Business
GENERATION INCOME PROPERTIES CONTINUES TO ADD TO PORTFOLIO WITH CLOSING OF $3.1 MILLION CHICAGO ASSET
--News Direct--Generation Income Properties, Inc. (NASDAQ: GIPR) (“GIP” or the “Company”) announced the closing of an approximately 11,000 SF medical building
About this update from Generation Income Properties Inc.
[{"type":"text","content":"--News Direct--Generation Income Properties, Inc. (NASDAQ: GIPR) (“GIP” or the “Company”) announced the closing of an approximately 11,000 SF medical building in Chicago, Illinois for total consideration of approximately $3.1 million on January 7th, 2021. The building is occupied by Fresenius Medical Care (NYSE: FMS), which currently holds an investment grade credit rating of BBB- on the Standard & Poor's scale. The tenant has approximately 5 years remaining on its current lease term, with the option for the tenant to extend for two (2) consecutive five (5)-year periods, and annualized base rent of approximately $224,000.The Company funded the acquisition with approximately 50% cash and 50% debt. David Sobelman, President and Chief Executive Officer of GIP noted, “Adding another major market, investment grade asset to our portfolio with the proceeds from our IPO is a testament to the discipline we have to identify, underwrite and perform on our acquisitions process for our shareholders.\"About Generation Income Properties Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate investment corporation formed to acquire and own, directly and jointly, real estate investments focused on retail, office and industrial net lease properties located primarily in major United States cities. Additional information about Generation Income Properties, Inc. can be found at the Company's corporate website: www.gipreit.com.Forward-Looking StatementsThis press release, whether or not expressly stated, may contain \"forward-looking\" statements as defined in the Private Securities Litigation Reform Act of 1995. The words “believe,” “intend,” “expect,” “plan,” “should,” “will,” “would,” and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These statements reflect the Company's expectations regarding future events and economic performance and are forward-looking in nature and, accordingly, are subject to risks and uncertainties. Such forward-looking statements include risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements which are, in some cases, beyond the Company's control which could have a material adverse effect on the Company's business,...