$GIPR
GENERATION INCOME PROPERTIES, INC.

2021 Form 10-K Financial Statement

#000156459022011056 Filed on March 18, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $3.900M $3.520M
YoY Change 10.79% 103.39%
Cost Of Revenue $768.2K
YoY Change
Gross Profit $3.132M
YoY Change
Gross Profit Margin 80.3%
Selling, General & Admin $1.961M
YoY Change
% of Gross Profit 62.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.079M $1.041M
YoY Change 3.61% 56.41%
% of Gross Profit 34.45%
Operating Expenses $5.548M $4.865M
YoY Change 14.04% 156.21%
Operating Profit -$1.648M -$1.345M
YoY Change 22.57% 305.66%
Interest Expense -$1.298M
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$712.4K
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$1.242M -$1.832M
YoY Change -32.17% 21.47%
Net Earnings / Revenue -31.86% -52.03%
Basic Earnings Per Share -$1.16 -$3.44
Diluted Earnings Per Share -$1.16 -$3.44
COMMON SHARES
Basic Shares Outstanding 1.068M 532.3K
Diluted Shares Outstanding 1.068M 532.3K

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.59M
YoY Change
Cash & Equivalents $10.59M $937.6K
Short-Term Investments
Other Short-Term Assets $237.6K
YoY Change
Inventory
Prepaid Expenses
Receivables $88.66K $75.79K
Other Receivables $0.00
Total Short-Term Assets $10.92M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $38.99M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $191.3K
YoY Change
Total Long-Term Assets $42.50M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $10.92M
Total Long-Term Assets $42.50M
Total Assets $53.42M $40.68M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $201.7K
YoY Change
Accrued Expenses $134.8K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $369.9K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $28.97M
YoY Change
Other Long-Term Liabilities $806.3K
YoY Change
Total Long-Term Liabilities $29.78M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $369.9K
Total Long-Term Liabilities $29.78M
Total Liabilities $39.77M $30.63M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$4.177M
YoY Change
Common Stock $5.547M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.65M $1.370M
YoY Change
Total Liabilities & Shareholders Equity $53.42M $40.68M
YoY Change

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income -$1.242M -$1.832M
YoY Change -32.17% 21.47%
Depreciation, Depletion And Amortization $1.079M $1.041M
YoY Change 3.61% 56.41%
Cash From Operating Activities -$173.8K $256.7K
YoY Change -167.7% -223.39%
INVESTING ACTIVITIES
Capital Expenditures -$8.464M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $4.533M
YoY Change
Cash From Investing Activities -$3.931M -$272.8K
YoY Change 1340.61% -98.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.61M -259.8K
YoY Change -5336.94% -101.48%
NET CHANGE
Cash From Operating Activities -173.8K 256.7K
Cash From Investing Activities -3.931M -272.8K
Cash From Financing Activities 13.61M -259.8K
Net Change In Cash 9.502M -276.0K
YoY Change -3542.64% -136.5%
FREE CASH FLOW
Cash From Operating Activities -$173.8K $256.7K
Capital Expenditures -$8.464M
Free Cash Flow $8.290M
YoY Change

