• Like a smaller, more diversified version of Realty Income (O).
• The Vanguard of properties leased to stable, well-known companies.

• Office Property Leasing: Providing rental of office buildings and spaces to investment-grade credit tenants.
• Industrial Property Leasing: Offering rental of industrial properties, such as warehouses and manufacturing facilities, to businesses.
• Retail Property Leasing: Providing rental of retail spaces and properties for various businesses.

Generation Income Properties (GIPR) is a Real Estate Investment Trust (REIT) that acquires and leases single-tenant commercial properties. Therefore, its major customers are the tenants that occupy its properties.

Based on their latest financial filings, the major customers (tenants) of Generation Income Properties include:

• The Hertz Corporation (NASDAQ: HTZ)
• Quest Diagnostics Incorporated (NYSE: DGX)
• Macy's, Inc. (NYSE: M)
• Amtrust Financial Services, Inc. (Private company)
• Lincare Holdings Inc. (Private company)
• Various U.S. state and federal government agencies, including the State of Texas Health and Human Services Commission, State of Georgia - Department of Public Health, General Services Administration (GSA), State of Ohio - Office of the Attorney General, and State of Pennsylvania - Department of Human Services.

Mr. Sobelman founded Generation Income Properties, Inc.. He has nearly 13 years of experience in various capacities within the net lease commercial real estate market, having served as an investor, asset manager, broker, owner, analyst, and advisor. In 2017, he established 3 Properties, a commercial real estate brokerage firm focused on the net lease sector. Previously, he worked with Calkain Companies LLC, a real estate brokerage and advisory firm that significantly expanded during his tenure. Mr. Sobelman also served on The White House staff and worked for the Secretary of the Department of Health and Human Services. He is the author of "The Little Book of Triple Net Lease Investing".

Mr. Cook has held executive and financial leadership roles for over 10 years, encompassing consulting, family office, and real estate private equity. His career highlights include serving as a CFO, leading IPO initiatives, and managing buy-side and sell-side due diligence engagements and acquisition integrations. He has also overseen and managed a $3 billion real estate development portfolio.

Emily Cusmano serves as the Director of Operations and Administration for Generation Income Properties.

Angel Gonzalez holds the position of Corporate Controller and Finance Director at Generation Income Properties.

Robert Rohrlack III is the Acquisitions Manager for Generation Income Properties.

The key risks to Generation Income Properties (GIPR) are primarily centered around its financial stability and compliance with listing requirements.

1. Liquidity Crunch, Recurring Losses, and Going Concern Doubt: Generation Income Properties is currently facing significant financial strain, including recurring operating losses, increased interest costs, negative equity, and very tight liquidity. Management has disclosed substantial doubt about the company's ability to continue as a going concern without successfully executing its liquidity plan, which involves asset sales, preferred equity issuances, and loan extensions.

2. Nasdaq Compliance Risk and Potential Delisting: Due to a stockholders' equity deficit, Generation Income Properties has received a notice from Nasdaq indicating non-compliance with the minimum stockholders' equity requirement for continued listing. Failure to regain compliance could lead to the delisting of its common stock, which would significantly impact its ability to raise capital and its public trading status.

3. Interest Rate Sensitivity and Refinancing Risk: As a Real Estate Investment Trust (REIT), GIPR is highly susceptible to fluctuations in interest rates. Rising interest rates increase the cost of borrowing for acquisitions and developments, and make it challenging to refinance existing debt at favorable rates. This elevated interest burden is contributing to the company's increased interest costs and can severely impact cash flow and potentially exacerbate liquidity issues.

A clear emerging threat for Generation Income Properties is the ongoing structural shift in demand for traditional office space. The widespread adoption of remote and hybrid work models, accelerated by technological advancements in communication and collaboration, poses a long-term risk to the occupancy rates, lease terms, and overall valuation of office properties within GIPR's portfolio. While GIPR focuses on single-tenant, investment-grade credit tenants, these tenants may increasingly seek to downsize their physical footprints or transition to more flexible arrangements upon lease expiration, potentially leading to increased vacancies or downward pressure on rental income for office assets.

