Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Mar. 17, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2022 | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | FY | |
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 | |
Local Phone Number | 448-1234 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
ICFR Auditor Attestation Flag | false | |
Entity Shell Company | false | |
Entity Public Float | $ 13.1 | |
Entity Common Stock, Shares Outstanding | 2,610,885 | |
Auditor Firm ID | 206 | |
Auditor Name | MaloneBailey, LLP | |
Auditor Location | Houston, Texas | |
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for its 2023 annual meeting of stockholders, which the registrant intends to file pursuant to Regulation 14A with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year ended December 31, 2022, are incorporated by reference into Part III of this Annual Report on Form 10-K. | |
Common Stock Par Value $0.01 Per Share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock par value $0.01 per share | |
Trading Symbol | GIPR | |
Security Exchange Name | NASDAQ | |
Warrants | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase Common Stock | |
Trading Symbol | GIPRW | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
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 deposit and other assets | 184,241 | 288,782 |
Right of use asset, net | 6,232,662 | 0 |
Total Assets | 64,210,095 | 53,420,716 |
Liabilities | ||
Accounts payable | 173,461 | 201,727 |
Accrued expenses | 365,624 | 134,816 |
Accrued expense - related party | 128,901 | 0 |
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 | 0 |
Other payable - related party | 2,587,300 | 0 |
Loan payable - related party | 1,500,000 | 0 |
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 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Issuance Costs, Net | $ 717,381 | $ 637,693 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 2,501,644 | 2,172,950 |
Common stock, shares outstanding | 2,501,644 | 2,172,950 |
Mortgages [Member] | ||
Debt Issuance Costs, Net | $ 717,381 | $ 637,693 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | ||
Total Revenue | $ 5,432,462 | $ 3,900,096 |
Expenses | ||
General and administrative expense | 1,647,987 | 1,111,029 |
Building expenses | 1,208,192 | 768,182 |
Depreciation and amortization | 2,110,975 | 1,508,340 |
Interest expense, net | 1,620,237 | 1,310,950 |
Compensation costs | 1,310,796 | 849,701 |
Total expenses | 7,898,187 | 5,548,202 |
Operating loss | (2,465,725) | (1,648,106) |
Income on investment in tenancy-in-common | 37,298 | 12,495 |
Gain on sale of property | 0 | 923,178 |
Dead deal expense | (174,722) | 0 |
Loss on debt extinguishment | (144,029) | 0 |
Net Loss | (2,747,178) | (712,433) |
Less: Net income attributable to non-controlling interests | 490,462 | 513,581 |
Net Loss attributable to Generation Income Properties, Inc. | $ (3,237,640) | $ (1,226,014) |
Total Weighted Average Shares of Common Stock Outstanding – Basic | 2,313,112 | 1,067,599 |
Total Weighted Average Shares of Common Stock Outstanding - Diluted | 2,313,112 | 1,067,599 |
Basic Loss Per Share Attributable to Common Stockholders | $ (1.40) | $ (1.15) |
Diluted Loss Per Share Attributable to Common Stockholders | $ (1.40) | $ (1.15) |
Rental Income | ||
Revenue | ||
Total Revenue | $ 5,394,778 | $ 3,854,846 |
Other Income | ||
Revenue | ||
Total Revenue | $ 37,684 | $ 45,250 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) | Total | Year-End Adjustment [Member] | Common Stock | Additional Paid-In- Capital | Accumulated Deficit | Parent Member | Noncontrolling Interest Member |
Balance at Dec. 31, 2020 | $ 5,770 | $ 5,541,411 | $ (4,177,142) | $ 1,370,039 | $ 486,180 | ||
Balance, Shares at Dec. 31, 2020 | 576,918 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2020 | $ 1,856,219 | ||||||
Redeemable Non-Controlling Interest, Balance at Dec. 31, 2020 | 8,198,251 | ||||||
Restricted stock unit compensation | 201,690 | $ 285 | 201,405 | 201,690 | |||
Restricted stock unit compensation, Shares | 28,582 | ||||||
Issuances of Redeemable Non-Controlling Interests for property acquisitions | 2,100,000 | ||||||
Common stock issued for services | 123,432 | $ 149 | 123,283 | 123,432 | |||
Common stock issued for services, shares | 14,950 | ||||||
Issuance of equity securities for cash, net of issuance costs | 13,761,769 | $ 16,650 | 13,745,119 | 13,761,769 | |||
Issuance of equity securities for cash, net of issuance costs, Shares | 1,665,000 | ||||||
Redemption of common stock | (100) | $ (1,125) | 1,025 | (100) | |||
Redemption of common stock, shares | (112,500) | ||||||
Redemption of Redeemable Non-Controlling Interest | (1,200,000) | ||||||
Distribution On Non Controlling Interest | (14,584) | (14,584) | |||||
Distribution on Redeemable Non-Controlling Interest | (478,737) | ||||||
Dividends paid on Common Stock | (560,314) | (560,314) | (560,314) | ||||
Net income (loss) for the year | (1,226,014) | $ (1,227,898) | (1,226,014) | (1,226,014) | (1,884) | ||
Redeemable Non-Controlling Interest, Net income (loss) for the year | (515,465) | ||||||
Balance at Dec. 31, 2021 | 13,670,502 | $ 21,729 | 19,051,929 | (5,403,156) | 13,670,502 | 469,712 | |
Balance, Shares at Dec. 31, 2021 | 2,172,950 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Dec. 31, 2021 | 14,140,214 | ||||||
Redeemable Non-Controlling Interest, Balance at Dec. 31, 2021 | 9,134,979 | ||||||
Restricted stock unit compensation | 421,882 | $ 475 | 421,407 | 421,882 | |||
Restricted stock unit compensation, Shares | 47,499 | ||||||
Issuances of Redeemable Non-Controlling Interests for property acquisitions | 1,109,570 | ||||||
Stock issuance costs | (6,091) | (6,091) | (6,091) | ||||
Cashless exercise of warrants, Shares | 81,195 | ||||||
Cashless exercise of warrants | $ 812 | (812) | |||||
Redemption of Redeemable Non-Controlling Interest | (406,652) | ||||||
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 for redemption of Redeemable Non-Controlling Interest | (2,912,300) | ||||||
Distribution On Non Controlling Interest | (14,658) | (14,658) | |||||
Distribution on Redeemable Non-Controlling Interest | (436,347) | ||||||
Dividends paid on Common Stock | (1,356,915) | (1,356,915) | (1,356,915) | ||||
Net income (loss) for the year | (3,237,640) | $ (3,247,659) | (3,237,640) | (3,237,640) | (10,019) | ||
Redeemable Non-Controlling Interest, Net income (loss) for the year | (500,481) | ||||||
Balance at Dec. 31, 2022 | 10,691,738 | $ 25,016 | $ 19,307,518 | $ (8,640,796) | $ 10,691,738 | $ 445,035 | |
Balance, Shares at Dec. 31, 2022 | 2,501,644 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Dec. 31, 2022 | 11,136,773 | ||||||
Redeemable Non-Controlling Interest, Balance at Dec. 31, 2022 | $ 5,789,731 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASHFLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ (2,747,178) | $ (712,433) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||
Depreciation | 1,583,262 | 1,078,854 |
Amortization of acquired lease intangible assets | 527,713 | 429,486 |
Amortization of debt issuance costs | 118,930 | 120,343 |
Amortization of below market leases | (102,183) | (147,228) |
Amortization of above market ground lease | (592) | 0 |
Common stock issued for services | 0 | 112,432 |
Restricted stock unit compensation | 421,882 | 201,690 |
Non-cash ground lease expense | 71,672 | 0 |
Income on investment in tenancy-in-common | (37,298) | (12,495) |
Gain on sale of property | 0 | (923,178) |
Dead Deal Expenses | 174,722 | 0 |
Loss on debt extinguishment | 144,029 | 0 |
Write-off of deferred financing cost | 252,256 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (7,402) | (12,867) |
Other assets | (20,459) | (37,951) |
Deferred rent asset | (131,955) | (30,187) |
Prepaid expenses | (69,772) | (103,427) |
Accounts payable | (28,266) | 83,165 |
Accrued expenses | 230,808 | (260,309) |
Accrued expenses - related party | 128,901 | 0 |
Lease liability | 51,954 | 0 |
Deferred rent liability | 22,860 | 40,343 |
Net cash provided by operating activities | 583,884 | (173,762) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of land, buildings, other tangible and intangible assets | (12,850,360) | (8,288,954) |
Escrow return (deposit) for purchase of properties | 25,000 | (175,000) |
Distribution from tenancy-in-common | 0 | 12,243 |
Investment in tenancy-in-common | (455,888) | (724,830) |
Proceeds from sale of property | 0 | 5,245,856 |
Net cash used in investing activities | (13,281,248) | (3,930,685) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock and warrant | 0 | 14,375,857 |
Proceeds from issuance of redeemable interest | 1,109,570 | 2,100,000 |
Redemption of redeemable non-controlling interests | (406,652) | (1,200,000) |
Proceeds from loan payable - related party | 1,500,000 | 0 |
Repayment on other payable - related party | (325,000) | 0 |
Repayment on loan payable - related party | 0 | (1,100,000) |
Mortgage loan borrowings | 17,650,000 | 4,475,000 |
Mortgage loan repayments | (11,305,729) | (3,913,773) |
Stock issuance costs | (6,091) | 0 |
Deferred financing costs | (252,256) | 0 |
Debt issuance costs | (342,647) | (69,780) |
Insurance financing borrowings | 288,693 | 277,059 |
Insurance financing repayments | (275,684) | (284,569) |
Distribution on non-controlling interests | (451,005) | (493,321) |
Dividends paid on common stock | (1,356,915) | (560,314) |
Net cash provided by financing activities | 5,826,284 | 13,606,159 |
Net increase (decrease) in cash and cash equivalents | (6,871,080) | 9,501,712 |
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 | 3,752,996 | 10,624,076 |
CASH TRANSACTIONS | ||
Interest Paid | 1,475,867 | 1,192,251 |
NON-CASH TRANSACTIONS | ||
Stock issued for accrued liabilities | 0 | 11,000 |
Stock issued for cashless exercise of Investor Warrants | 812 | 0 |
Deferred distribution on redeemable non-controlling interests | 64,134 | 36,729 |
Recognition of right of use assets and lease liabilities for ground lease related to property acquisition | 6,304,334 | 0 |
Issuance of Other payable - related party for Redemption of Non-Controlling Interest | 2,912,300 | 0 |
Common stock issued to redeem non-controlling interest | $ 1,200,000 | $ 0 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 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 in September 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. The Company is the general partner of the Operating Partnership and as of December 31, 2022 owned 86.6 % 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. The Company places each property in a separate entity which may have a Redeemable Non-Controlling interest as a member. As of December 31, 2022 and December 31, 2021 , 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 – Significant Accounting Policies Basis of Presentation The preparation of the consolidated financial statements in conformity with U.S. GAAP. The Company adopted the calendar year as its basis of reporting. Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. 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. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of commitments and contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. It is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change significantly if economic conditions were to weaken. 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 held by the Company related to tenant escrow reimbursements and immediate repair reserve. The following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash that sums to the total of those amounts at the end of the periods presented on the Company’s accompanying Consolidated Statements of Cash Flows: As of December 31, As of December 31, 2022 2021 Cash and cash equivalents $ 3,718,496 $ 10,589,576 Restricted cash 34,500 34,500 Cash and cash equivalents and restricted cash $ 3,752,996 $ 10,624,076 Deferred Financing Costs Since inception the Company incurred approximately $ 1,279,800 of costs associated with the Company’s public equity raise that closed on September 8, 2021. These deferred offering costs were reclassified to additional paid in capital in connection with the successful offering during the year ended December 31, 2021. During the twelve months ended December 31, 2022 , the Company expensed $ 252,256 of stock issuance costs originally recorded to Deferred Financing Costs for professional fees incurred for filings no longer intended. 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 prepaid rent of the following: As of December 31, As of December 31, 2022 2021 Prepaid Rent $ 271,189 $ 187,960 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 during the twelve months ended December 31, 2022 and 2021. The Company’s leases provide for reimbursement from tenants for common area maintenance (“CAM”), insurance, real estate taxes and other operating expenses. A portion of our operating cost reimbursement revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued. The Company often recognizes above- and below-market lease intangibles in connection with acquisitions of real estate. The capitalized above- and below-market lease intangibles are amortized over the remaining term of the related leases. 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 Liabilities 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. Impairments The Company reviews real estate investments 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 during the twelve months ended December 31, 2022 and 2021. The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions, and 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 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 twelve months ended December 31, 2022 and 2021 . Income Taxes The Company elected to be taxed as a real estate investment trust (“REIT”) under Section 856 through 860 of the Internal Revenue Code (“Code”), commencing with our 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. Accordingly, the only provision for federal income taxes in the accompanying consolidated financial statements relates to the Company's consolidated taxable REIT subsidiary of which no income was generated during the years ended December 31, 2022 and 2021. 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 judgment changes as a result of new information. No liability for unrecognized tax benefits was recorded as of December 31, 2022 and 2021. At December 31, 2022, the Company's tax returns for the years 2018 forward remain subject to examination by the major tax jurisdictions under the statute of limitations. 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, restricted stock, and restricted stock units if their effect is anti-dilutive. As of December 31, 2022 and December 31, 2021 , all potentially dilutive securities were excluded because the effect was anti-dilutive. |
Investments in Real Estate
