Generation Income Properties Inc. - GIPR STOCK NEWS

Generation Income Properties (OTCQB:GIPR) has successfully closed a public offering of 1,500,000 units priced at $10 per unit, raising $15 million in gross proceeds. Each unit consists of one share of common stock and one warrant. The units began trading on Nasdaq under the symbol GIPRU, with separate trading of shares and warrants expected soon. Additionally, underwriters have the option to purchase 225,000 additional units to cover over-allotments.

Generation Income Properties (OTCQB:GIPR) announced a public offering of 1,500,000 units priced at $10 per unit, aiming to raise $15 million in gross proceeds. Each unit comprises one share of common stock and one warrant to purchase an additional share at $10. Trading for these units will start on Nasdaq under the ticker symbol GIPRU on September 3, 2021. The offering is anticipated to close around September 8, 2021, with a 30-day option for underwriters to purchase an additional 225,000 units.

Generation Income Properties, Inc. (GIPR) announced a definitive Purchase and Sale Agreement on June 22, 2021, to acquire a 15,288 SF retail asset in Rockford, Illinois, for approximately $4.5 million. The property, leased by La-Z-Boy (LZB), has about 6.5 years remaining on its primary lease, generating an annual base rent of $358,800. The acquisition will be funded through a mix of debt and equity, subject to customary closing conditions and due diligence. GIP's CEO expressed confidence in La-Z-Boy's financial performance despite the absence of a formal credit rating.

Generation Income Properties (OTCQB:GIPR) reported first-quarter 2021 results, with revenues of approximately $937,000, up 6% year-over-year. The portfolio remained 100% occupied, with all tenants paying on time. Despite a net loss of $322,000, improved Core Funds from Operations (Core FFO) reached approximately $134,000, up from $76,000 in the previous year. Operating expenses rose slightly to $1.26 million, with costs allocated to GAO and depreciation increasing.

As of March 31, 2021, cash on hand was roughly $0.7 million.

Generation Income Properties, Inc. (OTCQB:GIPR) announced the acquisition of a 7,800 SF office building in Plant City, Florida, for approximately $1.7 million. The property, occupied by Irby Construction Company, has an investment-grade credit rating of BBB- from Standard and Poor's. GIP funded the transaction with $850K in debt and $900K from a Joint Venture Partner. The tenant has about 3.5 years left on the lease. CEO David Sobelman expressed optimism about the acquisition, highlighting their focus on investment-grade tenants and strong partnerships.

Generation Income Properties, Inc. (OTCQB:GIPR) announced a twelve-month lease extension with Maersk Line Limited at its Norfolk, Virginia office building. The lease now expires on December 31, 2022, with an option to renew for five years. Maersk occupies 22,247 square feet, and the extension includes a 3% annual rental increase, generating approximately $387K in annual rental income. This lease reflects Maersk's ongoing commitment to the location, supporting GIPR's business stability and revenue growth.

Generation Income Properties announced the restructuring of two loans totaling approximately $12.8 million, which includes a $7.5 million loan for a property occupied by GSA and Maersk, and a $5.3 million loan for a property occupied by PRA Group Inc. The restructuring reduced the interest rates from 4.25% to 3.5%, resulting in annual savings of approximately $66,000. The company aims to enhance future returns by leveraging the low-interest rate environment.

Generation Income Properties, Inc. (OTCQB:GIPR) announced a quarterly cash distribution of $0.325 per share for shareholders of record as of March 15, 2021. This payment is anticipated to be disbursed on or around March 22, 2021. As a real estate investment trust, GIPR focuses on acquiring and managing freestanding, single-tenant commercial properties across major U.S. cities. Investors are advised to consider potential risks and uncertainties related to forward-looking statements in the press release.

Generation Income Properties, Inc. (GIPR) announced a definitive Purchase and Sale Agreement to acquire a 7,800 square foot office building in Plant City, Florida for approximately $1.7 million. The property is fully leased to Irby Construction Company, backed by a guarantee from Quanta Services Inc., which has an investment-grade credit rating of BBB-. This acquisition, expected to be funded through a mix of debt and equity, is part of GIP's strategy to enhance its portfolio with credit-worthy tenants at attractive cap rates.