Generation Income Properties Inc. (GIPR) reports earnings

The report was filed on March 28, 2025

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Generation Income Properties Inc. (GIPR-1.22%) 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.

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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.

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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.

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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.

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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.

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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.

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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.