Generation Income Properties, Inc. announced the closing of a 13-property portfolio for total consideration of $42 million on August 10, 2023. The portfolio consists of eleven (11) retail properties and two (2) office properties, and approximately 76% of the annualized base rent attributable to the portfolio is derived from tenants who have (or whose parent company has) an investment grade credit rating from a recognized credit rating agency of "BBB-" or better. The portfolio has a weighted average remaining lease term of approximately 5.6 years, is approximately 202,000 square feet and 100% occupied.

The transaction increases GIPR's geographic footprint from eight (8) to thirteen (13) states and increases the total number of properties owned to twenty-six (26), including one property owned in a tenant-in-common structure. The purchase price for the portfolio was $42 million, excluding estimated transaction costs and expenses of $1.6 million, consisting of $30 million paid in cash and $12 million paid in shares of a newly issued series of preferred stock of GIPR designated as "Series A Redeemable Preferred Stock." The cash portion of the purchase price was financed with a combination of cash on hand, a new $21.0 million secured debt facility and a $12 million preferred equity investment in a special purpose subsidiary of GIPR's operating partnership. The preferred equity investment was led by real estate private equity firm, Loci Capital.