 5 years Starbucks Corporation Tampa, FL 2,642 R BBB+ $ 148,216.20 2/28/27 2.02 2 x 5 years Best Buy Co., Inc. Grand Junction, CO 30,701 R BBB+ $ 353,061.48 3/31/27 2.11 1 x 5 years Auburn University Huntsville, AL 59,091 I AA- $ 283,500.00 7/31/27 2.44 N/A PRA Holdings, Inc. Norfolk, VA 34,847 O BB $ 788,090.28 8/31/27 2.53 1 x 5 years La-Z-Boy Inc. Rockford, IL 15,288 R N/A $ 366,600.00 10/31/27 2.69 4 x 5 years Starbucks Corporation Tampa, FL 2,200 R BBB+ $ 200,750.04 2/29/28 3.02 4 x 5 years Dollar General Market Bakersfield, CA 18,827 R BBB $ 361,074.96 7/31/28 3.44 3 x 5 years Sherwin Williams Company Tampa, FL 3,500 R BBB $ 126,787.56 7/31/28 3.44 5 X 5 years General Services Administration-Navy Norfolk, VA 49,902 O AA+ $ 640,741.68 9/16/28 3.57 N/A General Services Administration-FBI Manteo, NC 7,543 O AA+ $ 100,681.56 2/20/29 4.00 1 x 5 years City of San Antonio (PreK) San Antonio, TX 50,000 R AAA $ 924,000.00 7/31/29 4.44 1 x 8 years Kohl's Corporation Tucson, AZ 88,408 R BB $ 864,630.24 1/31/30 4.95 7 x 5 years Best Buy Co., Inc. Ames, IA 30,259 R BBB+ $ 405,470.00 3/31/30 5.11 2 x 5 years Dollar General Big Spring, TX 9,026 R BBB $ 86,040.96 6/30/30 5.36 3 x 5 years Dollar General Mount Gilead, OH 9,026 R BBB $ 85,923.72 6/30/30 5.36 3 x 5 years Dollar Tree Stores, Inc. Morrow, GA 10,906 R BBB $ 103,607.04 7/31/30 5.44 2 x 5 years Dollar General East Wilton, ME 9,100 R BBB $ 112,439.28 7/31/30 5.44 3 x 5 years Dollar General Litchfield, ME 9,026 R BBB $ 92,961.00 9/30/30 5.61 3 x 5 years Dollar General Thompsontown, PA 9,100 R BBB $ 85,998.00 10/31/30 5.70 3 x 5 years Walgreens Santa Maria, CA 14,490 R BB $ 369,000.00 3/31/32 7.11 N/A Fresenius Medical Care Holdings, Inc. Chicago, IL 10,947 R BBB- $ 233,479.80 10/31/33 8.70 2 x 5 years Armed Services YMCA of the U.S.A. Norfolk, VA 22,247 O N/A $ 274,379.64 4/30/34 9.19 2 x 5 years Dollar General Castalia, OH 9,026 R BBB $ 79,319.64 5/31/35 10.28 3 x 5 years Dollar General Lakeside, OH 9,026 R BBB $ 81,035.64 7/31/35 10.45 3 x 5 years Tractor Supply Kernersville, NC 19,097 R BBB $ 303,000.00 7/31/35 10.45 4 x 5 years Dollar General Cleveland, TN 10,640 R BBB $ 119,727.00 11/30/35 10.78 5 X 5 years Zaxby's Sanford, FL 8,147 R N/A $ 240,434.00 11/30/39 14.78 4 x 5 years GIPR PORTFOLIO as of latest filing date 12
ABR Credit Rated $7,336,390 (82%) Investment Grade Credit 5,314,670 (59%) IGC Profile $640,980 (7%) Sub-Investment Grade Credit $2,021,721 (22%) Not Rated $1,105,017 (12%) 07 GIPR PORTFOLI0 SUMMARIZATION Property Types Collective Portfolio as of latest filing date Retail Office Industrial 65% 32% 3% 13
LIQUIDITY STABLIZED DEBT CAPITAL RAISE ACQUISITIONS GIPR GROWTH Stabilized long term debt with ability to advantageously refinance Capital raise Continuously looking at ways to raise additional accretive capital for growth Acquisitions Continue to grow the company GAV with assets with a 100-150bps spread over cost of capital Current Core Attributes 14
TENANT MARKET CAPS Market Capitalization (In Billions) GIPR is landlord to some of the United States’ largest institutions, including The United States Government’s Department of Defense ~$30T 15
Relational We prioritize and value our relationships, understanding that both professional and personal connections are our greatest assets Generational Ethical Intelligent We make decisions with a long-term perspective, ensuring that our actions positively impact future generations. We uphold a culture of mutual accountability and self-driven integrity, where ethical behavior is both a personal commitment and a collective standard. Life-long learning, and application of that information, is a constant undertone that we emphasize every day. VALUES & CULTURE OF CARE We have a fiduciary responsibility to our