$GIPR
GENERATION INCOME PROPERTIES, INC.

2024 Q4 Form 10-Q Financial Statement

#000095017024127178 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $2.400M
YoY Change 30.16%
Cost Of Revenue $729.1K
YoY Change 69.01%
Gross Profit $1.671M
YoY Change 18.29%
Gross Profit Margin 69.63%
Selling, General & Admin $874.0K
YoY Change -0.32%
% of Gross Profit 52.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.068M
YoY Change 19.77%
% of Gross Profit 63.91%
Operating Expenses $3.770M
YoY Change 23.19%
Operating Profit -$1.369M
YoY Change 12.62%
Interest Expense -$1.833M
YoY Change 138.87%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$2.104M
YoY Change 73.38%
Income Tax
% Of Pretax Income
Net Earnings -$2.970M
YoY Change 81.19%
Net Earnings / Revenue -123.72%
Basic Earnings Per Share -$0.55
Diluted Earnings Per Share -$0.55
COMMON SHARES
Basic Shares Outstanding 5.423M 5.423M
Diluted Shares Outstanding 5.434M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.547M
YoY Change -64.34%
Cash & Equivalents $1.547M
Short-Term Investments
Other Short-Term Assets $270.6K
YoY Change -15.06%
Inventory
Prepaid Expenses
Receivables $164.5K
Other Receivables $0.00
Total Short-Term Assets $1.982M
YoY Change -60.06%
LONG-TERM ASSETS
Property, Plant & Equipment $6.088M
YoY Change -1.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.221M
YoY Change 1560.13%
Total Long-Term Assets $106.0M
YoY Change 0.17%
TOTAL ASSETS
Total Short-Term Assets $1.982M
Total Long-Term Assets $106.0M
Total Assets $108.0M
YoY Change -2.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $531.8K
YoY Change -74.85%
Accrued Expenses $8.520M
YoY Change 6.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.202M
YoY Change -10.03%
LONG-TERM LIABILITIES
Long-Term Debt $64.05M
YoY Change 2.35%
Other Long-Term Liabilities $1.992M
YoY Change 45.5%
Total Long-Term Liabilities $66.04M
YoY Change 3.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.202M
Total Long-Term Liabilities $66.04M
Total Liabilities $75.24M
YoY Change 1.44%
SHAREHOLDERS EQUITY
Retained Earnings -$22.98M
YoY Change 81.43%
Common Stock $29.18M
YoY Change 55.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.199M
YoY Change
Total Liabilities & Shareholders Equity $108.0M
YoY Change -2.53%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$2.970M
YoY Change 81.19%
Depreciation, Depletion And Amortization $1.068M
YoY Change 19.77%
Cash From Operating Activities $556.9K
YoY Change 1.52%
INVESTING ACTIVITIES
Capital Expenditures $5.961M
YoY Change -82.1%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.961M
YoY Change -82.0%
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
YoY Change -87.37%
NET CHANGE
Cash From Operating Activities 556.9K
Cash From Investing Activities -5.961M
Cash From Financing Activities 4.398M
Net Change In Cash -1.006M
YoY Change -144.92%
FREE CASH FLOW
Cash From Operating Activities $556.9K
Capital Expenditures $5.961M
Free Cash Flow -$5.404M
YoY Change -83.5%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Central Index Key
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dei Document Fiscal Period Focus
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dei Entity File Number
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dei Entity Registrant Name
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GENERATION INCOME PROPERTIES, INC.
