Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 08, 2023 | |
Document And Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
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 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 | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,615,857 | |
Common Stock Par Value $0.01 Per Share | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock par value $0.01 per share | |
Trading Symbol | GIPR | |
Security Exchange Name | NASDAQ | |
Warrants To Purchase Common Stock | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase Common Stock | |
Trading Symbol | GIPRW | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Investment in real estate | ||
Land | $ 12,577,544 | $ 12,577,544 |
Building and site improvements | 39,760,694 | 39,764,890 |
Tenant improvements | 907,382 | 907,382 |
Acquired lease intangible assets | 4,677,928 | 4,677,928 |
Less: accumulated depreciation and amortization | (6,176,672) | (5,623,318) |
Net real estate investments | 51,746,876 | 52,304,426 |
Investment in tenancy-in-common | 1,232,670 | 1,218,268 |
Cash and cash equivalents | 2,737,145 | 3,718,496 |
Restricted cash | 34,500 | 34,500 |
Deferred rent asset | 305,645 | 288,797 |
Prepaid expenses | 542,574 | 132,642 |
Accounts receivable | 151,218 | 96,063 |
Escrow deposit and other assets | 210,296 | 184,241 |
Right of use asset, net | 6,211,513 | 6,232,662 |
Total Assets | 63,172,437 | 64,210,095 |
Liabilities | ||
Accounts payable | 119,516 | 173,461 |
Accrued expenses | 263,621 | 365,624 |
Accrued expense - related party | 506,000 | 128,901 |
Acquired lease intangible liabilities, net | 613,676 | 639,973 |
Insurance payable | 338,047 | 46,368 |
Deferred rent liability | 156,075 | 251,798 |
Lease liability, net | 6,370,726 | 6,356,288 |
Other payable - related party | 2,262,300 | 2,587,300 |
Loan payable - related party | 1,500,000 | 1,500,000 |
Mortgage loans, net of unamortized debt issuance costs of $688,516 and $717,381 at March 31, 2023 and December 31, 2022, respectively | 35,111,116 | 35,233,878 |
Total liabilities | 47,241,077 | 47,283,591 |
Redeemable Non-Controlling Interests | 6,326,737 | 5,789,731 |
Stockholders' Equity | ||
Common stock, $0.01 par value, 100,000,000 shares authorized; 2,610,885 and 2,501,644 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 26,108 | 25,016 |
Additional paid-in capital | 19,099,595 | 19,307,518 |
Accumulated deficit | (9,958,363) | (8,640,796) |
Total Generation Income Properties, Inc. stockholders' equity | 9,167,340 | 10,691,738 |
Non-Controlling Interest | 437,283 | 445,035 |
Total equity | 9,604,623 | 11,136,773 |
Total Liabilities and Stockholders' Equity | $ 63,172,437 | $ 64,210,095 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Mortgage loans, net of unamortized discount | $ 688,516 | $ 717,381 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 2,610,885 | 2,501,644 |
Common stock, shares outstanding | 2,610,885 | 2,501,644 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | ||
Revenue | $ 1,337,039 | $ 1,181,935 |
Expenses | ||
General, administrative and organizational costs | 344,147 | 341,680 |
Building expenses | 313,600 | 253,391 |
Depreciation and amortization | 557,550 | 430,893 |
Interest expense, net | 469,210 | 330,294 |
Compensation costs | 351,287 | 279,742 |
Total expenses | 2,035,794 | 1,636,000 |
Operating loss | (698,755) | (454,065) |
Other expense | (506,000) | |
Income on investment in tenancy-in-common | 14,402 | 8,552 |
Net loss | (1,190,353) | (445,513) |
Less: Net income attributable to non-controlling interest | 127,214 | 129,963 |
Net income (loss) attributable to Generation Income Properties, Inc. | $ (1,317,567) | $ (575,476) |
Total Weighted Average Shares of Common Stock Outstanding – Basic | 2,541,477 | 2,196,056 |
Total Weighted Average Shares of Common Stock Outstanding – Diluted | 2,541,477 | 2,196,056 |
Basic Income Per Share Attributable to Common Stockholders | $ (0.52) | $ (0.26) |
Diluted Income Per Share Attributable to Common Stockholders | $ (0.52) | $ (0.26) |
Rental Income | ||
Revenue | ||
Revenue | $ 1,326,707 | $ 1,181,935 |
Other Incomes | ||
Revenue | ||
Revenue | $ 10,332 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (unaudited) - USD ($) | Total | As corrected per Note 2 | Common Stock | Additional Paid-In- Capital | Accumulated Deficit | Stockholders' Equity | Non-Controlling Interest |
Balance at Dec. 31, 2021 | $ 14,140,214 | $ 21,729 | $ 19,051,929 | $ (5,403,156) | $ 13,670,502 | $ 469,712 | |
Balance, Shares at Dec. 31, 2021 | 2,172,950 | ||||||
Redeemable Non-Controlling Interest, Balance at Dec. 31, 2021 | 9,134,979 | ||||||
Restricted stock unit compensation | 93,926 | $ 471 | 93,455 | 93,926 | |||
Restricted stock unit compensation, Shares | 47,142 | ||||||
Cashless exercise of warrants | $ 277 | (277) | |||||
Cashless exercise of warrants, shares | 27,676 | ||||||
Issuance of Redeemable Non-Controlling Interest for property acquisition | 1,109,570 | ||||||
Distribution on Non-Controlling Interest | (115,303) | (3,938) | |||||
Distribution on Non-Controlling Interest | (3,938) | (3,938) | |||||
Dividends paid on common stock | (334,799) | (334,799) | (334,799) | ||||
Stock issuance costs | (6,091) | 6,091 | 6,091 | ||||
Net (loss) income for the quarter | (575,476) | $ (576,596) | (575,476) | (575,476) | (1,120) | ||
Net (loss) income for the quarter | 131,083 | 1,120 | |||||
Balance at Mar. 31, 2022 | $ 22,477 | 18,804,217 | (5,978,632) | 12,848,062 | 464,654 | ||
Ending Balance at Mar. 31, 2022 | 13,312,716 | ||||||
Balance, Shares at Mar. 31, 2022 | 2,247,768 | ||||||
Redeemable Non-Controlling Interest, Balance at Mar. 31, 2022 | 10,260,329 | ||||||
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 | ||||||
Redeemable Non-Controlling Interest, Balance at Dec. 31, 2022 | 5,789,731 | ||||||
Restricted stock unit compensation | 90,648 | $ 986 | 89,662 | 90,648 | |||
Restricted stock unit compensation, Shares | 98,593 | ||||||
Cashless exercise of warrants | $ 106 | (106) | |||||
Cashless exercise of warrants, shares | 10,648 | ||||||
Redemption of Redeemable Non-Controlling Interest | (2,479,299) | 0 | |||||
Issuance of Redeemable Non-Controlling Interest for property acquisition | 3,000,000 | ||||||
Distribution on Non-Controlling Interest | (115,817) | (2,844) | |||||
Distribution on Non-Controlling Interest | (2,844) | ||||||
Dividends paid on common stock | (297,479) | (297,479) | (297,479) | ||||
Net (loss) income for the quarter | (1,317,567) | $ (1,322,475) | (1,317,567) | (1,317,567) | (4,908) | ||
Net (loss) income for the quarter | 132,122 | 4,908 | |||||
Balance at Mar. 31, 2023 | 9,167,340 | $ 26,108 | $ 19,099,595 | $ (9,958,363) | $ 9,167,340 | $ 437,283 | |
Ending Balance at Mar. 31, 2023 | 9,604,623 | ||||||
Balance, Shares at Mar. 31, 2023 | 2,610,885 | ||||||
Redeemable Non-Controlling Interest, Balance at Mar. 31, 2023 | $ 6,326,737 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASHFLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ (1,190,353) | $ (445,513) |
Adjustments to reconcile net loss to cash used in operating activities | ||
Depreciation | 421,987 | 316,901 |
Amortization of acquired lease intangible assets | 135,563 | 113,992 |
Amortization of debt issuance costs | 28,865 | 33,673 |
Amortization of below market leases | (26,114) | (23,841) |
Amortization of above market ground lease | (183) | (43) |
Restricted stock unit compensation | 90,648 | 93,926 |
Non-cash ground lease expense | 21,149 | 7,247 |
Income on investment in tenancy-in-common | (14,402) | (8,553) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (55,155) | (6,753) |
Other assets | 23,945 | (83,704) |
Deferred rent asset | (16,848) | (17,522) |
Prepaid expenses | (409,932) | (257,117) |
Accounts payable | (53,945) | (106,911) |
Accrued expenses | 275,096 | 145,290 |
Lease liability | 14,438 | 9,620 |
Deferred rent liability | (95,723) | 18,808 |
Net cash used in operating activities | (850,964) | (210,500) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of land, buildings, other tangible and intangible assets | 0 | (12,775,600) |
Escrow (deposit) return for purchase of properties | (50,000) | 75,000 |
Net cash used in investing activities | (50,000) | (12,700,600) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of redeemable interest | 3,000,000 | 1,109,570 |
Redemption of redeemable non-controlling interests | (2,479,299) | 0 |
Repayment on other payable - related party | (325,000) | 0 |
Mortgage loan borrowings | 0 | 6,250,000 |
Mortgage loan repayments | (151,627) | (146,254) |
Stock issuance costs | 0 | (6,091) |
Deferred financing costs | 0 | (165) |
Debt issuance costs | 0 | (78,878) |
Insurance financing borrowings | 352,307 | 288,693 |
Insurance financing repayments | (60,628) | (33,359) |
Distribution on non-controlling interests | (118,661) | (119,241) |
Dividends paid on common stock | (297,479) | (334,799) |
Net cash used in (provided by) financing activities | (80,387) | 6,929,476 |
Net decrease in cash and cash equivalents | (981,351) | (5,981,624) |
Cash and cash equivalents and restricted cash - beginning of period | 3,752,996 | 10,624,076 |
Cash and cash equivalents and restricted cash - end of period | 2,771,645 | 4,642,452 |
CASH TRANSACTIONS | ||
Interest Paid | 469,191 | 284,569 |
NON-CASH TRANSACTIONS | ||
Stock issued for cashless exercise of Investor Warrants | 106 | 277 |
Deferred distribution on redeemable non-controlling interests | 16,305 | 15,780 |
Recognition of ROU asset and lease liability for ground lease related to property acquisition | 0 | $ 6,304,334 |
Common stock issued to redeem non-controlling interest | $ 26,108 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations | Note 1 – Nature of Operations Generation Income Properties, Inc. (the “Company”) was formed as a Maryland corporation on September 19, 2015 . The Company is an internally managed real estate investment company focused on acquiring and managing income-producing retail, office and industrial properties net leased to high quality tenants in major markets throughout the United States. The Company formed Generation Income Properties L.P. (the “Operating Partnership”) in October 2015 . Substantially all of the Company’s assets are held by, and operations are conducted through, the Operating Partnership or its direct or indirect subsidiaries. The Company is the general partner of the Operating Partnership and as of March 31, 2023 owned 90 % 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 March 31, 2023 , the Company, the Operating Partnership, and their controlled subsidiaries on a consolidated basis owned 12 properties and held a partial interest in one additional property through a tenancy-in-common investment. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Presentation The information furnished reflects all adjustments, consisting only of normal recurring items which are, in the opinion of management, necessary in order to make the financial statements not misleading. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) were omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements and footnotes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2023. The results for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023. 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 immaterial prior year amounts have been reclassified for consistency with the current period presentation. 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. 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 owned by the Company related to tenant escrow reimbursements and immediate capital 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 March 31, As of March 31, 2023 2022 Cash and cash equivalents $ 2,737,145 $ 4,607,952 Restricted cash 34,500 34,500 Cash and cash equivalents and restricted cash $ 2,771,645 $ 4,642,452 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 $ 175,466 and $ 271,189 of prepaid rent as of March 31, 2023 and December 31, 2022, respectively. The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates, and economic conditions in the area where the property is located. In the event that uncollectability 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 three months ended March 31, 2023 or 2022. The Company’s leases 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. 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 to rental income 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 based on their fair values 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 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 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 investments in real estate and related lease intangibles for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable though operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end of the previously estimated life. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. There were no impairments in the Company's investments in real estate during the three months ended March 31, 2023 or 2022. 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 three months ended March 31, 2023 or 2022. 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, 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 three months ended March 31, 2023 and 2022. 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 March 31, 2023 or 2022. At March 31, 2023 , the Company's tax returns for the years 2019 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, and convertible debt, using the if-converted method. Diluted EPS excludes all potentially dilutive securities such as warrants and convertible membership units of the Operating Partnership (“GIP LP Units”) if their effect is anti-dilutive. As of the three months ended March 31, 2023 and 2022 , all potentially dilutive securities were excluded because the effect was anti-dilutive. Recent Acounting Prounouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13 to amend the accounting for credit losses for certain financial instruments. Under the new guidance, an entity recognizes its estimate of expected credit losses as an allowance, which the FASB believes will result in more timely recognition of such losses. In November 2018, the FASB released ASU No. 2018-19 “Codification Improvements to Topic 326, Financial Instruments - Credit Losses.” This ASU clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20 “Financial Instruments - Credit Losses.” Instead, impairment of receivables arising from operating leases should be accounted for under Subtopic 842-30 “Leases - Lessor.” ASU 2016-13 is effective for fiscal years beginning after December 15, 2022 for smaller reporting companies, including interim periods within those fiscal years. The adoption of this new guidance did not have a material impact on our consolidated financial statements. |
Investments in Real Estate
Investments in Real Estate | 3 Months Ended |
Mar. 31, 2023 | |
Real Estate [Abstract] | |
