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Generation Income Properties Announces First Quarter 2022 Financial and Operating Results
--News Direct--Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIPR" or the "Company") today announced its financial and operating results for the period
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 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 tot...