$GIPR
GENERATION INCOME PROPERTIES, INC.

2023 Q4 Form 10-Q Financial Statement

#000095017023063679 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $3.123M $1.844M
YoY Change 123.46% 25.1%
Cost Of Revenue $634.0K $431.4K
YoY Change 76.2% 59.89%
Gross Profit $2.489M $1.413M
YoY Change 139.86% 17.31%
Gross Profit Margin 79.7% 76.61%
Selling, General & Admin $892.8K $876.7K
YoY Change 10.17% 17.91%
% of Gross Profit 35.88% 62.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.442M $891.8K
YoY Change 157.48% 58.82%
% of Gross Profit 57.93% 63.12%
Operating Expenses $2.334M $3.060M
YoY Change 70.36% 56.35%
Operating Profit $154.2K -$1.216M
YoY Change -146.33% 151.65%
Interest Expense -$1.440M -$767.3K
YoY Change 177.69% 109.81%
% of Operating Profit -933.83%
Other Income/Expense, Net $0.00 $639.00
YoY Change -100.0% -101.4%
Pretax Income -$1.285M -$1.213M
YoY Change 47.27% 136.91%
Income Tax
% Of Pretax Income
Net Earnings -$2.164M -$1.639M
YoY Change 121.67% 156.51%
Net Earnings / Revenue -69.31% -88.87%
Basic Earnings Per Share -$0.70
Diluted Earnings Per Share -$0.94 -$0.70
COMMON SHARES
Basic Shares Outstanding 2.620M 2.618M
Diluted Shares Outstanding 2.618M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.117M $4.338M
YoY Change -16.16% 67.65%
Cash & Equivalents $3.117M $4.338M
Short-Term Investments
Other Short-Term Assets $139.9K $318.6K
YoY Change 5.5% 40.65%
Inventory
Prepaid Expenses
Receivables $241.2K $305.9K
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.499M $4.963M
YoY Change -11.37% 72.55%
LONG-TERM ASSETS
Property, Plant & Equipment $6.152M $6.170M
YoY Change -1.29% -88.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.141M $374.7K
YoY Change 252.83% 0.33%
Total Long-Term Assets $105.2M $105.8M
YoY Change 74.56% 73.65%
TOTAL ASSETS
Total Short-Term Assets $3.499M $4.963M
Total Long-Term Assets $105.2M $105.8M
Total Assets $108.7M $110.8M
YoY Change 69.27% 73.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.217M $2.114M
YoY Change -47.98% -21.47%
Accrued Expenses $7.787M $7.975M
YoY Change 13.66% 19.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.04M $10.23M
YoY Change -10.04% 7.56%
LONG-TERM LIABILITIES
Long-Term Debt $62.32M $62.58M
YoY Change 76.87% 76.95%
Other Long-Term Liabilities $1.815M $1.369M
YoY Change 103.49% 62.35%
Total Long-Term Liabilities $64.13M $63.95M
YoY Change 77.52% 76.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.04M $10.23M
Total Long-Term Liabilities $64.13M $63.95M
Total Liabilities $93.39M $74.17M
YoY Change 97.51% 62.25%
SHAREHOLDERS EQUITY
Retained Earnings -$14.83M -$12.67M
YoY Change 71.66% 65.29%
Common Stock $18.50M $18.71M
YoY Change -4.32% -4.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.30M $6.120M
YoY Change
Total Liabilities & Shareholders Equity $108.7M $110.8M
YoY Change 69.27% 73.6%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$2.164M -$1.639M
YoY Change 121.67% 156.51%
Depreciation, Depletion And Amortization $1.442M $891.8K
YoY Change 157.48% 58.82%
Cash From Operating Activities -$6.190K $548.5K
YoY Change -102.01% 36.12%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $33.30M
YoY Change -100.0% -49448.01%
Acquisitions
YoY Change
Other Investing Activities $170.0K
YoY Change -440.0%
Cash From Investing Activities $0.00 -$33.12M
YoY Change -100.0% 28096.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.215M 34.82M
YoY Change -247.24% -2684.75%
NET CHANGE
Cash From Operating Activities -6.190K 548.5K
Cash From Investing Activities 0.000 -33.12M
Cash From Financing Activities -1.215M 34.82M
Net Change In Cash -1.221M 2.240M
YoY Change -207.95% -310.99%
FREE CASH FLOW
Cash From Operating Activities -$6.190K $548.5K
Capital Expenditures $0.00 $33.30M
Free Cash Flow -$6.190K -$32.76M
YoY Change -102.02% -7062.64%

Facts In Submission

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gipr Amortization Of Above Market Ground Lease
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gipr Ground Lease Amortization
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gipr Ground Lease Amortization
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gipr Equity In Earnings On Investment In Tenancy In Common
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gipr Equity In Earnings On Investment In Tenancy In Common
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gipr Dead Deal Expenses
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gipr Write Off Of Deferred Financing Cost
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us-gaap Increase Decrease In Prepaid Expense
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gipr Increase Decrease In Right Of Use Liability
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gipr Increase Decrease In Deferred Rent Liability
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gipr Escrow Return Deposit For Purchase Of Properties
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gipr Escrow Return Deposit For Purchase Of Properties
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gipr Purchase Of Remaining Tenancy In Common Interest
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gipr Purchase Of Remaining Tenancy In Common Interest
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us-gaap Net Cash Provided By Used In Investing Activities
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gipr Proceeds From Issuance Of Redeemable Interest
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gipr Repayments Of Related Party Other Payables
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gipr Payment Of Equity Issuance Costs
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gipr Payments Of Deferred Financing Costs
