Business
Generation Income Properties Announces Third Quarter 2022 Financial and Operating Results
--News Direct--Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIPR" or the "Company") today announced its financial and operating results for the period
About this update from Generation Income Properties Inc.
[{"type":"text","content":"--News Direct--Generation Income Properties, Inc. (NASDAQ:GIPR) (\"GIPR\" or the \"Company\") today announced its financial and operating results for the period ended September 30, 2022.Highlights (For the 3 months ended September 30, 2022) Generated net loss attributable to GIPR of $639 thousand, or ($0.28) per basic and diluted share. Generated Core FFO of $326 thousand, or $0.14 per basic and diluted share. Generated Core AFFO of $358 thousand, or $0.16 per basic and diluted share. Commenting on the quarter, CEO David Sobelman stated, “During the third quarter we focused on maximizing internal growth and growing our pipeline in order to better navigate the uncertainty that is prevalent throughout today’s markets. By positioning ourselves to take advantage of the imbalances within the market, we’ll look to opportunistically acquire assets when the time is right. We’re glad to be able to say that we’re in a stable position as it relates to our 100% rent collection, fixed debt rates that are well below today’s market interest rates, and the high credit worthiness of our tenants.” 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. Portfolio (as of September 30, 2022, unless otherwise stated) Approximately 85% of our portfolio’s annualized base rent (\"ABR\") as of September 30, 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 and Whitney, and Kohl’s, all who have an ‘BB+’ credit rating or better from S&P Global Ratings 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. Approximately 92% 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 $15.70. Liquidity and Capital Resources $2.6 million in total cash an...