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CORRECTING and REPLACING Generation Income Properties Announces Second Quarter 2022 Financial and Operating Results
Correction to prior release --News Direct--Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIPR" or the "Company") today announced its financial and
About this update from Generation Income Properties Inc.
[{"type":"text","content":"Correction to prior release\n--News Direct--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 t...