AI Earnings Predictions for Generation Income Properties Inc. (GIPR)

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GIPR Q2 2026 Earnings Release

Generation Income Properties Announces Second Quarter 2026 Financial Results and Provides Shareholder Update

TAMPA, Fla., August 17, 2026 – Generation Income Properties, Inc. (NASDAQ: GIPR) (“GIPR” or the “Company”) today announced its three- and six-month financial and operating results for the period ended June 30, 2026 and issued the below letter to shareholders from Chief Executive Officer David Sobelman providing a corporate update on recent developments.

Second Quarter 2026 Financial Highlights

• Regained compliance with Nasdaq's stockholders' equity requirement under Listing Rule 5550(b)(1), effective August 10, 2026

• Net loss attributable to common shareholders narrowed to $1.08 million for the second quarter of 2026, down from $4.42 million in the second quarter of 2025 — a 76% improvement

• Six-month net loss attributable to common shareholders narrowed to $3.21 million, down from $7.15 million in the same period of 2025

• Reduced the Loci preferred equity redemption obligation to $7.96 million as of August 1, 2026, down from a peak of approximately $20 million

• Completed profitable property dispositions during the first half of 2026, including gains of $265,000 (Dollar Tree) and $825,000 (Starbucks), plus a further gain of approximately $301,000 on the subsequent sale of the Vacaville, CA property leased to the GSA

• Raised approximately $4.6 million in net proceeds through a public offering completed in June 2026

• Completed a 1-for-10 reverse stock split effective July 9, 2026

• Restructured preferred equity agreements with the Company's two largest preferred holders to settle via exchange into common stock rather than cash redemption

GIPR's Chairman, Chief Executive Officer, and President shares key highlights of recent developments:

Dear Fellow Shareholders,

When I wrote to you in July, I told you our priorities were preserving GIPR's Nasdaq listing, improving our balance sheet, reducing our preferred equity burden, and building a path toward long-term stability. Our second quarter results show real, measurable progress on these fronts — and I want to walk you through the numbers behind that progress, along with the work that remains.

We regained Nasdaq equity compliance. On August 10, 2026, Nasdaq confirmed that GIPR has regained compliance with the stockholders' equity requirement under Listing Rule 5550(b)(1). This is the direct result of a year of deliberate balance sheet work: restructuring preferred equity, raising capital, converting debt to equity, and selling assets at a profit in the aggregate. As of the date of this letter, we believe our stockholders' equity exceeds $5 million, aided materially by the July amendments that converted roughly $5.3 million of Series B-1 and B-2 preferred units from redeemable temporary equity into permanent equity, and by the CEO's own conversion of $120,000 of debt into common stock. Nasdaq will monitor our equity compliance for one year, and we are focused on maintaining it.

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GIPR Q2 2026 Earnings Release

We cut the Loci redemption obligation by more than half. The preferred equity obligation to LC2-NNN Pref, LLC (an affiliate of Loci Capital) has been reduced from roughly $20 million at its peak to $7.96 million as of August 1, 2026, largely through property sale proceeds. This is the single largest legacy balance sheet liability, and although there is no assurance, management believes we have a realistic path to substantially retiring the remaining balance by the end of August 2026 through a combination of additional asset sales and potential financing or refinancing activity. Loci and the Company have agreed to extend the mandatory redemption deadline to August 30, 2026.

Our losses are shrinking meaningfully. Net loss attributable to common shareholders was $1.08 million for the second quarter of 2026, down from $4.42 million in the same quarter last year — a 76% improvement. For the first six months of 2026, our net loss attributable to shareholders was $3.21 million, down from $7.15 million a year earlier. Interest expense, net, fell by more than $1.0 million for the quarter as we paid down debt and preferred obligations. Revenue declined modestly (to $2.11 million for the quarter, from $2.43 million), which reflects the properties we've intentionally sold as part of our deleveraging strategy, not underperformance of the properties we still hold — which remain 100% leased.

Our asset sales are generating real profits, not distressed pricing. During the first half of 2026, we closed sales of our Dollar Tree property (a $265,000 gain) and our Starbucks property (an $825,000 gain). Subsequent to quarter-end, we closed the sale of our Vacaville, California office property leased to the GSA, generating a further gain of roughly $301,000. To emphasize the point, these are not fire sales attributable to underperformance of the properties. We believe our ori

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Exhibit 99.1

FOR IMMEDIATE RELEASE

April 1, 2025

Generation Income Properties Announces Year End 2024 Financial and Operating Results

TAMPA, FLORIDA – Generation Income Properties, Inc. (NASDAQ: GIPR) ("GIPR" or the "Company") today announced its three and twelve month financial and operating results for the period ended December 31, 2024.

Annual Highlights

(For the 12 months ended December 31, 2024)

• Generated net loss attributable to GIP common shareholders of $8.44 million, or ($1.64) per basic and diluted share.

• Generated Core FFO of $179 thousand, or $0.03 per basic and diluted share.

• Generated Core AFFO of $373 thousand, or $0.07 per basic and diluted share.

FFO and related measures (such as Core FFO and Core AFFO) are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to Core FFO and Core AFFO is included at the end of this release.

Portfolio

• Approximately 60% of our portfolio’s annualized rent as of December 31, 2024 was derived from tenants that have (or whose parent company has) an investment grade credit rating from a recognized credit rating agency of “BBB-” or better. Our largest tenants are the General Service Administration, Dollar General, and the City of San Antonio, who collectively contributed approximately 39% of our portfolio’s annualized base rent as of December 31, 2024.

• Our portfolio is 99% leased and occupied and tenants are currently 100% rent paying.

• Approximately 93% of the leases in our current portfolio (based on ABR as of December 31, 2024) provide for increases in contractual base rent during future years of the current term or during the lease extension periods.

• Average effective annual rental per square foot is $15.08.

Liquidity and Capital Resources

• $647 thousand in total cash and cash equivalents as of December 31, 2024.

• Total mortgage loans, net was $56.3 million as of December 31, 2024.

Financial Results

• During the twelve months ended December 31, 2024, total revenue from operations was 9.8 million, as compared to $7.6 million for the twelve months ended December 31, 2023 The overall revenue increase was driven by the integration of the 13-property portfolio acquired from Modiv in August 2023.

• Operating expenses, including G&A, for the twelve months ended December 31, 2024 were $14.9 million as compared to $11 million for the twelve months ended December 31, 2023 due to increases in depreciation and amortization and interest expense from recent acquisitions. Compensation costs decreased by $312,203, or approximately 23% as management optimized staffing levels and overhead to align with the Company's scale.

• Net loss attributable to common shareholders was $8.4 million for the twelve months ended December 31, 2024 as compared to $6.2 million for the twelve months ended December 31, 2023.

