10-Q

re

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-40771

GENERATION INCOME PROPERTIES, INC.

(Exact name of Registrant as specified in its charter)

Maryland	47-4427295
(State or other jurisdiction of incorporation or organization)	(I.R.S. employer identification no.)
401 E. Jackson Street Suite 3300 Tampa, FL	33602
(Address of principal executive offices)	(Zip code)

Registrant’s telephone number, including area code: 813-448-1234

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:	Trading symbol	Name of each exchange on which registered
Common Stock par value $0.01 per share	GIPR	The Nasdaq Stock Market LLC
Warrants to purchase Common Stock	GIPRW	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☑	Smaller reporting company	☑
		Emerging growth company	☑

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The registrant had 2,496,490 shares of Common Stock, par value $0.01 per share, outstanding as of November 7, 2022.

GENERATION INCOME PROPERTIES, INC.

TABLE OF CONTENTS

		Page
PART I.	FINANCIAL INFORMATION	3
Item 1.	Financial Statements	3
	Generation Income Properties, Inc. Consolidated Balance Sheets September 30, 2022 (unaudited) and December 31, 2021	3
	Generation Income Properties, Inc. Consolidated Statements of Operations Three and Nine Months Ended September 30, 2022 and 2021 (unaudited)	4
	Generation Income Properties, Inc. Consolidated Statements of Changes in Equity for the Nine Months Ended September 30, 2022 and 2021 (unaudited)	5
	Generation Income Properties, Inc. Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021 (unaudited)	7
	Notes to Unaudited Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
Item 4.	Controls and Procedures	35
PART II.	OTHER INFORMATION	37
Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	37
Item 4.	Mine Safety Disclosures	38
Item 5.	Other Information	38
Item 6.	Exhibits	39
SIGNATURES		40

2

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

Generation Income Properties, Inc. Consolidated Balance Sheets (unaudited)

	As of September 30,			As of December 31,
	2022			2021 (As corrected, see Note 2)
Assets
Investments in real estate
Land	$	12,577,544		$	9,443,445
Building and site improvements		39,762,696			31,581,864
Tenant improvements		907,382			482,701
Acquired lease intangible assets		4,677,928			3,304,014
Less: accumulated depreciation and amortization		(5,063,422	)		(3,512,343	)
Net real estate investments	$	52,862,128		$	41,299,681
Investment in tenancy-in-common		1,204,811			725,082
Cash and cash equivalents		2,587,669			10,589,576
Restricted cash		34,500			34,500
Deferred rent asset		272,183			156,842
Deferred financing costs		66,767			-
Prepaid expenses		226,537			237,592
Accounts receivable		61,950			88,661
Escrow deposits and other assets		238,389			288,782
Right of use asset, net		6,253,975			-
Total Assets	$	63,808,909		$	53,420,716
Liabilities and Equity
Liabilities
Accounts payable	$	104,772		$	201,727
Accrued expenses		386,079			134,816
Acquired lease intangible liabilities, net		666,270			577,388
Insurance payable		127,103			33,359
Deferred rent liability		177,011			228,938
Lease liability, net		6,303,232			-
Other payable - related party		2,587,300			-
Mortgage loans, net of unamortized debt issuance costs of $734,477 and $637,693 at September 30, 2022 and December 31, 2021, respectively		35,364,605			28,969,295
Total liabilities	$	45,716,372		$	30,145,523
Redeemable Non-Controlling Interests	$	5,773,636		$	9,134,979
Stockholders' Equity
Common stock, $0.01 par value, 100,000,000 shares authorized; 2,489,282 and 2,172,950 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively		24,892			21,729
Additional paid-in capital		19,506,770			19,051,929
Accumulated deficit		(7,664,430	)		(5,403,156	)
Total Generation Income Properties, Inc. Stockholders' equity	$	11,867,232		$	13,670,502
Non-Controlling Interest	$	451,669		$	469,712
Total equity	$	12,318,901		$	14,140,214
Total Liabilities and Equity	$	63,808,909		$	53,420,716

s

The accompanying notes are an integral part of these unaudited consolidated financial statements.

3

Generation Income Properties, Inc. Consolidated Statements of Operations (unaudited)

	Three Months ended September 30,						Nine Months ended September 30,
	2022			2021 (As corrected, see Note 2)			2022			2021 (As corrected, see Note 2)
Revenue
Rental income	$	1,473,789		$	988,244		$	4,034,286		$	2,913,322
Other income		296			45,250			837			45,250
Total revenue	$	1,474,085		$	1,033,494		$	4,035,123		$	2,958,572
Expenses
General, administrative and organizational costs	$	408,570		$	181,746		$	1,222,986		$	621,987
Building expenses		269,781			195,464			848,373			539,739
Depreciation and amortization		561,510			388,141			1,551,079			1,164,838
Interest expense, net		382,440			336,025			1,088,361			1,028,446
Compensation costs		334,992			204,218			925,432			515,030
Total expenses	$	1,957,293		$	1,305,594		$	5,636,231		$	3,870,040
Operating loss		(483,208	)		(272,100	)		(1,601,108	)		(911,468	)
Income on investment in tenancy-in-common		16,751			4,750			23,841			4,750
Gain on sale of property		-			923,178			-			923,178
Dead deal expense		(45,660	)		-			(153,031	)		-
Loss on debt extinguishment		-			-			(144,029	)		-
Net income (loss)	$	(512,117	)	$	655,828		$	(1,874,327	)	$	16,460
Less: Net income attributable to non-controlling interests		126,803			200,277			386,947			398,781
Net income (loss) attributable to Generation Income Properties, Inc.	$	(638,920	)	$	455,551		$	(2,261,274	)	$	(382,321	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		2,304,841			939,559			2,251,522			699,395
Basic & Diluted Income (Loss) Per Share Attributable to Common Stockholders	$	(0.28	)	$	0.48		$	(1.00	)	$	(0.55	)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4

Generation Income Properties, Inc. Consolidated Statements of Changes in Equity

(unaudited)

	Common Stock						Additional  Paid-In			Accumulated			Stockholders'			Non-Controlling						Redeemable Non-Controlling
	Shares			Amount			Capital			Deficit			Equity			Interest			Total Equity			Interest
Balance, December 31, 2020 (As corrected, see Note 2)		576,918		$	5,770		$	5,541,411		$	(4,177,142	)	$	1,370,039		$	486,180		$	1,856,219		$	8,198,251
Common stock issued for services		2,200			22			43,978						44,000			-			44,000			-
Restricted stock unit compensation		3,749			37			49,434						49,471			-			49,471			-
Issuance of Redeemable Non-Controlling Interest for property acquisition		-			-			-			-			-			-			-			500,000
Distribution on Non-Controlling Interest		-			-			-			-			-			-			-			(150,826	)
Dividends paid on common stock		-						(114,373	)					(114,373	)		-			(114,373	)		-
Net (loss) income for the quarter (As corrected, see Note 2)		-			-			-			(467,883	)		(467,883	)		(4,646	)		(472,529	)		150,826
Balance, March 31, 2021 (As corrected, see Note 2)		582,867		$	5,829		$	5,520,450		$	(4,645,025	)	$	881,254		$	481,534		$	1,362,788		$	8,698,251
Restricted stock unit compensation		-			-			50,278			-			50,278			-			50,278			-
Issuance of Redeemable Non-Controlling Interest for property acquisition		-			-			-			-			-			-			-			950,000
Distribution on Non-Controlling Interest		-			-			-			-			-			(2,748	)		(2,748	)		(56,400	)
Net (loss) income for the quarter (As corrected, see Note 2)		-			-			-			(369,989	)		(369,989	)		(4,076	)		(374,065	)		56,400
Balance, June 30, 2021 (As corrected, see Note 2)		582,867		$	5,829		$	5,570,728		$	(5,015,014	)	$	561,543		$	474,710		$	1,036,253		$	9,648,251
Restricted stock unit compensation		24,833			248			53,639						53,887			-			53,887			-
Non-cash redemption of shares		(112,500	)		(1,125	)		1,025						(100	)		-			(100	)		-
Issuance of common stock, net of issuance costs		1,665,000			16,650			13,748,767						13,765,417			-			13,765,417			-
Reclassification of issuance costs														-			-			-			-
Redemption of Redeemable Non-Controlling Interest														-			-			-			(1,200,000	)
Issuance of Redeemable Non-Controlling Interest for property acquisition														-			-			-			650,000
Distribution on Non-Controlling Interest														-			(7,898	)		(7,898	)		(171,221	)
Dividends paid on common stock								(116,307	)					(116,307	)		-			(116,307	)		-
Net income for the quarter											455,551			455,551			8,459			464,010			191,818
Balance, September 30, 2021 (As corrected, see Note 2)		2,160,200		$	21,602		$	19,257,852		$	(4,559,463	)	$	14,719,991		$	475,271		$	15,195,262		$	9,118,848
																				-
Balance, December 31, 2021 (As corrected, see Note 2)		2,172,950		$	21,729		$	19,051,929		$	(5,403,156	)	$	13,670,502		$	469,712		$	14,140,214		$	9,134,979
Restricted stock unit compensation		47,142			471			93,455			-			93,926			-			93,926			-
Stock issuance costs		-			-			(6,091	)		-			(6,091	)					(6,091	)
Cashless exercise of warrants		27,676			277			(277	)		-			-			-			-			-
Issuance of Redeemable Non-Controlling Interest for property acquisition		-			-			-			-			-			-			-			1,109,570
Distribution on Non-Controlling Interest		-			-			-			-			-			(3,938	)		(3,938	)		(115,303	)

5

Dividends paid on common stock	-		-		(334,799	)		-			(334,799	)		-			(334,799	)		-
Net (loss) income for the quarter (As corrected, see Note 2)	-		-		-			(575,476	)		(575,476	)		(1,120	)		(576,596	)		131,083
Balance, March 31, 2022 (As corrected, see Note 2)	2,247,768	$	22,477	$	18,804,217		$	(5,978,632	)	$	12,848,062		$	464,654		$	13,312,716		$	10,260,329
Restricted stock unit compensation	357		4		124,114			-			124,118			-			124,118			-
Cashless exercise of warrants	9,662		96		(96	)					-			-			-			-
Redemption of Redeemable Non-Controlling Interest	-		-		-			-			-			-			-			(406,652	)
Distribution on Non-Controlling Interest	-		-		-			-			-			(3,938	)		(3,938	)		(118,556	)
Dividends paid on common stock	-		-		(343,254	)		-			(343,254	)		-			(343,254	)		-
Net (loss) income for the quarter								(1,046,878	)		(1,046,878	)		(4,329	)		(1,051,207	)		134,510
Balance, June 30, 2022	2,257,787	$	22,577	$	18,584,981		$	(7,025,510	)	$	11,582,048		$	456,387		$	12,038,435		$	9,869,631
Restricted stock unit compensation	-		-		110,869			-			110,869			-			110,869			-
Cashless exercise of warrants	31,495		315		(315	)					-			-			-			-
Common stock issued to redeem Redeemable Non-Controlling Interest	200,000		2,000		1,198,000			-			1,200,000			-			1,200,000			(1,200,000	)
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest	-		-		-			-			-			-			-			(2,912,300	)
Distribution on Non-Controlling Interest	-		-		-			-			-			(3,938	)		(3,938	)		(111,278	)
Dividends paid on common stock	-		-		(386,765	)		-			(386,765	)		-			(386,765	)		-
Net (loss) income for the quarter								(638,920	)		(638,920	)		(780	)		(639,700	)		127,583
Balance, September 30, 2022	2,489,282	$	24,892	$	19,506,770		$	(7,664,430	)	$	11,867,232		$	451,669		$	12,318,901		$	5,773,636

The accompanying notes are an integral part of these unaudited consolidated financial statements.

6

Generation Income Properties, Inc. Consolidated Statements of Cash Flows

(unaudited)

	Nine Months Ended September 30,
	2022			2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(1,874,327	)	$	16,460
Adjustments to reconcile net income (loss) to cash used in operating activities
Depreciation		1,161,214			833,291
Amortization of acquired lease intangible assets		389,865			331,547
Amortization of debt issuance costs		89,364			94,600
Amortization of below market leases		(76,069	)		(115,921	)
Amortization of above market ground lease		(409	)		-
Common stock issued for services		-			33,000
Restricted stock unit compensation		328,913			153,636
Non-cash ground lease expense		50,359			-
Income on investment in tenancy-in-common		(23,841	)		(4,750	)
Gain on sale of property		-			(923,178	)
Dead deal expense		153,031			-
Loss on debt extinguishment		144,029			-
Write-off of deferred financing cost		137,522			-
Changes in operating assets and liabilities
Accounts receivable		26,711			(29,314	)
Other assets		(74,607	)		(30,275	)
Deferred rent asset		(115,341	)		(18,773	)
Prepaid expenses		(141,976	)		(86,487	)
Accounts payable		(96,955	)		38,176
Accrued expenses		251,263			(116,544	)
Lease liability		(1,102	)		-
Deferred rent liability		(51,927	)		(2,790	)
Net cash provided by operating activities	$	275,717		$	172,678
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of land, buildings, other tangible and intangible assets	$	(12,848,166	)	$	(3,530,809	)
Escrows for purchase of properties		25,000			-
Investment in tenancy-in-common		(455,888	)		(712,587	)
Proceeds from sale of property		-			5,245,858
Net cash (used in) provided by investing activities	$	(13,279,054	)	$	1,002,462
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock and warrants	$	-		$	14,379,505
Proceeds from issuance of redeemable interest		1,109,570			2,100,000
Redemption of redeemable non-controlling interests		(731,652	)		(1,200,000	)
Mortgage loan repayments - related party		-			(1,100,000	)
Mortgage loan borrowings		17,650,000			2,125,000
Mortgage loan repayments		(11,157,906	)		(3,771,333	)
Stock issuance costs		(6,091	)		-
Deferred financing costs		(204,289	)		-
Debt issuance costs		(330,177	)		(39,991	)
Insurance financing borrowings		288,693			277,059
Insurance financing repayments		(194,949	)		(218,832	)
Distribution on non-controlling interests		(356,951	)		(389,093	)
Dividends paid on common stock		(1,064,818	)		(230,680	)
Net cash provided by financing activities	$	5,001,430		$	11,931,635
Net increase (decrease) in cash and cash equivalents	$	(8,001,907	)	$	13,106,775
Cash and cash equivalents and restricted cash - beginning of period		10,624,076			1,122,364
Cash and cash equivalents and restricted cash - end of period	$	2,622,169		$	14,229,139
CASH TRANSACTIONS
Interest Paid	$	1,001,505		$	938,984
NON-CASH TRANSACTIONS
Stock issued for accrued liabilities	$	-		$	11,000
Stock issued for cashless exercise of Investor Warrants		688			-
Deferred distribution on redeemable non-controlling interests		48,039			20,597
Lease liability for ground lease related to property acquisition		6,304,334			-
Issuance of Other payable - related party for Redemption of Non-Controlling Interest		2,912,300			-
Common stock issued to redeem non-controlling interest		1,200,000		$	-

The accompanying notes are an integral part of these unaudited consolidated financial statements.

7

GENERATION INCOME PROPERTIES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Nature of Operations

Generation Income Properties, Inc. (the “Company”) was formed as a Maryland corporation on September 19, 2015. The Company is an internally managed real estate investment company focused on acquiring and managing income-producing retail, office and industrial properties net leased to high quality tenants in major markets throughout the United States.

The Company formed Generation Income Properties L.P. (the “Operating Partnership”) in October 2015. Substantially all of the Company’s assets are held by, and operations are conducted through, the Operating Partnership or its direct or indirect subsidiaries. The Company is the general partner of the Operating Partnership and as of September 30, 2022 owned 86% of the outstanding common units of the Operating Partnership. The Company formed a Maryland entity GIP REIT OP Limited LLC in 2018 that owns 0.002% of the Operating Partnership.

As of September 30, 2022, the Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis owned 12 properties and held partial interests in one additional property through a tenancy-in-common investment.

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

The information furnished reflects all adjustments, consisting only of normal recurring items which are, in the opinion of management, necessary in order to make the financial statements not misleading. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) were omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements and footnotes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 18, 2022. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022.

The Company adopted the calendar year as its basis of reporting. Certain immaterial prior year amounts have been reclassified for consistency with the current period presentation.

Immaterial Correction of Previously Issued Consolidated Financial Statements

Subsequent to the filing of the Company’s Annual Report on Form 10K for the fiscal year ended December 31, 2021, and Quarterly Report on Form 10Q for the quarter ended March 31, 2022, management of the Company identified an error in the application of Accounting Standards Codification (ASC) 480-10, Distinguishing Liabilities from Equity. Specifically, the Company incorrectly classified the partnership interest of GIP Fund 1, LLC in the Operating Partnership as Redeemable Non-Controlling Interests rather than Non-Controlling Interest within Equity. The Company has evaluated the effects of the resulting corrections detailed in the tables below on the previously issued consolidated financial statements, individually and in the aggregate, in accordance with the guidance in ASC 250, Accounting Changes and Error Corrections. Management has determined the effect of the error is immaterial to the Company’s previously issued consolidated financial statements as of December 31, 2021 and 2020, as of and for the three months ended March 31, 2022 and 2021, as of and for the three and six months ended June 30, 2021, and as of and for the three and nine months ended September 30, 2021. The financial statement line items impacted by this error have been corrected and the impact of the error will be corrected prospectively in the Company’s subsequent quarterly and annual filings. The tables below reflect the sections of the Company’s condensed consolidated financial statements that were impacted by the error.

8

Condensed Balance Sheets

	As of December 31,						As of December 31,
	2021						2021
	As Reported			Adjustment			As Corrected
Total Assets	$	53,420,716		$	-		$	53,420,716
Liabilities and Equity
Total liabilities	$	30,145,523		$	-		$	30,145,523
Redeemable Non-Controlling Interests	$	9,621,159		$	(486,180	)	$	9,134,979
Accumulated Deficit	$	(5,419,624	)	$	16,468		$	(5,403,156	)
Stockholders' Equity	$	13,654,034		$	16,468		$	13,670,502
Non-Controlling Interest	$	-		$	469,712		$	469,712
Total Equity	$	13,654,034		$	486,180		$	14,140,214
Total Liabilities and Equity	$	53,420,716		$	-		$	53,420,716

	As of March 31,						As of March 31,
	2022						2022
	As Reported			Adjustment			As Corrected
Total Assets	$	66,570,918		$	-		$	66,570,918
Liabilities and Equity
Total liabilities	$	42,997,873		$	-		$	42,997,873
Redeemable Non-Controlling Interests	$	10,746,509		$	(486,180	)	$	10,260,329
Accumulated Deficit	$	(6,000,158	)	$	21,526		$	(5,978,632	)
Stockholders' Equity	$	12,826,536		$	21,526		$	12,848,062
Non-Controlling Interest	$	-		$	464,654		$	464,654
Total Equity	$	12,826,536		$	486,180		$	13,312,716
Total Liabilities and Equity	$	66,570,918		$	-		$	66,570,918

9

Condensed Income Statements

	Three Months ended June 30, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	988,190		$	-		$	988,190
Total expenses		1,305,855			-			1,305,855
Operating loss	$	(317,665	)	$	-		$	(317,665	)
Net loss	$	(317,665	)	$	-		$	(317,665	)
Less: Net income attributable to non-controlling interests		59,148			(6,824	)		52,324
Net income (loss) attributable to Generation Income Properties, Inc.	$	(376,813	)	$	6,824		$	(369,989	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		582,867			582,867			582,867
Basic & Diluted Income (Loss) Per Share Attributable to Common Stockholders	$	(0.65	)	$	0.02		$	(0.63	)
	Six Months ended June 30, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	1,925,078		$	-		$	1,925,078
Total expenses		2,564,446			-			2,564,446
Operating loss	$	(639,368	)	$	-		$	(639,368	)
Net loss	$	(639,368	)	$	-		$	(639,368	)
Less: Net income attributable to non-controlling interests		209,974			(11,470	)		198,504
Net income (loss) attributable to Generation Income Properties, Inc.	$	(849,342	)	$	11,470		$	(837,872	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		581,264			581,264			581,264
Basic & Diluted Income (Loss) Per Share Attributable to Common Stockholders	$	(1.46	)	$	0.02		$	(1.44	)

	Three Months ended September 30, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	1,033,494		$	-		$	1,033,494
Total expenses		1,305,594			-			1,305,594
Operating loss	$	(272,100	)	$	-		$	(272,100	)
Net income	$	655,828		$	-		$	655,828
Less: Net income attributable to non-controlling interests		199,716			561			200,277
Net income (loss) attributable to Generation Income Properties, Inc.	$	456,112		$	(561	)	$	455,551
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		939,559			939,559			939,559
Basic & Diluted Income Per Share Attributable to Common Stockholders	$	0.49		$	(0.01	)	$	0.48
	Nine Months ended September 30, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	2,958,572		$	-		$	2,958,572
Total expenses		3,870,040			-			3,870,040
Operating loss	$	(911,468	)	$	-		$	(911,468	)
Net income	$	16,460		$	-		$	16,460
Less: Net income attributable to non-controlling interests		409,690			(10,909	)		398,781
Net income (loss) attributable to Generation Income Properties, Inc.	$	(393,230	)	$	10,909		$	(382,321	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		699,395			699,395			699,395
Basic & Diluted Income (Loss) Per Share Attributable to Common Stockholders	$	(0.56	)	$	0.01		$	(0.55	)

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	Twelve Months ended December 31, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	3,900,096		$	-		$	3,900,096
Total expenses		5,548,202			-			5,548,202
Operating loss	$	(1,648,106	)	$	-		$	(1,648,106	)
Net loss	$	(712,433	)	$	-		$	(712,433	)
Less: Net income attributable to non-controlling interests		530,049			(16,468	)		513,581
Net income (loss) attributable to Generation Income Properties, Inc.	$	(1,242,482	)	$	16,468		$	(1,226,014	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		1,067,599			1,067,599			1,067,599
Basic & Diluted Income (Loss) Per Share Attributable to Common Stockholders	$	(1.16	)	$	0.01		$	(1.15	)

	Three Months ended March 31, 2022
	As Reported			Adjustment			As Corrected
Total revenue	$	1,181,935		$	-		$	1,181,935
Total expenses		1,636,000			-			1,636,000
Operating loss	$	(454,065	)	$	-		$	(454,065	)
Net loss	$	(445,513	)	$	-		$	(445,513	)
Less: Net income attributable to non-controlling interests		135,021			(5,058	)		129,963
Net income (loss) attributable to Generation Income Properties, Inc.	$	(580,534	)	$	5,058		$	(575,476	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		2,196,056			2,196,056			2,196,056
Basic & Diluted Income (Loss) Per Share Attributable to Common Stockholders	$	(0.26	)	$	0.00		$	(0.26	)

Condensed Statements of Equity

	As of December 31,						As of December 31,
	2020						2020
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	8,684,431		$	(486,180	)	$	8,198,251
Accumulated Deficit		(4,177,142	)		-			(4,177,142	)
Stockholders' Equity	$	1,370,039		$	-		$	1,370,039
Non-Controlling Interest		-			486,180		$	486,180
Total Equity	$	1,370,039		$	486,180		$	1,856,219

	As of March 31,						As of March 31,
	2021						2021
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	8,684,431		$	(486,180	)	$	8,198,251
Accumulated Deficit		(4,649,671	)		4,646			(4,645,025	)
Stockholders' Equity	$	876,608		$	4,646		$	881,254
Non-Controlling Interest		-			481,534		$	481,534
Total Equity	$	876,608		$	486,180		$	1,362,788

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	As of June 30,						As of June 30,
	2021						2021
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	10,134,431		$	(486,180	)	$	9,648,251
Accumulated Deficit		(5,026,484	)		11,470			(5,015,014	)
Stockholders' Equity	$	550,073		$	11,470		$	561,543
Non-Controlling Interest		-			474,710		$	474,710
Total Equity	$	550,073		$	486,180		$	1,036,253

	As of September 30,						As of September 30,
	2021						2021
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	9,605,028		$	(486,180	)	$	9,118,848
Accumulated Deficit		(4,570,372	)		10,909			(4,559,463	)
Stockholders' Equity	$	14,709,082		$	10,909		$	14,719,991
Non-Controlling Interest		-			475,271		$	475,271
Total Equity	$	14,709,082		$	486,180		$	15,195,262

	As of December 31,						As of December 31,
	2021						2021
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	9,621,159		$	(486,180	)	$	9,134,979
Accumulated Deficit		(5,419,624	)		16,468			(5,403,156	)
Stockholders' Equity	$	13,654,034		$	16,468		$	13,670,502
Non-Controlling Interest		-			469,712		$	469,712
Total Equity	$	13,654,034		$	486,180		$	14,140,214

	As of March 31,						As of March 31,
	2022						2022
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	10,746,509		$	(486,180	)	$	10,260,329
Accumulated Deficit		(6,000,158	)		21,526			(5,978,632	)
Stockholders' Equity	$	12,826,536		$	21,526		$	12,848,062
Non-Controlling Interest		-			464,654		$	464,654
Total Equity	$	12,826,536		$	486,180		$	13,312,716

Consolidation

The accompanying consolidated financial statements include the accounts of Generation Income Properties, Inc. and the Operating Partnership and all of the direct and indirect wholly-owned subsidiaries of the Operating Partnership and the Company’s subsidiaries. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements.

The consolidated financial statements include the accounts of all entities in which the Company has a controlling interest. The ownership interests of other investors in these entities are recorded as non-controlling interests or redeemable non-controlling interest. Non-controlling interests are adjusted each period for additional contributions, distributions, and the allocation of net income or loss attributable to the non-controlling interests. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income or loss.

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Cash

The Company considers all demand deposits, cashier’s checks and money market accounts to be cash equivalents. Amounts included in restricted cash represent funds owned by the Company related to tenant escrow reimbursements and immediate capital repair reserve.

	As of September 30,		As of December 31,
	2022		2021
Cash and cash equivalents	$	2,587,669	$	10,589,576
Restricted cash		34,500		34,500
Cash and cash equivalents and restricted cash	$	2,622,169	$	10,624,076

Revenue Recognition

The Company leases real estate to its tenants under long-term net leases which the Company accounts for as operating leases. Those leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. In addition to straight-line rents, deferred rent liability includes approximately $158,000 and $188,000 of prepaid rent as of September 30, 2022 and December 31, 2021, respectively.

The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability exists with respect to any tenant changes, the Company would recognize an adjustment to rental income. The Company’s review of collectability of charges under its operating leases includes any accrued rental revenues related to the straight-line rents. There were no allowances for receivables recorded for the nine months ended September 30, 2022 and 2021.

Certain leases also provide for additional rent based on tenants’ sales volumes. These rents are recognized when determinable after the tenant exceeds a sales breakpoint.

Some of the Company’s leases provide for reimbursement from tenants for certain common area maintenance (“CAM”) expenses, insurance, and real estate taxes. The Company either bills or accrues estimated reimbursement revenues and expenses recognized as rental income and building expenses, respectively, in the period the recoverable costs are incurred and accrued.

Stock-Based Compensation

The Company records all equity-based incentive grants to employees and non-employee members of the Company’s Board of Directors in compensation costs in the Company’s Consolidated Statements of Operations based on their fair values determined on the date of grant. Stock-based compensation expense, reduced for estimated forfeitures, is recognized on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the outstanding equity awards.

Investments in Real Estate

Acquisitions of real estate are recorded at cost. The Company assigns the purchase price of real estate to tangible and intangible assets and liabilities based on fair value. Tangible assets consist of land, buildings, site improvements and tenant improvements. Intangible assets and liabilities consist of the value of in-place leases and above or below market leases assumed with the acquisition. At the time of acquisition, the Company assesses whether the purchase of the real estate falls within the definition of a business under Accounting Standards Codification (“ASC”) 805 and to date has concluded that all asset transactions are asset acquisitions. Therefore, each acquisition has been recorded at the purchase price whereas assets and liabilities, inclusive of closing costs, are allocated to land, building, site improvements, tenant improvements and intangible assets and liabilities based upon their relative fair values at the date of acquisition.

The fair value of the in-place leases are estimated as the cost to replace the leases including loss of rent, commissions and legal fees. The in-place leases are amortized over the remaining team of the leases as amortization expense. The fair value of the above- or below- market lease is estimated as the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and the estimated current market lease rate expected over the remaining non-cancelable life of the lease. The capitalized above or below market lease values are amortized as a decrease or increase to rental income over the remaining term of the lease inclusive of the renewal option periods that are considered probable at acquisition.

Depreciation Expense

Real estate and related assets are stated net of accumulated depreciation. Renovations, replacements and other expenditures that improve or extend the life of assets are capitalized and depreciated over their estimated useful lives. Expenditures for ordinary

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maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the buildings, which are generally between 15 and 50 years, and site improvements, which are generally 5 years. Tenant improvements are amortized over the lease terms of the tenants, which is generally between 2 and 10 years.

Lease Obligations

The Company has a certain property within its portfolio that is on land subject to a ground lease with a third party, which is classified as an operating lease. Accordingly, the Company owns only a long-term leasehold in this property. The building and improvements constructed on the leased land are capitalized as investment in real estate in the accompanying Consolidated Balance Sheets and are depreciated over the shorter of the useful life of the improvements or the lease term.

Under ASC 842, the Company recognizes a Lease liability on its Consolidated Balance Sheets for its ground lease and corresponding Right of use asset related to this same ground lease which is classified as an operating lease. A key input in estimating the Lease liability and resulting Right of use asset is establishing the discount rate in the lease, which since the rate implicit in the contract is not readily determinable, requires additional inputs for the longer-term ground lease, including mortgage market-based interest rates that correspond with the remaining term of the lease, the Company's credit spread, and the payment terms present in the lease. This discount rate is applied to the remaining unpaid minimum rental payments for the lease to measure the Lease liability.

Income Taxes

The Company has elected to operate and be taxed as a real estate investment trust (“REIT”) under Section 856 through 860 of the Internal Revenue Code (“Code”), commencing with the Company's taxable year ending December 31, 2021. To continue to qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its taxable income to its stockholders. As a REIT, the Company generally will not be subject to federal corporate income tax on that portion of its taxable income that is currently distributed to stockholders.

The Company accounts for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company's financial statements or tax returns. Under this method, the Company determines deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes the Company to change the Company's judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes the Company to change its judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur.

The Company also recognizes liabilities for unrecognized tax benefits which are recognized if the weight of available evidence indicates that it is not more-likely-than-not that the positions will be sustained on examination, including resolution of the related processes, if any. As of each balance sheet date, unrecognized benefits are reassessed and adjusted if the Company’s judgement changes as a result of new information.

Earnings per Share

In accordance with ASC 260, basic earnings/loss per share (“EPS”) is computed by dividing net loss attributable to the Company that is available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of warrants), and convertible debt, using the if-converted method. Diluted EPS excludes all potentially dilutive securities such as warrants, options and restricted stock units if their effect is anti-dilutive. As of the nine months ended September 30, 2022 and 2021, all potentially dilutive securities were excluded because the effect was anti-dilutive.

Impairments

The Company reviews investments in real estate and related lease intangibles for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable though operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end of the previously estimated life. Impairments are

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measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. There were no impairments in the Company's investments in real estate during the nine months ended September 30, 2022 and 2021.

Impairments are determined using valuation techniques including a discounted cash flow analysis which is a Level 3 input and analysis of recent comparable sales transactions or purchase offers received from third parties which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its investments in real estate. Estimating future cash flows is highly subjective and estimates can differ materially from actual results.

A loss in value of investments in real estate partnerships under the equity method of accounting, other than a temporary decline, must be recognized in the period in which the loss occurs. If the Company identifies events or circumstances that indicate that the value of the Company's investment may be impaired, it evaluates the investment by calculating the estimated fair value of the investment by discounting estimated future cash flows over the expected term of the investment. There were no impairments in the Company's Investment in tenancy-in-common during the nine months ended September 30, 2022 and 2021.

Note 3 – Investments in Real Estate

On January 7, 2022, the Company acquired an approximately 10,900 square foot single tenant medical-retail property leased to Fresenius Medical Care (NYSE: FMS) located in Chicago, Illinois. The acquisition was financed with a $1,550,000 promissory note and the balance with cash on hand.

On January 14, 2022, the Company acquired an approximately 2,600 square foot single tenant retail property leased to Starbucks Coffee (NASDAQ: SBUX) located in Tampa, Florida. The acquisition was financed with the issuance of a redeemable non-controlling interest of $1,109,570, debt of $1,050,000 and the balance with cash on hand.

On March 9, 2022, the Company acquired a leasehold interest in a ground lease and corresponding assignment of an approximately 88,400 square foot single tenant retail property leased to Kohl's Corporation (NYSE: KSS) located in Tucson, Arizona. The acquisition was financed with a $3,650,000 promissory note and the balance with cash on hand.

The following table details the properties acquired during the three and nine months ended September 30, 2022.

	Fresenius-Chicago, IL			Starbucks -Tampa, FL			Kohl's -Tucson, AZ			Total
Land	$	1,690,837		$	1,443,262		$	-		$	3,134,099
Building and site improvements		1,217,395			700,859			6,175,908			8,094,162
Tenant improvements		55,041			20,504			349,136			424,681
Acquired lease intangible assets		276,013			112,830			981,203			1,370,046
Total real estate investments	$	3,239,286		$	2,277,455		$	7,506,247		$	13,022,988
Right of use asset		-			-			6,304,334			6,304,334
Less: Acquired lease intangible liabilities		(19,864	)		(13,497	)		(131,999	)		(165,360	)
Less: Lease liability		-			-			(6,304,334	)		(6,304,334	)
Total real estate investments, net	$	3,219,422		$	2,263,958		$	7,374,248		$	12,857,628

On February 11, 2021, the Company acquired an approximately 7,500 square foot single tenant office property leased to the General Services Administration located in Manteo, North Carolina. The acquisition was financed with the issuance of a redeemable non-controlling interest of $500,000 and debt of $1,275,000.

On April 21, 2021, the Company acquired an approximately 7,800 square foot single tenant office property leased to Irby Construction located in Plant City, Florida. The acquisition was financed with the issuance of a redeemable non-controlling interest of $950,000 and debt of $850,000.

The following table details the properties acquired during the three and nine months ended September 30, 2021:

	GSA-Manteo, NC			Irby Construction-Plant City, FL		Total
Land	$	341,949		$	1,212,213	$	1,554,162
Building and site improvements		1,807,066			423,611		2,230,677
Acquired lease intangible assets		100,379			121,509		221,888
Total real estate investments		2,249,394			1,757,333		4,006,727
Less Acquired lease intangible liabilities		(511,620	)		-		(511,620	)
Total real estate investments, net	$	1,737,774		$	1,757,333	$	3,495,107

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Note 4 – Acquired Lease Intangible Assets, net

Acquired Lease Intangible Assets, net is comprised of the following:

	As of September 30,			As of December 31,
	2022			2021
Acquired lease intangible assets	$	4,677,928		$	3,304,014
Accumulated amortization		(1,384,722	)		(994,857	)
Acquired lease intangible assets, net	$	3,293,206		$	2,309,157

The future amortization for Acquired Lease Intangible Assets, net for subsequent years ending December 31 is listed below:

	As of September 30,
	2022
2022 (3 months remaining)	$	137,672
2023		542,954
2024		542,954
2025		509,815
2026		489,884
Thereafter		1,069,927
	$	3,293,206

Note 5 – Acquired Lease Intangible Liabilities, net

Acquired Lease Intangible Liabilities, net is comprised of the following:

	As of September 30,			As of December 31,
	2022			2021
Acquired lessor lease intangible liabilities	$	965,216		$	845,063
Accumulated accretion to Rental income		(343,744	)		(267,675	)
Acquired lessor lease intangible liabilities, net	$	621,472		$	577,388
Acquired lessee lease intangible liabilities	$	45,207		$	-
Accumulated amortization to offset Building expenses		(409	)		-
Acquired lessee lease intangible liabilities, net	$	44,798		$	-

The future amortization for Acquired Lessor Lease Intangible Liabilities, net for subsequent years ending December 31 is listed below:

	As of September 30,
	2022
2022 (3 months remaining)	$	26,297
2023		105,188
2024		105,188
2025		105,188
2026		93,907
Thereafter		185,704
	$	621,472

The future amortization for Acquired Lessee Lease Intangible Liabilities, net for subsequent years ending December 31 is listed below:

	As of September 30,
	2022
2022 (3 months remaining)	$	183
2023		732
2024		732
2025		732
2026		732
Thereafter		41,687
	$	44,798

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Note 6 – Lessee Accounting

The Company acquired one property on March 9, 2022 that is subject to a non-cancelable, long-term ground lease where a third party owns the underlying land and has leased the land to the Company. Accordingly, the Company owns only a long-term leasehold in this property. This ground lease expires in 2084 including those options the Company deems probable of exercising. The ground lease expense is recognized on a straight-line basis over the term of the lease, including management's estimate of expected option renewal periods. Operating lease expense was approximately $218,777 for the nine months ended September 30, 2022. There are no variable lease expenses required to be paid by the Company as lessee per the lease terms. Cash paid for amounts included in the measurement of the Lease liability, net was $130,738 for the nine months ended September 30, 2022.

