GENERATION INCOME PROPERTIES, INC.
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
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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, 2025 · Filed Nov 14, 2025
GIPR$0.25-2.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-15.
0000950170-25-109457
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001193125-25-283340
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 105 previous paragraphs and 105 current paragraphs.
69 unchanged; 32 reworded; 3 added; 2 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
On October 27, 2025, the Company entered into a First Amendment to the Secured Promissory Note originally issued on April 25, 2025 to Brown Family Enterprises, LLC in the principal amount of $1.0 million. The First Amendment extends the Note’s maturity date to December 15, 2025 and provides for a $20,000 extension fee payable on the revised maturity date. Except as amended to reflect the new maturity and the extension fee, all other terms of the Note remain unchanged, including the interest rates, security interests, and covenants previously disclosed.
Current report
Compensation costs increased by $202,584 and $123,065 during the three and nine months ended September 30, 2025, primarily due to restricted stock compensation and increase in executive salary.
Current report
On August 7, 2025, the Company exercised its first 12-month extension option under the GIP SPE Operating Agreement, extending the Mandatory Redemption Date from August 10, 2025 to August 10, 2026. In connection with the extension, the Company paid LC2 an extension fee of $141,000 (equal to 100 basis points of the outstanding LC2 Investment), increased the “Preferred Equity Return” under the GIP SPE Operating Agreement from 15.5% to 18% per annum, and increased the “Accrued Preferred Return” under the agreement from 10.5% to 13% per annum, while the “Current Preferred Return” under the agreement remained at 5% per annum. The Company also confirmed that the trailing nine-month annualized adjusted net operating income exceeded $5.0 million, the senior loans had been extended through the end of the extension period, and there were no material breaches or defaults under the GIP SPE Operating Agreement.
Removed paragraphs (2)
Previous report
Operating Expenses
Previous report
Compensation costs decreased by $38,249 and $79,519, respectively, primarily due to savings in salary expense and for accounting and administrative staff.
Reworded paragraphs (32)
Previous wording
We are an internally managed, Maryland corporation focused on acquiring retail, office and industrial real estate located in major U.S. markets. We initiated operations during the year ended December 31, 2015 and have elected to be taxed as a REIT for federal income tax purposes commencing with our taxable year ending December 31, 2021. Substantially all of the Company’s assets are held by, and operations are conducted through, the Operating Partnership and the Operating Partnership’s direct and indirect subsidiaries. The Company is the general partner of the Operating Partnership and as of June 30, 2025 owned 99.6% of the outstanding common units of the Operating Partnership. The Company formed a Maryland entity GIP REIT OP Limited LLC in 2018 that owns 0.001% of the Operating Partnership.
Current wording
We are an internally managed, Maryland corporation focused on acquiring retail, office and industrial real estate located in major U.S. markets. We initiated operations during the year ended December 31, 2015 and have elected to be taxed as a REIT for federal income tax purposes. Substantially all of the Company’s assets are held by, and operations are conducted through, the Operating Partnership and the Operating Partnership’s direct and indirect subsidiaries. The Company is the general partner of the Operating Partnership and as of September 30, 2025 owned 99.6% of the outstanding common units of the Operating Partnership. The Company formed a Maryland entity GIP REIT OP Limited LLC in 2018 that owns 0.001% of the Operating Partnership.
Previous wording
In September 2021, the Company closed an underwritten public offering of 1,665,000 units at a price to the public of $10 per unit generating net proceeds of $13.8 million including issuance costs incurred during the years ended December 31, 2021 and 2020. Each unit consisted of one share of common stock and one warrant to purchase one share of common stock at an exercise price equal to $10 per share. The common stock and warrants included in the units (which were separated into one share of common stock and one warrant) currently trade on the Nasdaq Capital Market (“Nasdaq”) under the symbols “GIPR” and “GIPRW,” respectively.
Current wording
In September 2021, the Company closed an underwritten public offering of 1,665,000 units at a price to the public of $10 per unit generating net proceeds of $13.8 million. Each unit consisted of one share of common stock and one warrant to purchase one share of common stock at an exercise price equal to $10 per share. The common stock and warrants included in the units (which were separated into one share of common stock and one warrant) currently trade on the Nasdaq Capital Market (“Nasdaq”) under the symbols “GIPR” and “GIPRW,” respectively.