Commenting on the year, a letter from CEO David Sobelman:

To my fellow GIPR Shareholders,

Our stock price is down to around its all-time low and I think it’s important to address that first and acknowledge that it’s the most important topic to cover in this year-end letter. As we release the company’s results for 2024 I want to provide insight into the decisions we made, a recap of 2024 events, key developments since December 31, and our strategy for repositioning parts of our company to emphasize our long-term value.

This letter is long, covering many key topics. To help you navigate to the information most pertinent to you, those topics are outlined below.

• Stock Price and Dividend Policy

• 2024 Recap of Events

• Subsequent Events

• Capital

• The Plan for 2025

An average GIPR shareholder currently owns about 650 shares of the company, which includes approximately 4200 shareholders at our last count. I’m stating this because it’s important to have the context of our current shareholder base as you read some thoughts around the topics that are important to cover.

Stock Price and Dividend Policy

As mentioned, our price is at an all-time low. The frank reason is that we believe the market wants a dividend from their REIT investments, and we don’t currently provide one. In 2024, we suspended our dividend because it wasn’t fully covered by company profits.

Early-stage REITs commonly return investor capital through dividends while scaling. Since our IPO in 2021, we chose to pay dividends from cash, given the positive outlook of the net lease investment market. In order to raise public capital through the issuance of common shares, we needed to stabilize our price through dividends. While this is a traditional growth strategy, it did not materialize as expected due to post-COVID economic pressures affecting the real estate and finance sectors.

Since 2021, we have experienced significant growth in our portfolio. Our portfolio

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Exhibit 99.1

FOR IMMEDIATE RELEASE

November 15, 2024

Generation Income Properties Announces Third Quarter 2024 Financial and Operating Results

TAMPA, FLORIDA – Generation Income Properties, Inc. (NASDAQ: GIPR) ("GIPR" or the "Company") today announced its three and nine month financial and operating results for the period ended September 30, 2024.

Quarterly Highlights

(For the 3 months ended September 30, 2024)

• Generated net loss attributable to GIP common shareholders of $2.1 million, or ($0.55) per basic and diluted share.

• Generated Core FFO of ($146 thousand), or ($0.03) per basic and diluted share.

• Generated Core AFFO of $100 thousand, or $0.02 per basic and diluted share.

FFO and related measures are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to Core FFO and Core AFFO is included at the end of this release.

Portfolio

• Approximately 60% of our portfolio’s annualized base rent ("ABR") as of September 30, 2024 was derived from tenants that have (or whose parent company has) an investment grade credit rating from a recognized credit rating agency of “BBB-” or better. Our largest tenants are the General Service Administration, Dollar General, EXP Services, Kohl’s Corporation, PRA Holdings, and The City of San Antonio which collectively contributed approximately 69% of our portfolio’s annualized base rent.

• Our portfolio is 89% leased and occupied and tenants are 100% rent paying.

• Approximately 92% of the leases in our current portfolio (based on ABR as of September 30, 2024) provide for increases in contractual base rent during future years of the current term or during the lease extension periods.

• Average effective annual rental per square foot is $14.75.

Liquidity and Capital Resources

• $1.58 million in total cash and cash equivalents as of September 30, 2024.

• Total mortgage loans, net was $59.7 million as of June 30, 2024.

Financial Results

• During the three and nine months ended September 30, 2024, total revenue from operations were $2.4 million and $7.09 million respectively, as compared to $1.8 million and $4.5 million for the three and nine months ended September 30, 2023, respectively. The overall revenue increase was driven by the integration of the 13-property portfolio acquired from Modiv in August 2023.

• Operating expenses, including G&A, for the same periods in the current year were $3.8 million and $11.1 million, respectively, due to increases in depreciation and amortization and interest expense from recent acquisitions.

• Net operating income (“NOI”) for the three months ended September 30, 2024, was $1.7 million and $1.4 million for the same period last year, which is a direct result of the acquisition of properties.

• Net loss attributable to GIPR for the nine months ended September 30, 2024, was $8.3 million as compared to $4 million for the same period last year.

Commenting on the quarter, a letter from CEO David Sobelman:

To the Shareholders and my colleagues at Generation Income Properties, Inc.,

The third quarter of this year presented challenges for our stock price, which reached an all-time low despite the significant transitional events we’ve achieved to position the company for long-term growth and sustainability. I recognize that some shareholders have expressed concerns, indicating that the company's recent dividend suspension holds more weight for them than our long-term outlook. It’s clear that many of our shareholders view their investment primarily for the monthly dividend and the regular income it provides, rather than the intrinsic value of our growing assets. I understand this perspective, especially given that "income" is part of our company name. REITs are fundamentally structured to provide dividends, a practice established since their inception in the 1950s and 1960s, offering a transparent way for investors to engage in real estate markets that might otherwise be inaccessible.

I recently finished reading "Watch That Rat Hole: And Witness the REIT Revolution" by Kenneth D. Campbell, one of the early analysts in the REIT industry. The book discusses how REITs were created to fund single-family home developers, providing the necessary short-term debt for their projects in the post-WWII era. This initiative arose from a pressing need in the United States, as developers struggled to secure funding from traditional banks for their short-term projects. Over time, the REIT structure evolved to include funding not only for debt but also for a variety of property types.

This historical context highlights that, since the industry's inception, many investments have focused on short-term returns. Campbell’s book also notes that economic changes can impact these short-term strategies. When conditions shift—such as inter

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Exhibit 99.1

FOR IMMEDIATE RELEASE

August 15, 2024

Generation Income Properties Announces Second Quarter 2024 Financial and Operating Results

TAMPA, FLORIDA – Generation Income Properties, Inc. (NASDAQ: GIPR) ("GIPR" or the "Company") today announced its three and six month financial and operating results for the period ended June 30, 2024.

Quarterly Highlights

(For the 3 months ended June 30, 2024)

• Generated net loss attributable to GIP common shareholders of $2.3 million, or ($0.42) per basic and diluted share.

• Generated Core FFO of ($41 thousand), or ($0.01) per basic and diluted share.

• Generated Core AFFO of $162 thousand, or $0.03 per basic and diluted share.

FFO and related measures are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to Core FFO and Core AFFO is included at the end of this release.

Portfolio

• Approximately 60% of our portfolio’s annualized base rent ("ABR") as of June 30, 2024 was derived from tenants that have (or whose parent company has) an investment grade credit rating from a recognized credit rating agency of “BBB-” or better. Our largest tenants are the General Service Administration, Dollar General, EXP Services, and Kohl’s Corporation, PRA Holdings, and City of San Antonio and contributed approximately 69% of our portfolio’s annualized base rent.

• Our portfolio is 89% leased and occupied and tenants are 100% rent paying.

• Approximately 92% of the leases in our current portfolio (based on ABR as of June 30, 2024) provide for increases in contractual base rent during future years of the current term or during the lease extension periods.

• Average effective annual rental per square foot is $14.75.

Liquidity and Capital Resources

• $2.59 million in total cash and cash equivalents as of June 30, 2024.