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Interest Paid Net
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us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
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gipr Deferred Distribution On Redeemable Non Controlling Interests
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gipr Right Of Use Asset And Liability
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gipr Right Of Use Asset And Liability
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CY2023Q3 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
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CY2022Q3 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
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gipr Gain On Change In Fair Value Of Derivative Instrument
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gipr Gain On Change In Fair Value Of Derivative Instrument
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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gipr Common Stock Issued To Redeem Non Controlling Interest
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gipr Common Stock Issued To Redeem Non Controlling Interest
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us-gaap Nature Of Operations
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<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Note 1 – Nature of Operations</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Generation Income Properties, Inc. (the “Company”) was formed as a Maryland corporation on </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">September 19, 2015</span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. The Company is an internally managed real estate investment company focused on acquiring and managing income-producing retail, office and industrial properties net leased to high quality tenants in major markets throughout the United States. The Company commenced operations during the year ended December 31, 2015 and has elected to be taxed as a REIT for federal income tax purposes commencing with its taxable year ending December 31, 2021.</span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company formed Generation Income Properties L.P. (the “Operating Partnership”) in </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">October 2015</span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. Substantially all of the Company’s assets are held by, and operations are conducted through, the Operating Partnership or its direct or indirect subsidiaries. The Company is the general partner of the Operating Partnership and as of </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">September 30, 2023 owned </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">91</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of the outstanding common units of the Operating Partnership. The Company formed a Maryland entity GIP REIT OP Limited LLC in 2018 that owns </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">0.002</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of the Operating Partnership. The Company places each property in a separate entity which may have a Redeemable Non-Controlling interest as a member.</span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of September 30, 2023</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, the Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis owned </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">26</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> properties.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Management’s Liquidity Plans and Going Concern</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On August 27, 2014, FASB issued ASU 2014-05, Disclosure of Uncertainties about an Entity’s ability to Continue as a Going Concern, which requires management to assess a company’s ability to continue as a going concern within one year from financial statement issuance and to provide related footnote disclosures in certain circumstances. In accordance with ASU 2014-05, management’s analysis can only include the potential mitigating impact of management’s plans that have not been fully implemented as of the issuance date if (a) it is probable that management’s plans will be effectively implemented on a timely basis, and (b) it is probable that the plans, when implemented, will alleviate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited Consolidated Financial Statements are prepared in accordance with U.S. GAAP applicable to a going concern. This presentation contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and does not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described below.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">For the nine months ended September 30, 2023, the Company had operating cash flows of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">18,537</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and as of September 30, 2023 net working capital of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">3.1</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million which consists of Cash and cash equivalents, Restricted cash, Accounts receivable, and Escrow deposits and other assets less Accounts payable, Accrued expenses, and Accrued expense - related party. Two secured mortgage loans which have a principal balance of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">7.4</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">4.6</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million as of September 30, 2023 will