Investments in Real Estate | Note 3 – Investments in Real Estate The Company did not acquire any properties during the three months ended March 31, 2023. The Company acquired three properties during the three months ended March 31, 2022, detailed below: • On January 7, 2022 , the Company acquired an approximately 10,900 square foot single tenant medical-retail property leased to Fresenius Medical Care (NYSE: FMS) located in Chicago, Illinois. The acquisition was financed with a $ 1,550,000 promissory note and the balance with cash on hand. • On January 14, 2022 , the Company acquired an approximately 2,600 square foot single tenant retail property leased to Starbucks Coffee (NASDAQ: SBUX) located in Tampa, Florida. The acquisition was financed with the issuance of a redeemable non-controlling interest of $ 1,109,570 , debt of $ 1,050,000 and the balance with cash on hand. • On March 9, 2022 , the Company acquired a leasehold interest in a ground lease and corresponding assignment of an approximately 88,400 square foot single tenant retail property leased to Kohl's Corporation (NYSE: KSS) located in Tucson, Arizona. The acquisition was financed with a $ 3,650,000 promissory note and the balance with cash on hand. The following table details the properties acquired during the three months ended March 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 |
Acquired Lease Intangible Asset
Acquired Lease Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2023 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Acquired Lease Intangible Assets, Net | Note 4 – Acquired Lease Intangible Assets, net Acquired lease intangible assets, net is comprised of the following: As of March 31, As of December 31, 2023 2022 Acquired lease intangible assets $ 4,677,928 $ 4,677,928 Accumulated amortization ( 1,658,133 ) ( 1,522,570 ) Acquired lease intangible assets, net $ 3,019,795 $ 3,155,358 The amortization for lease intangible assets for the three months ended March 31, 2023 and 2022 was $ 135,563 and $ 113,992 , respectively. The future amortization for acquired lease intangible assets, net for subsequent years ending December 31 is listed below: As of March 31, 2023 2023 (9 months remaining) $ 407,391 2024 542,954 2025 509,815 2026 489,884 2027 394,952 Thereafter 674,799 $ 3,019,795 |
Acquired Lease Intangible Liabi
Acquired Lease Intangible Liabilities, Net | 3 Months Ended |
Mar. 31, 2023 | |
Below Market Lease [Abstract] | |
Acquired Lease Intangible Liabilities, net | Note 5 – Acquired lease intangible liabilities, net Acquired lease intangible liabilities, net is comprised of the following: As of March 31, As of December 31, 2023 2022 Acquired lessor lease intangible liabilities $ 965,216 $ 965,216 Accumulated accretion to rental income ( 395,972 ) ( 369,858 ) Acquired lessor lease intangible liabilities, net $ 569,244 $ 595,358 Acquired lessee lease intangible liabilities $ 45,207 $ 45,207 Accumulated amortization to offset building expenses ( 775 ) ( 592 ) Acquired lessee lease intangible liabilities, net $ 44,432 $ 44,615 The amortization for acquired lessor lease intangible liabilities for the three months ended March 31, 2023 and 2022 was $ 26,114 and $ 23,841 , respectively. The future amortization for Acquired Lessor Lease Intangible Liabilities, net for subsequent years ending December 31 is listed below: As of March 31, 2023 2023 (9 months remaining) $ 79,074 2024 105,188 2025 105,188 2026 93,907 2027 93,907 Thereafter 91,980 $ 569,244 The amortization for acquired lessee lease intangible liabilities for the three months ended March 31, 2023 and 2022 was $ 183 and $ 43 , respectively. The future amortization for acquired lessee lease intangible liabilities, net for subsequent years ending December 31 is listed below: As of March 31, 2023 2023 (9 months remaining) $ 549 2024 732 2025 732 2026 732 2027 732 Thereafter 40,955 $ 44,432 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 6 – 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 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 three months ended March 31, 2023 and 2022: 2023 2022 Rental income Fixed and in-substance fixed lease income $ 1,203,924 $ 1,085,741 Variable lease income 79,821 71,253 Other related lease income, net: Amortization of below-market leases 26,114 23,841 Straight line rent revenue 16,848 1,100 Total rental income $ 1,326,707 $ 1,181,935 For the three months ended March 31, 2023 and 2022 , we had four tenants that each account for more than 10% of our annual rental revenue as indicated below: 2023 2022 General Services Administration - Norfolk, VA & Manteo, NC 23 % 22 % PRA Holdings, Inc. - Norfolk, VA 16 % 16 % Pratt & Whitney Automation, Inc. - Huntsville, AL 15 % 15 % Kohl's Corporation - Tucson, AZ 17 % Less than 10 % 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 March 31, 2023 2023 (9 months remaining) $ 3,543,139 2024 4,785,452 2025 4,635,711 2026 4,513,724 2027 3,919,118 Thereafter 5,210,921 $ 26,608,065 Lessee Accounting The Company acquired one property on March 9, 2022 that is subject to a non-cancelable, long-term ground lease where a third party owns the underlying land and has leased the land to the Company. Accordingly, the Company owns only a long-term leasehold in this property. This ground lease expires in 2084 including those options the Company deems probable of exercising. The ground lease expense is recognized on a straight-line basis over the term of the lease, including management's estimate of expected option renewal periods. Operating lease expense was approximately $ 93,762 and $ 16,000 for the three months ended March 31, 2023 and 2022 , respectively. 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 $ 58,175 and $ 14,387 for the three months ended March 31, 2023 and 2022, respectively. The following table summarizes the undiscounted future cash flows for subsequent years ending December 31 attributable to the lease liability as of March 31, 2023 and provides a reconciliation to the lease liability included in the accompanying Consolidated Balance Sheets as of March 31, 2023. As of March 31, 2023 2023 (9 months remaining) $ 174,525 2024 244,077 2025 245,111 2026 245,111 2027 245,111 Thereafter 21,820,644 Total undiscounted liability $ 22,974,579 Present value discount ( 16,603,853 ) Lease liability $ 6,370,726 Discount rate 4.58 % Term Remaining 61 years |
Redeemable Non-Controlling Inte
Redeemable Non-Controlling Interests | 3 Months Ended |
Mar. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Redeemable Non-Controlling Interests | Note 7 – Non-Controlling Interests Redeemable Non-Controlling Interests (Temporary Equity) As part of the Company’s acquisition of a 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 . The Operating Partnership is the general manager of the subsidiary while Brown Family Trust is a preferred equity member. Pursuant to the agreement, the Company is required to pay the preferred equity member a 9 % IRR on a monthly basis. After 24 months, the Brown Family Trust has the right to redeem and the Operating Partnership has the right to call the preferred equity at redemption value. Because of the redemption right, the non-controlling interest is presented as temporary equity at redemption value of $ 500,000 as of March 31, 2023. 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 Irby Prop Partners on April 21, 2021 pursuant to which the Company’s subsidiary received a capital contribution of $ 950,000 . The Operating Partnership is the general manager of the subsidiary while Irby Prop Partners is a preferred equity member. Pursuant to the agreement, the Company is required to pay the preferred equity member a 12 % total IRR of which 8 % IRR is paid on a monthly basis and 4% IRR is deferred. After 24 months, Irby Prop Partners has the right to redeem the preferred equity at redemption value plus any deferred interest accrued and the Operating Partnership has the right to call the preferred equity at redemption value. Because of the redemption right, the non-controlling interest is presented as temporary equity at redemption value of $ 1,024,429 as of March 31, 2023. Distributable operating funds are distributed first to Irby Prop 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 Richard Hornstrom on August 2, 2021 pursuant to which the Company’s subsidiary received a capital contribution of $ 650,000 . The Operating Partnership is the general manager of the subsidiary while Richard Hornstrom is a preferred equity member. Pursuant to the agreement, the Company is required to pay the preferred equity member a 12 % total IRR of which 8% IRR is paid on a monthly basis and 4% IRR is deferred. After 24 months, Richard Hornstrom has the right to redeem the preferred equity at redemption value plus any deferred interest accrued and the Operating Partnership has the right to call the preferred equity at redemption value. Because of the redemption right, the non-controlling interest is presented as temporary equity at redemption value of $ 692,738 as of March 31, 2023. Distributable operating funds are distributed first to Richard Hornstrom until the unpaid preferred return is paid off and then to the Company. On February 8, 2023, the Operating Partnership entered into new Amended and Restated Limited Liability Company Agreements for the Norfolk, Virginia properties, 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 preferred member, Brown Family Enterprises, LLC, through the issuance of preferred 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. In addition, both of the Virginia SPEs and Brown Family Enterprises, LLC entered into Unit Purchase Agreements in which GIPVA 2510 issued and sold 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 120,000 Class A Preferred Units at a price of $ 10.00 per unit for an aggregate price of $ 1,200,000 . The Operating Partnership is the general manager of the subsidiary while Brown Family Enterprises, LLC is a preferred equity member. Pursuant to the agreement, the Company is required to pay the preferred equity member a 7% IRR paid on a monthly basis and will share in 16% of the equity in each of the Virginia SPEs upon a capital transaction resulting in distributable proceeds. After 24 months, Brown Family Enterprises, LLC has the right to redeem the preferred equity at redemption value . Because of the redemption right, the non-controlling interest is presented as temporary equity at an aggregated redemption value of $ 3,000,000 as of March 31, 2023. Each of the preferred 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 value in the form of the units of the Operating Partnership ("GIP LP Units"). Such GIP LP Units shall be subject to all such restrictions, such as with respect to transferability, as reasonably imposed by the Operating Partnership. The number of GIP LP Units issued to any preferred member shall be determined by dividing the total amount of the redemption value that such preferred member shall receive in GIP LP Units by a 15 % discount of the average 30-day market price of Generation Income Properties, Inc. common stock. GIP LP 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. Additionally, the Operating Partnership has the right to redeem the preferred equity at redemption value with cash after the second year anniversary of the closing of the acquisition. As part of the Company’s acquisition of two properties for approximately $ 19,134,400 on September 30, 2019 in Norfolk, Virginia, the "Norfolk, Virginia properties", 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 were then directly owned by the former members of the two entities. Beginning on the first anniversary of the closing, the contribution agreements allowed 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 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 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 and such notice further stated the unit holder’s intent to redeem his remaining 180,615 units in the Operating Partnership before October 31, 2023. On August 9, 2022, the Company and Operating Partnership entered a Redemption Agreement with the unit holder providing for the revocation of his July 2022 redemption notice and providing that the his common units in the Operating Partnership would be redeemed by the Operating Partnership as follows: (i) on or before September 15, 2022, 16,250 of the units would be redeemed for an aggregate of $ 325,000 in cash (which is $ 20 per unit, as provided in the applicable Contribution Agreements) and 60,000 of the units would be redeemed in exchange for the issuance of 200,000 shares of the Company’s common stock, and (ii) the remaining 129,365 units would be redeemed for $ 20 per unit in cash in one tranche of 16,250 units on March 15, 2023 and five tranches of 22,623 units each on September 15, 2023, March 15, 2024, June 15, 2024, September 15, 2024, and December 15, 2024. As such, the Company recorded an other payable - related party in the amount of $ 2,912,300 upon execution of the Redemption Agreement entered into August 9, 2022. The Company made the first and second installment payments of $ 325,000 each in accordance with the Redemption Agreement on September 13, 2022 and March 8, 2023, respectively, reducing the current balance of the other payable - related party to $2,262,300 as of March 31, 2023 . Additionally, on September 12, 2022, the Company issued 200,000 shares of common stock at $ 6.00 per share in accordance with the Redemption Agreement. On January 27, 2023, the remaining two partners from this original transaction redeemed a total of 123,965 units at $ 20 per unit in the aggregate amount of $ 2,479,299 and the Company funded the redemption obligations per the terms of the contribution agreement on February 9, 2023 using proceeds from new preferred equity agreements with Brown Family Enterprises, LLC. During the three months ended March 31, 2023, we accrued $ 506,000 relating to the potential reimbursement of federal, state and local income taxes incurred by a remaining partner in one of our partnerships pursuant to tax protection agreement. As part of the Company’s acquisition of one property on January 14, 2022 for approximately $ 2,264,000 in Tampa, FL, the Operating Partnership entered into a contribution agreement with LMB Owenton I LLC that resulted in the issuance of 110,957 GIP LP Units at $ 10.00 per share for a total value of $ 1,109,570 . After 24 months, 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 this equity should be classified as temporary equity at redemption value. On February 7, 2023, the Operating Partnership entered into a Unit Issuance Agreement and Amendment to Contribution and Subscription Agreement with LMB Owenton I LLC in which the Operating Partnership and LMB Owenton I LLC agreed to delay the Contributor’s right to require the redemption of the Contributor’s GIP LP Units in the Operating Partnership until after 36 months on January 14th, 2025 and for a reduced redemption price of $ 7.15 per GIP LP Unit. Such agreement was made in