8-K

A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 27, 2023

GENERATION INCOME PROPERTIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland	001-40771	47-4427295
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
	401 East Jackson Street, Suite 3300 Tampa, Florida	33602
	(Address of Principal Executive Offices)	(Zip Code)

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

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class	Trading Symbol(s)	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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02. Results of Operations and Financial Condition.

On March 27, 2023, Generation Income Properties, Inc. (the “Company”) issued a press release reporting its financial results for its fourth quarter and year ended December 31, 2022. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.

Item 7.01. Regulation FD Disclosure.

The Company is also furnishing in this Current Report on Form 8-K a presentation (the “Investor Presentation”) to be used by the Company at various meetings with investors, analysts, or others from time to time. The Investor Presentation may be amended or updated at any time and from time to time through another Current Report on Form 8-K, a later company filing or other means. A copy of the Investor Presentation is furnished herewith as Exhibit 99.2 and is incorporated into this Item 7.01 by reference.

The information furnished in these Items 2.02 and 7.01, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings.

Item 9.01. Financial Statements and Exhibits.  

(d) Exhibits.  

Exhibit No.	Description
99.1	Press Release dated March 27, 2023
99.2	Investor Presentation (March 27, 2023)
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Forward-Looking Statements

This Current Report on Form 8-K may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Such statements are based on management’s current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Investors are cautioned that there can be no assurance actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. Please refer to the risks detailed from time to time in the reports we file with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC, as well as other filings on Form 10-Q and periodic filings on Form 8-K, for additional factors that could cause actual results to differ materially from those stated or implied by such forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.

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 hereunto duly authorized.

	GENERATION INCOME PROPERTIES, INC.
Date: March 27, 2023	By:	/s/ Allison Davies
		Allison Davies
		Chief Financial Officer

EX-99

 

Exhibit 99.1

FOR IMMEDIATE RELEASE

March 27, 2023

Generation Income Properties Announces Fourth Quarter and Year-End 2022 Financial and Operating Results

TAMPA, FLORIDA – Generation Income Properties, Inc. (NASDAQ: GIPR) ("GIPR" or the "Company") today announced its three- and twelve- month financial and operating results for the period ended December 31, 2022.

Quarterly Highlights

(For the 3 months ended December 31, 2022)

•Generated net loss attributable to GIPR of $976 thousand, or ($0.39) per basic and diluted share.

•Generated Core FFO of ($76 thousand), or ($0.03) per basic and diluted share.

•Generated Core AFFO of ($56 thousand), or ($0.02) per basic and diluted share.

Annual Highlights

(For the 12 months ended December 31, 2022)

•Generated net loss attributable to GIPR of $3.2 million, or ($1.40) per basic and diluted share.

•Generated Core FFO of $157 thousand, or $0.07 per basic and diluted share.

•Generated Core AFFO of $426 thousand, or $0.18 per basic and diluted share.

Commenting on the year-end results , CEO David Sobelman stated, “With the ongoing volatility in the global financial markets, which is ultimately affecting net leased property valuations in our favor, we believe that our patience and discipline to wait for the right opportunities will benefit our shareholders' long term interests."

FFO and related measures are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to Core FFO and Core AFFO is included at the end of this release.

Portfolio

•Approximately 64% of the Company's portfolio’s annualized base rent as of December 31, 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 & Whitney Automation, Inc., and Kohl's Corporation which contributed approximately 62% of our portfolio’s annualized base rent as of December 31, 2022.

•The Company’s tenants are 100% rent paying and have been since our inception.

•93% of our portfolio’s annualized base rent in our current portfolio provide for increases in contractual base rent during future years of the current term or during the lease renewal periods.

•The average ABR per square foot is $16.07.

Liquidity and Capital Resources

•$3.8 million in total cash and cash equivalents as of December 31, 2022.

•Total mortgage loans, net was $35.2 million as of December 31, 2022.

Financial Results

•Total revenue was $5.4 million during the twelve-month period ended December 31, 2022, as compared to $3.9 million for the twelve-month period ended December 31, 2021. This represents a year-over-year increase of 39% driven primarily by the acquisition of properties.

