Pursuant to Rule 424(b)(3)&(c)
                                                              File No. 333-72404




                        GEN-NET LEASE INCOME TRUST, INC.

                     A Real Estate Investment Trust Offering

                                   $25,000,000

                        2,500,000 Shares of Common Stock
                                $10.00 Per Share

             Supplement No. 2 to Prospectus Dated October 10, 2002,
       as previously supplemented by a Supplement dated December 16, 2002

                            -----------------------

                         ATTENTION PROSPECTIVE INVESTORS

                            -----------------------

    The statements in this Supplement should be read carefully and considered in
connection with your review of the prospectus, as previously supplemented by a
Supplement dated December 16, 2002, the receipt of which must precede or
accompany this Supplement No. 2.

On December 24, 2002, Gen-Net's escrow account at Citizens First Savings Bank,
Port Huron, Michigan, received qualified subscriptions for the purchase of
shares by 59 investors, totaling $3,013,430 or 301,343 shares. This satisfies
the minimum offering requirement described in the prospectus. Accordingly,
investor funds received by Gen-Net will no longer be subject to escrow and all
qualified subscriptions will be effective immediately upon acceptance by
Gen-Net. All funds previously held in escrow pending satisfaction of the minimum
offering requirement have been released to Gen-Net for use as described in the
prospectus, as supplemented.

Dated as of January 8, 2003.