Previous wording
Average Effective Annual Rental per Square Foot. Average effective annual rental per square foot is $16.24.
Current wording
Average Effective Annual Rental per Square Foot. Average effective annual rental per square foot is $16.30.
Previous wording
Annualized cash base rental income in place as of June 30, 2025. Our leases do not include tenant concessions or abatements.
Current wording
Annualized cash base rental income in place as of September 30, 2025. Our leases do not include tenant concessions or abatements, except for Dollar Tree in Morrow, Georgia which had 2-months free rent in Q3 2025.
Previous wording
On May 29, 2025, GIPFL 1300 S Dale Mabry, LLC, an indirect wholly owned subsidiary the Company, completed the sale of its Starbucks-occupied retail building located in Tampa, Florida pursuant to a Purchase and Sale Agreement, entered into effective as of April 2, 2025, by and among GIPFL 1300 S Dale Mabry, LLC, as seller, and 6800 4thStreet Holdings LLC, as purchaser, as amended effective May 2, 2025 and subsequently assigned by purchaser to 1300 Dale Mabry Holdings LLC, for a purchase price of $3,450,000, in cash, subject to customary pro-rations and adjustments.
Current wording
On May 29, 2025, the Company completed the sale of its Starbucks-occupied retail building located in Tampa, Florida for a purchase price of $3,450,000.
Previous wording
On May 29, 2025, GIPAL JV 15091 SW Alabama 20, LLC, an indirect wholly owned subsidiary of the Company, completed the sale of its Auburn University-occupied industrial building located in Huntsville, Alabama pursuant to a Purchase and Sale Agreement, entered into effective as of January 24, 2025, by and among GIPAL JV 15091 SW Alabama 20, LLC , as seller, and Titomic, USA, Inc., as purchaser, as amended effective April 7, 2025, May 9, 2025 and May 29, 2025, for a purchase price of $7,200,000, in cash, subject to customary pro-rations and adjustments.
Current wording
On May 29, 2025, Company completed the sale of its Auburn University-occupied industrial building located in Huntsville, Alabama for a purchase price of $7,200,000, in cash.
Previous wording
On May 29, 2025, the Company’s Chief Executive Officer, David Sobelman (the "Guarantor") executed a Personal Guaranty (the “Guaranty”) in favor of Chase, in connection with the loan made by Chase to the Operating Partnership pursuant to the Chase Promissory Note. Under the terms of the Guaranty, the Guarantor unconditionally and irrevocably guarantees the full and punctual payment of all obligations of the Operating Partnership under the Chase Promissory Note, including principal, interest, and enforcement costs. The Guarantor’s liability is limited to the maximum amount enforceable under applicable bankruptcy and fraudulent transfer laws.
Current wording
On May 29, 2025, the Company’s Chief Executive Officer (the "Guarantor") executed a Personal Guaranty (the “Guaranty”) in favor of Chase, in connection with the loan made by Chase to the Operating Partnership pursuant to the Chase Promissory Note. Under the terms of the Guaranty, the Guarantor unconditionally and irrevocably guarantees the full and punctual payment of all obligations of the Operating Partnership under the Chase Promissory Note, including principal, interest, and enforcement costs. The Guarantor’s liability is limited to the maximum amount enforceable under applicable bankruptcy and fraudulent transfer laws.
Previous wording
On May 29, 2025, GIPFL 1300 S Dale Mabry, LLC (“GIPFL”), an indirect wholly owned subsidiary of the Company, entered into a loan transaction for $103,500.00 that is evidenced by a promissory note (the “SRS Promissory Note”) issued to SRS Real Estate Partners, LLC. (“SRS”). The SRS Promissory Note provides that an amount equal to the aggregate unpaid principal amount of the loan, together with accrued but unpaid interest at an interest rate of 0% per annum, will be due on December 31, 2025. The SRS Promissory Note may be repaid without penalty at any time. The SRS Promissory Note relates to broker’s fees payable by the Company to SRS in connection with the sale of the Company’s Starbucks-occupied retail building located in Tampa, Florida, as further described under Item 2.01 above.