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•Operating expenses, including G&A, for the same periods were $7.9 million and $5.5 million, respectively, due to increases in depreciation and amortization from recent acquisitions, G&A, recoverable expenses and compensation costs.

•Net operating income (“NOI”) for the same periods was $4.2 million and $3.1 million, a 35% increase from the same period last year, which is a direct result of the acquisition of properties.

•Net loss attributable to GIPR for the twelve months ended December 31, 2022 was $3.2 million as compared to $1.2 million for the same period last year.

2023 Guidance

The Company is not providing guidance on future financial results or acquisitions and dispositions at this time. However, the Company will provide timely updates on material events, which will be broadly disseminated in due course. The Company’s executives, along with its Board of Directors, continue to assess the advisability and timing of providing such guidance to better align GIPR with its industry peers.

Conference Call and Webcast

The Company will host its year end earnings conference call and audio webcast on Tuesday, March 28, 2023, at 9:00 a.m. Eastern Time. To access the live webcast, which will be available in listen-only mode, please follow this link. If you prefer to listen via phone, U.S. participants may dial: 877-407-3141 (toll free) or 201-689-7803 (local).

About Generation Income Properties

Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate investment trust formed to acquire and own, directly and jointly, real estate investments focused on retail, office, and industrial net lease properties in densely populated submarkets. Additional information about Generation Income Properties, Inc. can be found at the Company's corporate website: www.gipreit.com.

Forward-Looking Statements

This press release, whether or not expressly stated, may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. The words "believe," "intend," "expect," "plan," "should," "will," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These statements reflect the Company's expectations regarding future events and economic performance and are forward-looking in nature and, accordingly, are subject to risks and uncertainties. Such forward-looking statements include risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements which are, in some cases, beyond the Company’s control which could have a material adverse effect on the Company's business, financial condition, and results of operations. These risks and uncertainties include the risk that we may not be able to timely identify and close on acquisition opportunities, our limited operating history, potential changes in the economy in general and the real estate market in particular, the COVID-19 pandemic, and other risks and uncertainties that are identified from time to in our SEC filings, including those identified in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 to be filed on March 28, 2022, which are available at www.sec.gov. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company's business, financial condition, and results of operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Any forward-looking statement made by us herein speaks only as of the date on which it is made. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof, except as may be required by law.

Notice Regarding Non-GAAP Financial Measures

In addition to our reported results and net earnings per diluted share, which are financial measures presented in accordance with GAAP, this press release contains and may refer to certain non-GAAP financial measures, including Funds from Operations ("FFO"), Core Funds From Operations ("Core FFO"), Adjusted Funds from Operations (“AFFO”), Core Adjusted Funds from Operations ("Core AFFO"), and Net Operating Income (“NOI”). We believe the use of Core FFO, Core AFFO and NOIare 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, including NOI, should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. You should not consider our Core FFO, Core AFFO, or NOI as an alternative to net income or cash flows from operating activities determined in accordance with GAAP. Our reconciliation of non-GAAP measures to the most directly comparable GAAP financial measure and statements of why management believes these measures are useful to investors are included below.