• Total mortgage loans, net was $56.3 million as of June 30, 2024.

Financial Results

• During the three and six months ended June 30, 2024, total revenue from operations were $2.3 million and $4.7 million respectively, as compared to $1.3 million and $2.7 million for the three and six months ended June 30, 2023, respectively. The overall revenue increase was driven by the integration of the 13 property portfolio acquired from Modiv in August 2023.

• Operating expenses, including G&A, for the same periods were $3.7 million and $7.4 million, respectively, due to increases in depreciation and amortization and interest expense from recent acquisitions.

• Net operating income (“NOI”) for the three months ended June 30, 2024 was $1.6 million and $1 million for the same period last year, which is a direct result of the acquisition of properties.

• Net loss attributable to GIPR for the six months ended June 30, 2024 was $1.5 million as compared to $752 thousand for the same period last year.

Commenting on the quarter, a letter from CEO David Sobelman:

To the Shareholders of Generation Income Properties, Inc.:

It has only been 5 weeks since we last communicated with you, but as we release another earnings report and close out the second quarter of the year, we want to ensure we are keeping you apprised on the important events happening within your company. We think generationally, not day to day, week to week, quarter by quarter or even year to year. That has always been the premise of our company and continues to be today, as our culture and primary investment objectives are expected to remain static throughout any market cycle or influence.

Achievements

Since our last communication, we’ve:

1. Signed a lease with Auburn University (S&P: AA) at an industrial building in Huntsville, AL.

2. Received $2.5 million in cash contributed to our Limited Partnership from a new investor.

3. Entered into an agreement with a holder of common units of our operating partnership whereby we exchanged their common units for Series B-1 preferred units of our operating partnership having a redemption value of $7.15/unit and extended the redemption date on the units to July 2026 from January 2025.

4. Extended the redemption date for membership interests of our equity partner in two of our Norfolk, Virginia properties to February 2027 from February 2025.

5. Management has received indicative terms that are favorable to the Company, for both maturing Bayport loans for our Norfolk, Virginia properties, and expects to close by the end of August 2024.

6. Announced the hiring of CohnReznick as our company's independent registered accounting firm, a replacement for Malone Bailey who served us well up until this point of our growth.

With these recent accomplishments, we can now claim the following:

• We currently have 100% rent collection from our leased properties.

• Our company’s net operating income (NOI) is derived from approximately 68% investment grade te

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Exhibit 99.1

FOR IMMEDIATE RELEASE

April 9, 2024

Generation Income Properties Announces Fourth Quarter and Year-End 2023 Financial and Operating Results

TAMPA, FLORIDA – Generation Income Properties, Inc. (NASDAQ: GIPR) ("GIPR" or the "Company") announced its twelve- month financial and operating results for the period ended December 31, 2023.

Annual Highlights

(For the 12 months ended December 31, 2023)

• Generated net loss attributable to GIP common shareholders of $6.2 million, or $2.46 per basic and diluted share.

• Generated Core FFO of $534 thousand, or $0.21 per basic and diluted share.

• Generated Core AFFO of $705 thousand, or $0.28 per basic and diluted share.

FFO and related measures are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to Core FFO and Core AFFO is included at the end of this release.

Portfolio

• Approximately 68% of the Company's portfolio’s annualized base rent as of December 31, 2023 was derived from tenants that have (or whose parent company has) an investment grade credit rating from a recognized credit rating agency of “BBB-” or better. Our largest tenants are the General Service Administration, Dollar General and the City of San Antonio who collectively contributed 39%.

• The Company’s tenants are 100% rent paying and have been since our inception.

• 84% of our portfolio’s annualized base rent in our current portfolio provide for increases in contractual base rent during future years of the current term or during the lease renewal periods.

• The average ABR per square foot is $16.02.

Liquidity and Capital Resources

• $3.15 million in total cash and cash equivalents as of December 31, 2023.

• Total mortgage loans, net was $56.8 million as of December 31, 2023.

Financial Results

• Total revenue was $7.6 million during the twelve-month period ended December 31, 2023, as compared to $5.4 million for the twelve-month period ended December 31, 2022. This represents a year-over-year increase of 40% driven primarily by the acquisition of properties.

• Operating expenses, including G&A, for the same periods were $11.1 million and $7.9 million, respectively, due to increases in depreciation and amortization, interest expense and building expenses from recent acquisitions.

• Net operating income (“NOI”) for the same periods was $5.9 million and $4.2 million, a 40% increase from the same period last year, which is a direct result of the acquisition of properties.

• Net loss attributable to common shareholders for the twelve months ended December 31, 2023 was $6.2 million as compared to $3.2 million for the same period last year.

2024 Guidance

The Company is not providing guidance on future financial results or acquisitions and dispositions at this time. However, the Company will provide timely updates on material events, which will be broadly disseminated in due course. The Company’s executives, along with its Board of Directors, continue to assess the advisability and timing of providing such guidance to better align GIPR with its industry peers.

Commenting on the Year and GIPR's 2024 outlook, a letter from CEO David Sobelman:

To the shareholders of Generation Income Properties, Inc.:

I always think it's important to communicate with our shareholders, either in the public domain or in direct conversations, when possible, but this year's letter seems to be especially important due to many factors. I prefer you hear news from me, the founder and CEO, and not an investor relations professional or someone trying to "spin" the narrative in a positive way. With me, you get the good and the bad. If you are a shareholder of GIPR, then you are a landlord to some of the nation's largest institutions, and while we're a growing company, you have entrusted us with your money and deserve to get straight talk on the outlook of your investment. We operate under the regulations and rules of many well-respected institutions-- the SEC, IRS, FINRA, Nasdaq, etc. There are many "eyes" on us as we navigate both the real estate and capital markets in order to grow the company. But no eyes are more important than those that we serve, our shareholders.

I started my real estate career in 2003, which most economists would say was the tail end of a recession. I was young and naive enough to not know that it was a recession, so, in hindsight, I'm especially grateful to those who gave me a job. In fact, within the same week in 2003, I got a job, got engaged and was accepted to compete in a triathlon I had been working towards for about ten years. It was a big week. Twenty years later, I'm still married to the same woman, Tanner, who took the biggest risk of her life by marrying me. I didn't fit the profile of what her father laid out for her during her formative years, bu

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Exhibit 99.1

FOR IMMEDIATE RELEASE

November 13, 2023

Generation Income Properties Announces Third Quarter 2023 Financial and Operating Results

TAMPA, FLORIDA – Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIPR" or the "Company") today announced its financial and operating results for the three-month period ended September 30, 2023.

Highlights

(For the 3 months ended September 30, 2023)

• Generated net loss attributable to common shareholders of ($1.8 million), or ($0.70) per basic and diluted share.

• Generated Core FFO of ($66 thousand), or ($0.03) per basic and diluted share.

• Generated Core AFFO of ($24 thousand), or ($0.01) per basic and diluted share.

