Generation Income Properties announces agreement for the ongoing acquisition of the 7-Eleven portfolio
TAMPA, FL / ACCESSWIRE / November 11, 2021/ Generation Income Properties, Inc. (NASDAQ: GIPR) (“GIP” or the “Company”) announced the signing of a definitive purchase and sale agreement under which the Company will acquire a leasehold portfolio of three commercial properties single tenant in Austin, Texas for a total consideration of approximately $ 8 million. All three buildings are occupied by 7-Eleven, Inc., which currently holds an investment grade credit rating of A on the Standard & Poor’s scale. The portfolio has an average remaining term of approximately 9 years over the term of its initial lease, with the possibility for the tenant to renew for two (2) periods of five (5) years, and an average of 4 years remaining to run. on the initial land lease. term with the option for the Company to renew for three (3) periods of five (5) years. The leasehold portfolio has annualized base rental income of approximately $ 1.1 million, with ground rent of approximately $ 511,000 per year.
The Company expects to finance the acquisition with approximately 50% cash and 50% debt. The transaction is subject to customary closing conditions and due diligence. David Sobelman, President and CEO of GIP, said: “This portfolio represents our continued focus on acquiring high quality, credit rated assets with timely leasing terms in high markets. density. We look forward to adding three more 7-Eleven properties to our portfolio, given the strong relationship established with our existing stores and the strength of the tenant. “
About Generation Income Properties
Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate company formed to acquire and own, directly and jointly, real estate investments focused on retail, office and industrial properties located primarily in major cities in the United States. . The Company intends to elect to be taxed as a real estate investment trust. Additional information about Generation Income Properties, Inc. is available on the Company’s website: www.gipreit.com.
This press release, whether or not expressly mentioned, may contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. “,” will “,” would “and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These statements reflect the Company’s expectations regarding future events and economic performance and are forward-looking in nature and, therefore, are subject to risks and uncertainties. These forward-looking statements include risks and uncertainties which could cause actual results to differ materially from those expressed or implied by these forward-looking statements which are, in certain cases, beyond the control of the Company, which could have an impact. material adverse effect on the Company’s activities. , financial condition and results of operations. These risks and uncertainties include the risk that we may not be able to complete the leasehold interest described above, our limited operating history, potential changes in the economy in general and the real estate market in particular, the COVID pandemic. -19 and other risks and uncertainties identified from time to time in our documents with the SEC, including those identified in our registration statement on Form S-11 (File No. 333-235707), which are available on www.sec.gov. The occurrence of any of these risks and uncertainties could have a material adverse effect on the business, financial condition and results of operations of the Company. For these and other reasons, investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Any forward-looking statements we make here speak only as of the date on which they are made. The Company assumes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof, except as required by law.
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THE SOURCE: Generation Income Properties, Inc.
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