Current wording
On May 29, 2025, GIPFL 1300 S Dale Mabry, LLC (“GIPFL”), an indirect wholly owned subsidiary of the Company, entered into a loan transaction for $103,500 that is evidenced by a promissory note (the “SRS Promissory Note”) issued to SRS Real Estate Partners, LLC. (“SRS”). The SRS Promissory Note provides that an amount equal to the aggregate unpaid principal amount of the loan, together with accrued but unpaid interest at an interest rate of 0% per annum, will be due on December 31, 2025. The SRS Promissory Note may be repaid without penalty at any time. The SRS Promissory Note relates to broker’s fees payable by the Company to SRS in connection with the sale of the Company’s Starbucks-occupied retail building located in Tampa, Florida, as further described under Item 2.01 above.
Previous wording
On May 29, 2025, the Company, through the Operating Partnership, entered into a loan transaction with David Sobelman, the Company’s Chief Executive Officer, for $610,000.00 to fund closing costs relating to the sale of the Company’s Auburn University-occupied industrial building located in Huntsville, Alabama and Starbucks-occupied retail building located in Tampa, Florida, as further described under Item 2.01 above. The loan is evidenced by a promissory note (the “Sobelman Promissory Note”) payable to the David E. Sobelman Revocable Trust, under
Current wording
On May 29, 2025, the Company, through the Operating Partnership, entered into a loan transaction with the Company’s Chief Executive Officer, for $610,000 to fund closing costs relating to the sale of the Company’s Auburn University-occupied industrial building located in Huntsville, Alabama and Starbucks-occupied retail building located in Tampa, Florida, as further described under Item 2.01 above. The loan is evidenced by a promissory note (the “Sobelman Promissory Note”) payable to the David E. Sobelman Revocable Trust, under an agreement dated September 5, 2007. The Sobelman Promissory Note provides that an amount equal to the aggregate unpaid principal amount of the loan, together with accrued but unpaid interest at an interest rate of 5.75% per annum, previously due on August 31, 2025, has been extended to December 31, 2025, has been extended to December 31, 2025.
Previous wording
The Loan is evidenced by a Promissory Note, dated June 13, 2025 (the “Note”), bearing interest at a fixed rate of 6.50% per annum. The net proceeds of the Loan were used to extract equity from the Property for general corporate purposes. At closing, $750,000 of the Loan proceeds was disbursed, with an additional $350,000 (the “Renewal Funds”) to be disbursed upon satisfaction of certain conditions, including the delivery to the Lender, on or before March 31, 2026, of an executed lease renewal with the Property’s current tenant, 7-Eleven, Inc., extending the lease for an additional five years beyond its current expiration date of March 31, 2026. Monthly interest-only payments are due beginning July 13, 2025, through June 13, 2026. If the required lease renewal is delivered and all other conditions are satisfied to the Lender’s sole satisfaction, the Renewal Funds will be disbursed, and the maturity date of the Loan will be automatically extended to June 13, 2030. In such case, beginning July 13, 2026, the borrower will make monthly payments of principal and interest based on a 25-year amortization schedule, with a final balloon payment due on the extended maturity date of June 13, 2030. If the lease renewal is not delivered by March 31, 2026, the Loan will mature on that date, and all outstanding principal, accrued interest, and other amounts will become immediately due and payable.
Current wording
7-Eleven, Inc., extending the lease for an additional five years beyond its current expiration date of March 31, 2026. Monthly interest-only payments are due beginning July 13, 2025, through June 13, 2026. If the required lease renewal is delivered and all other conditions are satisfied to the Lender’s sole satisfaction, the Renewal Funds will be disbursed, and the maturity date of the Loan will be automatically extended to June 13, 2030. In such case, beginning July 13, 2026, the borrower will make monthly payments of principal and interest based on a 25-year amortization schedule, with a final balloon payment due on the extended maturity date of June 13, 2030. If the lease renewal is not delivered by March 31, 2026, the Loan will mature on that date, and all outstanding principal, accrued interest, and other amounts will become immediately due and payable.
Previous wording
In connection with the Loan, David E. Sobelman, Executive Chairman of the Company, entered into a Guaranty of Nonrecourse Carveout Obligations (the “Guaranty Agreement”), pursuant to which he unconditionally guaranteed certain nonrecourse carveout obligations of the Borrower to the Lender.
