Business
Generation Income Properties Announces Third Quarter 2021 Financial and Operating Results
TAMPA, FL / ACCESSWIRE / November 15, 2021 / Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIP" or the "Company") today announced its financial and
About this update from Generation Income Properties Inc.
[{"type":"text","content":"TAMPA, FL / ACCESSWIRE / November 15, 2021 / Generation Income Properties, Inc. (NASDAQ:GIPR) (\"GIP\" or the \"Company\") today announced its financial and operating results for the period ended September 30, 2021.HighlightsGenerated net income attributable to GIPR of $456 thousand, or $0.49 per basic share for the three months ended September 30, 2021 as compared to a loss of $555 thousand or $1.06 per basic share for the three months ended September 30, 2020.Generated Core FFO of $205 thousand for the three months ended September 30, 2021 vs $36 thousand for the three months ended September 30, 2020.Successfully raised $14.4 million in net proceeds in a public offering.Up-listed common shares on Nasdaq.Invested $3.5 million in two properties and acquired an interest in a Tenant in Common property for $713 thousand for the nine months ended September 30, 2021. As of the date of this release, the Company has an investment pipeline of approximately $140 million. These investments are in various stages of negotiations.Sold a 15,000 square-foot single tenant Walgreens for approximately $5.2 million on August 31, 2021, the proceeds of which were used to pay down debt.The Company's portfolio was 100% occupied at the end of the third quarter.Declared a monthly distribution of $0.054 per common share and operating partnership unit to be paid monthly to holders of record as of October 15, November 15, and December 15, 2021.Commenting on the quarter, CEO David Sobelman stated, \"This is a transformative time for GIPR. Following the closing of our underwritten public offering in early September, our team focused squarely on deploying the offering proceeds to generate returns for our shareholders. Since then, we placed six properties under contract, including one UPREIT transaction. Further, we believe we are on track to deploy the majority of the offering proceeds by year-end through our robust investment pipeline, which is in various stages of negotiations and due diligence.\" Mr. Sobelman continued, \"We remain steadfastly committed to our investment principles - focusing on investment-grade credit tenants, opportunistic lease terms, diverse asset classes, and locations with a high likelihood of re-tenanting in dense markets.\"Portfolio (as of September 30, 2021 unless otherwise stated)Approximately 78% of the annualized rent generated...