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Generation Income Properties Announces First Quarter 2023 Financial and Operating Results
TAMPA, FL / ACCESSWIRE / May 12, 2023 / Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIPR" or the "Company") today announced its financial and operating
About this update from Generation Income Properties Inc.
[{"type":"text","content":"TAMPA, FL / ACCESSWIRE / May 12, 2023 / 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.PortfolioApproximately 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 ResourcesWe 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 ResultsTotal revenue from operations was $1.3 million during the three-month period ende...