Here are 1-2 analogies for Generation Income Properties (GIPR):

• A smaller, diversified version of Realty Income (O), focusing on owning and leasing out single-tenant commercial properties.
• Similar to American Tower (AMT), but instead of leasing cell towers, it leases various commercial buildings (like offices, retail, industrial) to single tenants.

• Net Lease Commercial Properties: Generation Income Properties acquires, owns, and manages a diversified portfolio of single-tenant commercial real estate properties.
• Real Estate Leasing Services: The company provides commercial space to tenants through long-term net lease agreements, generating rental income.

Generation Income Properties (GIPR) is a real estate investment trust (REIT) that owns and leases primarily single-tenant net lease properties. Therefore, its major customers are the companies that lease these properties as tenants.

The company sells primarily to other companies. Here are its major customer companies, based on their significant contribution to annualized base rent (ABR) as of recent investor reports:

• B. Riley Financial, Inc. (Symbol: RILY)
• The Sherwin-Williams Company (Symbol: SHW)
• Walgreens Boots Alliance, Inc. (Symbol: WBA)
• Advance Auto Parts, Inc. (Symbol: AAP)
• O'Reilly Auto Parts (Symbol: ORLY)

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David Sobelman, Chairman, Chief Executive Officer, President, Secretary, and Assistant Treasurer

David Sobelman founded Generation Income Properties (NASDAQ: GIPR) in 2015, leveraging decades of experience focused solely on net leased assets to instill a philosophy of long-term, generational investing. His real estate career began in 2003 as an entry-level analyst at Grubb & Ellis, now Newmark. He has since held senior and management roles covering various aspects of net lease properties, including investor, asset manager, broker, owner, analyst, and author. In June 2017, Mr. Sobelman also started 3 Properties, a commercial real estate brokerage firm specializing in the net lease market. Earlier in his career, he worked with Calkain Companies LLC, a real estate brokerage and advisory firm, during which it expanded significantly. Prior to his real estate career, he served on The White House staff and for the Secretary of the Department of Health and Human Services. He is the author of "The Little Book of Triple Net Lease Investing."

Allison Davies, Chief Financial Officer

Allison Davies was appointed Chief Financial Officer of Generation Income Properties effective February 28, 2022. Before joining GIPR, Ms. Davies spent fifteen years at Regency Centers (NASDAQ: REG), where she developed expertise in accounting and corporate finance within the public REIT sector. In her most recent role at Regency, she managed a team of approximately 65 employees and collaborated with capital markets, underwriting, and acquisitions/dispositions teams. Ms. Davies holds Bachelor of Business Administration and Master of Accountancy degrees from the University of Tennessee and is a Certified Public Accountant (CPA) in Florida.

Ron Cook, Vice President of Accounting

Ron Cook serves as the Vice President of Accounting for Generation Income Properties, overseeing the firm's accounting functions. He has over a decade of executive and financial leadership experience in consulting, family offices, and real estate private equity. His expertise includes strategic planning, financial reporting and modeling, data and market analysis, and forecasting. Career highlights include serving as CFO, leading IPO initiatives, managing buy-side and sell-side due diligence, overseeing acquisition integrations, and managing a $3 billion real estate development portfolio.

Emily Cusmano, Director of Operations & Administration

Emily Cusmano has been involved with Generation Income Properties since its inception and has worked with David Sobelman in the net lease industry for nearly a decade. She manages many critical functions that ensure GIPR's smooth operation and handles internal and external organization across all departments. With over 15 years in real estate, she serves as a mentor to the team on the administration of real estate transactions.

Emily Hewland, Director of Capital Markets

Emily Hewland serves as the Director of Capital Markets for Generation Income Properties. She emphasizes honesty, being detailed, diligent, and persistent in her work. Ms. Hewland is motivated by a thorough understanding of processes and steps required to achieve goals. She views "Lean In" by Sheryl Sandberg as an influential book, especially for women in male-dominated industries.

The key risks to Generation Income Properties (GIPR) are primarily centered around its financial health, the broader economic environment, and its status as a smaller public REIT.

