Business
Generation Income Properties Announces Amended Commitment from American Momentum Bank to Change Rate Index
--News Direct--Generation Income Properties, Inc. (NASDAQ: GIPR) (“GIPR” or the “Company”) announced the amendment and restatement of its previously disclosed
About this update from Generation Income Properties Inc.
[{"type":"text","content":"--News Direct--Generation Income Properties, Inc. (NASDAQ: GIPR) (“GIPR” or the “Company”) announced the amendment and restatement of its previously disclosed commitment letters with American Momentum Bank (AMB). The Company and AMB have combined the prior AMB commitment letters entered into in October 2021 and May 2022 into a single Commitment Letter, dated as of September 9, 2022, and have amended the rate index used for borrowing to be a variable rate equal to the 30-Day CME Term SOFR Rate, plus a margin of 2.40%, adjusted monthly, subject to a floor interest rate of 3.25% per annum. All other terms under the prior commitment letters remained materially the same. David Sobelman, President, and CEO of GIPR noted, \"Our long-term relationship with AMB allowed us to successfully amend the rate index used for our debt commitment with them from the U.S. Prime Rate to the Secured Overnight Financing Rate (SOFR) which traditionally has less variability than what we’ve seen in the recent months’ increasing-rate debt markets. By reducing our cost of debt, we have provided GIPR a better chance to be competitive for future acquisitions and to potentially achieve greater returns for our shareholders.” About Generation Income Properties Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate corporation formed to acquire and own, directly and jointly, real estate investments focused on retail, office and industrial net lease properties located primarily in densely populated submarkets throughout the United States. Additional information about Generation Income Properties, Inc. can be found at the Company’s corporate website: www.gipreit.com. About American Momentum Bank American Momentum Bank, a Texas-chartered banking association with total assets of $2.8 billion as of June 30, 2022, provides comprehensive products and services for businesses and individuals. American Momentum Bank has 18 full-service banking centers in Texas and nine full-service banking centers in Florida. American Momentum Bank’s strong capitalization, superior asset quality and experienced management teams position it as one of the premier banks in each state. Visit www.americanmomentum.bank to learn more. Forward-Looking StatementsThis press release, whether or not expressly stated, may contain \"forward-looking\" statemen...