$GIPR
GENERATION INCOME PROPERTIES, INC.

2024 Q3 Form 10-Q Financial Statement

#000095017024097282 Filed on August 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $2.400M $2.259M
YoY Change 30.16% 70.01%
Cost Of Revenue $729.1K $683.6K
YoY Change 69.01% 113.46%
Gross Profit $1.671M $1.576M
YoY Change 18.29% 56.21%
Gross Profit Margin 69.63% 69.74%
Selling, General & Admin $874.0K $842.9K
YoY Change -0.32% 31.34%
% of Gross Profit 52.29% 53.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.068M $1.180M
YoY Change 19.77% 111.51%
% of Gross Profit 63.91% 74.91%
Operating Expenses $3.770M $3.730M
YoY Change 23.19% 87.74%
Operating Profit -$1.369M -$1.471M
YoY Change 12.62% 123.55%
Interest Expense -$1.833M -$978.1K
YoY Change 138.87% 116.53%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0%
Pretax Income -$2.104M -$1.461M
YoY Change 73.38% 94.24%
Income Tax
% Of Pretax Income
Net Earnings -$2.970M -$2.262M
YoY Change 81.19% 156.59%
Net Earnings / Revenue -123.72% -100.11%
Basic Earnings Per Share -$0.55 -$0.42
Diluted Earnings Per Share -$0.55 -$0.42
COMMON SHARES
Basic Shares Outstanding 5.423M 5.422M
Diluted Shares Outstanding 5.434M 5.434M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.547M $2.553M
YoY Change -64.34% 21.27%
Cash & Equivalents $1.547M $2.553M
Short-Term Investments
Other Short-Term Assets $270.6K $463.7K
YoY Change -15.06% -13.08%
Inventory
Prepaid Expenses
Receivables $164.5K $266.8K
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.982M $3.284M
YoY Change -60.06% 18.8%
LONG-TERM ASSETS
Property, Plant & Equipment $6.088M $6.121M
YoY Change -1.32% -1.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.221M $6.178M
YoY Change 1560.13% 1644.92%
Total Long-Term Assets $106.0M $101.2M
YoY Change 0.17% 70.73%
TOTAL ASSETS
Total Short-Term Assets $1.982M $3.284M
Total Long-Term Assets $106.0M $101.2M
Total Assets $108.0M $104.5M
YoY Change -2.53% 68.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $531.8K $1.234M
YoY Change -74.85% -50.76%
Accrued Expenses $8.520M $7.986M
YoY Change 6.83% 10.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.202M $9.479M
YoY Change -10.03% -5.17%
LONG-TERM LIABILITIES
Long-Term Debt $64.05M $61.77M
YoY Change 2.35% 69.43%
Other Long-Term Liabilities $1.992M $1.247M
YoY Change 45.5% 61.98%
Total Long-Term Liabilities $66.04M $63.02M
YoY Change 3.28% 69.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.202M $9.479M
Total Long-Term Liabilities $66.04M $63.02M
Total Liabilities $75.24M $72.50M
YoY Change 1.44% 53.52%
SHAREHOLDERS EQUITY
Retained Earnings -$22.98M -$20.02M
YoY Change 81.43% 84.64%
Common Stock $29.18M $29.09M
YoY Change 55.98% 53.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.199M $9.074M
YoY Change
Total Liabilities & Shareholders Equity $108.0M $104.5M
YoY Change -2.53% 68.42%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$2.970M -$2.262M
YoY Change 81.19% 156.59%
Depreciation, Depletion And Amortization $1.068M $1.180M
YoY Change 19.77% 111.51%
Cash From Operating Activities $556.9K $200.6K
YoY Change 1.52% -37.85%
INVESTING ACTIVITIES
Capital Expenditures $5.961M
YoY Change -82.1%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$5.961M $0.00
YoY Change -82.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.398M 696.8K
YoY Change -87.37% -185.42%
NET CHANGE
Cash From Operating Activities 556.9K 200.6K
Cash From Investing Activities -5.961M 0.000
Cash From Financing Activities 4.398M 696.8K
Net Change In Cash -1.006M 897.4K
YoY Change -144.92% -242.05%
FREE CASH FLOW
Cash From Operating Activities $556.9K $200.6K
Capital Expenditures $5.961M
Free Cash Flow -$5.404M
YoY Change -83.5%

Facts In Submission

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GENERATION INCOME PROPERTIES, INC.