Investments in Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Investments in Real Estate | Note 3 – Investments in Real Estate Acquisitions: 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 twelve months ended December 31, 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 . On December 28, 2021 , the Company acquired an approximately 30,700 square foot single tenant property leased to Best Buy Co., Inc. in Grand Junction, Colorado. The acquisition was financed with a $ 2,350,000 promissory note and the balance with cash on hand. The following table details the properties acquired during the twelve months ended December 31, 2021: GSA-Manteo, NC Irby Construction-Plant City, FL Best Buy Co., Inc.-Grand Junction, CO Total Land $ 341,949 $ 1,212,213 $ 2,733,919 $ 4,288,081 Building and site improvements 1,807,066 423,611 1,666,533 3,897,210 Acquired lease intangible assets 100,379 121,509 354,603 576,491 Total real estate investments 2,249,394 1,757,333 4,755,055 8,761,782 Less Acquired lease intangible liabilities ( 511,620 ) - - ( 511,620 ) Total real estate investments, net $ 1,737,774 $ 1,757,333 $ 4,755,055 $ 8,250,162 Dispositions: During the year ended December 31, 2021, the Company sold one property. Walgreens-Cocoa Beach, FL Land $ 669,871 Building and site improvements 3,869,746 Acquired lease intangible assets 298,230 Total real estate investments 4,837,847 Less Accumulated depreciation and amortization ( 313,447 ) Less Acquired lease intangible liability, net ( 202,650 ) Net book value of property upon sale 4,321,750 The property was located in Cocoa Beach, FL and was sold on August 31, 2021 for approximately $ 5,245,900 and recognized a gain of approximately $ 923,200 . |
Acquired Lease Intangible Asset
Acquired Lease Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Acquired Lease Intangible Assets, Net | Note 4 – Acquired Lease Intangible Assets, net Intangible assets, net is comprised of the following: As of December 31, As of December 31, 2022 2021 Acquired lease intangible assets $ 4,677,928 $ 3,304,014 Accumulated amortization ( 1,522,570 ) ( 994,857 ) Acquired lease intangible assets, net $ 3,155,358 $ 2,309,157 The amortization for lease intangible assets for the twelve months ended December 31, 2022 and 2021 was $ 527,713 and $ 429,486 , respectively. The future amortization for intangible assets is listed below: As of December 31, 2022 2023 $ 542,954 2024 542,954 2025 509,815 2026 489,884 2027 394,952 Thereafter 674,799 $ 3,155,358 |
Acquired Lease Intangible Liabi
Acquired Lease Intangible Liabilities, Net | 12 Months Ended |
Dec. 31, 2022 | |
Below Market Lease [Abstract] | |
Acquired Lease Intangible Liabilities, Net | Note 5 – Acquired Lease Intangible Liabilities, net Acquired lease intangible liabilities are comprised of the following: As of December 31, As of December 31, 2022 2021 Acquired lessor lease intangible liabilities $ 965,216 $ 845,063 Accumulated accretion to Rental income ( 369,858 ) ( 267,675 ) Acquired lessor lease intangible liabilities, net $ 595,358 $ 577,388 Acquired lessee lease intangible liabilities $ 45,207 $ - Accumulated amortization to offset Building expenses ( 592 ) - Acquired lessee lease intangible liabilities, net $ 44,615 $ - The amortization for acquired lessor lease intangible liabilities for the twelve months ended December 31, 2022 and 2021 was $ 102,183 and $ 147,228 , respectively. The future amortization for acquired lessor lease intangible liabilities is listed below: As of December 31, 2022 2023 $ 105,188 2024 105,188 2025 105,188 2026 93,907 2027 93,907 Thereafter 91,980 $ 595,358 The amortization for acquired lessee lease intangible liabilities for the twelve months ended December 31, 2022 and 2021 was $ 592 and $ 0 , respectively. The future amortization for acquired lessee lease intangible liabilities is listed below: As of December 31, 2022 2023 $ 732 2024 732 2025 732 2026 732 2027 732 Thereafter 40,955 $ 44,615 |
Redeemable Non-Controlling Inte
Redeemable Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Redeemable Non-Controlling Interests | Note 6 – Non-Controlling Interests Redeemable Non-Controlling Interests (Temporary Equity) As part of the Company’s acquisition of a property for approximately $ 4,578,800 in Cocoa Beach, 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, Generation Income Properties, LP, 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 property 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 pays 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, Generation Income Properties, LP, is the general manager of the subsidiary while Brown Family Trust is a preferred member. Because of the redemption right, the non-controlling interest in 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 property for approximately $ 1,757,300 in Plant City, FL, one of the Company’s operating subsidiaries entered into a preferred equity agreement with preferred equity partners (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 pays 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, Generation Income Properties, LP, is the general manager of the subsidiary. Because of the redemption right, the non-controlling interest in presented as temporary equity at redemption value. The current redemption amount is $ 1,014,748 . 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 tenancy-in-common 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 pays 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, Generation Income Properties, LP, is the general manager of the subsidiary. Because of the redemption right, the non-controlling interest in presented as temporary equity at redemption value. The current redemption amount is $ 686,114 . 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 equity members described above may redeem their interest on or after the Redemption date (second year anniversary of the closing of the acquisition), 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 . 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 acquisition of two properties 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 remaining 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 for a remaining balance as of December 31, 2022 of $ 2,587,300 . 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 7 - Equity for further detail. As of December 31, 2022 and 2021, 123,965 and 349,913 units, respectively, were redeemable at $ 20 per unit. 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. The current redemption amount is $ 1,109,570 . 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. The following table reflects our Redeemable Non-Controlling Interests during the twelve months ended December 31, 2022 and 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 $ 1,200,000 $ - $ - $ - $ 6,998,251 $ 8,198,251 $ 486,180 Issuance of Redeemable Operating Partnership Units for property acquisition 500,000 950,000 650,000 - - 2,100,000 - Redemption of Redeemable Non-Controlling Interest ( 1,200,000 ) - - - - ( 1,200,000 ) - Distribution on Non-Controlling Interest ( 120,971 ) ( 53,511 ) ( 19,945 ) - ( 284,310 ) ( 478,737 ) ( 14,584 ) Net income (loss) for the year 120,971 80,267 29,917 - 284,310 515,465 ( 1,884 ) Balance, December 31, 2021 $ 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 - Redemption of Redeemable Non-Controlling Interest - - - - ( 406,652 ) ( 406,652 ) - Common stock issued to redeem Redeemable Non-Controlling Interest - - - - ( 1,200,000 ) ( 1,200,000 ) - Issuance of Other payable - related party for Redemption of Non-Controlling Interest - - - - ( 2,912,300 ) ( 2,912,300 ) - Distribution on Non-Controlling Interest ( 45,039 ) ( 76,269 ) ( 52,346 ) ( 69,310 ) ( 193,383 ) ( 436,347 ) ( 14,658 ) Net income (loss) for the year 45,039 114,261 78,488 69,310 193,383 500,481 ( 10,019 ) Balance, December 31, 2022 $ 500,000 $ 1,014,748 $ 686,114 $ 1,109,570 $ 2,479,299 $ 5,789,731 $ 445,035 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity | Note 7 – 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. Issuance of Equity Securities for Cash 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”). On September 30, 2021, the Company issued and sold an additional 165,000 Investor Warrants as part of the underwriter’s Over-Allotment Option. 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. Net proceeds generated were $ 13.8 million, net of underwriter discounts and other financing costs incurred since inception. 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 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 canceled and the CEO was paid during the three months ended March 31, 2022. 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 6 - Non-Controlling Interests, and recorded the stock at par value of $ 2,000 with the remaining $ 1,198,000 to Additional paid in capital. , the Company expensed $ 252,256 of stock issuance costs originally recorded to Deferred Financing Costs for professional fees incurred for filings no longer intended. During the twelve months ended December 31, 2021, the Company reclassed approximately $ 1,279,800 of deferred financing costs into additional paid in capital of which approximately $ 614,100 had been incurred as of December 31, 2020. Warrants 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. 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. 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 will be exercisable six months following the closing date and until September 2, 2026 . The Company has 1,102,900 and 1,914,850 warrants outstanding at December 31, 2022 and 2021, respectively, which will expire five to seven years from the date of issuance. Investor Warrants issued on September 8 and 28, 2021 became exercisable on a cashless basis on January 6 and 28, 2022, respectively. See Note 12 Subsequent Events for Investor Warrants exercised after December 31, 2022. As of December 31, 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 $ 10.00 688,050 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 1,102,900 The following is a summary of warrants outstanding as of December 31, 2022 and 2021: Warrants Weighted Average Price Weighted Average Remaining Life As of December 31, 2020 100,000 $ 20.00 6.1 Issuances 1,814,850 10.21 - As of December 31, 2021 1,914,850 $ 10.72 4.7 Exercised ( 811,950 ) 10.00 - As of December 31, 2022 1,102,900 $ 11.25 3.7 Warrants exercisable as of December 31, 2021 $ 1,765,000 $ 10.57 4.7 Warrants exercisable as of December 31, 2022 $ 1,102,900 $ 11.25 3.7 The intrinsic value of the warrants as of December 31, 2022 and 2021 was $ 0 and $ 0 , respectively. Stock Compensation Generation Income Properties, Inc. 2020 Omnibus Incentive Plan In connection with the Public Offering, the Company board has adopted, and stockholders have 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 upon the award of grant 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 December 31, 2022 and 2021, 60,249 and 12,750 shares, respectively, 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. 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 are 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 February 3, 2020, the board of directors granted 6,250 restricted shares to its former chief financial officer that vested 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 are 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. 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 issued as of December 31: 2022 2021 Number of Shares Outstanding 23,167 14,582 Restricted Shares Issued 47,499 14,000 Restricted Shares Vested ( 12,164 ) ( 5,415 ) Number of Shares Outstanding 58,502 23,167 The Company recorded stock based compensation expense of $ 421,882 and $ 201,690 during the twelve months ended December 31, 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 and another 2,750 shares of stock were issued in October 2021 representing four months of compensation from April 2021 to August 2021. The Company issued 10,000 shares in December 2021 to the former chief financial officer as a bonus for the equity offering. The company recognized $ 112,432 in compensation expense for common stock issued for services for the year ended December 31, 2021. These shares are accrued as compensation expense until issued by the Company. Cash Distributions The following is a summary of distributions to common shareholders and operating partnership unit holders for the twelve months ended December 31, 2022 and 2021: Authorized Date Record Date Per Share/Unit October 3, 2022 December 15, 2022 $ 0.039 October 3, 2022 November 15, 2022 $ 0.039 October 3, 2022 October 15, 2022 $ 0.039 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 October 5, 2021 December 15, 2021 $ 0.054 October 5, 2021 November 15, 2021 $ 0.054 October 5, 2021 October 15, 2021 $ 0.054 August 25, 2021 August 31, 2021 $ 0.325 February 26, 2021 March 15, 2021 $ 0.325 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 8 – Leases Lessor Accounting All of the Company's leases are classified as operating leases. The Company's Rental income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per the lease contract, which are primarily related to base rent. The Company’s leases also provide for reimbursement from tenants for common area maintenance (“CAM”), insurance, real estate taxes and other operating expenses (“Recoverable Costs”). A portion of our operating cost reimbursement revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued. Income for these amounts is recognized on a straight-line basis. Variable lease income includes the tenants' contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred. The following table provides a disaggregation of lease income recognized as either fixed or variable lease income: 2022 2021 Rental income Fixed and in-substance fixed lease income $ 4,510,677 $ 3,213,975 Variable lease income 608,985 453,629 Other related lease income, net: Amortization of below market leases 102,183 147,228 Straight line rent, net 172,933 40,014 Total Rental income 5,394,778 - 3,854,846 For the twelve months ended December 31, 2022 and 2021 , we had four tenants that each account for more than 10% of our annual rental revenue as indicated below: 2022 2021 General Services Administration - Norfolk, VA & Manteo, NC 22 % 23 % PRA Holdings, Inc. - Norfolk, VA 16 % 19 % Pratt & Whitney Automation, Inc. - Huntsville, AL 15 % 18 % Kohl's Corporation - Tucson, AZ 14 % 0 % Maersk Shipping < 10 % 10 % Future Minimum Rents The following table presents future minimum rental cash payments due to the Company over the next five calendar years and thereafter as of December 31: As of December 31, 2022 2023 $ 4,759,066 2024 4,785,452 2025 4,635,711 2026 4,513,724 2027 3,919,117 Thereafter 5,210,921 27,823,991 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 $ 312,539 for the twelve months ended December 31, 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 $ 188,913 for the twelve months ended December 31, 2022. The following table summarizes the undiscounted future cash flows for subsequent years ending December 31 attributable to the lease liability as December 31, 2022 and provides a reconciliation to the lease liability included in the accompanying Consolidated Balance Sheets as of December 31, 2022. As of December 31, 2022 