The following table summarizes the undiscounted future cash flows for subsequent years ending December 31 attributable to the lease Liability as of September 30, 2022 and provides a reconciliation to the Lease liability included in the accompanying Consolidated Balance Sheets as of September 30, 2022.

	As of September 30,
	2022
2022 (3 months remaining)	$	58,175
2023		232,701
2024		244,077
2025		245,111
2026		245,111
Thereafter		22,065,755
Total undiscounted liability	$	23,090,930
Present value discount		(16,787,698	)
Lease liability	$	6,303,232
Discount rate		4.58	%
Term	62 years

Note 7 – Non-Controlling Interests

Redeemable Non-Controlling Interests (Temporary Equity)

As part of the Company’s acquisition of a building for approximately $4,578,800 in Cocoa, FL, one of the Company’s operating subsidiaries entered into a preferred equity agreement with Brown Family Trust on September 11, 2019 pursuant to which the Company’s subsidiary received a capital contribution of $1,200,000. Pursuant to the agreement, the Company was required to pay the preferred equity member a 10% internal rate of return (“IRR”) on a monthly basis and redeem the entire amount due after 24 months at the option of the preferred equity member. The Operating Partnership was the general manager of the subsidiary while Brown Family Trust was a preferred member. Because of the redemption right, the non-controlling interest was presented as temporary equity at redemption value. The Company redeemed the Brown Family Trust $1,200,000 Redeemable Non-Controlling Interest upon the sale of the property in August 2021.

As part of the Company’s acquisition of a building for approximately $1,737,800 in Manteo, NC, one of the Company’s operating subsidiaries entered into a preferred equity agreement with Brown Family Trust on February 11, 2021 pursuant to which the Company’s subsidiary received a capital contribution of $500,000. Pursuant to the agreement, the Company will pay the preferred equity member a 9% IRR on a monthly basis and redeem the entire amount due after 24 months at the option of the preferred equity member. The Operating Partnership is the general manager of the subsidiary while Brown Family Trust is a preferred member. Because of the redemption right, the non-controlling interest is presented as temporary equity at redemption value. The current redemption amount is $500,000. Distributable operating funds are distributed first to Brown Family Trust until the unpaid preferred return is paid off and then to the Company.

As part of the Company’s acquisition of a building for approximately $1,757,300 in Plant City, FL, one of the Company’s operating subsidiaries entered into a preferred equity agreement with Irby Prop Partners on April 21, 2021 pursuant to which the Company’s subsidiary received a capital contribution of $950,000. Pursuant to the agreement, the Company will pay the preferred equity member a 12% total IRR with an 8% IRR paid on a monthly basis and the deferred IRR will be paid at the end of 24 months along with the entire $950,000 amount due after 24 months at the option of the preferred equity member. The Operating Partnership is the general manager of the subsidiary. Because of the redemption right, the non-controlling interest is presented as temporary equity at redemption value. The current redemption amount is approximately $995,600. Distributable operating funds are distributed first to the preferred equity partners until the unpaid preferred return is paid off and then to the Company.

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As part of the Company’s investment in a tenant in common entity for approximately $724,800 in Rockford, IL, one of the Company’s operating subsidiaries entered into a preferred equity agreement with preferred equity partner (Mr. Hornstrom) on August 2, 2021 pursuant to which the Company’s subsidiary received a capital contribution of $650,000. Pursuant to the agreement, the Company will pay the preferred equity member a 12% total IRR with an 8% IRR paid on a monthly basis and the deferred IRR will be paid at the end of 24 months along with the entire $650,000 amount due after 24 months at the option of the preferred equity member. The Operating Partnership is the general manager of the subsidiary. Because of the redemption right, the non-controlling interest is presented as temporary equity at redemption value. The current redemption amount is approximately $672,900. Distributable operating funds are distributed first to the preferred equity partners until the unpaid preferred return is paid off and then to the Company.

Each of the preferred members described above may redeem their interest on or after the Redemption date (second year anniversary of the Closing), at the discretion of such preferred member, as applicable, all or a portion thereof, of such preferred member’s pro-rata share of the Redemption Price in the form of membership units of the Operating Partnership (“GIPLP Units”). Such GIPLP Units shall be subject to all such restrictions, such as with respect to transferability, as reasonably imposed by GIPLP. The number of GIPLP Units issued to any preferred member shall be determined by dividing the total amount of the Redemption Price that such preferred member shall receive in GIPLP Units by a 15% discount of the average 30-day market price of Generation Income Properties, Inc. Units shall then be convertible into common stock of Generation Income Properties, Inc. on a 1:1 basis in accordance with the Partnership Agreement of the Operating Partnership.

As part of the Company’s acquisition of two buildings for approximately $19,134,400 on September 30, 2019 in Norfolk, VA, the Operating Partnership entered into contribution agreements with two entities (Greenwal, L.C. and Riverside Crossing, L.C.) that resulted in the issuance of 349,913 common units in the Operating Partnership at $20.00 per share for a total value of $6,998,251. Greenwal, L.C and Riverside Crossing, L.C. have since been dissolved and the common units now are directly owned by the former members of the two entities. Beginning on the first anniversary of the closing, the contribution agreements allow for the two investors to require the Operating Partnership to redeem all or a portion of its units for either (i) the Redemption Amount (within the meaning of the Operating Partnership’s Partnership Agreement), or (ii) until forty-nine (49) months from date of closing, cash in an agreed-upon Value (within the meaning of the Operating Partnership’s Partnership Agreement) of $20.00 per share, as set forth on the Notice of Redemption. As such, the Company has determined their equity should be classified as a temporary equity at redemption value. On March 21, 2022, the Company received notice from an Operating Partnership common unit holder to redeem 10,166.3 units at $20.00 per unit for a total of $203,326 and paid the unit holder on June 24, 2022. On April 25, 2022, the Company received notice from another Operating Partnership common unit holder to redeem 10,166.3 units at $20 per unit for a total of $203,326 and paid the unit holder on July 25, 2022. On July 20, 2022, the Company received a notice of redemption from an Operating Partnership common unit holder exercising his right to redeem 25,000 units at $20 per unit under the Operating Partnership’s Contribution and Subscription Agreement, dated July 16, 2019, and the Contribution and Subscription Agreement, dated June 19, 2019. Such notice further stated the unit holder’s intent to redeem his remaining 180,615 units in the Operating Partnership before October 31, 2023. On August 9, 2022, the Company and Operating Partnership entered a Redemption Agreement with the unit holder providing for the revocation of his July 2022 redemption notice and providing that the his common units in the Operating Partnership would be redeemed by the Operating Partnership as follows: (i) on or before September 15, 2022, 16,250 of the units would be redeemed for an aggregate of $325,000 in cash (which is $20 per unit, as provided in the applicable Contribution Agreements) and 60,000 of the units would be redeemed in exchange for the issuance of 200,000 shares of the Company’s common stock, and (ii) the remaining 129,365 units would be redeemed for $20 per unit in cash in one tranche of 16,250 units on March 15, 2023 and five tranches of 22,623 units each on September 15, 2023, March 15, 2024, June 15, 2024, September 15, 2024, and December 15, 2024. As such, the Company recorded a Other payable - related party in the amount of $2,912,300 upon execution of the Redemption Agreement entered into August 9, 2022 and made the first installment payment of $325,000 on September 13, 2022. Additionally, the Company issued 200,000 shares of common stock at $6.00 per share in accordance with the Redemption Agreement, and recorded the stock at par value of $2,000 with the remaining $1,198,000 to Additional paid in capital. See Note 8 - Equity for further detail.
 

As part of the Company’s acquisition of one building on January 14, 2022 for approximately $2,264,000 in Tampa, FL, the Operating Partnership entered into a contribution agreement with one entity (LMB Owenton I LLC) that resulted in the issuance of 110,957 common units in the Operating Partnership at $10.00 per share for a total value of $1,109,570. Beginning on the second anniversary of the Closing, the contribution agreement allows for the investor to require the Operating Partnership to redeem, all or a portion of its units for either (i) the Redemption Amount (within the meaning of the Partnership Agreement), or (ii) until forty nine (49) months from date of Closing, cash in an agreed-upon Value (within the meaning of the Partnership Agreement) of $10.00 per share. As such, the Company has determined their equity should be classified as temporary equity at redemption value.

Non-Controlling Interest (Permanent Equity)

As part of the Company’s acquisition of one building on November 30, 2020 for $1,847,700 in Tampa, FL, the Operating Partnership entered into a contribution agreement with one entity (GIP Fund 1, LLC) that resulted in the issuance of 24,309 common units in

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Operating Partnership at $20.00 per share for a total value of $486,180. At the time of the acquisition the Company’s President owned 11% of GIP Fund 1. GIP Fund 1 has since been dissolved and the common units now are directly owned by the former members of GIP Fund 1. Beginning on the first anniversary of the Closing, the contribution agreement allows for the investor to require the Operating Partnership to redeem, all or a portion of its units for common stock of the Company. As such, the Company has determined their equity should be classified as a Non-controlling interest.

Following these transactions as of September 30, 2022, the Company owned 86% of the common units in the Operating Partnership and outside investors owned 14%.

The following table reflects the Company's Redeemable Non-Controlling Interests and Non-Controlling Interest during the nine months ended September 30, 2022:

	Brown Family Trust			Irby Prop Partners			Richard Hornstrom			LMB Owenton I LLC			GIP LP (Former Greenwal, L.C. and Riverside Crossing, L.C. Members)			Total Redeemable Non-Controlling Interest			Non-Controlling Interest - Former GIP Fund 1 Members
Balance, December 31, 2021 (As corrected, see Note 2)	$	500,000		$	976,756		$	659,972		$	-		$	6,998,251		$	9,134,979		$	469,712
Issuance of Redeemable Operating Partnership Units for property acquisition		-			-			-			1,109,570			-			1,109,570			-
Distribution on Non-Controlling Interest		(11,260	)		(19,001	)		(13,087	)		(15,269	)		(56,686	)		(115,303	)		(3,938	)
Net income (loss) for the quarter (As corrected, see Note 2)		11,260			28,370			19,498			15,269			56,686			131,083			(1,120	)
Balance, March 31, 2022 (As corrected, see Note 2)	$	500,000		$	986,125		$	666,383		$	1,109,570		$	6,998,251		$	10,260,329		$	464,654
Redemption of Redeemable Non-Controlling Interest		-			-			-			-			(406,652	)		(406,652	)		-
Distribution on Non-Controlling Interest		(11,260	)		(19,000	)		(13,086	)		(17,975	)		(57,235	)		(118,556	)		(3,938	)
Net income (loss) for the quarter		11,260			28,471			19,569			17,975			57,235			134,510			(4,329	)
Balance, June 30, 2022	$	500,000		$	995,596		$	672,866		$	1,109,570		$	6,591,599		$	9,869,631		$	456,387
Issuance of Other payable - related party for Redemption of Non-Controlling Interest		-			-			-			-			(2,912,300	)		(2,912,300	)		-
Common stock issued to redeem non-controlling interest		-			-			-			-			(1,200,000	)		(1,200,000	)		-
Distribution on Non-Controlling Interest		(11,260	)		(19,134	)		(13,086	)		(17,975	)		(49,823	)		(111,278	)		(3,938	)
Net income (loss) for the quarter		11,260			28,815			19,710			17,975			49,823			127,583			(780	)
Balance, September 30, 2022	$	500,000		$	1,005,277		$	679,490		$	1,109,570		$	2,479,299		$	5,773,636		$	451,669

The following table reflects the Company's Redeemable Non-Controlling Interests and Non-Controlling Interest during the nine months ended September 30, 2021:

	Brown Family Trust			Irby Prop Partners		Richard Hornstrom		LMB Owenton I LLC		GIP LP (Former Greenwal, L.C. and Riverside Crossing, L.C. Members)			Total Redeemable Non-Controlling Interest			Non-Controlling Interest - Former GIP Fund 1 Members
Balance, December 31, 2020 (As corrected, see Note 2)	$	1,200,000		$	-	$	-	$	-	$	6,998,251		$	8,198,251		$	486,180
Issuance of Redeemable Operating Partnership Units for property acquisition		500,000			-		-		-		-			500,000			-
Distribution on Non-Controlling Interest		(37,104	)		-		-		-		(113,722	)		(150,826	)		-
Net income (loss) for the quarter (As corrected, see Note 2)		37,104			-		-		-		113,722			150,826			(4,646	)

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Balance, March 31, 2021 (As corrected, see Note 2)	$	1,700,000		$	-		$	-		$	-	$	6,998,251		$	8,698,251		$	481,534
Issuance of Redeemable Operating Partnership Units for property acquisition		-			950,000			-			-		-			950,000			-
Distribution on Non-Controlling Interest		(41,125	)		(15,275	)		-			-		-			(56,400	)		(2,748	)
Net income (loss) for the quarter (As corrected, see Note 2)		41,125			15,275			-			-		-			56,400			(4,076	)
Balance, June 30, 2021 (As corrected, see Note 2)	$	1,700,000		$	950,000		$	-		$	-	$	6,998,251		$	9,648,251		$	474,710
Redemption of Redeemable Non-Controlling Interest for property disposal		(1,200,000	)		-			-			-		-			(1,200,000	)		-
Issuance of Redeemable Non-Controlling Interest for property acquisition		-			-			650,000			-		-			650,000			-
Distribution on Non-Controlling Interest		(31,399	)		(19,081	)		(6,838	)		-		(113,903	)		(171,221	)		(7,898	)
Net income for the quarter		31,399			36,259			10,257			-		113,903			191,818			8,459
Balance, September 30, 2021 (As corrected, see Note 2)		500,000			967,178			653,419			-		6,998,251			9,118,848			475,271

Note 8 – Equity

Authorized Equity

The Company is authorized to issue up to 100,000,000 shares of common stock and 10,000,000 of undesignated preferred stock. No preferred shares have been issued as of the date of this report. Holders of the Company’s common stock are entitled to receive dividends when authorized by the Company’s Board of Directors.

Equity Issuances

On April 25, 2019, the Company raised $1,000,000 by issuing 50,000 Units with each Unit being comprised of one share of its Common Stock and one warrant to purchase one share of its common stock. Each Unit was sold for a price of $20.00 per Unit. The shares of the Company’s common stock and warrants included in the Units, were offered together, but the securities included in the Units are issued separately. The warrants are exercisable at a price of $20.00 per share of common stock, subject to adjustment in certain circumstances, and will expire seven years from the date of issuance.

On November 13, 2020, the Company raised $1,000,000 by issuing 50,000 Units with each Unit being comprised of one share of its Common Stock and one warrant to purchase one share of its common stock. Each Unit was sold for a price of $20.00 per Unit. The shares of the Company’s common stock and warrants included in the Units, were offered together, but the securities included in the Units are issued separately. The warrants are exercisable at a price of $20.00 per share of common stock, subject to adjustment in certain circumstances, and will expire seven years from the date of issuance.

On September 8, 2021, the Company issued and sold, in an underwritten public offering (the “Public Offering”), 1,500,000 Units, with each unit consisting of one share of common stock, and one warrant to purchase one share of common stock (the “Investor Warrants”). As part of the Public Offering, the Company entered into an agreement with the Chief Executive Officer ("CEO") to redeem 112,500 shares of common stock for $100 which was paid to the CEO which was recorded in accounts payable – related party at December 31, 2021. As of December 31, 2021 these shares had been physically returned to the Company's transfer agent and cancelled and the CEO was paid during the three months ended March 31, 2022.

On September 30, 2021, the Company issued and sold as part of the underwriter’s Over-Allotment Option an additional 165,000 Units. The units were sold to the public at the price of $10.00 per unit and generated net proceeds of $13.8 million, net of underwriter discounts and other financing costs incurred since inception. The Investor Warrants issued in the offering entitle the holder to purchase one share of common stock at a price equal to $10.00 for a period of five years.

On September 12, 2022, the Company issued 200,000 shares of common stock at $6.00 per share in accordance with the Redemption Agreement as discussed in Note 7 - Non-Controlling Interests, and recorded the stock at par value of $2,000 with the remaining $1,198,000 to Additional paid in capital.
 

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During the nine months ended September 30, 2022, the Company expensed approximately $138,000 of stock issuance costs originally recorded to Deferred Financing Costs for professional fees incurred for filings no longer intended.

Warrants

Investor Warrants may be exercised on a cashless basis if there is no effective registration statement available for the resale of the shares of common stock underlying such warrants. In addition, after 120 days after the Investor Warrants are issued, any Investor Warrant may be exercised on a cashless basis for 10% of the shares of common stock underlying the Investor Warrant if the volume-weighted average trading price of the Company’s shares of common stock on Nasdaq was at any time below the then-effective exercise price of the Investor Warrant for 10 consecutive trading days. During the nine months ended September 30, 2022, 688,330 Investor Warrants were exercised on a cashless basis resulting in the issuance of 68,833 shares of common stock.

In addition, the Company issued to Maxim Group LLC (or its designee) warrants to purchase an aggregate of 149,850 shares of common stock, which is equal to an aggregate of 9% of the number of shares of common stock sold in the Public Offering (the “Representative’s Warrants”). The Representative’s Warrants have an exercise price equal to $12.50, may be exercised on a cashless basis and became exercisable six months following the closing date and until September 2, 2026.

The Company has 1,226,520 warrants outstanding and exercisable as of September 30, 2022, subject to certain circumstances, and which will expire five to seven years from the date of issuance, as follows.

	As of September 30,
Issue Date	2022
April 25, 2019 at an exercise price of $20.00		50,000
November 13, 2020 at an exercise price of $20.00		50,000
September 8, 2021 at an exercise price of $10.00		811,670
September 8, 2021 at an exercise price of $12.50		135,000
September 30, 2021 at an exercise price of $10.00		165,000
September 30, 2021 at an exercise price of $12.50		14,850
		1,226,520

The following is a summary of warrants outstanding as of September 30, 2022 and December 31, 2021:

	Warrants			Weighted Average Price		Weighted Average Remaining Life
As of December 31, 2021		1,914,850		$	10.72		4.7
Issuances		-			-		-
Exercised		(688,330	)		10.00		-
As of September 30, 2022		1,226,520		$	11.12		4.0
Warrants exercisable	$	1,226,520		$	11.12		4.0

There was no intrinsic value for the warrants as of September 30, 2022 or December 31, 2021.

Stock Compensation

Generation Income Properties, Inc. 2020 Omnibus Incentive Plan

In connection with the Public Offering, the Company's Board of Directors adopted and stockholders approved, the Generation Income Properties, Inc. 2020 Omnibus Incentive Plan (the “Omnibus Incentive Plan”), which became effective upon the completion of the Public Offering. The Omnibus Incentive Plan reserves 2.0 million shares of common stock for stock options, stock appreciation rights, performance shares, performance units, shares of common stock, restricted stock, restricted stock units, cash incentive awards, dividend equivalent units, or any other type of award permitted under the Omnibus Incentive Plan. As of September 30, 2022, 76,449 shares had been granted under the Omnibus Incentive Plan.

Restricted Common Shares issued to the Board and Employees

•On July 15, 2019, the board of directors granted 2,500 restricted shares to each of the two independent directors that vest every 12 months on an annual basis over 36 months. The award is valued at $50,000 for each grant and was based on the equity pricing issuance of $20.00 per share. The pro-rated vested share restriction will be removed upon the annual anniversary of the award. The 1,668 and 1,666 restricted shares were issued to the two directors in September 2020 and September 2021, respectively and another 1,666 restricted shares were issued to the two directors in September 2021.

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•On February 3, 2020, the board of directors granted 2,500 restricted shares to two new independent directors that vest every 12 months on an annual basis over 36 months. The award is valued at $50,000 for each grant and was based on the equity pricing issuance of $20.00 per share. The pro-rated vested share restrictions will be removed upon the annual anniversary of the award. The 1,666 unrestricted shares were issued to the two directors in February 2021 and another 3,334 restricted shares were issued to the two directors in September 2021.

•On February 3, 2020, the board of directors granted 6,250 restricted shares to its former chief financial officer that will vest every 12 months on an annual basis over 36 months. The award is valued at $125,000 and was based on the equity pricing issuance of $20.00 per share. The pro-rated vested share restrictions will be removed upon the annual anniversary of the award. The 2,083 unrestricted shares were issued to the chief financial officer in February 2021 and another 4,167 restricted shares were issued to the chief financial officer in September 2021. Of the remaining 4,167 restricted shares half were vested upon the anniversary of the award and the remaining shares were vested on the same date in connection with his departure from the company.

•On January 6, 2021, the board granted 14,000 restricted shares to directors, officers and employees effective January 1, 2021 valued at $20.00 per share that vest annually over 3 years. The pro-rated vested share restrictions will be removed upon the annual anniversary of the award. The 14,000 restricted shares were issued to the directors, officers and employees in September 2021.

•On January 6, 2022, the board granted 47,142 restricted shares to directors, officers and employees effective March 1, 2022 valued at $7.00 per share that vest annually over 1 year. The vested share restrictions will be removed upon the first annual anniversary of the award. The 47,142 restricted shares were issued to the directors, officers and employees in March 2022.

•On April 12, 2022, the board granted 357 restricted shares to a non-employee for chaplain services rendered effective April 16, 2022 valued at $7.06 per share that vest over 1 year. The vested share restrictions will be removed upon the first annual anniversary of the award. The 357 restricted shares were issued in April 2022.

The following is a summary of restricted shares for the nine months ended September 30, 2022 and 2021:

	2022			2021
Number of Shares Outstanding		23,167			14,582
Restricted Shares Issued		47,499			14,000
Restricted Shares Vested		(10,500	)		(3,749	)
Number of Shares Outstanding		60,166			24,833

The Company recorded stock based compensation expense of $328,913 and $186,636 during the nine months ended September 30, 2022 and 2021, respectively.

Common stock issued for services

Pursuant to an amended employment agreement in which the Company's former chief financial officer waived his right to cash compensation in lieu of being awarded 550 restricted shares of common stock each month until the closing of an initial underwritten public offering, the Company issued the chief financial officer 2,200 shares of stock in March 2021 representing four months of compensation from December 2020 to March 2021.

Common Shareholders Cash Distributions

While the Company is under no obligation to do so, the Company expects to continue to declare and pay distributions to its stockholders for the foreseeable future. The issuance of a distribution will be determined by the Company's board of directors based on the Company's financial condition and such other factors as the Company's board of directors deems relevant. The Company has not established a minimum distribution, and the Company's charter does not require that the Company issue distributions to its stockholders other than as necessary to meet REIT qualification standards.

The following is a summary of distributions to common shareholders and Operating Partnership unit holders for the nine months ended September 30, 2022 and 2021:

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Authorized Date	Record Date	Per Share/Unit
June 27, 2022	September 15, 2022	$	0.054
June 27, 2022	August 15, 2022	$	0.054
June 27, 2022	July 15, 2022	$	0.054
March 15, 2022	June 15, 2022	$	0.054
March 15, 2022	May 15, 2022	$	0.054
March 15, 2022	April 15, 2022	$	0.054
December 10, 2021	March 15, 2022	$	0.054
December 10, 2021	February 15, 2022	$	0.054
December 10, 2021	January 15, 2022	$	0.054
August 25, 2021	August 31, 2021	$	0.325
February 26, 2021	March 15, 2021	$	0.325

* Through June 2022, the Company's CEO waived his right to receive distributions with respect to the shares held by him as of the completion of the Public Offering.

Note 9 – Leases

Future Minimum Rents

During the nine months ended September 30, 2022 and 2021, the Company had four tenants that each account for more than 10% of its rental revenue as indicated below:

	2022			2021
General Services Administration - Norfolk, VA & Manteo, NC		21	%		25	%
PRA Holdings, Inc. - Norfolk, VA		15	%		20	%
Pratt & Whitney Automation, Inc. - Huntsville, AL		14	%		17	%
Kohl's Corporation - Tucson, AZ		16	%	<10%
Maersk Line, Limited - Norfolk, VA	<10%				10	%

The following table presents future minimum rental cash payments due to the Company over the next five years and thereafter as of September 30, 2022:

	As of September 30,
	2022
2022 (3 months remaining)		1,267,833
2023		4,706,826
2024		4,775,024
2025		4,635,711
2026		4,513,724
Thereafter		9,130,039
		29,029,157

Note 10 – Mortgage Loans

On April 1, 2022, the Company entered into two loan agreements with an aggregate balance of $13.5 million as of September 30, 2022 to refinance seven of the Company's properties. The loan agreements consist of one loan in the amount of $11.4 million secured by six properties, and one loan in the amount of $2.1 million on the property held in the tenant in common investment at an interest rate of 3.85% from April 1, 2022 through and until March 31, 2027. Effective April 1, 2027 and through the maturity date of March 31, 2032, the interest rate adjusts to the 5-year Treasury plus 2.5% and is subject to a floor of 3.85%. The Company’s CEO entered into a guaranty agreement pursuant to which he guaranteed the payment obligations under the promissory notes if they become due as a result of certain “bad-boy” provisions, individually and on behalf of the Operating Partnership. During the nine months ended September 30, 2022, the Company incurred a loss on debt extinguishment of $144,029 related to the write off of unamortized debt issuance costs previously incurred on these mortgage loans that were refinanced in addition to a prepayment penalty incurred of $21,000.

The Company had the following promissory notes outstanding as of September 30, 2022 and December 31, 2021, respectively:

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Mortgage Loans Secured By (Tenant-Location)	Loan Amount			Interest Rate				Maturity Date	September 30, 2022			December 31, 2021			Debt Service Coverage Ratios ("DSCR") Required
7-11 - Washington, DC; Starbucks-South Tampa, FL; and Pratt & Whitney-Huntsville, Alabama	$	11,287,500	*		4.17	%		3/6/2030	$	11,006,980		$	11,150,130			1.25
GSA & Maersk - Norfolk, Virginia		8,260,000			3.50	%		9/30/2024		7,635,592			7,805,524			1.25
PRA Holdings, Inc. - Norfolk, Virginia		5,216,749			3.50	%		10/23/2024		4,769,846			4,889,670			1.25
Sherwin-Williams - Tampa, Florida		1,286,664			3.72	%	***	8/10/2028		1,286,664			1,286,664			1.20
GSA - Manteo, North Carolina		928,728			3.85	%	**	3/31/2032		928,728			1,275,000			1.50
Irby Construction - Plant City , Florida		928,728			3.85	%	**	3/31/2032		928,728			850,000			1.50
Best Buy - Grand Junction, Colorado		2,552,644			3.85	%	**	3/31/2032		2,552,644			2,350,000			1.50
Fresenius - Chicago, Illinois		1,727,108			3.85	%	**	3/31/2032		1,727,108			-			1.50
Starbucks - North Tampa, Florida		1,298,047			3.85	%	**	3/31/2032		1,298,047			-			1.50
Kohls - Tucson, Arizona		3,964,745			3.85	%	**	3/31/2032		3,964,745			-			1.50
	$	37,450,913							$	36,099,082		$	29,606,988
								Less Debt Issuance Costs		(734,477	)		(637,693	)
									$	35,364,605		$	28,969,295

*Loan subject to prepayment penalty

**Adjustment effective April 1, 2027 equal to 5-year Treasury plus 2.5% and subject to a floor of 3.85%

***Fixed via interest rate swap

The Company amortized debt issuance costs during the nine months ended September 30, 2022 and 2021 to interest expense of approximately $89,364 and $94,600, respectively. The Company paid debt issuance costs for the nine months ended September 30, 2022 and 2021 of approximately $330,177 and $39,991, respectively.

Each promissory note requires the Company to maintain certain debt service coverage ratios as noted above. In addition, one promissory note, encumbered by six properties, requires the Company to maintain a 54% loan to value ratio. As of September 30, 2022, the Company was in compliance with all covenants.

The Company’s President has personally guaranteed the repayment of the $11.0 million due under the 7-11 - Washington, DC; Starbucks-South Tampa, FL; and Pratt & Whitney-Huntsville, AL loan as well as the $1.3 million loan secured by the Company's Sherwin-Williams - Tampa, FL property. In addition, the Company’s President has also provided a guaranty of the Borrower’s nonrecourse carveout liabilities and obligations in favor of the lender for the Norfolk, Virginia property loans (the “Bayport loans”) with an aggregate principal amount of $12,405,438. The Company modified the Bayport loans in March 2021 for no fees and reduced the associated interest rate from 4.25% to 3.50%. The Company determined that the debt modification was not substantial under ASC 470-50.

Minimum required principal payments on the Company’s debt for subsequent years ending December 31 as of September 30, 2022 are as follows:

	As of September 30,
	2022
2022 (3 months remaining)	$	205,203
2023		785,524
2024		12,427,090
2025		546,280
2026		568,513
Thereafter		21,566,472
	$	36,099,082

On May 9, 2022, the Operating Partnership amended the current Commitment Letter with American Momentum Bank (the “Lender”), by entering into a new commitment letter, to increase the available Borrowings under the Facility from $25.0 million to $50.0 million to be used for the acquisition of income producing real estate properties under the same terms as provided by the agreement entered into on October 26, 2021. The new Commitment Letter will become effective contingent upon the Company completing a future capital raise of $25.0 million or more, and prior to such time, the current Commitment Letter will remain in place. On September 9, 2022, the

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Company and AMB combined the prior AMB commitment letters entered into in October 2021 and May 2022 into a single Commitment Letter, and have amended the rate index used for borrowing to be a variable rate equal to the 30-Day CME Term SOFR Rate, plus a margin of 2.40%, adjusted monthly, subject to a floor interest rate of 3.25% per annum. All other terms under the prior commitment letters remained materially the same. As of September 30, 2022 the Company did not have an outstanding balance on the Facility and as of December 31, 2021 the Company had borrowed approximately $2.4 million, respectively, under the Facility.

Note 11 – Related Party

On November 30, 2020, the Company acquired an approximately 3,500 square foot building from GIP Fund 1, LLC a related party that was owned 11% by the CEO. The retail single tenant property (occupied by The Sherwin-Williams Company) in Tampa, Florida was acquired for approximately $1.8 million and was funded with approximately $1.3 million of debt from Valley National Bank and the issuance of 24,309 partnership units in Generation Income Properties LP valued at $20.00 per unit for purposes of the contribution. Since acquisition, GIP Fund 1, LLC was dissolved and each partner was allocated units to GIP LP pro-rata effectively reducing the CEO’s ownership to 0.09% as of September 30, 2022.

As disclosed previously in Note 7 - Non-Controlling Interests, on August 9, 2022, the Company and Operating Partnership entered a Redemption Agreement with a unit holder. As such, the Company recorded a Other payable - related party in the amount of $2,912,300 upon execution of the Redemption Agreement entered into July 20, 2022 and made the first installment payment of $325,000 on September 13, 2022. Additionally, the Company issued 200,000 shares of common stock at $6.00 per share in accordance with the Redemption Agreement, and recorded the stock at par value of $2,000 with the remaining $1,198,000 to Additional paid in capital.

Note 12 – Tenant in Common Investment

On August 13, 2021, the Company entered into a tenancy-in-common (“TIC”) structure whereby the TIC acquired a 15,288 square foot single tenant building in Rockford, IL for total consideration of approximately $4.5 million. The Company acquired a 36.8% interest in the TIC acquisition with Sunny Ridge HHP, LLC (“Sunny Ridge”) holding the remaining TIC interest. Funding for the Company’s interest was primarily funded through a Redeemable Non-Controlling Interest Contribution from Mr. Hornstrom to one of the Company's subsidiaries for $0.65 million. The remainder of the purchase price of the property was funded by Sunny Ridge of $1.2 million and debt financing of approximately $2.7 million. Mr. Hornstrom owns 50% of Sunny Ridge and also contributed $600,000 of $950,000 Redeemable Non-Controlling Interest contribution for the Plant City, FL property.

On April 1, 2022, the TIC refinanced the debt reducing the total debt outstanding to $2.1 million with an interest rate of 3.85% from April 1, 2022 through and until March 31, 2027. Effective April 1, 2027, the interest rate adjusts to the 5-year Treasury plus 2.5% and subject to a floor of 3.85%. The Company’s CEO entered into a guaranty agreement pursuant to which he guaranteed the payment obligations under the promissory note if they become due as a result of certain “bad-boy” provisions, individually and on behalf of the Operating Partnership. The promissory note requires the TIC to maintain a debt service coverage ratio of 1.50:1:00 in addition to a 54% loan to value ratio. As of September 30, 2022, the Company was in compliance with all covenants.

In conjunction with the refinancing of the debt, the Company contributed $455,888 to the TIC increasing the Company's ownership to 50% interest and reducing Sunny Ridge's interest to 50%. The Rockford, IL property was accounted for under the equity method and as of September 30, 2022 it had a value of $1,204,811.

The condensed income statements for the three and nine months ended September 30, 2022 are as follows:

	Three Months ended September 30,				Three Months ended June 30,					Three Months ended March 31,				Nine Months ended September 30,
	2022		2021		2022			2021		2022		2021		2022			2021
Total revenue	$	93,139	$	48,757	$	93,139		$	-	$	93,139	$	-	$	279,417		$	48,757
Total expenses	$	62,581	$	35,862	$	64,213		$	-	$	69,924	$	-	$	196,718		$	35,862
Operating income		30,558		12,895		28,926			-		23,215		-		82,699			12,895
Loss on debt extinguishment		-		-		(31,851	)		-		-		-		(31,851	)		-
Net income	$	30,558	$	12,895	$	(2,925	)	$	-	$	23,215	$	-	$	50,848		$	12,895
GIP, LP's Share	$	16,751	$	4,750	$	(1,462	)	$	-	$	8,552	$	-	$	23,841		$	4,750

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The condensed balance sheets of the tenant in common investment as of September 30, 2022 and December 31, 2021, respectively, are as follows:

	As of September 30,		As of June 30,		As of December 31,
	2022		2022		2021
Net real estate investments	$	4,532,624	$	4,562,129	$	4,621,135
Deferred rent asset		6,851		5,270		2,108
Prepaid expenses		858		1,492		522
Due from tenant-in-common		245,579		237,956		47,350
Total Assets	$	4,785,912	$	4,806,847	$	4,671,115
Accounts payable (including related party) and accrued expenses	$	262,214	$	270,343	$	19,292
Prepaid rent		29,900		-		-
Acquired lease intangible liabilities, net		37,419		39,277		42,993
Mortgage loan, net of unamortized debt issuance costs		2,087,794		2,087,466		2,677,446
Total Liabilities	$	2,417,327	$	2,397,086	$	2,739,731
GIP, LP	$	1,204,811	$	1,188,061	$	725,082
SUNNY RIDGE MHP, LLC		1,163,774		1,221,700		1,206,302
Total Tenant in Common Equity	$	2,368,585	$	2,409,761	$	1,931,384
Total Liabilities and Tenant in Common Equity	$	4,785,912	$	4,806,847	$	4,671,115

Note 13 – Subsequent Events

On October 3, 2022, the Company announced that our Board of Directors authorized a distribution of $0.039 per share monthly cash distribution for shareholders of record of our common stock as of October 15, 2022, November 15, 2022, and December 15, 2022. October distributions were paid on October 29, 2022 and we expect to pay November and December distributions on or about November 30, 2022 and December 30, 2022, respectively. The Operating Partnership common unit holders received the same distribution.