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gipr Amortization Of Acquired Lease Intangible Assets
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gipr Amortization Of Acquired Lease Intangible Assets
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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gipr Amortization Of Above Market Leases
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gipr Amortization Of Above Market Leases
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us-gaap Amortization Of Below Market Lease
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gipr Amortization Of Above Market Ground Lease
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gipr Amortization Of Above Market Ground Lease
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us-gaap Amortization Of Financing Costs
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us-gaap Amortization Of Financing Costs
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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 Dead Deal Expenses
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gipr Gain Or Loss On Change In Derivatives
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gipr Gain Loss On Held For Sale Asset Valuation
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us-gaap Increase Decrease In Prepaid Expense
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
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gipr Increase Decrease In Right Of Use Liability
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gipr Increase Decrease In Right Of Use Liability
IncreaseDecreaseInRightOfUseLiability
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gipr Increase Decrease In Deferred Rent Liability
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gipr Increase Decrease In Deferred Rent Liability
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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gipr Prepaid Capitalizable Deal Costs For Future Property Acquisition
PrepaidCapitalizableDealCostsForFuturePropertyAcquisition
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gipr Prepaid Capitalizable Deal Costs For Future Property Acquisition
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us-gaap Net Cash Provided By Used In Investing Activities
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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 Proceeds From Issuance Of Redeemable Interest
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us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
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gipr Repayments Of Related Party Other Payables
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gipr Repayments Of Related Party Other Payables
RepaymentsOfRelatedPartyOtherPayables
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gipr Repayments Of Mortgage Loan
RepaymentsOfMortgageLoan
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gipr Repayments Of Mortgage Loan
RepaymentsOfMortgageLoan
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Escrow Deposit Disbursements Related To Property Acquisition1
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us-gaap Escrow Deposit Disbursements Related To Property Acquisition1
EscrowDepositDisbursementsRelatedToPropertyAcquisition1
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us-gaap Proceeds From Annuities And Investment Certificates
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us-gaap Proceeds From Annuities And Investment Certificates
ProceedsFromAnnuitiesAndInvestmentCertificates
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us-gaap Repayments Of Annuities And Investment Certificates
RepaymentsOfAnnuitiesAndInvestmentCertificates
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us-gaap Repayments Of Annuities And Investment Certificates
RepaymentsOfAnnuitiesAndInvestmentCertificates
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us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
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us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
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us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
190000
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
0
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
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us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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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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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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gipr Conversion Of Preferred Shares To Common Stock
ConversionOfPreferredSharesToCommonStock
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gipr Conversion Of Preferred Shares To Common Stock
ConversionOfPreferredSharesToCommonStock
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us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
79
us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
173
gipr Deferred Distribution On Redeemable Non Controlling Interests
DeferredDistributionOnRedeemableNonControllingInterests
1400835
gipr Deferred Distribution On Redeemable Non Controlling Interests
DeferredDistributionOnRedeemableNonControllingInterests
32610
us-gaap Nature Of Operations
NatureOfOperations
<p style="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="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-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-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-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.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="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-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-size:10pt;font-family:Times New Roman;min-width:fit-content;">October 2015</span></span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Times New Roman;min-width:fit-content;">June 30, 2024 owned </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">95.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">0.001</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of the Operating Partnership.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="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-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company places each property in a separate entity which may have a Redeemable Non-Controlling interest as a member.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of June 30, 2024</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">26</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> properties.