Generation Income Properties Announces Agreement for Pending UPREIT Transaction

Oct 15, 2021

TAMPA, FL / ACCESSWIRE / October 14, 2021 / Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIP" or the "Company") announced the signing of a definitive Contribution and Subscription Agreement under which the Company will acquire a 2,600 SF single-tenant retail building in Tampa, Florida for total consideration of approximately $2.2 million. The building is occupied by Starbucks (NASDAQ:SBUX), which holds an investment grade credit rating of BBB+ on the Standard & Poor's scale and has approximately 0.5 years remaining on its primary lease term, with the option for the tenant to extend for three (3) consecutive five (5)-year periods and annualized base rent of approximately $135,000.

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