Business
Generation Income Properties Announces Third Quarter 2023 Financial and Operating Results
TAMPA, FL / ACCESSWIRE / November 13, 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 / November 13, 2023 / Generation Income Properties, Inc. (NASDAQ:GIPR) (\"GIPR\" or the \"Company\") today announced its financial and operating results for the three-month period ended September 30, 2023.Highlights(For the 3 months ended September 30, 2023)●Generated net loss attributable to common shareholders of ($1.8 million), or ($0.70) per basic and diluted share.●Generated Core FFO of ($66 thousand), or ($0.03) per basic and diluted share.●Generated Core AFFO of ($24 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.Commenting on the quarter David Sobelman, Chief Executive Officer, noted \"As reported, at the beginning of the third quarter we completed the acquisition of a $42 million dollar net lease portfolio consisting of thirteen properties across eight states. This transaction has increased almost every metric in GIPRs portfolio to the benefit of our shareholders and we're pleased to see that reflected in our results for the quarter.\"Portfolio●Approximately 68% of our portfolio's annualized base rent (\"ABR\") as of September 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, Dollar General, City of San Antonio (Pre-K), and Kohl's Corporation and contributed approximately 49% of our portfolio's ABR (based on ABR as of September 30, 2023) .●Our portfolio is 96% leased and occupied.●Approximately 84% of the leases in our current portfolio provide for increases in contractual base rent during future years of the current term or during the lease extension periods.●Average effective annual rental per square foot is $16.02.Liquidity and Capital Resources●We had $4.4 million in total cash and cash equivalents as of September 30, 2023.●Total mortgage loans, net was $57.1 million as of September 30, 2023.Financial Results●Total revenue from operations was $1.8 million as compared to $1.5 million for the three months end...