GENERATION INCOME PROPERTIES INC
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
GIPR$0.25-2.5%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Generation Income Properties, Inc. Consolidated Balance SheetsSeptember 30, 2024 (unaudited) and December 31, 2023
Generation Income Properties, Inc. Consolidated Balance Sheets
| As of September 30, | As of December 31, | |
|---|---|---|
| 2024 | 2023 | |
| (unaudited) | ||
| Assets | ||
| Investments in real estate | ||
| Land | $23,268,037 | $21,996,902 |
| Building and site improvements | 67,618,615 | 71,621,499 |
| Acquired tenant improvements | 2,380,920 | 2,072,205 |
| Acquired lease intangible assets | 10,501,756 | 10,571,331 |
| Less: accumulated depreciation and amortization | (11,070,036) | (8,855,332) |
| Net real estate investments | 92,699,292 | 97,406,605 |
| Cash and cash equivalents | 1,547,110 | 3,117,446 |
| Restricted cash | 34,500 | 34,500 |
| Deferred rent asset | 435,767 | 1,106,191 |
| Prepaid expenses | 270,626 | 139,941 |
| Accounts receivable | 164,549 | 241,166 |
| Escrow deposits and other assets | 982,637 | 493,393 |
| Held for sale assets | 5,750,250 | - |
| Right of use asset, net | 6,088,025 | 6,152,174 |
| Total Assets | $107,972,756 | $108,691,416 |
| Liabilities and Equity | ||
| Liabilities | ||
| Accounts payable | $79,297 | $406,772 |
| Accrued expenses | 1,383,743 | 688,146 |
| Accrued expense - related party | 683,347 | 683,347 |
| Acquired lease intangible liabilities, net | 1,026,681 | 1,016,260 |
| Insurance payable | 150,450 | 34,966 |
| Deferred rent liability | 155,968 | 260,942 |
| Lease liability, net | 6,452,484 | 6,415,041 |
| Other payable - related party | 452,460 | 1,809,840 |
| Loan payable - related party | 5,500,000 | 5,500,000 |
| Mortgage loans, net of unamortized debt discount of $1,156,620 and $1,326,362 at September 30, 2024 and December 31, 2023, respectively, and debt issuance costs | 58,551,152 | 56,817,310 |
| Derivative liabilities | 809,339 | 537,424 |
| Total liabilities | 75,244,921 | 74,170,048 |
| Redeemable Non-Controlling Interests | 26,135,796 | 18,812,423 |
| Preferred Stock - Series A Redeemable Preferred stock, net, | ||
| $0.01 par value, 2,400,000 shares authorized, no shares issued or outstanding as of September 30, 2024 and 2,400,000 shares issued and outstanding at December 31, 2023 with liquidation preferences of $5 per share | - | 11,637,616 |
| Stockholders' Equity | ||
| Common stock, $0.01 par value, 100,000,000 shares authorized; 5,419,855 and 2,620,707 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | 54,232 | 26,207 |
| Additional paid-in capital | 29,129,543 | 18,472,049 |
| Accumulated deficit | (22,984,596) | (14,833,058) |
| Total Generation Income Properties, Inc. Stockholders' Equity | 6,199,179 | 3,665,198 |
| Non-Controlling Interest | 392,861 | 406,131 |
| Total equity | 6,592,040 | 4,071,329 |
| Total Liabilities and Equity | $107,972,756 | $108,691,416 |
Generation Income Properties, Inc. Consolidated Statements of Oper ations
| Three Months ended September 30, | Nine Months ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue | ||||
| Rental income | $2,326,980 | $1,841,044 | $6,850,092 | $4,486,501 |
| Other income | 73,302 | 3,104 | 242,598 | 23,564 |
| Total revenue | 2,400,282 | 1,844,148 | 7,092,690 | 4,510,065 |
| Expenses | ||||
| General and administrative expense | 577,565 | 530,538 | 1,632,018 | 1,233,674 |
| Building expenses | 729,062 | 431,359 | 2,067,356 | 1,065,214 |
| Depreciation and amortization | 1,068,081 | 981,419 | 3,474,918 | 2,096,970 |
| Interest expense, net | 1,098,608 | 770,624 | 3,142,489 | 1,706,585 |
| Compensation costs | 296,399 | 346,196 | 816,605 | 980,202 |
