Tampa, FL, October 30, 2020 – Generation Income Properties, Inc. (OTCQB: GIPR) (“GIP” or the“Company”) announced the signing of a definitive Contribution and Subscription Agreement under which the Company will acquire a 3,500 SF single-tenant retail building in Tampa, Florida for total consideration of approximately $1.8 million.
The Company expects to fund the acquisition with the issuance of 25,535 operating partnership units of Generation Income Properties LP (the operating partnership subsidiary of GIP), priced at $20.00 per unit for a total value of $510,700, and the assumption of approximately $1.3 million of existing mortgage debt.
The transaction is subject to customary closing conditions and due diligence, as well as satisfactory assumption of the existing mortgage debt. The Company also anticipates refinancing the debt once the property is contributed to the Company’s operating partnership subsidiary.
The UPREIT structure allows current owners of a property to defer paying income taxes on the transfer of property to an operating partnership owned by a REIT, while providing the option to convert ownership in the partnership into shares of the REIT.
Company Contact:
Justin Gore – Director of Communications
Generation Income Properties Inc.
Tel (813) 448-1234
jgore@gipreit.com
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 located primarily in major United States cities, with an emphasis on the major coastal markets. GIP invests primarily in freestanding, single-tenant commercial retail, office and industrial properties.
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. Such 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 risks and uncertainties could cause actual results to differ materially from those expressed or implied by such forward-looking statements, and such risks and uncertainties are, in some cases, beyond the Company’s control and could have a material adverse effect on the Company’s business, financial condition, and results of operations. Some of these risks and uncertainties are identified in the Company’s most recent Annual Report on Form 1-K and its other filings with the SEC, 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. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.