shareholders, and we make that a high-ranking priority for ourselves. But our culture of “care” literally begins with the people that I work with each day. I start with them, to make sure they are empowered, feel safe to challenge themselves and each other as well as to make sure that they have a clear understanding that their entire well-being is of primary importance to me. They’re already smart, they’re already honest and they’re already motivated. It’s my job to let them know that their work is meaningful to me, to shareholders and to themselves. If they honestly know that, then I’m able to get out of the way and let them be who they already are in order to serve in the best way possible. David Sobelman, CEO 16
MEET THE TEAM Founder & CEO David Sobelman Mr. Sobelman serves as Chairman of GIPR’s Board of Directors, CEO, & President. He used the insight achieved through decades of focusing on net leased assets to imbed the philosophy of long-term, generational investing and founded Generation Income Properties (Nasdaq: GIPR) in 2015. He has led the efforts from GIPR’s conceptual genesis, to its current listing on Nasdaq and embeds the decades of meaningful relationships he has built within the industry in order to grow the company. VP Accounting & Finance Ron Cook With extensive experience in finance and accounting, Mr. Cook is a financial professional who serves as the Vice President of Accounting for Generation Income Properties leading the accounting functions at the firm. Mr. Cook has held executive and financial leadership roles over the past 10 years in consulting, family office and real estate private equity and is adept at strategic planning, financial reporting and modeling, data and market analysis, and forecasting. 17 Dir. of Capital Markets Emily Hewland Ms. Hewland is Director of Capital Markets. Utilizing her experience as an analyst, she has built out GIPR’s acquisitions process to effectively underwrite assets thoroughly upfront to find value in the market for investors and the portfolio alike. Working closely with the CEO and CFO, Ms. Hewland plays a vital role in growing and overseeing acquisitions and capital markets to successfully execute on the acquisition pipeline.
MEET THE TEAM Corporate Controller Angel Gonzalez As Corporate Controller, Angel is responsible for the direct oversight of the accounting function, including financial reporting, treasury, tax and compliance. Prior to joining GIPR in 2024, Angel served in various accounting leadership roles with several real estate investment and capital advisory firms, investment managers, and operating companies. Angel has nearly 20 years of technical accounting and reporting experience in the public and private sectors. He is a licensed CPA. Acquisitions Manager Robert Rohrlack Mr. Rohrlack sources new acquisition opportunities that adhere to Generation Income Properties’ investment criteria, while maintaining an active role in negotiating transactions for new purchases and overseeing the management of GIPR’s portfolio. Prior to joining GIPR, Mr. Rohrlack was a Director at Savills Occupier Services, a global commercial real estate service provider, where he specialized in Tenant Representation. Dir. of Ops & Admin Emily Cusmano Ms. Cusmano has been involved with Generation Income Properties since its inception and has been working alongside David Sobelman for over a decade in the net lease industry. She orchestrates the many key functions that keep GIPR running smoothly and takes care of in and out-of-house organization across all departments. Having been involved in real estate for over 15 years, she has become a mentor to the rest of the team on the administration of real estate transactions. 18
CONTACT: IR@GIPREIT.COM WWW.GIPREIT.COM