DENVER, Colo. (247marketnews.com) -- Generation Income Properties (NASDAQ:GIPR) is closing the book on a three-year financing relationship with Loci Capital, fully satisfying and retiring its remaining obligation and potentially giving the small-cap REIT greater flexibility as it looks toward its next phase.
The announcement matters because GIPR accomplished the payoff while navigating what management described as an exceptionally difficult capital-markets environment for small public REITs. The company says it remained current on its obligations and compliant with the reporting requirements and covenants tied to the financing throughout the relationship.
“Today's announcement is about more than simply retiring a liability,” CEO David Sobelman said. “It represents the successful conclusion of a productive and professional relationship that spanned approximately three years.”
That endorsement was echoed by Loci Capital Managing Partner Michael Phillips, who said GIPR management had been “transparent, responsive, and committed to maintaining open and constructive communication.” Phillips also said Loci's initial underwriting of GIPR's assets and management “proved to be accurate from both a liquidity and performance perspective.”
GIPR's underlying strategy remains focused on acquiring and owning single-tenant net-lease properties leased to high-credit-quality tenants. Its portfolio spans retail, office and industrial properties across multiple states, giving the company exposure to the recurring-rent characteristics of net-lease real estate.
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