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.