Generation Income Properties, Inc. Suspends the Dividends
July 03, 2024 at 09:30 pm
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The Board of Directors of Generation Income Properties, Inc. has determined it is the in the best interests of the Company and its shareholders to suspend the Company?s dividend, commencing with the monthly dividends that would have been paid in July 2024, as they project that the Company has already met its 2024 dividend distribution requirement. This action is expected to improve cash position on a go-forward basis. These dividend changes will allow them to retain approximately $1.27 million of cash in the third and fourth quarters of 2024.
While it is not anticipated that any dividend distributions will be required this year in order to maintain status as a REIT, if any such dividends are required, they expect to make the required distributions in a timely manner in order to maintain REIT status.
Generation Income Properties, Inc. is an internally managed real estate investment trust. The Company is focused on acquiring and managing income-producing retail, office and industrial properties net leased to high quality tenants in markets throughout the United States. Its retail properties are located in Washington, D.C.; Tampa, FL; Tucson, AZ; San Antonio, TX; Bakersfield, CA; Big Spring, TX; Castalia, OH; Lakeside, OH; Litchfield, ME; Mount Gilead, OH; Thompsontown, PA, and others. Its office properties are located in Norfolk, VA; Manteo, NC; Plant City, FL; Maitland, FL; Vacaville, CA, and others. Its medical retail property is located in Chicago, IL. Its industrial property is located in Huntsville, AL. Its subsidiaries include Generation Income Properties, LP; GIP TRS Inc; GIP REIT OP Limited LLC; GIP DB SPE, LLC; GIPVB SPE, LLC; GIPVA 2510 WALMER AVE, LLC; GIPVA 130 CORPORATE BLVD, LLC; GIPNC 201 Etheridge Road LLC, and others.