Generation Income Properties, Inc. acquired Portfolio of 13 net leased properties from Modiv Inc..
August 13, 2023
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Generation Income Properties, Inc. (NasdaqCM:GIPR) entered into an agreement to acquire Portfolio of 13 net leased properties from Modiv Inc. (NYSE:MDV) for $42 million on August 10, 2023. The purchase price paid for the Portfolio was $42 million, on that $30 million of the purchase price was paid in cash and $12 million consisting of 2,400,000 shares with a liquidation preference of $5.00 per share, was paid in shares of a newly issued series of preferred stock of Generation Income Properties designated as ?Series A Redeemable Preferred Stock? having the rights, preferences, and redemption provisions. The cash portion of the purchase price was financed with a combination of cash on hand and a new $21.0 million secured debt facility from Valley National Bank. Robert W. Baird & Co. Incorporated acted as financial advisor to Generation Income Properties.
Generation Income Properties, Inc. (NasdaqCM:GIPR) completed the acquisition of Portfolio of 13 net leased properties from Modiv Inc. (NYSE:MDV) on August 10, 2023.
Modiv Industrial, Inc. is an internally managed real estate investment trust (REIT), which is focused on single-tenant net-lease industrial manufacturing real estate. The Company acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation's supply chain. The Company also owns non-core, legacy retail and office real estate properties. It seeks to provide investors with access to monthly dividends through a durable portfolio of real estate investments designed to generate both current income and long-term growth. Its real estate investment portfolio consisted of 44 properties, including two properties held for sale. Its portfolio is distributed across 16 states and consists of 39 industrial properties, one retail property and four office properties.