consideration of the issuance to LMB Owenton I LLC of an additional 44,228 GIP LP Units in the Operating Partnership, resulting in Contributor owning an aggregate of 157,771 GIP LP Units in the Operating Partnership at redemption value of $ 1,109,570 as of March 31, 2023. Non-Controlling Interest (Permanent Equity) As part of the Company’s acquisition of one property on November 30, 2020 for $ 1,847,700 in Tampa, FL, the Operating Partnership entered into a contribution agreement with GIP Fund 1, LLC that resulted in the issuance of 24,309 GIP LP Units in the 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 GIP Units are now directly owned by the former members of GIP Fund 1. After 12 months, the contribution agreement allows for the former members of GIP Fund 1 to require the Operating Partnership to redeem, all or a portion of its GIP LP Units for common stock of the Company. As such, the Company has determined their equity should be classified as a Non-controlling interest. Following these transactions as of March 31, 2023, the Company owned 90 % of the common units in the Operating Partnership and outside investors owned 10 %. The following table reflects the Company's redeemable non-controlling interests and non-controlling interest during the three months ended March 31, 2023 and 2022: Brown Family Trust and Brown Family Enterprises, LLC Irby Prop Partners Richard Hornstrom LMB Owenton I LLC GIP LP (Former Greenwal, L.C. and Riverside Crossing, L.C. Members) Total Redeemable Non-Controlling Interest Non-Controlling Interest - Former GIP Fund 1 Members Balance, December 31, 2021 $ 500,000 $ 976,756 $ 659,972 $ - $ 6,998,251 $ 9,134,979 $ 469,712 Issuance of Redeemable Operating Partnership Units for property acquisition - - - 1,109,570 - 1,109,570 - Distribution on Non-Controlling Interest ( 11,260 ) ( 19,001 ) ( 13,087 ) ( 15,269 ) ( 56,686 ) ( 115,303 ) ( 3,938 ) Net income (loss) for the quarter 11,260 28,370 19,498 15,269 56,686 131,083 ( 1,120 ) Balance, March 31, 2022 $ 500,000 $ 986,125 $ 666,383 $ 1,109,570 $ 6,998,251 $ 10,260,329 $ 464,654 Balance, December 31, 2022 $ 500,000 $ 1,014,748 $ 686,114 $ 1,109,570 $ 2,479,299 $ 5,789,731 $ 445,035 Issuance of Redeemable Non-Controlling Interest 3,000,000 - - - - 3,000,000 - Redemption of Redeemable Non-Controlling Interests - - - - ( 2,479,299 ) ( 2,479,299 ) - Distribution on Non-Controlling Interests ( 46,346 ) ( 19,000 ) ( 13,000 ) ( 18,135 ) ( 19,336 ) ( 115,817 ) ( 2,844 ) Net income (loss) for the quarter 46,346 28,681 19,624 18,135 19,336 132,122 ( 4,908 ) Balance, March 31, 2023 $ 3,500,000 $ 1,024,429 $ 692,738 $ 1,109,570 $ - $ 6,326,737 $ 437,283 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Equity | Note 8 – Equity Authorized Equity The Company is authorized to issue up to 100,000,000 shares of common stock and 10,000,000 of undesignated preferred stock. No preferred shares have been issued as of the date of this report. Holders of the Company’s common stock are entitled to receive dividends when authorized by the Company’s Board of Directors. 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, 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 a Redemption Agreement as discussed in Note 7 - Non-Controlling Interests, and recorded the stock at par value of $ 2,000 with the remaining $ 1,198,000 to additional paid in capital. For the three months ended March 31, 2022, the Company recorded approximately $ 6,100 of issuance costs in additional paid in capital which were incurred during the current period. 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. In addition, the Company issued to Maxim Group LLC (or its designee) warrants to purchase an aggregate of 149,850 shares of common stock, which is equal to an aggregate of 9 % of the number of shares of common stock sold in the Public Offering (the “Representative’s Warrants”). The Representative’s Warrants have an exercise price equal to $ 12.50 , may be exercised on a cashless basis and became exercisable six months following the closing date and until September 2, 2026. Investor Warrants may be exercised on a cashless basis if there is no effective registration statement available for the resale of the shares of common stock underlying such warrants. In addition, after 120 days after the Investor Warrants are issued, any Investor Warrant may be exercised on a cashless basis for 10 % of the shares of common stock underlying the Investor Warrant if the volume-weighted average trading price of the Company’s shares of common stock on Nasdaq was at any time below the then-effective exercise price of the Investor Warrant for 10 consecutive trading days. During the three months ended March 31, 2023 , 106,480 Investor Warrants were exercised on a cashless basis resulting in the issuance of 10,648 shares of common stock. During the three months ended March 31, 2022, 276,760 warrants were exercised on a cashless basis resulting in the issuance of 27,676 shares of common stock. See Note 12 Subsequent Events for Investor Warrants exercised after March 31, 2023. The Company has 996,420 and 1,638,090 warrants outstanding and exercisable as of March 31, 2023 and March 31, 2022, respectively, as summarized below. Investor Warrants issued on September 8 and 28, 2021 became exercisable on a cashless basis on January 6 and 28, 2022, respectively. As of March 31, Issue Date 2023 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 $ 10.00 581,570 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 14,850 996,420 Warrants Weighted Average Price Weighted Average Remaining Life As of December 31, 2022 1,102,900 $ 11.25 3.7 Exercised ( 106,480 ) 10.00 - As of March 31, 2023 996,420 $ 11.38 3.5 Warrants exercisable 996,420 $ 11.38 3.5 Warrants Weighted Average Price Weighted Average Remaining Life As of December 31, 2021 1,914,850 $ 10.72 4.7 Exercised ( 276,760 ) 10.00 - As of March 31, 2022 1,638,090 $ 10.84 4.5 Warrants exercisable 1,638,090 $ 10.84 4.5 There was no intrinsic value for the warrants as of March 31, 2023 or March 31, 2022. Stock Compensation Generation Income Properties, Inc. 2020 Omnibus Incentive Plan In connection with the Public Offering, the Company's Board of Directors adopted and stockholders approved, the Generation Income Properties, Inc. 2020 Omnibus Incentive Plan (the “Omnibus Incentive Plan”), which became effective upon the completion of the Public Offering. The Omnibus Incentive Plan reserves 2.0 million shares of common stock for stock options, stock appreciation rights, performance shares, performance units, shares of common stock, restricted stock, restricted stock units, cash incentive awards, dividend equivalent units, or any other type of award permitted under the Omnibus Incentive Plan. As of March 31, 2023 , 171,590 shares had been granted under the Omnibus Incentive Plan. Restricted Common Shares issued to the Board and Employees • On January 6, 2022, the board approved grants of 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 approved grants of 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. • On December 8, 2022, the board approved grants of 98,593 restricted shares to directors, officers and employees effective March 1, 2023 valued at $ 5.68 per share that vest annually over 3 years . The vested share restrictions will be removed upon the first annual anniversary of the award. The 98,593 restricted shares were issued to the directors, officers and employees in March 2023. The following is a summary of restricted shares for the three months ended March 31, 2023 and 2022: 2023 2022 Number of Shares Outstanding at beginning of period 58,502 23,167 Restricted Shares Issued 98,593 47,142 Restricted Shares Vested ( 45,857 ) ( 10,500 ) Number of Shares Outstanding at end of period 111,238 59,809 The Company recorded stock based compensation expense of $ 90,648 and $ 93,926 during the three months ended March 31, 2023 and 2022, respectively. Cash Distributions While the Company is under no obligation to do so, the Company expects to continue to declare and pay distributions to its common stockholders and Operating Partnership unit holders for the foreseeable future. The issuance of a distribution will be determined by the Company's board of directors based on the Company's financial condition and such other factors as the Company's board of directors deems relevant. The Company has not established a minimum distribution, and the Company's charter does not require that the Company issue distributions to its stockholders other than as necessary to meet REIT qualification standards. The following is a summary of distributions to common stockholders and Operating Partnership unit holders: Authorized Date Record Date Per Share/Unit January 3, 2023 March 15, 2023 $ 0.039 January 3, 2023 February 15, 2023 $ 0.039 January 3, 2023 January 15, 2023 $ 0.039 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 Through June 2022, the Company's CEO waived his right to receive distributions with respect to the shares held by him as of the completion of the Public Offering. |
Mortgage Loans
Mortgage Loans | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Mortgage Loans | Note 9 – Mortgage Loans The Company had the following mortgage loans outstanding as of March 31, 2023 and December 31, 2022, respectively: Mortgage Loans Secured By (Tenant-Location) Loan Amount Interest Rate Maturity Date 2023 2022 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 $ 10,906,937 $ 10,957,829 1.25 GSA - Norfolk, Virginia 8,260,000 3.50 % 9/30/2024 7,518,613 7,578,304 1.25 PRA Holdings, Inc. - Norfolk, Virginia 5,216,749 3.50 % 10/23/2024 4,687,418 4,728,462 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 928,728 928,728 1.50 Irby Construction - Plant City , Florida 928,728 (c) 3.85 % (d) 3/31/2032 928,728 928,728 1.50 Best Buy - Grand Junction, Colorado 2,552,644 (c) 3.85 % (d) 3/31/2032 2,552,644 2,552,644 1.50 Fresenius - Chicago, Illinois 1,727,108 (c) 3.85 % (d) 3/31/2032 1,727,108 1,727,108 1.50 Starbucks - North Tampa, Florida 1,298,047 (c) 3.85 % (d) 3/31/2032 1,298,047 1,298,047 1.50 Kohls - Tucson, Arizona 3,964,745 (c) 3.85 % (d) 3/31/2032 3,964,745 3,964,745 1.50 $ 37,450,913 $ 35,799,632 $ 35,951,259 Less Debt Issuance Costs, net ( 688,516 ) ( 717,381 ) $ 35,111,116 $ 35,233,878 (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 during the three months ended March 31, 2023 and 2022 to interest expense of approximately $ 28,865 and $ 33,673 , respectively. The Company did no t pay any debt issuance costs during the three months ended March 31, 2023 and paid $ 78,878 during the three months ended March 31, 2022. 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, 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 March 31, 2023, the Company was in compliance with all covenants. On April 1, 2022, the Company entered into two mortgage loan agreements with an aggregate balance of $ 13.5 million as of March 31, 2023 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 tenancy-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 guarantee agreement pursuant to which he guaranteed the payment obligations under the promissory notes if they become due as a result of certain “bad-boy” provisions, individually and on behalf of the Operating Partnership. The Company’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 property. 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 and PRA Holdings, Inc. - Norfolk, VA mortgage loans ("Bayport loans") with an aggregate principal amount of $ 12,206,031 . During the three months ended March 31, 2023 , the Company incurred a guarantee fee expense to the Company's CEO of $ 60,493 recorded to interest expense. No guaranty fee expense was incurred during the three months ended March 31, 2022. 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 year. All other terms under the prior commitment letters remained materially the same. As of March 31, 2023 and December 31, 2022, the Company did not have an outstanding balance on 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 and second installment payments of $ 325,000 each on September 13, 2022 and March 8, 2023, respectively, with a remaining balance of $ 2,262,300 outstanding as of March 31, 2023. 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. M inimum 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 March 31, 2023 2023 (9 months remaining) $ 633,897 $ 452,460 $ - $ 1,086,357 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 $ 35,799,632 $ 2,262,300 $ 1,500,000 $ 39,561,932 |
Related Party
Related Party | 3 Months Ended |
Mar. 31, 2023 | |
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 $ 2,912,299 upon execution of the Redemption Agreement entered into July 20, 2022 and made the first and second installment payments of $ 325,000 on September 13, 2022 and March 8, 2023 with a remaining balance of $ 2,262,300 outstanding as of March 31, 2023 . 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. 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 GIP LP Units 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 March 31, 2023 . |
Tenant in Common Investment
Tenant in Common Investment | 3 Months Ended |
Mar. 31, 2023 | |
Tenant In Common Investment [Abstract] | |
Tenant in Common Investment | Note 11 – Tenancy-in-Common Investment On August 13, 2021, the Company entered into a tenancy-in-common (“TIC”) investment whereby the TIC acquired a 15,288 square foot single tenant property 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 Richard Hornstrom to one of the Company's subsidiaries for $ 650,000 . 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. Richard 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 March 31, 2023, 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 March 31, 2023 it had a value of $ 1,232,670 . The condensed income statements for the three months ended March 31, 2023 and 2022 are as follows: Three Months ended March 31, 2023 2022 Total revenue $ 93,139 $ 93,139 Total expenses $ 64,335 $ 69,924 Net income $ 28,804 $ 23,215 GIP, LP's Share $ 14,402 $ 8,552 The condensed balance sheets of the tenant in common investment as of March 31, 2023 and December 31, 2022, respectively, are as follows: As of March 31, As of December 31, 2023 2022 Net real estate investments $ 4,473,616 $ 4,503,120 Deferred rent asset 6,764 7,132 Prepaid expenses 4,300 343 Due from related party 52,429 21,710 Total Assets $ 4,537,109 $ 4,532,305 Accounts payable and accrued expenses $ 8,275 $ 6,738 Prepaid rent 30,550 30,550 Acquired lease intangible liabilities, net 33,703 35,561 Mortgage loan, net of unamortized debt issuance costs 2,088,437 2,088,116 Total Liabilities $ 2,160,965 $ 2,160,965 GIP, LP $ 1,232,670 $ 1,218,268 SUNNY RIDGE MHP, LLC 1,143,474 1,153,072 Total Tenants in Common Equity $ 2,376,144 $ 2,371,340 Total Liabilities and Tenants in Common Equity $ 4,537,109 $ 4,532,305 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 – Subsequent Events On April 3, 2023, the Company announced that our Board of Directors authorized a distribution of $ 0.039 per share monthly cash distribution for shareholders of record of our common stock as of April 15, 2022 , May 15, 2022 , and June 15, 2022 . April distributions were paid on May 1, 2023 and the Company expects to pay May and June distributions on or about May 30, 2023 and June 30, 2023 , respectively. The Operating Partnership common unit holders received the same distribution. On April 3, 2023, the Operating Partnership elected to exercise its right to terminate the previously disclosed Purchase and Sale Agreement with Harbor Terrace Limited Partnership to acquire an approximately 48,000 square foot single -tenant retail building in Overland Park, Kansas for total consideration of $ 8,200,000 per its findings during the inspection period. Subsequent to March 31, 2023 but before the filing of this Quarterly Report on Form 10-Q, 49,720 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 share s 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, 4,972 shares of common stock were issued upon exercise. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The information furnished reflects all adjustments, consisting only of normal recurring items which are, in the opinion of management, necessary in order to make the financial statements not misleading. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) were omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited financial statements and footnotes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2023. The results for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023. 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 immaterial prior year amounts have been reclassified for consistency with the current period presentation. |
