Business
Generation Income Properties Announces 2021 Fourth Quarter and Year-End Financial and Operating Results
--News Direct--Generation Income Properties, Inc. (NASDAQ: GIPR) ("GIPR" or the "Company") today announced its three- and twelve- month financial and
About this update from Generation Income Properties Inc.
[{"type":"text","content":"--News Direct--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 shareGenerated core AFFO of $(263.5) thousand, or $(0.25) per basic and diluted shareInvested $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 g...