Generation Income Properties Announces Agreement for Pending 7-Eleven Portfolio Acquisition

Nov 12, 2021

TAMPA, FL / ACCESSWIRE / November 11, 2021 / Generation Income Properties, Inc. (NASDAQ:GIPR) ("GIP" or the "Company") announced the signing of a definitive Purchase and Sale Agreement under which the Company will acquire a leasehold portfolio of three single-tenant retail buildings in Austin, Texas for total consideration of approximately $8 million. The three buildings are occupied by 7-Eleven, Inc., which currently holds an investment grade credit rating of A on the Standard & Poor's scale. The portfolio has an average term of approximately 9 years remaining on its initial leasehold term, with the option for the tenant to renew for two (2) five (5) - year periods, and an average of 4 years remaining on the initial ground lease term with the option for the Company to renew for three (3) five (5) year periods. The leasehold portfolio has an annualized base rental income of approximately $1.1 million, with ground rent of approximately $511,000 annually.

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