2023 $ 232,701 2024 244,077 2025 245,111 2026 245,111 2027 245,111 Thereafter 21,820,644 Total undiscounted liability $ 23,032,755 Present value discount ( 16,676,467 ) Lease liability $ 6,356,288 Discount rate 4.58 % Term 61 years |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Note 9 – Debt The Company had the following mortgage loans outstanding as of December 31, 2022 and December 31, 2021, respectively: Mortgage Loans Secured By (Tenant-Location) Loan Amount Interest Rate Maturity Date 2022 2021 Debt Service Coverage Ratios ("DSCR") Required 7-11 - Washington, DC; Starbucks-South Tampa, FL; and Pratt & Whitney-Huntsville, Alabama $ 11,287,500 (a) 4.17 % 3/6/2030 $ 10,957,829 $ 11,150,130 1.25 GSA & Maersk - Norfolk, Virginia 8,260,000 3.50 % 9/30/2024 7,578,304 7,805,524 1.25 PRA Holdings, Inc. - Norfolk, Virginia 5,216,749 3.50 % 10/23/2024 4,728,462 4,889,670 1.25 Sherwin-Williams - Tampa, Florida 1,286,664 3.72 % (b) 8/10/2028 1,286,664 1,286,664 1.20 GSA - Manteo, North Carolina 928,728 (c) 3.85 % (d) 3/31/2032 928,728 1,275,000 1.50 Irby Construction - Plant City , Florida 928,728 (c) 3.85 % (d) 3/31/2032 928,728 850,000 1.50 Best Buy - Grand Junction, Colorado 2,552,644 (c) 3.85 % (d) 3/31/2032 2,552,644 2,350,000 1.50 Fresenius - Chicago, Illinois 1,727,108 (c) 3.85 % (d) 3/31/2032 1,727,108 - 1.50 Starbucks - North Tampa, Florida 1,298,047 (c) 3.85 % (d) 3/31/2032 1,298,047 - 1.50 Kohls - Tucson, Arizona 3,964,745 (c) 3.85 % (d) 3/31/2032 3,964,745 - 1.50 $ 37,450,913 $ 35,951,259 $ 29,606,988 Less Debt Issuance Costs, net ( 717,381 ) ( 637,693 ) $ 35,233,878 $ 28,969,295 (a) Loan subject to prepayment penalty (b) Fixed via interest rate swap (c) One loan in the amount of $ 11.4 million secured by six properties and allocated to each property based on each property's appraised value. (d) Adjustment effective April 1, 2027 equal to 5-year Treasury plus 2.5 % and subject to a floor of 3.85 % The Company amortized debt issuance costs to interest expense during the twelve months ended December 31, 2022 and 2021 of $ 118,930 and $ 120,343 , respectively. The Company paid debt issuance costs for the twelve months ended December 31, 2022 and 2021 of $ 342,647 and $ 69,780 , respectively. Each mortgage loan requires the Company to maintain certain debt service coverage ratios as noted above. In addition, one mortgage loan, encumbered by six properties and requiring a 1.50 DSCR, requires the Company to maintain a 54 % loan to fair market stabilized value ratio. Fair market stabilized value shall be determined by the lender by reference to acceptable guides and indices or appraisals from time to time at its discretion. As of December 31, 2022, the Company was in compliance with all covenants. The Company’s President and CEO 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 mortgage loan. In addition, the Company’s President and CEO has also provided a guaranty of the Borrower’s nonrecourse carveout liabilities and obligations in favor of the lender for the GSA & MAERSK and PRA Holdings, Inc. - Norfolk, VA mortgage loans ("Bayport loans") with an aggregate principal amount of $ 12.3 million as well as six mortgage loans secured by the remaining properties within the portfolio with an aggregate principal amount of $ 11.4 million. During the twelve months ended December 31, 2022 , the Company incurred a guaranty fee expense payable to the Company's President and CEO of $ 128,901 recorded to interest expense. No guaranty fee expense was incurred during the twelve months ended December 31, 2021. 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. 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. On April 1, 2022, the Company entered into two mortgage loan agreements with an aggregate balance of $ 13.5 million as of December 31, 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 allocated to each property based on each property's appraised value, 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 twelve months ended December 31, 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 refinanced mortgage loans including a prepayment penalty incurred of $ 21,000 . 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 December 31, 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. On August 9, 2022 the Company and Operating Partnership entered a Redemption Agreement with a unit holder. As such, the Company recorded an 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 with a remaining balance of $ 2,587,300 outstanding as of December 31, 2022. 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 preferred equity partner and therefore a related party, for $ 1,500,000 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. Minimum required principal payments on the Company’s debt for subsequent years ending December 31 are as follows: Mortgage Loans Other Payable - Related Party Loan Payable - Related Party Total as of December 31, 2022 2023 $ 785,524 $ 777,460 $ - $ 1,562,984 2024 12,427,090 1,809,840 1,500,000 15,736,930 2025 546,280 - - 546,280 2026 568,514 - - 568,514 2027 591,656 - - 591,656 Thereafter 21,032,195 - - 21,032,195 $ 35,951,259 $ 2,587,300 $ 1,500,000 $ 40,038,559 |
Related Party
Related Party | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party | Note 10 – Related Party As disclosed previously, on August 9, 2022 the Company and Operating Partnership entered a Redemption Agreement with a unit holder. As such, the Company recorded an 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 with a remaining balance of $ 2,587,300 outstanding as of December 31, 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. As disclosed previously, 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 preferred equity partner and therefore a related party, for $ 1,500,000 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. 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 President and Chairman of the Company. 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 President and Chairman of the Company’s ownership to 0.09 % as of December 31, 2022. |
Tenant in Common Investment
Tenant in Common Investment | 12 Months Ended |
Dec. 31, 2022 | |
Tenant In Common Investment [Abstract] | |
Tenant in Common Investment | Note 11 – Investment in Tenancy-in-Common 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 December 31, 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 December 31, 2022 it had a value of $ 1,218,268 . The condensed income statements for the twelve months ended December 31, 2022 and 2021 for the tenancy-in-common investment is as follows: Twelve Months ended Dec 31, 2022 2021 Total revenue $ 372,556 $ 141,906 Total expenses $ 262,942 $ 107,988 Operating income 109,614 33,918 Loss on debt extinguishment ( 31,851 ) - Net income $ 77,763 $ 33,918 GIP, LP's Share $ 37,298 $ 12,495 The condensed balance sheets as of December 31, 2022 and December 31, 2021 for the tenants in common investment is as follows: As of December 31, As of December 31, 2022 2021 Net real estate investments $ 4,503,120 $ 4,621,135 Deferred rent asset 7,132 2,108 Prepaid expenses 343 522 Due from related party 21,710 42,624 Total Assets $ 4,532,305 $ 4,666,389 Accounts payable and accrued expenses $ 6,738 $ 14,566 Prepaid rent 30,550 - Acquired lease intangible liabilities, net 35,561 42,993 Mortgage loan, net of unamortized debt issuance costs 2,088,116 2,677,446 Total Liabilities $ 2,160,965 $ 2,735,005 GIP, LP $ 1,218,268 $ 725,082 SUNNY RIDGE MHP, LLC 1,153,072 1,206,302 Total Tenants in Common Equity $ 2,371,340 $ 1,931,384 Total Liabilities and Tenants in Common Equity $ 4,532,305 $ 4,666,389 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 – Subsequent Events On January 3, 2023, the Company announced that our Board of Directors authorized a distribution of $ 0.039 per share or per unit monthly cash distribution for shareholders and unitholders of record of our common stock and partnership units, respectively, as of January 15, 2023 , February 15, 2023 and March 15, 2023 . January and February distributions were paid on January 30, 2023 and February 28, 2023 respectively, and the Company expects to pay March dividends on or about March 30, 2023. Subsequent to December 31, 2022 but before the filing of this Annual Report on Form 10-K, 106,480 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, 10,648 shares of common stock were issued upon exercise. Agreements with Brown Family Enterprises, LLC On February 8, 2023, the Operating Partnership entered into new Amended and Restated Limited Liability Company Agreements for GIPVA 2510 Walmer Ave, LLC ("GIPVA 2510") and GIPVA 130 Corporate Blvd, LLC ("GIPVA 130") in which the Operating Partnership, as the sole member of GIPVA 2510 and GIPVA 130, admitted a new member, Brown Family Enterprises, LLC (the "Purchaser"), through the issuance to Purchaser of membership interests in the form of Class A Preferred Units of GIPVA 2510 and GIPVA 130. GIPVA 2510 and GIPVA 130 (the “Virginia SPEs”) hold the Company’s Norfolk, Virginia properties. Also on February 8, 2023, both of the Virginia SPEs and the Purchaser entered into Unit Purchase Agreements in which GIPVA 2510 issued and sold to the Purchaser 180,000 Class A Preferred Units at a price of $ 10.00 per unit for an aggregate price of $ 1,800,000 , and GIPVA 130 issued and sold to the Purchaser 120,000 Class A Preferred units at a price of $ 10.00 per unit for an aggregate price of $ 1,200,000 . The Purchaser will be paid an annual 7 % preferred return on the preferred units of the Virginia SPEs (the “SPE Preferred Units”), payable on a monthly basis, and will share in approximately 16 % of the equity in each of the Virginia SPEs. The Purchaser and the respective SPEs will both have the right to redeem the SPE Preferred Units after two (2) years for cash in the amount of the Purchaser’s unreturned capital contribution and accrued but unpaid preferred return (the “Redemption Price”), provided that Purchaser will have the right to take the Redemption Price (or any portion thereof) in common units of the Operating Partnership at a conversion price equal to 85% of the average trading price of the Company’s common stock during the 30 trading days preceding redemption. The proceeds from the sale of the SPE Preferred Units were distributed to the Operating Partnership to fund the Operating Partnership’s redemption obligations from two members of the Operating Partnership who redeemed a total of 123,965 units both on January 27, 2023 at $ 20 per unit in the aggregate amount of $ 2,479,301 and to fund general corporate expenses of the Operating Partnership. The Company funded the redemption obligations per the terms of the contribution agreement on February 9, 2023. As a result of this transaction, the Company may be required to reimburse federal, state and local income taxes incurred by the remaining partner as per a tax protection agreement although the Company is continuing to evaluate such impact, if any. Agreement with LMB Owenton I, LLC O n February 7, 2023, the Operating Partnership entered into a Unit Issuance Agreement and Amendment to Contribution and Subscription Agreement (the "LMB Agreement") with LMB Owenton I LLC, the contributor of the Company’s Tampa Starbucks property located at 10002 N Dale Mabry (the “Contributor”), in which GIPLP and the Contributor agreed to delay the Contributor’s right to require the redemption of the Contributor’s common units in the Operating Partnership until the third anniversary of the closing of the contribution of the Tampa Starbucks property, January 14 th 2025, and for a reduced redemption price of $ 7.15 per common unit. Such agreement was made in consideration of the issuance to Contributor of an additional 44,228 common units in the Operating Partnership (the “Additional OP Units”), resulting in Contributor owning an aggregate of 157,771 common units in the Operating Partnership. Purchase and Sale Agreement On February 10, 2023, the Operating Partnership entered into a Purchase and Sale Agreement with Harbor Terrace Limited Partnership to acquire an approximately 48,000 square foot single -tenant retail building in Overland Park, KS for total consideration of $ 8,200,000 , which is expected to be funded with approximately 50 % mortgage debt and 50 % equity. The building is occupied by Best Buy, Inc., who holds an investment grade credit rating of BBB+ on the S&P scale, and has approximately two years remaining on the current lease term, with one additional five year renewal option. The annual rent for the property is $ 630,994 . The transaction is subject to customary closing conditions and due diligence. Restricted Stock Issuances On March 1, 2023, the board granted and the Company issued 98,593 restricted shares to directors, officers and employees effective March 1, 2023 valued at $ 5.68 per share that vest one-third on each anniversary of the grant date. The vested share restrictions will be removed upon the first annual anniversary of the award. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The preparation of the consolidated financial statements in conformity with U.S. GAAP. The Company adopted the calendar year as its basis of reporting. Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. |
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. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of commitments and contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. It is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change significantly if economic conditions were to weaken. |
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 held by the Company related to tenant escrow reimbursements and immediate repair reserve. The following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash that sums to the total of those amounts at the end of the periods presented on the Company’s accompanying Consolidated Statements of Cash Flows: As of December 31, As of December 31, 2022 2021 Cash and cash equivalents $ 3,718,496 $ 10,589,576 Restricted cash 34,500 34,500 Cash and cash equivalents and restricted cash $ 3,752,996 $ 10,624,076 |
Deferred Financing Costs | Deferred Financing Costs Since inception the Company incurred approximately $ 1,279,800 of costs associated with the Company’s public equity raise that closed on September 8, 2021. These deferred offering costs were reclassified to additional paid in capital in connection with the successful offering during the year ended December 31, 2021. During the twelve months ended December 31, 2022 , the Company expensed $ 252,256 of stock issuance costs originally recorded to Deferred Financing Costs for professional fees incurred for filings no longer intended. |
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 prepaid rent of the following: As of December 31, As of December 31, 2022 2021 Prepaid Rent $ 271,189 $ 187,960 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 during the twelve months ended December 31, 2022 and 2021. The Company’s leases provide for reimbursement from tenants for common area maintenance (“CAM”), insurance, real estate taxes and other operating expenses. A portion of our operating cost reimbursement revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued. The Company often recognizes above- and below-market lease intangibles in connection with acquisitions of real estate. The capitalized above- and below-market lease intangibles are amortized over the remaining term of the related leases. |