Subsequent to September 30, 2022 but before the filing of this Quarterly Report on Form 10-Q, 69,180 Investor Warrants were exercised on a cashless basis for 10% of the shares of Common Stock underlying the Investor Warrant, as the volume-weighted average trading price of the Company’s shares of Common Stock on Nasdaq was below the then-effective exercise price of the Investor Warrant for 10 consecutive trading days as of the date the Investor Warrants became exercisable. As such, 6,918 shares of common stock were issued upon exercise.

On October 14, 2022, the Company entered into a loan transaction that is evidenced by a secured non-convertible promissory note to Brown Family Enterprises, LLC, a related party, for $1.5 million that is due on October 14, 2024, and bears a fixed interest rate of 9%, simple interest. Interest is payable monthly. The loan may be repaid without penalty at any time. The loan is secured by the Operating Partnership’s equity interest in its current direct subsidiaries that hold real estate assets pursuant to the terms of a security agreement between the Operating Partnership and Brown Family Enterprises, LLC.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Note Regarding Forward‑Looking Statements

This report contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained herein. When used in this report, the words "anticipate," "believe," "estimate," "expect" and similar expressions as they relate to the Company or its management are intended to identify such forward-looking statements. Actual results, performance or achievements could differ materially from the results expressed in, or implied by these forward-looking statements. Readers should be aware of important factors that, in some cases, have affected, and in the future could affect, actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. Factors that could have a material adverse effect on our forward-looking statements and upon our business, results of operations, financial condition, funds derived from operations, cash available for distribution, cash flows, liquidity and prospects include, but are not limited to, the risk factors listed from time to time in our reports with the Securities and Exchange Commission, including, in particular, those set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

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In this Quarterly Report on Form 10-Q, references to the “Company,” “we,” “us,” “our” or similar terms refer to Generation Income Properties, Inc., a Maryland corporation, together with its consolidated subsidiaries, including Generation Income Properties, L.P., a Delaware limited partnership, which we refer to as our operating partnership (the “Operating Partnership”). As used in this Quarterly Report, an affiliate, or person affiliated with a specified person, is a person that directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, the person specified.

Overview

We are an internally managed, Maryland corporation focused on acquiring retail, office and industrial real estate located in major U.S. markets. We initiated operations during the year ended December 31, 2015 and have elected to be taxed as a REIT for federal income tax purposes commencing with our taxable year ending December 31, 2021. Substantially all of the Company’s assets are held by, and operations are conducted through, the Operating Partnership and the Operating Partnership’s direct and indirect subsidiaries. The Company is the general partner of the Operating Partnership and as of September 30, 2022 owned 86% of the outstanding common units of the Operating Partnership. The Company formed a Maryland entity GIP REIT OP Limited LLC in 2018 that owns 0.002% of the Operating Partnership.

Public Offering and Nasdaq Listing

In September 2021, the Company closed an underwritten public offering of 1,665,000 units at a price to the public of $10 per unit generating net proceeds of $13.8 million including issuance costs incurred during the years ended December 31, 2021 and 2020. Each unit consisted of one share of common stock and one warrant to purchase one share of common stock at an exercise price equal to $10 per share. The common stock and warrants included in the units (which were separated into one share of common stock and one warrant) currently trade on the Nasdaq Capital Market (“Nasdaq”) under the symbols “GIPR” and “GIPRW,” respectively.

Our Investments

The following are characteristics of our properties as of September 30, 2022 (excluding our Tenant in Common Property unless otherwise noted):

•Creditworthy Tenants. Approximately 85% of our portfolio’s annualized base rent ("ABR") as of September 30, 2022 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, PRA Holdings, Inc., Pratt and Whitney, and Kohl’s, all who have an ‘BB+’ credit rating or better from S&P Global Ratings and contributed approximately 66% of our portfolio’s annualized base rent.

•100% Occupied. Our portfolio is 100% leased and occupied.

•Contractual Rent Growth. Approximately 92% of the leases in our current portfolio (based on ABR as of September 30, 2022) 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. Average effective annual rental per square foot is $15.70.

Given the nature of our leases, our tenants either pay the realty taxes directly or reimburse us for such costs. We believe all of our properties are adequately covered by insurance.

As of September 30, 2022, we own the following twelve assets (excluding our Tenant in Common property):

•A single tenant retail condo (approximately 3,000 square feet) located at 3707-3711 14th Street, NW, Washington, D.C. that is leased to 7-Eleven Corporation.

•A single tenant retail stand-alone property (approximately 2,200 square feet) located in Tampa, Florida with a corporate Starbucks Coffee as the tenant.

•A single tenant industrial building (approximately 59,100 square feet) located in Huntsville, Alabama leased to the Pratt & Whitney Automation, Inc.

•A two-tenant office building (approximately 72,100 square feet) in Norfolk, Virginia occupied by the United States General Services Administration and Maersk Line, Limited, an international shipping company, as tenants.

•A single tenant office building (approximately 34,800 square feet) in Norfolk, Virginia that is leased to PRA Holdings Inc.

•A single tenant retail building (approximately 3,500 square feet) leased to The Sherwin-Williams Company and located in Tampa, Florida.

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•A single tenant office building (approximately 7,500 square feet) leased to the General Services Administration and located in Manteo, North Carolina.

•A single tenant office building (approximately 7,800 square feet) leased to Irby Construction Company, a wholly owned subsidiary of Quanta Services Inc. and located in Plant City, Florida.

•A single tenant retail building (approximately 30,700 square feet) leased to Best Buy (NYSE: BBY) and located in Boulder Springs, Colorado.

•A single tenant medical-retail building (approximately 10,900 square feet) leased to Fresenius Medical Care (NYSE: FMS) located in Chicago, Illinois.

•A single tenant retail stand-alone property (approximately 2,600 square feet) located in Tampa, Florida with a corporate Starbucks Coffee (NASDAQ: SBUX) as the tenant.

•A leasehold interest in a ground lease and corresponding assignment of a single tenant retail stand-alone property (approximately 88,400 square feet) located in Tucson, Arizona with a corporate Kohl’s as the tenant.

We also own a 50% tenancy in common interest in one property:

•A single tenant retail building (approximately 15,300 square feet) leased to La-Z-Boy Company located in Rockford, Illinois.

The table below presents an overview of the twelve properties in our portfolio as of September 30, 2022:

Property Type	Location	Rentable Square Feet		Tenant	S&P Credit Rating (1)	Remaining Term (Yrs)		Options (Number x Yrs)	Contractual Rent Escalations	ABR (2)		ABR per Sq. Ft.
Retail	Washington, D.C		3,000	7-Eleven Corporation	A		3.5	2 x 5	Yes	$	129,804	$	43.27
Retail	Tampa, FL		2,200	Starbucks Corporation	BBB+		5.4	4 x 5	Yes		182,500	$	82.95
Industrial	Huntsville, AL		59,091	Pratt & Whitney Automation, Inc.(6)	A-		6.3	2 x 5	Yes		684,996	$	11.59
Office	Norfolk, VA		49,902	General Services Administration-Navy	AA+		6.0	N/A	Yes		926,923	$	18.57
Office	Norfolk, VA		22,247	Maersk Shipping	BBB		0.3	1 x 5 (5)	N/A		386,795	$	17.39
Office	Norfolk, VA		34,847	PRA Holdings, Inc. (3)	BB+		4.9	1 x 5	Yes		765,136	$	21.96
Retail	Tampa, FL		3,500	Sherwin Williams Company	BBB		5.8	5 x 5	Yes		120,750	$	34.50
Office	Manteo, NC		7,543	General Services Administration-FBI	AA+		6.4	1 x 5	Yes		161,346	$	21.39
Office	Plant City, FL		7,826	Irby Construction	BBB-		2.3	2 x 5	Yes		160,437	$	20.50
Retail	Grand Junction, CO		30,701	Best Buy Co., Inc.	BBB+		4.5	1 x 5	Yes		353,061	$	11.50
Medical-Retail	Chicago, IL		10,947	Fresenius Medical Care Holdings, Inc.	BBB-		4.1	2 x 5	Yes		224,414	$	20.50
Retail	Tampa, FL		2,642	Starbucks Corporation	BBB+		4.4	2 x 5	Yes		148,216	$	56.10
Retail	Tucson, AZ		88,408	Kohl's Corporation	BB+		7.3	7 x 5	Yes		823,963	$	9.32
Consolidated Properties			322,854							$	5,068,341	$	15.70
Retail (4)	Rockford, IL		15,288	La-Z-Boy Inc.	NR		5.1	4 x 5	Yes		360,100	$	23.55
All Properties			338,142								5,428,441	$	16.05

(1)Tenant, or tenant parent, rated entity.

(2)Annualized cash rental income in place as of September 30, 2022. Our leases do not include tenant concessions or abatements.

(3)Tenant has the right to terminate the lease on August 31, 2024 subject to certain conditions.

(4)The Company’s pro-rata share is 50% of the tenant in common investment.

(5)Tenant did not exercise the renewal option as of the required exercise date of April 1, 2022.

(6)Tenant has the right to terminate the lease on January 31, 2024 subject to certain conditions.

Distributions

From inception through September 30, 2022, we have distributed approximately $2,363,658 to common stockholders.

Recent Developments

None

Results of Operations

Operating results for the three months ended September 30, 2022 compared to the three months ended September 30, 2021:

Revenue

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During the three months ended September 30, 2022, total revenue from operations was $1,474,085 as compared to $1,033,494 for the three months ended September 30, 2021. Revenue increased $440,991 from the acquisition of four additional properties partially offset by the revenue generated from one property sold in August 2021.

Expenses

During the three months ended September 30, 2022, we incurred total expenses of $1,957,293 as compared to $1,305,594 for the three months ended September 30, 2021. Operating expenses increased by $651,699 as follows:

	Three months ended September 30,
	2022		2021		Change
General, administrative and organizational costs	$	408,570	$	181,746	$	226,824
Building expenses		269,781		195,464		74,317
Depreciation and amortization		561,510		388,141		173,369
Interest expense, net		382,440		336,025		46,415
Compensation costs		334,992		204,218		130,774
Total expenses	$	1,957,293	$	1,305,594	$	651,699

•General, administrative and organizational costs increased by $226,824 due to an increase in legal and audit expense, an increase in corporate filing fees incurred for the Company's first annual report and shareholders' meeting, an increase in insurance expense, and an increase in investor relations expense offset by a decrease in consulting services.

•Building expenses increased by $74,317 due to an increase in tenant reimbursable expenses incurred by the Company on behalf of tenants from the acquisition of four additional properties. Reimbursement revenues included in Rental income offset this Building expense.

•Depreciation and amortization increased by $173,369 from the acquisition of four additional properties offset in part by the expense incurred by one property sold in August 2021.

•Interest expense, net increased by $46,415 due to interest on the mortgage loans from the four additional properties offset by the reduction in interest expense due from the mortgage loans refinanced or adjusted to a lower interest rate which is further offset in part by the interest expense from the mortgage loan associated with the one property sold in August 2021.

•Compensation costs increased by $130,774 primarily due to an increase in restricted stock unit compensation expense related to additional stock granted in addition to an increase in salary expense.

Income Tax Benefit

We did not record an income tax benefit for the three months ended September 30, 2022 and 2021 because we have been in a cumulative net loss situation since inception and have recorded a valuation allowance to offset any tax benefits generated by the cumulative operating losses.

Income on investment in tenancy-in-common

During the three months ended September 30, 2022, our share of earnings on our investment in tenancy in common acquired in August 2021 and accounted for under the equity method generated income of $16,751.

Gain on sale of property

On August 31, 2021 we sold our 15,000-square-foot, single tenant Walgreens in Cocoa, Florida purchased in September 2019 for total net consideration of approximately $5.2 million and recognized a gain on the sale of $923,178.

Other expenses

During the three months ended September 30, 2022, we incurred $45,660 in dead deal expense related to acquisition costs incurred from properties we are no longer pursuing for acquisition.

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Net Loss

During the three months ended September 30, 2022 and 2021, we generated a net loss of $512,117 and net income of $655,828, respectively.

Net Income Attributable to Non-Controlling Interests

During the three months ended September 30, 2022 and 2021, net income attributable to non-controlling interest was $126,803 and $200,277, respectively. The variance is attributable to an increase from additional redeemable non-controlling interests issued to finance the acquisition of properties in 2021 and 2022 offset by a decrease in the redeemable non-controlling interest for the property sold in August 2021 in addition to the redemption of additional non-controlling interests.

Net Loss Attributable to Shareholders

During the three months ended September 30, 2022 and 2021, we generated a net loss attributable to our shareholders of $638,920 and net income of $455,551, respectively.

Operating results for the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021

Revenue

During the nine months ended September 30, 2022 total revenue from operations was $4,035,123 as compared to $2,958,572 for the nine months ended September 30, 2021. Revenue increased $1,076,551 from the acquisition of five additional properties partially offset by the revenue generated from one property sold in August 2021.

Expenses

During the nine months ended September 30, 2022, we incurred total expenses of $5,636,231 as compared to $3,870,040 for the nine months ended September 30, 2021. Operating expenses increased by $1,766,191 as follows:

	Nine months ended September 30,
	2022		2021		Change
General, administrative and organizational costs	$	1,222,986	$	621,987	$	600,999
Building expenses		848,373		539,739		308,634
Depreciation and amortization		1,551,079		1,164,838		386,241
Interest expense, net		1,088,361		1,028,446		59,915
Compensation costs		925,432		515,030		410,402
Total expenses	$	5,636,231	$	3,870,040	$	1,766,191

•General, administrative and organizational costs increased by $600,999 due to an increase in legal and audit expense, an increase in corporate filing fees incurred for the Company's first annual report and shareholders' meeting, an increase in insurance expense, and an increase in investor relations expense offset by a decrease in consulting services.

•Building expenses increased by $308,634 due to an increase in tenant reimbursable expenses incurred by the Company on behalf of tenants from the acquisition of five additional properties. Reimbursement revenues included in Rental income offset this Building expense.

•Depreciation and amortization increased by $386,241 from the acquisition of five additional properties offset in part by the expense incurred by one property sold in August 2021.

•Interest expense, net increased by $59,915 due to interest on the mortgage loans from the five additional properties offset by the reduction in interest expense due from the mortgage loans refinanced or adjusted to a lower interest rate which is further offset in part by the interest expense from the mortgage loan associated with the one property sold in August 2021.

•Compensation costs increased by $410,402 due to an increase in restricted stock unit compensation expense related to additional stock granted in addition to an increase in salary expense.

Income Tax Benefit

We did not record an income tax benefit for the nine months ended September 30, 2022 and 2021 because we have been in a cumulative net loss situation since inception and have recorded a valuation allowance to offset any tax benefits generated by the cumulative operating losses.

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Income on investment in tenancy-in-common

During the nine months ended September 30, 2022, our share of earnings on our investment in tenancy in common acquired in August 2021 and accounted for under the equity method generated income of $23,841.

Other expenses:

•During the nine months ended September 30, 2022, we incurred $153,031 in dead deal expense related to acquisition costs incurred in from properties we are no longer pursuing for acquisition.

•During the nine months ended September 30, 2022, we incurred a loss on debt extinguishment of $144,029 related to the write off of unamortized debt issuance costs previously incurred on refinanced mortgage loans that in addition to a prepayment penalty incurred of $21,000.

Net Loss

During the nine months ended September 30, 2022 and 2021, we generated a net loss of $1,874,327 and net income of $16,460, respectively.

Net Income Attributable to Non-Controlling Interests

During the nine months ended September 30, 2022 and 2021, net income attributable to non-controlling interest was $386,947 and $398,781, respectively. The variance is attributable to an increase from additional redeemable non-controlling interests issued to finance the acquisition of properties in 2021 and 2022 offset by a decrease in the redeemable non-controlling interest for the property sold in August 2021 in addition to the redemption of additional non-controlling interests.

Net Loss Attributable to Shareholders

During the nine months ended September 30, 2022 and 2021 we generated a net loss attributable to our shareholders of $2,261,274 and $382,321, respectively.

Liquidity and Capital Resources

We require capital to fund our investment activities and operating expenses. Our capital sources may include net proceeds from offerings of our equity securities, cash flow from operations and borrowings under credit facilities. As of September 30, 2022, we had total cash (unrestricted and restricted) of $2,622,169, properties with a gross cost basis of $56,915,127 and outstanding debt with a principal balance of $36,099,082.

In September 2021, we closed an underwritten public offering of 1,665,000 units at a price to the public of $10 per unit generating net proceeds of $13.8 million including issuance costs incurred during the years ended December 31, 2021 and 2020.

On October 26, 2021, the Operating Partnership entered into a Commitment Letter with American Momentum Bank (the “Lender”) for the $25 million master credit facility (the “Facility”) to be used for the acquisition of income producing real estate properties. Borrowings under the Facility will accrue interest at a variable rate equal to the Wall Street Journal Prime rate, adjusted monthly, subject to a floor interest rate of 3.25% per annum. At each loan closing under the Facility, the borrower shall pay the Lender a commitment fee equal to 0.50% of the applicable loan amount. Each loan will have an interest-only payment term for twenty-four months from the applicable loan closing date and all interest and principal outstanding shall be due and payable in full two years from the applicable loan closing date. Each loan will be secured by the real estate property acquired and the associated rental income and payment will be guaranteed by the Operating Partnership. The Company’s CEO will be required to execute a non-recourse guarantee in connection with each loan that is subject to standard “bad-boy” carve out provisions. Each loan agreement under the Facility will require the borrower to maintain a debt service coverage ratio of not less than 1.50 to 1.00 over the term of the loan and will contain customary affirmative covenants, negative covenants and events of default. Should any event of default occur, the loan commitments under the Facility may be terminated and any outstanding borrowings, together with accrued interest, could be declared immediately due and payable. All loans under the Facility must close by October 26, 2023. The Facility is voidable at the option of the Lender in specified circumstances, including a material adverse change in the Company’s financial condition and upon any changes in management of the Company that are unacceptable to the Lender. On May 9, 2022, the Operating Partnership amended the current Commitment Letter with the Lender, by entering into a new Commitment Letter, to increase the available Borrowings under the Facility from $25 million to $50 million to be used for the acquisition of income producing real estate properties under the same terms as provided by the agreement entered into on October 26, 2021. The new Commitment Letter will become effective contingent upon the Company completing a future capital raise of $25.0 million or more, and prior to such time, the current Commitment Letter will remain in place. On September 9, 2022, the Company and AMB combined the prior AMB commitment letters entered into in October

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2021 and May 2022 into a single Commitment Letter, and have amended the rate index used for borrowing to be a variable rate equal to the 30-Day CME Term SOFR Rate, plus a margin of 2.40%, adjusted monthly, subject to a floor interest rate of 3.25% per annum. All other terms under the prior commitment letters remained materially the same. As of September 30, 2022 the Company did not have an outstanding balance on the Facility, compared to an outstanding balance of approximately $2.4 million as of December 31, 2021 under the Facility.

We currently obtain the capital required to primarily invest in and manage a diversified portfolio of commercial net lease real estate investments and conduct our operations from the proceeds of equity offerings, debt financings, preferred minority interest obtained from third parties, issuance of Operating Partnership units and from any undistributed funds from our operations.

We anticipate that our current cash on hand and availability under the Facility combined with the revenue generated from investment properties and proceeds from debt arrangements will provide sufficient liquidity to meet future funding commitments for at least the next 12 months.

As of September 30, 2022 and December 31, 2021, we had total current liabilities which consists of accounts payable, accrued expenses, insurance payable of $560,073 and $369,902, respectively. The decrease is primarily attributable to the $203,326 accrued expense for an Operating Partnership unit redemption paid in July.

On April 1, 2022, the Company entered into two loan agreements with an aggregate balance of $13.5 million as of September 30, 2022 to refinance seven of the Company's properties. The loan agreements consist of one loan in the amount of $11.4 million secured by six properties, and one loan in the amount of $2.1 million on the property held in the tenant in common investment at an interest rate of 3.85% from April 1, 2022 through and until March 31, 2027. Effective April 1, 2027 and through the maturity date of March 31, 2032, the interest rate adjusts to the 5-year Treasury plus 2.5% and is subject to a floor of 3.85%. The Company’s CEO entered into a guaranty agreement pursuant to which he guaranteed the payment obligations under the promissory notes if they become due as a result of certain “bad-boy” provisions, individually and on behalf of the Operating Partnership.

The Company had the following promissory notes outstanding as of September 30, 2022 and December 31, 2021, respectively:

Mortgage Loans Secured By (Tenant-Location)	Loan Amount			Interest Rate				Maturity Date	September 30, 2022			December 31, 2021			Debt Service Coverage Ratios ("DSCR") Required
7-11 - Washington, DC; Starbucks-South Tampa, FL; and Pratt & Whitney-Huntsville, Alabama	$	11,287,500	*		4.17	%		3/6/2030	$	11,006,980		$	11,150,130			1.25
GSA & Maersk - Norfolk, Virginia		8,260,000			3.50	%		9/30/2024		7,635,592			7,805,524			1.25
PRA Holdings, Inc. - Norfolk, Virginia		5,216,749			3.50	%		10/23/2024		4,769,846			4,889,670			1.25
Sherwin-Williams - Tampa, Florida		1,286,664			3.72	%	***	8/10/2028		1,286,664			1,286,664			1.20
GSA - Manteo, North Carolina		928,728			3.85	%	**	3/31/2032		928,728			1,275,000			1.50
Irby Construction - Plant City , Florida		928,728			3.85	%	**	3/31/2032		928,728			850,000			1.50
Best Buy - Grand Junction, Colorado		2,552,644			3.85	%	**	3/31/2032		2,552,644			2,350,000			1.50
Fresenius - Chicago, Illinois		1,727,108			3.85	%	**	3/31/2032		1,727,108			-			1.50
Starbucks - North Tampa, Florida		1,298,047			3.85	%	**	3/31/2032		1,298,047			-			1.50
Kohls - Tucson, Arizona		3,964,745			3.85	%	**	3/31/2032		3,964,745			-			1.50
	$	37,450,913							$	36,099,082		$	29,606,988
								Less Debt Issuance Costs		(734,477	)		(637,693	)
									$	35,364,605		$	28,969,295

*Loan subject to prepayment penalty

**Adjustment effective April 1, 2027 equal to 5-year Treasury plus 2.5% and subject to a floor of 3.85%

***Fixed via interest rate swap

Each promissory note requires the Company to maintain certain debt service coverage ratios as noted above. In addition, one promissory note, encumbered by six properties, requires the Company to maintain a 54% loan to value ratio. As of September 30, 2022, we were in compliance with all covenants.

The Company’s President has personally guaranteed the repayment of the $11.0 million due under the 7-11 - Washington, DC; Starbucks-South Tampa, FL; and Pratt & Whitney-Huntsville, AL loan as well as the $1.3 million loan secured by the Company's

32

Sherwin-Williams - Tampa, Florida property. In addition, the Company’s President has also provided a guaranty of the Borrower’s nonrecourse carveout liabilities and obligations in favor of the lender for the Norfolk, Virginia property loans (the “Bayport loans”) with an aggregate principal amount of $12,405,438. The Company modified the Bayport loans in March 2021 for no fees and reduced the associated interest rate from 4.25% to 3.50%. The Company determined that the debt modification was not substantial under ASC 470-50.

Minimum required principal payments on the Company’s debt as of September 30, 2022 are as follows:

	As of September 30,
	2022
2022 (3 months remaining)	$	205,203
2023		785,524
2024		12,427,090
2025		546,280
2026		568,513
Thereafter		21,566,472
	$	36,099,082

The primary objective of our financing strategy is to maintain financial flexibility using retained cash flows, long-term debt and common and perpetual preferred stock to finance our growth. We intend to have a lower-leveraged portfolio over the long-term after we have acquired an initial substantial portfolio of diversified investments. During the period when we are acquiring our current portfolio, we will employ greater leverage on individual assets (that will also result in greater leverage of the current portfolio) in order to quickly build a diversified portfolio of assets.

Cash from Operating Activities

Net cash provided by operating activities was $275,717 and $172,678 for the nine months ended September 30, 2022 and 2021, respectively.

Cash from Investing Activities

Net cash used in and provided by investing activities was $13,279,054 and $1,002,462 during the nine months ended September 30, 2022 and 2021, respectively. The increase in cash used in investing activities is primarily due to an increase in acquisition activity of $9,317,357 for the purchase of three additional properties as compared to $5,245,858 in proceeds from the sale of a property during the nine months ended September 30, 2021 offset by an decrease in our investment in tenancy in common of $256,699 during the nine months ended September 30, 2022.

Cash from Financing Activities

Net cash generated from financing activities was $5,001,430 and $11,931,635 for the nine months ended September 30, 2022 and 2021, respectively. The change is primarily related to the proceeds from underwritten offering of $14,379,505 during the nine months ended September 30, 2021 offset by an increase in net loan borrowings of $9,238,427 as well as an increase in dividends paid of $834,138.

Off-Balance Sheet Arrangements

We do not have any material off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Non-GAAP Financial Measures

Our reported results are presented in accordance with GAAP. We also disclose funds from operations ("FFO"), adjusted funds from operations ("AFFO"), core funds from operations ("Core FFO") and core adjusted funds of operations ("Core AFFO") all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.

FFO and related measures do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income or loss as a performance measure or

33

cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.

We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines FFO as GAAP net income or loss adjusted to exclude extraordinary items (as defined by GAAP), net gains from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, and real estate related depreciation and amortization, including the pro rata share of such adjustments of unconsolidated subsidiaries. We then adjust FFO for non-cash revenues and expenses such as amortization of deferred financing costs, above and below market lease intangible amortization, straight line rent adjustment where the Company is both the lessor and lessee, and non-cash stock compensation to calculate Core AFFO.

FFO is used by management, investors, and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. FFO and AFFO may not be comparable to similarly titled measures employed by other companies. We believe that Core FFO and Core AFFO are useful measures for management and investors because they further remove the effect of non-cash expenses and certain other expenses that are not directly related to real estate operations. We use each as measures of our performance when we formulate corporate goals.

As FFO excludes depreciation and amortization, gains and losses from property dispositions that are available for distribution to stockholders and extraordinary items, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and interest costs, providing a perspective not immediately apparent from net income or loss. However, FFO should not be viewed as an alternative measure of our operating performance since it does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties which could be significant economic costs and could materially impact our results from operations. Additionally, FFO does not reflect distributions paid to redeemable non-controlling interests.

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The following tables reconcile net income (net loss), which we believe is the most comparable GAAP measure, to FFO, Core FFO, AFFO and Core AFFO:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Net income (loss)	$	(512,117	)	$	655,828		$	(1,874,327	)	$	16,460
Gain on disposal of property		-			(923,178	)		-			(923,178	)
Depreciation and amortization		561,510			388,141			1,551,079			1,164,838
Funds From Operations	$	49,393		$	120,791		$	(323,248	)	$	258,120
Amortization of debt issuance costs		27,758			30,678			89,364			94,600
Non-cash stock compensation		110,869			53,887			328,913			186,636
Write off of deferred financing cost		137,522			-			137,522			-
Adjustments to Funds From Operations	$	276,149		$	84,565		$	555,799		$	281,236
Core Funds From Operations	$	325,542		$	205,356		$	232,551		$	539,356
Net income (loss)	$	(512,117	)	$	655,828		$	(1,874,327	)	$	16,460
Gain on disposal of property		-			(923,178	)		-			(923,178	)
Depreciation and amortization		561,510			388,141			1,551,079			1,164,838
Amortization of debt issuance costs		27,758			30,678			89,364			94,600
Above and below-market lease amortization, net		(26,297	)		(40,329	)		(76,478	)		(115,921	)
Straight line rent, net		13,203			(14,796	)		29,263			(42,785	)
Adjustments to net income (loss)	$	576,174		$	(559,484	)	$	1,593,228		$	177,554
Adjusted Funds From Operations	$	64,057		$	96,344		$	(281,099	)	$	194,014
Dead deal expense		45,660			-			153,031			-
Loss on debt extinguishment		-			-			144,029			-
Non-cash stock compensation		110,869			53,887			328,913			186,636
Write off of deferred financing cost		137,522			-			137,522			-
Adjustments to Adjusted Funds From Operations	$	294,051		$	53,887		$	763,495		$	186,636
Core Adjusted Funds From Operations	$	358,108		$	150,231		$	482,396		$	380,650
Net income (loss)	$	(512,117	)	$	655,828		$	(1,874,327	)	$	16,460
Net income attributable to non-controlling interests		(126,803	)		(200,277	)		(386,947	)		(398,781	)
Net income (loss) attributable to Generation Income Properties, Inc.	$	(638,920	)	$	455,551		$	(2,261,274	)	$	(382,321	)

Critical Accounting Policies

Our financial statements are affected by the accounting policies used and the estimates and assumptions made by management during their preparation. See our audited consolidated financial statements included herein for a summary of our significant accounting policies.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a smaller reporting company, we are not required to make disclosures under this item.

Item 4. Controls and Procedures

(a) Evaluation of disclosure controls and procedures.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Securities Exchange Act of 1934, as amended, as of the end of the period covered by this Quarterly Report on Form 10-Q. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Management, with the participation of our CEO and CFO, performed an evaluation of the effectiveness of our disclosure controls and procedures as of September 30, 2022. Based on that evaluation, our management, including our CEO and CFO, concluded that our disclosure controls and procedures were effective as of September 30, 2022.

35

(b) Changes in internal control over financial reporting.

There were no changes in our internal control over financial reporting that occurred during the three months ended September 30, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

36

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

There are no material legal proceedings that are required to be disclosed in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed in Item 1A. Risk Factors of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a)Sales of Unregistered Securities.

None.

(b)Use of Proceeds.

On September 2, 2021, we entered into an Underwriting Agreement with Maxim Group LLC on behalf of itself and as representative of the underwriters named therein (the “Underwriting Agreement”), pursuant to which the Company issued and sold, in an underwritten public offering (the “Public Offering”), 1,500,000 units consisting of one share of common stock, $0.01 par value per share (“Common Stock”), and one warrant exercisable for one share of Common Stock (the “Investor Warrants”). The units were sold to the public at the price of $10.00 per unit and were offered by the Company pursuant to the registration statement on Form S-11 (File No. 333-235707), which was declared effective on September 2, 2021 (the “Registration Statement”). The shares of Common Stock and Investor Warrants comprising the units began separate trading 31 days from the date the registration statement was declared effective. On September 8, 2021, the Public Offering closed, resulting in gross proceeds to the Company of approximately $15,000,000, before deducting the underwriting discounts and commissions and estimated offering expenses. The Company also granted to the underwriter a 30-day option to purchase up to an additional 225,000 units. On September 30, 2021, the underwriters partially exercised the over-allotment option and purchased an additional 165,000 units, generating gross proceeds of $1,650,000. The Company received total net proceeds in the Public Offering of approximately $13.8 million after deducting underwriting discounts and commissions and other expenses of approximately $2.9 million incurred during the years ended December 31, 2021 and 2020. None of the underwriting discounts and commissions or offering expenses were incurred or paid, directly or indirectly, to any of our directors or officers or their associates or to persons owning 10% or more of our common stock or to any of our affiliates.

The Investor Warrants issued in the Public Offering entitle the holder to purchase one share of common stock at a price equal to $10.00 upon the first separate trading day of the warrants for a period of five years. The Investor Warrants may be exercised on a cashless basis if there is no effective registration statement available for the resale of the shares of common stock underlying such warrants. In addition, after 120 days after the Investor Warrants are issued, any Investor Warrant may be exercised on a cashless basis for 10% of the shares of common stock underlying the Investor Warrant if the volume-weighted average trading price of the Company’s shares of common stock on Nasdaq is below the then-effective exercise price of the Investor Warrant for 10 consecutive trading days.

The Company agreed to an underwriting discount of 9% of the public offering price of the Units sold in the Public Offering. In addition, the Company issued to Maxim Group LLC (or its designee) warrants to purchase 149,850 shares of Common Stock, which is equal to an aggregate of 9% of the number of shares of Common Stock sold in the Public Offering (the “Representative’s Warrants”). The Representative’s Warrants have an exercise price equal to $12.50, which is 125% of the offering price in the Public Offering. The Representative’s Warrants may be exercised on a cashless basis and will be exercisable six months following the closing date and until September 2, 2026.

As of September 30, 2022, the Company has used $1.1 million proceeds from the Public Offering to date for repayment of related party debt.

There has been no material change in the planned use of proceeds from the Public Offering as described in our final prospectus, dated September 2, 2021 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act.

(c)None.

Item 3. Defaults Upon Senior Securities

None.

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Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

38

Item 6. Exhibits

The following documents are filed as a part of this report or are incorporated herein by reference.

