Generation Income Properties, an internally managed net lease REIT focused on single-tenant commercial properties, announced terms for its IPO on Thursday.
The Tampa, FL-based company plans to raise $15 million by offering 1.3 million units at a price range of $11 to $13. Each unit consists of one share of common stock and one warrant, exercisable at the offer price. The company anticipates making quarterly distributions. At the midpoint of the proposed range, Generation Income Properties would command a fully diluted market value of $27 million. Because the company is offering units with warrants attached, and its post-IPO market value is less than $50 million, Generation Income Properties no longer qualifies for tracking and will be excluded from Renaissance Capital's stats.
Generation Income Properties was founded in 2015 and booked $4 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol GIPR. Maxim Group LLC is the sole bookrunner on the deal.