FFO and related measures are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to Core FFO and Core AFFO is included at the end of this release.

Commenting on the quarter David Sobelman, Chief Executive Officer, noted "As reported, at the beginning of the third quarter we completed the acquisition of a $42 million dollar net lease portfolio consisting of thirteen properties across eight states. This transaction has increased almost every metric in GIPRs portfolio to the benefit of our shareholders and we're pleased to see that reflected in our results for the quarter."

Portfolio

• Approximately 68% of our portfolio’s annualized base rent ("ABR") as of September 30, 2023 was derived from tenants that have (or whose parent company has) an investment grade credit rating from a recognized credit rating agency of “BBB-” or better. Our largest tenants are the General Service Administration, Dollar General, City of San Antonio (Pre-K), and Kohl's Corporation and contributed approximately 49% of our portfolio's ABR (based on ABR as of September 30, 2023) .

• Our portfolio is 96% leased and occupied.

• Approximately 84% of the leases in our current portfolio provide for increases in contractual base rent during future years of the current term or during the lease extension periods.

• Average effective annual rental per square foot is $16.02.

Liquidity and Capital Resources

• We had $4.4 million in total cash and cash equivalents as of September 30, 2023.

• Total mortgage loans, net was $57.1 million as of September 30, 2023.

Financial Results

• Total revenue from operations was $1.8 million as compared to $1.5 million for the three months ended September 30, 2023 and 2022, respectively.

• Operating expenses, including G&A, for the same periods were $3.1 million and $2.0 million, respectively.

• Net operating income (“NOI”) for the same periods was $1.4 million and $1.2 million.

• Net loss attributable to GIPR for the three months ended September 30, 2023 was $1.6 million as compared to net loss of $639 thousand for the same period last year.

The Company is not providing guidance on future financial results or acquisitions and dispositions at this time. However, the Company will provide timely updates on material events, which will be broadly disseminated in due course. The Company’s executives, along with its Board of Directors, continue to assess the advisability and timing of providing such guidance to better align GIPR with its industry peers.

About Generation Income Properties

Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate investment trust formed to acquire and own, directly and jointly, real estate investments focused on retail, office, and industrial net lease properties in densely populated submarkets. Additional information about Generation Income Properties, Inc. can be found at the Company's corporate website: www.gipreit.com.

Forward-Looking Statements

This press release, whether or not expressly stated, may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. The words "believe," "intend," "expect," "plan," "should," "will," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These statements reflect the Company's expectations regarding future events and economic performance and are forward-looking in nature and, accordingly, are subject to risks and uncertainties. Such forward-looking statements include risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements which are, in some cases, beyond the Company’s control and which could have a material adverse effect on the Company's business, financial condition, and results of operations. These risks and uncertainties include the risk that we may not be able to timely identify and close on acquisition opportunities, our limited operating history, potential changes in the economy in general

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Exhibit 99.1

FOR IMMEDIATE RELEASE

August 14, 2023

Generation Income Properties Announces Second Quarter 2023 Financial and Operating Results

TAMPA, FLORIDA – Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIPR" or the "Company") today announced its financial and operating results for the three-month period ended June 30, 2023.

Highlights

(For the 3 months ended June 30, 2023)

• Generated net loss attributable to GIPR of ($881 thousand), or ($0.34) per basic and diluted share.

• Generated Core FFO of ($88) thousand, or ($0.03) per basic and diluted share.

• Generated Core AFFO of ($33) thousand, or ($0.01) per basic and diluted share.

FFO and related measures are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to Core FFO and Core AFFO is included at the end of this release.

Portfolio

• Approximately 62% of our portfolio’s annualized base rent ("ABR") as of June 30, 2023 was derived from tenants that have (or whose parent company has) an investment grade credit rating from a recognized credit rating agency of “BBB-” or better. Our largest tenants are the General Service Administration, PRA Holdings, Inc., Pratt and Whitney, and Kohl’s Corporation and contributed approximately 66% of our portfolio’s annualized base rent.

• The Company’s tenants are 100% rent paying and have been since our inception. Our portfolio is 93% leased and occupied.

• Approximately 87% of the leases in our current portfolio (based on ABR as of June 30, 2023) provide for increases in contractual base rent during future years of the current term or during the lease extension periods.

• The average ABR per square foot is $15.05 psf.

Liquidity and Capital Resources

• We had $2.1 million in total cash and cash equivalents as of June 30, 2023.

• Total mortgage loans, net was $35.0 million as of June 30, 2023.

Financial Results

• Total revenue from operations was $1,328,878 as compared to $1,379,103 for the three months ended June 30, 2023 and 2022, respectively.

• Operating expenses, including G&A, for the same periods were $2.0 million and $2.0 million, respectively.

• Net operating income (“NOI”) for the same periods was $1.0 million and $1.1 million with the decrease attributable to our one tenant vacancy.

• Net loss attributable to GIPR for the three months ended June 30, 2023 was $881 thousand as compared to net loss of $1.0 million for the same period last year.

The Company is not providing guidance on future financial results or acquisitions and dispositions at this time. However, the Company will provide timely updates on material events, which will be broadly disseminated in due course. The Company’s executives, along with its Board of Directors, continue to assess the advisability and timing of providing such guidance to better align GIPR with its industry peers.

About Generation Income Properties

Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate investment trust formed to acquire and own, directly and jointly, real estate investments focused on retail, office, and industrial net lease properties in densely populated submarkets. Additional information about Generation Income Properties, Inc. can be found at the Company's corporate website: www.gipreit.com.

Forward-Looking Statements

This press release, whether or not expressly stated, may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. The words "believe," "intend," "expect," "plan," "should," "will," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These statements reflect the Company's expectations regarding future events and economic performance and are forward-looking in nature and, accordingly, are subject to risks and uncertainties. Such forward-looking statements include risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements which are, in some cases, beyond the Company’s control and which could have a material adverse effect on the Company's business, financial condition, and results of operations. These risks and uncertainties include the risk that we may not be able to timely identify and close on acquisition opportunities, our limited operating history, potential changes in the economy in general and the real estate market in particular, the COVID-19 pandemic, and other risks and uncertainties that are identified from time to in our SEC filings, including those identified in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed on March 28, 2023, which are available at www.sec.gov. The occurrence of any of these risks and

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Exhibit 99.1

FOR IMMEDIATE RELEASE

May 12, 2023

Generation Income Properties Announces First Quarter 2023 Financial and Operating Results

TAMPA, FLORIDA – Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIPR" or the "Company") today announced its financial and operating results for the three-month period ended March 31, 2023.

Highlights

(For the 3 months ended March 31, 2023)

• Generated net loss attributable to GIPR of ($1.3 million), or ($0.52) per basic and diluted share.

• Generated Core FFO of ($7) thousand, or ($0.003) per basic and diluted share.

• Generated Core AFFO of ($15) thousand, or ($0.006) per basic and diluted share.

