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Generation Income Properties Announces Second Quarter 2023 Financial and Operating Results
TAMPA, FL / ACCESSWIRE / August 14, 2023 / Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIPR" or the "Company") today announced its financial and
About this update from Generation Income Properties Inc.
[{"type":"text","content":"TAMPA, FL / ACCESSWIRE / August 14, 2023 / Generation Income Properties, Inc. (NASDAQ:GIPR) (\"GIPR\" or the \"Company\") today announced its financial and operating results for the three-month period ended June 30, 2023.Highlights(For the 3 months ended June 30, 2023)Generated net loss attributable to GIPR of ($881 thousand), or ($0.34) per basic and diluted share.Generated Core FFO of ($88) thousand, or ($0.03) per basic and diluted share.Generated Core AFFO of ($33) thousand, or ($0.01) 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 62% of our portfolio's annualized base rent (\"ABR\") as of June 30, 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.Approximately 87% of the leases in our current portfolio (based on ABR as of June 30, 2023) 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 $2.1 million in total cash and cash equivalents as of June 30, 2023.Total mortgage loans, net was $35.0 million as of June 30, 2023.Financial ResultsTotal revenue from operations was $1,328,878 as compared to $1,379,103 for the three months ended June 30, 2023 and 2022, respectively.Operating expenses, including G&A, for the same periods were $2.0 million and $2.0 million, respectively.Net operating income (\"NOI\") for the same periods was $1.0 million and $1.1 million with the decrease attributable to our one tenant vacancy.Net loss attributable to GIPR for the three months ended June 30, 2023 was $881 thousand as compared to net loss of $1.0 million...