EXHIBIT NUMBER	DESCRIPTION
3.1	Articles of Amendment and Restatement of Generation Income Properties, Inc. (incorporated by reference to Exhibit 2.1 of the Company’s Form 1-A/A filed on January 28, 2016)
3.1.1	Articles of Amendment to Amended and Restated Articles of Incorporation. (incorporated by reference to Exhibit 2.1 to the Company’s Form 1-U filed on October 9, 2020.)
3.2	Bylaws of Generation Income Properties, Inc. (incorporated by reference to Exhibit 2.2 of the Company’s Form 1-A filed on September 16, 2015)
4.1	Form of Stock Certificate (incorporated by reference to Exhibit 3.3 of the Company’s Form 1-A filed on September 16, 2015)
4.2	Amended and Restated Agreement of Limited Partnership of Generation Income Properties, L.P. (incorporated by reference to Exhibit 6.2 of the Company’s Form 1-A POS filed on March 29, 2018)
4.2.1	First Amendment to Amended and Restated Agreement of Limited Partnership of Generation Income Properties, L.P. (incorporated by reference from Exhibit 4.4 to the Company’s Amendment No. 5 to Registration Statement on Form S-11 filed on April 12, 2021)
4.2.2	Second Amendment to Amended and Restated Agreement of Limited Partnership of Generation Income Properties, L.P. (incorporated by reference to Exhibit 4.5 to the Company’s Amendment No. 5 to Registration Statement on Form S-11 filed on April 12, 2021)
4.3	Common Stock Purchase Warrant, dated April 17, 2019. (incorporated by reference from Exhibit 4.6 to the Company’s Amendment No. 5 to Registration Statement on Form S-11 filed on April 12, 2021)
4.4	Common Stock Purchase Warrant dated November 12, 2020 (incorporated by reference to Exhibit 4.7 to the Company’s Amendment No. 5 to Registration Statement on Form S-11 filed on April 12, 2021).
4.5	Representative’s Warrant, dated September 8, 2021 (incorporated by reference from Exhibit 4.1 from Form 8-K filed on September 9, 2021)
4.6	Form of Investor Warrant (incorporated by reference from Exhibit 4.2 from Form 8-K filed on September 9, 2021)
4.7	Warrant Agent Agreement, dated September 2, 2021 between the Company and VStock Transfer, LLC (incorporated by reference from Exhibit 4.3 from Form 8-K filed on September 9, 2021)
4.8	Description of Securities (incorporated by reference to Exhibit 4.8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021).
10.1	Revised Commitment Letter, dated September 9, 2022 with American Momentum Bank (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on September 14, 2022).
10.2	Promissory Note dated October 14, 2022 between Generation Income Properties L.P. and Brown Family Enterprises, LLC (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed October 18, 2022).
10.3	Security Agreement dated October 14, 2022 between Generation Income Properties L.P. and Brown Family Enterprises, LLC (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed October 18, 2022).
10.4	Redemption Agreement, dated August 9, 2022, among the Company, Generation Income Properties, L.P., and Thomas E. Robinson(incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q filed August 15, 2022).
31.1*	Rule 13a – 14(a) Certification of the Principal Executive Officer
31.2*	Rule 13a – 14(a) Certification of the Principal Financial Officer
32.1*	Written Statement of the Principal Executive Officer, Pursuant to 18 U.S.C. § 1350
32.2*	Written Statement of the Principal Financial Officer, Pursuant to 18 U.S.C. § 1350
101.INS	Inline XBRL Instance Document.
101.SCH	Inline XBRL Taxonomy Extension Schema.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

39

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized:

	GENERATION INCOME PROPERTIES, INC.
Date: November 14, 2022	By:	/s/ David Sobelman
		David Sobelman
		Chief Executive Officer and Chair of the Board
		(Principal Executive Officer)
Date: November 14, 2022	By:	/s/ Allison Davies
		Allison Davies
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

40

EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, David Sobelman, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Generation Income Properties, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ David Sobelman
November 15, 2022	David Sobelman
	Chief Executive Officer
	(Principal Executive Officer)

A signed original of this document has been provided to Generation Income Properties, Inc. and will be retained by Generation Income Properties, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-31.2

Exhibit 31.2

Certification of Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Allison Davies, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Generation Income Properties, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Allison Davies
November 15, 2022	Allison Davies
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

A signed original of this document has been provided to Generation Income Properties, Inc. and will be retained by Generation Income Properties, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.1

Exhibit 32.1

Written Statement of the Chief Executive Officer

Pursuant to 18 U.S.C. Section 1350

Solely for the purposes of complying with 18 U.S.C. ss.1350, I, the undersigned Chief Executive Officer of Generation Income Properties, Inc. (the “Company”), hereby certify, based on my knowledge, that the Quarterly Report on Form 10-Q of the Company for the quarterly period ended September 30, 2022 as filed with the Securities and Exchange Commission on November 15, 2022 (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ David Sobelman

David Sobelman

Chief Executive Officer

(Principal Executive Officer)

November 15, 2022

A signed original of this document has been provided to Generation Income Properties, Inc. and will be retained by Generation Income Properties, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

Written Statement of the Chief Financial Officer

Pursuant to 18 U.S.C. Section 1350

Solely for the purposes of complying with 18 U.S.C. ss.1350, I, the undersigned Chief Financial Officer of Generation Income Properties, Inc. (the “Company”), hereby certify, based on my knowledge, that the Quarterly Report on Form 10-Q of the Company for the quarterly period ended September 30, 2022 as filed with the Securities and Exchange Commission on November 15, 2022 (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Allison Davies

Allison Davies

Chief Financial Officer

(Principal Financial and Accounting Officer)

November 15, 2022

A signed original of this document has been provided to Generation Income Properties, Inc. and will be retained by Generation Income Properties, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 07, 2022
Document And Entity Information [Line Items]
Document Type	10-Q
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Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity File Number	001-40771
Entity Registrant Name	GENERATION INCOME PROPERTIES, INC.
Entity Central Index Key	0001651721
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-4427295
Entity Address, Address Line One	401 E. Jackson Street
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33602
City Area Code	813
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Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,496,490
Common Stock Par Value $0.01 Per Share
Document And Entity Information [Line Items]
Title of 12(b) Security	Common Stock par value $0.01 per share
Trading Symbol	GIPR
Security Exchange Name	NASDAQ
Warrants To Purchase Common Stock
Document And Entity Information [Line Items]
Title of 12(b) Security	Warrants to purchase Common Stock
Trading Symbol	GIPRW
Security Exchange Name	NASDAQ

XML

Consolidated Balance Sheets - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Investment in real estate
Land	$ 12,577,544	$ 9,443,445
Building and site improvements	39,762,696	31,581,864
Tenant improvements	907,382	482,701
Acquired lease intangible assets	4,677,928	3,304,014
Less accumulated depreciation and amortization	(5,063,422)	(3,512,343)
Total real estate investments, net	52,862,128	41,299,681
Investment in tenancy-in-common	1,204,811	725,082
Cash and cash equivalents	2,587,669	10,589,576
Restricted cash	34,500	34,500
Deferred rent asset	272,183	156,842
Prepaid expenses	226,537	237,592
Deferred financing costs	66,767	0
Accounts receivable	61,950	88,661
Escrow deposit and other assets	238,389	288,782
Right of use asset, net	6,253,975	0
Total Assets	63,808,909	53,420,716
Liabilities
Accounts payable	104,772	201,727
Accrued expenses	386,079	134,816
Acquired lease intangible liabilities, net	666,270	577,388
Insurance payable	127,103	33,359
Deferred rent liability	177,011	228,938
Right of use lease liability	6,303,232	0
Other payable - related party	2,587,300	0
Mortgage loans, net of unamortized debt issuance costs of $734,477 and $637,693 at September 30, 2022 and December 31, 2021, respectively	35,364,605	28,969,295
Total liabilities	45,716,372	30,145,523
Redeemable Non-Controlling Interests	5,773,636	9,134,979
Stockholders' Equity
Common stock, $0.01 par value, 100,000,000 shares authorized; 2,489,282 and 2,172,950 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively 2021, respectively	24,892	21,729
Additional paid-in capital	19,506,770	19,051,929
Accumulated deficit	(7,664,430)	(5,403,156)
Total Generation Income Properties, Inc. stockholders' equity	11,867,232	13,670,502
Non-Controlling Interest	451,669	469,712
Total equity	12,318,901	14,140,214
Total Liabilities and Stockholders' Equity	$ 63,808,909	$ 53,420,716

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Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Mortgage loans, net of unamortized discount	$ 734,477	$ 637,693
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	2,489,282	2,172,950
Common stock, shares outstanding	2,489,282	2,172,950

XML

Consolidated Statements of Operations (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue
Revenue	$ 1,474,085	$ 1,033,494	$ 4,035,123	$ 2,958,572
Expenses
General, administrative and organizational costs	408,570	181,746	1,222,986	621,987
Building expenses	269,781	195,464	848,373	539,739
Depreciation and amortization	561,510	388,141	1,551,079	1,164,838
Interest expense, net	382,440	336,025	1,088,361	1,028,446
Compensation costs	334,992	204,218	925,432	515,030
Total expenses	1,957,293	1,305,594	5,636,231	3,870,040
Operating loss	(483,208)	(272,100)	(1,601,108)	(911,468)
Income on investment in tenancy-in-common	16,751	4,750	23,841	4,750
Gain on sale of property	0	923,178	0	923,178
Dead deal expense	(45,660)	0	(153,031)	0
Loss on debt extinguishment	(0)	0	(144,029)	0
Net loss	(512,117)	655,828	(1,874,327)	16,460
Less: Net income attributable to non-controlling interest	126,803	200,277	386,947	398,781
Net income (loss) attributable to Generation Income Properties, Inc.	$ (638,920)	$ 455,551	$ (2,261,274)	$ (382,321)
Total Weighted Average Shares of Common Stock Outstanding – Basic	2,304,841	939,559	2,251,522	699,395
Total Weighted Average Shares of Common Stock Outstanding – Diluted	2,304,841	939,559	2,251,522	699,395
Basic Income Per Share Attributable to Common Stockholders	$ (0.28)	$ 0.48	$ (1.00)	$ (0.55)
Diluted Income Per Share Attributable to Common Stockholders	$ (0.28)	$ 0.48	$ (1.00)	$ (0.55)
Rental Income
Revenue
Revenue	$ 1,473,789	$ 988,244	$ 4,034,286	$ 2,913,322
Other Incomes
Revenue
Revenue	$ 296	$ 45,250	$ 837	$ 45,250

XML

Consolidated Statements of Changes in Equity (unaudited) - USD ($)	Total	As Reported	Adjustment	As corrected per Note 2	Common Stock	Additional Paid-In- Capital	Accumulated Deficit	Stockholders' Equity	Non-Controlling Interest
Balance at Dec. 31, 2020		$ 1,370,039	$ 0		$ 5,770	$ 5,541,411	$ (4,177,142)	$ 1,370,039	$ 486,180
Beginning Balance at Dec. 31, 2020	$ 1,856,219
Balance, Shares at Dec. 31, 2020					576,918
Redeemable Non-Controlling Interest, Balance at Dec. 31, 2020	8,198,251	8,684,431	(486,180)
Common stock issued for services, shares					2,200
Common stock issued for services	44,000				$ 22	43,978		44,000
Restricted stock unit compensation	49,471				$ 37	49,434		49,471
Restricted stock unit compensation, Shares					3,749
Issuance of Redeemable Non-Controlling Interest for property acquisition	500,000
Distribution on Non-Controlling Interest	(150,826)
Dividends paid on common stock	(114,373)					(114,373)		(114,373)
Net (loss) income for the quarter				$ (472,529)			(467,883)	(467,883)	(4,646)
Net (loss) income for the quarter	150,826
Balance at Mar. 31, 2021		876,608	4,646		$ 5,829	5,520,450	(4,645,025)	881,254	481,534
Ending Balance at Mar. 31, 2021	1,362,788
Balance, Shares at Mar. 31, 2021					582,867
Redeemable Non-Controlling Interest, Balance at Mar. 31, 2021	8,698,251	8,684,431	(486,180)
Balance at Dec. 31, 2020		1,370,039	0		$ 5,770	5,541,411	(4,177,142)	1,370,039	486,180
Beginning Balance at Dec. 31, 2020	1,856,219
Balance, Shares at Dec. 31, 2020					576,918
Redeemable Non-Controlling Interest, Balance at Dec. 31, 2020	8,198,251	8,684,431	(486,180)
Net (loss) income for the quarter		(849,342)	11,470
Balance at Jun. 30, 2021		550,073	11,470		$ 5,829	5,570,728	(5,015,014)	561,543	474,710
Ending Balance at Jun. 30, 2021	1,036,253
Balance, Shares at Jun. 30, 2021					582,867
Redeemable Non-Controlling Interest, Balance at Jun. 30, 2021	9,648,251	10,134,431	(486,180)
Balance at Dec. 31, 2020		1,370,039	0		$ 5,770	5,541,411	(4,177,142)	1,370,039	486,180
Beginning Balance at Dec. 31, 2020	1,856,219
Balance, Shares at Dec. 31, 2020					576,918
Redeemable Non-Controlling Interest, Balance at Dec. 31, 2020	8,198,251	8,684,431	(486,180)
Net (loss) income for the quarter	(382,321)	(393,230)	10,909
Balance at Sep. 30, 2021		14,709,082	10,909		$ 21,602	19,257,852	(4,559,463)	14,719,991	475,271
Ending Balance at Sep. 30, 2021	15,195,262
Balance, Shares at Sep. 30, 2021					2,160,200
Redeemable Non-Controlling Interest, Balance at Sep. 30, 2021	9,118,848	9,605,028	(486,180)
Balance at Dec. 31, 2020		1,370,039	0		$ 5,770	5,541,411	(4,177,142)	1,370,039	486,180
Beginning Balance at Dec. 31, 2020	1,856,219
Balance, Shares at Dec. 31, 2020					576,918
Redeemable Non-Controlling Interest, Balance at Dec. 31, 2020	8,198,251	8,684,431	(486,180)
Net (loss) income for the quarter		(1,242,482)	16,468
Balance at Dec. 31, 2021	13,670,502	13,654,034	16,468		$ 21,729	19,051,929	(5,403,156)	13,670,502	469,712
Ending Balance at Dec. 31, 2021	14,140,214	13,654,034	486,180
Balance, Shares at Dec. 31, 2021					2,172,950
Redeemable Non-Controlling Interest, Balance at Dec. 31, 2021	9,134,979	9,621,159	(486,180)						469,712
Balance at Mar. 31, 2021		876,608	4,646		$ 5,829	5,520,450	(4,645,025)	881,254	481,534
Beginning Balance at Mar. 31, 2021	1,362,788
Balance, Shares at Mar. 31, 2021					582,867
Redeemable Non-Controlling Interest, Balance at Mar. 31, 2021	8,698,251	8,684,431	(486,180)
Restricted stock unit compensation	50,278					50,278		50,278	0
Issuance of Redeemable Non-Controlling Interest for property acquisition	950,000
Distribution on Non-Controlling Interest	(56,400)
Distribution on Non-Controlling Interest	(2,748)								(2,748)
Net (loss) income for the quarter		(376,813)	6,824	(374,065)			(369,989)	(369,989)	(4,076)
Net (loss) income for the quarter	56,400
Balance at Jun. 30, 2021		550,073	11,470		$ 5,829	5,570,728	(5,015,014)	561,543	474,710
Ending Balance at Jun. 30, 2021	1,036,253
Balance, Shares at Jun. 30, 2021					582,867
Redeemable Non-Controlling Interest, Balance at Jun. 30, 2021	9,648,251	10,134,431	(486,180)
Non-cash redemption of shares , shares					(112,500)
Non-cash redemption of shares , Value	(100)				$ (1,125)	1,025		(100)
Issuance of common stock, net of issuance costs, Shares					1,665,000
Issuance of common stock, net of issuance costs	13,765,417				$ 16,650	13,748,767		13,765,417
Restricted stock unit compensation	53,887				$ 248	53,639		53,887
Restricted stock unit compensation, Shares					24,833
Redemption of Redeemable Non-Controlling Interest	(1,200,000)
Issuance of Redeemable Non-Controlling Interest for property acquisition	650,000
Distribution on Non-Controlling Interest	(171,221)
Distribution on Non-Controlling Interest	(7,898)								(7,898)
Dividends paid on common stock	(116,307)					(116,307)		(116,307)
Net (loss) income for the quarter	455,551	456,112	(561)	464,010			455,551	455,551	8,459
Net (loss) income for the quarter	191,818
Balance at Sep. 30, 2021		14,709,082	10,909		$ 21,602	19,257,852	(4,559,463)	14,719,991	475,271
Ending Balance at Sep. 30, 2021	15,195,262
Balance, Shares at Sep. 30, 2021					2,160,200
Redeemable Non-Controlling Interest, Balance at Sep. 30, 2021	9,118,848	9,605,028	(486,180)
Balance at Dec. 31, 2021	13,670,502	13,654,034	16,468		$ 21,729	19,051,929	(5,403,156)	13,670,502	469,712
Beginning Balance at Dec. 31, 2021	14,140,214	13,654,034	486,180
Balance, Shares at Dec. 31, 2021					2,172,950
Redeemable Non-Controlling Interest, Balance at Dec. 31, 2021	9,134,979	9,621,159	(486,180)						469,712
Restricted stock unit compensation	93,926				$ 471	93,455		93,926
Restricted stock unit compensation, Shares					47,142
Cashless exercise of warrants					$ 277	(277)
Cashless exercise of warrants, shares					27,676
Issuance of Redeemable Non-Controlling Interest for property acquisition	1,109,570
Distribution on Non-Controlling Interest	(115,303)								(3,938)
Distribution on Non-Controlling Interest	(3,938)								(3,938)
Dividends paid on common stock	(334,799)					(334,799)		(334,799)
Stock issuance costs	(6,091)					(6,091)		(6,091)
Net (loss) income for the quarter		(580,534)	5,058	(576,596)			(575,476)	(575,476)	(1,120)
Net (loss) income for the quarter	131,083								(1,120)
Balance at Mar. 31, 2022		12,826,536	21,526		$ 22,477	18,804,217	(5,978,632)	12,848,062	464,654
Ending Balance at Mar. 31, 2022	13,312,716	12,826,536	486,180
Balance, Shares at Mar. 31, 2022					2,247,768
Redeemable Non-Controlling Interest, Balance at Mar. 31, 2022	10,260,329	10,746,509	(486,180)						464,654
Balance at Dec. 31, 2021	13,670,502	13,654,034	16,468		$ 21,729	19,051,929	(5,403,156)	13,670,502	469,712
Beginning Balance at Dec. 31, 2021	14,140,214	13,654,034	486,180
Balance, Shares at Dec. 31, 2021					2,172,950
Redeemable Non-Controlling Interest, Balance at Dec. 31, 2021	9,134,979	9,621,159	(486,180)						469,712
Net (loss) income for the quarter	(2,261,274)
Balance at Sep. 30, 2022	11,867,232				$ 24,892	19,506,770	(7,664,430)	11,867,232	451,669
Ending Balance at Sep. 30, 2022	12,318,901
Balance, Shares at Sep. 30, 2022					2,489,282
Redeemable Non-Controlling Interest, Balance at Sep. 30, 2022	5,773,636								451,669
Balance at Mar. 31, 2022		12,826,536	21,526		$ 22,477	18,804,217	(5,978,632)	12,848,062	464,654
Beginning Balance at Mar. 31, 2022	13,312,716	12,826,536	486,180
Balance, Shares at Mar. 31, 2022					2,247,768
Redeemable Non-Controlling Interest, Balance at Mar. 31, 2022	10,260,329	$ 10,746,509	$ (486,180)						464,654
Restricted stock unit compensation	124,118				$ 4	124,114		124,118
Restricted stock unit compensation, Shares					357
Cashless exercise of warrants					$ 96	(96)
Cashless exercise of warrants, shares					9,662
Redemption of Redeemable Non-Controlling Interest	(406,652)
Distribution on Non-Controlling Interest	(118,556)								(3,938)
Distribution on Non-Controlling Interest	(3,938)								(3,938)
Dividends paid on common stock	(343,254)					(343,254)		(343,254)
Net (loss) income for the quarter				(1,051,207)			(1,046,878)	(1,046,878)	(4,329)
Net (loss) income for the quarter	134,510								(4,329)
Balance at Jun. 30, 2022					$ 22,577	18,584,981	(7,025,510)	11,582,048	456,387
Ending Balance at Jun. 30, 2022	12,038,435
Balance, Shares at Jun. 30, 2022					2,257,787
Redeemable Non-Controlling Interest, Balance at Jun. 30, 2022	9,869,631								456,387
Common stock issued to redeem Redeemable Non-Controlling Interest, Share					$ 200,000
Common stock issued to redeem Redeemable Non-Controlling Interest	1,200,000				2,000	1,198,000		1,200,000
Redeemable Non-Controlling Interest	(1,200,000)
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest	(2,912,300)
Restricted stock unit compensation	110,869					110,869		110,869
Cashless exercise of warrants					$ 315	(315)
Cashless exercise of warrants, shares					31,495
Distribution on Non-Controlling Interest	(111,278)								(3,938)
Distribution on Non-Controlling Interest	(3,938)								(3,938)
Dividends paid on common stock	(386,765)					(386,765)		(386,765)
Net (loss) income for the quarter	(638,920)			$ (639,700)			(638,920)	(638,920)	(780)
Net (loss) income for the quarter	127,583								(780)
Balance at Sep. 30, 2022	11,867,232				$ 24,892	$ 19,506,770	$ (7,664,430)	$ 11,867,232	451,669
Ending Balance at Sep. 30, 2022	12,318,901
Balance, Shares at Sep. 30, 2022					2,489,282
Redeemable Non-Controlling Interest, Balance at Sep. 30, 2022	$ 5,773,636								$ 451,669

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Consolidated Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
CASHFLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (512,117)	$ 655,828	$ (1,874,327)	$ 16,460
Adjustments to reconcile net loss to cash used in operating activities
Depreciation			1,161,214	833,291
Amortization of acquired lease intangible assets			389,865	331,547
Amortization of debt issuance costs			89,364	94,600
Amortization of below market leases			(76,069)	(115,921)
Amortization of above market ground lease			(409)	0
Common stock issued for services			0	33,000
Restricted stock unit compensation			328,913	153,636
Non-cash ground lease expense			50,359	0
Income on investment in tenancy-in-common			(23,841)	(4,750)
Gain on sale of property			0	(923,178)
Dead deal expense			153,031	0
Loss on debt extinguishment	0	0	144,029	0
Write-off of deferred financing cost			137,522	0
Changes in operating assets and liabilities:
Accounts receivable			26,711	(29,314)
Other assets			(74,607)	(30,275)
Deferred rent asset			(115,341)	(18,773)
Prepaid expenses			(141,976)	(86,487)
Accounts payable			(96,955)	38,176
Accrued expenses			251,263	(116,544)
Right of use liability			(1,102)	0
Deferred rent liability			(51,927)	(2,790)
Net cash provided by operating activities			275,717	172,678
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of land, buildings, other tangible and intangible assets			(12,848,166)	(3,530,809)
Escrows for purchase of properties			25,000	0
Investment in tenancy-in-common			(455,888)	(712,587)
Proceeds from sale of property			0	5,245,858
Net cash used in or provided by investing activities			(13,279,054)	1,002,462
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock and warrants			0	14,379,505
Proceeds from issuance of redeemable interest			1,109,570	2,100,000
Redemption of redeemable non-controlling interests			(731,652)	(1,200,000)
Mortgage loan repayments - related party			0	(1,100,000)
Mortgage loan borrowings			17,650,000	2,125,000
Mortgage loan repayments			(11,157,906)	(3,771,333)
Stock issuance costs			(6,091)	0
Deferred financing costs			(204,289)	0
Debt issuance costs			(330,177)	(39,991)
Insurance financing borrowings			288,693	277,059
Insurance financing repayments			(194,949)	(218,832)
Distribution on non-controlling interests			(356,951)	(389,093)
Dividends paid on common stock			(1,064,818)	(230,680)
Net cash provided by financing activities			5,001,430	11,931,635
Net decrease in cash and cash equivalents			(8,001,907)	13,106,775
Cash and cash equivalents and restricted cash - beginning of period			10,624,076	1,122,364	$ 1,122,364
Cash and cash equivalents and restricted cash - end of period	2,622,169	14,229,139	2,622,169	14,229,139	10,624,076
CASH TRANSACTIONS
Interest Paid			1,001,505	938,984
NON-CASH TRANSACTIONS
Stock issued for accrued liabilities			0	11,000
Stock issued for cashless exercise of Investor Warrants			688	0
Deferred distribution on redeemable non-controlling interests			48,039	20,597
Right of use asset and liability			6,304,334	0
Issuance of Other payable - related party for Redemption of Non-Controlling Interest	2,912,300	$ 0	2,912,300	0
Common stock issued to redeem non-controlling interest	$ 24,892		24,892		$ 21,729
Common stock issued to redeem non-controlling interest			$ 1,200,000	$ 0

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Nature of Operations

9 Months Ended

Sep. 30, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of Operations

Note 1 – Nature of Operations

Generation Income Properties, Inc. (the “Company”) was formed as a Maryland corporation on September 19, 2015. The Company is an internally managed real estate investment company focused on acquiring and managing income-producing retail, office and industrial properties net leased to high quality tenants in major markets throughout the United States.

The Company formed Generation Income Properties L.P. (the “Operating Partnership”) in October 2015. Substantially all of the Company’s assets are held by, and operations are conducted through, the Operating Partnership or its direct or indirect subsidiaries. The Company is the general partner of the Operating Partnership and as of September 30, 2022 owned 86% of the outstanding common units of the Operating Partnership. The Company formed a Maryland entity GIP REIT OP Limited LLC in 2018 that owns 0.002% of the Operating Partnership.

As of September 30, 2022, the Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis owned 12 properties and held partial interests in one additional property through a tenancy-in-common investment.

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

The information furnished reflects all adjustments, consisting only of normal recurring items which are, in the opinion of management, necessary in order to make the financial statements not misleading. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) were omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements and footnotes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 18, 2022. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022.

The Company adopted the calendar year as its basis of reporting. Certain immaterial prior year amounts have been reclassified for consistency with the current period presentation.

Immaterial Correction of Previously Issued Consolidated Financial Statements

Subsequent to the filing of the Company’s Annual Report on Form 10K for the fiscal year ended December 31, 2021, and Quarterly Report on Form 10Q for the quarter ended March 31, 2022, management of the Company identified an error in the application of Accounting Standards Codification (ASC) 480-10, Distinguishing Liabilities from Equity. Specifically, the Company incorrectly classified the partnership interest of GIP Fund 1, LLC in the Operating Partnership as Redeemable Non-Controlling Interests rather than Non-Controlling Interest within Equity. The Company has evaluated the effects of the resulting corrections detailed in the tables below on the previously issued consolidated financial statements, individually and in the aggregate, in accordance with the guidance in ASC 250, Accounting Changes and Error Corrections. Management has determined the effect of the error is immaterial to the Company’s previously issued consolidated financial statements as of December 31, 2021 and 2020, as of and for the three months ended March 31, 2022 and 2021, as of and for the three and six months ended June 30, 2021, and as of and for the three and nine months ended September 30, 2021. The financial statement line items impacted by this error have been corrected and the impact of the error will be corrected prospectively in the Company’s subsequent quarterly and annual filings. The tables below reflect the sections of the Company’s condensed consolidated financial statements that were impacted by the error.

Condensed Balance Sheets

	As of December 31,						As of December 31,
	2021						2021
	As Reported			Adjustment			As Corrected
Total Assets	$	53,420,716		$	-		$	53,420,716
Liabilities and Equity
Total liabilities	$	30,145,523		$	-		$	30,145,523
Redeemable Non-Controlling Interests	$	9,621,159		$	(486,180	)	$	9,134,979
Accumulated Deficit	$	(5,419,624	)	$	16,468		$	(5,403,156	)
Stockholders' Equity	$	13,654,034		$	16,468		$	13,670,502
Non-Controlling Interest	$	-		$	469,712		$	469,712
Total Equity	$	13,654,034		$	486,180		$	14,140,214
Total Liabilities and Equity	$	53,420,716		$	-		$	53,420,716

	As of March 31,						As of March 31,
	2022						2022
	As Reported			Adjustment			As Corrected
Total Assets	$	66,570,918		$	-		$	66,570,918
Liabilities and Equity
Total liabilities	$	42,997,873		$	-		$	42,997,873
Redeemable Non-Controlling Interests	$	10,746,509		$	(486,180	)	$	10,260,329
Accumulated Deficit	$	(6,000,158	)	$	21,526		$	(5,978,632	)
Stockholders' Equity	$	12,826,536		$	21,526		$	12,848,062
Non-Controlling Interest	$	-		$	464,654		$	464,654
Total Equity	$	12,826,536		$	486,180		$	13,312,716
Total Liabilities and Equity	$	66,570,918		$	-		$	66,570,918

Condensed Income Statements

	Three Months ended June 30, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	988,190		$	-		$	988,190
Total expenses		1,305,855			-			1,305,855
Operating loss	$	(317,665	)	$	-		$	(317,665	)
Net loss	$	(317,665	)	$	-		$	(317,665	)
Less: Net income attributable to non-controlling interests		59,148			(6,824	)		52,324
Net income (loss) attributable to Generation Income Properties, Inc.	$	(376,813	)	$	6,824		$	(369,989	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		582,867			582,867			582,867
Basic & Diluted Income (Loss) Per Share Attributable to Common Stockholders	$	(0.65	)	$	0.02		$	(0.63	)
	Six Months ended June 30, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	1,925,078		$	-		$	1,925,078
Total expenses		2,564,446			-			2,564,446
Operating loss	$	(639,368	)	$	-		$	(639,368	)
Net loss	$	(639,368	)	$	-		$	(639,368	)
Less: Net income attributable to non-controlling interests		209,974			(11,470	)		198,504
Net income (loss) attributable to Generation Income Properties, Inc.	$	(849,342	)	$	11,470		$	(837,872	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		581,264			581,264			581,264
Basic & Diluted Income (Loss) Per Share Attributable to Common Stockholders	$	(1.46	)	$	0.02		$	(1.44	)

	Three Months ended September 30, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	1,033,494		$	-		$	1,033,494
Total expenses		1,305,594			-			1,305,594
Operating loss	$	(272,100	)	$	-		$	(272,100	)
Net income	$	655,828		$	-		$	655,828
Less: Net income attributable to non-controlling interests		199,716			561			200,277
Net income (loss) attributable to Generation Income Properties, Inc.	$	456,112		$	(561	)	$	455,551
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		939,559			939,559			939,559
Basic & Diluted Income Per Share Attributable to Common Stockholders	$	0.49		$	(0.01	)	$	0.48
	Nine Months ended September 30, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	2,958,572		$	-		$	2,958,572
Total expenses		3,870,040			-			3,870,040
Operating loss	$	(911,468	)	$	-		$	(911,468	)
Net income	$	16,460		$	-		$	16,460
Less: Net income attributable to non-controlling interests		409,690			(10,909	)		398,781
Net income (loss) attributable to Generation Income Properties, Inc.	$	(393,230	)	$	10,909		$	(382,321	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		699,395			699,395			699,395
Basic & Diluted Income (Loss) Per Share Attributable to Common Stockholders	$	(0.56	)	$	0.01		$	(0.55	)

	Twelve Months ended December 31, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	3,900,096		$	-		$	3,900,096
Total expenses		5,548,202			-			5,548,202
Operating loss	$	(1,648,106	)	$	-		$	(1,648,106	)
Net loss	$	(712,433	)	$	-		$	(712,433	)
Less: Net income attributable to non-controlling interests		530,049			(16,468	)		513,581
Net income (loss) attributable to Generation Income Properties, Inc.	$	(1,242,482	)	$	16,468		$	(1,226,014	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		1,067,599			1,067,599			1,067,599
Basic & Diluted Income (Loss) Per Share Attributable to Common Stockholders	$	(1.16	)	$	0.01		$	(1.15	)

	Three Months ended March 31, 2022
	As Reported			Adjustment			As Corrected
Total revenue	$	1,181,935		$	-		$	1,181,935
Total expenses		1,636,000			-			1,636,000
Operating loss	$	(454,065	)	$	-		$	(454,065	)
Net loss	$	(445,513	)	$	-		$	(445,513	)
Less: Net income attributable to non-controlling interests		135,021			(5,058	)		129,963
Net income (loss) attributable to Generation Income Properties, Inc.	$	(580,534	)	$	5,058		$	(575,476	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		2,196,056			2,196,056			2,196,056
Basic & Diluted Income (Loss) Per Share Attributable to Common Stockholders	$	(0.26	)	$	0.00		$	(0.26	)

Condensed Statements of Equity

	As of December 31,						As of December 31,
	2020						2020
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	8,684,431		$	(486,180	)	$	8,198,251
Accumulated Deficit		(4,177,142	)		-			(4,177,142	)
Stockholders' Equity	$	1,370,039		$	-		$	1,370,039
Non-Controlling Interest		-			486,180		$	486,180
Total Equity	$	1,370,039		$	486,180		$	1,856,219

	As of March 31,						As of March 31,
	2021						2021
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	8,684,431		$	(486,180	)	$	8,198,251
Accumulated Deficit		(4,649,671	)		4,646			(4,645,025	)
Stockholders' Equity	$	876,608		$	4,646		$	881,254
Non-Controlling Interest		-			481,534		$	481,534
Total Equity	$	876,608		$	486,180		$	1,362,788

	As of June 30,						As of June 30,
	2021						2021
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	10,134,431		$	(486,180	)	$	9,648,251
Accumulated Deficit		(5,026,484	)		11,470			(5,015,014	)
Stockholders' Equity	$	550,073		$	11,470		$	561,543
Non-Controlling Interest		-			474,710		$	474,710
Total Equity	$	550,073		$	486,180		$	1,036,253

	As of September 30,						As of September 30,
	2021						2021
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	9,605,028		$	(486,180	)	$	9,118,848
Accumulated Deficit		(4,570,372	)		10,909			(4,559,463	)
Stockholders' Equity	$	14,709,082		$	10,909		$	14,719,991
Non-Controlling Interest		-			475,271		$	475,271
Total Equity	$	14,709,082		$	486,180		$	15,195,262

	As of December 31,						As of December 31,
	2021						2021
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	9,621,159		$	(486,180	)	$	9,134,979
Accumulated Deficit		(5,419,624	)		16,468			(5,403,156	)
Stockholders' Equity	$	13,654,034		$	16,468		$	13,670,502
Non-Controlling Interest		-			469,712		$	469,712
Total Equity	$	13,654,034		$	486,180		$	14,140,214

	As of March 31,						As of March 31,
	2022						2022
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	10,746,509		$	(486,180	)	$	10,260,329
Accumulated Deficit		(6,000,158	)		21,526			(5,978,632	)
Stockholders' Equity	$	12,826,536		$	21,526		$	12,848,062
Non-Controlling Interest		-			464,654		$	464,654
Total Equity	$	12,826,536		$	486,180		$	13,312,716

Consolidation

The accompanying consolidated financial statements include the accounts of Generation Income Properties, Inc. and the Operating Partnership and all of the direct and indirect wholly-owned subsidiaries of the Operating Partnership and the Company’s subsidiaries. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements.

The consolidated financial statements include the accounts of all entities in which the Company has a controlling interest. The ownership interests of other investors in these entities are recorded as non-controlling interests or redeemable non-controlling interest. Non-controlling interests are adjusted each period for additional contributions, distributions, and the allocation of net income or loss attributable to the non-controlling interests. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income or loss.

Cash

The Company considers all demand deposits, cashier’s checks and money market accounts to be cash equivalents. Amounts included in restricted cash represent funds owned by the Company related to tenant escrow reimbursements and immediate capital repair reserve.

	As of September 30,		As of December 31,
	2022		2021
Cash and cash equivalents	$	2,587,669	$	10,589,576
Restricted cash		34,500		34,500
Cash and cash equivalents and restricted cash	$	2,622,169	$	10,624,076

Revenue Recognition

The Company leases real estate to its tenants under long-term net leases which the Company accounts for as operating leases. Those leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. In addition to straight-line rents, deferred rent liability includes approximately $158,000 and $188,000 of prepaid rent as of September 30, 2022 and December 31, 2021, respectively.

The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability exists with respect to any tenant changes, the Company would recognize an adjustment to rental income. The Company’s review of collectability of charges under its operating leases includes any accrued rental revenues related to the straight-line rents. There were no allowances for receivables recorded for the nine months ended September 30, 2022 and 2021.

Certain leases also provide for additional rent based on tenants’ sales volumes. These rents are recognized when determinable after the tenant exceeds a sales breakpoint.

Some of the Company’s leases provide for reimbursement from tenants for certain common area maintenance (“CAM”) expenses, insurance, and real estate taxes. The Company either bills or accrues estimated reimbursement revenues and expenses recognized as rental income and building expenses, respectively, in the period the recoverable costs are incurred and accrued.

Stock-Based Compensation

The Company records all equity-based incentive grants to employees and non-employee members of the Company’s Board of Directors in compensation costs in the Company’s Consolidated Statements of Operations based on their fair values determined on the date of grant. Stock-based compensation expense, reduced for estimated forfeitures, is recognized on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the outstanding equity awards.

Investments in Real Estate

Acquisitions of real estate are recorded at cost. The Company assigns the purchase price of real estate to tangible and intangible assets and liabilities based on fair value. Tangible assets consist of land, buildings, site improvements and tenant improvements. Intangible assets and liabilities consist of the value of in-place leases and above or below market leases assumed with the acquisition. At the time of acquisition, the Company assesses whether the purchase of the real estate falls within the definition of a business under Accounting Standards Codification (“ASC”) 805 and to date has concluded that all asset transactions are asset acquisitions. Therefore, each acquisition has been recorded at the purchase price whereas assets and liabilities, inclusive of closing costs, are allocated to land, building, site improvements, tenant improvements and intangible assets and liabilities based upon their relative fair values at the date of acquisition.