Commenting on the quarter, CEO David Sobelman stated, “With the capital markets evolving into today’s market climate and transaction volume drastically decreasing from its historical highs, our patience is starting to pay off as pricing for assets that we target has become more congruent with what we would expect for this period of the economic cycle, and we're diligently positioning ourselves to be in a position to take advantage of buying opportunities as they arise".

FFO and related measures are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to Core FFO and Core AFFO is included at the end of this release.

Portfolio

• Approximately 62% of our portfolio’s annualized base rent ("ABR") as of March 31, 2023 was derived from tenants that have (or whose parent company has) an investment grade credit rating from a recognized credit rating agency of “BBB-” or better. Our largest tenants are the General Service Administration, PRA Holdings, Inc., Pratt and Whitney, and Kohl’s Corporation and contributed approximately 66% of our portfolio’s annualized base rent.

• The Company’s tenants are 100% rent paying and have been since our inception. Our portfolio is 93% leased and occupied.

• 100% of the leases in our current portfolio provide for increases in contractual base rent during future years of the current term or during the lease extension periods.

• The average ABR per square foot is $15.05 psf.

Liquidity and Capital Resources

• We had $2.8 million in total cash and cash equivalents as of March 31, 2023.

• Total mortgage loans, net was $35.8 million as of March 31, 2023.

Financial Results

• Total revenue from operations was $1.3 million during the three-month period ended March 31, 2023, as compared to $1.2 million for the three-month period ended March 31, 2022.

• Operating expenses, including G&A, for the same periods were $2.0 million and $1.6 million, respectively, due to increases in G&A, recoverable expenses and depreciation/amortization from acquisitions, and compensation costs.

• Net operating income (“NOI”) for the same periods was $1.0 million and $928 thousand, a 10% increase from the same period last year, which is a direct result of the recognition of full quarter rents from acquisitions of properties during the three months ended March 31, 2022 as well as contractual rent increases incurred during the three months ended March 31, 2023.

• Other expense during the three months ended March 31, 2023 includes an accrual of $506,000 relating to the potential reimbursement of federal, state and local income taxes that may be incurred by a remaining partner in one of our partnerships pursuant to a tax protection agreement.

• Net loss attributable to GIPR for the three months ended March 31, 2023 was $1.3 million as compared to net income of $575 thousand for the same period last year.

The Company is not providing guidance on future financial results or acquisitions and dispositions at this time. However, the Company will provide timely updates on material events, which will be broadly disseminated in due course. The Company’s executives, along with its Board of Directors, continue to assess the advisability and timing of providing such guidance to better align GIPR with its industry peers.

About Generation Income Properties

Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate investment trust formed to acquire and own, directly and jointly, real estate investments focused on retail, office, and industrial net lease properties in densely populated submarkets. Additional information about Generation Income Properties, Inc. can be found at the Company's corporate website: www.gipreit.com.

Forward-Looking Statements

This press release, whether or not expressly stated, may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. The words "believe," "intend," "expect," "plan," "should," "will," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These stateme

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EX-99

Exhibit 99.1

FOR IMMEDIATE RELEASE

March 27, 2023

Generation Income Properties Announces Fourth Quarter and Year-End 2022 Financial and Operating Results

TAMPA, FLORIDA – Generation Income Properties, Inc. (NASDAQ: GIPR) ("GIPR" or the "Company") today announced its three- and twelve- month financial and operating results for the period ended December 31, 2022.

Quarterly Highlights

(For the 3 months ended December 31, 2022)

• Generated net loss attributable to GIPR of $976 thousand, or ($0.39) per basic and diluted share.

• Generated Core FFO of ($76 thousand), or ($0.03) per basic and diluted share.

• Generated Core AFFO of ($56 thousand), or ($0.02) per basic and diluted share.

Annual Highlights

(For the 12 months ended December 31, 2022)

• Generated net loss attributable to GIPR of $3.2 million, or ($1.40) per basic and diluted share.

• Generated Core FFO of $157 thousand, or $0.07 per basic and diluted share.

• Generated Core AFFO of $426 thousand, or $0.18 per basic and diluted share.

Commenting on the year-end results , CEO David Sobelman stated, “With the ongoing volatility in the global financial markets, which is ultimately affecting net leased property valuations in our favor, we believe that our patience and discipline to wait for the right opportunities will benefit our shareholders' long term interests."

FFO and related measures are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to Core FFO and Core AFFO is included at the end of this release.

Portfolio

• Approximately 64% of the Company's portfolio’s annualized base rent as of December 31, 2022 was derived from tenants that have (or whose parent company has) an investment grade credit rating from a recognized credit rating agency of “BBB-” or better. Our largest tenants are the General Service Administration, PRA Holdings, Inc., Pratt & Whitney Automation, Inc., and Kohl's Corporation which contributed approximately 62% of our portfolio’s annualized base rent as of December 31, 2022.

• The Company’s tenants are 100% rent paying and have been since our inception.

• 93% of our portfolio’s annualized base rent in our current portfolio provide for increases in contractual base rent during future years of the current term or during the lease renewal periods.

• The average ABR per square foot is $16.07.

Liquidity and Capital Resources

• $3.8 million in total cash and cash equivalents as of December 31, 2022.

• Total mortgage loans, net was $35.2 million as of December 31, 2022.

Financial Results

• Total revenue was $5.4 million during the twelve-month period ended December 31, 2022, as compared to $3.9 million for the twelve-month period ended December 31, 2021. This represents a year-over-year increase of 39% driven primarily by the acquisition of properties.

1

• Operating expenses, including G&A, for the same periods were $7.9 million and $5.5 million, respectively, due to increases in depreciation and amortization from recent acquisitions, G&A, recoverable expenses and compensation costs.

• Net operating income (“NOI”) for the same periods was $4.2 million and $3.1 million, a 35% increase from the same period last year, which is a direct result of the acquisition of properties.

• Net loss attributable to GIPR for the twelve months ended December 31, 2022 was $3.2 million as compared to $1.2 million for the same period last year.

2023 Guidance

The Company is not providing guidance on future financial results or acquisitions and dispositions at this time. However, the Company will provide timely updates on material events, which will be broadly disseminated in due course. The Company’s executives, along with its Board of Directors, continue to assess the advisability and timing of providing such guidance to better align GIPR with its industry peers.

Conference Call and Webcast

The Company will host its year end earnings conference call and audio webcast on Tuesday, March 28, 2023, at 9:00 a.m. Eastern Time. To access the live webcast, which will be available in listen-only mode, please follow this link. If you prefer to listen via phone, U.S. participants may dial: 877-407-3141 (toll free) or 201-689-7803 (local).

About Generation Income Properties

Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate investment trust formed to acquire and own, directly and jointly, real estate investments focused on retail, office, and industrial net lease properties in densely populated submarkets. Additional information about Generation Income Properties, Inc. can be found at the Company's corporate website: www.gipreit.com.

