UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 1-U
CURRENT REPORT
Pursuant Regulation A of the Securities Act of 1933
February 16, 2021
(Date of Report (Date of earliest event reported))
GENERATION INCOME PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
Maryland | 47-4427295 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
401 East Jackson Street, Suite 3300
Tampa, FL 33602
(Full mailing address of principal executive offices)
Telephone: (813)-448-1234
(Issuer’s telephone number, including area code)
Common Shares
(Title of each class of securities issued pursuant to Regulation A)
Item 9. | Other Events |
Asset Acquisition - Irby Construction Building
A press release (Exhibit 15.1) was issued on February 22, 2021 that on February 16, 2019, that GIP had signed a purchase and sale agreement (Exhibit 6.9) to acquire a 7,800-square-foot, single tenant office building in Plant City, Florida for total consideration of $1.7 million.
The information furnished in this Item 9.0, including Exhibits 6.1 and 15.1, is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that Section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.
Safe Harbor Statement
This Current Report on Form 1-U contains forward-looking statements within the meaning of the federal securities laws. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in our Offering Circular, as such factors may be updated from time to time in our periodic filings and Offering Circular supplements filed with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Item 10. | Exhibits |
Number | Description of Exhibit |
15.1 | Press release dated February 22, 2021 - PSA - Plant City Florida Building |
- 2 -
SIGNATURE
Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
GENERATION INCOME PROPERTIES, INC. | ||
Date: February 22, 2021 | By: | /s/ Richard Russell |
Richard Russell | ||
Chief Financial Officer |
- 3 -
Exhibit 15.1
FOR IMMEDIATE RELEASE
Contact: ir@gipreit.com
GENERATION INCOME PROPERTIES ANNOUNCES
EXPANSION OF PORTFOLIO WITH PENDING
$1.7 MILLION ACQUISITION
Tampa, FL, February 22, 2021 – Generation Income Properties, Inc. (OTCQB: GIPR) (“GIP” or the “Company”) announced the signing of a definitive Purchase and Sale Agreement on February 16, 2021 under which the Company will acquire an approximately 7,800 SF single-tenant office building in Plant City, Florida for total consideration of approximately $1.7 million. It is anticipated that the acquisition of this property will be funded by a mix of debt and equity.
The building is occupied by Irby Construction Company, with a guarantee from Quanta Services Inc. which holds an investment grade credit rating of BBB- from Standard and Poor’s. The transaction is subject to customary closing conditions and due diligence. David Sobelman, President and Chief Executive Officer of GIP, noted, “This potential acquisition shows that we are continually able to identify assets that are occupied by credit worthy tenants at attractive cap rates, helping to strengthen and grow our portfolio.”
About Generation Income Properties
Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate investment trust formed to acquire and own, directly and jointly, real estate investments focused on retail, office and industrial net lease properties located primarily in major United States cities, with an emphasis on the major coastal markets. GIP invests primarily in freestanding, single-tenant commercial retail, office and industrial properties. Additional information about Generation Income Properties, Inc. can be found at the Company’s corporate website: www.gipreit.com.
Forward-Looking Statements:
This press release, whether or not expressly stated, may contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. It reflects the company’s expectations regarding future events and economic performance and are forward-looking in nature and, accordingly, are subject to risks and uncertainties. Such forward-looking statements include risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements which are, in some cases, beyond the Company’s control which could have a material adverse effect on the company’s business, GIPREIT.COM financial condition, and results of operations. Some of these risks and uncertainties are identified in the company’s most recent Annual Report on Form 1-K and its other filings with the SEC, which are available at www.sec.gov. The occurrence of any of these risks and uncertainties could have a material adverse effect on the company’s business, financial condition, and results of operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
GIPREIT.COM