Current wording
In connection with the Loan, the Executive Chairman of the Company, entered into a Guaranty of Nonrecourse Carveout Obligations (the “Guaranty Agreement”), pursuant to which he unconditionally guaranteed certain nonrecourse carveout obligations of the Borrower to the Lender.
Previous wording
Operating results for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024:
Current wording
Operating results for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024:
Previous wording
During the three and six months ended June 30, 2025, total revenue from operations were 2,432,270 and $4,813,865, respectively, as compared to $2,259,235 and 4,692,408 for the three and six months ended June 30, 2024, respectively. Revenue increased by $173,035 and $121,457 during the three and six months ended June 30, 2025, respectively, compared with the three and six months ended June 30, 2024.
Current wording
During the three and nine months ended September 30, 2025, total revenue from operations were $2,470,109 and $7,283,974, respectively, as compared to $2,400,282 and 7,092,690 for the three and nine months ended September 30, 2024, respectively. Revenue increased by $69,827 and $191,284 during the three and nine months ended September 30, 2025, respectively, compared with the three and nine months ended September 30, 2024.
Previous wording
During the three and six months ended June 30, 2025, we incurred total operating expenses of $4,805,285 and $8,662,661, respectively, as compared to $3,729,846 and $7,363,671, respectively, for the three and six months ended June 30, 2024. Operating expenses increased overall by $1,075,439 and $1,298,990, respectively, as follows:
Current wording
During the three and nine months ended September 30, 2025, we incurred total operating expenses of $4,169,441 and $12,832,102, respectively, as compared to $3,769,715 and $11,133,386, respectively, for the three and nine months ended September 30, 2024. Operating expenses increased overall by $399,726 and $1,698,716, respectively, as follows:
Previous wording
General, administrative and organizational costs remained relatively flat, year-over-year, with a modest decrease of by $51,763 and increase $3,818 for the comparative periods of the three and six months ended June 30, 2025, respectively.
Current wording
General, administrative and organizational costs remained relatively flat, year-over-year, with modest increases of $7,628 and $11,446 for the comparative periods of the three and nine months ended September 30, 2025 and 2024, respectively. Included in general and administrative expenses are accrued legal fees related to Special Committee matters totalling approximately $235,000 as of the reporting date.
Previous wording
Building expenses remained relatively flat, year-over-year, with modest increases of $19,491 and $1,049 for the comparative periods of the three and six months ended June 30, 2025 and 2024.
Current wording
Building expenses remained relatively flat, year-over-year, with modest decreases of $93,345 and $92,296 for the comparative periods of the three and nine months ended September 30, 2025 and 2024.
Previous wording
Depreciation and amortization increased nominally, year-over-year, by $84,349 and $150,505 for the comparative periods of the three and six months ended June 30, 2024.
Current wording
Depreciation and amortization increased nominally, year-over-year, by $219,031 and $369,536 for the comparative periods of the three and nine months ended September 30, 2025 and 2024.
Previous wording
Interest expense, net increased by $1,061,611 and $1,223,137 during the three and six months ended June 30, 2025 due costs associated with the prepayment of loan in May 2025.
Current wording
Interest expense, net increased by $63,828 and $1,286,965 during the three and nine months ended September 30, 2025. The increase being primarily attributable to costs associated with the prepayment of loan in May 2025.
Previous wording
During the three and six months ended June 30, 2025 and 2024, we generated a net loss of $3,466,522 and $5,263,981, and $1,461,488 and $3,340,584, respectively.
Current wording
During the three and nine months ended September 30, 2025 and 2024, we generated a net loss of $1,717,854 and $6,981,835, and $2,103,549 and $5,444,133, respectively.
Previous wording
During the three and six months ended June 30, 2025 and 2024, net income attributable to non-controlling interest was $956,107 and $1,890,506, and $800,234 and $1,746,358, respectively.
Current wording
During the three and nine months ended September 30, 2025 and 2024, net income attributable to non-controlling interest was $1,109,106 and $2,999,612, and $866,047 and $2,612,405, respectively.
Previous wording
During the three and six months ended June 30, 2025 and 2024, we generated a net loss attributable to our shareholders of $4,422,629 and $7,154,487 and $2,261,722 and $5,086,942, respectively.