Forward-Looking Statements

This press release, whether or not expressly stated, may contain "forward-looking" statements as defined in the Private S

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EX-99.1

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

November 14, 2022

Generation Income Properties Announces Third Quarter 2022 Financial and Operating Results

TAMPA, FLORIDA – Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIPR" or the "Company") today announced its financial and operating results for the period ended September 30, 2022.

Highlights

(For the 3 months ended September 30, 2022)

• Generated net loss attributable to GIPR of $639 thousand, or ($0.28) per basic and diluted share.

• Generated Core FFO of $326 thousand, or $0.14 per basic and diluted share.

• Generated Core AFFO of $358 thousand, or $0.16 per basic and diluted share.

Commenting on the quarter, CEO David Sobelman stated, “During the third quarter we focused on maximizing internal growth and growing our pipeline in order to better navigate the uncertainty that is prevalent throughout today’s markets. By positioning ourselves to take advantage of the imbalances within the market, we’ll look to opportunistically acquire assets when the time is right. We’re glad to be able to say that we’re in a stable position as it relates to our 100% rent collection, fixed debt rates that are well below today’s market interest rates, and the high credit worthiness of our tenants.”

FFO and related measures are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to Core FFO and Core AFFO is included at the end of this release.

Portfolio (as of September 30, 2022, unless otherwise stated)

• Approximately 85% of our portfolio’s annualized base rent ("ABR") as of September 30, 2022 was derived from tenants that have (or whose parent company has) an investment grade credit rating from a recognized credit rating agency of “BBB-” or better. Our largest tenants are the General Service Administration, PRA Holdings, Inc., Pratt and Whitney, and Kohl’s, all who have an ‘BB+’ credit rating or better from S&P Global Ratings and contributed approximately 66% of our portfolio’s annualized base rent.

• The Company’s tenants are 100% rent paying and have been since our inception.

• Approximately 92% of our portfolio’s annualized base rent in our current portfolio provide for increases in contractual base rent during future years of the current term or during the lease renewal periods.

• The average ABR per square foot is $15.70.

Liquidity and Capital Resources

• $2.6 million in total cash and cash equivalents as of September 30, 2022.

• Total mortgage loans, net was $35.4 million as of September 30, 2022.

Financial Results

1

• Total revenue from operations was $1.5 million during the three-month period ended September 30, 2022, as compared to $1.0 million for the three-month period ended September 30, 2021. This represents a year-over-year increase of 43% driven primarily by the acquisition of properties.

• Operating expenses, including G&A, for the same periods were $2.0 million and $1.3 million, respectively, due to increases in G&A, recoverable expenses and depreciation/amortization from recent acquisitions, and compensation costs.

• Net operating income (“NOI”) for the same periods was $1.2 million and $838 thousand, a 44% increase from the same period last year, which is a direct result of the acquisition of properties.

• Net loss attributable to GIPR for the three months ended September 30, 2022 was $639 thousand as compared to net income of $456 thousand for the same period last year, with the change being attributable primarily to a $923 thousand gain on sale of a property during the three months ended September 20, 2021 that did not occur in the same period of 2022.

2022 Guidance

The Company is not providing guidance on future financial results or acquisitions and dispositions at this time. However, the Company will provide timely updates on material events, which will be broadly disseminated in due course. The Company’s executives, along with its Board of Directors, continue to assess the advisability and timing of providing such guidance to better align GIPR with its industry peers.

Conference Call and Webcast

The Company will host its third quarter earnings conference call and audio webcast on Tuesday, November 15, 2022, at 9:00 a.m. Eastern Time. To access the live webcast, which will be available in listen-only mode, please follow this link. If you prefer to listen via phone, U.S. participants may dial: 877-407-3141 (toll free) or 201-689-7803 (local).

About Generation Income Properties

Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate investment trust formed to acquire and own, directly and jointly, real estate investments focused on retail, office, and industrial net lease properties in densely populated submarkets. Additional information about Generation Income Properties, In

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

August 12, 2022

Generation Income Properties Announces Second Quarter 2022 Financial and Operating Results

TAMPA, FLORIDA – Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIPR" or the "Company") today announced its financial and operating results for the period ended June 30, 2022.

Highlights

(For the 3 months ended June 30, 2022)

• Generated net loss attributable to GIPR of $1.05 million, or ($0.46) per basic and diluted share.

• Generated Core FFO of ($206) thousand, or ($0.09) per basic and diluted share.

• Generated Core AFFO of $36 thousand, or $0.02 per basic and diluted share.

Commenting on the quarter, CEO David Sobelman stated, “This quarter has demonstrated our ability to exercise patience and discipline in this changing market environment, while strengthening our balance sheet and stabilizing our capital structure to allow us the platform to focus on acquiring assets accretive to our growth through the latter half of the year. We are hyper-focused on identifying new opportunities consistent with our current portfolio of tenants that we believe continues to prove its resiliency during economic headwinds.”

Core FFO and Core AFFO are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to Core FFO and Core AFFO are included at the end of this release.

Portfolio (as of June 30, 2022, unless otherwise stated)

• Approximately 85% of our portfolio’s annualized base rent ("ABR") as of June 30, 2022 was derived from tenants that have (or whose parent company has) an investment grade credit rating from a recognized credit rating agency of “BBB-” or better. Our largest tenants are the General Service Administration (Navy & FBI), PRA Holdings, Inc., Pratt and Whitney, and Kohl’s, all who have an ‘BB+’ credit rating or better from S&P Global Ratings and contributed approximately 66% of our portfolio’s annualized base rent.

• The Company’s portfolio is 100% rent paying and has been since our inception.

• Approximately 92% of our portfolio’s annualized base rent in our current portfolio provide for increases in contractual base rent during future years of the current term or during the lease extension periods.

• The average annualized base rent (ABR) per square foot at the end of the quarter was $15.53.

Liquidity and Capital Resources

• $3.6 million in total cash and cash equivalents as of June 30, 2022.

• Total debt, net was $35.5 million as of June 30, 2022.

Financial Results

1

• Total revenue from operations was $1.4 million during the three-month period ended June 30, 2022, as compared to $988 thousand for the three-month period ended June 30, 2021. This represents a year-over-year increase of 40% driven primarily by the acquisition of properties.

• Operating expenses, including G&A, for the same periods were $2.0 million and $1.3 million, respectively, due to increases in G&A, recoverable expenses and depreciation/amortization from recent acquisitions, and compensation costs.

• Net operating income (“NOI”) for the same periods was $1.1 million and $824 thousand, a 28% increase from the same period last year, which is a direct result of the acquisition of properties.

• Net loss attributable to GIPR for the three months ended June 30, 2022 was $1 million as compared to $370 thousand for the same period last year.

Distributions

On June 27, 2022, the Company’s Board of Directors declared a monthly distribution of $0.054 per common share and operating partnership unit to be paid monthly to holders of record as of July 15, August 15, and September 15, 2022.