| Total expenses | 3,769,715 | 3,060,136 | 11,133,386 | 7,082,645 |
| Operating loss | (1,369,433) | (1,215,988) | (4,040,696) | (2,572,580) |
| Other expense | - | (639) | - | (506,639) |
| Loss on derivative valuation | (734,116) | - | (308,570) | - |
| Income on investment in tenancy-in-common | - | 3,362 | - | 32,773 |
| Dead deal expense | - | - | (35,873) | (109,569) |
| Loss on held for sale asset valuation | - | - | (1,058,994) | - |
| Net loss | (2,103,549) | (1,213,265) | (5,444,133) | (3,156,015) |
| Less: Net income attributable to non-controlling interests | 866,047 | 425,637 | 2,612,405 | 681,916 |
| Net loss attributable to Generation Income Properties, Inc. | (2,969,596) | (1,638,902) | (8,056,538) | (3,837,931) |
| Less: Preferred stock dividends | - | 190,000 | 95,000 | 190,000 |
| Net loss attributable to common shareholders | (2,969,596) | (1,828,902) | (8,151,538) | (4,027,931) |
| Other comprehensive income: | ||||
| Gain on change in fair value of derivative instrument | - | 78,969 | - | 78,969 |
| Comprehensive loss attributable to common shareholders | $(2,969,596) | $(1,749,933) | $(8,151,538) | $(3,948,962) |
| Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted | 5,433,833 | 2,618,077 | 5,083,640 | 2,591,956 |
| Basic & Diluted Loss Per Share Attributable to Common Stockholders | $(0.55) | $(0.70) | $(1.60) | $(1.55) |
Generation Income Properties, Inc. Consolidated Statements of Changes in Equity, Redeemable Preferred Stock, and Redeemable Non-Controlling Interests
| Common Stock · Additional Paid-In Capital · Accumulated Other Comprehensive Income · Accumulated Deficit · Stockholders' Equity · Non-Controlling Interests · Total Equity · Redeemable Preferred Stock · Redeemable Non-Controlling Interests | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount | ||||||||||
| Balance, December 31, 2022 | 2,501,644 | $25,016 | $19,307,518 | $(8,640,796) | $10,691,738 | $445,035 | $11,136,773 | $ | - | $5,789,731 |
| Restricted stock compensation | 98,593 | 986 | 89,662 | - | 90,648 | - | 90,648 | - | - | |
| Cashless exercise of warrants | 10,648 | 106 | (106) | - | - | - | - | - | - | |
| Issuance of Redeemable Non-Controlling Interests | - | - | - | - | - | - | - | - | 3,000,000 | |
| Redemption of Redeemable Non-Controlling Interests | - | - | - | - | - | - | - | - | (2,479,299) | |
| Distribution on Non-Controlling Interests | - | - | - | - | - | (2,844) | (2,844) | - | (115,817) | |
| Dividends paid on common stock | - | - | (297,479) | - | (297,479) | - | (297,479) | - | - | |
| Net (loss) income for the quarter | - | - | - | (1,317,567) | (1,317,567) | (4,908) | (1,322,475) | - | 132,122 | |
| Balance, March 31, 2023 | 2,610,885 | $26,108 | $19,099,595 | $(9,958,363) | $9,167,340 | $437,283 | $9,604,623 | $ | - | $6,326,737 |
| Restricted stock compensation | - | - | 77,039 | - | 77,039 | - | 77,039 | - | - | |
| Cashless exercise of warrants | 6,653 | 67 | (67) | - | - | - | - | - | - | |
| Issuance of Redeemable Non-Controlling Interests | - | - | - | - | - | - | - | - | - | |
| Redemption of Redeemable Non-Controlling Interests | - | - | - | - | - | - | - | - | - | |
| Distribution on Non-Controlling Interests | - | - | - | - | - | (2,844) | (2,844) | - | (126,998) | |
| Dividends paid on common stock | - | - | (305,991) | - | (305,991) | - | (305,991) | - | - | |
| Net (loss) income for the quarter | - | - | - | (881,462) | (881,462) | (14,238) | (895,700) | - | 143,303 | |
| Balance, June 30, 2023 | 2,617,538 | $26,175 | $18,870,576 | $(10,839,825) | $8,056,926 | $420,201 | $8,477,127 | $ | - | $6,343,042 |
| Restricted stock compensation | - | - | 119,380 | - | 119,380 | - | 119,380 | - | - | |