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Consolidated Balance Sheets

	As of December 31,			As of December 31,
	2022			2021 (As corrected, see Note 1)
	(unaudited)			(audited)
Assets
Investment in real estate
Land	$	12,577,544		$	9,443,445
Building and site improvements		39,764,890			31,581,864
Tenant improvements		907,382			482,701
Acquired lease intangible assets		4,677,928			3,304,014
Less: accumulated depreciation and amortization		(5,623,318	)		(3,512,343	)
Net real estate investments		52,304,426			41,299,681
Investment in tenancy-in-common		1,218,268			725,082
Cash and cash equivalents		3,718,496			10,589,576
Restricted cash		34,500			34,500
Deferred rent asset		288,797			156,842
Prepaid expenses		132,642			237,592
Accounts receivable		96,063			88,661
Escrow deposits and other assets		184,241			288,782
Right of use asset, net		6,232,662			-
Total Assets	$	64,210,095		$	53,420,716
Liabilities and Equity
Liabilities
Accounts payable	$	173,461		$	201,727
Accrued expenses		365,624			134,816
Accrued expense - related party		128,901			-
Acquired lease intangible liabilities, net		639,973			577,388
Insurance payable		46,368			33,359
Deferred rent liability		251,798			228,938
Lease liability, net		6,356,288			-
Other payable - related party		2,587,300			-
Loan payable - related party		1,500,000			-
Mortgage loans, net of unamortized debt issuance costs of $717,381 and $637,693 at December 31, 2022 and 2021, respectively		35,233,878			28,969,295
Total liabilities	$	47,283,591		$	30,145,523
Redeemable Non-Controlling Interests	$	5,789,731		$	9,134,979
Stockholders' Equity
Common stock, $0.01 par value, 100,000,000 shares authorized; 2,501,644 and 2,172,950 shares issued and outstanding at December 31, 2022 and December 31, 2021	$	25,016		$	21,729
Additional paid-in capital		19,307,518			19,051,929
Accumulated deficit		(8,640,796	)		(5,403,156	)
Total Generation Income Properties, Inc. Stockholders' equity	$	10,691,738		$	13,670,502
Non-Controlling Interest	$	445,035		$	469,712
Total equity	$	11,136,773		$	14,140,214
Total Liabilities and Equity	$	64,210,095		$	53,420,716

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Consolidated Statements of Operations

(unaudited)

	Three Months Ended December 31,						Twelve Months ended December 31,
	2022			2021 (As corrected, see Note 1)			2022			2021 (As corrected, see Note 1)
Revenue
Rental income	$	1,360,492		$	941,524		$	5,394,778		$	3,854,846
Other income		36,847			-			37,684			45,250
Total revenue	$	1,397,339		$	941,524		$	5,432,462		$	3,900,096
Expenses
General and administrative expense		425,001			489,042			1,647,987			1,111,029
Building expenses		359,819			228,443			1,208,192			768,182
Depreciation and amortization		559,896			343,502			2,110,975			1,508,340
Interest expense, net		531,876			282,504			1,620,237			1,310,950
Compensation costs		385,364			334,671			1,310,796			849,701
Total expenses		2,261,956			1,678,162			7,898,187			5,548,202
Operating loss		(864,617	)		(736,638	)		(2,465,725	)		(1,648,106	)
Income on investment in tenancy-in-common		13,457			7,745			37,298			12,495
Gain on sale of property		-			-			-			923,178
Dead deal expense		(21,691	)		-			(174,722	)		-
Loss on debt extinguishment		-			-			(144,029	)		-
Net loss	$	(872,851	)	$	(728,893	)	$	(2,747,178	)	$	(712,433	)
Less: Net income attributable to non-controlling interests		103,515			114,800			490,462			513,581
Net loss attributable to Generation Income Properties, Inc.	$	(976,366	)	$	(843,693	)	$	(3,237,640	)	$	(1,226,014	)
Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted		2,501,644			635,367			2,313,112			1,067,599
Basic & Diluted Loss Per Share Attributable to Common Stockholders	$	(0.39	)	$	(1.33	)	$	(1.40	)	$	(1.15	)

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Reconciliation of Non-GAAP Measures

(unaudited)

The following tables reconcile net income (loss), which we believe is the most comparable GAAP measure, to Net Operating Income (“NOI”):

	Three Months Ended December 31,							Twelve Months Ended December 31,
	2022			2021 (As corrected, see Note 1)				2022			2021 (As corrected, see Note 1)
Net loss attributable to Generation Income Properties, Inc.	$	(976,366	)	$	(843,693	)		$	(3,237,640	)	$	(1,226,014	)
Plus: Net income attributable to non-controlling interest		103,515			114,800				490,462			513,581
Net loss		(872,851	)		(728,893	)	-		(2,747,178	)		(712,433	)
Plus:
General and administrative expense		425,001			489,042				1,647,987			1,111,029
Depreciation and amortization		559,896			343,502				2,110,975			1,508,340
Interest expense, net		531,876			282,504				1,620,237			1,310,950
Compensation costs		385,364			334,671				1,310,796			849,701
Income on investment in tenancy-in-common		(13,457	)		(7,745	)			(37,298	)		(12,495	)
Gain on sale of property		-			-				-			(923,178	)
Dead deal expense		21,691			-				174,722			-
Loss on debt extinguishment		-			-				144,029			-
Net Operating Income	$	1,037,520		$	713,081			$	4,224,270		$	3,131,914