Current wording
During the three and nine months ended September 30, 2025 and 2024, we generated a net loss attributable to our shareholders of $2,826,960 and $9,981,447 and $2,969,596 and $8,151,538, respectively.
Previous wording
We require capital to fund our investment activities and operating expenses. Our capital sources may include net proceeds from offerings of our equity securities, cash flow from operations and borrowings under credit facilities. As of June 30, 2025, we had total cash (unrestricted and restricted) of $390,630, properties with a gross cost basis of $106,581,342 and outstanding mortgage loans with a principal balance of $56,049,047.
Current wording
We require capital to fund our investment activities and operating expenses. Our capital sources may include net proceeds from offerings of our equity securities, cash flow from operations, proceeds from property dispositions, and borrowings under credit facilities. As of September 30, 2025, we had total cash (unrestricted and restricted) of $281,788, properties with a gross cost basis of $97,011,131 and outstanding mortgage loans with a principal balance of $55,762,746.
Previous wording
Our President and CEO has also personally guaranteed the repayment of the $1.3 million loan secured by the Company's Sherwin-Williams - Tampa, FL property. In addition, our President and CEO has also provided a guaranty of the Company’s nonrecourse carveout liabilities and obligations in favor of the lender for the GSA and PRA Holdings, Inc. - Norfolk, VA mortgage loans ("Bayport loans") with an aggregate principal amount of $11.4 million.
Current wording
Our President and CEO has also personally guaranteed the repayment of the $1.2 million loan secured by the Company's Sherwin-Williams - Tampa, FL property. In addition, our President and CEO has also provided a guaranty of the Company’s nonrecourse carveout liabilities and obligations in favor of the lender for the GSA and PRA Holdings, Inc. - Norfolk, VA mortgage loans ("Bayport loans") with an aggregate principal amount of $11.3 million.
Previous wording
During the three and six months ended June 30, 2025, we incurred a guaranty fee expense to our President and CEO of $79,935 and $177,626, respectively, recorded to interest expense. A guaranty fee expense of $96,360 and $192,712 was incurred during the three and six months ended June 30, 2024, respectively.
Current wording
During the three and nine months ended September 30, 2025, we incurred a guaranty fee expense to our President and CEO of $71,056 and $248,682, respectively, recorded to interest expense. A guaranty fee expense of $102,023 and $304,245 was incurred during the three and nine months ended September 30, 2024, respectively.
Previous wording
On August 9, 2022, we entered a Redemption Agreement with a unit holder. As such, we recorded another payable - related party in the amount of $2,912,300 upon execution of the Redemption Agreement entered into July 20, 2022 and has paid the note in full as of June 30, 2025. Remaining balances of $0 and $904,920 outstanding as of June 30, 2025 and 2024, respectively.
Current wording
On August 9, 2022, we entered a Redemption Agreement with a unit holder. As such, we recorded another payable - related party in the amount of $2,912,300 upon execution of the Redemption Agreement entered into July 20, 2022 and has paid the note in full as of September 30, 2025. Remaining balances of $0 and $452,260 outstanding as of September 30, 2025 and 2024, respectively.
Previous wording
As a result of our recurring losses, our projected cash needs, and our current liquidity, substantial doubt exists about the Company’s ability to continue as a going concern one year after the date that these financial statements are issued. The Company’s ability to continue as a going concern is contingent upon successful execution of management’s plan to improve the Company’s liquidity and profitability. Our current and anticipated liquidity is less than the principal balance of these obligations. As a result of our recurring losses, our projected cash needs, and our current liquidity, substantial doubt exists about the Company’s ability to provide sufficient liquidity to meet future funding commitments for at least the next 12 months.
Current wording
As a result of our recurring losses, our projected cash needs, and our current liquidity, substantial doubt exists about the Company’s ability to continue as a going concern one year after the date that these financial statements are issued. The Company’s ability to continue as a going concern is contingent upon successful execution of management’s plan to improve the Company’s liquidity and profitability. Our current and anticipated liquidity is less than the principal balance of these obligations.
Previous wording
We amortized debt issuance costs during the three and six months ended June 30, 2025 and 2024 to interest expense of approximately $46,104 and $47,780 and $88,637 and $95,560, respectively. During the six months ended June 30, 2025 and 2024, the company paid $72,900 and $0, respectively, in debt issuance costs.
