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Generation Income Properties, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $2,400,282 from $1,844,148 in the same quarter the previous year. This increase is attributed to the integration of a 13-property portfolio acquired from Modiv in August 2023.
Operating expenses for the quarter were $3,769,715, up from $3,060,136 in the same quarter of the previous year. This increase is due to higher building expenses and interest expenses related to the new property acquisitions.
The company reported a net loss of $2,103,549 for the quarter, compared to $1,213,265 in the previous year. The increased loss is primarily due to higher depreciation and amortization expenses and interest costs.
Net loss attributable to common shareholders was $2,969,596, compared to $1,828,902 in the previous year. This reflects the impact of increased operating expenses and interest costs.
Cash provided by operating activities was $783,511, while cash used in investing activities was $5,960,892, primarily for property acquisitions.
Generation Income Properties had a working capital of $1,581,610 as of September 30, 2024. The company acknowledges its dependence on successful execution of management’s plan to improve liquidity and profitability to meet future obligations.
The filing also details various financial agreements, including a loan agreement with Valley Bank for $21.0 million to finance the acquisition of the Modiv Portfolio.
Generation Income Properties does not anticipate cash dividend payments to common stockholders in the near future, having suspended its regular dividend in July 2024.
The company continues to focus on acquiring and managing income-producing properties and highlights its dependence on a few large tenants for a significant portion of its rental income.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Generation Income Properties Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.