Consolidation | Consolidation The accompanying consolidated financial statements include the accounts of Generation Income Properties, Inc. and the Operating Partnership and all of the direct and indirect wholly-owned subsidiaries of the Operating Partnership and the Company’s subsidiaries. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. The consolidated financial statements include the accounts of all entities in which the Company has a controlling interest. The ownership interests of other investors in these entities are recorded as non-controlling interests or redeemable non-controlling interest. Non-controlling interests are adjusted each period for additional contributions, distributions, and the allocation of net income or loss attributable to the non-controlling interests. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income or loss. |
Cash | Cash The Company considers all demand deposits, cashier’s checks and money market accounts to be cash equivalents. Amounts included in restricted cash represent funds owned by the Company related to tenant escrow reimbursements and immediate capital repair reserve. 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 March 31, As of March 31, 2023 2022 Cash and cash equivalents $ 2,737,145 $ 4,607,952 Restricted cash 34,500 34,500 Cash and cash equivalents and restricted cash $ 2,771,645 $ 4,642,452 |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. 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. |
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 $ 175,466 and $ 271,189 of prepaid rent as of March 31, 2023 and December 31, 2022, respectively. The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates, and economic conditions in the area where the property is located. In the event that uncollectability 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 three months ended March 31, 2023 or 2022. The Company’s leases 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. 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 to rental income over the remaining term of the related leases. |
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 based on their fair values on the date of grant. Stock-based compensation expense, reduced for estimated forfeitures, is recognized on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the outstanding equity awards. |
Investments in Real Estate | Acquisitions of real estate are recorded at cost. The Company assigns the purchase price of real estate to tangible and intangible assets and liabilities based on fair value. Tangible assets consist of land, buildings, site improvements, and tenant improvements. Intangible assets and liabilities consist of the value of in-place leases and above- or below- market leases assumed with the acquisition. At the time of acquisition, the Company assesses whether the purchase of the real estate falls within the definition of a business under Accounting Standards Codification (“ASC”) 805 and to date has concluded that all asset transactions are asset acquisitions. Therefore, each acquisition has been recorded at the purchase price whereas assets and liabilities, inclusive of closing costs, are allocated to land, building, site improvements, tenant improvements, and intangible assets and liabilities based upon their relative fair values at the date of acquisition. The fair value of the in-place leases are estimated as the cost to replace the leases including loss of rent, commissions and legal fees. The in-place leases are amortized over the remaining team of the leases as amortization expense. The fair value of the above- or below-market lease is estimated as the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and the estimated current market lease rate expected over the remaining non-cancelable life of the lease. The capitalized above- or below-market lease values are amortized as a decrease or increase to rental income over the remaining term of the lease inclusive of the renewal option periods that are considered probable at acquisition. |
Depreciation Expense | Depreciation Expense Real estate and related assets are stated net of accumulated depreciation. Renovations, replacements and other expenditures that improve or extend the life of assets are capitalized and depreciated over their estimated useful lives. Expenditures for ordinary maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the buildings, which are generally between 15 and 50 years , and site improvements, which are generally 5 years. Tenant improvements are amortized over the lease terms of the tenants, which is generally between 2 and 10 years . |
Lease 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 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 for its ground lease and corresponding right of use asset related to this same ground lease which is classified as an operating lease. A key input in estimating the lease liability and resulting right of use asset is establishing the discount rate in the lease, which since the rate implicit in the contract is not readily determinable, requires additional inputs for the longer-term ground lease, including mortgage market-based interest rates that correspond with the remaining term of the lease, the Company's credit spread, and the payment terms present in the lease. This discount rate is applied to the remaining unpaid minimum rental payments for the lease to measure the lease liability. |
Income Taxes | Income Taxes The Company elected to be taxed as a real estate investment trust (“REIT”) under Section 856 through 860 of the Internal Revenue 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 three months ended March 31, 2023 and 2022. 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 March 31, 2023 or 2022. At March 31, 2023 , the Company's tax returns for the years 2019 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, and convertible debt, using the if-converted method. Diluted EPS excludes all potentially dilutive securities such as warrants and convertible membership units of the Operating Partnership (“GIP LP Units”) if their effect is anti-dilutive. As of the three months ended March 31, 2023 and 2022 , all potentially dilutive securities were excluded because the effect was anti-dilutive. |
Impairments | Impairments The Company reviews investments in real estate and related lease intangibles for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable though operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end of the previously estimated life. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. There were no impairments in the Company's investments in real estate during the three months ended March 31, 2023 or 2022. 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 three months ended March 31, 2023 or 2022. |
Recent Acounting Prounouncements | Recent Acounting Prounouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13 to amend the accounting for credit losses for certain financial instruments. Under the new guidance, an entity recognizes its estimate of expected credit losses as an allowance, which the FASB believes will result in more timely recognition of such losses. In November 2018, the FASB released ASU No. 2018-19 “Codification Improvements to Topic 326, Financial Instruments - Credit Losses.” This ASU clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20 “Financial Instruments - Credit Losses.” Instead, impairment of receivables arising from operating leases should be accounted for under Subtopic 842-30 “Leases - Lessor.” ASU 2016-13 is effective for fiscal years beginning after December 15, 2022 for smaller reporting companies, including interim periods within those fiscal years. The adoption of this new guidance did not have a material impact on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, As of March 31, 2023 2022 Cash and cash equivalents $ 2,737,145 $ 4,607,952 Restricted cash 34,500 34,500 Cash and cash equivalents and restricted cash $ 2,771,645 $ 4,642,452 |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Acquired Properties | The following table details the properties acquired during the three months ended March 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 |
Acquired Lease Intangible Ass_2
Acquired Lease Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Schedule of Intangible Assets, Net | Acquired lease intangible assets, net is comprised of the following: As of March 31, As of December 31, 2023 2022 Acquired lease intangible assets $ 4,677,928 $ 4,677,928 Accumulated amortization ( 1,658,133 ) ( 1,522,570 ) Acquired lease intangible assets, net $ 3,019,795 $ 3,155,358 |
Schedule of Future Amortization for Intangible Assets | The future amortization for acquired lease intangible assets, net for subsequent years ending December 31 is listed below: As of March 31, 2023 2023 (9 months remaining) $ 407,391 2024 542,954 2025 509,815 2026 489,884 2027 394,952 Thereafter 674,799 $ 3,019,795 |
Acquired Lease Intangible Lia_2
Acquired Lease Intangible Liabilities, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Below Market Lease [Abstract] | |
Summary of Acquired Lease Intangible Liabilities | Acquired lease intangible liabilities, net is comprised of the following: As of March 31, As of December 31, 2023 2022 Acquired lessor lease intangible liabilities $ 965,216 $ 965,216 Accumulated accretion to rental income ( 395,972 ) ( 369,858 ) Acquired lessor lease intangible liabilities, net $ 569,244 $ 595,358 Acquired lessee lease intangible liabilities $ 45,207 $ 45,207 Accumulated amortization to offset building expenses ( 775 ) ( 592 ) Acquired lessee lease intangible liabilities, net $ 44,432 $ 44,615 |
Summary of Future Amortization for Intangible Liabilities | The future amortization for Acquired Lessor Lease Intangible Liabilities, net for subsequent years ending December 31 is listed below: As of March 31, 2023 2023 (9 months remaining) $ 79,074 2024 105,188 2025 105,188 2026 93,907 2027 93,907 Thereafter 91,980 $ 569,244 The amortization for acquired lessee lease intangible liabilities for the three months ended March 31, 2023 and 2022 was $ 183 and $ 43 , respectively. The future amortization for acquired lessee lease intangible liabilities, net for subsequent years ending December 31 is listed below: As of March 31, 2023 2023 (9 months remaining) $ 549 2024 732 2025 732 2026 732 2027 732 Thereafter 40,955 $ 44,432 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 three months ended March 31, 2023 and 2022: 2023 2022 Rental income Fixed and in-substance fixed lease income $ 1,203,924 $ 1,085,741 Variable lease income 79,821 71,253 Other related lease income, net: Amortization of below-market leases 26,114 23,841 Straight line rent revenue 16,848 1,100 Total rental income $ 1,326,707 $ 1,181,935 |
Summary of Concentration of Risk Percentage of Tenants | For the three months ended March 31, 2023 and 2022 , we had four tenants that each account for more than 10% of our annual rental revenue as indicated below: 2023 2022 General Services Administration - Norfolk, VA & Manteo, NC 23 % 22 % PRA Holdings, Inc. - Norfolk, VA 16 % 16 % Pratt & Whitney Automation, Inc. - Huntsville, AL 15 % 15 % Kohl's Corporation - Tucson, AZ 17 % Less than 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 March 31, 2023 2023 (9 months remaining) $ 3,543,139 2024 4,785,452 2025 4,635,711 2026 4,513,724 2027 3,919,118 Thereafter 5,210,921 $ 26,608,065 |
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 of March 31, 2023 and provides a reconciliation to the lease liability included in the accompanying Consolidated Balance Sheets as of March 31, 2023. As of March 31, 2023 2023 (9 months remaining) $ 174,525 2024 244,077 2025 245,111 2026 245,111 2027 245,111 Thereafter 21,820,644 Total undiscounted liability $ 22,974,579 Present value discount ( 16,603,853 ) Lease liability $ 6,370,726 Discount rate 4.58 % Term Remaining 61 years |
Redeemable Non-Controlling In_2
Redeemable Non-Controlling Interests (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Noncontrolling Interest [Abstract] | |
Summary of Redeemable Non-Controlling Interests | The following table reflects the Company's redeemable non-controlling interests and non-controlling interest during the three months ended March 31, 2023 and 2022: Brown Family Trust and Brown Family Enterprises, LLC Irby Prop Partners Richard Hornstrom LMB Owenton I LLC GIP LP (Former Greenwal, L.C. and Riverside Crossing, L.C. Members) Total Redeemable Non-Controlling Interest Non-Controlling Interest - Former GIP Fund 1 Members Balance, December 31, 2021 $ 500,000 $ 976,756 $ 659,972 $ - $ 6,998,251 $ 9,134,979 $ 469,712 Issuance of Redeemable Operating Partnership Units for property acquisition - - - 1,109,570 - 1,109,570 - Distribution on Non-Controlling Interest ( 11,260 ) ( 19,001 ) ( 13,087 ) ( 15,269 ) ( 56,686 ) ( 115,303 ) ( 3,938 ) Net income (loss) for the quarter 11,260 28,370 19,498 15,269 56,686 131,083 ( 1,120 ) Balance, March 31, 2022 $ 500,000 $ 986,125 $ 666,383 $ 1,109,570 $ 6,998,251 $ 10,260,329 $ 464,654 Balance, December 31, 2022 $ 500,000 $ 1,014,748 $ 686,114 $ 1,109,570 $ 2,479,299 $ 5,789,731 $ 445,035 Issuance of Redeemable Non-Controlling Interest 3,000,000 - - - - 3,000,000 - Redemption of Redeemable Non-Controlling Interests - - - - ( 2,479,299 ) ( 2,479,299 ) - Distribution on Non-Controlling Interests ( 46,346 ) ( 19,000 ) ( 13,000 ) ( 18,135 ) ( 19,336 ) ( 115,817 ) ( 2,844 ) Net income (loss) for the quarter 46,346 28,681 19,624 18,135 19,336 132,122 ( 4,908 ) Balance, March 31, 2023 $ 3,500,000 $ 1,024,429 $ 692,738 $ 1,109,570 $ - $ 6,326,737 $ 437,283 |