| Cashless exercise of warrants | 1,694 | 17 | (17) | - | - | - | - | - | - | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Issuance of Preferred Stock | - | - | - | - | - | - | - | 11,637,616 | - | ||||||||||||
| Issuance of Redeemable Non-Controlling Interests | - | - | - | - | - | - | - | - | 14,100,000 | ||||||||||||
| Redemption of Redeemable Non-Controlling Interests | - | - | - | - | - | - | - | - | (2,100,000) | ||||||||||||
| Distribution on Non-Controlling Interests | - | - | - | - | - | (2,844) | (2,844) | (345,219) | |||||||||||||
| Dividends on preferred stock | - | - | - | - | (190,000) | - | |||||||||||||||
| Dividends paid on common stock | (306,322) | (306,322) | (306,322) | ||||||||||||||||||
| Other comprehensive income | - | - | - | 78,969 | - | 78,969 | - | 78,969 | - | - | |||||||||||
| Net (loss) income for the quarter | - | - | - | - | (1,828,902) | (1,828,902) | (1,099) | (1,830,001) | 190,000 | 426,736 | |||||||||||
| Balance, September 30, 2023 | 2,619,232 | $26,192 | $18,683,616 | $78,969 | $(12,668,727) | $6,120,051 | $416,258 | $6,536,309 | $11,637,616 | $18,424,559 | |||||||||||
| Balance, December 31, 2023 | 2,620,707 | $26,207 | $18,472,049 | $ | - | $(14,833,058) | $3,665,198 | $406,131 | $4,071,329 | $11,637,616 | $18,812,423 | ||||||||||
| Restricted stock compensation | - | - | 94,935 | - | - | 94,935 | - | 94,935 | - | - | |||||||||||
| Stock issuance costs | - | - | (61,938) | - | - | (61,938) | - | (61,938) | - | - | |||||||||||
| Cashless exercise of warrants | 4,551 | 46 | (46) | - | - | - | - | - | - | - | |||||||||||
| Conversion of preferred stock to Common stock | 2,794,597 | 27,946 | 11,609,670 | - | - | 11,637,616 | - | 11,637,616 | (11,637,616) | - | |||||||||||
| Distribution on Non-Controlling Interests | - | - | - | - | - | - | (2,844) | (2,844) | - | (267,833) | |||||||||||
| Dividends on preferred stock | - | - | - | - | - | - | - | - | (95,000) | - | |||||||||||
| Dividends paid on common stock | - | - | (525,106) | - | - | (525,106) | - | (525,106) | - | - | |||||||||||
| Net (loss) income for the period | - | - | - | - | (2,920,220) | (2,920,220) | (7,582) | (2,927,802) | 95,000 | 953,706 | |||||||||||
| Balance, March 31, 2024 | 5,419,855 | $54,199 | $29,589,564 | $ | - | $(17,753,278) | $11,890,485 | $395,705 | $12,286,190 | $ | - | $19,498,296 | |||||||||
| Restricted stock compensation | - | - | 94,935 | - | 94,935 | - | 94,935 | - | - | ||||||||||||
| Stock issuance costs | - | - | (15,450) | - | (15,450) | - | (15,450) | - | - | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cashless exercise of warrants | 3,333 | 33 | (33) | - | - | - | - | - | - | |||||||
| Issuance of Redeemable Non-Controlling Interests | - | - | - | - | - | - | - | - | 2,500,000 | |||||||
| Distribution on Non-Controlling Interests | - | - | - | - | - | (2,844) | (2,844) | - | (271,090) | |||||||
| Dividends paid on common stock | - | - | (634,407) | - | (634,407) | - | (634,407) | - | - | |||||||
| Net (loss) income for the period | - | - | - | (2,261,722) | (2,261,722) | - | (2,261,722) | - | 800,234 | |||||||
| Balance, June 30, 2024 | 5,423,188 | 54,232 | 29,034,609 | - | (20,015,000) | 9,073,841 | 392,861 | 9,466,702 | $ | - | 22,527,440 | |||||
| Restricted stock compensation | - | - | 94,934 | - | 94,934 | - | 94,934 | - | - | |||||||
| Distribution on Non-Controlling Interests | - | - | - | - | - | - | - | - | (337,297) | |||||||
| Net (loss) income for the period | - | - | - | (2,969,596) | (2,969,596) | - | (2,969,596) | - | 866,047 | |||||||
| Balance, September 30, 2024 | 5,423,188 | 54,232 | 29,129,543 | - | (22,984,596) | 6,199,179 | 392,861 | 6,592,040 | $ | - | 23,056,190 |
