GENERATION INCOME PROPERTIES, INC. (GIPR): M&A transaction — GIPR acquires 13-property portfolio for $42M; issues Series A Preferred and $21M debt

GENERATION INCOME PROPERTIES, INC.

Purchase price $42M: $30M cash + $12M Series A Preferred Stock issued to Modiv; financed via $21M Valley Bank loan and $12M preferred equity from LC2 at 15.5% annual return.
Portfolio of 13 net-leased properties (11 retail, 2 office) across 7 states, ~200k rentable sq ft; includes assets leased to Dollar General, Walgreen, and City of San Antonio.
Series A Preferred Stock carries 9.5% cumulative dividend (increasing to 12% after Sep 2024), $5.00 liquidation preference, redeemable for cash or up to 3M common shares.
LC2 preferred equity: $12M initial investment, 15.5% annual compounded return, mandatory redemption by Aug 10, 2024, with two 12-month extension options.
GIP redeemed minority interests for $2.25M aggregate; entered $21M Valley loan at floating rate (SOFR+3.25%, swapped to fixed 7.47%), matures Aug 2028.

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Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

GENERATION INCOME PROPERTIES, INC.: Filed Articles Supplementary designating rights, preferences and privileges of Series A Preferred Stock (effective 2023-08-10).

Change: charter amendment
Effective: 2023-08-10

Exact text from the filing

On August 10, 2023, the Company filed the Articles Supplementary for the Series A Preferred Stock with the SDAT designating the rights, preferences and privileges of the Series A Preferred Stock.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

GENERATION INCOME PROPERTIES, INC. completed an acquisition involving Modiv Inc. for $42 million (closed 2023-08-10).

Action: acquisition
Counterparty: Modiv Inc.
Consideration: $42 million
Closing: 2023-08-10

Exact text from the filing

The properties comprising the Portfolio are located across seven states and aggregate approximately 200,000 rentable square feet. The purchase price paid for the Portfolio was $42 million, excluding estimated transaction costs and expenses of $1.6 million and subject to prorations and credits as set forth in the Purchase Agreement. An amount equal to $30 million

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GENERATION INCOME PROPERTIES, INC. filing history →

Source: SEC EDGAR

accession 0000950170-23-042108

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