1. Financial Challenges, High Leverage, and Debt Burden: Generation Income Properties has reported net losses and operates with limited cash reserves and significant debt. The company has faced challenges with high leverage, including expensive preferred equity, which became particularly problematic when interest rates increased. This necessitates ongoing recapitalization efforts to enhance financial flexibility and reduce dependence on capital markets. The balance sheet shows substantial total debt relative to equity.
2. Macroeconomic Headwinds and Limited Capital Market Access: GIPR, like other small publicly traded REITs, is significantly impacted by elevated interest rates, which create a tough market for raising new capital. The company also experiences limited access to public equity capital and faces compressed trading multiples, affecting its valuation and ability to grow.
3. Strategic Uncertainty and Challenges as a Small Public REIT: The company has formed a special committee to explore various strategic alternatives, indicating uncertainty regarding its future direction. As a smaller publicly traded REIT, GIPR faces structural constraints such as limited institutional coverage and challenges with trading liquidity for its common stock.

• The ongoing structural shift towards remote and hybrid work models, which is fundamentally altering the demand for traditional office space. This trend threatens to reduce occupancy rates, rental values, and property valuations for GIPR's office portfolio.
• The accelerated penetration of e-commerce, which continues to erode the viability of traditional brick-and-mortar retail. This shift threatens to increase tenant defaults, vacancies, and downward pressure on rental income for GIPR's retail property holdings.

Generation Income Properties (GIPR) specializes in acquiring and owning single-tenant net lease (STNL) properties across the retail, office, and industrial sectors in the United States.

The addressable market for their main products and services, specifically the U.S. single-tenant net lease market, had a total investment volume of $43.7 billion for the full year 2024. In the first quarter of 2025, the net lease market recorded $9.95 billion in transaction volume. For the second quarter of 2025, single-tenant net lease sales volume was approximately $9.6 billion, resulting in mid-year sales of $20.66 billion.

Breaking down the market by sector in Q2 2025, industrial properties accounted for $5.4 billion in sales, retail for $2.2 billion, and office for $1.9 billion.

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

1. Strategic Acquisitions of Net Lease Properties: GIPR has demonstrated a clear strategy of expanding its portfolio through acquisitions, as evidenced by the significant Modiv Industrial portfolio acquisition in 2023, which substantially increased its net lease assets and adjusted base rent. The company continues to focus on finding a balance between pricing and market conditions for future growth through acquiring commercial properties.
2. Contractual Rent Increases: A significant portion of GIPR's leases include embedded growth. As of March 31, 2025, approximately 92% of the leases in their portfolio provide for increases in contractual base rent during future years of the current term or during lease extension periods. This provides a predictable and recurring source of revenue growth. Similarly, 93% of leases included contractual base rent increases as of year-end 2024, and 92% as of June 30, 2024.
3. High Occupancy Rates and Rent Collection: GIPR maintains high occupancy rates and strong rent collection, which are crucial for consistent revenue generation. The portfolio was 93% leased and occupied with 100% rent collection as of Q1 2025, and 99% occupied with 100% rent collection at year-end 2024. Maintaining these high levels ensures maximized income from existing assets.
4. Strategic Portfolio Management through Tenant Quality and Lease Extensions: The company emphasizes a focus on investment-grade tenants, with approximately 65% of its annualized rent derived from tenants with investment-grade credit ratings as of March 31, 2025. This focus on high-quality tenants reduces risk and contributes to stable cash flows. Additionally, GIPR actively manages lease extensions and brings in new tenants, further supporting sustained revenue streams.

Share Issuance

• In January 2024, Generation Income Properties redeemed 2,400,000 shares of its Series A Preferred Stock, exchanging them for 2,794,597 shares of common stock.
• On November 13, 2020, the company raised $1,000,000 by issuing 50,000 Units, with each Unit consisting of one share of Common Stock and one warrant.
• As of August 9, 2025, there were 5,443,188 shares of Common Stock outstanding.

Inbound Investments

• Generation Income Properties initiated a formal strategic alternatives review in May 2025, considering a potential sale or merger due to inbound acquisition interest.
• In February 2025, the company completed an $11.2 million UPREIT contribution transaction, which increased the gross asset value of its portfolio to approximately $115 million.
• The company successfully exercised an option in August 2025 to extend the preferred equity maturity of its JV subsidiary by one year, made possible by complying with underwriting thresholds from an original LLC agreement with its preferred equity investor.

Outbound Investments

• The company focuses on acquiring a diversified portfolio of high-quality single-tenant properties, encompassing office, industrial, and retail assets across the United States.
• A strategic acquisition plan was announced in October 2025 to expand market share.
• In Q2 2025, GIPR acquired a property leased to Best Buy, financing the acquisition with 55% cash and 45% debt to expand its portfolio of income-generating assets.

Capital Expenditures

• Capital expenditures are noted as significant economic costs necessary to maintain the operating performance of Generation Income Properties' properties.