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Generation IncomeProperties, Inc. (NASDAQ: GIPR) (“GIP” or the “Company”)announced the closing of an approximately 11,000 SF medical buildingin Chicago, Illinois for total consideration of approximately $3.1million on January 7 th , 2021. The building is occupied byFresenius Medical Care (NYSE: FMS), which currently holds aninvestment grade credit rating of BBB- on the Standard &Poor's scale. The tenant has approximately 5 years remaining onits current lease term, with the option for the tenant to extend fortwo (2) consecutive five (5)-year periods, and annualized base rent ofapproximately $224,000.
The Companyfunded the acquisition with approximately 50% cash and 50% debt. DavidSobelman, President and Chief Executive Officer of GIP noted,“Adding another major market, investment grade asset to ourportfolio with the proceeds from our IPO is a testament to thediscipline we have to identify, underwrite and perform on ouracquisitions process for our shareholders."
AboutGeneration Income Properties
Generation Income Properties,Inc., located in Tampa, Florida, is an internally managed real estateinvestment corporation formed to acquire and own, directly andjointly, real estate investments focused on retail, office andindustrial net lease properties located primarily in major UnitedStates cities. Additional information about Generation IncomeProperties, Inc. can be found at the Company's corporate website: www.gipreit.com .
Forward-LookingStatements
This press release, whether or not expresslystated, may contain "forward-looking" statements as defined inthe Private Securities Litigation Reform Act of 1995. The words“believe,” “intend,” “expect,” “plan,” “should,”“will,” “would,” and similar expressions and all statements,which are not historical facts, are intended to identifyforward-looking statements. These statements reflect the Company'sexpectations regarding future events and economic performance and areforward-looking in nature and, accordingly, are subject to risks anduncertainties. Such forward-looking statements include risks anduncertainties that could cause actual results to differ materiallyfrom those expressed or implied by such forward-looking statementswhich are, in some cases, beyond the Company's control which couldhave a material adverse effect on the Company's business,financial condition, and results of operations. These risks anduncertainties include our limited operating history, potential changesin the economy in general and the real estate market in particular,the COVID-19 pandemic, and other risks and uncertainties that areidentified from time to in our SEC filings, including those identifiedin our registration statement on Form S-11 (File No. 333-235707),which are available at www.sec.gov .The occurrence of any of these risks and uncertainties could have amaterial adverse effect on the Company's business, financialcondition, and results of operations. For these reasons, among others,investors are cautioned not to place undue reliance upon anyforward-looking statements in this press release. Any forward-lookingstatement made by us herein speaks only as of the date on which it ismade. The Company undertakes no obligation to publicly revise theseforward-looking statements to reflect events or circumstances thatarise after the date hereof, except as may be required bylaw.
Contact Details
Generation IncomeProperties
Investor Relations
+1 813-448-1234
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