The fair value of the in-place leases are estimated as the cost to replace the leases including loss of rent, commissions and legal fees. The in-place leases are amortized over the remaining team of the leases as amortization expense. The fair value of the above- or below- market lease is estimated as the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and the estimated current market lease rate expected over the remaining non-cancelable life of the lease. The capitalized above or below market lease values are amortized as a decrease or increase to rental income over the remaining term of the lease inclusive of the renewal option periods that are considered probable at acquisition.

Depreciation Expense

Real estate and related assets are stated net of accumulated depreciation. Renovations, replacements and other expenditures that improve or extend the life of assets are capitalized and depreciated over their estimated useful lives. Expenditures for ordinary

maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the buildings, which are generally between 15 and 50 years, and site improvements, which are generally 5 years. Tenant improvements are amortized over the lease terms of the tenants, which is generally between 2 and 10 years.

Lease Obligations

The Company has a certain property within its portfolio that is on land subject to a ground lease with a third party, which is classified as an operating lease. Accordingly, the Company owns only a long-term leasehold in this property. The building and improvements constructed on the leased land are capitalized as investment in real estate in the accompanying Consolidated Balance Sheets and are depreciated over the shorter of the useful life of the improvements or the lease term.

Under ASC 842, the Company recognizes a Lease liability on its Consolidated Balance Sheets for its ground lease and corresponding Right of use asset related to this same ground lease which is classified as an operating lease. A key input in estimating the Lease liability and resulting Right of use asset is establishing the discount rate in the lease, which since the rate implicit in the contract is not readily determinable, requires additional inputs for the longer-term ground lease, including mortgage market-based interest rates that correspond with the remaining term of the lease, the Company's credit spread, and the payment terms present in the lease. This discount rate is applied to the remaining unpaid minimum rental payments for the lease to measure the Lease liability.

Income Taxes

The Company has elected to operate and be taxed as a real estate investment trust (“REIT”) under Section 856 through 860 of the Internal Revenue Code (“Code”), commencing with the Company's taxable year ending December 31, 2021. To continue to qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its taxable income to its stockholders. As a REIT, the Company generally will not be subject to federal corporate income tax on that portion of its taxable income that is currently distributed to stockholders.

The Company accounts for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company's financial statements or tax returns. Under this method, the Company determines deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes the Company to change the Company's judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes the Company to change its judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur.

The Company also recognizes liabilities for unrecognized tax benefits which are recognized if the weight of available evidence indicates that it is not more-likely-than-not that the positions will be sustained on examination, including resolution of the related processes, if any. As of each balance sheet date, unrecognized benefits are reassessed and adjusted if the Company’s judgement changes as a result of new information.

Earnings per Share

In accordance with ASC 260, basic earnings/loss per share (“EPS”) is computed by dividing net loss attributable to the Company that is available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of warrants), and convertible debt, using the if-converted method. Diluted EPS excludes all potentially dilutive securities such as warrants, options and restricted stock units if their effect is anti-dilutive. As of the nine months ended September 30, 2022 and 2021, all potentially dilutive securities were excluded because the effect was anti-dilutive.

Impairments

The Company reviews investments in real estate and related lease intangibles for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable though operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end of the previously estimated life. Impairments are

measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. There were no impairments in the Company's investments in real estate during the nine months ended September 30, 2022 and 2021.

Impairments are determined using valuation techniques including a discounted cash flow analysis which is a Level 3 input and analysis of recent comparable sales transactions or purchase offers received from third parties which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its investments in real estate. Estimating future cash flows is highly subjective and estimates can differ materially from actual results.

A loss in value of investments in real estate partnerships under the equity method of accounting, other than a temporary decline, must be recognized in the period in which the loss occurs. If the Company identifies events or circumstances that indicate that the value of the Company's investment may be impaired, it evaluates the investment by calculating the estimated fair value of the investment by discounting estimated future cash flows over the expected term of the investment. There were no impairments in the Company's Investment in tenancy-in-common during the nine months ended September 30, 2022 and 2021.

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Investments in Real Estate

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Investments in Real Estate

Note 3 – Investments in Real Estate

On January 7, 2022, the Company acquired an approximately 10,900 square foot single tenant medical-retail property leased to Fresenius Medical Care (NYSE: FMS) located in Chicago, Illinois. The acquisition was financed with a $1,550,000 promissory note and the balance with cash on hand.

On January 14, 2022, the Company acquired an approximately 2,600 square foot single tenant retail property leased to Starbucks Coffee (NASDAQ: SBUX) located in Tampa, Florida. The acquisition was financed with the issuance of a redeemable non-controlling interest of $1,109,570, debt of $1,050,000 and the balance with cash on hand.

On March 9, 2022, the Company acquired a leasehold interest in a ground lease and corresponding assignment of an approximately 88,400 square foot single tenant retail property leased to Kohl's Corporation (NYSE: KSS) located in Tucson, Arizona. The acquisition was financed with a $3,650,000 promissory note and the balance with cash on hand.

The following table details the properties acquired during the three and nine months ended September 30, 2022.

	Fresenius-Chicago, IL			Starbucks -Tampa, FL			Kohl's -Tucson, AZ			Total
Land	$	1,690,837		$	1,443,262		$	-		$	3,134,099
Building and site improvements		1,217,395			700,859			6,175,908			8,094,162
Tenant improvements		55,041			20,504			349,136			424,681
Acquired lease intangible assets		276,013			112,830			981,203			1,370,046
Total real estate investments	$	3,239,286		$	2,277,455		$	7,506,247		$	13,022,988
Right of use asset		-			-			6,304,334			6,304,334
Less: Acquired lease intangible liabilities		(19,864	)		(13,497	)		(131,999	)		(165,360	)
Less: Lease liability		-			-			(6,304,334	)		(6,304,334	)
Total real estate investments, net	$	3,219,422		$	2,263,958		$	7,374,248		$	12,857,628

On February 11, 2021, the Company acquired an approximately 7,500 square foot single tenant office property leased to the General Services Administration located in Manteo, North Carolina. The acquisition was financed with the issuance of a redeemable non-controlling interest of $500,000 and debt of $1,275,000.

On April 21, 2021, the Company acquired an approximately 7,800 square foot single tenant office property leased to Irby Construction located in Plant City, Florida. The acquisition was financed with the issuance of a redeemable non-controlling interest of $950,000 and debt of $850,000.

The following table details the properties acquired during the three and nine months ended September 30, 2021:

	GSA-Manteo, NC			Irby Construction-Plant City, FL		Total
Land	$	341,949		$	1,212,213	$	1,554,162
Building and site improvements		1,807,066			423,611		2,230,677
Acquired lease intangible assets		100,379			121,509		221,888
Total real estate investments		2,249,394			1,757,333		4,006,727
Less Acquired lease intangible liabilities		(511,620	)		-		(511,620	)
Total real estate investments, net	$	1,737,774		$	1,757,333	$	3,495,107

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Acquired Lease Intangible Assets, Net

9 Months Ended

Sep. 30, 2022

Intangible Assets Net Excluding Goodwill [Abstract]

Acquired Lease Intangible Assets, Net

Note 4 – Acquired Lease Intangible Assets, net

Acquired Lease Intangible Assets, net is comprised of the following:

	As of September 30,			As of December 31,
	2022			2021
Acquired lease intangible assets	$	4,677,928		$	3,304,014
Accumulated amortization		(1,384,722	)		(994,857	)
Acquired lease intangible assets, net	$	3,293,206		$	2,309,157

The future amortization for Acquired Lease Intangible Assets, net for subsequent years ending December 31 is listed below:

	As of September 30,
	2022
2022 (3 months remaining)	$	137,672
2023		542,954
2024		542,954
2025		509,815
2026		489,884
Thereafter		1,069,927
	$	3,293,206

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Acquired Lease Intangible Liabilities, Net

9 Months Ended

Sep. 30, 2022

Below Market Lease [Abstract]

Acquired Lease Intangible Liabilities, net

Note 5 – Acquired Lease Intangible Liabilities, net

Acquired Lease Intangible Liabilities, net is comprised of the following:

	As of September 30,			As of December 31,
	2022			2021
Acquired lessor lease intangible liabilities	$	965,216		$	845,063
Accumulated accretion to Rental income		(343,744	)		(267,675	)
Acquired lessor lease intangible liabilities, net	$	621,472		$	577,388
Acquired lessee lease intangible liabilities	$	45,207		$	-
Accumulated amortization to offset Building expenses		(409	)		-
Acquired lessee lease intangible liabilities, net	$	44,798		$	-

The future amortization for Acquired Lessor Lease Intangible Liabilities, net for subsequent years ending December 31 is listed below:

	As of September 30,
	2022
2022 (3 months remaining)	$	26,297
2023		105,188
2024		105,188
2025		105,188
2026		93,907
Thereafter		185,704
	$	621,472

The future amortization for Acquired Lessee Lease Intangible Liabilities, net for subsequent years ending December 31 is listed below:

	As of September 30,
	2022
2022 (3 months remaining)	$	183
2023		732
2024		732
2025		732
2026		732
Thereafter		41,687
	$	44,798

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Lessee Accounting

9 Months Ended

Sep. 30, 2022

Lessee Disclosure [Abstract]

Lessee Accounting

Note 6 – Lessee Accounting

The Company acquired one property on March 9, 2022 that is subject to a non-cancelable, long-term ground lease where a third party owns the underlying land and has leased the land to the Company. Accordingly, the Company owns only a long-term leasehold in this property. This ground lease expires in 2084 including those options the Company deems probable of exercising. The ground lease expense is recognized on a straight-line basis over the term of the lease, including management's estimate of expected option renewal periods. Operating lease expense was approximately $218,777 for the nine months ended September 30, 2022. There are no variable lease expenses required to be paid by the Company as lessee per the lease terms. Cash paid for amounts included in the measurement of the Lease liability, net was $130,738 for the nine months ended September 30, 2022.

The following table summarizes the undiscounted future cash flows for subsequent years ending December 31 attributable to the lease Liability as of September 30, 2022 and provides a reconciliation to the Lease liability included in the accompanying Consolidated Balance Sheets as of September 30, 2022.

	As of September 30,
	2022
2022 (3 months remaining)	$	58,175
2023		232,701
2024		244,077
2025		245,111
2026		245,111
Thereafter		22,065,755
Total undiscounted liability	$	23,090,930
Present value discount		(16,787,698	)
Lease liability	$	6,303,232
Discount rate		4.58	%
Term	62 years

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Redeemable Non-Controlling Interests

9 Months Ended

Sep. 30, 2022

Noncontrolling Interest [Abstract]

Redeemable Non-Controlling Interests

Note 7 – Non-Controlling Interests

Redeemable Non-Controlling Interests (Temporary Equity)

As part of the Company’s acquisition of a building for approximately $4,578,800 in Cocoa, FL, one of the Company’s operating subsidiaries entered into a preferred equity agreement with Brown Family Trust on September 11, 2019 pursuant to which the Company’s subsidiary received a capital contribution of $1,200,000. Pursuant to the agreement, the Company was required to pay the preferred equity member a 10% internal rate of return (“IRR”) on a monthly basis and redeem the entire amount due after 24 months at the option of the preferred equity member. The Operating Partnership was the general manager of the subsidiary while Brown Family Trust was a preferred member. Because of the redemption right, the non-controlling interest was presented as temporary equity at redemption value. The Company redeemed the Brown Family Trust $1,200,000 Redeemable Non-Controlling Interest upon the sale of the property in August 2021.

As part of the Company’s acquisition of a building for approximately $1,737,800 in Manteo, NC, one of the Company’s operating subsidiaries entered into a preferred equity agreement with Brown Family Trust on February 11, 2021 pursuant to which the Company’s subsidiary received a capital contribution of $500,000. Pursuant to the agreement, the Company will pay the preferred equity member a 9% IRR on a monthly basis and redeem the entire amount due after 24 months at the option of the preferred equity member. The Operating Partnership is the general manager of the subsidiary while Brown Family Trust is a preferred member. Because of the redemption right, the non-controlling interest is presented as temporary equity at redemption value. The current redemption amount is $500,000. Distributable operating funds are distributed first to Brown Family Trust until the unpaid preferred return is paid off and then to the Company.

As part of the Company’s acquisition of a building for approximately $1,757,300 in Plant City, FL, one of the Company’s operating subsidiaries entered into a preferred equity agreement with Irby Prop Partners on April 21, 2021 pursuant to which the Company’s subsidiary received a capital contribution of $950,000. Pursuant to the agreement, the Company will pay the preferred equity member a 12% total IRR with an 8% IRR paid on a monthly basis and the deferred IRR will be paid at the end of 24 months along with the entire $950,000 amount due after 24 months at the option of the preferred equity member. The Operating Partnership is the general manager of the subsidiary. Because of the redemption right, the non-controlling interest is presented as temporary equity at redemption value. The current redemption amount is approximately $995,600. Distributable operating funds are distributed first to the preferred equity partners until the unpaid preferred return is paid off and then to the Company.

As part of the Company’s investment in a tenant in common entity for approximately $724,800 in Rockford, IL, one of the Company’s operating subsidiaries entered into a preferred equity agreement with preferred equity partner (Mr. Hornstrom) on August 2, 2021 pursuant to which the Company’s subsidiary received a capital contribution of $650,000. Pursuant to the agreement, the Company will pay the preferred equity member a 12% total IRR with an 8% IRR paid on a monthly basis and the deferred IRR will be paid at the end of 24 months along with the entire $650,000 amount due after 24 months at the option of the preferred equity member. The Operating Partnership is the general manager of the subsidiary. Because of the redemption right, the non-controlling interest is presented as temporary equity at redemption value. The current redemption amount is approximately $672,900. Distributable operating funds are distributed first to the preferred equity partners until the unpaid preferred return is paid off and then to the Company.

Each of the preferred members described above may redeem their interest on or after the Redemption date (second year anniversary of the Closing), at the discretion of such preferred member, as applicable, all or a portion thereof, of such preferred member’s pro-rata share of the Redemption Price in the form of membership units of the Operating Partnership (“GIPLP Units”). Such GIPLP Units shall be subject to all such restrictions, such as with respect to transferability, as reasonably imposed by GIPLP. The number of GIPLP Units issued to any preferred member shall be determined by dividing the total amount of the Redemption Price that such preferred member shall receive in GIPLP Units by a 15% discount of the average 30-day market price of Generation Income Properties, Inc. Units shall then be convertible into common stock of Generation Income Properties, Inc. on a 1:1 basis in accordance with the Partnership Agreement of the Operating Partnership.

As part of the Company’s acquisition of two buildings for approximately $19,134,400 on September 30, 2019 in Norfolk, VA, the Operating Partnership entered into contribution agreements with two entities (Greenwal, L.C. and Riverside Crossing, L.C.) that resulted in the issuance of 349,913 common units in the Operating Partnership at $20.00 per share for a total value of $6,998,251. Greenwal, L.C and Riverside Crossing, L.C. have since been dissolved and the common units now are directly owned by the former members of the two entities. Beginning on the first anniversary of the closing, the contribution agreements allow for the two investors to require the Operating Partnership to redeem all or a portion of its units for either (i) the Redemption Amount (within the meaning of the Operating Partnership’s Partnership Agreement), or (ii) until forty-nine (49) months from date of closing, cash in an agreed-upon Value (within the meaning of the Operating Partnership’s Partnership Agreement) of $20.00 per share, as set forth on the Notice of Redemption. As such, the Company has determined their equity should be classified as a temporary equity at redemption value. On March 21, 2022, the Company received notice from an Operating Partnership common unit holder to redeem 10,166.3 units at $20.00 per unit for a total of $203,326 and paid the unit holder on June 24, 2022. On April 25, 2022, the Company received notice from another Operating Partnership common unit holder to redeem 10,166.3 units at $20 per unit for a total of $203,326 and paid the unit holder on July 25, 2022. On July 20, 2022, the Company received a notice of redemption from an Operating Partnership common unit holder exercising his right to redeem 25,000 units at $20 per unit under the Operating Partnership’s Contribution and Subscription Agreement, dated July 16, 2019, and the Contribution and Subscription Agreement, dated June 19, 2019. Such notice further stated the unit holder’s intent to redeem his remaining 180,615 units in the Operating Partnership before October 31, 2023. On August 9, 2022, the Company and Operating Partnership entered a Redemption Agreement with the unit holder providing for the revocation of his July 2022 redemption notice and providing that the his common units in the Operating Partnership would be redeemed by the Operating Partnership as follows: (i) on or before September 15, 2022, 16,250 of the units would be redeemed for an aggregate of $325,000 in cash (which is $20 per unit, as provided in the applicable Contribution Agreements) and 60,000 of the units would be redeemed in exchange for the issuance of 200,000 shares of the Company’s common stock, and (ii) the remaining 129,365 units would be redeemed for $20 per unit in cash in one tranche of 16,250 units on March 15, 2023 and five tranches of 22,623 units each on September 15, 2023, March 15, 2024, June 15, 2024, September 15, 2024, and December 15, 2024. As such, the Company recorded a Other payable - related party in the amount of $2,912,300 upon execution of the Redemption Agreement entered into August 9, 2022 and made the first installment payment of $325,000 on September 13, 2022. Additionally, the Company issued 200,000 shares of common stock at $6.00 per share in accordance with the Redemption Agreement, and recorded the stock at par value of $2,000 with the remaining $1,198,000 to Additional paid in capital. See Note 8 - Equity for further detail.
 

As part of the Company’s acquisition of one building on January 14, 2022 for approximately $2,264,000 in Tampa, FL, the Operating Partnership entered into a contribution agreement with one entity (LMB Owenton I LLC) that resulted in the issuance of 110,957 common units in the Operating Partnership at $10.00 per share for a total value of $1,109,570. Beginning on the second anniversary of the Closing, the contribution agreement allows for the investor to require the Operating Partnership to redeem, all or a portion of its units for either (i) the Redemption Amount (within the meaning of the Partnership Agreement), or (ii) until forty nine (49) months from date of Closing, cash in an agreed-upon Value (within the meaning of the Partnership Agreement) of $10.00 per share. As such, the Company has determined their equity should be classified as temporary equity at redemption value.

Non-Controlling Interest (Permanent Equity)

As part of the Company’s acquisition of one building on November 30, 2020 for $1,847,700 in Tampa, FL, the Operating Partnership entered into a contribution agreement with one entity (GIP Fund 1, LLC) that resulted in the issuance of 24,309 common units in

Operating Partnership at $20.00 per share for a total value of $486,180. At the time of the acquisition the Company’s President owned 11% of GIP Fund 1. GIP Fund 1 has since been dissolved and the common units now are directly owned by the former members of GIP Fund 1. Beginning on the first anniversary of the Closing, the contribution agreement allows for the investor to require the Operating Partnership to redeem, all or a portion of its units for common stock of the Company. As such, the Company has determined their equity should be classified as a Non-controlling interest.

Following these transactions as of September 30, 2022, the Company owned 86% of the common units in the Operating Partnership and outside investors owned 14%.

The following table reflects the Company's Redeemable Non-Controlling Interests and Non-Controlling Interest during the nine months ended September 30, 2022:

	Brown Family Trust			Irby Prop Partners			Richard Hornstrom			LMB Owenton I LLC			GIP LP (Former Greenwal, L.C. and Riverside Crossing, L.C. Members)			Total Redeemable Non-Controlling Interest			Non-Controlling Interest - Former GIP Fund 1 Members
Balance, December 31, 2021 (As corrected, see Note 2)	$	500,000		$	976,756		$	659,972		$	-		$	6,998,251		$	9,134,979		$	469,712
Issuance of Redeemable Operating Partnership Units for property acquisition		-			-			-			1,109,570			-			1,109,570			-
Distribution on Non-Controlling Interest		(11,260	)		(19,001	)		(13,087	)		(15,269	)		(56,686	)		(115,303	)		(3,938	)
Net income (loss) for the quarter (As corrected, see Note 2)		11,260			28,370			19,498			15,269			56,686			131,083			(1,120	)
Balance, March 31, 2022 (As corrected, see Note 2)	$	500,000		$	986,125		$	666,383		$	1,109,570		$	6,998,251		$	10,260,329		$	464,654
Redemption of Redeemable Non-Controlling Interest		-			-			-			-			(406,652	)		(406,652	)		-
Distribution on Non-Controlling Interest		(11,260	)		(19,000	)		(13,086	)		(17,975	)		(57,235	)		(118,556	)		(3,938	)
Net income (loss) for the quarter		11,260			28,471			19,569			17,975			57,235			134,510			(4,329	)
Balance, June 30, 2022	$	500,000		$	995,596		$	672,866		$	1,109,570		$	6,591,599		$	9,869,631		$	456,387
Issuance of Other payable - related party for Redemption of Non-Controlling Interest		-			-			-			-			(2,912,300	)		(2,912,300	)		-
Common stock issued to redeem non-controlling interest		-			-			-			-			(1,200,000	)		(1,200,000	)		-
Distribution on Non-Controlling Interest		(11,260	)		(19,134	)		(13,086	)		(17,975	)		(49,823	)		(111,278	)		(3,938	)
Net income (loss) for the quarter		11,260			28,815			19,710			17,975			49,823			127,583			(780	)
Balance, September 30, 2022	$	500,000		$	1,005,277		$	679,490		$	1,109,570		$	2,479,299		$	5,773,636		$	451,669

The following table reflects the Company's Redeemable Non-Controlling Interests and Non-Controlling Interest during the nine months ended September 30, 2021:

	Brown Family Trust			Irby Prop Partners		Richard Hornstrom		LMB Owenton I LLC		GIP LP (Former Greenwal, L.C. and Riverside Crossing, L.C. Members)			Total Redeemable Non-Controlling Interest			Non-Controlling Interest - Former GIP Fund 1 Members
Balance, December 31, 2020 (As corrected, see Note 2)	$	1,200,000		$	-	$	-	$	-	$	6,998,251		$	8,198,251		$	486,180
Issuance of Redeemable Operating Partnership Units for property acquisition		500,000			-		-		-		-			500,000			-
Distribution on Non-Controlling Interest		(37,104	)		-		-		-		(113,722	)		(150,826	)		-
Net income (loss) for the quarter (As corrected, see Note 2)		37,104			-		-		-		113,722			150,826			(4,646	)

Balance, March 31, 2021 (As corrected, see Note 2)	$	1,700,000		$	-		$	-		$	-	$	6,998,251		$	8,698,251		$	481,534
Issuance of Redeemable Operating Partnership Units for property acquisition		-			950,000			-			-		-			950,000			-
Distribution on Non-Controlling Interest		(41,125	)		(15,275	)		-			-		-			(56,400	)		(2,748	)
Net income (loss) for the quarter (As corrected, see Note 2)		41,125			15,275			-			-		-			56,400			(4,076	)
Balance, June 30, 2021 (As corrected, see Note 2)	$	1,700,000		$	950,000		$	-		$	-	$	6,998,251		$	9,648,251		$	474,710
Redemption of Redeemable Non-Controlling Interest for property disposal		(1,200,000	)		-			-			-		-			(1,200,000	)		-
Issuance of Redeemable Non-Controlling Interest for property acquisition		-			-			650,000			-		-			650,000			-
Distribution on Non-Controlling Interest		(31,399	)		(19,081	)		(6,838	)		-		(113,903	)		(171,221	)		(7,898	)
Net income for the quarter		31,399			36,259			10,257			-		113,903			191,818			8,459
Balance, September 30, 2021 (As corrected, see Note 2)		500,000			967,178			653,419			-		6,998,251			9,118,848			475,271

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Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Equity

Note 8 – Equity

Authorized Equity

The Company is authorized to issue up to 100,000,000 shares of common stock and 10,000,000 of undesignated preferred stock. No preferred shares have been issued as of the date of this report. Holders of the Company’s common stock are entitled to receive dividends when authorized by the Company’s Board of Directors.

Equity Issuances

On April 25, 2019, the Company raised $1,000,000 by issuing 50,000 Units with each Unit being comprised of one share of its Common Stock and one warrant to purchase one share of its common stock. Each Unit was sold for a price of $20.00 per Unit. The shares of the Company’s common stock and warrants included in the Units, were offered together, but the securities included in the Units are issued separately. The warrants are exercisable at a price of $20.00 per share of common stock, subject to adjustment in certain circumstances, and will expire seven years from the date of issuance.

On November 13, 2020, the Company raised $1,000,000 by issuing 50,000 Units with each Unit being comprised of one share of its Common Stock and one warrant to purchase one share of its common stock. Each Unit was sold for a price of $20.00 per Unit. The shares of the Company’s common stock and warrants included in the Units, were offered together, but the securities included in the Units are issued separately. The warrants are exercisable at a price of $20.00 per share of common stock, subject to adjustment in certain circumstances, and will expire seven years from the date of issuance.

On September 8, 2021, the Company issued and sold, in an underwritten public offering (the “Public Offering”), 1,500,000 Units, with each unit consisting of one share of common stock, and one warrant to purchase one share of common stock (the “Investor Warrants”). As part of the Public Offering, the Company entered into an agreement with the Chief Executive Officer ("CEO") to redeem 112,500 shares of common stock for $100 which was paid to the CEO which was recorded in accounts payable – related party at December 31, 2021. As of December 31, 2021 these shares had been physically returned to the Company's transfer agent and cancelled and the CEO was paid during the three months ended March 31, 2022.

On September 30, 2021, the Company issued and sold as part of the underwriter’s Over-Allotment Option an additional 165,000 Units. The units were sold to the public at the price of $10.00 per unit and generated net proceeds of $13.8 million, net of underwriter discounts and other financing costs incurred since inception. The Investor Warrants issued in the offering entitle the holder to purchase one share of common stock at a price equal to $10.00 for a period of five years.

On September 12, 2022, the Company issued 200,000 shares of common stock at $6.00 per share in accordance with the Redemption Agreement as discussed in Note 7 - Non-Controlling Interests, and recorded the stock at par value of $2,000 with the remaining $1,198,000 to Additional paid in capital.
 

During the nine months ended September 30, 2022, the Company expensed approximately $138,000 of stock issuance costs originally recorded to Deferred Financing Costs for professional fees incurred for filings no longer intended.

Warrants

Investor Warrants may be exercised on a cashless basis if there is no effective registration statement available for the resale of the shares of common stock underlying such warrants. In addition, after 120 days after the Investor Warrants are issued, any Investor Warrant may be exercised on a cashless basis for 10% of the shares of common stock underlying the Investor Warrant if the volume-weighted average trading price of the Company’s shares of common stock on Nasdaq was at any time below the then-effective exercise price of the Investor Warrant for 10 consecutive trading days. During the nine months ended September 30, 2022, 688,330 Investor Warrants were exercised on a cashless basis resulting in the issuance of 68,833 shares of common stock.

In addition, the Company issued to Maxim Group LLC (or its designee) warrants to purchase an aggregate of 149,850 shares of common stock, which is equal to an aggregate of 9% of the number of shares of common stock sold in the Public Offering (the “Representative’s Warrants”). The Representative’s Warrants have an exercise price equal to $12.50, may be exercised on a cashless basis and became exercisable six months following the closing date and until September 2, 2026.

The Company has 1,226,520 warrants outstanding and exercisable as of September 30, 2022, subject to certain circumstances, and which will expire five to seven years from the date of issuance, as follows.

	As of September 30,
Issue Date	2022
April 25, 2019 at an exercise price of $20.00		50,000
November 13, 2020 at an exercise price of $20.00		50,000
September 8, 2021 at an exercise price of $10.00		811,670
September 8, 2021 at an exercise price of $12.50		135,000
September 30, 2021 at an exercise price of $10.00		165,000
September 30, 2021 at an exercise price of $12.50		14,850
		1,226,520

The following is a summary of warrants outstanding as of September 30, 2022 and December 31, 2021:

	Warrants			Weighted Average Price		Weighted Average Remaining Life
As of December 31, 2021		1,914,850		$	10.72		4.7
Issuances		-			-		-
Exercised		(688,330	)		10.00		-
As of September 30, 2022		1,226,520		$	11.12		4.0
Warrants exercisable	$	1,226,520		$	11.12		4.0

There was no intrinsic value for the warrants as of September 30, 2022 or December 31, 2021.

Stock Compensation

Generation Income Properties, Inc. 2020 Omnibus Incentive Plan

In connection with the Public Offering, the Company's Board of Directors adopted and stockholders approved, the Generation Income Properties, Inc. 2020 Omnibus Incentive Plan (the “Omnibus Incentive Plan”), which became effective upon the completion of the Public Offering. The Omnibus Incentive Plan reserves 2.0 million shares of common stock for stock options, stock appreciation rights, performance shares, performance units, shares of common stock, restricted stock, restricted stock units, cash incentive awards, dividend equivalent units, or any other type of award permitted under the Omnibus Incentive Plan. As of September 30, 2022, 76,449 shares had been granted under the Omnibus Incentive Plan.

Restricted Common Shares issued to the Board and Employees

•On July 15, 2019, the board of directors granted 2,500 restricted shares to each of the two independent directors that vest every 12 months on an annual basis over 36 months. The award is valued at $50,000 for each grant and was based on the equity pricing issuance of $20.00 per share. The pro-rated vested share restriction will be removed upon the annual anniversary of the award. The 1,668 and 1,666 restricted shares were issued to the two directors in September 2020 and September 2021, respectively and another 1,666 restricted shares were issued to the two directors in September 2021.

•On February 3, 2020, the board of directors granted 2,500 restricted shares to two new independent directors that vest every 12 months on an annual basis over 36 months. The award is valued at $50,000 for each grant and was based on the equity pricing issuance of $20.00 per share. The pro-rated vested share restrictions will be removed upon the annual anniversary of the award. The 1,666 unrestricted shares were issued to the two directors in February 2021 and another 3,334 restricted shares were issued to the two directors in September 2021.

•On February 3, 2020, the board of directors granted 6,250 restricted shares to its former chief financial officer that will vest every 12 months on an annual basis over 36 months. The award is valued at $125,000 and was based on the equity pricing issuance of $20.00 per share. The pro-rated vested share restrictions will be removed upon the annual anniversary of the award. The 2,083 unrestricted shares were issued to the chief financial officer in February 2021 and another 4,167 restricted shares were issued to the chief financial officer in September 2021. Of the remaining 4,167 restricted shares half were vested upon the anniversary of the award and the remaining shares were vested on the same date in connection with his departure from the company.

•On January 6, 2021, the board granted 14,000 restricted shares to directors, officers and employees effective January 1, 2021 valued at $20.00 per share that vest annually over 3 years. The pro-rated vested share restrictions will be removed upon the annual anniversary of the award. The 14,000 restricted shares were issued to the directors, officers and employees in September 2021.

•On January 6, 2022, the board granted 47,142 restricted shares to directors, officers and employees effective March 1, 2022 valued at $7.00 per share that vest annually over 1 year. The vested share restrictions will be removed upon the first annual anniversary of the award. The 47,142 restricted shares were issued to the directors, officers and employees in March 2022.

•On April 12, 2022, the board granted 357 restricted shares to a non-employee for chaplain services rendered effective April 16, 2022 valued at $7.06 per share that vest over 1 year. The vested share restrictions will be removed upon the first annual anniversary of the award. The 357 restricted shares were issued in April 2022.

The following is a summary of restricted shares for the nine months ended September 30, 2022 and 2021:

	2022			2021
Number of Shares Outstanding		23,167			14,582
Restricted Shares Issued		47,499			14,000
Restricted Shares Vested		(10,500	)		(3,749	)
Number of Shares Outstanding		60,166			24,833

The Company recorded stock based compensation expense of $328,913 and $186,636 during the nine months ended September 30, 2022 and 2021, respectively.

Common stock issued for services

Pursuant to an amended employment agreement in which the Company's former chief financial officer waived his right to cash compensation in lieu of being awarded 550 restricted shares of common stock each month until the closing of an initial underwritten public offering, the Company issued the chief financial officer 2,200 shares of stock in March 2021 representing four months of compensation from December 2020 to March 2021.

Common Shareholders Cash Distributions

While the Company is under no obligation to do so, the Company expects to continue to declare and pay distributions to its stockholders for the foreseeable future. The issuance of a distribution will be determined by the Company's board of directors based on the Company's financial condition and such other factors as the Company's board of directors deems relevant. The Company has not established a minimum distribution, and the Company's charter does not require that the Company issue distributions to its stockholders other than as necessary to meet REIT qualification standards.

The following is a summary of distributions to common shareholders and Operating Partnership unit holders for the nine months ended September 30, 2022 and 2021:

Authorized Date	Record Date	Per Share/Unit
June 27, 2022	September 15, 2022	$	0.054
June 27, 2022	August 15, 2022	$	0.054
June 27, 2022	July 15, 2022	$	0.054
March 15, 2022	June 15, 2022	$	0.054
March 15, 2022	May 15, 2022	$	0.054
March 15, 2022	April 15, 2022	$	0.054
December 10, 2021	March 15, 2022	$	0.054
December 10, 2021	February 15, 2022	$	0.054
December 10, 2021	January 15, 2022	$	0.054
August 25, 2021	August 31, 2021	$	0.325
February 26, 2021	March 15, 2021	$	0.325

* Through June 2022, the Company's CEO waived his right to receive distributions with respect to the shares held by him as of the completion of the Public Offering.

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Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

Note 9 – Leases

Future Minimum Rents

During the nine months ended September 30, 2022 and 2021, the Company had four tenants that each account for more than 10% of its rental revenue as indicated below:

	2022			2021
General Services Administration - Norfolk, VA & Manteo, NC		21	%		25	%
PRA Holdings, Inc. - Norfolk, VA		15	%		20	%
Pratt & Whitney Automation, Inc. - Huntsville, AL		14	%		17	%
Kohl's Corporation - Tucson, AZ		16	%	<10%
Maersk Line, Limited - Norfolk, VA	<10%				10	%

The following table presents future minimum rental cash payments due to the Company over the next five years and thereafter as of September 30, 2022:

	As of September 30,
	2022
2022 (3 months remaining)		1,267,833
2023		4,706,826
2024		4,775,024
2025		4,635,711
2026		4,513,724
Thereafter		9,130,039
		29,029,157

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Mortgage Loans

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Mortgage Loans

Note 10 – Mortgage Loans

On April 1, 2022, the Company entered into two loan agreements with an aggregate balance of $13.5 million as of September 30, 2022 to refinance seven of the Company's properties. The loan agreements consist of one loan in the amount of $11.4 million secured by six properties, and one loan in the amount of $2.1 million on the property held in the tenant in common investment at an interest rate of 3.85% from April 1, 2022 through and until March 31, 2027. Effective April 1, 2027 and through the maturity date of March 31, 2032, the interest rate adjusts to the 5-year Treasury plus 2.5% and is subject to a floor of 3.85%. The Company’s CEO entered into a guaranty agreement pursuant to which he guaranteed the payment obligations under the promissory notes if they become due as a result of certain “bad-boy” provisions, individually and on behalf of the Operating Partnership. During the nine months ended September 30, 2022, the Company incurred a loss on debt extinguishment of $144,029 related to the write off of unamortized debt issuance costs previously incurred on these mortgage loans that were refinanced in addition to a prepayment penalty incurred of $21,000.

