Business
Generation Income Properties Announces Fourth Quarter and Year-End 2022 Financial and Operating Results
TAMPA, FL / ACCESSWIRE / March 27, 2023 / Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIPR" or the "Company") today announced its three- and twelve-
About this update from Generation Income Properties Inc.
[{"type":"text","content":"TAMPA, FL / ACCESSWIRE / March 27, 2023 / 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, 2022.Quarterly Highlights(For the 3 months ended December 31, 2022)Generated net loss attributable to GIPR of $976 thousand, or ($0.39) per basic and diluted share.Generated Core FFO of ($76 thousand), or ($0.03) per basic and diluted share.Generated Core AFFO of ($56 thousand), or ($0.02) per basic and diluted share.Annual Highlights(For the 12 months ended December 31, 2022)Generated net loss attributable to GIPR of $3.2 million, or ($1.40) per basic and diluted share.Generated Core FFO of $157 thousand, or $0.07 per basic and diluted share.Generated Core AFFO of $426 thousand, or $0.18 per basic and diluted share.Commenting on the year-end results, CEO David Sobelman stated, \"With the ongoing volatility in the global financial markets, which is ultimately affecting net leased property valuations in our favor, we believe that our patience and discipline to wait for the right opportunities will benefit our shareholders' long term interests.\"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 64% of the Company's portfolio's annualized base rent as of December 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, PRA Holdings, Inc., Pratt & Whitney Automation, Inc., and Kohl's Corporation which contributed approximately 62% of our portfolio's annualized base rent as of December 31, 2022.The Company's tenants are 100% rent paying and have been since our inception.93% 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 renewal periods.The average ABR per square foot is $16.07.Liquidity and Capital Resources$3.8 million in total cash...