Equity (Tables)
Equity (Tables) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2023 | Sep. 30, 2022 | |
Equity [Abstract] | ||
Schedule of Stockholders Equity [Table Text Block] | Warrants Weighted Average Price Weighted Average Remaining Life As of December 31, 2022 1,102,900 $ 11.25 3.7 Exercised ( 106,480 ) 10.00 - As of March 31, 2023 996,420 $ 11.38 3.5 Warrants exercisable 996,420 $ 11.38 3.5 Warrants Weighted Average Price Weighted Average Remaining Life As of December 31, 2021 1,914,850 $ 10.72 4.7 Exercised ( 276,760 ) 10.00 - As of March 31, 2022 1,638,090 $ 10.84 4.5 Warrants exercisable 1,638,090 $ 10.84 4.5 There was no intrinsic value for the warrants as of March 31, 2023 or March 31, 2022. | |
Schedule of Restricted Common Shares Issued | The following is a summary of restricted shares for the three months ended March 31, 2023 and 2022: 2023 2022 Number of Shares Outstanding at beginning of period 58,502 23,167 Restricted Shares Issued 98,593 47,142 Restricted Shares Vested ( 45,857 ) ( 10,500 ) Number of Shares Outstanding at end of period 111,238 59,809 | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Investor Warrants issued on September 8 and 28, 2021 became exercisable on a cashless basis on January 6 and 28, 2022, respectively. As of March 31, Issue Date 2023 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 $ 10.00 581,570 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 14,850 996,420 | |
Schedule of Cash Distributions | The following is a summary of distributions to common stockholders and Operating Partnership unit holders: Authorized Date Record Date Per Share/Unit January 3, 2023 March 15, 2023 $ 0.039 January 3, 2023 February 15, 2023 $ 0.039 January 3, 2023 January 15, 2023 $ 0.039 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 Through June 2022, the Company's CEO waived his right to receive distributions with respect to the shares held by him as of the completion of the Public Offering. |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Promissory Notes | The Company had the following mortgage loans outstanding as of March 31, 2023 and December 31, 2022, respectively: Mortgage Loans Secured By (Tenant-Location) Loan Amount Interest Rate Maturity Date 2023 2022 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 $ 10,906,937 $ 10,957,829 1.25 GSA - Norfolk, Virginia 8,260,000 3.50 % 9/30/2024 7,518,613 7,578,304 1.25 PRA Holdings, Inc. - Norfolk, Virginia 5,216,749 3.50 % 10/23/2024 4,687,418 4,728,462 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 928,728 928,728 1.50 Irby Construction - Plant City , Florida 928,728 (c) 3.85 % (d) 3/31/2032 928,728 928,728 1.50 Best Buy - Grand Junction, Colorado 2,552,644 (c) 3.85 % (d) 3/31/2032 2,552,644 2,552,644 1.50 Fresenius - Chicago, Illinois 1,727,108 (c) 3.85 % (d) 3/31/2032 1,727,108 1,727,108 1.50 Starbucks - North Tampa, Florida 1,298,047 (c) 3.85 % (d) 3/31/2032 1,298,047 1,298,047 1.50 Kohls - Tucson, Arizona 3,964,745 (c) 3.85 % (d) 3/31/2032 3,964,745 3,964,745 1.50 $ 37,450,913 $ 35,799,632 $ 35,951,259 Less Debt Issuance Costs, net ( 688,516 ) ( 717,381 ) $ 35,111,116 $ 35,233,878 (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 | inimum 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 March 31, 2023 2023 (9 months remaining) $ 633,897 $ 452,460 $ - $ 1,086,357 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 $ 35,799,632 $ 2,262,300 $ 1,500,000 $ 39,561,932 |
Tenant in Common Investment (Ta
Tenant in Common Investment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Tenant In Common Investment [Abstract] | |
Condensed Income Statement of Tenant in Common Investment | The condensed income statements for the three months ended March 31, 2023 and 2022 are as follows: Three Months ended March 31, 2023 2022 Total revenue $ 93,139 $ 93,139 Total expenses $ 64,335 $ 69,924 Net income $ 28,804 $ 23,215 GIP, LP's Share $ 14,402 $ 8,552 |
Condensed Balance Sheets of Tenant in Common Investment | The condensed balance sheets of the tenant in common investment as of March 31, 2023 and December 31, 2022, respectively, are as follows: As of March 31, As of December 31, 2023 2022 Net real estate investments $ 4,473,616 $ 4,503,120 Deferred rent asset 6,764 7,132 Prepaid expenses 4,300 343 Due from related party 52,429 21,710 Total Assets $ 4,537,109 $ 4,532,305 Accounts payable and accrued expenses $ 8,275 $ 6,738 Prepaid rent 30,550 30,550 Acquired lease intangible liabilities, net 33,703 35,561 Mortgage loan, net of unamortized debt issuance costs 2,088,437 2,088,116 Total Liabilities $ 2,160,965 $ 2,160,965 GIP, LP $ 1,232,670 $ 1,218,268 SUNNY RIDGE MHP, LLC 1,143,474 1,153,072 Total Tenants in Common Equity $ 2,376,144 $ 2,371,340 Total Liabilities and Tenants in Common Equity $ 4,537,109 $ 4,532,305 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2023 Property | |
Nature Of Operations [Line Items] | |
Entity incorporation date | Sep. 19, 2015 |
Number of properties owned | 12 |
Number of partial interest properties | 1 |
Operating Partnership | |
Nature Of Operations [Line Items] | |
Operating partnership formation month and year | 2015-10 |
Operating Partnership | GIP REIT Op Limited LLC | |
Nature Of Operations [Line Items] | |
Ownership percentage | 0.002% |
Operating Partnership | Common Units | |
Nature Of Operations [Line Items] | |
Ownership percentage | 90% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Condensed Balance Sheets (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Liabilities And Stockholders Equity [Abstract] | ||||
Total liabilities | $ 47,241,077 | $ 47,283,591 | ||
Accumulated deficit | (9,958,363) | (8,640,796) | ||
Stockholders' Equity | 9,167,340 | 10,691,738 | $ 14,140,214 | |
Equity | $ 9,604,623 | $ 11,136,773 | $ 13,312,716 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Condensed Income Statements (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reclassification [Line Items] | ||
Revenue | $ 1,337,039 | $ 1,181,935 |
Total expenses | 2,035,794 | 1,636,000 |
Operating loss | (698,755) | (454,065) |
Net income (loss) | (1,190,353) | (445,513) |
Less: Net income attributable to non-controlling interest | 127,214 | 129,963 |
Net income (loss) attributable to Generation Income Properties, Inc. | $ (1,317,567) | $ (575,476) |
Total Weighted Average Shares of Common Stock Outstanding – Basic | 2,541,477 | 2,196,056 |
Total Weighted Average Shares of Common Stock Outstanding – Diluted | 2,541,477 | 2,196,056 |
Basic Income Per Share Attributable to Common Stockholders | $ (0.52) | $ (0.26) |
Diluted Income Per Share Attributable to Common Stockholders | $ (0.52) | $ (0.26) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Condensed Statements of Stockholders' Equity (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Reclassification [Line Items] | ||||
Redeemable Non-Controlling Interests | $ 6,326,737 | $ 5,789,731 | $ 10,260,329 | $ 9,134,979 |
Accumulated deficit | (9,958,363) | (8,640,796) | ||
Stockholders' Equity | 9,167,340 | 10,691,738 | $ 14,140,214 | |
Total Stockholders' Equity | $ 9,604,623 | $ 11,136,773 | $ 13,312,716 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Condensed Statements of Cash Flows (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reclassification [Line Items] | ||
Net income (loss) | $ (1,190,353) | $ (445,513) |
Net cash provided by operating activities | (850,964) | (210,500) |
Net cash used in investing activities | (50,000) | (12,700,600) |
Net cash generated from (used in) financing activities | (80,387) | 6,929,476 |
Net increase (decrease) in cash and cash equivalents | (981,351) | (5,981,624) |
Cash and cash equivalents and restricted cash - beginning of period | 3,752,996 | 10,624,076 |
Cash and cash equivalents and restricted cash - end of period | $ 2,771,645 | $ 4,642,452 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 2,737,145 | $ 3,718,496 | $ 4,607,952 |
Restricted cash | 34,500 | $ 34,500 | 34,500 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Total | $ 2,771,645 | $ 4,642,452 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Deferred rent asset | $ 305,645 | $ 288,797 | |
Deferred rent liability | 156,075 | 251,798 | |
Prepaid rent | 175,466 | $ 271,189 | |
Impairments | 0 | $ 0 | |
Liability for unrecognized tax benefits | $ 0 | $ 0 | |
Buildings | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 15 years | ||
Buildings | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 50 years | ||
Tenant Improvements | Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 2 years | ||
Tenant Improvements | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 10 years | ||
Site Improvements | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 5 years |
Investments in Real Estate - Ad
Investments in Real Estate - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2023 USD ($) ft² Tenant | Mar. 31, 2022 Tenant | |
Asset Acquisition [Line Items] | ||
Number of tenants | Tenant | 4 | 4 |
Fresenius-Chicago, I L | ||
Asset Acquisition [Line Items] | ||
Property acquired date | Jan. 07, 2022 | |
Area of property | ft² | 10,900 | |
Number of tenants | Tenant | 1 | |
Asset acquisition through debt | $ 1,550,000 | |
Starbucks-Tampa, F L | ||
Asset Acquisition [Line Items] | ||
Property acquired date | Jan. 14, 2022 | |
Area of property | ft² | 2,600 | |
Cash capital contribution through issuance of redeemable non-controlling interest | $ 1,109,570 | |
Asset acquisition through debt | $ 1,050,000 | |
Kohl's-Tucson, A Z | ||
Asset Acquisition [Line Items] | ||
Property acquired date | Mar. 09, 2022 | |
Area of property | ft² | 88,400 | |
Number of tenants | Tenant | 1 | |
Asset acquisition through debt | $ 3,650,000 |
Investments in Real Estate - Sc
Investments in Real Estate - Schedule of Acquired Properties (Details) | Mar. 31, 2023 USD ($) |
Fresenius-Chicago, I L | |
Business Acquisition [Line Items] | |
Land | $ 1,690,837 |
Building and site improvements | 1,217,395 |
Tenant improvements | 55,041 |
Acquired lease intangible assets | 276,013 |
Total real estate investments | 3,239,286 |
Right of use asset | 0 |
Less Acquired lease intangible liabilities | (19,864) |
Less Right of use lease liability | 0 |
Total real estate investments, net | 3,219,422 |
Starbucks-Tampa, F L | |
Business Acquisition [Line Items] | |
Land | 1,443,262 |
Building and site improvements | 700,859 |
Tenant improvements | 20,504 |
Acquired lease intangible assets | 112,830 |
Total real estate investments | 2,277,455 |
Right of use asset | 0 |
Less Acquired lease intangible liabilities | (13,497) |
Less Right of use lease liability | 0 |
Total real estate investments, net | 2,263,958 |
Kohl's-Tucson, A Z | |
Business Acquisition [Line Items] | |
Land | 0 |
Building and site improvements | 6,175,908 |
Tenant improvements | 349,136 |
Acquired lease intangible assets | 981,203 |
Total real estate investments | 7,506,247 |
Right of use asset | 6,304,334 |
Less Acquired lease intangible liabilities | (131,999) |
Less Right of use lease liability | (6,304,334) |
Total real estate investments, net | 7,374,248 |
Property of Fresenius-Chicago, IL, Starbucks-Tampa, FL and Kohl's-Tucson, AZ | |
Business Acquisition [Line Items] | |
Land | 3,134,099 |
Building and site improvements | 8,094,162 |
Tenant improvements | 424,681 |
Acquired lease intangible assets | 1,370,046 |
Total real estate investments | 13,022,988 |
Right of use asset | 6,304,334 |
Less Acquired lease intangible liabilities | (165,360) |
Less Right of use lease liability | (6,304,334) |
Total real estate investments, net | $ 12,857,628 |
Acquired Lease Intangible Ass_3
Acquired Lease Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Intangible Assets Net Excluding Goodwill [Abstract] | ||
Acquired lease intangible assets | $ 4,677,928 | $ 4,677,928 |
Accumulated amortization | (1,658,133) | (1,522,570) |
Acquired lease intangible assets, net | $ 3,019,795 | $ 3,155,358 |
Acquired Lease Intangible Ass_4
Acquired Lease Intangible Assets, Net - Schedule of Future Amortization for Intangible Assets (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Intangible Assets Net Excluding Goodwill [Abstract] | ||
2023 (9 months remaining) | $ 407,391 | |
2024 | 542,954 | |
2025 | 509,815 | |
2026 | 489,884 | |
2027 | 394,952 | |
Thereafter | 674,799 | |
Acquired lease intangible assets, net | $ 3,019,795 | $ 3,155,358 |
Acquired Lease Intangible Lia_3
Acquired Lease Intangible Liabilities, Net (Additional Information) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization of lease intangible assets | $ 135,563 | $ 113,992 |
Acquired Lease Intangible Lia_4
Acquired Lease Intangible Liabilities, Net - Summary of Acquired Lease Intangible Liabilities (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Intangible Assets Net Excluding Goodwill [Abstract] | ||
Acquired lessor lease intangible liabilities | $ 965,216 | $ 965,216 |
Accumulated accretion to Rental income | (395,972) | (369,858) |
Acquired lessor lease intangible liabilities, net | 569,244 | 595,358 |
Acquired lessee lease intangible liabilities | 45,207 | 45,207 |
Accumulated amortization to offset Building expenses | (775) | (592) |
Acquired lessee lease intangible liabilities, net | 44,432 | 44,615 |
Acquired Lease Intangible Liabilities Net | $ 613,676 | $ 639,973 |
Acquired Lease Intangible Lia_5
Acquired Lease Intangible Liabilities, Net - Summary of Future Amortization for Intangible Liabilities (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Indefinite-Lived Intangible Assets [Line Items] | ||
2023 (9 months remaining) | $ 79,074 | |
2024 | 105,188 | |
2025 | 105,188 | |
2026 | 93,907 | |
2027 | 93,907 | |
Thereafter | 91,980 | |
Acquired lessor lease intangible liabilities, net | 569,244 | $ 595,358 |
Lessee [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
2023 (9 months remaining) | 549 | |
2024 | 732 | |
2025 | 732 | |
2026 | 732 | |
2027 | 732 | |
Thereafter | 40,955 | |
Acquired lessor lease intangible liabilities, net | $ 44,432 |
Acquired lease intangible lia_6
Acquired lease intangible liabilities, net (Additional Information) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization of below-market leases | $ 26,114 | $ 23,841 |
Lessee Member | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Amortization of below-market leases | $ 183 | $ 43 |
Leases - Additional Information
Leases - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2023 USD ($) Tenant | Mar. 31, 2022 USD ($) Tenant | Mar. 09, 2022 Property | |
Lessee Lease Description [Line Items] | |||
Number of tenants | Tenant | 4 | 4 | |
Ground Lease | |||
Lessee Lease Description [Line Items] | |||
