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Generation Income Properties Inc. (GIPR-1.50%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's focus on acquiring and managing income-producing retail, office, and industrial properties net leased to high-quality tenants in major U.S. markets.
During the fiscal year, the company reported total revenue of $9,762,636, an increase from $7,632,600 in the previous year, attributed to a full year of operations of properties acquired in the Modiv acquisition.
Expenses for the year totaled $14,894,980, up from $11,088,848 the previous year, due to increased general and administrative costs, building expenses, and interest expenses.
The company reported a net loss of $4,872,888, compared to a net loss of $4,441,465 in the previous year. The loss was attributed to increased operating expenses and interest costs.
The company completed the acquisition of a 13-property portfolio from Modiv Inc. for $42 million, consisting of retail and office properties.
As of December 31, 2024, the company owned 27 properties, with a portfolio occupancy rate of 99% and an average effective annual rental per square foot of $15.08.
The company suspended its regular dividend to common shareholders in July 2024, following a board decision.
The filing also details the company's financing activities, including a $21 million loan from Valley National Bank for the Modiv portfolio acquisition and a $5.5 million loan from Brown Family Enterprises, LLC.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
The company continues to focus on expanding its portfolio and managing its properties to generate predictable cash flows and capital appreciation.
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. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.