2022 Guidance

The Company is not providing guidance on FFO, Core FFO, AFFO, Core AFFO, G&A, NOI, or acquisitions and dispositions at this time. However, the Company will provide timely updates on material events, which will be broadly disseminated in due course. The Company’s executives, along with its Board of Directors, continue to assess the advisability and timing of providing such guidance to better align GIPR with its industry peers.

Conference Call and Webcast

The Company will host its second quarter earnings conference call and audio webcast on Monday, August 15, 2022, at 9:00 a.m. Eastern Time.

To access the live webcast, which will be available in listen-only mode, please follow this link. If you prefer to listen via phone, U.S. participants may dial: 877-407-3141 (toll free) or 201-689-7803 (local).

A replay of the conference call will be available after the conclusion of the live broadcast and for 30 days after. U.S. participants may access the replay at 877-660-6853 (toll free) or 201-612-7415 (local), using access code 13732104.

About Generation Income Properties

Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate corp

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gipr-ex991_8.htm

Exhibit 99.1

FOR IMMEDIATE RELEASE

May 12, 2022

Generation Income Properties Announces First Quarter 2022 Financial and Operating Results

TAMPA, FLORIDA – Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIPR" or the "Company") today announced its financial and operating results for the period ended March 31, 2022.

Highlights

(For the 3 months ended March 31, 2022)

•

Generated net loss attributable to GIPR of $580 thousand, or ($0.26) per basic and diluted share.

•

Generated Core FFO of $113 thousand, or $0.05 per basic and diluted share.

•

Generated Core AFFO of $88 thousand, or $0.04 per basic and diluted share.

•

Invested $12.6 million in three properties with an expected weighted average yield of 7.2%.

Commenting on the quarter, CEO David Sobelman stated, “With market dynamics top of mind, we remain committed to strengthening our balance sheet, demonstrated through our recent long term fixed-rate debt refinance, as well as prudent capital allocation. We are hyper-focused on identifying the most accretive opportunities with investment-grade tenants consistent with our current portfolio of tenants that we believe continues to prove its resiliency during economic headwinds.”

Core FFO and Core AFFO are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to Core FFO and Core AFFO are included at the end of this release.

Portfolio (as of March 31, 2022, unless otherwise stated)

•

Approximately 85% of our portfolio’s annualized base rent as of March 31, 2022, was derived from tenants that have (or whose parent company has) an investment-grade credit rating from a recognized credit rating agency of “BBB-” or better. Our largest tenants are the General Service Administration, Kohl’s, and PRA Group, all who have, or the parent entity has, a ‘BB+’ credit rating or better from S&P Global Ratings and contributed approximately 52% of our portfolio’s annualized base rent

•

The Company’s portfolio is 100% leased and occupied and rent paying and has been since our inception.

•

Approximately 92% of our portfolio’s annualized base rent in our current portfolio provide for increases in contractual base rent during future years of the current term or during the lease extension periods.

•

The average annualized base rent (ABR) per square foot at the end of the quarter was $15.45.

Liquidity and Capital Resources

•

$4.6 million in total cash and cash equivalents as of March 31, 2022.

•

Total debt, net was $35.0 million as of March 31, 2022.

Financial Results

•

Total revenue from operations was $1.2 million during the three-month period ended March 31, 2022, as compared to $937 thousand for the three-month period ended March 31, 2021. This represents a year-over-year increase of 26% driven primarily by the acquisition of properties.

•

Operating expenses, including G&A, for the same periods were $1.6 million and $1.3 million, respectively. These changes in operating expenses were driven primarily by an increase in legal expenses, audit fees and insurance, partially offset by a decrease in other professional fees.

•

Net operating income (“NOI”) for the same periods was $929 thousand and $756 thousand, a 23% increase from the same period last year, which is a direct result of the acquisition of properties.

•

During the three-month periods ended March 31, 2022 and 2021, we incurred interest expense and the amortization of debt issuance costs of $330 thousand and $355 thousand, respectively.

•

Net loss attributable to GIPR for the three months ended March 31, 2022 and 2021 was $446 thousand as compared to a loss of $322 thousand million.

Dividends

On March 15, 2022, the Company’s Board of Directors declared a monthly distribution of $0.054 per common share and operating partnership unit to be paid monthly to holders of record as of April 15, May 15, and June 15, 2022.

2022 Guidance

The Company is not providing guidance on FFO, Core FFO, AFFO, Core AFFO, G&A, NOI, or acquisitions and dispositions at this time. However, the Company will provide timely updates on material events, which will be broadly disseminated in due course. The Company’s executives, along with its Board of Directors, continue to assess the advisability and timing of providing such guidance to better align GIPR with its industry peers.

Conference Call and Webcast

The company will host its first quarter earnings conference call and audio webcast on Friday, May 13, 2022, at 9:00 a.m. Eastern Time.

To access the live webcast, which will be available in listen-only mode, please follow this link. If you prefer to listen via phone, U.S. participants may dial: 877-407-3141 (toll free) or 201-689-7803 (local).

A replay of the conference call will be available approximately three hours after the conclusion

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gipr-ex991_7.htm

Exhibit 99.1

FOR IMMEDIATE RELEASE

March 17, 2022

Generation Income Properties Announces 2021 Fourth Quarter and Year-End Financial and Operating Results

TAMPA, FLORIDA – Generation Income Properties, Inc. (NASDAQ: GIPR) ("GIPR" or the "Company") today announced its three- and twelve- month financial and operating results for the period ended December 31, 2021.

Quarterly Highlights (For the 3 months ended December 31, 2021)

•

Generated net loss attributable to common stockholders of $(849.3) thousand, or $(1.34) per basic and diluted share

•

Generated core FFO of $(232.2) thousand, or $(0.22) per basic and diluted share

•

Generated core AFFO of $(263.5) thousand, or $(0.25) per basic and diluted share

•

Invested $4.7 million in 1 property with a yield of 7.5%.

•

Declared a quarterly distribution of $0.054 per common share and operating partnership unit and paid monthly to holders of record as of October 15, November 15, and December 15, 2021.

Annual Highlights (For the 12 months ended December 31, 2021)

•

Generated net loss attributable to common stockholders of $(1.2) million, or $(1.16) per basic and diluted share

•

Generated core FFO of $307.2 thousand, or $0.29 per basic and diluted share

•

Generated core AFFO of $160.0 thousand, or $0.15 per basic and diluted share

•

Invested $8.3 million in 3 properties and acquired an interest in a Tenant in Common property for $1.7 million. These investments had a blended acquisition yield of approximately 7.3%.

•

Sold a 15,000 square foot Walgreens (NASDAQ: WBA) (S&P: BBB) in Cocoa, Florida in the third quarter of 2021 for a gain of approximately $900,000. The proceeds will be redeployed in investments that are better aligned with our current investment strategy.

