GENERATION INCOME PROPERTIES, INC.
For the period ended Dec 31, 2024. Filed Mar 28, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 28, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 2. Properties
Creditworthy Tenants. Approximately 60% of our portfolio’s annualized rent as of December 31, 2024 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, 2024.
Contractual Rent Growth. Approximately 93% of the leases in our current portfolio (based on annualized base rent as of December 31, 2024) 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 | 2024 Annual Base Rent | % of Total Annual Base Rent |
|---|---|---|---|---|---|
| Illinois | 2 | 26,235 | 5% | $600,080 | 7% |
| Ohio | 3 | 27,078 | 5% | 246,280 | 3% |
| Iowa | 1 | 30,259 | 5% | 405,471 | 5% |
| District of Columbia | 1 | 3,000 | <1% | 129,804 | 2% |
| Maine | 2 | 18,126 | 3% | 205,400 | 2% |
| Pennsylvania | 1 | 9,100 | 2% | 85,998 | 1% |
| Alabama | 1 | 59,091 | 10% | 283,501 | 3% |
| Florida | 5 | 49,286 | 9% | 1,517,011 | 18% |
| North Carolina | 1 | 7,543 | 1% | 100,682 | 1% |
| Virginia | 2 | 106,996 | 19% | 1,703,212 | 20% |
| Texas | 2 | 59,026 | 10% | 1,010,041 | 12% |
| Georgia | 1 | 10,906 | 2% | 103,607 | 1% |
| Arizona | 1 | 88,408 | 16% | 864,630 | 10% |
| Colorado | 1 | 30,701 | 5% | 353,061 | 4% |
| California | 3 | 44,331 | 8% | 987,125 | 11% |
| 27 | 570,086 | 100.0% | $8,595,903 | 100% |
Tenants as of December 31, 2024
| Tenant | # of Leases | Square Feet | % of Total Square Feet | 2024 Annual Base Rent | % of Total Annual Base Rent |
|---|---|---|---|---|---|
| 7-Eleven Corporation | 1 | 3,000 | <1% | $129,804 | 2% |
| Best Buy Co., Inc. | 2 | 60,960 | 11% | 758,533 | 9% |
| Fresenius Medical Care Holdings, Inc. | 1 | 10,947 | 2% | 233,480 | 3% |
| General Services Administration of the USA | 3 | 68,459 | 12% | 998,474 | 12% |
| Kohl's Corporation | 1 | 88,408 | 16% | 864,630 | 10% |
| La-Z-Boy Inc. | 1 | 15,288 | 3% | 366,600 | 4% |
| PRA Group, Inc. | 1 | 34,847 | 6% | 788,090 | 9% |
| Quanta Services | 1 | 7,826 | 1% | 176,674 | 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 | 9% | 924,000 | 11% |
| Dolgen California, LLC | 1 | 18,827 | 3% | 361,075 | 4% |
| Dolgencorp of Texas, Inc | 1 | 9,026 | 2% | 86,041 | 1% |
| Dolgen Midwest, LLC | 4 | 36,178 | 6% | 358,719 | 4% |
| Dolgencorp, LLC. | 1 | 9,100 | 2% | 85,998 | 1% |
| Dollar Tree Stores, Inc. | 1 | 10,906 | 2% | 103,607 | 1% |
| exp US Services, Inc. | 1 | 33,118 | 6% | 864,583 | 10% |
| DG Retail, LLC | 1 | 9,026 | 2% | 92,961 | 1% |
| Walgreens Co. | 1 | 14,490 | 3% | 369,000 | 4% |
| Armed Services YMCA of the U.S.A. | 1 | 22,247 | 4% | 274,380 | 3% |
| Auburn University | 1 | 59,091 | 10% | 283,500 | 3% |
| 28 | 570,086 | 100% | $8,595,903 | 100% |
Physical Occupancy Table for Last 2 Years
Properties were 99% and 96% occupied as of December 31, 2024 and 2023, respectively.
| SF Occupied as of December 31, · SF Occupied as of December 31, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Property Type · Location · Rentable Square Feet · Tenant · 2024 · 2023 | |||||||||
| Retail | Washington, D.C. | 3,000 | 7-Eleven Corporation | 3,000 | 3,000 | ||||
| Retail | Tampa, FL | 2,200 | Starbucks Corporation | 2,200 | 2,200 | ||||
| Industrial | Huntsville, AL | 59,091 | Pratt & Whitney Automation, Inc. | N/A | 59,091 | ||||
| Auburn University(2) | 27,000 | N/A | |||||||
| Office | Norfolk, VA | 49,902 | General Services Administration-Navy (1) | 49,902 | 49,902 | ||||
| Office | Norfolk, VA | 22,247 | VACANT(1) | VACANT | VACANT | ||||
| Office | Norfolk, VA | 34,847 | PRA Holdings, Inc. | 34,847 | 34,847 | ||||
| Retail | Tampa, FL | 3,500 | Sherwin Williams Company | 3,500 | 3,500 | ||||
| Office | Manteo, NC | 7,543 | General Services Administration-FBI | 7,543 | 7,543 | ||||
| Office | Plant City, FL | 7,826 | Irby Construction | 7,826 | 7,826 | ||||
| Retail | Grand Junction, CO | 30,701 | Best Buy Co., Inc. | 30,701 | 30,701 | ||||
| Medical-Retail | Chicago, IL | 10,947 | Fresenius Medical Care Holdings, Inc. | 10,947 | 10,947 | ||||
| Retail | Tampa, FL | 2,642 | Starbucks Corporation | 2,642 | 2,642 | ||||
| Retail | Tucson, AZ | 88,408 | Kohl's Corporation | 88,408 | 88,408 | ||||
| Retail | San Antonio, TX | 50,000 | City of San Antonio (PreK) | 50,000 | 50,000 | ||||
| Retail | Bakersfield, CA | 18,827 | Dollar General Market | 18,827 | 18,827 | ||||
| Retail | Big Spring, TX | 9,026 | Dollar General | 9,026 | 9,026 | ||||
| Retail | Castalia, OH | 9,026 | Dollar General | 9,026 | 9,026 | ||||
| Retail | East Wilton, ME | 9,100 | Dollar General | 9,100 | 9,100 | ||||
| Retail | Lakeside, OH | 9,026 | Dollar General | 9,026 | 9,026 | ||||
| Retail | Litchfield, ME | 9,026 | Dollar General | 9,026 | 9,026 | ||||
| Retail | Mount Gilead, OH | 9,026 | Dollar General | 9,026 | 9,026 | ||||
| Retail | Thompsontown, PA | 9,100 | Dollar General | 9,100 | 9,100 | ||||
| Retail | Morrow, GA | 10,906 | Dollar Tree Stores, Inc. | 10,906 | 10,906 | ||||
| Office | Maitland, FL | 33,118 | exp U.S. Services Inc. | 33,118 | 33,118 | ||||
| Office | Vacaville, CA | 11,014 | General Services Administration | 11,014 | 11,014 | ||||
| Retail | Santa Maria, CA | 14,490 | Walgreens | 14,490 | 14,490 | ||||
| Retail | Rockford, IL | 15,288 | La-Z-Boy Inc. | 15,288 | 15,288 | ||||
| Retail | Ames, IA | 30,259 | Best Buy Co., Inc. | 30,259 | N/A | ||||
| Tenants - All Properties | 570,086 | 515,748 | 517,580 | ||||||
(1)
(2)
In Huntsville, AL, Pratt & Whitney Automation, Inc. vacated in January 2024 and Auburn University commenced tenancy in August 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.