Electronic income

GENERATION INCOME PROPERTIES: REFINANCING SEVEN PROPERTIES FOR $13.5M – Form 8-K

GENERATION INCOME PROPERTIES REFINANCES SEVEN BUILDINGS FOR $13.5M

Debt maturities actually extended

Tampa, Florida, April 6and, 2022 – Generation Income Properties, Inc. (NASDAQ: GIPR) (“GIPR” or the “Company”) announced that it has refinanced seven properties for approximately $13.5 million in debt. This transaction reduces the combined loan-to-value ratio of the seven properties to approximately fifty-four percent (54%) based on recent valuations. The refinancing was structured in the form of two term loans: one in the amount of $2.1 million for the Company’s property in Rockville IL and one in the amount of $11.4 million for the other six properties. The refinancing resulted in loan obligations totaling $13.5 million, secured by properties leased to the following companies or their affiliates:

GSA (S&P: AA+) in Manteo, North Carolina

Irby Construction (NYSE; PWR, S&P: BBB) in Plant City FL

La-Z-Boy (NYSE: LZB) in Rockville, IL

Best Buy (NYSE: BBY, S&P: BBB-) in Grand Junction, CO

Fresenius Medical Care (NYSE: FMS, S&P: BBB) in Chicago, IL

Starbucks (NASDAQ: SBUX, S&P: BBB+) in Tampa FL

Kohl’s (NYSE: KSS, S&P: BBB-) in Tucson, AZ

GIPR secured the 10-year term loans from Valley Bank (NASDAQ: VLY) with a fixed annual interest rate of 3.85% for 5 years and amortized over 30 years, with the first 12 months allowing only the payment of interest.


David Sobelman, President and CEO, said: “With our previously stated objective of reducing our overall debt, we are pleased with the refinancing of seven of our properties from short-term to long-term debt. at fixed rates through our extended banking relationship with VLY, an institution with a market capitalization of approximately $6.4 billion. Our previously announced $25 million commitment from American Momentum Bank (AMB) now has an outstanding balance of zero, allowing us to consider using their commitment for future acquisitions and improving our overall capital stack. Additionally, as we seek to hedge against rising interest rates, we are able to achieve one of GIPR’s objectives of reducing our overall debt exposure. We are very grateful to VLY for their confidence in our business and look forward to continuing to work with them in the future.”

About Generation Revenue Properties

Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate company formed to directly and jointly acquire and hold real estate investments focused on net lease commercial, 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.

Forward-looking statements

This press release, whether expressly stated or not, may contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. The words “believe”, “intend”, ” expect”, “plan”, “should”, “will”, “would”,

1|GENERATION INCOME PROPERTIES|401 E Jackson St, Suite 3300, Tampa, FL 33602 | (813) 448-1234

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 involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements which are, in some cases, beyond the control of the Company and which could have a material adverse effect on the business of the Company. , financial condition and results of operations. These risks and uncertainties include our limited operating history, the continued availability of the American Momentum pledge, potential changes in the economy generally and the real estate market in particular, the COVID-19 pandemic and other risks and uncertainties that are identified from time to time. in our filings with the SEC, including those identified in our Annual Report on Form 10-K, which are available at www.sec.gov. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition and results of operations. 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 statement made by us herein speaks only as of the date on which it is made. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances occurring after the date hereof, except as required by law.

2|PROPERTIES WITH GENERATION REVENUES