The Company had the following promissory notes outstanding as of September 30, 2022 and December 31, 2021, respectively:

Mortgage Loans Secured By (Tenant-Location)	Loan Amount			Interest Rate				Maturity Date	September 30, 2022			December 31, 2021			Debt Service Coverage Ratios ("DSCR") Required
7-11 - Washington, DC; Starbucks-South Tampa, FL; and Pratt & Whitney-Huntsville, Alabama	$	11,287,500	*		4.17	%		3/6/2030	$	11,006,980		$	11,150,130			1.25
GSA & Maersk - Norfolk, Virginia		8,260,000			3.50	%		9/30/2024		7,635,592			7,805,524			1.25
PRA Holdings, Inc. - Norfolk, Virginia		5,216,749			3.50	%		10/23/2024		4,769,846			4,889,670			1.25
Sherwin-Williams - Tampa, Florida		1,286,664			3.72	%	***	8/10/2028		1,286,664			1,286,664			1.20
GSA - Manteo, North Carolina		928,728			3.85	%	**	3/31/2032		928,728			1,275,000			1.50
Irby Construction - Plant City , Florida		928,728			3.85	%	**	3/31/2032		928,728			850,000			1.50
Best Buy - Grand Junction, Colorado		2,552,644			3.85	%	**	3/31/2032		2,552,644			2,350,000			1.50
Fresenius - Chicago, Illinois		1,727,108			3.85	%	**	3/31/2032		1,727,108			-			1.50
Starbucks - North Tampa, Florida		1,298,047			3.85	%	**	3/31/2032		1,298,047			-			1.50
Kohls - Tucson, Arizona		3,964,745			3.85	%	**	3/31/2032		3,964,745			-			1.50
	$	37,450,913							$	36,099,082		$	29,606,988
								Less Debt Issuance Costs		(734,477	)		(637,693	)
									$	35,364,605		$	28,969,295

*Loan subject to prepayment penalty

**Adjustment effective April 1, 2027 equal to 5-year Treasury plus 2.5% and subject to a floor of 3.85%

***Fixed via interest rate swap

The Company amortized debt issuance costs during the nine months ended September 30, 2022 and 2021 to interest expense of approximately $89,364 and $94,600, respectively. The Company paid debt issuance costs for the nine months ended September 30, 2022 and 2021 of approximately $330,177 and $39,991, respectively.

Each promissory note requires the Company to maintain certain debt service coverage ratios as noted above. In addition, one promissory note, encumbered by six properties, requires the Company to maintain a 54% loan to value ratio. As of September 30, 2022, the Company was in compliance with all covenants.

The Company’s President has personally guaranteed the repayment of the $11.0 million due under the 7-11 - Washington, DC; Starbucks-South Tampa, FL; and Pratt & Whitney-Huntsville, AL loan as well as the $1.3 million loan secured by the Company's Sherwin-Williams - Tampa, FL property. In addition, the Company’s President has also provided a guaranty of the Borrower’s nonrecourse carveout liabilities and obligations in favor of the lender for the Norfolk, Virginia property loans (the “Bayport loans”) with an aggregate principal amount of $12,405,438. The Company modified the Bayport loans in March 2021 for no fees and reduced the associated interest rate from 4.25% to 3.50%. The Company determined that the debt modification was not substantial under ASC 470-50.

Minimum required principal payments on the Company’s debt for subsequent years ending December 31 as of September 30, 2022 are as follows:

	As of September 30,
	2022
2022 (3 months remaining)	$	205,203
2023		785,524
2024		12,427,090
2025		546,280
2026		568,513
Thereafter		21,566,472
	$	36,099,082

On May 9, 2022, the Operating Partnership amended the current Commitment Letter with American Momentum Bank (the “Lender”), by entering into a new commitment letter, to increase the available Borrowings under the Facility from $25.0 million to $50.0 million to be used for the acquisition of income producing real estate properties under the same terms as provided by the agreement entered into on October 26, 2021. The new Commitment Letter will become effective contingent upon the Company completing a future capital raise of $25.0 million or more, and prior to such time, the current Commitment Letter will remain in place. On September 9, 2022, the

Company and AMB combined the prior AMB commitment letters entered into in October 2021 and May 2022 into a single Commitment Letter, and have amended the rate index used for borrowing to be a variable rate equal to the 30-Day CME Term SOFR Rate, plus a margin of 2.40%, adjusted monthly, subject to a floor interest rate of 3.25% per annum. All other terms under the prior commitment letters remained materially the same. As of September 30, 2022 the Company did not have an outstanding balance on the Facility and as of December 31, 2021 the Company had borrowed approximately $2.4 million, respectively, under the Facility.

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Related Party

9 Months Ended

Sep. 30, 2022

Related Party Transactions [Abstract]

Related Party

Note 11 – Related Party

On November 30, 2020, the Company acquired an approximately 3,500 square foot building from GIP Fund 1, LLC a related party that was owned 11% by the CEO. The retail single tenant property (occupied by The Sherwin-Williams Company) in Tampa, Florida was acquired for approximately $1.8 million and was funded with approximately $1.3 million of debt from Valley National Bank and the issuance of 24,309 partnership units in Generation Income Properties LP valued at $20.00 per unit for purposes of the contribution. Since acquisition, GIP Fund 1, LLC was dissolved and each partner was allocated units to GIP LP pro-rata effectively reducing the CEO’s ownership to 0.09% as of September 30, 2022.

As disclosed previously in Note 7 - Non-Controlling Interests, on August 9, 2022, the Company and Operating Partnership entered a Redemption Agreement with a unit holder. As such, the Company recorded a Other payable - related party in the amount of $2,912,300 upon execution of the Redemption Agreement entered into July 20, 2022 and made the first installment payment of $325,000 on September 13, 2022. Additionally, the Company issued 200,000 shares of common stock at $6.00 per share in accordance with the Redemption Agreement, and recorded the stock at par value of $2,000 with the remaining $1,198,000 to Additional paid in capital.

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Tenant in Common Investment

9 Months Ended

Sep. 30, 2022

Tenant In Common Investment [Abstract]

Tenant in Common Investment

Note 12 – Tenant in Common Investment

On August 13, 2021, the Company entered into a tenancy-in-common (“TIC”) structure whereby the TIC acquired a 15,288 square foot single tenant building in Rockford, IL for total consideration of approximately $4.5 million. The Company acquired a 36.8% interest in the TIC acquisition with Sunny Ridge HHP, LLC (“Sunny Ridge”) holding the remaining TIC interest. Funding for the Company’s interest was primarily funded through a Redeemable Non-Controlling Interest Contribution from Mr. Hornstrom to one of the Company's subsidiaries for $0.65 million. The remainder of the purchase price of the property was funded by Sunny Ridge of $1.2 million and debt financing of approximately $2.7 million. Mr. Hornstrom owns 50% of Sunny Ridge and also contributed $600,000 of $950,000 Redeemable Non-Controlling Interest contribution for the Plant City, FL property.

On April 1, 2022, the TIC refinanced the debt reducing the total debt outstanding to $2.1 million with an interest rate of 3.85% from April 1, 2022 through and until March 31, 2027. Effective April 1, 2027, the interest rate adjusts to the 5-year Treasury plus 2.5% and subject to a floor of 3.85%. The Company’s CEO entered into a guaranty agreement pursuant to which he guaranteed the payment obligations under the promissory note if they become due as a result of certain “bad-boy” provisions, individually and on behalf of the Operating Partnership. The promissory note requires the TIC to maintain a debt service coverage ratio of 1.50:1:00 in addition to a 54% loan to value ratio. As of September 30, 2022, the Company was in compliance with all covenants.

In conjunction with the refinancing of the debt, the Company contributed $455,888 to the TIC increasing the Company's ownership to 50% interest and reducing Sunny Ridge's interest to 50%. The Rockford, IL property was accounted for under the equity method and as of September 30, 2022 it had a value of $1,204,811.

The condensed income statements for the three and nine months ended September 30, 2022 are as follows:

	Three Months ended September 30,				Three Months ended June 30,					Three Months ended March 31,				Nine Months ended September 30,
	2022		2021		2022			2021		2022		2021		2022			2021
Total revenue	$	93,139	$	48,757	$	93,139		$	-	$	93,139	$	-	$	279,417		$	48,757
Total expenses	$	62,581	$	35,862	$	64,213		$	-	$	69,924	$	-	$	196,718		$	35,862
Operating income		30,558		12,895		28,926			-		23,215		-		82,699			12,895
Loss on debt extinguishment		-		-		(31,851	)		-		-		-		(31,851	)		-
Net income	$	30,558	$	12,895	$	(2,925	)	$	-	$	23,215	$	-	$	50,848		$	12,895
GIP, LP's Share	$	16,751	$	4,750	$	(1,462	)	$	-	$	8,552	$	-	$	23,841		$	4,750

The condensed balance sheets of the tenant in common investment as of September 30, 2022 and December 31, 2021, respectively, are as follows:

	As of September 30,		As of June 30,		As of December 31,
	2022		2022		2021
Net real estate investments	$	4,532,624	$	4,562,129	$	4,621,135
Deferred rent asset		6,851		5,270		2,108
Prepaid expenses		858		1,492		522
Due from tenant-in-common		245,579		237,956		47,350
Total Assets	$	4,785,912	$	4,806,847	$	4,671,115
Accounts payable (including related party) and accrued expenses	$	262,214	$	270,343	$	19,292
Prepaid rent		29,900		-		-
Acquired lease intangible liabilities, net		37,419		39,277		42,993
Mortgage loan, net of unamortized debt issuance costs		2,087,794		2,087,466		2,677,446
Total Liabilities	$	2,417,327	$	2,397,086	$	2,739,731
GIP, LP	$	1,204,811	$	1,188,061	$	725,082
SUNNY RIDGE MHP, LLC		1,163,774		1,221,700		1,206,302
Total Tenant in Common Equity	$	2,368,585	$	2,409,761	$	1,931,384
Total Liabilities and Tenant in Common Equity	$	4,785,912	$	4,806,847	$	4,671,115

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Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 13 – Subsequent Events

On October 3, 2022, the Company announced that our Board of Directors authorized a distribution of $0.039 per share monthly cash distribution for shareholders of record of our common stock as of October 15, 2022, November 15, 2022, and December 15, 2022. October distributions were paid on October 29, 2022 and we expect to pay November and December distributions on or about November 30, 2022 and December 30, 2022, respectively. The Operating Partnership common unit holders received the same distribution.

Subsequent to September 30, 2022 but before the filing of this Quarterly Report on Form 10-Q, 69,180 Investor Warrants were exercised on a cashless basis for 10% of the shares of Common Stock underlying the Investor Warrant, as the volume-weighted average trading price of the Company’s shares of Common Stock on Nasdaq was below the then-effective exercise price of the Investor Warrant for 10 consecutive trading days as of the date the Investor Warrants became exercisable. As such, 6,918 shares of common stock were issued upon exercise.

On October 14, 2022, the Company entered into a loan transaction that is evidenced by a secured non-convertible promissory note to Brown Family Enterprises, LLC, a related party, for $1.5 million that is due on October 14, 2024, and bears a fixed interest rate of 9%, simple interest. Interest is payable monthly. The loan may be repaid without penalty at any time. The loan is secured by the Operating Partnership’s equity interest in its current direct subsidiaries that hold real estate assets pursuant to the terms of a security agreement between the Operating Partnership and Brown Family Enterprises, LLC.

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The information furnished reflects all adjustments, consisting only of normal recurring items which are, in the opinion of management, necessary in order to make the financial statements not misleading. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) were omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements and footnotes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 18, 2022. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022.

The Company adopted the calendar year as its basis of reporting. Certain immaterial prior year amounts have been reclassified for consistency with the current period presentation.

Consolidation

Consolidation

The accompanying consolidated financial statements include the accounts of Generation Income Properties, Inc. and the Operating Partnership and all of the direct and indirect wholly-owned subsidiaries of the Operating Partnership and the Company’s subsidiaries. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements.

The consolidated financial statements include the accounts of all entities in which the Company has a controlling interest. The ownership interests of other investors in these entities are recorded as non-controlling interests or redeemable non-controlling interest. Non-controlling interests are adjusted each period for additional contributions, distributions, and the allocation of net income or loss attributable to the non-controlling interests. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income or loss.

Cash

Cash

The Company considers all demand deposits, cashier’s checks and money market accounts to be cash equivalents. Amounts included in restricted cash represent funds owned by the Company related to tenant escrow reimbursements and immediate capital repair reserve.

	As of September 30,		As of December 31,
	2022		2021
Cash and cash equivalents	$	2,587,669	$	10,589,576
Restricted cash		34,500		34,500
Cash and cash equivalents and restricted cash	$	2,622,169	$	10,624,076

Revenue Recognition

Revenue Recognition

The Company leases real estate to its tenants under long-term net leases which the Company accounts for as operating leases. Those leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. In addition to straight-line rents, deferred rent liability includes approximately $158,000 and $188,000 of prepaid rent as of September 30, 2022 and December 31, 2021, respectively.

The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability exists with respect to any tenant changes, the Company would recognize an adjustment to rental income. The Company’s review of collectability of charges under its operating leases includes any accrued rental revenues related to the straight-line rents. There were no allowances for receivables recorded for the nine months ended September 30, 2022 and 2021.

Certain leases also provide for additional rent based on tenants’ sales volumes. These rents are recognized when determinable after the tenant exceeds a sales breakpoint.

Some of the Company’s leases provide for reimbursement from tenants for certain common area maintenance (“CAM”) expenses, insurance, and real estate taxes. The Company either bills or accrues estimated reimbursement revenues and expenses recognized as rental income and building expenses, respectively, in the period the recoverable costs are incurred and accrued.

Stock-Based Compensation

Stock-Based Compensation

The Company records all equity-based incentive grants to employees and non-employee members of the Company’s Board of Directors in compensation costs in the Company’s Consolidated Statements of Operations based on their fair values determined on the date of grant. Stock-based compensation expense, reduced for estimated forfeitures, is recognized on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the outstanding equity awards.

Investments in Real Estate

Acquisitions of real estate are recorded at cost. The Company assigns the purchase price of real estate to tangible and intangible assets and liabilities based on fair value. Tangible assets consist of land, buildings, site improvements and tenant improvements. Intangible assets and liabilities consist of the value of in-place leases and above or below market leases assumed with the acquisition. At the time of acquisition, the Company assesses whether the purchase of the real estate falls within the definition of a business under Accounting Standards Codification (“ASC”) 805 and to date has concluded that all asset transactions are asset acquisitions. Therefore, each acquisition has been recorded at the purchase price whereas assets and liabilities, inclusive of closing costs, are allocated to land, building, site improvements, tenant improvements and intangible assets and liabilities based upon their relative fair values at the date of acquisition.

The fair value of the in-place leases are estimated as the cost to replace the leases including loss of rent, commissions and legal fees. The in-place leases are amortized over the remaining team of the leases as amortization expense. The fair value of the above- or below- market lease is estimated as the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and the estimated current market lease rate expected over the remaining non-cancelable life of the lease. The capitalized above or below market lease values are amortized as a decrease or increase to rental income over the remaining term of the lease inclusive of the renewal option periods that are considered probable at acquisition.

Depreciation Expense

Depreciation Expense

Real estate and related assets are stated net of accumulated depreciation. Renovations, replacements and other expenditures that improve or extend the life of assets are capitalized and depreciated over their estimated useful lives. Expenditures for ordinary

maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the buildings, which are generally between 15 and 50 years, and site improvements, which are generally 5 years. Tenant improvements are amortized over the lease terms of the tenants, which is generally between 2 and 10 years.

Lease Obligations

Lease Obligations

The Company has a certain property within its portfolio that is on land subject to a ground lease with a third party, which is classified as an operating lease. Accordingly, the Company owns only a long-term leasehold in this property. The building and improvements constructed on the leased land are capitalized as investment in real estate in the accompanying Consolidated Balance Sheets and are depreciated over the shorter of the useful life of the improvements or the lease term.

Under ASC 842, the Company recognizes a Lease liability on its Consolidated Balance Sheets for its ground lease and corresponding Right of use asset related to this same ground lease which is classified as an operating lease. A key input in estimating the Lease liability and resulting Right of use asset is establishing the discount rate in the lease, which since the rate implicit in the contract is not readily determinable, requires additional inputs for the longer-term ground lease, including mortgage market-based interest rates that correspond with the remaining term of the lease, the Company's credit spread, and the payment terms present in the lease. This discount rate is applied to the remaining unpaid minimum rental payments for the lease to measure the Lease liability.

Income Taxes

Income Taxes

The Company has elected to operate and be taxed as a real estate investment trust (“REIT”) under Section 856 through 860 of the Internal Revenue Code (“Code”), commencing with the Company's taxable year ending December 31, 2021. To continue to qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its taxable income to its stockholders. As a REIT, the Company generally will not be subject to federal corporate income tax on that portion of its taxable income that is currently distributed to stockholders.

The Company accounts for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company's financial statements or tax returns. Under this method, the Company determines deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes the Company to change the Company's judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes the Company to change its judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur.

The Company also recognizes liabilities for unrecognized tax benefits which are recognized if the weight of available evidence indicates that it is not more-likely-than-not that the positions will be sustained on examination, including resolution of the related processes, if any. As of each balance sheet date, unrecognized benefits are reassessed and adjusted if the Company’s judgement changes as a result of new information.

Earnings per Share

Earnings per Share

In accordance with ASC 260, basic earnings/loss per share (“EPS”) is computed by dividing net loss attributable to the Company that is available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of warrants), and convertible debt, using the if-converted method. Diluted EPS excludes all potentially dilutive securities such as warrants, options and restricted stock units if their effect is anti-dilutive. As of the nine months ended September 30, 2022 and 2021, all potentially dilutive securities were excluded because the effect was anti-dilutive.

Impairments

Impairments

The Company reviews investments in real estate and related lease intangibles for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable though operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end of the previously estimated life. Impairments are

measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. There were no impairments in the Company's investments in real estate during the nine months ended September 30, 2022 and 2021.

Impairments are determined using valuation techniques including a discounted cash flow analysis which is a Level 3 input and analysis of recent comparable sales transactions or purchase offers received from third parties which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its investments in real estate. Estimating future cash flows is highly subjective and estimates can differ materially from actual results.

A loss in value of investments in real estate partnerships under the equity method of accounting, other than a temporary decline, must be recognized in the period in which the loss occurs. If the Company identifies events or circumstances that indicate that the value of the Company's investment may be impaired, it evaluates the investment by calculating the estimated fair value of the investment by discounting estimated future cash flows over the expected term of the investment. There were no impairments in the Company's Investment in tenancy-in-common during the nine months ended September 30, 2022 and 2021.

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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of Condensed Balance Sheets

Condensed Balance Sheets

	As of December 31,						As of December 31,
	2021						2021
	As Reported			Adjustment			As Corrected
Total Assets	$	53,420,716		$	-		$	53,420,716
Liabilities and Equity
Total liabilities	$	30,145,523		$	-		$	30,145,523
Redeemable Non-Controlling Interests	$	9,621,159		$	(486,180	)	$	9,134,979
Accumulated Deficit	$	(5,419,624	)	$	16,468		$	(5,403,156	)
Stockholders' Equity	$	13,654,034		$	16,468		$	13,670,502
Non-Controlling Interest	$	-		$	469,712		$	469,712
Total Equity	$	13,654,034		$	486,180		$	14,140,214
Total Liabilities and Equity	$	53,420,716		$	-		$	53,420,716

	As of March 31,						As of March 31,
	2022						2022
	As Reported			Adjustment			As Corrected
Total Assets	$	66,570,918		$	-		$	66,570,918
Liabilities and Equity
Total liabilities	$	42,997,873		$	-		$	42,997,873
Redeemable Non-Controlling Interests	$	10,746,509		$	(486,180	)	$	10,260,329
Accumulated Deficit	$	(6,000,158	)	$	21,526		$	(5,978,632	)
Stockholders' Equity	$	12,826,536		$	21,526		$	12,848,062
Non-Controlling Interest	$	-		$	464,654		$	464,654
Total Equity	$	12,826,536		$	486,180		$	13,312,716
Total Liabilities and Equity	$	66,570,918		$	-		$	66,570,918

Summary of Condensed Income Statements

Condensed Income Statements

	Three Months ended June 30, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	988,190		$	-		$	988,190
Total expenses		1,305,855			-			1,305,855
Operating loss	$	(317,665	)	$	-		$	(317,665	)
Net loss	$	(317,665	)	$	-		$	(317,665	)
Less: Net income attributable to non-controlling interests		59,148			(6,824	)		52,324
Net income (loss) attributable to Generation Income Properties, Inc.	$	(376,813	)	$	6,824		$	(369,989	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		582,867			582,867			582,867
Basic & Diluted Income (Loss) Per Share Attributable to Common Stockholders	$	(0.65	)	$	0.02		$	(0.63	)
	Six Months ended June 30, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	1,925,078		$	-		$	1,925,078
Total expenses		2,564,446			-			2,564,446
Operating loss	$	(639,368	)	$	-		$	(639,368	)
Net loss	$	(639,368	)	$	-		$	(639,368	)
Less: Net income attributable to non-controlling interests		209,974			(11,470	)		198,504
Net income (loss) attributable to Generation Income Properties, Inc.	$	(849,342	)	$	11,470		$	(837,872	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		581,264			581,264			581,264
Basic & Diluted Income (Loss) Per Share Attributable to Common Stockholders	$	(1.46	)	$	0.02		$	(1.44	)

	Three Months ended September 30, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	1,033,494		$	-		$	1,033,494
Total expenses		1,305,594			-			1,305,594
Operating loss	$	(272,100	)	$	-		$	(272,100	)
Net income	$	655,828		$	-		$	655,828
Less: Net income attributable to non-controlling interests		199,716			561			200,277
Net income (loss) attributable to Generation Income Properties, Inc.	$	456,112		$	(561	)	$	455,551
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		939,559			939,559			939,559
Basic & Diluted Income Per Share Attributable to Common Stockholders	$	0.49		$	(0.01	)	$	0.48
	Nine Months ended September 30, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	2,958,572		$	-		$	2,958,572
Total expenses		3,870,040			-			3,870,040
Operating loss	$	(911,468	)	$	-		$	(911,468	)
Net income	$	16,460		$	-		$	16,460
Less: Net income attributable to non-controlling interests		409,690			(10,909	)		398,781
Net income (loss) attributable to Generation Income Properties, Inc.	$	(393,230	)	$	10,909		$	(382,321	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		699,395			699,395			699,395
Basic & Diluted Income (Loss) Per Share Attributable to Common Stockholders	$	(0.56	)	$	0.01		$	(0.55	)

	Twelve Months ended December 31, 2021
	As Reported			Adjustment			As Corrected
Total revenue	$	3,900,096		$	-		$	3,900,096
Total expenses		5,548,202			-			5,548,202
Operating loss	$	(1,648,106	)	$	-		$	(1,648,106	)
Net loss	$	(712,433	)	$	-		$	(712,433	)
Less: Net income attributable to non-controlling interests		530,049			(16,468	)		513,581
Net income (loss) attributable to Generation Income Properties, Inc.	$	(1,242,482	)	$	16,468		$	(1,226,014	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		1,067,599			1,067,599			1,067,599
Basic & Diluted Income (Loss) Per Share Attributable to Common Stockholders	$	(1.16	)	$	0.01		$	(1.15	)

	Three Months ended March 31, 2022
	As Reported			Adjustment			As Corrected
Total revenue	$	1,181,935		$	-		$	1,181,935
Total expenses		1,636,000			-			1,636,000
Operating loss	$	(454,065	)	$	-		$	(454,065	)
Net loss	$	(445,513	)	$	-		$	(445,513	)
Less: Net income attributable to non-controlling interests		135,021			(5,058	)		129,963
Net income (loss) attributable to Generation Income Properties, Inc.	$	(580,534	)	$	5,058		$	(575,476	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		2,196,056			2,196,056			2,196,056
Basic & Diluted Income (Loss) Per Share Attributable to Common Stockholders	$	(0.26	)	$	0.00		$	(0.26	)

Summary of Condensed Statements of Stockholders' Equity

Condensed Statements of Equity

	As of December 31,						As of December 31,
	2020						2020
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	8,684,431		$	(486,180	)	$	8,198,251
Accumulated Deficit		(4,177,142	)		-			(4,177,142	)
Stockholders' Equity	$	1,370,039		$	-		$	1,370,039
Non-Controlling Interest		-			486,180		$	486,180
Total Equity	$	1,370,039		$	486,180		$	1,856,219

	As of March 31,						As of March 31,
	2021						2021
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	8,684,431		$	(486,180	)	$	8,198,251
Accumulated Deficit		(4,649,671	)		4,646			(4,645,025	)
Stockholders' Equity	$	876,608		$	4,646		$	881,254
Non-Controlling Interest		-			481,534		$	481,534
Total Equity	$	876,608		$	486,180		$	1,362,788

	As of June 30,						As of June 30,
	2021						2021
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	10,134,431		$	(486,180	)	$	9,648,251
Accumulated Deficit		(5,026,484	)		11,470			(5,015,014	)
Stockholders' Equity	$	550,073		$	11,470		$	561,543
Non-Controlling Interest		-			474,710		$	474,710
Total Equity	$	550,073		$	486,180		$	1,036,253

	As of September 30,						As of September 30,
	2021						2021
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	9,605,028		$	(486,180	)	$	9,118,848
Accumulated Deficit		(4,570,372	)		10,909			(4,559,463	)
Stockholders' Equity	$	14,709,082		$	10,909		$	14,719,991
Non-Controlling Interest		-			475,271		$	475,271
Total Equity	$	14,709,082		$	486,180		$	15,195,262

	As of December 31,						As of December 31,
	2021						2021
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	9,621,159		$	(486,180	)	$	9,134,979
Accumulated Deficit		(5,419,624	)		16,468			(5,403,156	)
Stockholders' Equity	$	13,654,034		$	16,468		$	13,670,502
Non-Controlling Interest		-			469,712		$	469,712
Total Equity	$	13,654,034		$	486,180		$	14,140,214

	As of March 31,						As of March 31,
	2022						2022
	As Reported			Adjustment			As Corrected
Redeemable Non-Controlling Interest	$	10,746,509		$	(486,180	)	$	10,260,329
Accumulated Deficit		(6,000,158	)		21,526			(5,978,632	)
Stockholders' Equity	$	12,826,536		$	21,526		$	12,848,062
Non-Controlling Interest		-			464,654		$	464,654
Total Equity	$	12,826,536		$	486,180		$	13,312,716

Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash

The Company considers all demand deposits, cashier’s checks and money market accounts to be cash equivalents. Amounts included in restricted cash represent funds owned by the Company related to tenant escrow reimbursements and immediate capital repair reserve.

	As of September 30,		As of December 31,
	2022		2021
Cash and cash equivalents	$	2,587,669	$	10,589,576
Restricted cash		34,500		34,500
Cash and cash equivalents and restricted cash	$	2,622,169	$	10,624,076

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Investments in Real Estate (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Acquired Properties

The following table details the properties acquired during the three and nine months ended September 30, 2022.

	Fresenius-Chicago, IL			Starbucks -Tampa, FL			Kohl's -Tucson, AZ			Total
Land	$	1,690,837		$	1,443,262		$	-		$	3,134,099
Building and site improvements		1,217,395			700,859			6,175,908			8,094,162
Tenant improvements		55,041			20,504			349,136			424,681
Acquired lease intangible assets		276,013			112,830			981,203			1,370,046
Total real estate investments	$	3,239,286		$	2,277,455		$	7,506,247		$	13,022,988
Right of use asset		-			-			6,304,334			6,304,334
Less: Acquired lease intangible liabilities		(19,864	)		(13,497	)		(131,999	)		(165,360	)
Less: Lease liability		-			-			(6,304,334	)		(6,304,334	)
Total real estate investments, net	$	3,219,422		$	2,263,958		$	7,374,248		$	12,857,628

Property of GSA-Manteo, NC and Irby Construction-Plant City, FL

Schedule of Acquired Properties

The following table details the properties acquired during the three and nine months ended September 30, 2021:

	GSA-Manteo, NC			Irby Construction-Plant City, FL		Total
Land	$	341,949		$	1,212,213	$	1,554,162
Building and site improvements		1,807,066			423,611		2,230,677
Acquired lease intangible assets		100,379			121,509		221,888
Total real estate investments		2,249,394			1,757,333		4,006,727
Less Acquired lease intangible liabilities		(511,620	)		-		(511,620	)
Total real estate investments, net	$	1,737,774		$	1,757,333	$	3,495,107

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Acquired Lease Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2022

Intangible Assets Net Excluding Goodwill [Abstract]

Schedule of Intangible Assets, Net

Acquired Lease Intangible Assets, net is comprised of the following:

	As of September 30,			As of December 31,
	2022			2021
Acquired lease intangible assets	$	4,677,928		$	3,304,014
Accumulated amortization		(1,384,722	)		(994,857	)
Acquired lease intangible assets, net	$	3,293,206		$	2,309,157

Schedule of Future Amortization for Intangible Assets

The future amortization for Acquired Lease Intangible Assets, net for subsequent years ending December 31 is listed below:

	As of September 30,
	2022
2022 (3 months remaining)	$	137,672
2023		542,954
2024		542,954
2025		509,815
2026		489,884
Thereafter		1,069,927
	$	3,293,206

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Acquired Lease Intangible Liabilities, Net (Tables)

9 Months Ended

Sep. 30, 2022

Below Market Lease [Abstract]

Summary of Acquired Lease Intangible Liabilities

Acquired Lease Intangible Liabilities, net is comprised of the following:

	As of September 30,			As of December 31,
	2022			2021
Acquired lessor lease intangible liabilities	$	965,216		$	845,063
Accumulated accretion to Rental income		(343,744	)		(267,675	)
Acquired lessor lease intangible liabilities, net	$	621,472		$	577,388
Acquired lessee lease intangible liabilities	$	45,207		$	-
Accumulated amortization to offset Building expenses		(409	)		-
Acquired lessee lease intangible liabilities, net	$	44,798		$	-

Summary of Future Amortization for Intangible Liabilities

The future amortization for Acquired Lessor Lease Intangible Liabilities, net for subsequent years ending December 31 is listed below:

	As of September 30,
	2022
2022 (3 months remaining)	$	26,297
2023		105,188
2024		105,188
2025		105,188
2026		93,907
Thereafter		185,704
	$	621,472

The future amortization for Acquired Lessee Lease Intangible Liabilities, net for subsequent years ending December 31 is listed below:

	As of September 30,
	2022
2022 (3 months remaining)	$	183
2023		732
2024		732
2025		732
2026		732
Thereafter		41,687
	$	44,798

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Lessee Accounting (Tables)

9 Months Ended

Sep. 30, 2022

Lessee Disclosure [Abstract]

Summary of Undiscounted Future Cash Flows and Reconciliation to Right of Use Liability

The following table summarizes the undiscounted future cash flows for subsequent years ending December 31 attributable to the lease Liability as of September 30, 2022 and provides a reconciliation to the Lease liability included in the accompanying Consolidated Balance Sheets as of September 30, 2022.

	As of September 30,
	2022
2022 (3 months remaining)	$	58,175
2023		232,701
2024		244,077
2025		245,111
2026		245,111
Thereafter		22,065,755
Total undiscounted liability	$	23,090,930
Present value discount		(16,787,698	)
Lease liability	$	6,303,232
Discount rate		4.58	%
Term	62 years

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Redeemable Non-Controlling Interests (Tables)

9 Months Ended

Sep. 30, 2022

Noncontrolling Interest [Abstract]

Summary of Redeemable Non-Controlling Interests

The following table reflects the Company's Redeemable Non-Controlling Interests and Non-Controlling Interest during the nine months ended September 30, 2022:

	Brown Family Trust			Irby Prop Partners			Richard Hornstrom			LMB Owenton I LLC			GIP LP (Former Greenwal, L.C. and Riverside Crossing, L.C. Members)			Total Redeemable Non-Controlling Interest			Non-Controlling Interest - Former GIP Fund 1 Members
Balance, December 31, 2021 (As corrected, see Note 2)	$	500,000		$	976,756		$	659,972		$	-		$	6,998,251		$	9,134,979		$	469,712
Issuance of Redeemable Operating Partnership Units for property acquisition		-			-			-			1,109,570			-			1,109,570			-
Distribution on Non-Controlling Interest		(11,260	)		(19,001	)		(13,087	)		(15,269	)		(56,686	)		(115,303	)		(3,938	)
Net income (loss) for the quarter (As corrected, see Note 2)		11,260			28,370			19,498			15,269			56,686			131,083			(1,120	)
Balance, March 31, 2022 (As corrected, see Note 2)	$	500,000		$	986,125		$	666,383		$	1,109,570		$	6,998,251		$	10,260,329		$	464,654
Redemption of Redeemable Non-Controlling Interest		-			-			-			-			(406,652	)		(406,652	)		-
Distribution on Non-Controlling Interest		(11,260	)		(19,000	)		(13,086	)		(17,975	)		(57,235	)		(118,556	)		(3,938	)
Net income (loss) for the quarter		11,260			28,471			19,569			17,975			57,235			134,510			(4,329	)
Balance, June 30, 2022	$	500,000		$	995,596		$	672,866		$	1,109,570		$	6,591,599		$	9,869,631		$	456,387
Issuance of Other payable - related party for Redemption of Non-Controlling Interest		-			-			-			-			(2,912,300	)		(2,912,300	)		-
Common stock issued to redeem non-controlling interest		-			-			-			-			(1,200,000	)		(1,200,000	)		-
Distribution on Non-Controlling Interest		(11,260	)		(19,134	)		(13,086	)		(17,975	)		(49,823	)		(111,278	)		(3,938	)
Net income (loss) for the quarter		11,260			28,815			19,710			17,975			49,823			127,583			(780	)
Balance, September 30, 2022	$	500,000		$	1,005,277		$	679,490		$	1,109,570		$	2,479,299		$	5,773,636		$	451,669

The following table reflects the Company's Redeemable Non-Controlling Interests and Non-Controlling Interest during the nine months ended September 30, 2021:

	Brown Family Trust			Irby Prop Partners		Richard Hornstrom		LMB Owenton I LLC		GIP LP (Former Greenwal, L.C. and Riverside Crossing, L.C. Members)			Total Redeemable Non-Controlling Interest			Non-Controlling Interest - Former GIP Fund 1 Members
Balance, December 31, 2020 (As corrected, see Note 2)	$	1,200,000		$	-	$	-	$	-	$	6,998,251		$	8,198,251		$	486,180
Issuance of Redeemable Operating Partnership Units for property acquisition		500,000			-		-		-		-			500,000			-
Distribution on Non-Controlling Interest		(37,104	)		-		-		-		(113,722	)		(150,826	)		-
Net income (loss) for the quarter (As corrected, see Note 2)		37,104			-		-		-		113,722			150,826			(4,646	)

Balance, March 31, 2021 (As corrected, see Note 2)	$	1,700,000		$	-		$	-		$	-	$	6,998,251		$	8,698,251		$	481,534
Issuance of Redeemable Operating Partnership Units for property acquisition		-			950,000			-			-		-			950,000			-
Distribution on Non-Controlling Interest		(41,125	)		(15,275	)		-			-		-			(56,400	)		(2,748	)
Net income (loss) for the quarter (As corrected, see Note 2)		41,125			15,275			-			-		-			56,400			(4,076	)
Balance, June 30, 2021 (As corrected, see Note 2)	$	1,700,000		$	950,000		$	-		$	-	$	6,998,251		$	9,648,251		$	474,710
Redemption of Redeemable Non-Controlling Interest for property disposal		(1,200,000	)		-			-			-		-			(1,200,000	)		-
Issuance of Redeemable Non-Controlling Interest for property acquisition		-			-			650,000			-		-			650,000			-
Distribution on Non-Controlling Interest		(31,399	)		(19,081	)		(6,838	)		-		(113,903	)		(171,221	)		(7,898	)
Net income for the quarter		31,399			36,259			10,257			-		113,903			191,818			8,459
Balance, September 30, 2021 (As corrected, see Note 2)		500,000			967,178			653,419			-		6,998,251			9,118,848			475,271

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Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of Warrants Issued and Outstanding with Exercise Price

The Company has 1,226,520 warrants outstanding and exercisable as of September 30, 2022, subject to certain circumstances, and which will expire five to seven years from the date of issuance, as follows.