Number of properties acquired | Property | 1 | ||
Lease expiration year | 2084 | ||
Operating lease, expense | $ 93,762 | $ 16,000 | |
Variable lease expense | 0 | ||
Right of use liability,net | $ 58,175 | $ 14,387 |
Leases - Summary of Disaggregat
Leases - Summary of Disaggregation of Lease Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Fixed and in-substance fixed lease income | $ 1,203,924 | $ 1,085,741 |
Variable lease income | 79,821 | 71,253 |
Other related lease income, net: | ||
Amortization of below-market leases | 26,114 | 23,841 |
Straight line rent revenue | 16,848 | 1,100 |
Total rental income | $ 1,326,707 | $ 1,181,935 |
Leases - Summary of Concentrati
Leases - Summary of Concentration of Risk Percentage of Tenants (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Norfolk, VA & Manteo, NC [Member] | General Services Administration [Member] | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 23% | 22% |
Norfolk, VA | P R A Holding [Member] | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 16% | 16% |
Pratt and Whitney - Huntsville, Alabama [Member] | Pratt And Whitney Corporation [Member] | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 15% | 15% |
Tuscon Arizona [Member] | Kohl's Corporation Member | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 17% | 10% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Rental Payments Due to the Company (Details) | Mar. 31, 2023 USD ($) |
Leases [Abstract] | |
2023 (9 months remaining) | $ 3,543,139 |
2024 | 4,785,452 |
2025 | 4,635,711 |
2026 | 4,513,724 |
2027 | 3,919,118 |
Thereafter | 5,210,921 |
Lessor, Operating Lease, Payments to be Received, Total | $ 26,608,065 |
Leases - Summary of Future Mi_2
Leases - Summary of Future Minimum Rental Cash Payments Due and Undiscounted Future Cash Flows (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Lessee Lease Description [Line Items] | ||
Lease liability, net | $ 6,370,726 | $ 6,356,288 |
Ground Lease | ||
Lessee Lease Description [Line Items] | ||
2023 (9 months remaining) | 174,525 | |
2024 | 244,077 | |
2025 | 245,111 | |
2026 | 245,111 | |
2027 | 245,111 | |
Thereafter | 21,820,644 | |
Total undiscounted liability | 22,974,579 | |
Present value discount | (16,603,853) | |
Lease liability, net | $ 6,370,726 | |
Discount rate | 4.58% | |
Term | 61 years |
Redeemable Non-Controlling In_3
Redeemable Non-Controlling Interests - Summary of Redeemable Non-Controlling Interests (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Noncontrolling Interest [Line Items] | ||
Redeemable Non-Controlling Interest, Balance | $ 5,789,731 | $ 9,134,979 |
Balance | 10,691,738 | 14,140,214 |
Issuance Of Redeemable Operating Partnership Units For Property Acquisition | 1,109,570 | |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 3,000,000 | |
Distribution on Non-Controlling Interest | (115,817) | (115,303) |
Redemption of Redeemable Non-Controlling Interest | (2,479,299) | |
Net income (loss) for the quarter | 132,122 | 131,083 |
Redeemable Non-Controlling Interest, Balance | 6,326,737 | 10,260,329 |
Balance | 9,167,340 | |
Non-Controlling Interest | ||
Noncontrolling Interest [Line Items] | ||
Balance | 445,035 | 469,712 |
Issuance Of Redeemable Operating Partnership Units For Property Acquisition | 0 | |
Issuance of Redeemable Non-Controlling Interest | 0 | |
Distribution on Non-Controlling Interest | (2,844) | (3,938) |
Redemption of Redeemable Non-Controlling Interest | 0 | |
Net income (loss) for the quarter | 4,908 | 1,120 |
Balance | 437,283 | 464,654 |
Brown Family Trust | ||
Noncontrolling Interest [Line Items] | ||
Redeemable Non-Controlling Interest, Balance | 500,000 | 500,000 |
Issuance Of Redeemable Operating Partnership Units For Property Acquisition | 0 | |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 3,000,000 | |
Distribution on Non-Controlling Interest | (46,346) | (11,260) |
Redemption of Redeemable Non-Controlling Interest | 0 | |
Net income (loss) for the quarter | 46,346 | 11,260 |
Redeemable Non-Controlling Interest, Balance | 3,500,000 | 500,000 |
Irby Property Partners | ||
Noncontrolling Interest [Line Items] | ||
Redeemable Non-Controlling Interest, Balance | 1,014,748 | 976,756 |
Issuance Of Redeemable Operating Partnership Units For Property Acquisition | 0 | |
Issuance of Redeemable Non-Controlling Interest | 0 | |
Distribution on Non-Controlling Interest | (19,000) | (19,001) |
Redemption of Redeemable Non-Controlling Interest | 0 | |
Net income (loss) for the quarter | 28,681 | 28,370 |
Redeemable Non-Controlling Interest, Balance | 1,024,429 | 986,125 |
Richard Hornstrom | ||
Noncontrolling Interest [Line Items] | ||
Redeemable Non-Controlling Interest, Balance | 686,114 | 659,972 |
Issuance Of Redeemable Operating Partnership Units For Property Acquisition | 0 | |
Issuance of Redeemable Non-Controlling Interest | 0 | |
Distribution on Non-Controlling Interest | (13,000) | (13,087) |
Redemption of Redeemable Non-Controlling Interest | 0 | |
Net income (loss) for the quarter | 19,624 | 19,498 |
Redeemable Non-Controlling Interest, Balance | 692,738 | 666,383 |
LMB Owenton I LLC | ||
Noncontrolling Interest [Line Items] | ||
Redeemable Non-Controlling Interest, Balance | 1,109,570 | 0 |
Issuance Of Redeemable Operating Partnership Units For Property Acquisition | 1,109,570 | |
Issuance of Redeemable Non-Controlling Interest | 0 | |
Distribution on Non-Controlling Interest | (18,135) | (15,269) |
Redemption of Redeemable Non-Controlling Interest | 0 | |
Net income (loss) for the quarter | 18,135 | 15,269 |
Redeemable Non-Controlling Interest, Balance | 1,109,570 | 1,109,570 |
GIP LP | ||
Noncontrolling Interest [Line Items] | ||
Redeemable Non-Controlling Interest, Balance | 2,479,299 | 6,998,251 |
Issuance Of Redeemable Operating Partnership Units For Property Acquisition | 0 | |
Issuance of Redeemable Non-Controlling Interest | 0 | |
Distribution on Non-Controlling Interest | (19,336) | (56,686) |
Redemption of Redeemable Non-Controlling Interest | (2,479,299) | |
Net income (loss) for the quarter | 19,336 | 56,686 |
Redeemable Non-Controlling Interest, Balance | $ 0 | $ 6,998,251 |
Redeemable Non-Controlling In_4
Redeemable Non-Controlling Interests - Additional Information (Details) | 3 Months Ended | ||||||||||||||||||||||||||
Feb. 08, 2023 USD ($) $ / shares shares | Aug. 09, 2022 USD ($) | Jan. 14, 2022 USD ($) Building $ / shares shares | Aug. 02, 2021 USD ($) | Apr. 21, 2021 USD ($) | Feb. 11, 2021 USD ($) | Nov. 30, 2020 USD ($) Building $ / shares shares | Sep. 30, 2019 USD ($) Investor Entity Building $ / shares shares | Mar. 31, 2023 USD ($) shares | Sep. 15, 2024 shares | Jun. 15, 2024 shares | Mar. 15, 2024 shares | Oct. 31, 2023 shares | Sep. 15, 2023 shares | Mar. 15, 2023 shares | Mar. 08, 2023 USD ($) | Feb. 07, 2023 $ / shares | Jan. 27, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | 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. 31, 2022 USD ($) | Mar. 21, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | |
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Noncontrolling interest, description | average 30-day market price of Generation Income Properties, Inc. common stock. GIP LP 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. Additionally, the Operating Partnership has the right to redeem the preferred equity at redemption value with cash after the second year anniversary of the closing of the acquisition. | ||||||||||||||||||||||||||
Redeemable noncontrolling interest redeemed | $ 6,326,737 | $ 5,789,731 | $ 10,260,329 | $ 9,134,979 | |||||||||||||||||||||||
Redemption price discount average | 15% | ||||||||||||||||||||||||||
Common stock, shares issued | shares | 2,610,885 | 2,501,644 | |||||||||||||||||||||||||
Other expense | $ (506,000) | ||||||||||||||||||||||||||
Outside Investor | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Ownership percentage | 10% | ||||||||||||||||||||||||||
GIP LP [Member] | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Ownership percentage | 90% | ||||||||||||||||||||||||||
Brown Family Trust | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Redeemable noncontrolling interest redeemed | $ 692,738 | $ 1,024,429 | $ 500,000 | $ 3,500,000 | 500,000 | 500,000 | $ 500,000 | ||||||||||||||||||||
Irby Property Partners | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Redeemable noncontrolling interest redeemed | 1,024,429 | 1,014,748 | 986,125 | 976,756 | |||||||||||||||||||||||
Richard Hornstrom | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Redeemable noncontrolling interest redeemed | $ 692,738 | $ 686,114 | $ 666,383 | $ 659,972 | |||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Common stock, shares issued | shares | 200,000 | ||||||||||||||||||||||||||
Preferred Equity Agreement | Brown Family Trust | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Capital contribution received | $ 500,000 | ||||||||||||||||||||||||||
Noncontrolling interest, description | The Operating Partnership is the general manager of the subsidiary while Brown Family Trust is a preferred equity member. Pursuant to the agreement, the Company is required to pay the preferred equity member a 9% IRR on a monthly basis. After 24 months, the Brown Family Trust has the right to redeem and the Operating Partnership has the right to call the preferred equity at redemption value. | ||||||||||||||||||||||||||
Noncontrolling interest internal rate of return percentage paid on monthly basis | 9% | ||||||||||||||||||||||||||
Preferred Equity Agreement | Irby Property Partners | Preferred Equity Partners | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Capital contribution received | $ 950,000 | ||||||||||||||||||||||||||
Noncontrolling interest, description | Pursuant to the agreement, the Company is required to pay the preferred equity member a 12% total IRR of which 8% IRR is paid on a monthly basis and 4% IRR is deferred. After 24 months, Irby Prop Partners has the right to redeem the preferred equity at redemption value plus any deferred interest accrued and the Operating Partnership has the right to call the preferred equity at redemption value. | ||||||||||||||||||||||||||
Noncontrolling interest internal rate of return percentage paid on monthly basis | 8% | ||||||||||||||||||||||||||
Noncontrolling interest total internal rate of return percentage | 12% | ||||||||||||||||||||||||||
Preferred Equity Agreement | Richard Hornstrom | Preferred Equity Partners | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Capital contribution received | $ 650,000 | ||||||||||||||||||||||||||
Noncontrolling interest, description | Pursuant to the agreement, the Company is required to pay the preferred equity member a 12% total IRR of which 8% IRR is paid on a monthly basis and 4% IRR is deferred. | ||||||||||||||||||||||||||
Noncontrolling interest total internal rate of return percentage | 12% | ||||||||||||||||||||||||||
Preferred Equity Agreement | GIPVA 130 | Preferred Equity Partners | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Noncontrolling interest, description | The Operating Partnership is the general manager of the subsidiary while Brown Family Enterprises, LLC is a preferred equity member. Pursuant to the agreement, the Company is required to pay the preferred equity member a 7% IRR paid on a monthly basis and will share in 16% of the equity in each of the Virginia SPEs upon a capital transaction resulting in distributable proceeds. After 24 months, Brown Family Enterprises, LLC has the right to redeem the preferred equity at redemption value | ||||||||||||||||||||||||||
Redeemable noncontrolling interest redeemed | $ 3,000,000 | ||||||||||||||||||||||||||
Preferred Equity Agreement | Class A Preferred Units | GIPVA 130 | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Capital contribution received | $ 1,200,000 | ||||||||||||||||||||||||||
Preferred Units Sold | shares | 120,000 | ||||||||||||||||||||||||||
Preferred units issue price per share | $ / shares | $ / shares | $ 10 | ||||||||||||||||||||||||||
Preferred Equity Agreement | Class A Preferred Units | GIPVA 2510 | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Capital contribution received | $ 1,800,000 | ||||||||||||||||||||||||||
Number of preferred units issued | shares | 180,000 | ||||||||||||||||||||||||||
Preferred units issue price per share | $ / shares | $ / shares | $ 10 | ||||||||||||||||||||||||||
Contribution Agreement | Operating Partnership | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest | $ 2,912,300 | ||||||||||||||||||||||||||
Number of entities | Entity | 2 | ||||||||||||||||||||||||||
Number of common units issued | shares | 349,913 | ||||||||||||||||||||||||||
Common units issue price per share | $ / shares | $ 20 | ||||||||||||||||||||||||||
Common units value issued | $ 6,998,251 | ||||||||||||||||||||||||||
First installment payment | $ 325,000 | $ 325,000 | |||||||||||||||||||||||||
Number of investors required to redeem | Investor | 2 | ||||||||||||||||||||||||||
Common units redemption price per share | $ / shares | $ 20 | $ 20 | $ 20 | $ 20 | $ 20 | $ 20 | $ 20 | ||||||||||||||||||||
Total units issued | shares | 180,615 | 123,965 | 129,365 | 16,250 | 25,000 | 10,166 | 10,166 | ||||||||||||||||||||
Common units value redeemed | $ 2,479,299 | $ 325,000 | $ 203,326 | $ 203,326 | |||||||||||||||||||||||
Contribution Agreement | One Entity | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Ownership percentage | 11% | ||||||||||||||||||||||||||
Contribution Agreement | Tranche One [Member] | Operating Partnership | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Total units issued | shares | 16,250 | ||||||||||||||||||||||||||
Contribution Agreement | Tranche Two [Member] | Operating Partnership | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Total units issued | shares | 22,623 | ||||||||||||||||||||||||||
Contribution Agreement | Tranche Three [Member] | Operating Partnership | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Total units issued | shares | 22,623 | ||||||||||||||||||||||||||
Contribution Agreement | Tranche Four [Member] | Operating Partnership | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Total units issued | shares | 22,623 | ||||||||||||||||||||||||||
Contribution Agreement | Tranche Five [Member] | Operating Partnership | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Total units issued | shares | 22,623 | ||||||||||||||||||||||||||
Contribution Agreement | Common Stock [Member] | Operating Partnership | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Total units issued | shares | 60,000 | ||||||||||||||||||||||||||
Common stock, shares issued | shares | 200,000 | ||||||||||||||||||||||||||
Common stock issue price | $ / shares | $ 6 | ||||||||||||||||||||||||||
Cocoa, FL | Preferred Equity Agreement | Brown Family Trust | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Acquisition of building | $ 1,737,800 | ||||||||||||||||||||||||||