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FFO and Related Measures

(unaudited)

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

	Three Months Ended December 31,							Twelve Months Ended December 31,
	2022			2021 (As corrected, see Note 1)				2022			2021 (As corrected, see Note 1)
Net loss	$	(872,851	)	$	(728,893	)		$	(2,747,178	)	$	(712,433	)
Gain on disposal of property		-			-				-			(923,178	)
Depreciation and amortization		559,896			343,502				2,110,975			1,508,340
Funds From Operations	$	(312,955	)	$	(385,391	)		$	(636,203	)	$	(127,271	)
Amortization of debt issuance costs		29,566			25,743				118,930			120,343
Non-cash stock compensation		92,969			160,466				421,882			314,122
Write-off of deferred financing cost		114,734			-				252,256			-
Adjustments to Funds From Operations	$	237,269		$	186,209			$	793,068		$	434,465
Core Funds From Operations	$	(75,686	)	$	(199,182	)		$	156,865		$	307,194
Net loss	$	(872,851	)	$	(728,893	)		$	(2,747,178	)	$	(712,433	)
Gain on disposal of property		-			-		-		-			(923,178	)
Depreciation and amortization		559,896			343,502		-		2,110,975			1,508,340
Amortization of debt issuance costs		29,566			25,743		-		118,930			120,343
Above and below-market lease amortization, net		(26,297	)		(31,307	)	-		(102,775	)		(147,228	)
Straight line rent, net		23,930			30,152				53,193			(12,633	)
Adjustments to net income (loss)	$	587,095		$	368,090			$	2,180,323		$	545,644
Adjusted Funds From Operations	$	(285,756	)	$	(360,803	)		$	(566,855	)	$	(166,789	)
Dead deal expense		21,691			-				174,722			-
Loss on debt extinguishment		-			-				144,029			-
Non-cash stock compensation		92,969			160,466				421,882			314,122
Write-off of deferred financing cost		114,734			-				252,256			-
Adjustments to Adjusted Funds From Operations	$	229,394		$	160,466			$	992,889		$	314,122
Core Adjusted Funds From Operations	$	(56,362	)	$	(200,337	)		$	426,034		$	147,333
Net loss	$	(872,851	)	$	(728,893	)		$	(2,747,178	)	$	(712,433	)
Net income attributable to non-controlling interests		(103,515	)		(114,800	)			(490,462	)		(513,581	)
Net loss attributable to Generation Income Properties, Inc.	$	(976,366	)	$	(843,693	)		$	(3,237,640	)	$	(1,226,014	)

Note 1: Subsequent to the issuance of the Company’s 2021 Form 10-K and Q1 2022 Form 10-Q, management of the Company identified an immaterial error in 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 as Redeemable non-controlling interest rather than Non-controlling interest within Equity. The Company has accordingly corrected certain numbers in the prior year presentation above.

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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 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.

Investor Contacts

Investor Relations

ir@gipreit.com

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EX-99

GENERATION INCOME PROPERTIES NASDAQ: GIPR INVESTOR PRESENTATION March 2023 *All information as of 12/31/2022 unless stated otherwise Real Estate Investments for Generations