dei Entity Incorporation State Country Code
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MD
dei Entity Tax Identification Number
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401 E. Jackson Street
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CY2024Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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CY2024Q1 gipr Conversion Of Preferred Shares To Common Stock
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CY2024Q1 gipr Distribution On Non Controlling Interest
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CY2024Q1 us-gaap Payments Of Dividends Common Stock
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CY2024Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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CY2024Q2 gipr Distribution On Non Controlling Interest
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CY2024Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
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CY2024Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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us-gaap Profit Loss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
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gipr Amortization Of Acquired Lease Intangible Assets
AmortizationOfAcquiredLeaseIntangibleAssets
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gipr Amortization Of Acquired Lease Intangible Assets
AmortizationOfAcquiredLeaseIntangibleAssets
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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gipr Amortization Of Above Market Leases
AmortizationOfAboveMarketLeases
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gipr Amortization Of Above Market Leases
AmortizationOfAboveMarketLeases
-55337
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
101406
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
136745
gipr Amortization Of Above Market Ground Lease
AmortizationOfAboveMarketGroundLease
549
gipr Amortization Of Above Market Ground Lease
AmortizationOfAboveMarketGroundLease
549
us-gaap Amortization Of Financing Costs
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us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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us-gaap Restricted Stock Expense
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us-gaap Restricted Stock Expense
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gipr Ground Lease Amortization
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gipr Ground Lease Amortization
GroundLeaseAmortization
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gipr Equity In Earnings On Investment In Tenancy In Common
EquityInEarningsOnInvestmentInTenancyInCommon
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gipr Equity In Earnings On Investment In Tenancy In Common
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gipr Dead Deal Expenses
DeadDealExpenses
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gipr Dead Deal Expenses
DeadDealExpenses
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gipr Gain Or Loss On Change In Derivatives
GainOrLossOnChangeInDerivatives
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gipr Gain Or Loss On Change In Derivatives
GainOrLossOnChangeInDerivatives
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gipr Gain Loss On Held For Sale Asset Valuation
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gipr Gain Loss On Held For Sale Asset Valuation
GainLossOnHeldForSaleAssetValuation
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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gipr Increase Decrease In Deferred Rent Asset
IncreaseDecreaseInDeferredRentAsset
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gipr Increase Decrease In Deferred Rent Asset
IncreaseDecreaseInDeferredRentAsset
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us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
130817
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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gipr Increase Decrease In Right Of Use Liability
IncreaseDecreaseInRightOfUseLiability
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gipr Increase Decrease In Right Of Use Liability
IncreaseDecreaseInRightOfUseLiability
24420
gipr Increase Decrease In Deferred Rent Liability
IncreaseDecreaseInDeferredRentLiability
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gipr Increase Decrease In Deferred Rent Liability
IncreaseDecreaseInDeferredRentLiability
65651
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
783511
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
31959572
gipr Purchase Of Remaining Tenancy In Common Interest
PurchaseOfRemainingTenancyInCommonInterest
0
gipr Purchase Of Remaining Tenancy In Common Interest
PurchaseOfRemainingTenancyInCommonInterest
1355401
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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gipr Proceeds From Issuance Of Redeemable Interest
ProceedsFromIssuanceOfRedeemableInterest
5580000
gipr Proceeds From Issuance Of Redeemable Interest
ProceedsFromIssuanceOfRedeemableInterest
17100000
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
-0
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
4579299
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
4000000
gipr Repayments Of Related Party Other Payables
RepaymentsOfRelatedPartyOtherPayables
1357380
gipr Repayments Of Related Party Other Payables
RepaymentsOfRelatedPartyOtherPayables
777460
gipr Proceeds From Mortgage Loan Borrowings
ProceedsFromMortgageLoanBorrowings
2217350
gipr Proceeds From Mortgage Loan Borrowings
ProceedsFromMortgageLoanBorrowings
21000000