Plant City, FL | Preferred Equity Agreement | Irby Property Partners | Preferred Equity Partners | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Capital contribution received | $ 1,757,300 | ||||||||||||||||||||||||||
Rockville, IL | Preferred Equity Agreement | Richard Hornstrom | Preferred Equity Partners | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Capital contribution received | $ 724,800 | ||||||||||||||||||||||||||
Norfolk, VA | Contribution Agreement | Operating Partnership | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Acquisition of building | $ 19,134,400 | ||||||||||||||||||||||||||
Number of buildings acquired | Building | 2 | ||||||||||||||||||||||||||
Tampa, FL | Contribution Agreement | One Entity | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Acquisition of building | $ 2,264,000 | $ 1,847,700 | |||||||||||||||||||||||||
Number of buildings acquired | Building | 1 | 1 | |||||||||||||||||||||||||
Building In Gip LP | Contribution Agreement | One Entity | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Number of common units issued | shares | 157,771 | ||||||||||||||||||||||||||
Common units redemption price per share | $ / shares | $ 7.15 | ||||||||||||||||||||||||||
Common units value redeemed | $ 1,109,570 | ||||||||||||||||||||||||||
Building In Gip LP | Operating Partnership [Member] | One Entity | |||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||
Number of common units issued | shares | 44,228 |
Equity - Additional Information
Equity - Additional Information (Details) | 1 Months Ended | 3 Months Ended | |||||||||||||||
Dec. 08, 2022 $ / shares shares | Sep. 12, 2022 USD ($) $ / shares shares | Apr. 12, 2022 $ / shares shares | Jan. 14, 2022 USD ($) Building $ / shares shares | Jan. 06, 2022 $ / shares shares | Sep. 30, 2021 USD ($) TradingDay $ / shares shares | Sep. 08, 2021 USD ($) shares | Nov. 30, 2020 USD ($) Building $ / shares shares | Nov. 13, 2020 USD ($) $ / shares shares | Apr. 25, 2019 USD ($) $ / shares shares | Apr. 30, 2022 shares | Mar. 31, 2022 USD ($) shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) shares | Dec. 31, 2022 USD ($) shares | Sep. 30, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Class Of Stock [Line Items] | |||||||||||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||||||||
Issuance costs in additional paid in capital | $ | $ 6,091 | ||||||||||||||||
Undesignated preferred stock, shares authorized | 10,000,000 | ||||||||||||||||
Preferred stock, shares issued | 0 | ||||||||||||||||
Number of warrants to purchase common stock | 1 | ||||||||||||||||
Shares issued price per share | $ / shares | $ 10 | ||||||||||||||||
Common warrants exercisable price per share | $ / shares | $ 20 | ||||||||||||||||
Common warrants expiration term | 7 years | 4 years 6 months | 3 years 6 months | 4 years 6 months | 3 years 8 months 12 days | 4 years 8 months 12 days | |||||||||||
Warrants outstanding | 1,638,090 | 996,420 | 1,638,090 | 1,102,900 | 1,914,850 | ||||||||||||
Intrinsic value of the warrants | $ | $ 0 | $ 0 | |||||||||||||||
Stock based compensation expense | $ | $ 90,648 | $ 93,926 | |||||||||||||||
Warrants to purchase shares of common stock | 1,638,090 | 996,420 | 1,638,090 | ||||||||||||||
Additional paid-in capital | $ | $ 19,099,595 | $ 19,307,518 | |||||||||||||||
Common Stock Par Value | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||||
Issuance of common stock share | 10,648 | ||||||||||||||||
Deferred financing costs | $ | $ 6,100 | $ 6,100 | |||||||||||||||
Restricted Shares | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Number of shares granted | 98,593 | 47,142 | |||||||||||||||
2020 Omnibus Incentive Plan | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Reserves shares of common stock | 2,000,000 | ||||||||||||||||
Number of shares granted | 171,590 | ||||||||||||||||
Director | Restricted Shares | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Shares issued price per share | $ / shares | $ 5.68 | $ 7 | |||||||||||||||
Number of shares granted | 98,593 | 47,142 | 47,142 | ||||||||||||||
Vesting period | 3 years | 1 year | |||||||||||||||
Non employee | Restricted Shares | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Shares issued price per share | $ / shares | $ 7.06 | ||||||||||||||||
Number of shares granted | 357 | 357 | |||||||||||||||
Vesting period | 1 year | ||||||||||||||||
Contribution Agreement | One Entity | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Common units issue price per share | $ / shares | $ 10 | $ 20 | |||||||||||||||
Number of common units issued | 110,957 | 24,309 | |||||||||||||||
Common units value issued | $ | $ 1,109,570 | $ 486,180 | |||||||||||||||
Contribution Agreement | President | One Entity | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Ownership percentage | 11% | ||||||||||||||||
Contribution Agreement | Tampa, FL | One Entity | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Number of buildings acquired | Building | 1 | 1 | |||||||||||||||
Acquisition of building | $ | $ 2,264,000 | $ 1,847,700 | |||||||||||||||
Public Offering | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Number of warrants to purchase common stock | 1 | ||||||||||||||||
Over-Allotment Option | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Shares underlying warrants that may be exercised based on trading price, period after issuance | 120 days | ||||||||||||||||
Percentage of shares underlying warrants that may be exercised based on trading price | 10% | ||||||||||||||||
Shares underlying warrants that may be exercised, number of trading days for calculation of trading price | TradingDay | 10 | ||||||||||||||||
Class of warrants or right exercised | 106,480 | 276,760 | |||||||||||||||
Common stock issued upon exercise of warrants | 27,676 | ||||||||||||||||
Over-Allotment Option | Maxim Group LLC | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Common warrants exercisable price per share | $ / shares | $ 12.50 | ||||||||||||||||
Warrants to purchase shares of common stock | 149,850 | ||||||||||||||||
Percentage of number of shares of common stock sold in offering | 9% | ||||||||||||||||
Warrants to purchase shares of common stock, expiration date | Sep. 02, 2026 | ||||||||||||||||
Redemption Agreement | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Common stock issued | 200,000 | ||||||||||||||||
Shares issued price per share | $ / shares | $ 6 | ||||||||||||||||
Additional paid-in capital | $ | $ 1,198,000 | ||||||||||||||||
Common Stock Par Value | $ / shares | $ 2,000 | ||||||||||||||||
Common Stock Par Value $0.01 Per Share | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Common stock issued amount | $ | $ 1,000,000 | ||||||||||||||||
Common stock issued | 50,000 | ||||||||||||||||
Shares issued price per share | $ / shares | $ 20 | ||||||||||||||||
Common Stock Par Value $0.01 Per Share | Public Offering | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Common stock issued | 1,500,000 | ||||||||||||||||
Common Stock Par Value $0.01 Per Share | Over-Allotment Option | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Common stock issued amount | $ | $ 13,800,000 | ||||||||||||||||
Common stock issued | 165,000 | ||||||||||||||||
Treasury Stock | Public Offering | CEO | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Redeemable shares of common stock | 112,500 | ||||||||||||||||
Redeemable shares of common stock, value | $ | $ 100 | ||||||||||||||||
Warrant [Member] | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
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 exercisable price per share | $ / shares | $ 20 | ||||||||||||||||
Common warrants expiration term | 7 years |
Equity - Schedule of Warrants I
Equity - Schedule of Warrants Issued and Outstanding with Exercise Price (Details) - $ / shares | Sep. 30, 2021 | Sep. 08, 2021 | Nov. 13, 2020 | Apr. 25, 2019 | Mar. 31, 2023 |
Class Of Warrant Or Right [Line Items] | |||||
Issue Date | Nov. 13, 2020 | Apr. 25, 2019 | |||
Exercise price | $ 20 | ||||
Warrants Issued and Outstanding | 996,420 | ||||
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 | 581,570 | |||
Exercise Price of $12.50 | |||||
Class Of Warrant Or Right [Line Items] | |||||
Issue Date | Sep. 30, 2021 | Sep. 08, 2021 | |||
Exercise price | $ 12.50 | $ 12.50 | |||
Warrants Issued and Outstanding | 14,850 | 135,000 | |||
Exercise Price of $20.00 | |||||
Class Of Warrant Or Right [Line Items] | |||||
Exercise price | $ 20 | $ 20 | |||
Warrants Issued and Outstanding | 50,000 | 50,000 |
Equity - Summary of Warrants Ou
Equity - Summary of Warrants Outstanding (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity [Abstract] | ||
Number of Warrants, Beginning balance | 1,102,900 | 1,914,850 |
Number of Warrants, Exercised | (106,480) | (276,760) |
Number of Warrants, Ending balance | 996,420 | 1,638,090 |
Warrants exercisable | 996,420 | 1,638,090 |
Weighted Average Price, Beginning balance | $ 11.25 | $ 10.72 |
Weighted Average Price, Exercised | 10 | 10 |
Weighted Average Price, Ending balance | 11.38 | 10.84 |
Weighted Average Price, Warrants exercisable | $ 11.38 | $ 10.84 |
Weighted Average Remaining Life, Beginning balance | 3 years 8 months 12 days | 4 years 8 months 12 days |
Weighted Average Remaining Life, Ending balance | 3 years 6 months | 4 years 6 months |
Weighted Average Remaining Life, Warrants exercisable | 3 years 6 months | 4 years 6 months |
Equity - Schedule of Restricted
Equity - Schedule of Restricted Common Shares Issued (Details) - Restricted Shares - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares Outstanding at beginning of the period | 58,502 | 23,167 |
Restricted Shares Issued | 98,593 | 47,142 |
Restricted Shares Vested | (45,857) | (10,500) |
Number of Restricted Shares Outstanding at end of the period | 111,238 | 59,809 |
Equity - Schedule of Cash Distr
Equity - Schedule of Cash Distributions (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares | |
Dividend Tranche One | |
Dividends Payable [Line Items] | |
Board of Directors Authorized Date | Jan. 03, 2023 |
Record Date | Mar. 15, 2023 |
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 | Jan. 03, 2023 |
Record Date | Feb. 15, 2023 |
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 | Jan. 03, 2023 |
Record Date | Jan. 15, 2023 |
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 | 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 Five | |
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 Six | |
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 Seven | |
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 Eight | |
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 Nine | |
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 Ten | |
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 Eleven | |
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 Twelve [Member] | |
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 Thirteen [Member] | |
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 Fourteen [Member] | |
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 Fifteen [Member] | |
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 |
Mortgage Loans - Schedule of Pr
Mortgage Loans - Schedule of Promissory Notes (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Apr. 01, 2022 | Apr. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | ||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 39,561,932 | |||||
Less: debt issuance costs, net | $ (6,100) | |||||
Promissory Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.85% | 2.50% | ||||
Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Promissory note issued amount | 37,450,913 | |||||
Long-term debt, gross | 35,799,632 | $ 35,951,259 | ||||
Less: debt issuance costs, net | (688,516) | (717,381) | ||||
Long-term debt | 35,111,116 | 35,233,878 | ||||
Mortgages [Member] | 7-11 - Washington, DC; Starbucks-South Tampa, FL; and Pratt & Whitney-Hunstville, Alabama | ||||||
Debt Instrument [Line Items] | ||||||
Promissory note issued amount | [1] | $ 11,287,500 | ||||
Interest Rate | 4.17% | |||||
Maturity Date | Mar. 06, 2030 | |||||
DSCR Required | 1.25% | |||||
Long-term debt, gross | $ 10,906,937 | 10,957,829 | ||||
Mortgages [Member] | GSA-Navy & Maersk - Norfolk, Virginia | ||||||
Debt Instrument [Line Items] | ||||||
Promissory note issued amount | $ 8,260,000 | |||||
Interest Rate | 3.50% | |||||
Maturity Date | Sep. 30, 2024 | |||||
DSCR Required | 1.25% | |||||
Long-term debt, gross | $ 7,518,613 | 7,578,304 | ||||
Mortgages [Member] | PRA Holdings, Inc. - Norfolk, Virginia | ||||||
Debt Instrument [Line Items] | ||||||
Promissory note issued amount | $ 5,216,749 | |||||
Interest Rate | 3.50% | |||||
Maturity Date | Oct. 23, 2024 | |||||
DSCR Required | 1.25% | |||||
Long-term debt, gross | $ 4,687,418 | 4,728,462 | ||||
Mortgages [Member] | Sherwin-Williams - Tampa, Florida | ||||||
Debt Instrument [Line Items] | ||||||
Promissory note issued amount | $ 1,286,664 | |||||
Interest Rate | [2] | 3.72% | ||||
Maturity Date | Aug. 10, 2028 | |||||
DSCR Required | 1.20% | |||||
Long-term debt, gross | $ 1,286,664 | 1,286,664 | ||||
Mortgages [Member] | GSA-FBI - Manteo, North Carolina | ||||||
Debt Instrument [Line Items] | ||||||
Promissory note issued amount | [3] | $ 928,728 | ||||
Interest Rate | [4] | 3.85% | ||||
Maturity Date | Mar. 31, 2032 | |||||
DSCR Required | 1.50% | |||||
Long-term debt, gross | $ 928,728 | 928,728 | ||||
Mortgages [Member] | Irby Construction - Plant City , Florida | ||||||
Debt Instrument [Line Items] | ||||||
Promissory note issued amount | [3] | $ 928,728 | ||||
Interest Rate | [4] | 3.85% | ||||
Maturity Date | Mar. 31, 2032 | |||||
DSCR Required | 1.50% | |||||
Long-term debt, gross | $ 928,728 | 928,728 | ||||
Mortgages [Member] | Best Buy - Grand Junction, Colorado | ||||||
Debt Instrument [Line Items] | ||||||
Promissory note issued amount | [3] | $ 2,552,644 | ||||
Interest Rate | [4] | 3.85% | ||||
Maturity Date | Mar. 31, 2032 | |||||
DSCR Required | 1.50% | |||||
Long-term debt, gross | $ 2,552,644 | 2,552,644 | ||||
Mortgages [Member] | Fresenius - Chicago, Illinois | ||||||
Debt Instrument [Line Items] | ||||||
Promissory note issued amount | [3] | $ 1,727,108 | ||||
Interest Rate | [4] | 3.85% | ||||
Maturity Date | Mar. 31, 2032 | |||||
DSCR Required | 1.50% | |||||
Long-term debt, gross | $ 1,727,108 | 1,727,108 | ||||
Mortgages [Member] | Starbucks - North Tampa, Florida | ||||||
Debt Instrument [Line Items] | ||||||
Promissory note issued amount | [3] | $ 1,298,047 | ||||
Interest Rate | [4] | 3.85% | ||||
Maturity Date | Mar. 31, 2032 | |||||
DSCR Required | 1.50% | |||||
Long-term debt, gross | $ 1,298,047 | 1,298,047 | ||||
Mortgages [Member] | Kohls @ Tucson, Arizona | ||||||
Debt Instrument [Line Items] | ||||||
Promissory note issued amount | [3] | $ 3,964,745 | ||||
Interest Rate | [4] | 3.85% | ||||
Maturity Date | Mar. 31, 2032 | |||||
DSCR Required | 1.50% | |||||
Long-term debt, gross | $ 3,964,745 | $ 3,964,745 | ||||
[1] (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 % |