Facts In Submission

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CY2020 gipr Proceeds From Mortgage Loan Borrowings
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CY2021 gipr Repayments Of Mortgage Loan
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CY2020 gipr Repayments Of Mortgage Loan
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CY2020 gipr Payments Of Deferred Financing Costs
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CY2020 us-gaap Payments Of Debt Issuance Costs
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CY2021 us-gaap Proceeds From Annuities And Investment Certificates
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CY2020 us-gaap Proceeds From Annuities And Investment Certificates
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CY2021 us-gaap Repayments Of Annuities And Investment Certificates
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CY2020 us-gaap Repayments Of Annuities And Investment Certificates
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CY2020 us-gaap Payments To Minority Shareholders
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CY2020 us-gaap Payments Of Dividends Common Stock
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2021Q4 gipr Number Of Partial Interest Properties
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020 us-gaap Interest Paid Net
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CY2021 gipr Deferred Distribution On Redeemable Non Controlling Interests
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CY2020 gipr Debt Assumed Related To Asset Acquisition
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CY2020 us-gaap Liabilities Assumed1
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CY2021 us-gaap Nature Of Operations
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<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Note 1 – Nature of Operations </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Generation Income Properties, Inc. (the “Company”) was formed as a Maryland corporation on September 19, 2015. 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. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company formed Generation Income Properties L.P. (the “Operating Partnership”) in October 2015. Substantially all of the Company’s assets are held by, and operations are conducted through the Operating Partnership. The Company is the general partner of the Operating Partnership and as of December 31, 2021 owned 85.3% of the outstanding common units of the Operating Partnership. The Company formed a Maryland entity GIP REIT OP Limited LLC in 2018 that owns 0.002% of the Operating Partnership.</p> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.96%;margin-right:0.19%;text-indent:0%;font-family:Times New Roman;font-size:9pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.19%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company places each property in a separate entity which may have a Redeemable Non-Controlling interest as a member.</p> <p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.19%;text-indent:0%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.19%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2021, the Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis owned 9 properties and held partial interests in one additional property through a tenancy-in-common investment.</p>
CY2021 dei Entity Incorporation Date Of Incorporation
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2015-09-19
CY2021Q4 us-gaap Number Of Real Estate Properties
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CY2021 us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“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. </p>
CY2021Q4 us-gaap Restricted Cash
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CY2020Q4 us-gaap Restricted Cash
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CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021 gipr Acquisition Fee Percentage
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CY2021 us-gaap Impairment Of Real Estate
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CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2021Q4 us-gaap Finite Lived Intangible Assets Net
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CY2020Q4 us-gaap Finite Lived Intangible Assets Net
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CY2020 us-gaap Amortization Of Intangible Assets
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CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2020Q4 us-gaap Below Market Lease Gross
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CY2020Q4 us-gaap Below Market Lease Accumulated Amortization
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CY2020Q4 us-gaap Below Market Lease Net
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CY2021Q4 us-gaap Below Market Lease Amortization Income Next Twelve Months
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CY2021Q4 us-gaap Below Market Lease Amortization Income After Year Five
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CY2019Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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CY2020 gipr Issuance Of Redeemable Operating Partnership Units For Property Acquisition
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CY2020 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2020 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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CY2020Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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CY2021 us-gaap Noncontrolling Interest Increase From Business Combination
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CY2021 us-gaap Minority Interest Decrease From Redemptions
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CY2021 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2021 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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CY2021Q4 gipr Weighted Average Redemption Price Discount
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CY2021 us-gaap Minority Interest Description
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average 30-day market price of Generation Income Properties, Inc. 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 Generation Income Properties, L.P
CY2021Q4 us-gaap Common Stock Shares Authorized
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CY2021Q4 gipr Undesignated Preferred Stock Shares Authorized
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CY2021Q4 us-gaap Preferred Stock Shares Issued
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CY2020Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
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CY2021 gipr Class Of Warrant Or Right Weighted Average Price Issued
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CY2021Q4 gipr Class Of Warrant Or Right Weighted Average Exercisable Price
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CY2020Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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CY2020Q4 gipr Class Of Warrant Or Right Weighted Average Exercisable Price
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CY2021Q4 gipr Class Warrants And Rights Outstanding Intrinsic Value
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CY2020Q4 gipr Class Warrants And Rights Outstanding Intrinsic Value
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CY2021Q4 us-gaap Operating Loss Carryforwards
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CY2021Q1 us-gaap Dividends Payable Date Declared Day Month And Year
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CY2021Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
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CY2021Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2020Q4 us-gaap Dividends Payable Date Declared Day Month And Year
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CY2020Q4 us-gaap Dividends Payable Date Of Record Day Month And Year
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CY2021 gipr Number Of Tenants
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CY2020 gipr Number Of Tenants
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2020Q4 us-gaap Operating Loss Carryforwards
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2021 gipr Agreement Termination Effective Date
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CY2020Q4 us-gaap Number Of Real Estate Properties
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CY2020 gipr Payment For Asset Management Services
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CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Current Federal State And Local Tax Expense Benefit
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CY2020 us-gaap Current Federal State And Local Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2020 us-gaap Deferred Income Tax Expense Benefit
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CY2020 us-gaap Other Tax Expense Benefit
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CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2020 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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CY2020 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q4 gipr Deferred Tax Assets Tax Expense For Debt Issuance Costs
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CY2020Q4 gipr Deferred Tax Assets Tax Expense For Debt Issuance Costs
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CY2020Q4 us-gaap Deferred Tax Assets Gross
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Files In Submission

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0001564590-22-011056-index-headers.html Edgar Link pending
0001564590-22-011056-index.html Edgar Link pending
0001564590-22-011056.txt Edgar Link pending
0001564590-22-011056-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
gipr-10k_20211231.htm Edgar Link pending
gipr-10k_20211231_htm.xml Edgar Link completed
gipr-20211231.xsd Edgar Link pending
gipr-20211231_cal.xml Edgar Link unprocessable
gipr-20211231_def.xml Edgar Link unprocessable
gipr-20211231_lab.xml Edgar Link unprocessable
gipr-20211231_pre.xml Edgar Link unprocessable
gipr-ex1022_143.htm Edgar Link pending
gipr-ex211_94.htm Edgar Link pending
gipr-ex231_95.htm Edgar Link pending
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report.css Edgar Link pending
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