gipr Repayments Of Mortgage Loan
RepaymentsOfMortgageLoan
639599
gipr Repayments Of Mortgage Loan
RepaymentsOfMortgageLoan
578433
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
77421
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
362384
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
376877
us-gaap Proceeds From Annuities And Investment Certificates
ProceedsFromAnnuitiesAndInvestmentCertificates
400889
us-gaap Proceeds From Annuities And Investment Certificates
ProceedsFromAnnuitiesAndInvestmentCertificates
352307
us-gaap Repayments Of Annuities And Investment Certificates
RepaymentsOfAnnuitiesAndInvestmentCertificates
285406
us-gaap Repayments Of Annuities And Investment Certificates
RepaymentsOfAnnuitiesAndInvestmentCertificates
260384
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
881907
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
596566
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
190000
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
95000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1159481
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
909792
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3607045
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
33916112
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-1570336
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
619676
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3151946
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3752996
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1581610
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4372672
us-gaap Interest Paid Net
InterestPaidNet
1243608
us-gaap Interest Paid Net
InterestPaidNet
1419345
gipr Conversion Of Preferred Shares To Common Stock
ConversionOfPreferredSharesToCommonStock
11637616
gipr Conversion Of Preferred Shares To Common Stock
ConversionOfPreferredSharesToCommonStock
0
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
190
gipr Deferred Distribution On Redeemable Non Controlling Interests
DeferredDistributionOnRedeemableNonControllingInterests
2280471
gipr Deferred Distribution On Redeemable Non Controlling Interests
DeferredDistributionOnRedeemableNonControllingInterests
114128
gipr Gain On Change In Fair Values Of Derivative Instrument
GainOnChangeInFairValuesOfDerivativeInstrument
0
gipr Gain On Change In Fair Values Of Derivative Instrument
GainOnChangeInFairValuesOfDerivativeInstrument
78969
gipr Issuances Of Preferred Stock
IssuancesOfPreferredStock
0
gipr Issuances Of Preferred Stock
IssuancesOfPreferredStock
12000000
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;">September 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 September 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;">27</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 nine months ended September 30, 2024, the Company generated positive operating cash flows of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">783,511</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;">1.58</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million as of September 30, 2024. 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. In August 2024 the Company modified terms for two secured mortgage loans set to expire in September 2024 and October 2024. As of September 30, 2024, the principal balances of the modified secured loans were $</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;">4.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million at </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">6.15</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% annual interest with maturity dates extended to August 2029. The Company’s ability to continue as a going concern is contingent upon continued successful execution of management’s plan to improve the Company’s liquidity and profitability.</span></p>
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2015-09-19
CY2024Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
27
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
783511
CY2024Q3 us-gaap Cash
Cash
1580000
gipr Annual Interest
AnnualInterest
0.0615
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>
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1547110
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3117446
CY2024Q3 us-gaap Restricted Cash
RestrictedCash
34500
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
34500
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1581610
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3151946
CY2024Q3 us-gaap Prepaid Rent
PrepaidRent
176393
CY2023Q4 us-gaap Prepaid Rent
PrepaidRent
280332
CY2024Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
1060000.00
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
CY2024Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2023Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2024Q3 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
1416685
CY2023Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
1304309
CY2024Q3 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
433339
CY2023Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
331932
CY2024Q3 gipr Acquired Lease Intangible Liabilities Net1
AcquiredLeaseIntangibleLiabilitiesNet1
983346
CY2023Q4 gipr Acquired Lease Intangible Liabilities Net1
AcquiredLeaseIntangibleLiabilitiesNet1
972377
CY2024Q3 gipr Above Market Lease Gross
AboveMarketLeaseGross
45207
CY2023Q4 gipr Above Market Lease Gross
AboveMarketLeaseGross
45207
CY2024Q3 gipr Above Market Lease Accumulated Amortization
AboveMarketLeaseAccumulatedAmortization
1873
CY2023Q4 gipr Above Market Lease Accumulated Amortization
AboveMarketLeaseAccumulatedAmortization
1324
CY2024Q3 gipr Above Market Lease Net
AboveMarketLeaseNet