Other Income | Twelve Months ended December 31, 2022 2021 Revenue Rental income $ 5,394,778 $ 3,854,846 Other income 37,684 45,250 Total revenue $ 5,432,462 $ 3,900,096 Expenses General and administrative expense $ 1,647,987 $ 1,111,029 Building expenses 1,208,192 768,182 Depreciation and amortization 2,110,975 1,508,340 Interest expense, net 1,620,237 1,310,950 Compensation costs 1,310,796 849,701 Total expenses $ 7,898,187 $ 5,548,202 Operating loss ( 2,465,725 ) ( 1,648,106 ) Income on investment in tenancy-in-common 37,298 12,495 Gain on sale of property - 923,178 Dead deal expense ( 174,722 ) - Loss on debt extinguishment ( 144,029 ) - Net loss $ ( 2,747,178 ) $ ( 712,433 ) Less: Net income attributable to non-controlling interests 490,462 513,581 Net loss attributable to Generation Income Properties, Inc. $ ( 3,237,640 ) $ ( 1,226,014 ) Total Weighted Average Shares of Common Stock Outstanding – Basic & Diluted 2,313,112 1,067,599 Basic & Diluted Loss Per Share Attributable to Common Stockholders $ ( 1.40 ) $ ( 1.15 ) |
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 | 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 Liabilities | Lease Liabilities 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. |
Impairments | Impairments The Company reviews real estate investments 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 during the twelve months ended December 31, 2022 and 2021. The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions, and 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 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 twelve months ended December 31, 2022 and 2021 . |
Income Taxes | Income Taxes The Company elected to be taxed as a real estate investment trust (“REIT”) under Section 856 through 860 of the Internal Revenue Code (“Code”), commencing with our 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. Accordingly, the only provision for federal income taxes in the accompanying consolidated financial statements relates to the Company's consolidated taxable REIT subsidiary of which no income was generated during the years ended December 31, 2022 and 2021. 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 judgment changes as a result of new information. No liability for unrecognized tax benefits was recorded as of December 31, 2022 and 2021. At December 31, 2022, the Company's tax returns for the years 2018 forward remain subject to examination by the major tax jurisdictions under the statute of limitations. |
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, restricted stock, and restricted stock units if their effect is anti-dilutive. As of December 31, 2022 and December 31, 2021 , all potentially dilutive securities were excluded because the effect was anti-dilutive. |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash that sums to the total of those amounts at the end of the periods presented on the Company’s accompanying Consolidated Statements of Cash Flows: As of December 31, As of December 31, 2022 2021 Cash and cash equivalents $ 3,718,496 $ 10,589,576 Restricted cash 34,500 34,500 Cash and cash equivalents and restricted cash $ 3,752,996 $ 10,624,076 |
Schedule of Prepaid Rent | In addition to straight-line rents, deferred rent liability includes prepaid rent of the following: As of December 31, As of December 31, 2022 2021 Prepaid Rent $ 271,189 $ 187,960 |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Acquired Properties | The following table details the properties acquired during the twelve months ended December 31, 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 |
Schedule of Disposed Properties | During the year ended December 31, 2021, the Company sold one property. Walgreens-Cocoa Beach, FL Land $ 669,871 Building and site improvements 3,869,746 Acquired lease intangible assets 298,230 Total real estate investments 4,837,847 Less Accumulated depreciation and amortization ( 313,447 ) Less Acquired lease intangible liability, net ( 202,650 ) Net book value of property upon sale 4,321,750 |
Property of GSA-Manteo, NC and Irby Construction-Plant City, FL | |
Schedule of Acquired Properties | The following table details the properties acquired during the twelve months ended December 31, 2021: GSA-Manteo, NC Irby Construction-Plant City, FL Best Buy Co., Inc.-Grand Junction, CO Total Land $ 341,949 $ 1,212,213 $ 2,733,919 $ 4,288,081 Building and site improvements 1,807,066 423,611 1,666,533 3,897,210 Acquired lease intangible assets 100,379 121,509 354,603 576,491 Total real estate investments 2,249,394 1,757,333 4,755,055 8,761,782 Less Acquired lease intangible liabilities ( 511,620 ) - - ( 511,620 ) Total real estate investments, net $ 1,737,774 $ 1,757,333 $ 4,755,055 $ 8,250,162 |
Acquired Lease Intangible Ass_2
Acquired Lease Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Intangible Assets, Net | Intangible assets, net is comprised of the following: As of December 31, As of December 31, 2022 2021 Acquired lease intangible assets $ 4,677,928 $ 3,304,014 Accumulated amortization ( 1,522,570 ) ( 994,857 ) Acquired lease intangible assets, net $ 3,155,358 $ 2,309,157 |
Schedule of Future Amortization for Intangible Assets | The future amortization for intangible assets is listed below: As of December 31, 2022 2023 $ 542,954 2024 542,954 2025 509,815 2026 489,884 2027 394,952 Thereafter 674,799 $ 3,155,358 |
Acquired Lease Intangible Lia_2
Acquired Lease Intangible Liabilities, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Below Market Lease [Abstract] | |
Summary Of Acquired Lease Intangible Liability | Acquired lease intangible liabilities are comprised of the following: As of December 31, As of December 31, 2022 2021 Acquired lessor lease intangible liabilities $ 965,216 $ 845,063 Accumulated accretion to Rental income ( 369,858 ) ( 267,675 ) Acquired lessor lease intangible liabilities, net $ 595,358 $ 577,388 Acquired lessee lease intangible liabilities $ 45,207 $ - Accumulated amortization to offset Building expenses ( 592 ) - Acquired lessee lease intangible liabilities, net $ 44,615 $ - |
Summary of Future Amortization for Acquired Lease Intangible Liabilities | The future amortization for acquired lessor lease intangible liabilities is listed below: As of December 31, 2022 2023 $ 105,188 2024 105,188 2025 105,188 2026 93,907 2027 93,907 Thereafter 91,980 $ 595,358 The future amortization for acquired lessee lease intangible liabilities is listed below: As of December 31, 2022 2023 $ 732 2024 732 2025 732 2026 732 2027 732 Thereafter 40,955 $ 44,615 |
Redeemable Non-Controlling In_2
Redeemable Non-Controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Summary of Redeemable Non-Controlling Interests | The following table reflects our Redeemable Non-Controlling Interests during the twelve months ended December 31, 2022 and 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 $ 1,200,000 $ - $ - $ - $ 6,998,251 $ 8,198,251 $ 486,180 Issuance of Redeemable Operating Partnership Units for property acquisition 500,000 950,000 650,000 - - 2,100,000 - Redemption of Redeemable Non-Controlling Interest ( 1,200,000 ) - - - - ( 1,200,000 ) - Distribution on Non-Controlling Interest ( 120,971 ) ( 53,511 ) ( 19,945 ) - ( 284,310 ) ( 478,737 ) ( 14,584 ) Net income (loss) for the year 120,971 80,267 29,917 - 284,310 515,465 ( 1,884 ) Balance, December 31, 2021 $ 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 - Redemption of Redeemable Non-Controlling Interest - - - - ( 406,652 ) ( 406,652 ) - Common stock issued to redeem Redeemable Non-Controlling Interest - - - - ( 1,200,000 ) ( 1,200,000 ) - Issuance of Other payable - related party for Redemption of Non-Controlling Interest - - - - ( 2,912,300 ) ( 2,912,300 ) - Distribution on Non-Controlling Interest ( 45,039 ) ( 76,269 ) ( 52,346 ) ( 69,310 ) ( 193,383 ) ( 436,347 ) ( 14,658 ) Net income (loss) for the year 45,039 114,261 78,488 69,310 193,383 500,481 ( 10,019 ) Balance, December 31, 2022 $ 500,000 $ 1,014,748 $ 686,114 $ 1,109,570 $ 2,479,299 $ 5,789,731 $ 445,035 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Warrants Issued and Outstanding with Exercise Price | Investor Warrants issued on September 8 and 28, 2021 became exercisable on a cashless basis on January 6 and 28, 2022, respectively. See Note 12 Subsequent Events for Investor Warrants exercised after December 31, 2022. As of December 31, 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 $ 10.00 688,050 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 1,102,900 |
Schedule of Stockholders Equity [Table Text Block] | Warrants Weighted Average Price Weighted Average Remaining Life As of December 31, 2020 100,000 $ 20.00 6.1 Issuances 1,814,850 10.21 - As of December 31, 2021 1,914,850 $ 10.72 4.7 Exercised ( 811,950 ) 10.00 - As of December 31, 2022 1,102,900 $ 11.25 3.7 Warrants exercisable as of December 31, 2021 $ 1,765,000 $ 10.57 4.7 Warrants exercisable as of December 31, 2022 $ 1,102,900 $ 11.25 3.7 |
Schedule of Restricted Common Shares Issued | The following is a summary of restricted shares issued as of December 31: 2022 2021 Number of Shares Outstanding 23,167 14,582 Restricted Shares Issued 47,499 14,000 Restricted Shares Vested ( 12,164 ) ( 5,415 ) Number of Shares Outstanding 58,502 23,167 |
Schedule of Cash Distributions | The following is a summary of distributions to common shareholders and operating partnership unit holders for the twelve months ended December 31, 2022 and 2021: Authorized Date Record Date Per Share/Unit October 3, 2022 December 15, 2022 $ 0.039 October 3, 2022 November 15, 2022 $ 0.039 October 3, 2022 October 15, 2022 $ 0.039 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 October 5, 2021 December 15, 2021 $ 0.054 October 5, 2021 November 15, 2021 $ 0.054 October 5, 2021 October 15, 2021 $ 0.054 August 25, 2021 August 31, 2021 $ 0.325 February 26, 2021 March 15, 2021 $ 0.325 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Summary of Disaggregation of Lease Income | The following table provides a disaggregation of lease income recognized as either fixed or variable lease income: 2022 2021 Rental income Fixed and in-substance fixed lease income $ 4,510,677 $ 3,213,975 Variable lease income 608,985 453,629 Other related lease income, net: Amortization of below market leases 102,183 147,228 Straight line rent, net 172,933 40,014 Total Rental income 5,394,778 - 3,854,846 |
Summary of Concentration of Risk Percentage of Tenants | For the twelve months ended December 31, 2022 and 2021 , we had four tenants that each account for more than 10% of our annual rental revenue as indicated below: 2022 2021 General Services Administration - Norfolk, VA & Manteo, NC 22 % 23 % PRA Holdings, Inc. - Norfolk, VA 16 % 19 % Pratt & Whitney Automation, Inc. - Huntsville, AL 15 % 18 % Kohl's Corporation - Tucson, AZ 14 % 0 % Maersk Shipping < 10 % 10 % |
Summary of Future Minimum Rental Payments Due to the Company | The following table presents future minimum rental cash payments due to the Company over the next five calendar years and thereafter as of December 31: As of December 31, 2022 2023 $ 4,759,066 2024 4,785,452 2025 4,635,711 2026 4,513,724 2027 3,919,117 Thereafter 5,210,921 27,823,991 |
Summary of Future Minimum Rental Cash Payments Due and Undiscounted Future Cash Flows | The following table summarizes the undiscounted future cash flows for subsequent years ending December 31 attributable to the lease liability as December 31, 2022 and provides a reconciliation to the lease liability included in the accompanying Consolidated Balance Sheets as of December 31, 2022. As of December 31, 2022 2023 $ 232,701 2024 244,077 2025 245,111 2026 245,111 2027 245,111 Thereafter 21,820,644 Total undiscounted liability $ 23,032,755 Present value discount ( 16,676,467 ) Lease liability $ 6,356,288 Discount rate 4.58 % Term 61 years |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgage loans outstanding | The Company had the following mortgage loans outstanding as of December 31, 2022 and December 31, 2021, respectively: Mortgage Loans Secured By (Tenant-Location) Loan Amount Interest Rate Maturity Date 2022 2021 Debt Service Coverage Ratios ("DSCR") Required 7-11 - Washington, DC; Starbucks-South Tampa, FL; and Pratt & Whitney-Huntsville, Alabama $ 11,287,500 (a) 4.17 % 3/6/2030 $ 10,957,829 $ 11,150,130 1.25 GSA & Maersk - Norfolk, Virginia 8,260,000 3.50 % 9/30/2024 7,578,304 7,805,524 1.25 PRA Holdings, Inc. - Norfolk, Virginia 5,216,749 3.50 % 10/23/2024 4,728,462 4,889,670 1.25 Sherwin-Williams - Tampa, Florida 1,286,664 3.72 % (b) 8/10/2028 1,286,664 1,286,664 1.20 GSA - Manteo, North Carolina 928,728 (c) 3.85 % (d) 3/31/2032 928,728 1,275,000 1.50 Irby Construction - Plant City , Florida 928,728 (c) 3.85 % (d) 3/31/2032 928,728 850,000 1.50 Best Buy - Grand Junction, Colorado 2,552,644 (c) 3.85 % (d) 3/31/2032 2,552,644 2,350,000 1.50 Fresenius - Chicago, Illinois 1,727,108 (c) 3.85 % (d) 3/31/2032 1,727,108 - 1.50 Starbucks - North Tampa, Florida 1,298,047 (c) 3.85 % (d) 3/31/2032 1,298,047 - 1.50 Kohls - Tucson, Arizona 3,964,745 (c) 3.85 % (d) 3/31/2032 3,964,745 - 1.50 $ 37,450,913 $ 35,951,259 $ 29,606,988 Less Debt Issuance Costs, net ( 717,381 ) ( 637,693 ) $ 35,233,878 $ 28,969,295 (a) Loan subject to prepayment penalty (b) Fixed via interest rate swap (c) One loan in the amount of $ 11.4 million secured by six properties and allocated to each property based on each property's appraised value. (d) Adjustment effective April 1, 2027 equal to 5-year Treasury plus 2.5 % and subject to a floor of 3.85 % |
Schedule of Minimum Required Principal Payments | Minimum required principal payments on the Company’s debt for subsequent years ending December 31 are as follows: Mortgage Loans Other Payable - Related Party Loan Payable - Related Party Total as of December 31, 2022 2023 $ 785,524 $ 777,460 $ - $ 1,562,984 2024 12,427,090 1,809,840 1,500,000 15,736,930 2025 546,280 - - 546,280 2026 568,514 - - 568,514 2027 591,656 - - 591,656 Thereafter 21,032,195 - - 21,032,195 $ 35,951,259 $ 2,587,300 $ 1,500,000 $ 40,038,559 |
Tenant in Common Investment (Ta
Tenant in Common Investment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Tenant In Common Investment [Abstract] | |
Condensed Income Statement of Tenant in Common Investment | The condensed income statements for the twelve months ended December 31, 2022 and 2021 for the tenancy-in-common investment is as follows: Twelve Months ended Dec 31, 2022 2021 Total revenue $ 372,556 $ 141,906 Total expenses $ 262,942 $ 107,988 Operating income 109,614 33,918 Loss on debt extinguishment ( 31,851 ) - Net income $ 77,763 $ 33,918 GIP, LP's Share $ 37,298 $ 12,495 |