Mortgage Loans - Schedule of _2
Mortgage Loans - Schedule of Promissory Notes (Parenthetical) (Details) - USD ($) | 1 Months Ended | |||
Apr. 01, 2022 | Apr. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Secured debt | $ 35,111,116 | $ 35,233,878 | ||
Loan Agreements | ||||
Debt Instrument [Line Items] | ||||
Secured debt | $ 11,400,000 | |||
Debt instrument, fixed interest rate | 2.50% | |||
Debt instrument, subject to a floor interest rate | 3.85% | |||
Promissory Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.85% | 2.50% | ||
Secured debt | $ 2.1 |
Mortgage Loans- Additional Info
Mortgage Loans- Additional Information (Details) | 1 Months Ended | 3 Months Ended | |||||||||||
Aug. 09, 2022 USD ($) | Jul. 20, 2022 USD ($) | May 09, 2022 USD ($) | Apr. 01, 2022 USD ($) Loan | May 31, 2022 | Apr. 30, 2022 | Oct. 31, 2021 | Mar. 31, 2023 USD ($) Property | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Oct. 14, 2022 USD ($) | Sep. 13, 2022 USD ($) | Jan. 14, 2022 Property | |
Debt Instrument [Line Items] | |||||||||||||
Amortization of debt issuance costs | $ 28,865 | $ 33,673 | |||||||||||
Payments of debt issuance costs | 0 | 78,878 | |||||||||||
Long-term debt, gross | 39,561,932 | ||||||||||||
Other payable - related party | 2,262,300 | $ 2,587,300 | |||||||||||
Secured debt | 35,111,116 | $ 35,233,878 | |||||||||||
Number Of Mortage Loan | Loan | 1 | ||||||||||||
Loan Agreements | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Secured debt | $ 11,400,000 | ||||||||||||
Number of encumbered properties | Property | 6 | ||||||||||||
Debt Instrument Interest Rate Stated Percentage | 2.50% | ||||||||||||
Debt instrument, subject to a floor interest rate | 3.85% | ||||||||||||
Promissory Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amortization of debt issuance costs | $ 28,865 | 33,673 | |||||||||||
Payments of debt issuance costs | $ 0 | 78,878 | |||||||||||
Secured debt | $ 2.1 | ||||||||||||
Loan Secured by Properties | Property | 6 | ||||||||||||
Number Of Mortage Loan | Loan | 1 | ||||||||||||
Number Of Refinanceing Properties | Property | 7 | ||||||||||||
Interest rate | 3.85% | 2.50% | |||||||||||
Loan to value ratio | 54% | ||||||||||||
Promissory Notes | Commitment Letter | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Effective Contingent Future Capital Raise | $ 25,000,000 | ||||||||||||
Promissory Notes | American Momentum Bank | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line Of Credit Facility Amount Available To Borrow | $ 25,000,000 | ||||||||||||
Promissory Notes | American Momentum Bank | Maximum | Commitment Letter | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line Of Credit Facility Amount Available To Borrow | $ 50,000,000 | ||||||||||||
Promissory Notes | DC/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 | Bayport Loans | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Secured debt | 12,206,031 | ||||||||||||
Other Payable Related Party Member | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | 2,262,300 | ||||||||||||
Other payable - related party | 2,262,300 | ||||||||||||
Brown Family Enterprises, LLC [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
secured non-convertible promissory note | $ 1,500,000 | ||||||||||||
interest Rate on Debt Instrument | 9% | ||||||||||||
Brown Family Enterprises, LLC [Member] | Promissory Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
interest Rate on Debt Instrument | 9% | ||||||||||||
President And CEO [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Guaranty fee expense | 60,493 | $ 0 | |||||||||||
Redemption Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest | $ 2,912,299 | ||||||||||||
Installment Paid For Issuance Of Other Payable Related Party For Redemption Of Redeemable Non Controlling Interest | $ 325,000 | ||||||||||||
Redemption Agreement [Member] | Promissory Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest | $ 2,912,300 | ||||||||||||
Installment Paid For Issuance Of Other Payable Related Party For Redemption Of Redeemable Non Controlling Interest | $ 325,000 | ||||||||||||
Two Mortgage Loan Agreements [Member] | Promissory Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Secured debt | $ 11,400,000 | $ 13,500,000 | |||||||||||
Margin Rate [Member] | Promissory Notes | Commitment Letter | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 2.40% | ||||||||||||
Interest Rate Floor [Member] | Promissory Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Interest Rate During Period | 3.85% | ||||||||||||
Interest Rate Floor [Member] | Promissory Notes | Commitment Letter | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 3.25% |
Mortgage Loans - Schedule of Mi
Mortgage Loans - Schedule of Minimum Required Principal Payments (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
2023 (9 months remaining) | $ 1,086,357 | |
2024 | 15,736,930 | |
2025 | 546,280 | |
2026 | 568,514 | |
2027 | 591,656 | |
Thereafter | 21,032,195 | |
Long-term debt, gross | 39,561,932 | |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
2023 (9 months remaining) | 633,897 | |
2024 | 12,427,090 | |
2025 | 546,280 | |
2026 | 568,514 | |
2027 | 591,656 | |
Thereafter | 21,032,195 | |
Long-term debt, gross | 35,799,632 | $ 35,951,259 |
Other Payable Related Party Member | ||
Debt Instrument [Line Items] | ||
2023 (9 months remaining) | 452,460 | |
2024 | 1,809,840 | |
2025 | ||
2026 | ||
2027 | ||
Thereafter | ||
Long-term debt, gross | 2,262,300 | |
Loan Payable Related Party Member | ||
Debt Instrument [Line Items] | ||
2023 (9 months remaining) | ||
2024 | 1,500,000 | |
2025 | ||
2026 | ||
2027 | ||
Thereafter | ||
Long-term debt, gross | $ 1,500,000 |
Related Party - Additional Info
Related Party - Additional Information (Details) | Jul. 20, 2022 USD ($) | Nov. 30, 2020 USD ($) ft² $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Oct. 14, 2022 USD ($) | Sep. 30, 2022 $ / shares shares | Sep. 13, 2022 USD ($) | Dec. 31, 2021 $ / shares shares |
Related Party Transaction [Line Items] | ||||||||
Common Stock Shares Issued | shares | 2,610,885 | 2,501,644 | ||||||
Other payable - related party | $ 2,262,300 | $ 2,587,300 | ||||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | ||||||
Additional paid-in capital | $ 19,099,595 | $ 19,307,518 | ||||||
Brown Family Enterprises, LLC | ||||||||
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] | ||||||||
Common Stock Shares Issued | shares | 200,000 | |||||||
Issuance of Other payable - related party for redemption of Redeemable Non-Controlling Interest | $ 2,912,299 | |||||||
First installment payment | $ 325,000 | |||||||
Common stock, par value | $ / shares | $ 6 | |||||||
Additional paid-in capital | $ 1,198,000 | |||||||
Common Stock | Redemption Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Common stock, par value | $ / shares | $ 2,000 | |||||||
GIP fund 1, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Ownership percentage | 0.09% | |||||||
GIP fund 1, LLC | Building In Tampa FL | ||||||||
Related Party Transaction [Line Items] | ||||||||
Area of property | ft² | 3,500 | |||||||
Acquisition of building | $ 1,800,000 | |||||||
Debt financing | $ 1,300,000 | |||||||
Number of common units issued | shares | 24,309 | |||||||
Common units issue price per share | $ / shares | $ 20 | |||||||
Common Unit Issued | shares | 24,309 | |||||||
GIP fund 1, LLC | President | Building In Tampa FL | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of ownership owned | 11% |
Tenant in Common Investment - A
Tenant in Common Investment - Additional Information (Details) | 3 Months Ended | |||
Apr. 01, 2022 USD ($) | Aug. 13, 2021 USD ($) ft² Tenant | Mar. 31, 2023 USD ($) Tenant | Mar. 31, 2022 Tenant | |
Tenant In Common Investment [Line Items] | ||||
Number of tenants | Tenant | 4 | 4 | ||
Debt service coverage ratios | 1.50% | |||
Interest Rate Floor | ||||
Tenant In Common Investment [Line Items] | ||||
Interest rate | 3.85% | |||
Treasury Plus | ||||
Tenant In Common Investment [Line Items] | ||||
Interest rate | 2.50% | |||
Debt refinanced | ||||
Tenant In Common Investment [Line Items] | ||||
Debt outstanding after refinanced | $ 2,100,000 | |||
Interest rate | 3.85% | |||
Short Term Debt Refinanced, Description | Effective April 1, 2027, the interest rate adjusts to the 5-year Treasury plus 2.5% and subject to a floor of 3.85%. | |||
Rockford, IL | ||||
Tenant In Common Investment [Line Items] | ||||
Area of property | ft² | 15,288 | |||
Number of tenants | Tenant | 1 | |||
Asset acquisition, total consideration costs | $ 4,500,000 | |||
Asset acquisition with redeemable non controlling interest contribution | 650,000 | |||
Debt financing | 2,700,000 | |||
Redeemable noncontrolling interest, equity, common, fair value | 600,000 | |||
Redeemable noncontrolling interest, equity, fair value | $ 950,000 | |||
Equity method investments | $ 1,232,670 | |||
Tenancy In Common | ||||
Tenant In Common Investment [Line Items] | ||||
Ownership percentage | 50% | |||
Contribution for ownership | $ 455,888 | |||
Debt service coverage ratio description | The promissory note requires the TIC to maintain a debt service coverage ratio of 1.50:1:00 in addition to a 54% loan to value ratio. | |||
Sunny Ridge | ||||
Tenant In Common Investment [Line Items] | ||||
Ownership percentage | 50% | |||
Sunny Ridge | Rockford, IL | ||||
Tenant In Common Investment [Line Items] | ||||
Ownership percentage | 36.80% | |||
Remainder of purchase price of property funded | $ 1,200,000 | |||
Sunny Ridge | Rockford, IL | Richard Hornstrom | ||||
Tenant In Common Investment [Line Items] | ||||
Ownership percentage | 50% |
Tenant in Common Investment - C
Tenant in Common Investment - Condensed Income Statement of Tenant in Common Investment (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Tenant in Common Investment [Line Items] | ||
Revenue | $ 1,337,039 | $ 1,181,935 |
General, administrative and organizational costs | 344,147 | 341,680 |
Building expenses | 313,600 | 253,391 |
Depreciation and amortization | 557,550 | 430,893 |
Interest expense, net | (469,210) | (330,294) |
Total expenses | 2,035,794 | 1,636,000 |
Operating loss | (698,755) | (454,065) |
Net loss | (1,190,353) | (445,513) |
GIP, LP's Share | (1,317,567) | (575,476) |
Tenancy In Common | ||
Tenant in Common Investment [Line Items] | ||
Revenue | 93,139 | 93,139 |
Total expenses | 64,335 | 69,924 |
Net income | 28,804 | 23,215 |
GIP, LP's Share | $ 14,402 | $ 8,552 |
Tenant in Common Investment -_2
Tenant in Common Investment - Condensed Balance Sheets of Tenant in Common Investment (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Real Estate Investment Property Net [Abstract] | |||
Land | $ 12,577,544 | $ 12,577,544 | |
Building and site improvements | 39,760,694 | 39,764,890 | |
Acquired lease intangible assets | 4,677,928 | 4,677,928 | |
Less: accumulated depreciation and amortization | (6,176,672) | (5,623,318) | |
Deferred rent asset | 305,645 | 288,797 | |
Prepaid expenses | 542,574 | 132,642 | |
Total Assets | 63,172,437 | 64,210,095 | |
Liabilities [Abstract] | |||
Prepaid rent | 175,466 | 271,189 | |
Acquired lease intangible liability, net | 6,370,726 | 6,356,288 | |
Mortgage loan, net of unamortized debt issuance costs | 35,111,116 | 35,233,878 | |
Total liabilities | 47,241,077 | 47,283,591 | |
Tenant in Common Equity | |||
Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 9,604,623 | 11,136,773 | $ 13,312,716 |
Total Liabilities and Stockholders' Equity | 63,172,437 | 64,210,095 | |
Equity | 9,604,623 | 11,136,773 | $ 13,312,716 |
Tenancy In Common | |||
Real Estate Investment Property Net [Abstract] | |||
Net real estate investments | 4,473,616 | 4,503,120 | |
Deferred rent asset | 6,764 | 7,132 | |
Prepaid expenses | 4,300 | 343 | |
Due from tenant-in-common | 52,429 | 21,710 | |
Total Assets | 4,537,109 | 4,532,305 | |
Liabilities [Abstract] | |||
Accounts payable (including related party) and accrued expenses | 8,275 | 6,738 | |
Prepaid rent | 30,550 | 30,550 | |
Acquired lease intangible liability, net | 33,703 | 35,561 | |
Mortgage loan, net of unamortized debt issuance costs | 2,088,437 | 2,088,116 | |
Total liabilities | 2,160,965 | 2,160,965 | |
Tenant in Common Equity | |||
Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 2,376,144 | 2,371,340 | |
Total Liabilities and Stockholders' Equity | 4,537,109 | 4,532,305 | |
Equity | 2,376,144 | 2,371,340 | |
Tenancy In Common | GIP Inc. | |||
Tenant in Common Equity | |||
Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 1,232,670 | 1,218,268 | |
Equity | 1,232,670 | 1,218,268 | |
Tenancy In Common | Sunny Ridge | |||
Tenant in Common Equity | |||
Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 1,143,474 | 1,153,072 | |
Equity | $ 1,143,474 | $ 1,153,072 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) | 3 Months Ended | |||
Apr. 03, 2023 USD ($) ft² Tenant $ / shares | Apr. 01, 2023 TradingDay shares | Mar. 31, 2023 Tenant | Mar. 31, 2022 Tenant | |
Subsequent Event [Line Items] | ||||
Number Of Tenants | Tenant | 4 | 4 | ||
Investor warrants exercised | shares | 4,972 | |||
Dividend Tranche One | ||||
Subsequent Event [Line Items] | ||||
Board of Directors Authorized Date | Jan. 03, 2023 | |||
Record Date | Mar. 15, 2023 | |||
Dividend Tranche Two | ||||
Subsequent Event [Line Items] | ||||
Board of Directors Authorized Date | Jan. 03, 2023 | |||
Record Date | Feb. 15, 2023 | |||
Dividends payable, date to be paid | May 30, 2023 | |||
Dividend Tranche Three | ||||
Subsequent Event [Line Items] | ||||
Board of Directors Authorized Date | Jan. 03, 2023 | |||
Record Date | Jan. 15, 2023 | |||
Dividend Tranche Four | ||||
Subsequent Event [Line Items] | ||||
Board of Directors Authorized Date | Oct. 03, 2022 | |||
Record Date | Dec. 15, 2022 | |||
Dividend Tranche Five | ||||
Subsequent Event [Line Items] | ||||
Board of Directors Authorized Date | Oct. 03, 2022 | |||
Record Date | Nov. 15, 2022 | |||
Subsequent Events | ||||
Subsequent Event [Line Items] | ||||
Investor warrants exercised | shares | 49,720 | |||
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 | |||
Subsequent Events | Dividend Tranche One | ||||
Subsequent Event [Line Items] | ||||
Dividends payable, amount per share | $ 0.039 | |||
Record Date | Apr. 15, 2022 | |||
Dividends payable, date to be paid | May 01, 2023 | |||
Subsequent Events | Dividend Tranche Two | ||||
Subsequent Event [Line Items] | ||||
Dividends payable, amount per share | $ 0.039 | |||
Record Date | May 15, 2022 | |||
Subsequent Events | Dividend Tranche Three | ||||
Subsequent Event [Line Items] | ||||
Dividends payable, amount per share | $ 0.039 | |||
Record Date | Jun. 15, 2022 | |||
Dividends payable, date to be paid | Jun. 30, 2023 | |||
Subsequent Events | Overland Park Ks | Purchase and Sale Agreement | Retail Building | ||||
Subsequent Event [Line Items] | ||||
Number Of Tenants | Tenant | 1 | |||
Asset acquisition, total consideration costs | $ | $ 8,200,000 | |||
Area Of Land | ft² | 48,000 |