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;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;">Management’s Liquidity Plans and Going Concern</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;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 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-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">For the six months ended June 30, 2024, the Company generated positive operating cash flows of $226</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">,605</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and had cash on hand of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2.55</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million as of June 30, 2024. 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;min-width:fit-content;">7.2</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">4.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million as of June 30, 2024 will mature on </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;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-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-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-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 recurring losses, our projected cash needs, and our current liquidity, substantial doubt exists about the Company’s ability to continue as a going concern one year after the date that these financial statements are issued. The Company’s ability to continue as a going concern is contingent upon successful execution of management’s plan to improve the Company’s liquidity and profitability, which includes a plan to refinance these two mortgage loans at maturity. The Company has been engaged in active conversations with the current lender on a refinance. There is no assurance that the Company will be successful in obtaining such refinance on terms acceptable to the Company, if at all, and the Company may not be able to enter into collaborations or other arrangements. The failure of the Company to refinance on acceptable terms would have a material adverse effect on the Company’s business, results of operations and financial condition. As of the date of this filing, Management has received indicative terms that are favorable to the Company, for both maturing Bayport loans, and expects to close by the end of August 2024.</span></p>
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2015-09-19
CY2024Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
26
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
605
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2550000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:18pt;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;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2553234
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3117446
CY2024Q2 us-gaap Restricted Cash
RestrictedCash
34500
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
34500
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2587734
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3151946
CY2024Q2 us-gaap Prepaid Rent
PrepaidRent
199559
CY2023Q4 us-gaap Prepaid Rent
PrepaidRent
280332
CY2024Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
1060000.00
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
CY2024Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2023Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2024Q2 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
1304309
CY2023Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
1304309
CY2024Q2 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
399536
CY2023Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
331932
CY2024Q2 gipr Acquired Lease Intangible Liabilities Net1
AcquiredLeaseIntangibleLiabilitiesNet1
904773
CY2023Q4 gipr Acquired Lease Intangible Liabilities Net1
AcquiredLeaseIntangibleLiabilitiesNet1
972377
CY2024Q2 gipr Above Market Lease Gross
AboveMarketLeaseGross
45207
CY2023Q4 gipr Above Market Lease Gross
AboveMarketLeaseGross
45207
CY2024Q2 gipr Above Market Lease Accumulated Amortization
AboveMarketLeaseAccumulatedAmortization
1690
CY2023Q4 gipr Above Market Lease Accumulated Amortization
AboveMarketLeaseAccumulatedAmortization
1324
CY2024Q2 gipr Above Market Lease Net
AboveMarketLeaseNet
43517
CY2023Q4 gipr Above Market Lease Net
AboveMarketLeaseNet
43883
CY2024Q2 gipr Acquired Lease Intangible Liabilities Amortization Income Remainder Of Fiscal Year
AcquiredLeaseIntangibleLiabilitiesAmortizationIncomeRemainderOfFiscalYear
68322
CY2024Q2 gipr Acquired Lease Intangible Liabilities Amortization Income Next Twelve Months
AcquiredLeaseIntangibleLiabilitiesAmortizationIncomeNextTwelveMonths
135543
CY2024Q2 gipr Acquired Lease Intangible Liabilities Amortization Income Year Two
AcquiredLeaseIntangibleLiabilitiesAmortizationIncomeYearTwo
119262
CY2024Q2 gipr Acquired Lease Intangible Liabilities Amortization Income Year Three
AcquiredLeaseIntangibleLiabilitiesAmortizationIncomeYearThree
110322
CY2024Q2 gipr Acquired Lease Intangible Liabilities Amortization Income Year Four
AcquiredLeaseIntangibleLiabilitiesAmortizationIncomeYearFour
109706
CY2024Q2 gipr Acquired Lease Intangible Liabilities Amortization Income After Year Four
AcquiredLeaseIntangibleLiabilitiesAmortizationIncomeAfterYearFour
361618
CY2024Q2 gipr Acquired Lease Intangible Liabilities Net1
AcquiredLeaseIntangibleLiabilitiesNet1
904773
gipr Fixed And In Substance Fixed Lease Income
FixedAndInSubstanceFixedLeaseIncome
3891804
gipr Fixed And In Substance Fixed Lease Income
FixedAndInSubstanceFixedLeaseIncome
1203924
us-gaap Variable Lease Income
VariableLeaseIncome
735963
us-gaap Variable Lease Income
VariableLeaseIncome
79821
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-135938
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
26114
us-gaap Straight Line Rent
StraightLineRent
31283
us-gaap Straight Line Rent
StraightLineRent
16848
us-gaap Lease Income
LeaseIncome
4523112
us-gaap Lease Income
LeaseIncome
1326707
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
12255593
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
8164467
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
7877077
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
6264047
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
4815997
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
11204220
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
50581401
gipr Executed Lease
ExecutedLease
Company executed a 10-year lease, with two five-year renewal options, with Armed Services YMCA for the use of approximately 35,000 square feet on the property located at 2510 Walmer Avenue, Norfolk, Virginia. Rent commenced on May 1, 2024 under the contracted twelve month tenant improvement period at a reduced fixed base rent of approximately $23,000 per month. Base rent increases to a fixed rate of approximately $34,000 per month in month 13 and escalates annually at approximately 2.5%
CY2024Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
35000
CY2024Q1 gipr Reduced Fixed Base Rent Per Month
ReducedFixedBaseRentPerMonth
23000
CY2024Q1 gipr Increases Base Rent Per Month
IncreasesBaseRentPerMonth
34000
CY2024Q1 gipr Escalates Annually
EscalatesAnnually
0.025
CY2024Q2 gipr Weighted Average Redemption Price Discount
WeightedAverageRedemptionPriceDiscount
0.15
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.
