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Meet Generation Income Properties, a micro-cap REIT | Hoya Capital posted on the topic | LinkedIn

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8mo

Hoya Hotseat: Generation Income Properties (GIPR) Generation Income (NASDAQ: GIPR) is a micro-cap ($10.6M) Net Lease REIT that owns 26 properties across 13 states. GIPR - which went public in 2021 - focuses primarily on single-tenant retail (55% of its portfolio) and net lease office (35%). Founder & CEO David Sobelman joins the Hoya Hotseat to discuss the firm's strategy of focusing on investment-grade tenants with shorter lease terms -which lends to a capitalization rate - and the advantage of its active, hands-on approach to property management. GIPR Quick Facts: ðŸŽ‚ IPO Date: 2021 ðŸ“ˆ Market Cap: $10.6M (Micro-Cap) ðŸ’¸ Dividend Yield: 11.40% (ðŸ“…Monthly) ðŸ¦ Debt/EV Ratio: 75% ðŸ’³ Credit Rating: None All of the interviews are available here: https://lnkd.in/drBG6Y3B The Daily REIT Beat Newsletter | REIT Academy & The Executive REIT Masterclass | David Auerbach | Alex Pettee, CFA | Nareit | #REITs #Dividends #Investing #Income #Yield #RealEstate #Housing #Stocks #Bonds #HighYield #DividendInvesting #IncomeInvesting #Diversification #Inflation #realassets #investment

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Sure. So we're a net lease REIT. We focus on shorter term net lease properties primarily occupied by investment grade credit tenants. The vast majority of our portfolio is that IG credit. We like the shorter term leases because our cap rates are higher and also gives us an opportunity to manage the assets during our. During our ownership, so we can extend the leases because of our hands on asset management philosophy and and and we have a just a higher overall going in cap rate which typically yields higher returns for shareholders. So I've been in this industry for 20 years. And I have played multiple roles within this industry. I started as an analyst, so the stereotypical sitting in a cube and no one talks to you job. And then I became a real estate broker, which was a very good insight into how the deals are structured. And the also the different investment philosophies that go into net lease investing. And what resonated the most with me and why I started this company is I saw that no one was focusing on the shorter term. At least properties. And so I felt like I could take that higher cap rate, higher yield hands on asset management approach and put it into an institutional platform. Fundamental trends are are you know cost of capital where you know where is debt and equity and how much do those cost our company. We don't really focus or worry about high interest rates because of what that typically translates to is higher cap rates for us, especially since we have shorter term net lease properties. We have a very long term outlook, hence our name generation null income properties. So we are not really focused on short term periods of time. We have a very long term outlook. Uh, the risks that we constantly look at, we underwrite from the beginning and that's tenant vacancy. So that's why we're such hands on managers. We want to make sure from before we own a property that we're very well aware of what the probability of a default is in our in our tenancy as well as a potential vacancy in that property and we underwrite those from the beginning. So we want to make sure that. If there is a even a low probability of a vacancy that we know how much that will cost us from the beginning before our purchase doesn't really keep me up at night because we do a lot of homework on it, but it is one of the major risks. Uh, that's an easy one there. There's no one in our space who's focusing on the short term net lease properties. That's both from the institutional perspective, meaning the other reads or big funds and the private investors. So there are very few people or institutions who focus on shorter term net lease properties. We really like that because it's a supply and demand curve when there's more supply of which there are in net lease investments of. Order net lease terms that means that the demand is lower and in our prices are better, cap rates are higher because of that. So that really sets us apart from everyone else.

Jonathan Morris

Jonathan Morris

Nationally Recognized REIT Expert II Boston Properties BXP CIO II Charles E Smith Resi REIT IPO CIO II REIT Academy II Georgetown U 14 yrs II Hoya Capital II $4.7b Deal Sheet, All-Worked II Renaissance REIT Est. 2024

8mo

This is an important event to watch. Alex Pettee, CFA drills down into the intracacies and David Auerbach goes macro. Canâ€™t get a better team to invest with. David Sobelman Keep up the good work!!

CEO and Founder at Generation Income Properties

8mo

Thank you David Auerbach for the conversation. It was a lot of fun.

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