Current wording
We amortized debt issuance costs during the three and nine months ended September 30, 2025 and 2024 to interest expense of approximately $48,460 and $60,532 and $137,097 and $156,091, respectively. During the nine months ended September 30, 2025 and 2024, the company paid $72,900 and $0, respectively, in debt issuance costs.
Previous wording
The Preferred Interest is required to be redeemed in full by the Company on or before August 10, 2025 for a redemption amount equal to the greater of (i) the amount of the LC2 Investment plus the accrued preferred return, and (ii) the Make-Whole Amount. Upon a failure to timely redeem the Preferred Interest, the preferred return will accrue at an increased rate of 18% per annum, compounded monthly. The Company will have the right to extend the Mandatory Redemption Date for two consecutive 12-month extension periods, provided that (i) LC2 is paid an extension fee of 0.01% of the outstanding amount of the LC2 Investment for each such extension, (ii) the preferred return is increased from 15.5% to 18% of which the accrued preferred return is increased from 10.5% to
Current wording
The Preferred Interest is required to be redeemed in full by the Company on or before August 10, 2025 (the"Mandatory Redemption Date") for a redemption amount equal to the greater of (i) the amount of the LC2 Investment plus the accrued preferred return, and (ii) the Make-Whole Amount. Upon a failure to timely redeem the Preferred Interest, the preferred return will accrue at an increased rate of 18% per annum, compounded monthly. The Company has the right to extend the Mandatory Redemption Date for two consecutive 12-month extension periods, provided that (i) LC2 is paid an extension fee of 0.01% of the outstanding amount of the LC2 Investment for each such extension, (ii) the preferred return is increased from 15.5% to 18% of which the accrued preferred return is increased from 10.5% to 13%, (iii) the trailing 6-month annualized adjusted net operating income (as defined in the GIP SPE Operating Agreement) is in excess of $5.0 million, (iv) GIP SPE and its subsidiaries’ senior debt is extended through the end of the extension period, and there are no defaults under the GIP SPE Operating Agreement.
Previous wording
Due to the redemption right, the Preferred Interest is presented as temporary equity at redemption value of $14,100,000 plus accrued but unpaid preferred interest of $3,932,478 as of June 30, 2025.
Current wording
Due to the redemption right, the Preferred Interest is presented as temporary equity at redemption value of $14,100,000 plus accrued but unpaid preferred interest of $4,461,228 as of September 30, 2025.
Previous wording
Net cash used in operating activities was $519,833 and net cash provided by operating activities was $226,605 for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Net cash provided by operating activities was $415,553 and $783,511 for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Net cash provided by investing activities during the six months ended June 30, 2025 and 2024 was $10,333,595 and $0, respectively.
Current wording
Net cash provided by (used in) investing activities during the nine months ended September 30, 2025 and 2024 was $10,333,595 and ($5,960,892), respectively.
Previous wording
Net cash used in financing activities was $10,070,571 and $790,817 for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Net cash (used in) and provided by financing activities was ($11,114,799) and $3,607,045 for the nine months ended September 30, 2025 and 2024, respectively.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The Loan is evidenced by a Promissory Note, dated June 13, 2025 (the “Note”), bearing interest at a fixed rate of 6.50% per annum. The net proceeds of the Loan were used to extract equity from the Property for general corporate purposes. At closing, $750,000 of the Loan proceeds was disbursed, with an additional $350,000 (the “Renewal Funds”) to be disbursed upon satisfaction of certain conditions, including the delivery to the Lender, on or before March 31, 2026, of an executed lease renewal with the Property’s current tenant,
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Agreement dated September 5, 2007. The Sobelman Promissory Note provides that an amount equal to the aggregate unpaid principal amount of the loan, together with accrued but unpaid interest at an interest rate of 5.75% per annum, will be due on August 31, 2025.
Previous report — wording carried elsewhere
13%, (iii) the trailing 6-month annualized adjusted net operating income (as defined in the GIP SPE Operating Agreement) is in excess of $5.0 million, (iv) GIP SPE and its subsidiaries’ senior debt is extended through the end of the extension period, and there are no defaults under the GIP SPE Operating Agreement.