Condensed Balance Sheet of Tenant in Common Investment | The condensed balance sheets as of December 31, 2022 and December 31, 2021 for the tenants in common investment is as follows: As of December 31, As of December 31, 2022 2021 Net real estate investments $ 4,503,120 $ 4,621,135 Deferred rent asset 7,132 2,108 Prepaid expenses 343 522 Due from related party 21,710 42,624 Total Assets $ 4,532,305 $ 4,666,389 Accounts payable and accrued expenses $ 6,738 $ 14,566 Prepaid rent 30,550 - Acquired lease intangible liabilities, net 35,561 42,993 Mortgage loan, net of unamortized debt issuance costs 2,088,116 2,677,446 Total Liabilities $ 2,160,965 $ 2,735,005 GIP, LP $ 1,218,268 $ 725,082 SUNNY RIDGE MHP, LLC 1,153,072 1,206,302 Total Tenants in Common Equity $ 2,371,340 $ 1,931,384 Total Liabilities and Tenants in Common Equity $ 4,532,305 $ 4,666,389 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Details) - Property | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Nature Of Operations [Line Items] | ||
Operating partnership formation month and year | 2015-09 | |
Number of properties owned | 12 | 12 |
Number of partial interest properties | 1 | 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 | 86.60% |
Significant Accounting Polici_3
Significant Accounting Policies - Summary of Condensed Balance Sheets (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Reclassification [Line Items] | |||
Total Assets | $ 64,210,095 | $ 53,420,716 | |
Liabilities and Stockholders' Equity | |||
Total liabilities | 47,283,591 | 30,145,523 | |
Accumulated deficit | (8,640,796) | (5,403,156) | |
Stockholders' Equity | 10,691,738 | 13,670,502 | |
Total Equity | 11,136,773 | 14,140,214 | $ 1,856,219 |
Total Liabilities and Equity | $ 64,210,095 | $ 53,420,716 |
Significant Accounting Polici_4
Significant Accounting Policies - Summary of Condensed Income Statements (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification [Line Items] | ||
Revenue | $ 5,432,462 | $ 3,900,096 |
Total expenses | 7,898,187 | 5,548,202 |
Operating loss | (2,465,725) | (1,648,106) |
Net income (loss) | (2,747,178) | (712,433) |
Less: Net income attributable to non-controlling interests | 490,462 | 513,581 |
Net Loss attributable to Generation Income Properties, Inc. | $ (3,237,640) | $ (1,226,014) |
Total Weighted Average Shares of Common Stock Outstanding – Basic | 2,313,112 | 1,067,599 |
Total Weighted Average Shares of Common Stock Outstanding - Diluted | 2,313,112 | 1,067,599 |
Basic Loss Per Share Attributable to Common Stockholders | $ (1.40) | $ (1.15) |
Diluted Loss Per Share Attributable to Common Stockholders | $ (1.40) | $ (1.15) |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Condensed Statements of Equity (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Reclassification [Line Items] | |||
Redeemable Non-Controlling Interests | $ 5,789,731 | $ 9,134,979 | $ 8,198,251 |
Accumulated deficit | (8,640,796) | (5,403,156) | |
Stockholders' Equity | 10,691,738 | 13,670,502 | |
Total Equity | $ 11,136,773 | $ 14,140,214 | $ 1,856,219 |
Significant Accounting Polici_6
Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 3,718,496 | $ 10,589,576 |
Restricted cash | 34,500 | 34,500 |
Cash and cash equivalents and restricted cash | $ 3,752,996 | $ 10,624,076 |
Significant Accounting Polici_7
Significant Accounting Policies - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Deferred rent asset | $ 288,797 | $ 156,842 |
Deferred rent liability | 251,798 | 228,938 |
Depreciation | 1,583,262 | 1,078,854 |
Impairments | 0 | 0 |
Liability for unrecognized tax benefits | 0 | 0 |
Costs associated with public equity raise | 1,279,800 | |
Write-off of deferred financing cost | $ 252,256 | $ 0 |
Building Improvements [Member] | Minimum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 2 years | |
Building Improvements [Member] | Maximum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 10 years | |
Building [Member] | Minimum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 15 years | |
Building [Member] | Maximum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 50 years | |
Site Improvements [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Estimated useful life | 5 years |
Significant Accounting Polici_8
Significant Accounting Policies - Schedule of Prepaid Rent (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Prepaid Expense, Current [Abstract] | ||
Prepaid rent | $ 271,189 | $ 187,960 |
Investments in Real Estate - Ad
Investments in Real Estate - Additional Information (Details) | 12 Months Ended | |||||
Aug. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) ft² Tenant | Dec. 31, 2021 Tenant | Feb. 08, 2023 $ / shares | Feb. 07, 2023 $ / shares | Aug. 13, 2021 ft² | |
Asset Acquisition [Line Items] | ||||||
Area of property | ft² | 15,288 | |||||
Number Of Tenants | Tenant | 4 | 4 | ||||
Common units issue price per share | $ / shares | $ 10 | $ 7.15 | ||||
Property In Cocoa F L | ||||||
Asset Acquisition [Line Items] | ||||||
Sale of real estate property | $ 5,245,900 | |||||
Gain on disposition of real estate property | $ 923,200 | |||||
Buy Co Inc in Grand Junction | ||||||
Asset Acquisition [Line Items] | ||||||
Property acquired date | Dec. 28, 2021 | |||||
Area of property | ft² | 30,700 | |||||
Number Of Tenants | Tenant | 1 | |||||
Asset acquisition through debt | $ 2,350,000 | |||||
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 | |||||
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 | |||||
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 | |||||
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 |
Investments in Real Estate - Sc
Investments in Real Estate - Schedule of Acquired Properties (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 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: Lease liability | 0 | |
Total real estate investments | 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: Lease liability | 0 | |
Total real estate investments | 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: Lease liability | (6,304,334) | |
Total real estate investments | 7,374,248 | |
Property of GSA-Manteo, NC and Irby Construction-Plant City, FL | ||
Business Acquisition [Line Items] | ||
Land | 3,134,099 | $ 4,288,081 |
Building and site improvements | 8,094,162 | 3,897,210 |
Tenant improvements | 424,681 | |
Acquired lease intangible assets | 1,370,046 | 576,491 |
Total real estate investments | 13,022,988 | 8,761,782 |
Right of use asset | 6,304,334 | |
Less: Acquired lease intangible liabilities | (165,360) | (511,620) |
Less: Lease liability | (6,304,334) | |
Total real estate investments | $ 12,857,628 | 8,250,162 |
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 | 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 | 1,757,333 | |
Buy Co Inc in Grand Junction | ||
Business Acquisition [Line Items] | ||
Land | 2,733,919 | |
Building and site improvements | 1,666,533 | |
Acquired lease intangible assets | 354,603 | |
Total real estate investments | 4,755,055 | |
Less: Acquired lease intangible liabilities | 0 | |
Total real estate investments | $ 4,755,055 |
Investments in Real Estate - _2
Investments in Real Estate - Schedule of Disposed Properties (Details) - Walgreens Cocoa Beach FL | Dec. 31, 2021 USD ($) |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Land | $ 669,871 |
Building and site improvements | 3,869,746 |
Acquired lease intangible assets | 298,230 |
Total real estate investments | 4,837,847 |
Less accumulated depreciation and amortization | (313,447) |
Less acquired lease intangible liability, net | 202,650 |
Net book value of property upon sale | $ 4,321,750 |
Acquired Lease Intangible Ass_3
Acquired Lease Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Acquired lease intangible assets | $ 4,677,928 | $ 3,304,014 |
Accumulated amortization | (1,522,570) | (994,857) |
Acquired lease intangible assets, net | $ 3,155,358 | $ 2,309,157 |
Acquired Lease Intangible Ass_4
Acquired Lease Intangible Assets, Net - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Amortization of lease intangible assets | $ 527,713 | $ 429,486 |
Acquired Lease Intangible Ass_5
Acquired Lease Intangible Assets, Net - Schedule of Future Amortization for Intangible Assets (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
2023 | $ 542,954 | |
2024 | 542,954 | |
2025 | 509,815 | |
2026 | 489,884 | |
2027 | 394,952 | |
Thereafter | 674,799 | |
Acquired lease intangible assets, net | $ 3,155,358 | $ 2,309,157 |
Acquired Lease Intangible Lia_3
Acquired Lease Intangible Liabilities, Net - Summary of Acquired Lease Intangible Liability (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Below Market Lease [Abstract] | ||
Acquired lessor lease intangible liabilities | $ 965,216 | $ 845,063 |
Accumulated accretion to Rental income | (369,858) | (267,675) |
Acquired lessor lease intangible liabilities, net | 595,358 | $ 577,388 |
Acquired lessee lease intangible liabilities | 45,207 | |
Accumulated amortization to offset Building expenses | (592) | |
Acquired lessee lease intangible liabilities, net | $ 44,615 |
Acquired Lease Intangible Lia_4
Acquired Lease Intangible Liabilities, Net - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization for below market leases | $ 102,183 | $ 147,228 |
Lessee [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization for below market leases | $ 592 | $ 0 |
Acquired Lease Intangible Lia_5
Acquired Lease Intangible Liabilities, Net - Summary of Future Amortization for Acquired Lease Intangible Liabilities (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Indefinite-Lived Intangible Assets [Line Items] | ||
2023 | $ 105,188 | |
2024 | 105,188 | |
2025 | 105,188 | |
2026 | 93,907 | |
2027 | 93,907 | |
Thereafter | 91,980 | |
Acquired lessor lease intangible liabilities, net | 595,358 | $ 577,388 |
Lessee [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
2023 | 732 | |
2024 | 732 | |
2025 | 732 | |
2026 | 732 | |
2027 | 732 | |
Thereafter | 40,955 | |
Acquired lessor lease intangible liabilities, net | $ 44,615 |
Redeemable Non-Controlling In_3
Redeemable Non-Controlling Interests - Summary of Redeemable Non-Controlling Interests (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Redeemable Non-Controlling Interest, Balance | $ 9,134,979 | $ 8,198,251 |
Stockholders' Equity Attributable to Noncontrolling Interest, Beginning Balance | 469,712 | |
Issuance of Redeemable Operating Partnership Units for property acquisition | 1,109,570 | 2,100,000 |
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) | |
Common stock issued to redeem Redeemable Non-Controlling Interest | (1,200,000) | |
Distribution on Redeemable Non-Controlling Interest | (436,347) | (478,737) |
Net income (loss) for the year | 500,481 | 515,465 |
Redeemable Non-Controlling Interest, Balance | 5,789,731 | 9,134,979 |
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance | 445,035 | 469,712 |
Brown Family Trust | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Redeemable Non-Controlling Interest, Balance | 500,000 | 1,200,000 |
Issuance of Redeemable Operating Partnership Units for property acquisition | 0 | 500,000 |
Redemption of Redeemable Non-Controlling Interest | 0 | (1,200,000) |
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest | 0 | |
Common stock issued to redeem Redeemable Non-Controlling Interest | 0 | |
Distribution on Redeemable Non-Controlling Interest | (45,039) | (120,971) |
Net income (loss) for the year | 45,039 | 120,971 |
Redeemable Non-Controlling Interest, Balance | 500,000 | 500,000 |
Irby Property Partners | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Redeemable Non-Controlling Interest, Balance | 976,756 | 0 |
Issuance of Redeemable Operating Partnership Units for property acquisition | 0 | 950,000 |
Redemption of Redeemable Non-Controlling Interest | 0 | 0 |
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest | 0 | |
Common stock issued to redeem Redeemable Non-Controlling Interest | 0 | |
Distribution on Redeemable Non-Controlling Interest | (76,269) | (53,511) |
Net income (loss) for the year | 114,261 | 80,267 |
Redeemable Non-Controlling Interest, Balance | 1,014,748 | 976,756 |
Hornstrom | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Redeemable Non-Controlling Interest, Balance | 659,972 | 0 |
Issuance of Redeemable Operating Partnership Units for property acquisition | 0 | 650,000 |
Redemption of Redeemable Non-Controlling Interest | 0 | 0 |
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest | 0 | |
Common stock issued to redeem Redeemable Non-Controlling Interest | 0 | |
Distribution on Redeemable Non-Controlling Interest | (52,346) | (19,945) |
Net income (loss) for the year | 78,488 | 29,917 |
Redeemable Non-Controlling Interest, Balance | 686,114 | 659,972 |
LMB Owenton I LLC | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Redeemable Non-Controlling Interest, Balance | 0 | 0 |
Issuance of Redeemable Operating Partnership Units for property acquisition | 1,109,570 | 0 |
Redemption of Redeemable Non-Controlling Interest | 0 | 0 |
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest | 0 | |
Common stock issued to redeem Redeemable Non-Controlling Interest | 0 | |
Distribution on Redeemable Non-Controlling Interest | (69,310) | 0 |
Net income (loss) for the year | 69,310 | 0 |
Redeemable Non-Controlling Interest, Balance | 1,109,570 | 0 |
Gip Lp Member | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Redeemable Non-Controlling Interest, Balance | 6,998,251 | 6,998,251 |
Issuance of Redeemable Operating Partnership Units for property acquisition | 0 | 0 |
Redemption of Redeemable Non-Controlling Interest | (406,652) | 0 |
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) | |
Distribution on Redeemable Non-Controlling Interest | (193,383) | (284,310) |
Net income (loss) for the year | 193,383 | 284,310 |
Redeemable Non-Controlling Interest, Balance | 2,479,299 | 6,998,251 |
Noncontrolling Interest Member | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Stockholders' Equity Attributable to Noncontrolling Interest, Beginning Balance | 469,712 | 486,180 |
Issuance of Redeemable Operating Partnership Units for property acquisition | 0 | 0 |
Redemption of Redeemable Non-Controlling Interest | 0 | 0 |
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest | 0 | |
Common stock issued to redeem Redeemable Non-Controlling Interest | 0 | |
Distribution on Redeemable Non-Controlling Interest | (14,658) | (14,584) |
Net income (loss) for the year | (10,019) | (1,884) |
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance | $ 445,035 | $ 469,712 |
Redeemable Non-Controlling In_4
Redeemable Non-Controlling Interests - Additional Information (Details) | 12 Months Ended | |||||||||||||||||||||||||
Aug. 09, 2022 USD ($) | Jan. 14, 2022 USD ($) 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 ($) Investor Property Entity $ / shares shares | Sep. 11, 2019 USD ($) | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 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 | Feb. 08, 2023 $ / shares | Feb. 07, 2023 $ / shares | Sep. 30, 2022 $ / shares shares | Sep. 15, 2022 USD ($) $ / shares shares | Sep. 13, 2022 USD ($) | Jul. 20, 2022 $ / shares shares | Apr. 25, 2022 USD ($) $ / shares shares | Mar. 21, 2022 USD ($) $ / shares shares | Aug. 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 | $ 5,789,731 | $ 9,134,979 | $ 8,198,251 | |||||||||||||||||||||||
