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Subsequent Events
12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

Note 13 – Subsequent Events

On January 7, 2022, we acquired a 10,900 square-foot single-tenant retail building in Chicago, Illinois for total consideration of approximately $3.1 million. This property was funded by a combination of approximately $1.6 million of debt and cash. The building is occupied by Fresenius Medical Care with approximately 5 years remaining on their primary lease term and annualized base rent of approximately $224,000.

On January 14, 2022, we acquired a 2,600 square-foot single-tenant retail building in Tampa, Florida for total consideration of approximately $2.2 million. This property was funded by a combination of the issuance of approximately $1.1 million of operating partnership units of Generation Income Properties LP and debt of approximately $1.1 million. The building is occupied by Starbucks with approximately 5 years remaining on their lease term and annualized base rent of approximately $135,000.

On March 9, 2022, we acquired a leasehold interest in a ground lease and corresponding assignment of an 88,700 square-foot single-tenant retail building in Tucson, Arizona for total consideration of approximately $7.3 million. The acquisition of this property was funded by a combination of debt of approximately $3.7 million and cash. The building is occupied by Kohl’s with approximately 8 years remaining on their first extension lease term and annualized base rent of approximately $824,000. As part of this transaction, the Company also assumed the land lease for the underlying property.  This ground lease has approximately 7 years remaining on the original lease term with 11 available renewal options through 2084 and requires us to pay annualized base rent of approximately $233,000.

On January 3, 2022, we announced that our Board of Directors authorized a distribution of $0.054 per share monthly cash distribution for shareholders of record of our common stock as of January 15, 2021, February 15, 2021 and March 15, 2021. January and February distributions were paid on January 24, 2022 and February 22, 2022, respectively, and we expect to pay March distributions on or about March 30, 2022. David Sobelman, the Company’s president and founder, waived his right to receive these distributions for this period. The Company also announced that it was also paying its GIP LP unit holders held by third parties a similar $0.054 per unit cash distribution.

In March 2022, 268,360 Investor Warrants were exercised on a cashless basis for 10% of the shares of Common Stock underlying the Investor Warrant as the volume-weighted average trading price of the Company’s shares of Common Stock on Nasdaq was below the then-effective exercise price of the Investor Warrant for 10 consecutive trading days as of the date the Investor Warrants became exercisable. As such, 26,836 shares of common stock were issued upon exercise.