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2024Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
10000000
CY2024Q2 gipr Undesignated Preferred Stock Shares Authorized
UndesignatedPreferredStockSharesAuthorized
2400000
CY2024Q1 us-gaap Payable Preferred Stock Redeemed
PayablePreferredStockRedeemed
2400000
CY2024Q1 gipr Exchange Shares Of Common Stock
ExchangeSharesOfCommonStock
2794597
CY2024Q1 gipr Undesignated Preferred Stock Shares Authorized
UndesignatedPreferredStockSharesAuthorized
2400000
CY2024Q1 gipr Exchange Shares Of Common Stock
ExchangeSharesOfCommonStock
2794597
CY2024Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
61938
CY2021Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10
CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
819360
gipr Class Of Warrants Or Right Exercised
ClassOfWarrantsOrRightExercised
929890
CY2024Q2 gipr Warrants Issued And Outstanding
WarrantsIssuedAndOutstanding
819360
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
898200
CY2023Q4 gipr Class Of Warrant Or Right Outstanding Weighted Average Price
ClassOfWarrantOrRightOutstandingWeightedAveragePrice
11.53
CY2023Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P2Y8M12D
gipr Class Of Warrant Or Right Outstanding At Exercised
ClassOfWarrantOrRightOutstandingAtExercised
78840
gipr Class Of Warrant Or Right Weighted Average Price Exercised
ClassOfWarrantOrRightWeightedAveragePriceExercised
10
CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
819360
CY2024Q2 gipr Class Of Warrant Or Right Outstanding Weighted Average Price
ClassOfWarrantOrRightOutstandingWeightedAveragePrice
11.61
CY2024Q2 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P2Y6M
CY2024Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
819360
CY2024Q2 gipr Class Of Warrant Or Right Weighted Average Exercisable Price
ClassOfWarrantOrRightWeightedAverageExercisablePrice
11.61
gipr Warrants And Rights Outstanding Exercisable Term1
WarrantsAndRightsOutstandingExercisableTerm1
P2Y6M
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1102900
CY2022Q4 gipr Class Of Warrant Or Right Outstanding Weighted Average Price
ClassOfWarrantOrRightOutstandingWeightedAveragePrice
11.25
CY2022Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P3Y8M12D
gipr Class Of Warrant Or Right Outstanding At Exercised
ClassOfWarrantOrRightOutstandingAtExercised
173010
gipr Class Of Warrant Or Right Weighted Average Price Exercised
ClassOfWarrantOrRightWeightedAveragePriceExercised
10
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
929890
CY2023Q2 gipr Class Of Warrant Or Right Outstanding Weighted Average Price
ClassOfWarrantOrRightOutstandingWeightedAveragePrice
11.38
CY2023Q2 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P3Y2M12D
CY2023Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
929890
CY2023Q2 gipr Class Of Warrant Or Right Weighted Average Exercisable Price
ClassOfWarrantOrRightWeightedAverageExercisablePrice
11.38
gipr Warrants And Rights Outstanding Exercisable Term1
WarrantsAndRightsOutstandingExercisableTerm1
P3Y2M12D
CY2024Q2 gipr Class Warrants And Rights Outstanding Intrinsic Value
ClassWarrantsAndRightsOutstandingIntrinsicValue
0
CY2023Q2 gipr Class Warrants And Rights Outstanding Intrinsic Value
ClassWarrantsAndRightsOutstandingIntrinsicValue
0
CY2024Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
94935
CY2023Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
77039
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
189870
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
167687
gipr Number Of Mortage Loan
NumberOfMortageLoan
2
CY2022Q2 gipr Number Of Mortage Loan
NumberOfMortageLoan
1
CY2022Q4 us-gaap Debt Instrument Increase Decrease For Period Net
DebtInstrumentIncreaseDecreaseForPeriodNet
5500000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
13364244
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
926633
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
6476467
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1033322
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
21341791
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
20766469
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
63908926
CY2024Q2 us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
44996
us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
425546
CY2023Q2 us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
0
us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
0
CY2024Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
119029
CY2024Q2 us-gaap Derivative Assets
DerivativeAssets
142793
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 gipr Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q2 gipr Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false

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