Issuance of Other payable - related party for Redemption of Non-Controlling Interest | $ 2,912,300 | $ 0 | ||||||||||||||||||||||||
Redemption price discount average | 15% | |||||||||||||||||||||||||
Common units issue price per share | $ / shares | $ 10 | $ 7.15 | ||||||||||||||||||||||||
Common units redemption price per share | $ / shares | $ 20 | |||||||||||||||||||||||||
Common stock, shares issued | shares | 2,501,644 | 2,172,950 | ||||||||||||||||||||||||
Issuance of Other payable for redemption of Redeemable Non-Controlling Interest | $ (2,912,300) | |||||||||||||||||||||||||
Long-term debt, gross | $ 40,038,559 | |||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||||||||||||||
Additional paid-in capital | $ 19,307,518 | $ 19,051,929 | ||||||||||||||||||||||||
Brown Family Trust | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Redeemable noncontrolling interest redeemed | 500,000 | 500,000 | $ 1,200,000 | 1,200,000 | ||||||||||||||||||||||
Issuance of Other payable for redemption of Redeemable Non-Controlling Interest | 0 | |||||||||||||||||||||||||
Irby Property Partners | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Redeemable noncontrolling interest redeemed | 1,014,748 | 976,756 | 0 | |||||||||||||||||||||||
Issuance of Other payable for redemption of Redeemable Non-Controlling Interest | 0 | |||||||||||||||||||||||||
Hornstrom | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Redeemable noncontrolling interest redeemed | 686,114 | $ 659,972 | $ 0 | |||||||||||||||||||||||
Issuance of Other payable for redemption of Redeemable Non-Controlling Interest | $ 0 | |||||||||||||||||||||||||
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 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% | 10% | ||||||||||||||||||||||||
Noncontrolling interest, description | Pursuant to the agreement, the Company pays 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. | |||||||||||||||||||||||||
Issuance of Other payable - related party for Redemption of Non-Controlling Interest | $ 500,000 | |||||||||||||||||||||||||
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 pays 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% | |||||||||||||||||||||||||
Issuance of Other payable - related party for Redemption of Non-Controlling Interest | $ 1,014,748 | |||||||||||||||||||||||||
Noncontrolling interest total internal rate of return percentage | 12% | |||||||||||||||||||||||||
Noncontrolling interest, amount due | $ 950,000 | |||||||||||||||||||||||||
Preferred Equity Agreement | Hornstrom | Preferred Equity Partners | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Capital contribution received | $ 650,000 | |||||||||||||||||||||||||
Noncontrolling interest, description | Pursuant to the agreement, the Company pays 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% | |||||||||||||||||||||||||
Issuance of Other payable - related party for Redemption of Non-Controlling Interest | $ 686,114 | |||||||||||||||||||||||||
Noncontrolling interest total internal rate of return percentage | 12% | |||||||||||||||||||||||||
Noncontrolling interest, amount due | $ 650,000 | |||||||||||||||||||||||||
Contribution Agreement | One Entity | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Redeemable noncontrolling interest redeemed | $ 1,109,570 | |||||||||||||||||||||||||
Number of entities | Entity | 1 | |||||||||||||||||||||||||
Number of common units issued | shares | 110,957 | 24,309 | ||||||||||||||||||||||||
Common units issue price per share | $ / shares | $ 10 | $ 20 | ||||||||||||||||||||||||
Common units value issued | $ 1,109,570 | $ 486,180 | ||||||||||||||||||||||||
Common units redemption price per share | $ / shares | $ 10 | |||||||||||||||||||||||||
Contribution Agreement | One Entity | President | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Ownership percentage | 11% | |||||||||||||||||||||||||
Contribution Agreement | Two Entities [Member] | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Number of entities | Entity | 2 | |||||||||||||||||||||||||
Number of common units issued | shares | 349,913 | |||||||||||||||||||||||||
Common units issue price per share | $ / shares | $ 20 | |||||||||||||||||||||||||
Common units value issued | $ 6,998,251 | |||||||||||||||||||||||||
Number of investors required to redeem | Investor | 2 | |||||||||||||||||||||||||
Common units redemption price per share | $ / shares | $ 20 | $ 20 | $ 20 | $ 20 | $ 20 | $ 20 | ||||||||||||||||||||
Number Of Common Units Redeemed | shares | 180,615 | 129,365 | 16,250 | 25,000 | 10,166.3 | 10,166.3 | ||||||||||||||||||||
Common Units Value Redeemed | $ 325,000 | $ 203,326 | $ 203,326 | |||||||||||||||||||||||
Issuance of Other payable for redemption of Redeemable Non-Controlling Interest | $ 2,912,300 | |||||||||||||||||||||||||
First installment payment | $ 325,000 | |||||||||||||||||||||||||
Long-term debt, gross | $ 2,587,300 | |||||||||||||||||||||||||
Cocoa, FL | Preferred Equity Agreement | Brown Family Trust | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Acquisition of building | $ 4,578,800 | |||||||||||||||||||||||||
Manteo, NC | Preferred Equity Agreement | Brown Family Trust | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Acquisition of building | $ 1,737,800 | |||||||||||||||||||||||||
Plant City, FL | Preferred Equity Agreement | Irby Property Partners | Preferred Equity Partners | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Acquisition of building | $ 1,757,300 | |||||||||||||||||||||||||
Rockford, IL | Preferred Equity Agreement | Hornstrom | Preferred Equity Partners | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Acquisition of building | $ 724,800 | |||||||||||||||||||||||||
Buildings In Norfolk V A | Contribution Agreement | Two Entities [Member] | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Acquisition of building | $ 19,134,400 | |||||||||||||||||||||||||
Number of properties acquired | Property | 2 | |||||||||||||||||||||||||
Building In Tampa F L | Contribution Agreement | One Entity | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Acquisition of building | $ 2,264,000 | $ 1,847,700 | ||||||||||||||||||||||||
Number of properties acquired | Building | 1 | 1 | ||||||||||||||||||||||||
Tranche One | Contribution Agreement | Two Entities [Member] | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Number Of Common Units Redeemed | shares | 16,250 | |||||||||||||||||||||||||
Tranche Two | Contribution Agreement | Two Entities [Member] | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Number Of Common Units Redeemed | shares | 22,623 | |||||||||||||||||||||||||
Tranche Three | Contribution Agreement | Two Entities [Member] | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Number Of Common Units Redeemed | shares | 22,623 | |||||||||||||||||||||||||
Tranche Four | Contribution Agreement | Two Entities [Member] | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Number Of Common Units Redeemed | shares | 22,623 | |||||||||||||||||||||||||
Tranche Five | Contribution Agreement | Two Entities [Member] | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Number Of Common Units Redeemed | shares | 22,623 | |||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Common stock, shares issued | shares | 200,000 | |||||||||||||||||||||||||
Common Stock | Contribution Agreement | Two Entities [Member] | ||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||||||||||||||
Number Of Common Units Redeemed | shares | 60,000 | |||||||||||||||||||||||||
Common stock, shares issued | shares | 200,000 | |||||||||||||||||||||||||
Common stock issue price | $ / shares | $ 6 | |||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 2,000 | |||||||||||||||||||||||||
Additional paid-in capital | $ 1,198,000 |
Equity - Additional Information
Equity - Additional Information (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
Sep. 12, 2022 USD ($) $ / shares shares | Apr. 12, 2022 $ / shares shares | Jan. 06, 2022 $ / shares shares | Sep. 30, 2021 USD ($) TradingDay Director $ / shares shares | Sep. 08, 2021 USD ($) shares | Nov. 13, 2020 USD ($) $ / 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 | Oct. 31, 2021 shares | Sep. 30, 2021 Director $ / shares shares | Mar. 31, 2021 shares | Feb. 28, 2021 Director shares | Jan. 31, 2021 shares | Sep. 30, 2020 Director shares | Sep. 30, 2021 Director $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) shares | |
Class Of Stock [Line Items] | ||||||||||||||||||||
Warrants to purchase shares of common stock | 1,102,900 | 1,765,000 | ||||||||||||||||||
Common warrants exercisable price per share | $ / shares | $ 20 | |||||||||||||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||||||||||||||||||
Undesignated preferred stock, shares authorized | 10,000,000 | |||||||||||||||||||
Preferred stock, shares issued | 0 | |||||||||||||||||||
Common stock issued amount | $ | $ 13,761,769 | |||||||||||||||||||
Additional Paid in Capital, Common Stock | $ | $ 19,307,518 | $ 19,051,929 | ||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||||||||
Number of warrants to purchase common stock | 1 | |||||||||||||||||||
Shares issued price per share | $ / shares | $ 10 | $ 10 | $ 10 | |||||||||||||||||
Common warrants expiration term | 7 years | 3 years 8 months 12 days | 4 years 8 months 12 days | 6 years 1 month 6 days | ||||||||||||||||
Redeemable shares of common stock, value | $ | $ (100) | |||||||||||||||||||
Write-off of deferred financing cost | $ | $ 252,256 | 0 | ||||||||||||||||||
Costs associated with public equity raise | $ | 1,279,800 | |||||||||||||||||||
Less Debt Issuance Costs, net | $ | $ 717,381 | $ 637,693 | $ 614,100 | |||||||||||||||||
Warrants outstanding | 1,102,900 | 1,914,850 | 100,000 | |||||||||||||||||
Intrinsic value of the warrants | $ | $ 0 | $ 0 | ||||||||||||||||||
Stock based compensation expense | $ | $ 421,882 | $ 201,690 | ||||||||||||||||||
Restricted Shares | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Shares issued price per share | $ / shares | $ 20 | |||||||||||||||||||
Number of shares granted | 14,000 | 47,499 | 14,000 | |||||||||||||||||
Vesting period | 3 years | |||||||||||||||||||
2020 Omnibus Incentive Plan | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Number of shares granted | 60,249 | 12,750 | ||||||||||||||||||
Reserves shares of common stock | 2,000,000 | |||||||||||||||||||
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 | |||||||||||||||||||
Number of shares granted | 47,142 | |||||||||||||||||||
Vesting period | 1 year | |||||||||||||||||||
Director | Unrestricted Shares | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Number of shares granted | 1,666 | |||||||||||||||||||
Director | Shares Granted, July 15, 2019 | Restricted Shares | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Shares issued price per share | $ / shares | $ 20 | |||||||||||||||||||
Number of shares granted | 2,500 | 1,666 | 1,668 | |||||||||||||||||
Number of independent directors granted shares | Director | 2 | |||||||||||||||||||
Vesting period | 12 months | |||||||||||||||||||
Award expiration period | 36 months | |||||||||||||||||||
Grant award value | $ | $ 50,000 | |||||||||||||||||||
Number of directors granted shares | Director | 2 | 2 | 2 | 2 | ||||||||||||||||
Director | Shares Granted, February 3, 2020 | Restricted Shares | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Shares issued price per share | $ / shares | $ 20 | |||||||||||||||||||
Number of shares granted | 2,500 | 3,334 | ||||||||||||||||||
Number of independent directors granted shares | Director | 2 | |||||||||||||||||||
Vesting period | 12 months | |||||||||||||||||||
Award expiration period | 36 months | |||||||||||||||||||
Grant award value | $ | $ 50,000 | |||||||||||||||||||
Number of directors granted shares | Director | 2 | 2 | 2 | |||||||||||||||||
Director | Shares Granted, February 3, 2020 | Unrestricted Shares | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Number of directors granted shares | Director | 2 | |||||||||||||||||||
Chief Financial Officer | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Compensation expense recognized | $ | $ 112,432 | |||||||||||||||||||
Chief Financial Officer | Restricted Shares | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Shares issued price per share | $ / shares | $ 20 | |||||||||||||||||||
Number of shares granted | 6,250 | 4,167 | ||||||||||||||||||
Vesting period | 12 months | |||||||||||||||||||
Award expiration period | 36 months | |||||||||||||||||||
Grant award value | $ | $ 125,000 | |||||||||||||||||||
Shares awarded per month for waiving right to cash compensation | 550 | |||||||||||||||||||
Shares issued during the period | 2,750 | 2,200 | 10,000 | |||||||||||||||||
Chief Financial Officer | Unrestricted Shares | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Number of shares granted | 2,083 | |||||||||||||||||||
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 | |||||||||||||||||||
Common Stock | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Common stock issued amount | $ | $ 1,000,000 | $ 16,650 | ||||||||||||||||||
Common stock issued | 50,000 | 1,665,000 | ||||||||||||||||||
Shares issued price per share | $ / shares | $ 20 | |||||||||||||||||||
Redeemable shares of common stock | (112,500) | |||||||||||||||||||
Redeemable shares of common stock, value | $ | $ (1,125) | |||||||||||||||||||
Warrants | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Common warrants exercisable price per share | $ / shares | $ 20 | |||||||||||||||||||
Common stock issued amount | $ | $ 1,000,000 | |||||||||||||||||||
Common stock issued | 50,000 | |||||||||||||||||||
Number of warrants to purchase common stock | 1 | |||||||||||||||||||
Shares issued price per share | $ / shares | $ 20 | |||||||||||||||||||
Common warrants expiration term | 7 years | |||||||||||||||||||
Over-Allotment Option | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Percentage of shares underlying warrants that may be exercised based on trading price | 10% | |||||||||||||||||||
Shares underlying warrants that may be exercised based on trading price, period after issuance | 120 days | |||||||||||||||||||
Shares underlying warrants that may be exercised, number of trading days for calculation of trading price | TradingDay | 10 | |||||||||||||||||||
Over-Allotment Option | Maxim Group LLC | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Warrants to purchase shares of common stock | 149,850 | |||||||||||||||||||
Percentage of number of shares of common stock sold in offering | 9% | |||||||||||||||||||
Common warrants exercisable price per share | $ / shares | $ 12.50 | |||||||||||||||||||
Warrants to purchase shares of common stock, expiration date | Sep. 02, 2026 | |||||||||||||||||||