mature on </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">September 30, 2024</span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">October 23, 2024</span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, respectively. Our current and anticipated liquidity is less than the principal balance of these obligations. As a result of our losses and our projected cash needs, substantial doubt exists about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is contingent upon successful execution of management’s plan over the next twelve months to improve the Company’s liquidity and profitability, which includes a plan to refinance these two mortgage loans at maturity. Given the long lead time until loan maturity, the Company's compliance with the debt covenants and the positive relationship with the lender, Bayport Credit Union the Company deems the likelihood of refinance probable as of September 30, 2023. The Company has been engaged in active conversations with lenders on a refinance, in addition to the current lender and the Company's primary lender. Therefore, based on the Company’s assessment, management’s plan will alleviate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern.</span></p>
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2015-09-19
CY2023Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
26
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
18537
CY2023Q3 gipr Working Capital
WorkingCapital
3100000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of commitments and contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. It is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change significantly if economic conditions were to weaken.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Impairment Of Real Estate
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CY2022Q3 us-gaap Impairment Of Real Estate
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us-gaap Impairment Of Real Estate
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0
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CY2022Q3 us-gaap Other Depreciation And Amortization
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23589
us-gaap Other Depreciation And Amortization
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95172
CY2023Q3 gipr Number Of Real Estate Properties Acquired
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14
gipr Number Of Real Estate Properties Acquired
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14
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1900000
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30000000
us-gaap Other Depreciation And Amortization
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CY2022Q3 us-gaap Amortization Of Intangible Assets
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137848
us-gaap Amortization Of Intangible Assets
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630312
us-gaap Amortization Of Intangible Assets
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q3 gipr Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
1969208
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8655718
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CY2022Q4 us-gaap Below Market Lease Gross
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421855
CY2022Q4 us-gaap Below Market Lease Accumulated Amortization
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CY2023Q3 gipr Acquired Lease Intangible Liabilities Net1
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CY2022Q4 gipr Acquired Lease Intangible Liabilities Net1
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CY2023Q3 gipr Above Market Lease Gross
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CY2022Q4 gipr Above Market Lease Gross
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CY2023Q3 gipr Above Market Lease Accumulated Amortization
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CY2022Q4 gipr Above Market Lease Accumulated Amortization
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CY2023Q3 gipr Above Market Lease Net
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CY2022Q4 gipr Above Market Lease Net
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CY2023Q3 us-gaap Amortization Of Below Market Lease
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34756
CY2022Q3 us-gaap Amortization Of Below Market Lease
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26114
us-gaap Amortization Of Below Market Lease
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136745
us-gaap Amortization Of Below Market Lease
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76069
CY2023Q3 gipr Acquired Lease Intangible Liabilities Amortization Income Remainder Of Fiscal Year
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34042
CY2023Q3 gipr Acquired Lease Intangible Liabilities Amortization Income Next Twelve Months
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136166
CY2023Q3 gipr Acquired Lease Intangible Liabilities Amortization Income Year Two
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135543
CY2023Q3 gipr Acquired Lease Intangible Liabilities Amortization Income Year Three
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119262
CY2023Q3 gipr Acquired Lease Intangible Liabilities Amortization Income Year Four
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110322
CY2023Q3 gipr Acquired Lease Intangible Liabilities Amortization Income After Year Four
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472223
CY2023Q3 gipr Acquired Lease Intangible Liabilities Net1
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1007558