The addressable market for Generation Income Properties (GIPR), which specializes in acquiring high-quality single-tenant office, industrial, and retail properties, is the U.S. single-tenant net lease investment market.

In 2025, the total U.S. single-tenant net lease investment sales volume reached $51.4 billion.

Breaking down this market by property type for the fourth quarter of 2025:

• Single-tenant industrial properties saw $8.8 billion in investment sales.
• Single-tenant office properties accounted for $3.9 billion in sales volume.
• Single-tenant retail properties recorded $3.3 billion in sales volume.

For the first half of 2025, the U.S. single-tenant net-lease retail sector alone recorded $5.7 billion in sales volume.

Here are 3-5 expected drivers of future revenue growth for Generation Income Properties (GIPR) over the next 2-3 years:

1. Strategic Acquisitions and Portfolio Expansion: Generation Income Properties has consistently emphasized and demonstrated a strategy of acquiring high-quality, single-tenant net lease properties across retail, industrial, and office sectors. For instance, in August 2023, the company significantly expanded its portfolio by acquiring 13 properties for $42 million, effectively doubling its property count. More recently, a February 2025 UPREIT transaction added three retail properties, increasing the gross asset value to approximately $115 million. The company continues to pursue a disciplined acquisition strategy, targeting properties in markets with strong demographic and economic fundamentals to expand its market share.
2. Contractual Rent Increases: A substantial portion of GIPR's existing leases includes provisions for future rental growth. As of both December 31, 2024, and September 30, 2025, approximately 93% and 92% of the leases in their portfolio, respectively, provide for increases in contractual base rent during future years of the current term or during lease extension periods. These built-in escalations contribute to predictable and recurring revenue growth.
3. Strengthening the Balance Sheet to Enable Future Growth: While not a direct revenue driver, GIPR's ongoing efforts to strengthen its balance sheet and reduce capital market dependency are crucial for facilitating future revenue-generating activities. The company is actively pursuing recapitalization strategies, including refinancing debt and exploring strategic equity capital partnerships. A more robust financial position will enable GIPR to access capital more efficiently for future acquisitions and property developments. The company believes that after improving its balance sheet, it will have a solid foundation to raise additional capital for growth.
4. Exploration of Strategic Alternatives and Partnerships: GIPR's Special Committee is formally reviewing strategic alternatives to enhance shareholder value. These potential outcomes include a merger or strategic combination, a recapitalization or go-private transaction, or a joint venture or other strategic capital partnership. Such strategic moves or partnerships could lead to significant portfolio growth, increased operational efficiency, and expanded market reach, thereby driving future revenue.

Share Issuance

• In Q2 2023, Generation Income Properties issued $12 million in newly issued redeemable preferred shares to help finance a $42 million portfolio acquisition.
• An $11.2 million UPREIT transaction involved the issuance of operating partnership units, valued at $6.00 per unit, to a contributor of three retail properties.

Inbound Investments

• A tenants-in-common partner contributed $1.2 million and a joint venture partner contributed approximately $600,000 to finance a $4.5 million acquisition in August 2021.
• Generation Income Properties has extended the maturity of preferred equity for a joint venture subsidiary, indicating prior inbound preferred equity investments.

Outbound Investments

• In Q2 2023, the company acquired a 13-property, 202,000 square foot single-tenant net lease portfolio for $42 million.
• Generation Income Properties completed an $11.2 million UPREIT transaction by acquiring three retail properties leased to Tractor Supply, Dollar General, and Zaxby's.
• The company sold two properties for $10.5 million, including an industrial building in Huntsville, AL, and a Starbucks in Tampa, FL, and also sold an industrial property in Plant City, Florida, for $1.95 million on October 30, 2025.