FORWARD-LOOKING STATEMENTS ​ This presentation may contain forward-looking statements and information relating to, among other things, Generation Income Properties, Inc. (“the company”), its business  plan and strategy, its properties and assets, and its industry. These forward-looking statements are based on the beliefs of, assumptions made by, and  information currently available to the company’s management. When used in the offering materials, the words “estimate,”  “project,” “believe,” “anticipate,” “intend,” “expect” and similar expressions are  intended  to  identify  forward-looking  statements. These statements reflect management’s current views with respect to future events and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward- looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or  update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of  unanticipated events.​ Use of Non-GAAP Financial Measures. This presentation contains certain financial measures that are  not  calculated  in  accordance with U.S. generally accepted accounting principles (“GAAP”). Such measures may include  funds  from  operations  ("FFO"), Adjusted FFO (”AFFO”), Core FFO and Core AFFO. These non-GAAP financial measures are presented because the company's management believes these measures help investors understand its business, performance and ability to earn and  distribute cash to its shareholders by providing perspectives not immediately apparent from net income or loss. These measures are also frequently used by securities analysts, investors and other interested parties in evaluating real estate companies. The presentation of FFO, Adjusted FFO, Core FFO and Core AFFO herein are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP and should not be considered as alternative measures of liquidity. In addition, readers are advised that the company’s definitions and method of calculating these measures may be different from those used by other companies, and, accordingly, may not be comparable to similar measures as defined and calculated by other companies that do not use the same methodology as the company. ​ DISCLAIMER | 2

100% Occupied* 93%  Assets w/ Contractual Bumps(1) 64% Investment Grade Tenants* GIPR Nasdaq 5.3 years Weighted Average  Remaining Lease Term $61M Gross Asset Value eneration  ncome  roperties  EIT  G I P R 13 Properties 338K Square Feet 5.8X Rent Coverage | 3 100% Base Rent Collections As of 12/31/2022 * One tenant did not exercise the renewal option as of the required exercise date of April 1, 2022, and vacated on January 31, 2023 decreasing occupancy to 93% and investment grade tenancy to 61%.​ (1) Based on annualized base rent and includes available options

INVESTMENT THESIS DISCIPLINED UNDERWRITING Focused on high quality real estate, tenant credit, site-specific performance and geographic attributes. 3 OPPORTUNISTIC LEASE TERMS & CONSISTENT OCCUPANCY Acquiring assets with less than 10 years remaining on lease term in higher density markets with a high likelihood of renewing leases or re-tenanting in a short period following a potential vacancy. 2 STRONG TENANT CREDIT Academic research-based focus on investment grade credit tenants with strong corporate financial metrics.​ 1 ACTIVE MANAGEMENT Creating strong relationships with each tenant at the corporate and property level, to glean site specific performance and improve the profitability of long-term, consistent occupancy.  4 INTERNAL GROWTH 5 Platform poised for advantageous internal growth through lease renewals, rental increases, re-tenancy and/or asset appreciation. | 4 Opportunistic lease terms high credit quality tenants dense submarkets

Consistent Portfolio COMPANY & INVESTMENT HIGHLIGHTS Investment Grade Tenancy(1)* 64% 100% Occupancy* 93% GIPR Ticker Symbol (NASDAQ) Properties with Contractual Bumps (1) $1.7MM Q1 2022 Q4 2021 Q3 2021 Q2 2021 Growing Investment Platform Q1 2021 $1.7MM $4.5MM $4.7MM $12.6MM Acquisitions Volume Q1 2022 Q2 2022 Q3 2022 Q4 2022 100% 100% 100% 100%* 100% 100% 100% Base Rent Coverage Occupancy Portfolio Overview Company Overview Number of Properties Portfolio Square Feet Number of States Annualized Base Rent* Number of Tenants* 8 14 13 $5.4MM 338K Annualized Historical Dividend Core AFFO per Share Leverage 63% $0.468 (2) Common Shares & OP units Outstanding 2.9MM $0.18 100% | 5 (1) Based on annualized base rent and includes available options(2) As of 1/03/2023 *One tenant did not exercise the renewal option as of the required exercise date of April 1, 2022, and vacated on January 31, 2023 decreasing occupancy to 93%, number of tenants to 13, ABR to $5.1MM and investment grade tenancy to 61%.

