GENERATION INCOME PROPERTIES, INC. Q4 FY2022 earnings call

• Net lease strategy: Focus on underlying real estate first to increase renewals and re-tenanting ability. Target short-term leased properties for higher cap rates. • 2022 milestones: 100% rent collection, 3.5% same-property rent growth, portfolio refinance with lower interest rates, $25M debt commitment from American Momentum Bank, asset management hires, REIT qualification. • 2023 activities: Negotiating lease with DoD contractor at increased rent, engagement with Baird for growth strategies, signed contract to purchase a Best Buy retail asset at 7.7% cap rate with 50% debt, 50% equity financing.

The portfolio distribution by asset classes is currently 46% retail, 17% industrial, and 36% office. Net cash provided by operations for the year was $584,000, compared to net cash used in operations of $173,000 in 2021. Same property NOI increased by 7% and rent growth was 3.1%. Net cash used in investing activities for the year ended was $13.3 million, vs. $3.9 million in 2021 due to acquisition activity. Net cash generated by financing activities for 2022 was $5.8 million vs. $13.6 million in 2021.

• No specific guidance for 2023, but focused on adding value to current portfolio through traditional acquisitions, UPREIT program, joint ventures, and alternative opportunities. • Patiently working to externally grow while maintaining a diversified high credit portfolio.

• Uncertainties in predicting future results and conditions which could cause actual results to differ from forward-looking statements. • Interest rate risks impacting acquisition and financing decisions. • Market conditions affecting asset valuations and tenant performance.

Q: Can you provide color on the timing of finalizing the deal with the DoD contractor?

A: We are very close to executing the lease and feel confident the transaction will happen, in direct communication with the prospective tenant almost weekly.

Q: Can you provide color on the acquisition under contract, cap rate, and financing?

A: It's a Best Buy in Overland Park, Kansas with a cap rate of roughly 7.7%, funded 50% debt, 50% equity, possibly using JV equity.

Q: Second question on acquisition, color on debt intrastate?

A: Currently in the 6s and hoping to lock in soon as interest rates are moving targets.

Q: Quarter-over-quarter rental revenue down, related to lease expiration?

A: Yes, related to the lease expiration in Q1 which is part of Q1 results.

Q: Interest expense up, what does it relate to?

A: Related to an additional guarantee for a DoD agreement, incurring more expense every six months.