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Midas Edge

GENERATION INCOME PROPERTIES, INC.

For the period ended Mar 31, 2025. Filed May 15, 2025.

View on SEC.gov

About 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.

Mar 31, 2025 · Filed May 15, 2025

GIPR$0.26+2.9%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Item 1. Financial Statements

Generation Income Properties, Inc
Consolidated Balance Sheets
As of March 31,As of December 31,
20252024
(unaudited)
Assets
Investments in real estate
Land25,689,42823,288,811
Building and site improvements72,147,33067,647,250
Acquired tenant improvements2,605,4292,384,076
Acquired lease intangible assets11,416,17910,504,740
Less: accumulated depreciation and amortization(13,374,019)(12,462,091)
Net real estate investments98,484,34791,362,786
Cash and cash equivalents630,557612,939
Restricted cash34,50034,500
Deferred rent asset373,344331,837
Prepaid expenses111,087140,528
Accounts receivable176,76148,118
Escrow deposits and other assets1,017,5141,233,123
Held for sale assets9,805,7186,732,001
Right-of-use asset, net6,048,0336,067,958
Total Assets$116,681,861$106,563,790
Liabilities and Equity
Liabilities
Accounts payable641,602171,262
Accrued expenses1,493,2851,127,896
Accrued expense - related party798,036683,347
Acquired lease intangible liabilities, net1,537,7341,036,274
Insurance payable-40,835
Deferred rent liability335,675176,017
Lease liability, net6,477,4606,464,901
Loan payable - related party5,500,0005,500,000
Mortgage loans, net of unamortized debt discount of $1,569,096 and $1,103,336 at March 31, 2025 and December 31, 2024, respectively, and debt issuance costs64,614,93158,340,234
Derivative liabilities423,753169,685
Total liabilities81,822,47673,710,451
Redeemable Non-Controlling Interests31,402,45026,664,545
Stockholders' Equity
Common stock, $0.01 par value, 100,000,000 shares authorized; 5,443,188 shares issued and outstanding at March 31, 2025 and December 31, 2024.54,43154,431
Additional paid-in capital29,019,04729,019,047
Accumulated deficit(26,009,404)(23,277,545)
Total Generation Income Properties, Inc. Stockholders' Equity3,064,0745,795,933
Non-Controlling Interest392,861392,861
Total equity3,456,9356,188,794
Total Liabilities and Equity$116,681,861$106,563,790
Generation Income Properties, Inc
Consolidated Statements of Operations
(unaudited)
Three Months ended March 31,
20252024
Revenue
Rental income$2,371,297$2,274,730
Other income10,298158,443
Total revenue2,381,5952,433,173
Expenses
General and administrative expense505,378449,797
Building expenses636,225654,667
Depreciation and amortization1,292,7611,226,605
Interest expense, net1,182,2671,020,741
Compensation costs240,745282,015
Total expenses3,857,3763,633,825
Operating loss(1,475,781)(1,200,652)
Other expense(286)-
(Loss) gain on derivative valuation(293,499)380,550
Dead deal expense(27,894)-
Loss on held for sale asset valuation-(1,058,994)
Net loss(1,797,460)(1,879,096)
Less: Net income attributable to non-controlling interests934,399946,124
Net loss attributable to Generation Income Properties, Inc.(2,731,859)(2,825,220)
Less: Preferred stock dividends-95,000
Net loss attributable to common shareholders(2,731,859)(2,920,220)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted5,443,1884,390,489
Basic & Diluted Loss Per Share Attributable to Common Stockholders$(0.50)$(0.67)
Generation Income Properties Inc
Consolidated Statements of Changes in Equity, Redeemable Preferred Stock, and Redeemable Non-Controlling Interests
(unaudited)
Common Stock · Additional Paid-In Capital · Accumulated Deficit · Stockholders' Equity · Non-Controlling Interests · Total Equity · Redeemable Preferred Stock · Redeemable Non-Controlling Interests
Shares · Amount
Balance, December 31, 20232,620,707$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 warrants4,55146(46)------
Conversion of preferred stock to Common stock2,794,59727,94611,609,670-11,637,616-11,637,616(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)95,000953,706
Balance, March 31, 20245,419,855$54,199$29,589,564$(17,753,278)$11,890,485$395,705$12,286,190$-$19,498,296
Balance, December 31, 20245,443,18854,43129,019,047(23,277,545)5,795,933392,8616,188,794$-26,664,545
Issuance of Redeemable Non-Controlling Interests--------4,209,154
Distribution on Non-Controlling Interests--------(405,648)
Net (loss) income for the period---(2,731,859)(2,731,859)-(2,731,859)-934,399
Balance, March 31, 20255,443,18854,43129,019,047(26,009,404)3,064,074392,8613,456,935$-31,402,450
Generation Income Properties, Inc
Consolidated Statements of Cash Flows
(unaudited)
Three Months Ended March 31,
2025 · 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss$(1,797,460)$(1,879,096)
Adjustments to reconcile net loss to cash provided by operating activities
Depreciation of building and site improvements833,471748,654
Amortization of acquired tenant improvements95,10780,623
Amortization of in-place leases364,184397,328
Amortization of above-market leases101,771101,771
Amortization of below-market leases(41,626)(33,802)
Amortization of above-market ground lease(183)(183)
Amortization of debt issuance costs42,53347,780
Restricted stock unit compensation-94,935
Non-cash ground lease expense19,92520,486
Dead deal expense27,894-
Loss (gain) on derivative valuation, net293,499(380,550)
Loss on held for sale asset valuation-1,058,994
Changes in operating assets and liabilities
Accounts receivable(157,444)(42,684)
Escrow and other assets176,178(63,342)
Deferred rent asset(41,507)739,913
Prepaid expenses(320,763)(333,439)
Prepaid guaranty fees - related party-(96,360)
Accounts payable470,340(354,871)
Accrued expenses365,389(1,553)
Accrued expenses - related party114,689-
Lease liability12,55911,998
Deferred rent liability159,658(90,625)
Net cash provided by operating activities718,21425,977
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of other payable - related party-(452,460)
Mortgage loan repayments(254,114)(319,778)
Equity issuance costs-(61,938)
Insurance financing borrowings-400,889
Insurance financing repayments(40,835)(68,533)
Distribution on non-controlling interests(405,647)(270,677)
Dividends paid on preferred stock-(190,000)
Dividends paid on common stock-(525,106)
Net cash used in financing activities(700,596)(1,487,603)
Net increase (decrease) in cash and cash equivalents17,618(1,461,626)
Cash and cash equivalents and restricted cash - beginning of period647,4393,151,946
Cash and cash equivalents and restricted cash - end of period$665,057$1,690,320
CASH TRANSACTIONS
Interest paid$1,004,991$1,247,442
NON-CASH TRANSACTIONS
Assumption of loans in connection with property acquisitions$7,023,895$-
Issuance of Series B-2 Preferred Units in connection with property acquisitions$4,209,153$-
Conversion of Preferred Stock into Common Stock$-$11,637,616
Stock issued for cashless exercise of Investor Warrants$-$46
Deferred distribution on redeemable non-controlling interests$-$685,873
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.