DISCIPLINED UNDERWRITING | 6 Over $1 Billion assets reviewed in 2022 with a disciplined approach to submitting offers in order to ensure all assets pursued will have a higher success of increasing shareholder value with unanimous consent from management prior to term sheets being submitted. Market Dynamics Market rents and vacancies Current rate vs market rent Viable Alternative use strategy Competitor presence in the market Downtime and re-tenant assumptions Density and demographics Trends and Forecasts Demographics in relation to tenants target market Internal Growth Access and visibility analysis Site Level Performance Unit Level Profitability Site sales/revenue Occupancy History Mission Criticality Rent: Sales/Revenue Ratio Tenant investment in site Access and visibility analysis Property & Lease Structure Property Specifications Building conditions Lease Structure Renewal options Rent increases Rent/sqft $71B $1.43B $117M Nationwide Net Lease Transaction Volume in 2022* Assets Reviewed in Investment Committee Term Sheets Sent in 2022 *Per CBRE

84.6% is our primary focus, providing stable revenue and long-term growth through changing market dynamics | 7 DISCIPLINED UNDERWRITING: TENANT CREDIT No meaningful corporate debt leading to no credit rating 64% BBB- and above on the S&P scale 8% 28% Rated one level below IG, BB+ on S&P Scale 72% Total* Percentage of Portfolio Description Representative Tenants INVESTMENT GRADE TENANCY *Tenant or parent company is investment grade credit or equivalent ​

OPPORTUNISTIC LEASE TERMS & CONSISTENT OCCUPANCY 9.5 8.8 7.6 7 5.3 NTST ADC PINE GOOD GIPR GIPR’s Opportunistic Lease Terms Create Greater Flexibility & Potential Higher Rental Rate Increases (in years) Low weighted average remaining lease term allows for asset appreciation and internal growth through rent escalations and lease renewals, and allows GIPR to purchase assets at ~100-200bps higher than assets with 10+ years remaining High credit quality tenants with essential businesses 100% occupied stabilized net lease portfolio Annualized ABR of $5.4MM  | 8 LEASE MATURITIES

ACTIVE MANAGEMENT | 9 DISCIPLINED ACQUISITIONS RELATIONSHIP FOCUSED Asset Management assists in underwriting of assets to enhance property knowledge from the outset. Strong relationships formed with each tenant at the property level to better understand site specific performance creating partnership like communications. INTERNAL GROWTH ACTIVE MONITORING PROACTIVE REVIEW Semi-annual site visits to continuously build strong relationships with tenants, actively monitor building conditions and site performance, and hold tenants accountable to lease responsibilities. Consistently review portfolio for changes in property and tenant performance inclusive of micro and macro-economic shifts. Through actively managing assets, GIPR can realize strong internal growth through potential asset appreciation, rent escalation, and lease renewals.

Virginia GSA of USA (AA+) & Maersk* (BBB)  PRA Holdings (BB+) Office 106,996 RSF $2,067,647 31.6% of Total ABR Washington DC 7-Eleven (A) Retail 3,000 RSF $129,804 ABR 0.89% of Total ABR Florida Starbucks (BBB+) Starbucks (BBB+) Sherwin-Williams (BBB) Irby Construction (BBB-) Retail  8,342 RSF Office  7,826 RSF $617,941 ABR 4.78% of Total ABR Alabama Pratt & Whitney Automation (A-) Industrial 59,091 RSF $684,996 ABR 17.48% of Total ABR North Carolina GSA of USA (AA+) Office 7,543 RSF $161,346 ABR 4.3% of Total ABR Colorado Best Buy (BBB+) 30,701 RSF $353,061 ABR 9.08% of Total ABR Illinois La-Z-Boy (NR) Fresenius (BBB-) 26,235 RSF $595,502 ABR 7.76% of Total ABR S&P Credit Ratings denoted next to name of tenant and based on tenant or tenant parent. Annualized Base Rent (ABR) based on cash rental income in place as of December 31, 2022; leases do not include tenant concessions or abatements. PRA Holdings, in Norfolk, Virginia has the right to terminate its lease on August 31, 2024 subject to certain conditions. La-Z-Boy Corporation, in Rockford, IL represents a 50.0% tenancy in common (TIC) interest in one property. Arizona Kohl’s (BB+) 88,408 RSF $823,962 ABR 26.15% of Total ABR | 10 $5.43MM Total ABR* 338K RSF* $16.07 Average ABR Per SF* PORTFOLIO OVERVIEW DIVERSIFIED PORTFOLIO 46% 36% 18% Retail Office Industrial *Maersk did not exercise the renewal option as of the required exercise date of April 1, 2022, and vacated on January 31, 2023. Tenant occupied 22,247 sf, annual base rent of $376K, 7% of ABR.