Over-Allotment Option | Common Stock | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Common stock issued amount | $ | $ 13,800,000 | |||||||||||||||||||
Common stock issued | 165,000 | |||||||||||||||||||
Public Offering | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Number of warrants to purchase common stock | 1 | |||||||||||||||||||
Public Offering | Common Stock | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Common stock issued | 1,500,000 | |||||||||||||||||||
Public Offering | Treasury Stock | CEO | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Redeemable shares of common stock | 112,500 | |||||||||||||||||||
Redeemable shares of common stock, value | $ | $ 100 | |||||||||||||||||||
Redemption Agreements | ||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||
Common stock issued | 200,000 | |||||||||||||||||||
Additional Paid in Capital, Common Stock | $ | $ 1,198,000 | |||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 2,000 | |||||||||||||||||||
Shares issued price per share | $ / shares | $ 6 |
Equity - Schedule of Warrants I
Equity - Schedule of Warrants Issued with Exercise Price (Details) - $ / shares | Sep. 30, 2021 | Sep. 08, 2021 | Nov. 13, 2020 | Apr. 25, 2019 | Dec. 31, 2022 |
Class Of Warrant Or Right [Line Items] | |||||
Issue Date | Nov. 13, 2020 | Apr. 25, 2019 | |||
Exercise price | $ 20 | ||||
Warrants Issued and Outstanding | 50,000 | 50,000 | 1,102,900 | ||
Exercise Price of $10.00 | |||||
Class Of Warrant Or Right [Line Items] | |||||
Issue Date | Sep. 30, 2021 | Sep. 08, 2021 | |||
Exercise price | $ 10 | $ 10 | |||
Warrants Issued and Outstanding | 165,000 | 688,050 | |||
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 Member | |||||
Class Of Warrant Or Right [Line Items] | |||||
Exercise price | $ 20 | $ 20 |
Equity - Summary of Warrants Ou
Equity - Summary of Warrants Outstanding (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||
Number of Warrants, Beginning balance | 1,914,850 | 100,000 |
Number of Warrants, Exercised | 811,950 | |
Weighted Average Price, Exercised | $ 10 | |
Number of Warrants, Issuance | 1,814,850 | |
Number of Warrants, Ending balance | 1,102,900 | 1,914,850 |
Warrants to purchase shares of common stock | 1,102,900 | 1,765,000 |
Weighted Average Price, Beginning balance | $ 10.72 | $ 20 |
Weighted Average Price, Issuance | 10.21 | |
Weighted Average Price, Ending balance | 11.25 | 10.72 |
Weighted Average Price, Warrants exercisable | $ 11.25 | $ 10.57 |
Weighted Average Remaining Life, Beginning balance | 4 years 8 months 12 days | 6 years 1 month 6 days |
Weighted Average Remaining Life, Ending balance | 3 years 8 months 12 days | 4 years 8 months 12 days |
Weighted Average Remaining Life, Warrants exercisable | 3 years 8 months 12 days | 4 years 8 months 12 days |
Equity - Schedule of Restricted
Equity - Schedule of Restricted Common Shares Issued (Details) - Restricted Shares - shares | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 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 | 14,000 | 47,499 | 14,000 |
Restricted Shares Vested | (12,164) | (5,415) | |
Number of Restricted Shares Outstanding at end of the period | 58,502 | 23,167 |
Equity - Schedule of Cash Distr
Equity - Schedule of Cash Distributions (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares | |
Dividend Tranche One | |
Dividends Payable [Line Items] | |
Board of Directors Authorized Date | Oct. 03, 2022 |
Record Date | Dec. 15, 2022 |
Per Share or Per Unit Cash Distributions to Common Shareholders and Operating Partnership Unit Holders | $ 0.039 |
Dividend Tranche Two | |
Dividends Payable [Line Items] | |
Board of Directors Authorized Date | Oct. 03, 2022 |
Record Date | Nov. 15, 2022 |
Per Share or Per Unit Cash Distributions to Common Shareholders and Operating Partnership Unit Holders | $ 0.039 |
Dividend Tranche Three | |
Dividends Payable [Line Items] | |
Board of Directors Authorized Date | Oct. 03, 2022 |
Record Date | Oct. 15, 2022 |
Per Share or Per Unit Cash Distributions to Common Shareholders and Operating Partnership Unit Holders | $ 0.039 |
Dividend Tranche Four | |
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 Five | |
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 Six | |
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 Seven | |
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 Eight | |
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 Nine | |
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 Ten | |
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 Eleven | |
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 Twelve | |
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 Thirteen | |
Dividends Payable [Line Items] | |
Board of Directors Authorized Date | Oct. 05, 2021 |
Record Date | Dec. 15, 2021 |
Per Share or Per Unit Cash Distributions to Common Shareholders and Operating Partnership Unit Holders | $ 0.054 |
Dividend Tranche Fourteen | |
Dividends Payable [Line Items] | |
Board of Directors Authorized Date | Oct. 05, 2021 |
Record Date | Nov. 15, 2021 |
Per Share or Per Unit Cash Distributions to Common Shareholders and Operating Partnership Unit Holders | $ 0.054 |
Dividend Tranche Fifteen | |
Dividends Payable [Line Items] | |
Board of Directors Authorized Date | Oct. 05, 2021 |
Record Date | Oct. 15, 2021 |
Per Share or Per Unit Cash Distributions to Common Shareholders and Operating Partnership Unit Holders | $ 0.054 |
Dividend Tranche Sixteen | |
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 Seventeen | |
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 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Tenant | Dec. 31, 2021 Tenant | Mar. 09, 2022 Property | |
Lessee, Lease, Description [Line Items] | |||
Number of tenants | Tenant | 4 | 4 | |
Number of properties acquired | Property | 1 | ||
Lease expiration year | 2084 | ||
Ground Lease | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease, expense | $ 312,539 | ||
Variable lease expense | 0 | ||
Right of use liability,net | $ 188,913 |
Leases - Summary of Disaggregat
Leases - Summary of Disaggregation of Lease Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Fixed and in-substance fixed lease income | $ 4,510,677 | $ 3,213,975 |
Variable lease income | 608,985 | 453,629 |
Other related lease income, net: | ||
Amortization for below market leases | 102,183 | 147,228 |
Straight line rent, net | 172,933 | 40,014 |
Total Rental income | $ 5,394,778 | $ 3,854,846 |
Leases - Schedule of Concentrat
Leases - Schedule of Concentration Risk Percentage (Details) - Customer Concentration Risk - Sales Revenue Net | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Pratt And Whitney Corporation | Huntsville, AL | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 15% | 18% |
General Services Administration | Norfolk, VA & Manteo, NC | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 22% | 23% |
Maersk Shipping | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 10% | |
PRA Holding | Norfolk, VA | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 16% | 19% |
Kohl's Corporation | Tuscon, Arizona | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 14% | 0% |
Minimum | Maersk Shipping | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 10% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Rental Cash Payments Due (Details) | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 4,759,066 |
2024 | 4,785,452 |
2025 | 4,635,711 |
2026 | 4,513,724 |
2027 | 3,919,117 |
Thereafter | 5,210,921 |
Future minimum rental cash payments due | $ 27,823,991 |
Leases - Summary of Undiscounte
Leases - Summary of Undiscounted Future Cash Flows and Reconciliation to Right of Use Liability (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||
Lease liability, net | $ 6,356,288 | $ 0 |
Ground Lease | ||
Lessee, Lease, Description [Line Items] | ||
2023 | 232,701 | |
2024 | 244,077 | |
2025 | 245,111 | |
2026 | 245,111 | |
2027 | 245,111 | |
Thereafter | 21,820,644 | |
Total undiscounted liability | 23,032,755 | |
Present value discount | (16,676,467) | |
Lease liability, net | $ 6,356,288 | |
Discount rate | 4.58% | |
Term | 61 years |
Debt - Schedule of Mortgage loa
Debt - Schedule of Mortgage loans outstanding (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Apr. 01, 2022 | Apr. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 40,038,559 | |||||
Less: debt issuance costs, net | $ (717,381) | $ (637,693) | $ (614,100) | |||
Promissory Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.85% | 2.50% | ||||
DSCR Required | 1.50% | |||||
Mortgage Loans | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage loan issued amount | $ 37,450,913 | |||||
Long-term debt, gross | 35,951,259 | 29,606,988 | ||||
Less: debt issuance costs, net | (717,381) | (637,693) | ||||
Long-term debt | $ 35,233,878 | 28,969,295 | ||||
Mortgage Loans | 7-11 - Washington, DC; Starbucks-South Tampa, FL; and Pratt & Whitney-Hunstville, Alabama | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 4.17% | |||||
Mortgage loan issued amount | [1] | $ 11,287,500 | ||||
DSCR Required | 1.25% | |||||
Maturity Date | Mar. 06, 2030 | |||||
Long-term debt, gross | $ 10,957,829 | 11,150,130 | ||||
Mortgage Loans | GSA-Navy & Maersk - Norfolk, Virginia | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.50% | |||||
Mortgage loan issued amount | $ 8,260,000 | |||||
DSCR Required | 1.25% | |||||
Maturity Date | Sep. 30, 2024 | |||||
Long-term debt, gross | $ 7,578,304 | 7,805,524 | ||||
Mortgage Loans | PRA Holdings, Inc. - Norfolk, Virginia | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.50% | |||||
Mortgage loan issued amount | $ 5,216,749 | |||||
DSCR Required | 1.25% | |||||
Maturity Date | Oct. 23, 2024 | |||||
Long-term debt, gross | $ 4,728,462 | 4,889,670 | ||||
Mortgage Loans | Sherwin-Williams - Tampa, Florida | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | [2] | 3.72% | ||||
Mortgage loan issued amount | $ 1,286,664 | |||||
DSCR Required | 1.20% | |||||
Maturity Date | Aug. 10, 2028 | |||||
Long-term debt, gross | $ 1,286,664 | 1,286,664 | ||||
Mortgage Loans | GSA-FBI - Manteo,North Carolina | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | [3] | 3.85% | ||||
Mortgage loan issued amount | [4] | $ 928,728 | ||||
DSCR Required | 1.50% | |||||
Maturity Date | Mar. 31, 2032 | |||||
Long-term debt, gross | $ 928,728 | 1,275,000 | ||||
Mortgage Loans | Irby Construction - Plant City , Florida | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | [3] | 3.85% | ||||
Mortgage loan issued amount | [4] | $ 928,728 | ||||
DSCR Required | 1.50% | |||||
Maturity Date | Mar. 31, 2032 | |||||
Long-term debt, gross | $ 928,728 | 850,000 | ||||
Mortgage Loans | Best Buy - Grand Junction, Colorado | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | [3] | 3.85% | ||||
Mortgage loan issued amount | [4] | $ 2,552,644 | ||||
DSCR Required | 1.50% | |||||
Maturity Date | Mar. 31, 2032 | |||||
Long-term debt, gross | $ 2,552,644 | 2,350,000 | ||||
Mortgage Loans | Fresenius - Chicago, Illinois | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | [3] | 3.85% | ||||
Mortgage loan issued amount | [4] | $ 1,727,108 | ||||
DSCR Required | 1.50% | |||||
Maturity Date | Mar. 31, 2032 | |||||
Long-term debt, gross | $ 1,727,108 | 0 | ||||
Mortgage Loans | Starbucks - North Tampa, Florida | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | [3] | 3.85% | ||||
Mortgage loan issued amount | [4] | $ 1,298,047 | ||||
DSCR Required | 1.50% | |||||
Maturity Date | Mar. 31, 2032 | |||||
Long-term debt, gross | $ 1,298,047 | 0 | ||||
Mortgage Loans | Kohls - Tucson, Arizona | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | [3] | 3.85% | ||||
Mortgage loan issued amount | [4] | $ 3,964,745 | ||||
DSCR Required | 1.50% | |||||
Maturity Date | Mar. 31, 2032 | |||||
Long-term debt, gross | $ 3,964,745 | $ 0 | ||||
[1] Loan subject to prepayment penalty Fixed via interest rate swap Adjustment effective April 1, 2027 equal to 5-year Treasury plus 2.5 % and subject to a floor of 3.85 % One loan in the amount of $ 11.4 million secured by six properties and allocated to each property based on each property's appraised value. |
Debt - Schedule of Mortgage l_2
Debt - Schedule of Mortgage loans outstanding (Parenthetical) (Details) | 1 Months Ended | |||
Apr. 01, 2022 USD ($) | Apr. 30, 2022 | Dec. 31, 2022 USD ($) Property | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||
Secured debt | $ 35,233,878 | $ 28,969,295 | ||
Loan Agreements | ||||
Debt Instrument [Line Items] | ||||
Number of encumbered properties | Property | 6 | |||
Secured debt | $ 11,400,000 | |||
Debt instrument, subject to a floor interest rate | 3.85% | |||
Debt instrument, fixed interest rate | 2.50% | |||
Promissory Notes | ||||
Debt Instrument [Line Items] | ||||
Number of encumbered properties | Property | 6 | |||
Secured debt | $ 2,100,000 | $ 11,400,000 | ||
Interest rate | 3.85% | 2.50% |
Debt - Additional Information (
Debt - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||
Aug. 09, 2022 USD ($) | Jul. 20, 2022 USD ($) | May 09, 2022 USD ($) | Apr. 01, 2022 USD ($) Loan | Oct. 26, 2021 USD ($) | May 31, 2022 | Apr. 30, 2022 | Oct. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2022 USD ($) Property Loan $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Oct. 14, 2022 USD ($) | Sep. 13, 2022 USD ($) | Jan. 14, 2022 Property | |
Debt Instrument [Line Items] | ||||||||||||||
Amortization of debt issuance costs | $ 118,930 | $ 120,343 | ||||||||||||
Payments of debt issuance costs | 342,647 | 69,780 | ||||||||||||
Secured debt | $ 35,233,878 | 28,969,295 | ||||||||||||
Number Of Mortage Loan | Loan | 1 | |||||||||||||
Loss on debt extinguishment | $ (144,029) | 0 | ||||||||||||
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest | (2,912,300) | |||||||||||||
Long-term debt, gross | 40,038,559 | |||||||||||||
Other payable - related party | $ 2,587,300 | $ 0 | ||||||||||||
Common stock, shares issued | shares | 2,501,644 | 2,172,950 | ||||||||||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||
Additional paid-in capital | $ 19,307,518 | $ 19,051,929 | ||||||||||||
Brown Family Enterprises, LLC [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Secured Non Convertible Promissory Note | $ 1,500,000 | |||||||||||||
Interest Rate on Debt Instrument | 9% | |||||||||||||
Redemption Agreement Member | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest | $ 2,912,300 | |||||||||||||
First installment payment | $ 325,000 | |||||||||||||
Common stock, shares issued | shares | 200,000 | |||||||||||||
Common stock, par value | $ / shares | $ 6 | |||||||||||||
Additional paid-in capital | $ 1,198,000 | |||||||||||||
Redemption Agreement Member | Common Stock | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Common stock, par value | $ / shares | $ 2,000 | |||||||||||||
President and Ceo [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Guaranty fee expense payable | $ 128,901 | 0 | ||||||||||||
Promissory Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Amortization of debt issuance costs | 118,930 | 120,343 | ||||||||||||
Payments of debt issuance costs | $ 342,647 | 69,780 | ||||||||||||