	As of September 30,
Issue Date	2022
April 25, 2019 at an exercise price of $20.00		50,000
November 13, 2020 at an exercise price of $20.00		50,000
September 8, 2021 at an exercise price of $10.00		811,670
September 8, 2021 at an exercise price of $12.50		135,000
September 30, 2021 at an exercise price of $10.00		165,000
September 30, 2021 at an exercise price of $12.50		14,850
		1,226,520

The following is a summary of warrants outstanding as of September 30, 2022 and December 31, 2021:

	Warrants			Weighted Average Price		Weighted Average Remaining Life
As of December 31, 2021		1,914,850		$	10.72		4.7
Issuances		-			-		-
Exercised		(688,330	)		10.00		-
As of September 30, 2022		1,226,520		$	11.12		4.0
Warrants exercisable	$	1,226,520		$	11.12		4.0

Schedule of Restricted Common Shares Issued

The following is a summary of restricted shares for the nine months ended September 30, 2022 and 2021:

	2022			2021
Number of Shares Outstanding		23,167			14,582
Restricted Shares Issued		47,499			14,000
Restricted Shares Vested		(10,500	)		(3,749	)
Number of Shares Outstanding		60,166			24,833

Schedule of Cash Distributions

The following is a summary of distributions to common shareholders and Operating Partnership unit holders for the nine months ended September 30, 2022 and 2021:

Authorized Date	Record Date	Per Share/Unit
June 27, 2022	September 15, 2022	$	0.054
June 27, 2022	August 15, 2022	$	0.054
June 27, 2022	July 15, 2022	$	0.054
March 15, 2022	June 15, 2022	$	0.054
March 15, 2022	May 15, 2022	$	0.054
March 15, 2022	April 15, 2022	$	0.054
December 10, 2021	March 15, 2022	$	0.054
December 10, 2021	February 15, 2022	$	0.054
December 10, 2021	January 15, 2022	$	0.054
August 25, 2021	August 31, 2021	$	0.325
February 26, 2021	March 15, 2021	$	0.325

* Through June 2022, the Company's CEO waived his right to receive distributions with respect to the shares held by him as of the completion of the Public Offering.

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Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Schedule of Concentration Risk Percentage

During the nine months ended September 30, 2022 and 2021, the Company had four tenants that each account for more than 10% of its rental revenue as indicated below:

	2022			2021
General Services Administration - Norfolk, VA & Manteo, NC		21	%		25	%
PRA Holdings, Inc. - Norfolk, VA		15	%		20	%
Pratt & Whitney Automation, Inc. - Huntsville, AL		14	%		17	%
Kohl's Corporation - Tucson, AZ		16	%	<10%
Maersk Line, Limited - Norfolk, VA	<10%				10	%

Summary of future minimum base rental payments due to the company

The following table presents future minimum rental cash payments due to the Company over the next five years and thereafter as of September 30, 2022:

	As of September 30,
	2022
2022 (3 months remaining)		1,267,833
2023		4,706,826
2024		4,775,024
2025		4,635,711
2026		4,513,724
Thereafter		9,130,039
		29,029,157

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Mortgage Loans (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Promissory Notes

The Company had the following promissory notes outstanding as of September 30, 2022 and December 31, 2021, respectively:

Mortgage Loans Secured By (Tenant-Location)	Loan Amount			Interest Rate				Maturity Date	September 30, 2022			December 31, 2021			Debt Service Coverage Ratios ("DSCR") Required
7-11 - Washington, DC; Starbucks-South Tampa, FL; and Pratt & Whitney-Huntsville, Alabama	$	11,287,500	*		4.17	%		3/6/2030	$	11,006,980		$	11,150,130			1.25
GSA & Maersk - Norfolk, Virginia		8,260,000			3.50	%		9/30/2024		7,635,592			7,805,524			1.25
PRA Holdings, Inc. - Norfolk, Virginia		5,216,749			3.50	%		10/23/2024		4,769,846			4,889,670			1.25
Sherwin-Williams - Tampa, Florida		1,286,664			3.72	%	***	8/10/2028		1,286,664			1,286,664			1.20
GSA - Manteo, North Carolina		928,728			3.85	%	**	3/31/2032		928,728			1,275,000			1.50
Irby Construction - Plant City , Florida		928,728			3.85	%	**	3/31/2032		928,728			850,000			1.50
Best Buy - Grand Junction, Colorado		2,552,644			3.85	%	**	3/31/2032		2,552,644			2,350,000			1.50
Fresenius - Chicago, Illinois		1,727,108			3.85	%	**	3/31/2032		1,727,108			-			1.50
Starbucks - North Tampa, Florida		1,298,047			3.85	%	**	3/31/2032		1,298,047			-			1.50
Kohls - Tucson, Arizona		3,964,745			3.85	%	**	3/31/2032		3,964,745			-			1.50
	$	37,450,913							$	36,099,082		$	29,606,988
								Less Debt Issuance Costs		(734,477	)		(637,693	)
									$	35,364,605		$	28,969,295

*Loan subject to prepayment penalty

**Adjustment effective April 1, 2027 equal to 5-year Treasury plus 2.5% and subject to a floor of 3.85%

***Fixed via interest rate swap

Schedule of Minimum Required Principal Payments

Minimum required principal payments on the Company’s debt for subsequent years ending December 31 as of September 30, 2022 are as follows:

	As of September 30,
	2022
2022 (3 months remaining)	$	205,203
2023		785,524
2024		12,427,090
2025		546,280
2026		568,513
Thereafter		21,566,472
	$	36,099,082

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Tenant in Common Investment (Tables)

9 Months Ended

Sep. 30, 2022

Tenant In Common Investment [Abstract]

Condensed Income Statement of Tenant in Common Investment

The condensed income statements for the three and nine months ended September 30, 2022 are as follows:

	Three Months ended September 30,				Three Months ended June 30,					Three Months ended March 31,				Nine Months ended September 30,
	2022		2021		2022			2021		2022		2021		2022			2021
Total revenue	$	93,139	$	48,757	$	93,139		$	-	$	93,139	$	-	$	279,417		$	48,757
Total expenses	$	62,581	$	35,862	$	64,213		$	-	$	69,924	$	-	$	196,718		$	35,862
Operating income		30,558		12,895		28,926			-		23,215		-		82,699			12,895
Loss on debt extinguishment		-		-		(31,851	)		-		-		-		(31,851	)		-
Net income	$	30,558	$	12,895	$	(2,925	)	$	-	$	23,215	$	-	$	50,848		$	12,895
GIP, LP's Share	$	16,751	$	4,750	$	(1,462	)	$	-	$	8,552	$	-	$	23,841		$	4,750

Condensed Balance Sheets of Tenant in Common Investment

The condensed balance sheets of the tenant in common investment as of September 30, 2022 and December 31, 2021, respectively, are as follows:

	As of September 30,		As of June 30,		As of December 31,
	2022		2022		2021
Net real estate investments	$	4,532,624	$	4,562,129	$	4,621,135
Deferred rent asset		6,851		5,270		2,108
Prepaid expenses		858		1,492		522
Due from tenant-in-common		245,579		237,956		47,350
Total Assets	$	4,785,912	$	4,806,847	$	4,671,115
Accounts payable (including related party) and accrued expenses	$	262,214	$	270,343	$	19,292
Prepaid rent		29,900		-		-
Acquired lease intangible liabilities, net		37,419		39,277		42,993
Mortgage loan, net of unamortized debt issuance costs		2,087,794		2,087,466		2,677,446
Total Liabilities	$	2,417,327	$	2,397,086	$	2,739,731
GIP, LP	$	1,204,811	$	1,188,061	$	725,082
SUNNY RIDGE MHP, LLC		1,163,774		1,221,700		1,206,302
Total Tenant in Common Equity	$	2,368,585	$	2,409,761	$	1,931,384
Total Liabilities and Tenant in Common Equity	$	4,785,912	$	4,806,847	$	4,671,115

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Nature of Operations - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 Property
Nature Of Operations [Line Items]
Entity incorporation date	Sep. 19, 2015
Number of properties owned	12
Number of partial interest properties	1
Operating Partnership
Nature Of Operations [Line Items]
Operating partnership formation month and year	2015-10
Operating Partnership | GIP REIT Op Limited LLC
Nature Of Operations [Line Items]
Ownership percentage	0.002%
Operating Partnership | Common Units
Nature Of Operations [Line Items]
Ownership percentage	86.00%

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Summary of Significant Accounting Policies - Summary of Condensed Balance Sheets (Details) - USD ($)	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Liabilities And Stockholders Equity [Abstract]
Total liabilities	$ 45,716,372			$ 30,145,523
Accumulated deficit	(7,664,430)			(5,403,156)
Stockholders' Equity	11,867,232			13,670,502
Equity	$ 12,318,901	$ 12,038,435	$ 13,312,716	14,140,214	$ 15,195,262	$ 1,036,253	$ 1,362,788	$ 1,856,219
As Reported
Reclassification [Line Items]
Total Assets			66,570,918	53,420,716
Liabilities And Stockholders Equity [Abstract]
Total liabilities			42,997,873	30,145,523
Redeemable Non-Controlling Interests			10,746,509	9,621,159
Accumulated deficit			(6,000,158)	(5,419,624)	(4,570,372)	(5,026,484)	(4,649,671)	(4,177,142)
Stockholders' Equity			12,826,536	13,654,034	14,709,082	550,073	876,608	1,370,039
Non-Controlling Interest			0	0
Equity			12,826,536	13,654,034
Total Liabilities and Stockholders' Equity			66,570,918	53,420,716
Adjustment
Reclassification [Line Items]
Total Assets			0	0
Liabilities And Stockholders Equity [Abstract]
Total liabilities			0	0
Redeemable Non-Controlling Interests			(486,180)	(486,180)
Accumulated deficit			21,526	16,468	10,909	11,470	4,646	0
Stockholders' Equity			21,526	16,468	10,909	11,470	4,646	0
Non-Controlling Interest			464,654	469,712
Equity			486,180	486,180
Total Liabilities and Stockholders' Equity			0	0
As Corrected
Reclassification [Line Items]
Total Assets			66,570,918	53,420,716
Liabilities And Stockholders Equity [Abstract]
Total liabilities			42,997,873	30,145,523
Redeemable Non-Controlling Interests			10,260,329	9,134,979
Accumulated deficit			(5,978,632)	(5,403,156)	(4,559,463)	(5,015,014)	(4,645,025)	(4,177,142)
Stockholders' Equity			12,848,062	13,670,502	$ 14,719,991	$ 561,543	$ 881,254	$ 1,370,039
Non-Controlling Interest			464,654	469,712
Equity			13,312,716	14,140,214
Total Liabilities and Stockholders' Equity			$ 66,570,918	$ 53,420,716

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Summary of Significant Accounting Policies - Summary of Condensed Income Statements (Details) - USD ($)	3 Months Ended				6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Reclassification [Line Items]
Revenue	$ 1,474,085		$ 1,033,494			$ 4,035,123	$ 2,958,572
Total expenses	1,957,293		1,305,594			5,636,231	3,870,040
Operating loss	(483,208)		(272,100)			(1,601,108)	(911,468)
Net income (loss)	(512,117)		655,828			(1,874,327)	16,460
Less: Net income attributable to non-controlling interest	126,803		200,277			386,947	398,781
Net income (loss) attributable to Generation Income Properties, Inc.	$ (638,920)		$ 455,551			$ (2,261,274)	$ (382,321)
Total Weighted Average Shares of Common Stock Outstanding – Basic	2,304,841		939,559			2,251,522	699,395
Total Weighted Average Shares of Common Stock Outstanding – Diluted	2,304,841		939,559			2,251,522	699,395
Basic Income Per Share Attributable to Common Stockholders	$ (0.28)		$ 0.48			$ (1.00)	$ (0.55)
Diluted Income Per Share Attributable to Common Stockholders	$ (0.28)		$ 0.48			$ (1.00)	$ (0.55)
As Reported
Reclassification [Line Items]
Revenue		$ 1,181,935	$ 1,033,494	$ 988,190	$ 1,925,078		$ 2,958,572	$ 3,900,096
Total expenses		1,636,000	1,305,594	1,305,855	2,564,446		3,870,040	5,548,202
Operating loss		(454,065)	(272,100)	(317,665)	(639,368)		(911,468)	(1,648,106)
Net income (loss)		(445,513)	655,828	(317,665)	(639,368)		16,460	(712,433)
Less: Net income attributable to non-controlling interest		135,021	199,716	59,148	209,974		409,690	530,049
Net income (loss) attributable to Generation Income Properties, Inc.		$ (580,534)	$ 456,112	$ (376,813)	$ (849,342)		$ (393,230)	$ (1,242,482)
Total Weighted Average Shares of Common Stock Outstanding – Basic		2,196,056	939,559	582,867	581,264		699,395	1,067,599
Total Weighted Average Shares of Common Stock Outstanding – Diluted		2,196,056	939,559	582,867	581,264		699,395	1,067,599
Basic Income Per Share Attributable to Common Stockholders		$ (0.26)	$ 0.49	$ (0.65)	$ (1.46)		$ (0.56)	$ (1.16)
Diluted Income Per Share Attributable to Common Stockholders		$ (0.26)	$ 0.49	$ (0.65)	$ (1.46)		$ (0.56)	$ (1.16)
Adjustment
Reclassification [Line Items]
Revenue
Total expenses		0	0	0	0		0	0
Operating loss
Net income (loss)
Less: Net income attributable to non-controlling interest		(5,058)	561	(6,824)	(11,470)		(10,909)	(16,468)
Net income (loss) attributable to Generation Income Properties, Inc.		$ 5,058	$ (561)	$ 6,824	$ 11,470		$ 10,909	$ 16,468
Total Weighted Average Shares of Common Stock Outstanding – Basic		2,196,056	939,559	582,867	581,264		699,395	1,067,599
Total Weighted Average Shares of Common Stock Outstanding – Diluted		2,196,056	939,559	582,867	581,264		699,395	1,067,599
Basic Income Per Share Attributable to Common Stockholders		$ 0.00	$ (0.01)	$ 0.02	$ 0.02		$ 0.01	$ 0.01
Diluted Income Per Share Attributable to Common Stockholders		$ 0.00	$ (0.01)	$ 0.02	$ 0.02		$ 0.01	$ 0.01
As Corrected
Reclassification [Line Items]
Revenue		$ 1,181,935	$ 1,033,494	$ 988,190	$ 1,925,078		$ 2,958,572	$ 3,900,096
Total expenses		1,636,000	1,305,594	1,305,855	2,564,446		3,870,040	5,548,202
Operating loss		(454,065)	(272,100)	(317,665)	(639,368)		(911,468)	(1,648,106)
Net income (loss)		(445,513)	655,828	(317,665)	(639,368)		16,460	(712,433)
Less: Net income attributable to non-controlling interest		129,963	200,277	52,324	198,504		398,781	513,581
Net income (loss) attributable to Generation Income Properties, Inc.		$ (575,476)	$ 455,551	$ (369,989)	$ (837,872)		$ (382,321)	$ (1,226,014)
Total Weighted Average Shares of Common Stock Outstanding – Basic		2,196,056	939,559	582,867	581,264		699,395	1,067,599
Total Weighted Average Shares of Common Stock Outstanding – Diluted		2,196,056	939,559	582,867	581,264		699,395	1,067,599
Basic Income Per Share Attributable to Common Stockholders		$ (0.26)	$ 0.48	$ (0.63)	$ (1.44)		$ (0.55)	$ (1.15)
Diluted Income Per Share Attributable to Common Stockholders		$ (0.26)	$ 0.48	$ (0.63)	$ (1.44)		$ (0.55)	$ (1.15)

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Summary of Significant Accounting Policies - Summary of Condensed Statements of Stockholders' Equity (Details) - USD ($)	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Reclassification [Line Items]
Redeemable Non-Controlling Interests	$ 5,773,636	$ 9,869,631	$ 10,260,329	$ 9,134,979	$ 9,118,848	$ 9,648,251	$ 8,698,251	$ 8,198,251
Accumulated deficit	(7,664,430)			(5,403,156)
Stockholders' Equity	11,867,232			13,670,502
Total Stockholders' Equity	$ 12,318,901	$ 12,038,435	13,312,716	14,140,214	15,195,262	1,036,253	1,362,788	1,856,219
As Reported
Reclassification [Line Items]
Redeemable Non-Controlling Interests			10,746,509	9,621,159	9,605,028	10,134,431	8,684,431	8,684,431
Accumulated deficit			(6,000,158)	(5,419,624)	(4,570,372)	(5,026,484)	(4,649,671)	(4,177,142)
Stockholders' Equity			12,826,536	13,654,034	14,709,082	550,073	876,608	1,370,039
Non-Controlling Interest			0	0	0	0	0	0
Total Stockholders' Equity			12,826,536	13,654,034
Total Equity			12,826,536	13,654,034	14,709,082	550,073	876,608	1,370,039
Adjustment
Reclassification [Line Items]
Redeemable Non-Controlling Interests			(486,180)	(486,180)	(486,180)	(486,180)	(486,180)	(486,180)
Accumulated deficit			21,526	16,468	10,909	11,470	4,646	0
Stockholders' Equity			21,526	16,468	10,909	11,470	4,646	0
Non-Controlling Interest			464,654	469,712	475,271	474,710	481,534	486,180
Total Stockholders' Equity			486,180	486,180
Total Equity			486,180	486,180	486,180	486,180	486,180	486,180
As Corrected
Reclassification [Line Items]
Redeemable Non-Controlling Interests			10,260,329	9,134,979	9,118,848	9,648,251	8,198,251	8,198,251
Accumulated deficit			(5,978,632)	(5,403,156)	(4,559,463)	(5,015,014)	(4,645,025)	(4,177,142)
Stockholders' Equity			12,848,062	13,670,502	14,719,991	561,543	881,254	1,370,039
Non-Controlling Interest			464,654	469,712	475,271	474,710	481,534	486,180
Total Stockholders' Equity			13,312,716	14,140,214
Total Equity			$ 13,312,716	$ 14,140,214	$ 15,195,262	$ 1,036,253	$ 1,362,788	$ 1,856,219

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Summary of Significant Accounting Policies - Summary of Condensed Statements of Cash Flows (Details) - USD ($)	3 Months Ended				6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Reclassification [Line Items]
Net income (loss)	$ (512,117)		$ 655,828			$ (1,874,327)	$ 16,460
Net cash provided by operating activities						275,717	172,678
Net cash used in investing activities						(13,279,054)	1,002,462
Net cash generated from (used in) financing activities						5,001,430	11,931,635
Net increase (decrease) in cash and cash equivalents						(8,001,907)	13,106,775
Cash and cash equivalents and restricted cash - beginning of period		$ 10,624,076			$ 1,122,364	10,624,076	1,122,364	$ 1,122,364
Cash and cash equivalents and restricted cash - end of period	$ 2,622,169		14,229,139			$ 2,622,169	14,229,139	10,624,076
As Reported
Reclassification [Line Items]
Net income (loss)		(445,513)	655,828	$ (317,665)	(639,368)		16,460	(712,433)
Adjustment
Reclassification [Line Items]
Net income (loss)
As Corrected
Reclassification [Line Items]
Net income (loss)		$ (445,513)	$ 655,828	$ (317,665)	$ (639,368)		$ 16,460	$ (712,433)

XML

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 2,587,669	$ 10,589,576
Restricted cash	34,500	34,500
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Total	$ 2,622,169	$ 10,624,076

XML

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Deferred rent asset	$ 272,183		$ 156,842
Deferred rent liability	177,011		228,938
Prepaid rent	158,000		$ 188,000
Impairments	$ 0	$ 0
Buildings | Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	15 years
Buildings | Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	50 years
Tenant Improvements | Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	2 years
Tenant Improvements | Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	10 years
Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	5 years

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Investments in Real Estate - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) ft² Tenant	Sep. 30, 2021 Tenant
Asset Acquisition [Line Items]
Number of tenants | Tenant	4	4
Fresenius-Chicago, I L
Asset Acquisition [Line Items]
Property acquired date	Jan. 07, 2022
Area of property | ft²	10,900
Number of tenants | Tenant	1
Asset acquisition through debt	$ 1,550,000
Starbucks-Tampa, F L
Asset Acquisition [Line Items]
Property acquired date	Jan. 14, 2022
Area of property | ft²	2,600
Cash capital contribution through issuance of redeemable non-controlling interest	$ 1,109,570
Asset acquisition through debt	$ 1,050,000
Kohl's-Tucson, A Z
Asset Acquisition [Line Items]
Property acquired date	Mar. 09, 2022
Area of property | ft²	88,400
Number of tenants | Tenant	1
Asset acquisition through debt	$ 3,650,000
GSA-FBI - Manteo, NC
Asset Acquisition [Line Items]
Property acquired date	Feb. 11, 2021
Area of property | ft²	7,500
Number of tenants | Tenant	1
Cash capital contribution through issuance of redeemable non-controlling interest	$ 500,000
Asset acquisition through debt	$ 1,275,000
Irby Construction - Plant City , Florida
Asset Acquisition [Line Items]
Property acquired date	Apr. 21, 2021
Area of property | ft²	7,800
Number of tenants | Tenant	1
Cash capital contribution through issuance of redeemable non-controlling interest	$ 950,000
Asset acquisition through debt	$ 850,000

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Investments in Real Estate - Schedule of Acquired Properties (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Fresenius-Chicago, I L
Business Acquisition [Line Items]
Land	$ 1,690,837
Building and site improvements	1,217,395
Tenant improvements	55,041
Acquired lease intangible assets	276,013
Total real estate investments	3,239,286
Right of use asset	0
Less Acquired lease intangible liabilities	(19,864)
Less Right of use lease liability	0
Total real estate investments, net	3,219,422
Starbucks-Tampa, F L
Business Acquisition [Line Items]
Land	1,443,262
Building and site improvements	700,859
Tenant improvements	20,504
Acquired lease intangible assets	112,830
Total real estate investments	2,277,455
Right of use asset	0
Less Acquired lease intangible liabilities	(13,497)
Less Right of use lease liability	0
Total real estate investments, net	2,263,958
Kohl's-Tucson, A Z
Business Acquisition [Line Items]
Land	0
Building and site improvements	6,175,908
Tenant improvements	349,136
Acquired lease intangible assets	981,203
Total real estate investments	7,506,247
Right of use asset	6,304,334
Less Acquired lease intangible liabilities	(131,999)
Less Right of use lease liability	(6,304,334)
Total real estate investments, net	7,374,248
Property of Fresenius-Chicago, IL, Starbucks-Tampa, FL and Kohl's-Tucson, AZ
Business Acquisition [Line Items]
Land	3,134,099
Building and site improvements	8,094,162
Tenant improvements	424,681
Acquired lease intangible assets	1,370,046
Total real estate investments	13,022,988
Right of use asset	6,304,334
Less Acquired lease intangible liabilities	(165,360)
Less Right of use lease liability	(6,304,334)
Total real estate investments, net	$ 12,857,628
GSA - Manteo, NC
Business Acquisition [Line Items]
Land		$ 341,949
Building and site improvements		1,807,066
Acquired lease intangible assets		100,379
Total real estate investments		2,249,394
Less Acquired lease intangible liabilities		(511,620)
Total real estate investments, net		1,737,774
Irby Construction - Plant City , Florida
Business Acquisition [Line Items]
Land		1,212,213
Building and site improvements		423,611
Acquired lease intangible assets		121,509
Total real estate investments		1,757,333
Less Acquired lease intangible liabilities		0
Total real estate investments, net		1,757,333
Property of GSA-Manteo, NC and Irby Construction-Plant City, FL
Business Acquisition [Line Items]
Land		1,554,162
Building and site improvements		2,230,677
Acquired lease intangible assets		221,888
Total real estate investments		4,006,727
Less Acquired lease intangible liabilities		(511,620)
Total real estate investments, net		$ 3,495,107

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Acquired Lease Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Intangible Assets Net Excluding Goodwill [Abstract]
Acquired lease intangible assets	$ 4,677,928	$ 3,304,014
Accumulated amortization	(1,384,722)	(994,857)
Acquired lease intangible assets, net	$ 3,293,206	$ 2,309,157

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Acquired Lease Intangible Assets, Net - Schedule of Future Amortization for Intangible Assets (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Intangible Assets Net Excluding Goodwill [Abstract]
2022	$ 137,672
2023	542,954
2024	542,954
2025	509,815
2026	489,884
Thereafter	1,069,927
Acquired lease intangible assets, net	$ 3,293,206	$ 2,309,157

XML

Acquired Lease Intangible Liabilities, Net - Summary of Acquired Lease Intangible Liabilities (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Intangible Assets Net Excluding Goodwill [Abstract]
Acquired lessor lease intangible liabilities	$ 965,216	$ 845,063
Accumulated accretion to Rental income	(343,744)	(267,675)
Acquired lessor lease intangible liabilities, net	621,472	577,388
Acquired lessee lease intangible liabilities	45,207
Accumulated amortization to offset Building expenses	(409)
Acquired lessee lease intangible liabilities, net	44,798
Acquired Lease Intangible Liabilities Net	$ 666,270	$ 577,388

XML

Acquired Lease Intangible Liabilities, Net - Summary of Future Amortization for Intangible Liabilities (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Indefinite-Lived Intangible Assets [Line Items]
2022 (3 months remaining)	$ 26,297
2023	105,188
2024	105,188
2025	105,188
2026	93,907
Thereafter	185,704
Acquired lessor lease intangible liabilities, net	621,472	$ 577,388
Lessee [Member]
Indefinite-Lived Intangible Assets [Line Items]
2022 (3 months remaining)	183
2023	732
2024	732
2025	732
2026	732
Thereafter	41,687
Acquired lessor lease intangible liabilities, net	$ 44,798

XML

Lessee Accounting - Additional Information (Details) - Ground Lease	9 Months Ended
	Sep. 30, 2022 USD ($)	Mar. 09, 2022 Property
Lessee Lease Description [Line Items]
Number of properties acquired | Property		1
Lease expiration year	2084
Operating lease, expense	$ 218,777
Variable lease expense	0
Right of use liability,net	$ 130,738

XML

Lessee Accounting - Summary of Undiscounted Future Cash Flows and Reconciliation to Right of Use Liability (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Lessee Lease Description [Line Items]
Lessor, Operating Lease, Payment to be Received, Remainder of Fiscal Year	$ 1,267,833
Right of use lease liability	6,303,232	$ 0
Ground Lease
Lessee Lease Description [Line Items]
2022 (3 months remaining)	58,175
2023	232,701
2024	244,077
2025	245,111
2026	245,111
Thereafter	22,065,755
Total undiscounted liability	23,090,930
Present value discount	(16,787,698)
Right of use lease liability	$ 6,303,232
Discount rate	4.58%
Term	62 years

XML

Redeemable Non-Controlling Interests - Summary of Redeemable Non-Controlling Interests (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Redeemable Noncontrolling Interest [Line Items]
Redeemable Non-Controlling Interest, Balance	$ 9,869,631	$ 10,260,329	$ 9,134,979	$ 9,648,251	$ 8,698,251	$ 8,198,251	$ 9,134,979	$ 8,198,251
Issuance of Redeemable Non-Controlling Interest			1,109,570
Distribution on Redeemable Non-Controlling Interest							(731,652)	(1,200,000)
Distribution on Non-Controlling Interest	(111,278)	(118,556)	(115,303)	(171,221)	(56,400)	(150,826)
Redemption of Redeemable Non-Controlling Interest		(406,652)		(1,200,000)
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest	(2,912,300)
Stock Issued1							0	(11,000)
Common stock issued to redeem Redeemable Non-Controlling Interest	(1,200,000)
Common stock issued to redeem non-controlling interest							1,200,000	0
Net income (loss) for the quarter	127,583	134,510	131,083	191,818	56,400	150,826
Redeemable Non-Controlling Interest, Balance	5,773,636	9,869,631	10,260,329	9,118,848	9,648,251	8,698,251	5,773,636	9,118,848
Non-Controlling Interest
Redeemable Noncontrolling Interest [Line Items]
Redeemable Non-Controlling Interest, Balance	456,387	464,654	469,712				469,712
Issuance of Redeemable Non-Controlling Interest
Distribution on Non-Controlling Interest	(3,938)	(3,938)	(3,938)
Redemption of Redeemable Non-Controlling Interest
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest
Common stock issued to redeem Redeemable Non-Controlling Interest
Net income (loss) for the quarter	(780)	(4,329)	(1,120)
Redeemable Non-Controlling Interest, Balance	451,669	456,387	464,654				451,669
As Reported
Redeemable Noncontrolling Interest [Line Items]
Redeemable Non-Controlling Interest, Balance		10,746,509	9,621,159	10,134,431	8,684,431	8,684,431	9,621,159	8,684,431
Redeemable Non-Controlling Interest, Balance			10,746,509	9,605,028	10,134,431	8,684,431		9,605,028
Adjustment
Redeemable Noncontrolling Interest [Line Items]
Redeemable Non-Controlling Interest, Balance		(486,180)	(486,180)	(486,180)	(486,180)	(486,180)	(486,180)	(486,180)
Redeemable Non-Controlling Interest, Balance			(486,180)	(486,180)	(486,180)	(486,180)		(486,180)
Brown Family Trust
Redeemable Noncontrolling Interest [Line Items]
Redeemable Non-Controlling Interest, Balance	500,000	500,000	500,000	1,700,000	1,700,000	1,200,000	500,000	1,200,000
Issuance of Redeemable Non-Controlling Interest						500,000
Distribution on Non-Controlling Interest	(11,260)	(11,260)	(11,260)	(31,399)	(41,125)	(37,104)
Redemption of Redeemable Non-Controlling Interest				(1,200,000)
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest
Common stock issued to redeem Redeemable Non-Controlling Interest
Net income (loss) for the quarter	11,260	11,260	11,260	31,399	41,125	37,104
Redeemable Non-Controlling Interest, Balance	500,000	500,000	500,000	500,000	1,700,000	1,700,000	500,000	500,000
Irby Property Partners
Redeemable Noncontrolling Interest [Line Items]
Redeemable Non-Controlling Interest, Balance	995,596	986,125	976,756	950,000			976,756
Issuance of Redeemable Non-Controlling Interest					950,000
Distribution on Non-Controlling Interest	(19,134)	(19,000)	(19,001)	(19,081)	(15,275)
Redemption of Redeemable Non-Controlling Interest
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest
Common stock issued to redeem Redeemable Non-Controlling Interest
Net income (loss) for the quarter	28,815	28,471	28,370	36,259	15,275
Redeemable Non-Controlling Interest, Balance	1,005,277	995,596	986,125	967,178	950,000		1,005,277	967,178
Richard Hornstrom
Redeemable Noncontrolling Interest [Line Items]
Redeemable Non-Controlling Interest, Balance	672,866	666,383	659,972				659,972
Issuance of Redeemable Non-Controlling Interest				650,000
Distribution on Non-Controlling Interest	(13,086)	(13,086)	(13,087)	(6,838)
Redemption of Redeemable Non-Controlling Interest
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest
Common stock issued to redeem Redeemable Non-Controlling Interest
Net income (loss) for the quarter	19,710	19,569	19,498	10,257
Redeemable Non-Controlling Interest, Balance	679,490	672,866	666,383	653,419			679,490	653,419
LMB Owenton I LLC
Redeemable Noncontrolling Interest [Line Items]
Redeemable Non-Controlling Interest, Balance	1,109,570	1,109,570
Issuance of Redeemable Non-Controlling Interest			1,109,570
Distribution on Non-Controlling Interest	(17,975)	(17,975)	(15,269)
Redemption of Redeemable Non-Controlling Interest
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest
Common stock issued to redeem Redeemable Non-Controlling Interest
Net income (loss) for the quarter	17,975	17,975	15,269
Redeemable Non-Controlling Interest, Balance	1,109,570	1,109,570	1,109,570				1,109,570
GIP LP
Redeemable Noncontrolling Interest [Line Items]
Redeemable Non-Controlling Interest, Balance	6,591,599	6,998,251	6,998,251				6,998,251
Issuance of Redeemable Non-Controlling Interest
Distribution on Non-Controlling Interest	(49,823)	(57,235)	(56,686)
Redemption of Redeemable Non-Controlling Interest		(406,652)
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest	(2,912,300)
Common stock issued to redeem Redeemable Non-Controlling Interest	(1,200,000)
Net income (loss) for the quarter	49,823	57,235	56,686
Redeemable Non-Controlling Interest, Balance	$ 2,479,299	$ 6,591,599	$ 6,998,251				$ 2,479,299