FINANCIAL OVERVIEW | 11 LEASE TERM VS DEBT MATURITY Lease Date Debt Maturity Date 7- Eleven Starbucks Pratt & Whitney GSA Navy Maersk PRA Holdings, Inc. Sherwin Williams GSA - FBI Irby / Quanta Services Best Buy Fresenius Starbucks Kohl’s La-Z-Boy

04 02 MANAGEMENT TEAM DAVID SOBELMAN Chief Executive Officer & Chairman of the Board 19+ years of experience in net lease real estate Oversees strategy and long-term vision for GIPR EMILY CUSMANO Chief of Staff 12+ years of experience in net lease real estate Oversees organizational strategies and administrative functions EMILY HEWLAND Director of Capital Markets 5+ years of experience in net lease real estate  Oversees acquisitions, capital markets and investment strategy |  12 ALLISON DAVIES Chief Financial Officer 15+ years of experience in real estate and accounting Leads the accounting, corporate finance and capital markets functions 

STUART EISENBERG Audit Committee Chair 04 02 BENJAMIN ADAMS Compensation Committee Chair Founder and CEO of Ten Capital Management ($616 million GAV) 20+ years in business, government, and law EUGENIA CHENG Independent Director Managing Director of Prospect Avenue Partners 20+ years in the real estate industry Retired from BDO USA LLP where he was partner in the RE service group 30+ years in real estate and construction accounting industry |  13 BETSY PECK Governance Committee Chair Retired Chief Operating Officer, Markets of Jones Lang Lasalle (NYSE: JLL) 30+ years in leasing, property management, and capital markets PATRICK QUILTY Independent Director Chief Credit Officer for a multinational & alternative risk group 20+ years in real estate BOARD OF DIRECTORS

ENVIRONMENTAL SOCIAL CORPORATE GOVERNANCE Committed Approach From working in a co-working space to using reusable and environmentally friendly products, GIPR is committed to reducing its environmental footprint. Tenant Alignment Focus on tenants who have strong corporate practices in place to recognize and act upon their environmental responsibility. Relational Culture Strong company culture underpinned by company values; relational, generational and ethical. GIPR believes that smart, empowered, and diverse teams build great companies. Out approach sets us apart, and we continually strive to put others and the relationships we build first. It’s imperative to GIP, and our roles in the organization, that we create a diversified team and provide women and other minorities the platform to be heard. |  14 CORPORATE RESPONSIBILITY GIPR has a strong handle on corporate governance with 5 out of 6 Board members being independent, coupled with a focus on strong internal controls. All team members adhere to our Code of Ethics and Company Handbook which include robust policies and procedures. Additionally, unanimous consent from all Investment Committee members for property acquisitions. Focus on Internal Controls

INVESTOR RELATIONS ir@gipreit.com (813) 448-1234

EXHIBIT: RECONCILIATION OF NON-GAAP MEASURES FFO and Related Measures (unaudited) 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: 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 as a performance measure or 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 or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss 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, non-cash stock compensation, public company consulting fees, and non-recurring litigation expenses and settlements 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. Because 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, development activities, general and administrative expenses and interest costs, providing a perspective not immediately apparent from net income. In addition, our management team believes that FFO provides useful information to the investment community about our financial performance when compared to other REITs since FFO is generally recognized as the industry standard for reporting the operations of REITs. 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 it reflect distributions paid to redeemable non-controlling interests.

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Document and Entity Information	Mar. 27, 2023
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Mar. 27, 2023
Entity Registrant Name	GENERATION INCOME PROPERTIES, INC.
Entity Central Index Key	0001651721
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-40771
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-4427295
Entity Address, Address Line One	401 East 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
Local Phone Number	448-1234
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	GIPR
Security Exchange Name	NASDAQ
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase Common Stock
Trading Symbol	GIPRW
Security Exchange Name	NASDAQ