DSCR Required | 1.50% | |||||||||||||
Secured debt | $ 2,100,000 | $ 11,400,000 | ||||||||||||
Interest Rate | 3.85% | 2.50% | ||||||||||||
Loan to value required not interest rate | 54% | |||||||||||||
Number Of Mortage Loan | Loan | 1 | |||||||||||||
Number of encumbered properties | Property | 6 | |||||||||||||
Number of refinanceing properties | Property | 7 | |||||||||||||
Loan Secured by Properties | Property | 6 | |||||||||||||
Promissory Notes | Brown Family Enterprises, LLC [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate on Debt Instrument | 9% | |||||||||||||
Promissory Notes | Redemption Agreement Member | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest | $ 2,912,300 | |||||||||||||
First installment payment | $ 325,000 | |||||||||||||
Promissory Notes | President and Ceo [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Borrowing under facility | $ 2,400,000 | |||||||||||||
Loss on debt extinguishment | $ 144,029 | |||||||||||||
Write off unamortized debt issuance costs | 21,000 | |||||||||||||
Promissory Notes | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate | 3.50% | |||||||||||||
Promissory Notes | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate | 4.25% | |||||||||||||
Promissory Notes | Floor Rate | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit, interest rate | 3.85% | |||||||||||||
Promissory Notes | American Momentum Bank | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility - amount available to borrow | $ 25,000,000 | |||||||||||||
Promissory Notes | Commitment Letter | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Effective Contingent Future Capital Raise | 25,000,000 | |||||||||||||
Promissory Notes | Commitment Letter | Floor Rate | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate | 3.25% | |||||||||||||
Promissory Notes | Commitment Letter | Margin | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate | 2.40% | |||||||||||||
Promissory Notes | Commitment Letter | American Momentum Bank | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility - amount available to borrow | $ 50,000,000 | |||||||||||||
Promissory Notes | D C Tampa Huntsville Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Secured debt | 11,000,000 | |||||||||||||
Promissory Notes | Tampa Sherwin Williams Property | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Secured debt | 1,300,000 | |||||||||||||
Promissory Notes | Two Mortgage Loan Agreements | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Secured debt | $ 11,400,000 | 13,500,000 | ||||||||||||
Promissory Notes | Bayport Loans | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Secured debt | $ 12,300,000 | |||||||||||||
Number Of Mortage Loan | Loan | 6 | |||||||||||||
Promissory Notes | Bayport Loans | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate | 3.50% | |||||||||||||
Promissory Notes | Bayport Loans | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate | 4.25% |
Debt - Schedule of Minimum Requ
Debt - Schedule of Minimum Required Principal Payments (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
2023 | $ 1,562,984 | |
2024 | 15,736,930 | |
2025 | 546,280 | |
2026 | 568,514 | |
2027 | 591,656 | |
Thereafter | 21,032,195 | |
Long-term debt, gross | 40,038,559 | |
Other - Payable Related Party | ||
Debt Instrument [Line Items] | ||
2023 | 777,460 | |
2024 | 1,809,840 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Long-term debt, gross | 2,587,300 | |
Loan Payable - Related Party | ||
Debt Instrument [Line Items] | ||
2023 | 0 | |
2024 | 1,500,000 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Long-term debt, gross | 1,500,000 | |
Mortgage Loans | ||
Debt Instrument [Line Items] | ||
2023 | 785,524 | |
2024 | 12,427,090 | |
2025 | 546,280 | |
2026 | 568,514 | |
2027 | 591,656 | |
Thereafter | 21,032,195 | |
Long-term debt, gross | $ 35,951,259 | $ 29,606,988 |
Related Party - Additional Info
Related Party - Additional Information (Details) | 12 Months Ended | ||||||||
Jul. 20, 2022 USD ($) | Nov. 30, 2020 USD ($) ft² $ / shares shares | Dec. 31, 2022 USD ($) Property $ / shares shares | Feb. 08, 2023 $ / shares | Feb. 07, 2023 $ / shares | Oct. 14, 2022 USD ($) | Sep. 13, 2022 USD ($) | Dec. 31, 2021 USD ($) Property $ / shares shares | Aug. 13, 2021 ft² | |
Related Party Transaction [Line Items] | |||||||||
Number of properties owned | Property | 12 | 12 | |||||||
Area of property | ft² | 15,288 | ||||||||
Common units issue price per share | $ / shares | $ 10 | $ 7.15 | |||||||
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest | $ (2,912,300) | ||||||||
Long-term debt, gross | 40,038,559 | ||||||||
Other payable - related party | $ 2,587,300 | $ 0 | |||||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | |||||||
Common stock, shares issued | shares | 2,501,644 | 2,172,950 | |||||||
Additional paid-in capital | $ 19,307,518 | $ 19,051,929 | |||||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | |||||||
Brown Family Enterprises, LLC [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Secured Non Convertible Promissory Note | $ 1,500,000 | ||||||||
Interest Rate on Debt Instrument | 9% | ||||||||
Redemption Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest | $ 2,912,300 | ||||||||
Installment payment | $ 325,000 | ||||||||
Common stock, par value | $ / shares | $ 6 | ||||||||
Common stock, shares issued | shares | 200,000 | ||||||||
Additional paid-in capital | $ 1,198,000 | ||||||||
Common stock, par value | $ / shares | $ 6 | ||||||||
Redemption Agreement [Member] | Common Stock [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Common stock, par value | $ / shares | 2,000 | ||||||||
Common stock, par value | $ / shares | $ 2,000 | ||||||||
GIP fund 1, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ownership percentage | 0.09% | ||||||||
Building In Tampa F L | GIP fund 1, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Area of property | ft² | 3,500 | ||||||||
Acquisition of building | $ 1,800,000 | ||||||||
Debt financing | $ 1.3 | ||||||||
Number of common units issued | shares | 24,309 | ||||||||
Common units issue price per share | $ / shares | $ 20 | ||||||||
President | Building In Tampa F L | GIP fund 1, LLC | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage of ownership owned | 11% |
Tenant in Common Investment - A
Tenant in Common Investment - Additional Information (Details) | 12 Months Ended | ||||
Apr. 01, 2022 USD ($) | Aug. 31, 2021 USD ($) | Aug. 13, 2021 USD ($) ft² Tenant | Dec. 31, 2022 USD ($) Tenant | Dec. 31, 2021 Tenant | |
Tenant In Common Investment [Line Items] | |||||
Area of property | ft² | 15,288 | ||||
Number of tenants | Tenant | 4 | 4 | |||
Debt Service Coverage Ratio | 1.50% | ||||
Debt Refinanced Member | |||||
Tenant In Common Investment [Line Items] | |||||
Debt outstanding after refinanced | $ 2,100,000 | ||||
Debt instrument, fixed 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%. | ||||
Debt instrument, subject to a floor interest rate | 3.85% | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | ||||
Tenancy In Common | |||||
Tenant In Common Investment [Line Items] | |||||
Ownership percentage | 50% | ||||
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. | ||||
Contribution for ownership | $ 455,888 | ||||
Treasury Lock Member | |||||
Tenant In Common Investment [Line Items] | |||||
Debt instrument, fixed interest rate | 2.50% | ||||
Debt instrument, subject to a floor interest rate | 2.50% | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ||||
Floor Rate | |||||
Tenant In Common Investment [Line Items] | |||||
Debt instrument, fixed interest rate | 3.85% | ||||
Debt instrument, subject to a floor interest rate | 3.85% | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | ||||
Sunny Ridge | |||||
Tenant In Common Investment [Line Items] | |||||
Ownership percentage | 50% | ||||
Rockford, IL | |||||
Tenant In Common Investment [Line Items] | |||||
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 | $ 1,218,268 | ||||
Rockford, IL | Sunny Ridge | |||||
Tenant In Common Investment [Line Items] | |||||
Ownership percentage | 36.80% | ||||
Remainder of purchase price of property funded | $ 1,200,000 | ||||
Rockford, IL | Sunny Ridge | Richard Hornstrom | |||||
Tenant In Common Investment [Line Items] | |||||
Ownership percentage | 50% |
Tenant in Common Investment - C
Tenant in Common Investment - Condensed Income Statement of Tenant in Common Investment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Tenant In Common Investment [Line Items] | ||
Total Revenue | $ 5,432,462 | $ 3,900,096 |
Total operating expenses | 7,898,187 | 5,548,202 |
Operating income | (2,465,725) | (1,648,106) |
Loss on debt extinguishment | (144,029) | 0 |
Net income (loss) for the year | (3,237,640) | (1,226,014) |
Tenancy In Common | ||
Tenant In Common Investment [Line Items] | ||
Total Revenue | 372,556 | 141,906 |
Total operating expenses | 262,942 | 107,988 |
Operating income | 109,614 | 33,918 |
Loss on debt extinguishment | (31,851) | 0 |
Net income | 77,763 | 33,918 |
Net income (loss) for the year | $ 37,298 | $ 12,495 |
Tenant in Common Investment -_2
Tenant in Common Investment - Condensed Balance Sheet of Tenant in Common Investment (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Tenant In Common Investment [Line Items] | |||
Prepaid Expense | $ 132,642 | $ 237,592 | |
Deferred Rent Receivables, Net | 288,797 | 156,842 | |
Finite-Lived Intangible Assets, Net | 3,155,358 | 2,309,157 | |
Total Assets | 64,210,095 | 53,420,716 | |
Total liabilities | 47,283,591 | 30,145,523 | |
Prepaid rent | 271,189 | 187,960 | |
Operating Lease, Liability | 6,356,288 | 0 | |
Secured Debt | 35,233,878 | 28,969,295 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 11,136,773 | 14,140,214 | $ 1,856,219 |
Total Liabilities and Equity | 64,210,095 | 53,420,716 | |
Tenancy In Common | |||
Tenant In Common Investment [Line Items] | |||
Prepaid Expense | 343 | 522 | |
Net real estate investments | 4,503,120 | 4,621,135 | |
Deferred Rent Receivables, Net | 7,132 | 2,108 | |
Total Assets | 4,532,305 | 4,666,389 | |
Total liabilities | 2,160,965 | 2,735,005 | |
Accounts payable and accrued expenses | 6,738 | 14,566 | |
Prepaid rent | 30,550 | 0 | |
Operating Lease, Liability | 35,561 | 42,993 | |
Secured Debt | 2,088,116 | 2,677,446 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,371,340 | 1,931,384 | |
Total Liabilities and Equity | 4,532,305 | 4,666,389 | |
Sunny Ridge | Tenancy In Common | |||
Tenant In Common Investment [Line Items] | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,153,072 | 1,206,302 | |
Gip Lp Member | Tenancy In Common | |||
Tenant In Common Investment [Line Items] | |||
Due from GIP, LP | 21,710 | 42,624 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,218,268 | $ 725,082 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) | 12 Months Ended | ||||||||||
Feb. 10, 2023 USD ($) ft² Tenant | Feb. 08, 2023 USD ($) shares | Feb. 07, 2023 shares | Jan. 03, 2023 $ / shares | Jan. 01, 2023 TradingDay shares | Dec. 31, 2022 USD ($) Tenant $ / shares shares | Dec. 31, 2021 USD ($) Tenant shares | Mar. 01, 2023 $ / shares shares | Jan. 27, 2023 USD ($) $ / shares shares | Sep. 30, 2021 $ / shares | Aug. 13, 2021 ft² | |
Subsequent Event [Line Items] | |||||||||||
Area of property | ft² | 15,288 | ||||||||||
Number of tenants | Tenant | 4 | 4 | |||||||||
Asset acquisition, consideration in cash | $ | $ 12,850,360 | $ 8,288,954 | |||||||||
issuance to Contributor | $ / shares | $ 10 | ||||||||||
Common units in OP | 123,965 | 349,913 | |||||||||
Common units redemption price per share | $ / shares | $ 20 | ||||||||||
Common stock issued upon exercise | 2,501,644 | 2,172,950 | |||||||||
Dividend Tranche One | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Record Date | Dec. 15, 2022 | ||||||||||
Dividend Tranche Two | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Record Date | Nov. 15, 2022 | ||||||||||
Dividend Tranche Three | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Record Date | Oct. 15, 2022 | ||||||||||
Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Common stock issued upon exercise of warrants | 10,648 | ||||||||||
Investor warrants exercised | 106,480 | ||||||||||
Percentage of shares underlying warrants that may be exercised based on trading price | 10% | ||||||||||
Shares underlying warrants that may be exercised, number of trading days for calculation of trading price | TradingDay | 10 | ||||||||||
Restricted shares issued | 98,593 | ||||||||||
Value per share | $ / shares | $ 5.68 | ||||||||||
Subsequent Event | L M B Owenton I L L C [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Additional units in OP | 44,228 | ||||||||||
Common units in OP | 157,771 | ||||||||||
Subsequent Event | Dividend Tranche One | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Record Date | Jan. 15, 2023 | ||||||||||
Dividends payable, date to be paid | Jan. 30, 2023 | ||||||||||
Subsequent Event | Dividend Tranche Two | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Record Date | Feb. 15, 2023 | ||||||||||
Dividends payable, date to be paid | Feb. 28, 2023 | ||||||||||
Subsequent Event | Dividend Tranche Three | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Dividends payable, amount per share | $ / shares | $ 0.039 | ||||||||||
Record Date | Mar. 15, 2023 | ||||||||||
Subsequent Event | Unit Purchase Agreements [Member] | GIPVA 130 | Brown Family Enterprises, LLC [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Sale of stock, number of preferred units issued in transaction | 120,000 | ||||||||||
Sale of units aggregate price of transaction | $ | $ 1,200,000 | ||||||||||
Subsequent Event | Unit Purchase Agreements [Member] | GIPVA 2510 | Brown Family Enterprises, LLC [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Sale of stock, number of preferred units issued in transaction | 180,000 | ||||||||||
Sale of units aggregate price of transaction | $ | $ 1,800,000 | ||||||||||
Subsequent Event | Purchase And Sale Agreement [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Asset acquisition, consideration in mortgage debt | 50% | ||||||||||
Asset acquisition, consideration in equity | 50% | ||||||||||
Subsequent Event | Preferred Equity Agreement [Member] | Brown Family Enterprises, LLC [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Preferred rate of return | 7% | ||||||||||
Equity ownership | 16% | ||||||||||
Subsequent Event | Preferred Equity Agreement [Member] | Two Entities [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Common units redemption price per share | $ / shares | $ 20 | ||||||||||
Common units value redeemed | $ | $ 2,479,301 | ||||||||||
Number of common units redeemed | 123,965 | ||||||||||
Subsequent Event | Overland Park Ks | Purchase And Sale Agreement [Member] | Retail Building | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Area of property | ft² | 48,000 | ||||||||||
Number of tenants | Tenant | 1 | ||||||||||
Asset acquisition, total consideration costs | $ | $ 8,200,000 | ||||||||||
Property Annual Rent | $ | $ 630,994 |