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Redeemable Non-Controlling Interests - Additional Information (Details)									3 Months Ended	9 Months Ended
	Aug. 09, 2022 USD ($)	Jan. 14, 2022 USD ($) Entity Building $ / shares shares	Aug. 02, 2021 USD ($)	Apr. 21, 2021 USD ($)	Feb. 11, 2021 USD ($)	Nov. 30, 2020 USD ($) Entity Building $ / shares shares	Sep. 30, 2019 USD ($) Entity Building Investor $ / shares shares	Sep. 11, 2019 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 15, 2024 shares	Jun. 15, 2024 shares	Mar. 15, 2024 shares	Oct. 31, 2023 shares	Sep. 15, 2023 shares	Mar. 15, 2023 shares	Sep. 15, 2022 USD ($) $ / shares shares	Sep. 13, 2022 USD ($)	Jul. 20, 2022 $ / shares shares	Jun. 30, 2022 USD ($)	Apr. 25, 2022 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)	Mar. 21, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Aug. 13, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Redeemable Noncontrolling Interest [Line Items]
Noncontrolling interest, description										average 30-day market price of Generation Income Properties, Inc. Units shall then be convertible into common stock of Generation Income Properties, Inc. on a 1:1 basis in accordance with the Partnership Agreement of the Operating Partnership.
Redeemable noncontrolling interest redeemed									$ 5,773,636	$ 5,773,636										$ 9,869,631		$ 10,260,329		$ 9,134,979	$ 9,118,848		$ 9,648,251	$ 8,698,251	$ 8,198,251
Current redemption amount									2,912,300	$ 2,912,300															0
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest									$ 2,912,300
Redemption price discount average									15.00%	15.00%
Common stock, shares issued | shares									2,489,282	2,489,282														2,172,950
Additional paid-in capital									$ 19,506,770	$ 19,506,770														$ 19,051,929
Common stock, par value | $ / shares									$ 0.01	$ 0.01														$ 0.01
Outside Investor
Redeemable Noncontrolling Interest [Line Items]
Ownership percentage										14.00%
Brown Family Trust
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interest redeemed					$ 500,000				$ 500,000	$ 500,000										500,000		500,000		$ 500,000	500,000	$ 1,200,000	1,700,000	1,700,000	1,200,000
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest
Irby Property Partners
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interest redeemed									1,005,277	1,005,277										995,596		986,125		976,756	967,178		950,000
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest
Richard Hornstrom
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interest redeemed									679,490	$ 679,490										$ 672,866		$ 666,383		$ 659,972	$ 653,419
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest
Operating Partnership
Redeemable Noncontrolling Interest [Line Items]
Ownership percentage										86.00%
Common Stock [Member]
Redeemable Noncontrolling Interest [Line Items]
Common stock, shares issued | shares																	200,000
Preferred Equity Agreement | Brown Family Trust
Redeemable Noncontrolling Interest [Line Items]
Capital contribution received					$ 500,000			$ 1,200,000
Noncontrolling interest, description					Pursuant to the agreement, the Company will pay the preferred equity member a 9% IRR on a monthly basis and redeem the entire amount due after 24 months at the option of the preferred equity member.			Pursuant to the agreement, the Company was required to pay the preferred equity member a 10% internal rate of return (“IRR”) on a monthly basis and redeem the entire amount due after 24 months at the option of the preferred equity member.
Noncontrolling interest internal rate of return percentage paid on monthly basis					9.00%			10.00%
Preferred Equity Agreement | Irby Property Partners | Preferred Equity Partners
Redeemable Noncontrolling Interest [Line Items]
Capital contribution received				$ 950,000
Noncontrolling interest, description										Pursuant to the agreement, the Company will pay the preferred equity member a 12% total IRR with an 8% IRR paid on a monthly basis and the deferred IRR will be paid at the end of 24 months along with the entire $950,000 amount due after 24 months at the option of the preferred equity member.
Noncontrolling interest internal rate of return percentage paid on monthly basis				8.00%
Noncontrolling interest total internal rate of return percentage				12.00%
Noncontrolling interest, amount due				$ 950,000
Current redemption amount				995,600
Preferred Equity Agreement | Richard Hornstrom | Preferred Equity Partners
Redeemable Noncontrolling Interest [Line Items]
Capital contribution received			$ 650,000
Noncontrolling interest, description										Pursuant to the agreement, the Company will pay the preferred equity member a 12% total IRR with an 8% IRR paid on a monthly basis and the deferred IRR will be paid at the end of 24 months along with the entire $650,000 amount due after 24 months at the option of the preferred equity member.
Noncontrolling interest internal rate of return percentage paid on monthly basis			8.00%
Noncontrolling interest total internal rate of return percentage			12.00%
Noncontrolling interest, amount due			$ 650,000
Current redemption amount			672,900
Contribution Agreement | Operating Partnership
Redeemable Noncontrolling Interest [Line Items]
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest	$ 2,912,300
Number of entities | Entity							2
Number of common units issued | shares							349,913
Common units issue price per share | $ / shares							$ 20.00
Common units value issued							$ 6,998,251
First installment payment																		$ 325,000
Number of investors required to redeem | Investor							2
Common units redemption price per share | $ / shares							$ 20.00		$ 20	$ 20							$ 20		$ 20		$ 20		$ 20.00
Number of common units redeemed | shares									129,365	129,365				180,615			16,250		25,000		10,166.3		10,166.3
Common units value redeemed																	$ 325,000				$ 203,326		$ 203,326
Contribution Agreement | One Entity
Redeemable Noncontrolling Interest [Line Items]
Number of entities | Entity		1				1
Number of common units issued | shares		110,957				24,309
Common units issue price per share | $ / shares		$ 10.00				$ 20.00
Common units value issued		$ 1,109,570				$ 486,180
Common units redemption price per share | $ / shares		$ 10.00
Contribution Agreement | One Entity | President
Redeemable Noncontrolling Interest [Line Items]
Ownership percentage						11.00%
Contribution Agreement | Tranche One [Member] | Operating Partnership
Redeemable Noncontrolling Interest [Line Items]
Number of common units redeemed | shares																16,250
Contribution Agreement | Tranche Two [Member] | Operating Partnership
Redeemable Noncontrolling Interest [Line Items]
Number of common units redeemed | shares															22,623
Contribution Agreement | Tranche Three [Member] | Operating Partnership
Redeemable Noncontrolling Interest [Line Items]
Number of common units redeemed | shares													22,623
Contribution Agreement | Tranche Four [Member] | Operating Partnership
Redeemable Noncontrolling Interest [Line Items]
Number of common units redeemed | shares												22,623
Contribution Agreement | Tranche Five [Member] | Operating Partnership
Redeemable Noncontrolling Interest [Line Items]
Number of common units redeemed | shares											22,623
Contribution Agreement | Common Stock [Member] | Operating Partnership
Redeemable Noncontrolling Interest [Line Items]
Number of common units redeemed | shares																	60,000
Common stock, shares issued | shares									200,000	200,000
Additional paid-in capital									$ 1,198,000	$ 1,198,000
Common stock, par value | $ / shares									$ 2,000	$ 2,000
Common stock issue price | $ / shares									$ 6.00	$ 6.00
Cocoa, FL | Preferred Equity Agreement | Brown Family Trust
Redeemable Noncontrolling Interest [Line Items]
Acquisition of building					$ 1,737,800			$ 4,578,800
Plant City, FL | Preferred Equity Agreement | Irby Property Partners | Preferred Equity Partners
Redeemable Noncontrolling Interest [Line Items]
Acquisition of building				$ 1,757,300
Rockville, IL | Preferred Equity Agreement | Richard Hornstrom | Preferred Equity Partners
Redeemable Noncontrolling Interest [Line Items]
Acquisition of building			$ 724,800
Norfolk, VA | Contribution Agreement | Operating Partnership
Redeemable Noncontrolling Interest [Line Items]
Acquisition of building							$ 19,134,400
Number of buildings acquired | Building							2
Tampa, FL | Contribution Agreement | One Entity
Redeemable Noncontrolling Interest [Line Items]
Acquisition of building		$ 2,264,000				$ 1,847,700
Number of buildings acquired | Building		1				1

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Equity - Additional Information (Details)														1 Months Ended								3 Months Ended		9 Months Ended
	Sep. 12, 2022 USD ($) $ / shares shares	Apr. 12, 2022 $ / shares shares	Jan. 14, 2022 USD ($) Building $ / shares shares	Jan. 06, 2022 $ / shares shares	Sep. 30, 2021 USD ($) Director $ / shares shares	Sep. 30, 2021 TradingDay Director $ / shares shares	Sep. 08, 2021 USD ($) shares	Jan. 06, 2021 $ / shares shares	Nov. 30, 2020 USD ($) Building $ / shares shares	Nov. 13, 2020 USD ($) $ / shares shares	Feb. 03, 2020 USD ($) Director $ / shares shares	Jul. 15, 2019 USD ($) Director $ / shares shares	Apr. 25, 2019 USD ($) $ / shares shares	Apr. 30, 2022 shares	Mar. 31, 2022 shares	Sep. 30, 2021 Director $ / shares shares	Mar. 31, 2021 shares	Feb. 28, 2021 Director shares	Jan. 31, 2021 shares	Dec. 31, 2020 shares	Sep. 30, 2020 Director shares	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($) Director $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) Director $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Class Of Stock [Line Items]
Common stock, shares authorized																								100,000,000		100,000,000
Issuance costs in additional paid in capital | $																						$ 6,091
Undesignated preferred stock, shares authorized																								10,000,000
Preferred stock, shares issued																								0
Common stock issued amount | $																							$ 13,765,417
Number of warrants to purchase common stock										1			1
Common warrants exercisable price per share | $ / shares										$ 20.00			$ 20.00
Common warrants expiration term										7 years			7 years											4 years		4 years 8 months 12 days
Stock issuance cost included in deferred financing costs | $																								$ 138,000
Warrants outstanding																								1,226,520		1,914,850
Intrinsic value of the warrants | $																								$ 0		$ 0
Stock based compensation expense | $																								$ 328,913	$ 186,636
Warrants to purchase shares of common stock																								1,226,520
Additional paid-in capital | $																								$ 19,506,770		$ 19,051,929
Common Stock Par Value | $ / shares																								$ 0.01		$ 0.01
Restricted Shares
Class Of Stock [Line Items]
Number of shares granted																								47,499	14,000
2020 Omnibus Incentive Plan
Class Of Stock [Line Items]
Reserves shares of common stock																								2,000,000.0
Number of shares granted																								76,449
Minimum
Class Of Stock [Line Items]
Common warrants expiration term																								5 years
Maximum
Class Of Stock [Line Items]
Common warrants expiration term																								7 years
Director | Restricted Shares
Class Of Stock [Line Items]
Shares issued price per share | $ / shares				$ 7.00				$ 20.00
Number of shares granted				47,142				14,000							47,142
Vesting period				1 year				3 years
Director | Shares Granted, July 15, 2019 | Restricted Shares
Class Of Stock [Line Items]
Award Expiration period												36 months
Grant award value | $												$ 50,000
Shares issued price per share | $ / shares												$ 20.00
Number of shares granted												2,500				1,666					1,668
Vesting period												12 months
Number of independent directors granted shares | Director												2
Number of directors granted shares | Director					2	2										2					2		2		2
Director | Shares Granted, February 3, 2020 | Restricted Shares
Class Of Stock [Line Items]
Award Expiration period											36 months
Grant award value | $											$ 50,000
Shares issued price per share | $ / shares											$ 20.00
Number of shares granted											2,500					3,334		1,666
Vesting period											12 months
Number of independent directors granted shares | Director											2
Number of directors granted shares | Director					2	2										2		2					2		2
Chief Financial Officer | Restricted Shares
Class Of Stock [Line Items]
Shares awarded per month for waiving right to cash compensation																	550	550	550	550
Shares issued during the period																	2,200
Chief Financial Officer | Shares Granted, February 3, 2020 | Restricted Shares
Class Of Stock [Line Items]
Number of shares granted																4,167
Number of shares vested																4,167
Chief Financial Officer | Shares Granted, February 3, 2020 | Unrestricted Shares
Class Of Stock [Line Items]
Number of shares granted																		2,083
Former Chief Financial Officer | Shares Granted, February 3, 2020
Class Of Stock [Line Items]
Award Expiration period											36 months
Grant award value | $											$ 125,000
Shares issued price per share | $ / shares											$ 20.00
Number of shares granted											6,250
Vesting period											12 months
Non employee | Restricted Shares
Class Of Stock [Line Items]
Shares issued price per share | $ / shares		$ 7.06
Number of shares granted		357												357
Vesting period		1 year
Contribution Agreement | One Entity
Class Of Stock [Line Items]
Common units issue price per share | $ / shares			$ 10.00						$ 20.00
Number of common units issued			110,957						24,309
Common units value issued | $			$ 1,109,570						$ 486,180
Contribution Agreement | President | One Entity
Class Of Stock [Line Items]
Ownership percentage									11.00%
Contribution Agreement | Tampa, FL | One Entity
Class Of Stock [Line Items]
Number of buildings acquired | Building			1						1
Acquisition of building | $			$ 2,264,000						$ 1,847,700
Public Offering
Class Of Stock [Line Items]
Number of warrants to purchase common stock							1
Shares issued price per share | $ / shares					$ 10.00	$ 10.00										$ 10.00							$ 10.00		$ 10.00
Over-Allotment Option
Class Of Stock [Line Items]
Number of warrants to purchase common stock					1	1										1							1		1
Common warrants expiration term					5 years	5 years										5 years							5 years		5 years
Shares underlying warrants that may be exercised based on trading price, period after issuance																120 days
Percentage of shares underlying warrants that may be exercised based on trading price																10.00%
Shares underlying warrants that may be exercised, number of trading days for calculation of trading price | TradingDay						10
Class of warrants or right exercised																								688,330
Common stock issued upon exercise of warrants																								68,833
Over-Allotment Option | Maxim Group LLC
Class Of Stock [Line Items]
Common warrants exercisable price per share | $ / shares																								$ 12.50
Warrants to purchase shares of common stock																								149,850
Percentage of number of shares of common stock sold in offering																								9.00%
Warrants to purchase shares of common stock, expiration date																								Sep. 02, 2026
Redemption Agreement
Class Of Stock [Line Items]
Common stock issued	200,000
Shares issued price per share | $ / shares	$ 6.00
Additional paid-in capital | $	$ 1,198,000
Common Stock Par Value | $ / shares	$ 2,000
Common Stock Par Value $0.01 Per Share
Class Of Stock [Line Items]
Common stock issued amount | $										$ 1,000,000			$ 1,000,000										$ 16,650
Common stock issued										50,000			50,000										1,665,000
Shares issued price per share | $ / shares										$ 20.00			$ 20.00
Common Stock Par Value $0.01 Per Share | Public Offering
Class Of Stock [Line Items]
Common stock issued							1,500,000
Common Stock Par Value $0.01 Per Share | Over-Allotment Option
Class Of Stock [Line Items]
Common stock issued amount | $					$ 13,800,000
Common stock issued					165,000
Shares issued price per share | $ / shares					$ 10.00	$ 10.00										$ 10.00							$ 10.00		$ 10.00
Treasury Stock | Public Offering | CEO
Class Of Stock [Line Items]
Redeemable shares of common stock							112,500
Redeemable shares of common stock, value | $							$ 100

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Equity - Schedule of Warrants Issued and Outstanding with Exercise Price (Details) - $ / shares	Sep. 30, 2021	Sep. 08, 2021	Nov. 13, 2020	Apr. 25, 2019	Sep. 30, 2022
Class Of Warrant Or Right [Line Items]
Issue Date			Nov. 13, 2020	Apr. 25, 2019
Exercise price			$ 20.00	$ 20.00
Warrants Issued and Outstanding					1,226,520
Exercise Price of $10.00
Class Of Warrant Or Right [Line Items]
Issue Date	Sep. 30, 2021	Sep. 08, 2021
Exercise price	$ 10.00	$ 10.00
Warrants Issued and Outstanding	165,000	811,670
Exercise Price of $12.50
Class Of Warrant Or Right [Line Items]
Issue Date	Sep. 30, 2021	Sep. 08, 2021
Exercise price	$ 12.50	$ 12.50
Warrants Issued and Outstanding	14,850	135,000
Exercise Price of $20.00
Class Of Warrant Or Right [Line Items]
Exercise price			$ 20.00	$ 20.00
Warrants Issued and Outstanding			50,000	50,000

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Equity - Summary of Warrants Outstanding (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Equity [Abstract]
Number of Warrants, Beginning balance | shares	1,914,850
Number of Warrants, Exercised | shares	(688,330)
Number of Warrants, Ending balance | shares	1,226,520
Warrants exercisable | shares	1,226,520
Weighted Average Price, Beginning balance | $ / shares	$ 10.72
Weighted Average Price, Exercised | $ / shares	10.00
Weighted Average Price, Ending balance | $ / shares	11.12
Weighted Average Price, Warrants exercisable | $ / shares	$ 11.12
Weighted Average Remaining Life, Beginning balance	4 years 8 months 12 days
Weighted Average Remaining Life, Ending balance	4 years
Weighted Average Remaining Life, Warrants exercisable	4 years

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Equity - Schedule of Restricted Common Shares Issued (Details) - Restricted Shares - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Outstanding at beginning of the period	23,167	14,582
Restricted Shares Issued	47,499	14,000
Restricted Shares Vested	(10,500)	(3,749)
Number of Restricted Shares Outstanding at end of the period	60,166	24,833

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Equity - Schedule of Cash Distributions (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares
Dividends Payable [Line Items]
Board of Directors Authorized Date	Oct. 03, 2022
Dividend Tranche One
Dividends Payable [Line Items]
Board of Directors Authorized Date	Jun. 27, 2022
Record Date	Sep. 15, 2022
Per Share or Per Unit Cash Distributions to Common Shareholders and Operating Partnership Unit Holders	$ 0.054
Dividend Tranche Two
Dividends Payable [Line Items]
Board of Directors Authorized Date	Jun. 27, 2022
Record Date	Aug. 15, 2022
Per Share or Per Unit Cash Distributions to Common Shareholders and Operating Partnership Unit Holders	$ 0.054
Dividend Tranche Three
Dividends Payable [Line Items]
Board of Directors Authorized Date	Jun. 27, 2022
Record Date	Jul. 15, 2022
Per Share or Per Unit Cash Distributions to Common Shareholders and Operating Partnership Unit Holders	$ 0.054
Dividend Tranche Four
Dividends Payable [Line Items]
Board of Directors Authorized Date	Mar. 15, 2022
Record Date	Jun. 15, 2022
Per Share or Per Unit Cash Distributions to Common Shareholders and Operating Partnership Unit Holders	$ 0.054
Dividend Tranche Five
Dividends Payable [Line Items]
Board of Directors Authorized Date	Mar. 15, 2022
Record Date	May 15, 2022
Per Share or Per Unit Cash Distributions to Common Shareholders and Operating Partnership Unit Holders	$ 0.054
Dividend Tranche Six
Dividends Payable [Line Items]
Board of Directors Authorized Date	Mar. 15, 2022
Record Date	Apr. 15, 2022
Per Share or Per Unit Cash Distributions to Common Shareholders and Operating Partnership Unit Holders	$ 0.054
Dividend Tranche Seven
Dividends Payable [Line Items]
Board of Directors Authorized Date	Dec. 10, 2021
Record Date	Mar. 15, 2022
Per Share or Per Unit Cash Distributions to Common Shareholders and Operating Partnership Unit Holders	$ 0.054
Dividend Tranche Eight
Dividends Payable [Line Items]
Board of Directors Authorized Date	Dec. 10, 2021
Record Date	Feb. 15, 2022
Per Share or Per Unit Cash Distributions to Common Shareholders and Operating Partnership Unit Holders	$ 0.054
Dividend Tranche Nine
Dividends Payable [Line Items]
Board of Directors Authorized Date	Dec. 10, 2021
Record Date	Jan. 15, 2022
Per Share or Per Unit Cash Distributions to Common Shareholders and Operating Partnership Unit Holders	$ 0.054
Dividend Tranche Ten
Dividends Payable [Line Items]
Board of Directors Authorized Date	Aug. 25, 2021
Record Date	Aug. 31, 2021
Per Share or Per Unit Cash Distributions to Common Shareholders and Operating Partnership Unit Holders	$ 0.325
Dividend Tranche Eleven
Dividends Payable [Line Items]
Board of Directors Authorized Date	Feb. 26, 2021
Record Date	Mar. 15, 2021
Per Share or Per Unit Cash Distributions to Common Shareholders and Operating Partnership Unit Holders	$ 0.325

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Leases - Additional Information (Details) - Tenant	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Number of tenants	4	4

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Leases - Schedule of Concentration Risk Percentage (Details) - Sales Revenue Net - Customer Concentration Risk	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Pratt & Whitney Automation, Inc. | Huntsville, AL
Product Information [Line Items]
Pratt and Whitney – Huntsville, AL property	14.00%	17.00%
General Services Administration | Norfolk, VA & Manteo, NC
Product Information [Line Items]
Pratt and Whitney – Huntsville, AL property	21.00%	25.00%
PRA Holdings, Inc. | Norfolk, VA
Product Information [Line Items]
Pratt and Whitney – Huntsville, AL property	15.00%	20.00%
Maersk Line, Limited | Norfolk, VA
Product Information [Line Items]
Pratt and Whitney – Huntsville, AL property		10.00%
Maersk Line, Limited | Norfolk, VA | Minimum
Product Information [Line Items]
Pratt and Whitney – Huntsville, AL property	10.00%
Kohl's Corporation | Tucson, AZ
Product Information [Line Items]
Pratt and Whitney – Huntsville, AL property	16.00%
Kohl's Corporation | Tucson, AZ | Minimum
Product Information [Line Items]
Pratt and Whitney – Huntsville, AL property		10.00%

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Leases - Summary of Future Minimum Base Rental Cash Payments Due (Details)	Sep. 30, 2022 USD ($)
Leases [Abstract]
2022 (3 months remaining)	$ 1,267,833
2023	4,706,826
2024	4,775,024
2025	4,635,711
2026	4,513,724
Thereafter	9,130,039
Total undiscounted liability	$ 29,029,157

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Mortgage Loans - Schedule of Promissory Notes (Details) - USD ($)		9 Months Ended
		Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, gross		$ 36,099,082
Promissory Notes
Debt Instrument [Line Items]
Promissory note issued amount		37,450,913
Long-term debt, gross		36,099,082	$ 29,606,988
Less: debt issuance costs, net		(734,477)	(637,693)
Long-term debt		35,364,605	28,969,295
Promissory Notes | 7-11 - Washington, DC; Starbucks-South Tampa, FL; and Pratt & Whitney-Hunstville, Alabama
Debt Instrument [Line Items]
Promissory note issued amount	[1]	$ 11,287,500
Interest Rate		4.17%
Maturity Date		Mar. 06, 2030
DSCR Required		1.25%
Long-term debt, gross		$ 11,006,980	11,150,130
Promissory Notes | GSA-Navy & Maersk - Norfolk, Virginia
Debt Instrument [Line Items]
Promissory note issued amount		$ 8,260,000
Interest Rate		3.50%
Maturity Date		Sep. 30, 2024
DSCR Required		1.25%
Long-term debt, gross		$ 7,635,592	7,805,524
Promissory Notes | PRA Holdings, Inc. - Norfolk, Virginia
Debt Instrument [Line Items]
Promissory note issued amount		$ 5,216,749
Interest Rate		3.50%
Maturity Date		Oct. 23, 2024
DSCR Required		1.25%
Long-term debt, gross		$ 4,769,846	4,889,670
Promissory Notes | Sherwin-Williams - Tampa, Florida
Debt Instrument [Line Items]
Promissory note issued amount		$ 1,286,664
Interest Rate	[2]	3.72%
Maturity Date		Aug. 10, 2028
DSCR Required		1.20%
Long-term debt, gross		$ 1,286,664	1,286,664
Promissory Notes | GSA-FBI - Manteo, North Carolina
Debt Instrument [Line Items]
Promissory note issued amount		$ 928,728
Interest Rate	[3]	3.85%
Maturity Date		Mar. 31, 2032
DSCR Required		1.50%
Long-term debt, gross		$ 928,728	1,275,000
Promissory Notes | Irby Construction - Plant City , Florida
Debt Instrument [Line Items]
Promissory note issued amount		$ 928,728
Interest Rate	[3]	3.85%
Maturity Date		Mar. 31, 2032
DSCR Required		1.50%
Long-term debt, gross		$ 928,728	850,000
Promissory Notes | Best Buy - Grand Junction, Colorado
Debt Instrument [Line Items]
Promissory note issued amount		$ 2,552,644
Interest Rate	[3]	3.85%
Maturity Date		Mar. 31, 2032
DSCR Required		1.50%
Long-term debt, gross		$ 2,552,644	2,350,000
Promissory Notes | Fresenius - Chicago, Illinois
Debt Instrument [Line Items]
Promissory note issued amount		$ 1,727,108
Interest Rate	[3]	3.85%
Maturity Date		Mar. 31, 2032
DSCR Required		1.50%
Long-term debt, gross		$ 1,727,108	0
Promissory Notes | Starbucks - North Tampa, Florida
Debt Instrument [Line Items]
Promissory note issued amount		$ 1,298,047
Interest Rate	[3]	3.85%
Maturity Date		Mar. 31, 2032
DSCR Required		1.50%
Long-term debt, gross		$ 1,298,047	0
Promissory Notes | Kohls @ Tucson, Arizona
Debt Instrument [Line Items]
Promissory note issued amount		$ 3,964,745
Interest Rate	[3]	3.85%
Maturity Date		Mar. 31, 2032
DSCR Required		1.50%
Long-term debt, gross		$ 3,964,745	$ 0

[1] *Loan subject to prepayment penalty

[2] ***Fixed via interest rate swap

[3] **Adjustment effective April 1, 2027 equal to 5-year Treasury plus 2.5% and subject to a floor of 3.85%

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Mortgage Loans - Schedule of Promissory Notes (Parenthetical) (Details) - USD ($)	Sep. 30, 2022	Apr. 01, 2022
Loan Agreements
Debt Instrument [Line Items]
Debt instrument, fixed interest rate	2.50%	2.50%
Debt instrument, subject to a floor interest rate	3.85%	3.85%
Promissory Notes
Debt Instrument [Line Items]
Promissory note issued amount	$ 37,450,913

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Mortgage Loans- Additional Information (Details)			1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 01, 2022 USD ($) Loan Property	Feb. 28, 2021	Mar. 31, 2021	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	May 09, 2022 USD ($)	Oct. 26, 2021 USD ($)
Debt Instrument [Line Items]
Amortization of debt issuance costs						$ 89,364	$ 94,600
Payments of debt issuance costs						330,177	39,991
Secured debt				$ 35,364,605		35,364,605		$ 28,969,295
Loss on debt extinguishment				$ 0	$ 0	144,029	$ 0
Loan Repayment Penalty						$ 21,000
Loan Agreements
Debt Instrument [Line Items]
Secured debt	$ 11,400,000
Number of loans | Property	1
Debt Instrument Interest Rate Stated Percentage	2.50%			2.50%		2.50%
Debt instrument, subject to a floor interest rate	3.85%			3.85%		3.85%
Description of variable rate basis						Effective April 1, 2027 and through the maturity date of March 31, 2032, the interest rate adjusts to the 5-year Treasury plus 2.5% and is subject to a floor of 3.85%.
Commitment Letter
Debt Instrument [Line Items]
Debt instrument, subject to a floor interest rate				3.25%		3.25%
Line of credit, maximum borrowing capacity									$ 50,000,000.0	$ 25,000,000.0
Line of credit, remaining borrowing capacity									$ 25,000,000.0
Borrowing under facility								2,400,000
Rockford, IL | Loan Agreements
Debt Instrument [Line Items]
Secured debt	$ 2,100,000
Debt Instrument Interest Rate Stated Percentage	3.85%
Promissory Notes
Debt Instrument [Line Items]
Long-term debt				$ 35,364,605		$ 35,364,605		$ 28,969,295
Loan to value ratio				54.00%		54.00%
Aggregate amount of loan				$ 37,450,913		$ 37,450,913
Promissory Notes | Nonrecourse
Debt Instrument [Line Items]
Secured debt				12,405,438		12,405,438
Promissory Notes | DC/Tampa/Huntsville Loan
Debt Instrument [Line Items]
Secured debt				11,000,000.0		11,000,000.0
Promissory Notes | Tampa Sherwin Williams Property
Debt Instrument [Line Items]
Secured debt				1,300,000		1,300,000
Promissory Notes | Bayport Loans
Debt Instrument [Line Items]
Interest rate		4.25%	3.50%
Mortgage loans | Loan Agreements
Debt Instrument [Line Items]
Number of loans | Loan	2
Aggregate amount of loan				$ 13,500,000		$ 13,500,000
Number of refinance, properties | Property				7		7
SOFR
Debt Instrument [Line Items]
Debt Instrument Interest Rate Stated Percentage				2.40%		2.40%

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Mortgage Loans - Schedule of Minimum Required Principal Payments (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
2022 (3 months remaining)	$ 205,203
2023	785,524
2024	12,427,090
2025	546,280
2026	568,513
Thereafter	21,566,472
Long-term debt, gross	36,099,082
Promissory Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 36,099,082	$ 29,606,988

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Related Party - Additional Information (Details)			3 Months Ended
	Jul. 20, 2022 USD ($)	Nov. 30, 2020 USD ($) ft² $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 13, 2022 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares
Related Party Transaction [Line Items]
Common Stock Shares Issued | shares			2,489,282		2,172,950
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest			$ 2,912,300
Common stock, par value | $ / shares			$ 0.01		$ 0.01
Additional paid-in capital			$ 19,506,770		$ 19,051,929
Redemption Agreement [Member]
Related Party Transaction [Line Items]
Common Stock Shares Issued | shares			200,000
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest	$ 2,912,300
First installment payment				$ 325,000
Common stock, par value | $ / shares			$ 6.00
Additional paid-in capital			$ 1,198,000
Common Stock | Redemption Agreement [Member]
Related Party Transaction [Line Items]
Common stock, par value | $ / shares			$ 2,000
GIP fund 1, LLC
Related Party Transaction [Line Items]
Ownership percentage			0.09%
GIP fund 1, LLC | Building In Tampa FL
Related Party Transaction [Line Items]
Area of property | ft²		3,500
Acquisition of building		$ 1,800,000
Debt financing		$ 1,300,000
Number of common units issued | shares		24,309
Common units issue price per share | $ / shares		$ 20.00
Common Unit Issued | shares		24,309
GIP fund 1, LLC | President | Building In Tampa FL
Related Party Transaction [Line Items]
Percentage of ownership owned		11.00%

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Tenant in Common Investment - Additional Information (Details)			9 Months Ended
	Apr. 01, 2022 USD ($)	Aug. 13, 2021 USD ($) ft² Tenant	Sep. 30, 2022 USD ($) Tenant	Sep. 30, 2021 Tenant
Tenant In Common Investment [Line Items]
Number of tenants | Tenant			4	4
Debt service coverage ratios	1.50%
Interest Rate Floor
Tenant In Common Investment [Line Items]
Interest rate	3.85%
Treasury Plus
Tenant In Common Investment [Line Items]
Interest rate	2.50%
Debt refinanced
Tenant In Common Investment [Line Items]
Debt outstanding after refinanced	$ 2,100,000
Interest rate	3.85%
Short Term Debt Refinanced, Description	Effective April 1, 2027, the interest rate adjusts to the 5-year Treasury plus 2.5% and subject to a floor of 3.85%.
Rockford, IL
Tenant In Common Investment [Line Items]
Area of property | ft²		15,288
Number of tenants | Tenant		1
Asset acquisition, total consideration costs		$ 4,500,000
Asset acquisition with redeemable non controlling interest contribution		650,000
Debt financing		2,700,000
Redeemable noncontrolling interest, equity, common, fair value		600,000
Redeemable noncontrolling interest, equity, fair value		$ 950,000
Equity method investments			$ 1,204,811
Tenancy In Common
Tenant In Common Investment [Line Items]
Ownership percentage	50.00%
Contribution for ownership	$ 455,888
Debt service coverage ratio description	The promissory note requires the TIC to maintain a debt service coverage ratio of 1.50:1:00 in addition to a 54% loan to value ratio.
Sunny Ridge
Tenant In Common Investment [Line Items]
Ownership percentage	50.00%
Sunny Ridge | Rockford, IL
Tenant In Common Investment [Line Items]
Ownership percentage		36.80%
Remainder of purchase price of property funded		$ 1,200,000
Sunny Ridge | Rockford, IL | Richard Hornstrom
Tenant In Common Investment [Line Items]
Ownership percentage		50.00%

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Tenant in Common Investment - Condensed Income Statement of Tenant in Common Investment (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Tenant in Common Investment [Line Items]
Revenue	$ 1,474,085			$ 1,033,494			$ 4,035,123	$ 2,958,572
General, administrative and organizational costs	408,570			181,746			1,222,986	621,987
Building expenses	269,781			195,464			848,373	539,739
Depreciation and amortization	561,510			388,141			1,551,079	1,164,838
Interest expense, net	(382,440)			(336,025)			(1,088,361)	(1,028,446)
Total expenses	1,957,293			1,305,594			5,636,231	3,870,040
Operating loss	(483,208)			(272,100)			(1,601,108)	(911,468)
Loss on debt extinguishment	(0)			0			(144,029)	0
Net loss	(512,117)			655,828			(1,874,327)	16,460
GIP, LP's Share	(638,920)			455,551			(2,261,274)	(382,321)
Tenancy In Common
Tenant in Common Investment [Line Items]
Revenue	93,139	$ 93,139	$ 93,139	48,757	$ 0	$ 0	279,417	48,757
Total expenses	62,581	64,213	69,924	35,862	0	0	196,718	35,862
Operating loss	30,558	28,926	23,215	12,895	0	0	82,699	12,895
Loss on debt extinguishment	0	(31,851)	0	0	0	0	(31,851)	0
Net income	30,558	(2,925)	23,215	12,895	0	0	50,848	12,895
GIP, LP's Share	$ (16,751)	$ (1,462)	$ 8,552	$ 4,750	$ 0	$ 0	$ 23,841	$ 4,750

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Tenant in Common Investment - Condensed Balance Sheets of Tenant in Common Investment (Details) - USD ($)	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Real Estate Investment Property Net [Abstract]
Land	$ 12,577,544			$ 9,443,445
Building and site improvements	39,762,696			31,581,864
Acquired lease intangible assets	4,677,928			3,304,014
Less accumulated depreciation and amortization	(5,063,422)			(3,512,343)
Deferred rent asset	272,183			156,842
Prepaid expenses	226,537			237,592
Total Assets	63,808,909			53,420,716
Liabilities [Abstract]
Prepaid rent	158,000			188,000
Acquired lease intangible liability, net	6,303,232			0
Mortgage loan, net of unamortized debt issuance costs	35,364,605			28,969,295
Total liabilities	45,716,372			30,145,523
Tenant in Common Equity
Stockholders Equity Including Portion Attributable To Noncontrolling Interest	12,318,901	$ 12,038,435	$ 13,312,716	14,140,214	$ 15,195,262	$ 1,036,253	$ 1,362,788	$ 1,856,219
Total Liabilities and Stockholders' Equity	63,808,909			53,420,716
Equity	12,318,901	12,038,435	$ 13,312,716	14,140,214	$ 15,195,262	$ 1,036,253	$ 1,362,788	$ 1,856,219
Tenancy In Common
Real Estate Investment Property Net [Abstract]
Net real estate investments	4,532,624	4,562,129		4,621,135
Deferred rent asset	6,851	5,270		2,108
Prepaid expenses	858	1,492		522
Due from tenant-in-common	245,579	237,956		47,350
Total Assets	4,785,912	4,806,847		4,671,115
Liabilities [Abstract]
Accounts payable (including related party) and accrued expenses	262,214	270,343		19,292
Prepaid rent	29,900	0		0
Acquired lease intangible liability, net	37,419	39,277		42,993
Mortgage loan, net of unamortized debt issuance costs	2,087,794	2,087,466		2,677,446
Total liabilities	2,417,327	2,397,086		2,739,731
Tenant in Common Equity
Stockholders Equity Including Portion Attributable To Noncontrolling Interest	2,368,585	2,409,761		1,931,384
Total Liabilities and Stockholders' Equity	4,785,912	4,806,847		4,671,115
Equity	2,368,585	2,409,761		1,931,384
Tenancy In Common | GIP Inc.
Tenant in Common Equity
Stockholders Equity Including Portion Attributable To Noncontrolling Interest	1,204,811	1,188,061		725,082
Equity	1,204,811	1,188,061		725,082
Tenancy In Common | Sunny Ridge
Tenant in Common Equity
Stockholders Equity Including Portion Attributable To Noncontrolling Interest	1,163,774	1,221,700		1,206,302
Equity	$ 1,163,774	$ 1,221,700		$ 1,206,302

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Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Millions		3 Months Ended			9 Months Ended
	Oct. 03, 2022 $ / shares	Sep. 30, 2022 shares	Jun. 30, 2022 shares	Mar. 31, 2022 shares	Sep. 30, 2022 TradingDay shares	Oct. 14, 2022 USD ($)
Subsequent Event [Line Items]
Board of Directors Authorized Date					Oct. 03, 2022
Dividend Tranche One
Subsequent Event [Line Items]
Board of Directors Authorized Date					Jun. 27, 2022
Dividends payable, amount per share | $ / shares	$ 0.039
Record Date					Sep. 15, 2022
Dividends payable, date to be paid					Oct. 29, 2022
Dividend Tranche Two
Subsequent Event [Line Items]
Board of Directors Authorized Date					Jun. 27, 2022
Dividends payable, amount per share | $ / shares	0.039
Record Date					Aug. 15, 2022
Dividends payable, date to be paid					Nov. 30, 2022
Dividend Tranche Three
Subsequent Event [Line Items]
Board of Directors Authorized Date					Jun. 27, 2022
Dividends payable, amount per share | $ / shares	$ 0.039
Record Date					Jul. 15, 2022
Dividends payable, date to be paid					Dec. 30, 2022
Dividend Tranche Four
Subsequent Event [Line Items]
Board of Directors Authorized Date					Mar. 15, 2022
Record Date					Jun. 15, 2022
Dividend Tranche Five
Subsequent Event [Line Items]
Board of Directors Authorized Date					Mar. 15, 2022
Record Date					May 15, 2022
Commitment Letter
Subsequent Event [Line Items]
Investor warrants exercised | shares					69,180
Percentage of shares underlying warrants that may be exercised based on trading price					10.00%
Shares underlying warrants that may be exercised, number of trading days for calculation of trading price | TradingDay					10
Common stock issued upon exercise of warrants | shares					6,918
Subsequent Events | Dividend Tranche One
Subsequent Event [Line Items]
Record Date	Oct. 15, 2022
Subsequent Events | Dividend Tranche Two
Subsequent Event [Line Items]
Record Date	Nov. 15, 2022
Subsequent Events | Dividend Tranche Three
Subsequent Event [Line Items]
Record Date	Dec. 15, 2022
Subsequent Events | Brown Family Enterprises, LLC
Subsequent Event [Line Items]
secured non-convertible promissory note | $						$ 1.5
interest rate on debt instrument						9.00%
Common Stock
Subsequent Event [Line Items]
Investor warrants exercised | shares		31,495	9,662	27,676