GENERATION INCOME PROPERTIES INC
For the period ended Dec 31, 2023. Filed Apr 8, 2024.
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FY2023 · Filed Apr 8, 2024
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Item 2. Properties
Creditworthy Tenants. Approximately 68% of our portfolio’s annualized rent as of December 31, 2023 was derived from tenants that have (or whose parent company has) an investment grade credit rating from a recognized credit rating agency of “BBB-” or better. Our largest tenants are the General Service Administration, Dollar General, and the City of San Antonio, who collectively contributed approximately 39% of our portfolio’s annualized base rent as of December 31, 2023.
Contractual Rent Growth. Approximately 84% of the leases in our current portfolio (based on annualized base rent as of December 31, 2023) provide for increases in contractual base rent during future years of the current term or during the lease extension periods.
Geographic Diversification Table
The following tables show a list of properties grouped by the state where each of our investments are located.
| State | # of Properties | Square Feet | % of Total Square Feet | 2023 Annual Base Rent | % of Total Annual Base Rent |
|---|---|---|---|---|---|
| Illinois | 2 | 26,235 | 5% | $595,502 | 7% |
| Ohio | 3 | 27,078 | 5% | 246,276 | 3% |
| District of Columbia | 1 | 3,000 | 1% | 129,804 | 2% |
| Maine | 2 | 18,126 | 3% | 205,404 | 2% |
| Pennsylvania | 1 | 9,100 | 2% | 86,004 | 1% |
| Alabama | 1 | 59,091 | 11% | 684,996 | 8% |
| Florida | 5 | 49,286 | 9% | 1,481,965 | 16% |
| North Carolina | 1 | 7,543 | 1% | 161,346 | 2% |
| Virginia | 2 | 106,996 | 20% | 1,692,059 | 20% |
| Texas | 2 | 59,026 | 11% | 1,010,040 | 12% |
| Georgia | 1 | 10,906 | 2% | 103,607 | 1% |
| Arizona | 1 | 88,408 | 16% | 823,962 | 10% |
| Colorado | 1 | 30,701 | 6% | 353,061 | 4% |
| California | 3 | 44,331 | 8% | 1,073,740 | 12% |
| 26 | 539,827 | 100% | $8,647,766 | 100% |
Tenants as of December 31, 2023
| Tenant | # of Leases | Square Feet | % of Total Square Feet | 2023 Annual Base Rent | % of Total Annual Base Rent |
|---|---|---|---|---|---|
| 7-Eleven Corporation | 1 | 3,000 | 1% | $129,804 | 2% |
| Best Buy Co., Inc. | 1 | 30,701 | 5% | 353,061 | 4% |
| Fresenius Medical Care Holdings, Inc. | 1 | 10,947 | 2% | 228,902 | 3% |
| General Services Administration of the USA | 3 | 68,459 | 13% | 1,431,934 | 17% |
| Kohl's Corporation | 1 | 88,408 | 17% | 823,962 | 10% |
| La-Z-Boy Inc. | 1 | 15,288 | 3% | 366,600 | 4% |
| PRA Group, Inc. | 1 | 34,847 | 7% | 765,136 | 9% |
| Pratt & Whitney Automation, Inc. | 1 | 59,091 | 11% | 684,996 | 8% |
| Irby Construction | 1 | 7,826 | 2% | 170,865 | 2% |
| Sherwin Williams Company | 1 | 3,500 | 1% | 126,788 | 1% |
| Starbucks Corporation | 2 | 4,842 | 1% | 348,966 | 4% |
| San Antonio Early Childhood Education Municipal Development Corporation | 1 | 50,000 | 10% | 924,000 | 11% |
| Dollar Tree | 1 | 10,906 | 2% | 103,607 | 1% |
| Dollar General | 8 | 82,157 | 16% | 984,799 | 11% |
| exp US Services, Inc. | 1 | 33,118 | 6% | 835,346 | 10% |
| Walgreens | 1 | 14,490 | 3% | 369,000 | 4% |
| 26 | 517,580 | 100% | $8,647,766 | 100% |
Physical Occupancy Table for Last 2 Years
Properties were 100% occupied at December 31, 2022, and 96% occupied as of December 31, 2023.
| SF Occupied as of December 31, | ||||||
|---|---|---|---|---|---|---|
| Property Type · Location · Tenant · 2023 · 2022 | ||||||
| Retail | Washington, D.C. | 7-Eleven Corporation | 3,000 | 3,000 | ||
| Retail | Tampa, FL | Starbucks Corporation | 2,200 | 2,200 | ||
| Industrial | Huntsville, AL | Pratt & Whitney Automation, Inc. | 59,091 | 59,091 | ||
| Office | Norfolk, VA | General Services Administration-Navy (1) | 49,902 | 49,902 | ||
| Office | Norfolk, VA | VACANT(1) | VACANT | 22,247 | ||
| Office | Norfolk, VA | PRA Holdings, Inc. | 34,847 | 34,847 | ||
| Retail | Tampa, FL | Sherwin Williams Company | 3,500 | 3,500 | ||
| Office | Manteo, NC | General Services Administration-FBI | 7,543 | 7,543 | ||
| Office | Plant City, FL | Irby Construction | 7,826 | 7,826 | ||
| Retail | Grand Junction, CO | Best Buy Co., Inc. | 30,701 | 30,701 | ||
| Medical-Retail | Chicago, IL | Fresenius Medical Care Holdings, Inc. | 10,947 | 10,947 | ||
| Retail | Tampa, FL | Starbucks Corporation | 2,642 | 2,642 | ||
| Retail | Tucson, AZ | Kohl's Corporation | 88,408 | 88,408 | ||
| Retail | San Antonio, TX | City of San Antonio (PreK) | 50,000 | N/A | ||
| Retail | Bakersfield, CA | Dollar General Market | 18,827 | N/A | ||
| Retail | Big Spring, TX | Dollar General | 9,026 | N/A | ||
| Retail | Castalia, OH | Dollar General | 9,026 | N/A | ||
| Retail | East Wilton, ME | Dollar General | 9,100 | N/A | ||
| Retail | Lakeside, OH | Dollar General | 9,026 | N/A | ||
| Retail | Litchfield, ME | Dollar General | 9,026 | N/A | ||
| Retail | Mount Gilead, OH | Dollar General | 9,026 | N/A | ||
| Retail | Thompsontown, PA | Dollar General | 9,100 | N/A | ||
| Retail | Morrow, GA | Dollar Tree Stores, Inc. | 10,906 | N/A | ||
| Office | Maitland, FL | exp U.S. Services Inc. | 33,118 | N/A | ||
| Office | Vacaville, CA | General Services Administration | 11,014 | N/A | ||
| Retail | Santa Maria, CA | Walgreens | 14,490 | N/A | ||
| Retail | Rockford, IL | La-Z-Boy Inc. | 15,288 | N/A | ||
| Tenants - All Properties | 517,580 | 322,854 | ||||
(1)
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