CY2023Q3 gipr Fixed And In Substance Fixed Lease Income
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1431546
CY2022Q3 gipr Fixed And In Substance Fixed Lease Income
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1018406
CY2023Q3 us-gaap Variable Lease Income
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415435
CY2022Q3 us-gaap Variable Lease Income
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304365
CY2023Q3 us-gaap Amortization Of Above And Below Market Leases
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-20581
CY2022Q3 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
26114
CY2023Q3 us-gaap Straight Line Rent
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14644
CY2022Q3 us-gaap Straight Line Rent
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124904
CY2023Q3 us-gaap Lease Income
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1841044
CY2022Q3 us-gaap Lease Income
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1473789
gipr Fixed And In Substance Fixed Lease Income
FixedAndInSubstanceFixedLeaseIncome
3784640
gipr Fixed And In Substance Fixed Lease Income
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3340179
us-gaap Variable Lease Income
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575078
us-gaap Variable Lease Income
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461719
us-gaap Amortization Of Above And Below Market Leases
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81408
us-gaap Amortization Of Above And Below Market Leases
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76069
us-gaap Straight Line Rent
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us-gaap Straight Line Rent
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us-gaap Lease Income
LeaseIncome
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us-gaap Lease Income
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4034286
gipr Number Of Tenants
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4
gipr Number Of Tenants
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4
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Five Years
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received
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CY2023Q3 gipr Weighted Average Redemption Price Discount
WeightedAverageRedemptionPriceDiscount
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us-gaap Minority Interest Description
MinorityInterestDescription
average 30-day market price of Generation Income Properties, Inc. common stock. GIP LP Units shall then be convertible into common stock of Generation Income Properties, Inc. on a 1:1 basis in accordance with the partnership agreement of the Operating Partnership. Additionally, the Operating Partnership has the right to redeem the preferred equity at redemption value with cash after the second year anniversary of the closing of the acquisition.
CY2021Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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CY2022Q1 gipr Issuance Of Redeemable Operating Partnership Units For Property Acquisition
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CY2022Q3 gipr Issuance Of Other Payable Related Party For Redemption Of Redeemable Non Controlling Interest
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CY2022Q3 gipr Common Stock Issued To Redeem Non Controlling Interest
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CY2022Q3 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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5773636
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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CY2023Q1 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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CY2021Q3 us-gaap Shares Issued Price Per Share
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CY2022Q1 us-gaap Deferred Finance Costs Net
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gipr Issuance Of Common Stock Share
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CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
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CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
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CY2019Q2 gipr Warrants Issuance Date
WarrantsIssuanceDate
2019-04-25
CY2020Q4 gipr Warrants Issuance Date
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2020-11-13
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CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
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CY2022Q4 gipr Class Of Warrant Or Right Outstanding Weighted Average Price
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11.25
CY2022Q4 us-gaap Warrants And Rights Outstanding Term
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P3Y8M12D
gipr Class Of Warrant Or Right Outstanding At Exercised
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189950
gipr Class Of Warrant Or Right Weighted Average Price Exercised
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CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
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912950
CY2023Q3 gipr Class Of Warrant Or Right Outstanding Weighted Average Price
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11.51
CY2023Q3 us-gaap Warrants And Rights Outstanding Term
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P3Y
CY2023Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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912950
CY2023Q3 gipr Class Of Warrant Or Right Weighted Average Exercisable Price