Generation Income Properties, Inc. Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||||
|---|---|---|---|---|
| 2024 · 2023 | ||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
| Net loss | $(5,444,133) | $(3,156,015) | ||
| Adjustments to reconcile net loss to cash from operating activities | ||||
| Depreciation of building and site improvements | 2,142,914 | 1,371,486 | ||
| Amortization of acquired tenant improvements | 241,870 | 95,172 | ||
| Amortization of in-place leases | 1,090,135 | 630,312 | ||
| Amortization of above market leases | 305,312 | 55,337 | ||
| Amortization of below market leases | (101,406) | (136,745) | ||
| Amortization of above market ground lease | (549) | (549) | ||
| Amortization of debt issuance costs | 156,091 | 103,990 | ||
| Restricted stock unit compensation | 284,804 | 287,067 | ||
| Non-cash ground lease expense | 64,149 | 62,948 | ||
| Income on investment in tenancy-in-common | - | (32,773) | ||
| Dead deal expense | 35,873 | 109,569 | ||
| Gain on derivative valuation, net | 308,570 | - | ||
| Loss on held for sale asset valuation | 1,058,994 | - | ||
| Changes in operating assets and liabilities | ||||
| Accounts receivable | 76,617 | (209,825) | ||
| Escrow and other assets | (185,932) | (40,358) | ||
| Deferred rent asset | 670,424 | (51,401) | ||
| Prepaid expenses | (166,558) | (295,549) | ||
| Accounts payable | (327,476) | 130,817 | ||
| Accrued expenses | 641,342 | 1,004,983 | ||
| Lease liability | 37,443 | 24,420 | ||
| Deferred rent liability | (104,974) | 65,651 | ||
| Net cash provided by operating activities | 783,511 | 18,537 | ||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
| Purchase of land, buildings, other tangible and intangible assets | (5,960,892) | (31,959,572) | ||
| Purchase of remaining tenancy-in-common interest | - | (1,355,401) | ||
| Net cash used in investing activities | (5,960,892) | (33,314,973) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
| Proceeds from issuance of redeemable non-controlling interests | 5,580,000 | 17,100,000 | ||
| Redemption of redeemable non-controlling interests | - | (4,579,299) | ||
| Proceeds from issuance on loan payable - related party | - | 4,000,000 | ||
| Repayment of other payable - related party | (1,357,380) | (777,460) | ||
| Mortgage loan borrowings | 2,217,350 | 21,000,000 | ||
| Mortgage loan repayments | (639,599) | (578,433) | ||
| Equity issuance costs | (77,421) | (362,384) | ||
| Debt issuance costs | - | (376,877) | ||
| Insurance financing borrowings | 400,889 | 352,307 | ||
| Insurance financing repayments | (285,406) | (260,384) | ||
| Distribution on non-controlling interests | (881,907) | (596,566) | ||
| Dividends paid on preferred stock | (190,000) | (95,000) | ||
| Dividends paid on common stock | (1,159,481) | (909,792) | ||
| Net cash provided by financing activities | 3,607,045 | 33,916,112 | ||
| Net (decrease) increase in cash and cash equivalents | (1,570,336) | 619,676 | ||
| Cash and cash equivalents and restricted cash - beginning of period | 3,151,946 | 3,752,996 | ||
| Cash and cash equivalents and restricted cash - end of period | $1,581,610 | $4,372,672 | ||
| CASH TRANSACTIONS | ||||
| Interest paid | $1,243,608 | $1,419,345 | ||
| NON-CASH TRANSACTIONS | ||||
| Conversion of Preferred Stock into Common Stock | $11,637,616 | $ | - | |
| Stock issued for cashless exercise of Investor Warrants | $79 | $190 | ||
| Deferred distribution on redeemable non-controlling interests | 2,280,471 | $114,128 | ||
| Gain on change in fair value of derivative instrument | $ | - | $78,969 | |
| Issuance of Preferred Stock | $ | - | $12,000,000 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.