43334
CY2023Q4 gipr Above Market Lease Net
AboveMarketLeaseNet
43883
us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
112376
CY2024Q3 gipr Acquired Lease Intangible Liabilities Amortization Income Remainder Of Fiscal Year
AcquiredLeaseIntangibleLiabilitiesAmortizationIncomeRemainderOfFiscalYear
39297
CY2024Q3 gipr Acquired Lease Intangible Liabilities Amortization Income Next Twelve Months
AcquiredLeaseIntangibleLiabilitiesAmortizationIncomeNextTwelveMonths
155610
CY2024Q3 gipr Acquired Lease Intangible Liabilities Amortization Income Year Two
AcquiredLeaseIntangibleLiabilitiesAmortizationIncomeYearTwo
139329
CY2024Q3 gipr Acquired Lease Intangible Liabilities Amortization Income Year Three
AcquiredLeaseIntangibleLiabilitiesAmortizationIncomeYearThree
130389
CY2024Q3 gipr Acquired Lease Intangible Liabilities Amortization Income Year Four
AcquiredLeaseIntangibleLiabilitiesAmortizationIncomeYearFour
129773
CY2024Q3 gipr Acquired Lease Intangible Liabilities Amortization Income After Year Four
AcquiredLeaseIntangibleLiabilitiesAmortizationIncomeAfterYearFour
388948
CY2024Q3 gipr Acquired Lease Intangible Liabilities Net1
AcquiredLeaseIntangibleLiabilitiesNet1
983346
gipr Fixed And In Substance Fixed Lease Income
FixedAndInSubstanceFixedLeaseIncome
5934480
gipr Fixed And In Substance Fixed Lease Income
FixedAndInSubstanceFixedLeaseIncome
3784640
us-gaap Variable Lease Income
VariableLeaseIncome
1045265
us-gaap Variable Lease Income
VariableLeaseIncome
575078
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-203906
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
81408
us-gaap Straight Line Rent
StraightLineRent
74253
us-gaap Straight Line Rent
StraightLineRent
45375
us-gaap Lease Income
LeaseIncome
6850092
us-gaap Lease Income
LeaseIncome
4486501
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
2155664
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
8535343
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
8251393
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
6227716
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
4547697
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
18645714
CY2024Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
48363527
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 of 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
CY2024Q3 gipr Acquired Square Foot Retail Property
AcquiredSquareFootRetailProperty
30465
CY2024Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
5.5
CY2024Q3 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P6Y
CY2024Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
405470
CY2024Q3 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.
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2024Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
10000000
CY2024Q3 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
CY2024Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
819360
gipr Class Of Warrants Or Right Exercised
ClassOfWarrantsOrRightExercised
912950
CY2024Q3 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
CY2024Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
819360
CY2024Q3 gipr Class Of Warrant Or Right Outstanding Weighted Average Price
ClassOfWarrantOrRightOutstandingWeightedAveragePrice
11.61
CY2024Q3 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P2Y6M
CY2024Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
819360
CY2024Q3 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
189950
gipr Class Of Warrant Or Right Weighted Average Price Exercised
ClassOfWarrantOrRightWeightedAveragePriceExercised
10
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
912950
CY2023Q3 gipr Class Of Warrant Or Right Outstanding Weighted Average Price
ClassOfWarrantOrRightOutstandingWeightedAveragePrice
11.51
CY2023Q3 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P3Y
CY2023Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
912950
CY2023Q3 gipr Class Of Warrant Or Right Weighted Average Exercisable Price
ClassOfWarrantOrRightWeightedAverageExercisablePrice
11.51
gipr Warrants And Rights Outstanding Exercisable Term1
WarrantsAndRightsOutstandingExercisableTerm1
P3Y
CY2024Q3 gipr Class Warrants And Rights Outstanding Intrinsic Value
ClassWarrantsAndRightsOutstandingIntrinsicValue
0
CY2023Q3 gipr Class Warrants And Rights Outstanding Intrinsic Value
ClassWarrantsAndRightsOutstandingIntrinsicValue
0
CY2024Q3 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
94934
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
119380
CY2023Q3 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
284805
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
287067
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
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
770089
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1236176
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
6819320
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1422520
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
21757610
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
33654197
CY2024Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
65659912
us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
734116
CY2024Q3 us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
308570
CY2023Q3 us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
78969
us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
78969
CY2024Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
809339
CY2024Q3 us-gaap Derivative Assets
DerivativeAssets
152369
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 gipr Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q3 gipr Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false

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