•

Obtained a $25 million commitment letter with our lender, which was and will continue to be used for funding acquisitions.

•

Completed GIPR’s initial public offering (IPO) through uplisting its common shares to NASDAQ in September 2021. The offering was oversubscribed and generated approximately $16.7 million in gross proceeds including a partial exercise of the over-allotment.

•

Declared a total annual distribution of $.227 per common share and operating partnership units at a dividend yield of 3.64%, which was paid monthly beginning in October with previous distributions paid in September and March 2021.

Commenting on the year-end results, CEO David Sobelman stated, “This past year has been nothing short of metamorphic for GIPR.  We achieved transformational milestones that have positioned us for significant growth. Through our disciplined capital allocation, we grew the portfolio to today’s gross asset value of approximately $61 million, including our property held in a tenancy in common.  We enhanced our leadership team with additions to our board of directors and c-suite.” Mr. Sobelman concluded, “With our shares now trading on NASDAQ and a commitment letter with our lender in place, we believe we have broader access to capital, a sound growth strategy and a capital structure to support our trajectory.”

Portfolio

(As of December 31, 2021 unless otherwise stated)

•

Approximately 80% of the annualized rent generated by the Company’s real estate portfolio was generated by tenants that have (or whose parent company has) an investment grade credit rating from a recognized credit rating agency of “BBB-” or better. The Company’s largest tenants are the General Service Administration (S&P: AA+), PRA Group (NASDAQ: PRAA, S&P: BB+) and Pratt & Whitney (S&P: A-) and contributed approximately 65% to the portfolio’s annualized base rent.

•

The Company’s portfolio is 100% leased, occupied, and rent paying and remained so from our inception, even throughout the pandemic.

•

Approximately 77% of the leases in the current portfolio (based on annualized rent) provide for increases in contractual base rent during future years of the current term or during the lease extension periods.

•

The average annualized base rent (ABR) per square foot at the end of the quarter was $28.05 or $17.12 on a weighted average basis.

Liquidity and Capital Resources

•

$10.6 million in cash and cash equivalents at December 31, 2021 compared to $1.1 million at December 31, 2020.

•

Total debt outstanding was $29.0 million as of December 31, 2021 compared to $28.4 million as of December 31, 2020.

Financial Results

•

Core FFO for the three and twelve months ended December 31, 2021, was $(232.2) thousand and $307.2 thousand, respectively.  Core AFFO for the same periods was $(263.5) thousand and $160.0 thousand, respectively.

•

Revenue for the same periods was $0.9 million and $3.9 million, respectively. These results represent a year-over-year increase of 5.8% and 10.8%. for the three- and twelve-months ended, December 31, 2021.  The increase in revenue was driven by the acquisition of properties during the year.

•

Operating expenses i

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gipr-ex991_8.htm

FOR IMMEDIATE RELEASE

November 15, 2021

Generation Income Properties Announces Third Quarter 2021 Financial and Operating Results

TAMPA, FLORIDA – Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIP" or the "Company") today announced its financial and operating results for the period ended September 30, 2021.

Highlights

•

Generated net income attributable to GIPR of $456 thousand, or $0.49 per basic share for the three months ended September 30, 2021 as compared to a loss of $555 thousand or $1.06 per basic share for the three months ended September 30, 2020.

•

Generated Core FFO of $205 thousand for the three months ended September 30, 2021 vs $36 thousand for the three months ended September 30, 2020.

•

Successfully raised $14.4 million in net proceeds in a public offering.

•

Up-listed common shares on Nasdaq.

•

Invested $3.5 million in two properties and acquired an interest in a Tenant in Common property for $713 thousand for the nine months ended September 30, 2021. As of the date of this release, the Company has an investment pipeline of approximately $140 million. These investments are in various stages of negotiations.

•

Sold a 15,000 square-foot single tenant Walgreens for approximately $5.2 million on August 31, 2021, the proceeds of which were used to pay down debt.

•

The Company’s portfolio was 100% occupied at the end of the third quarter.

•

Declared a monthly distribution of $0.054 per common share and operating partnership unit to be paid monthly to holders of record as of October 15, November 15, and December 15, 2021.

Commenting on the quarter, CEO David Sobelman stated, “This is a transformative time for GIPR.  Following the closing of our underwritten public offering in early September, our team focused squarely on deploying the offering proceeds to generate returns for our shareholders.  Since then, we placed six properties under contract, including one UPREIT transaction. Further, we believe we are on track to deploy the majority of the offering proceeds by year-end through our robust investment pipeline, which is in various stages of negotiations and due diligence.”  Mr. Sobelman continued, “We remain steadfastly committed to our investment principles – focusing on investment-grade credit tenants, opportunistic lease terms, diverse asset classes, and locations with a high likelihood of re-tenanting in dense markets.”

Portfolio (as of September 30, 2021 unless otherwise stated)

•

Approximately 78% of the annualized rent generated by the Company’s real estate portfolio was generated by tenants that have (or whose parent company has) an investment grade credit rating from a recognized credit rating agency of “BBB-” or better. The Company’s largest tenants are the General Service Administration, PRA Group and Pratt & Whitney, all of which have a ‘BB+’ credit rating or better from S&P Global Ratings and contributed approximately 72% to the portfolio’s annualized base rent.

•

The Company’s portfolio is 100% leased and occupied and remained so even throughout the pandemic.

•

Approximately 74% of the leases in the current portfolio (based on annualized rent) provide for increases in contractual base rent during future years of the current term or during the lease extension periods.

•

The average effective annual rent per square foot is $18.03. The Company generally depreciates all properties on a straight-line basis over a 30 – 50-year period.

Liquidity and Capital Resources

•

$14.2 million in total cash (unrestricted and restricted) and cash equivalents at September 30, 2021.

•

Total debt was $26.8 million as of September 30, 2021.

Financial Results

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Revenue for the third quarter of 2021 and 2020 was $1.03 million and $0.87 million, respectively, representing a year-over-year increase of 18.5%.  The increase in revenue was driven by the contribution of acquired properties.

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Operating expenses for the same periods were $1.31 million and $1.28 million, representing a year-over-year increase of 2.4%.

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Net interest expense for the same periods was $0.34 million and $0.33 million, respectively, essentially flat year-over-year.

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Net income (loss) attributable to GIPR for the three months ended September 30, 2021 and 2020 were income of $0.46 million as compared to a loss of $0.56 million.

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Core FFO for the three months ended September 30, 2021 and 2020 were $0.21 million as compared to $0.04 million.

Commenting on the company’s financial results, CFO Rick Russell stated, “GIPR is in a state of positive transformation.  We successfully completed an underwritten public offering that, including the partial exercise of the over-allotment, generated net proceeds of approximately $14.4 million.  In conjunction with these capital markets activities, we also up-listed our common shares to trade on the NASDAQ to create greater liquidity for our shareholders.”  Mr. Russell concluded, “Subsequent to qu