Business
Generation Income Properties Announces Fourth Quarter and Year-End 2023 Financial and Operating Results
TAMPA, FL / ACCESSWIRE / April 9, 2024 / Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIPR" or the "Company") announced its twelve- month financial and
About this update from Generation Income Properties Inc.
[{"type":"text","content":"TAMPA, FL / ACCESSWIRE / April 9, 2024 / Generation Income Properties, Inc. (NASDAQ:GIPR) (\"GIPR\" or the \"Company\") announced its twelve- month financial and operating results for the period ended December 31, 2023.Annual Highlights(For the 12 months ended December 31, 2023)Generated net loss attributable to GIP common shareholders of $6.2 million, or $2.46 per basic and diluted share.Generated Core FFO of $534 thousand, or $0.21 per basic and diluted share.Generated Core AFFO of $705 thousand, or $0.28 per basic and diluted share.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 68% of the Company's portfolio's annualized base rent as of December 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, Dollar General and the City of San Antonio who collectively contributed 39%.The Company's tenants are 100% rent paying and have been since our inception.84% 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 $16.02.Liquidity and Capital Resources$3.15 million in total cash and cash equivalents as of December 31, 2023.Total mortgage loans, net was $56.8 million as of December 31, 2023.Financial ResultsTotal revenue was $7.6 million during the twelve-month period ended December 31, 2023, as compared to $5.4 million for the twelve-month period ended December 31, 2022. This represents a year-over-year increase of 40% driven primarily by the acquisition of properties.Operating expenses, including G&A, for the same periods were $11.1 million and $7.9 million, respectively, due to increases in depreciation and amortization, interest expense and building expenses from recent acquisitions.Net operating income (\"NOI\") for the same periods was $5.9 million and $4.2 million, a 40% increase from the same period last y...