Generation Income Properties Inc. - GIPR STOCK NEWS

Generation Income Properties, Inc. (NASDAQ:GIPR) has closed the acquisition of a 13-property portfolio for $42 million. The portfolio consists of 11 retail properties and 2 office properties, with a weighted average remaining lease term of 5.6 years. Approximately 76% of the annualized base rent comes from tenants with an investment grade credit rating. The purchase price was financed with cash, a secured debt facility, and a preferred equity investment led by Loci Capital.

Modiv Industrial, Inc. (MDV) successfully transitions to focused industrial manufacturing REIT, closing the sale of 13 non-industrial assets for $42 million, and changes corporate name. Second-quarter revenue is $11.8 million, up 16.7% year-over-year, with FFO of $7.9 million and AFFO of $3.3 million.

Generation Income Properties, Inc. (NASDAQ:GIPR) reported a net loss of $881 thousand, or $0.34 per share, for the three-month period ended June 30, 2023. The company also generated Core FFO of $88 thousand, or $0.03 per share, and Core AFFO of $33 thousand, or $0.01 per share. Approximately 62% of the portfolio's annualized base rent was derived from tenants with an investment grade credit rating of 'BBB-' or better. The company's largest tenants include the General Service Administration, PRA Holdings, Inc., Pratt and Whitney, and Kohl's Corporation. The portfolio is 93% leased and occupied, and 87% of the leases provide for increases in base rent in the future. The company had $2.1 million in total cash and cash equivalents and total mortgage loans of $35.0 million as of June 30, 2023.

Generation Income Properties (NASDAQ:GIPR) announced its Board of Directors has declared monthly cash distributions of $0.039 per common share for April, May, and June 2023. Shareholders of record will receive these distributions on or about the 30th of each respective month, following the record dates of April 15, May 15, and June 15, 2023. The total annualized distributions are projected to be approximately $0.468 per share. Future distributions remain subject to Board approval and are influenced by the Company’s financial performance and various risks detailed in the forward-looking statements.

Generation Income Properties (NASDAQ:GIPR) reported financial results for the year ending December 31, 2022, highlighting a net loss of $3.2 million, or ($1.40) per share. Despite a 39% increase in total revenue to $5.4 million year-over-year, driven by property acquisitions, operating expenses rose to $7.9 million, reflecting increases in depreciation and general administrative costs. The company maintains a robust tenant portfolio, with 64% of annualized base rent from investment-grade tenants. The CEO emphasized a patient approach to future opportunities amid market volatility. GIPR did not provide future financial guidance but plans to communicate material events promptly.