ClassOfWarrantOrRightWeightedAverageExercisablePrice
11.51
gipr Warrants And Rights Outstanding Exercisable Term1
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P3Y
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
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1914850
CY2021Q4 gipr Class Of Warrant Or Right Outstanding Weighted Average Price
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10.72
CY2021Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P4Y8M12D
gipr Class Of Warrant Or Right Outstanding At Exercised
ClassOfWarrantOrRightOutstandingAtExercised
688330
gipr Class Of Warrant Or Right Weighted Average Price Exercised
ClassOfWarrantOrRightWeightedAveragePriceExercised
10
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1226520
CY2022Q3 gipr Class Of Warrant Or Right Outstanding Weighted Average Price
ClassOfWarrantOrRightOutstandingWeightedAveragePrice
11.12
CY2022Q3 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P4Y
CY2022Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
1226520
CY2022Q3 gipr Class Of Warrant Or Right Weighted Average Exercisable Price
ClassOfWarrantOrRightWeightedAverageExercisablePrice
11.12
gipr Warrants And Rights Outstanding Exercisable Term1
WarrantsAndRightsOutstandingExercisableTerm1
P4Y
CY2023Q3 gipr Class Warrants And Rights Outstanding Intrinsic Value
ClassWarrantsAndRightsOutstandingIntrinsicValue
0
CY2022Q3 gipr Class Warrants And Rights Outstanding Intrinsic Value
ClassWarrantsAndRightsOutstandingIntrinsicValue
0
CY2023Q3 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
119380
CY2022Q3 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
110869
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
287067
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
328913
CY2023Q3 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
30000000
gipr Description Of Rights Upon The Company Voluntary Or Involuntary Liquidation
DescriptionOfRightsUponTheCompanyVoluntaryOrInvoluntaryLiquidation
<span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">set forth in the Articles Supplementary, the Series A Preferred Stock ranks, with respect to dividend rights and rights upon the Company’s voluntary or involuntary liquidation, dissolution or winding up, senior to all classes or series of the Company’s common stock. Holders of Series A Preferred Stock, when, as and if authorized by the Company’s board of directors and declared by the Company out of funds legally available for the payment of dividends, are entitled to cumulative cash dividends </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">at </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">the rate of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">9.5</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% per annum of the $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">5.00</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> liquidation preference per share, equivalent to a fixed annual amount of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">0.475</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per share, which shall increase to a rate of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">12.0</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of the $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">5.00</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> liquidation preference per share per annum, equivalent to a fixed annual amount of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">0.60</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per share, beginning on September 15, 2024. Dividends are payable monthly in arrears on or about the 15th day of each month, beginning on September 15, 2023.</span>
CY2023Q3 gipr Issurance Of Prefered Stock Of Series A
IssuranceOfPreferedStockOfSeriesA
362384
gipr Issurance Of Prefered Stock Of Series A
IssuranceOfPreferedStockOfSeriesA
362384
CY2023Q3 gipr Preferred Stock Dividend Paid And Accrued Per Share
PreferredStockDividendPaidAndAccruedPerShare
0.0396
CY2023Q3 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
190000
CY2023Q3 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
95000
CY2022Q2 gipr Number Of Mortage Loan
NumberOfMortageLoan
1
CY2022Q4 us-gaap Debt Instrument Increase Decrease For Period Net
DebtInstrumentIncreaseDecreaseForPeriodNet
5500000
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
308281
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
14590616
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
926633
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
6476467
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1033322
CY2023Q3 gipr Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
42426687
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
65762006
CY2023Q3 gipr Due To Other Related Parties Noncurrent Agreement
DueToOtherRelatedPartiesNoncurrentAgreement
1809840
CY2022Q2 gipr Debt Service Coverage Ratio
DebtServiceCoverageRatio
0.015
CY2023Q3 us-gaap Escrow Deposit
EscrowDeposit
78969
gipr Stock Issued During Period Shares Warrant Exercised
StockIssuedDuringPeriodSharesWarrantExercised
2750
gipr Percentage Of Shares Underlying Warrants That May Be Exercised Based On Trading Price
PercentageOfSharesUnderlyingWarrantsThatMayBeExercisedBasedOnTradingPrice
0.10
gipr Shares Underlying Warrants That May Be Exercised Number Of Trading Days For Calculation Of Trading Price
SharesUnderlyingWarrantsThatMayBeExercisedNumberOfTradingDaysForCalculationOfTradingPrice
10
gipr Stock Issued During Period Shares Warrant Exercised
StockIssuedDuringPeriodSharesWarrantExercised
2750

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