Business
Generation Income Properties, Inc. Announces First-Quarter 2021 Financial Results
TAMPA, FL / ACCESSWIRE / May 19, 2021 / Generation Income Properties, Inc. (OTCQB:GIPR) ("GIP" or the "Company") today announced its results for the first
About this update from Generation Income Properties Inc.
[{"type":"text","content":"TAMPA, FL / ACCESSWIRE / May 19, 2021 / Generation Income Properties, Inc. (OTCQB:GIPR) (\"GIP\" or the \"Company\") today announced its results for the first quarter ended March 31, 2021.Key First Quarter 2021 Operating and Financial Highlights:Revenues from operations increased approximately $56 thousand or 6% over the prior year quarter to approximately $937 thousandPortfolio was 100% occupied and all tenants paid contractual rents on timeApproximately $0.7 million of cash remained on hand as of March 31, 2021Net loss was approximately $322 thousand as compared to the prior year quarter loss of $351 thousandCore Funds from Operations (\"Core FFO\") was approximately $134 thousand as compared to approximately $76 thousand in the prior year quarterCEO David Sobelman\"GIP remains focused on showing progression each quarter in our financial results and positioning our portfolio for both stability and growth in the coming months,\" said founder and CEO David Sobelman. \"We are proving our ability to source quality assets as evidenced by our acquisitions thus far in 2021 including another property for $1.7 million in April 2021.\"Financial ResultsRevenueDuring the three-month period ended March 31, 2021, total revenues from operations were approximately $937 thousand as compared to $881 thousand for the three-month period ended March 31, 2020. Revenues increased $56 thousand due to two additional properties generating revenue for the three months ended March 31, 2021 that were purchased in November 2020 and February 2021.Operating ExpensesDuring the three-month periods ended March 31, 2021 and 2020, we incurred total expenses of approximately $1.26 million and $1.23 million, respectively.During the three-month period ended March 31, 2021, general, administrative and organizational (\"GAO\") was $238 thousand for 2021 and $241 thousand for 2020.During the three-month period ended March 31, 2021 and 2020, we incurred building expenses of approximately $181 thousand and $189 thousand, respectively. The $9 thousand decrease is primarily due to reduced maintenance costs of $5 thousand, lower property asset management fees of $9 thousand offset in part by increased property insurance expense of $6 thousand.During the three-month period ended March 31, 2021and 2020, we incurred depreciation and amortization expense of approximately $380 t...