Best Buy lease extended as Generation Income (NASDAQ: GIPR) sale ends

Rhea-AI Filing Summary

Generation Income Properties, Inc. reported that Best Buy Stores, L.P. exercised its second renewal option on a leased property in Grand Junction, Colorado and agreed to revised rent terms. Starting April 1, 2027, annual base rent for the renewal term will be $376,087, lower than the originally scheduled $388,367 but higher than the current $353,061, while all other material lease terms stay in place.

The company also disclosed that 919 Investments LLC terminated a previously announced Purchase and Sale Agreement for the company’s property at 3134 W. 76th Street in Chicago, Illinois, which is leased to Fresenius Medical Care. Generation Income later issued a press release describing both the lease amendment and the sale termination.

8-K Event Classification

3 items: 1.01, 7.01, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

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Accepted by SEC EDGAR 08/20/2025 - 04:30 PM Learn about SEC filing dates

FAQ

What lease change did Generation Income Properties (GIPR) announce with Best Buy?

Generation Income Properties entered into a Second Amendment to Lease with Best Buy Stores, L.P. for its Grand Junction, Colorado property. Best Buy exercised its second renewal option, and the parties agreed that from April 1, 2027, annual base rent will be $376,087, compared with the originally scheduled $388,367 and the current $353,061.

When does the renewed Best Buy lease term begin and what is the base rent?

The second renewal term for the Best Buy lease begins on April 1, 2027, with an agreed annual base rent of $376,087. This amount is an increase over the current base rent of $353,061 but lower than the originally scheduled renewal rent of $388,367.

Which property sale did Generation Income Properties report as terminated?

The company received notice from 919 Investments LLC terminating the previously announced Purchase and Sale Agreement dated July 9, 2025. The agreement covered Generation Income’s property at 3134 W. 76th Street, Chicago, Illinois, which is leased to Fresenius Medical Care.

Did Generation Income issue a press release about these lease and sale updates?

Yes. On August 20, 2025, Generation Income Properties issued a press release describing the Best Buy lease amendment and the termination of the Purchase and Sale Agreement with 919 Investments LLC. The press release is provided as Exhibit 99.1 to the report.

Do the changes affect other terms of the Best Buy lease?

According to the disclosure, all other material terms of the Best Buy lease remain in full force and effect. Only the base rent applicable to the second renewal term was modified in connection with the early exercise of the renewal option.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 18, 2025

GENERATION INCOME PROPERTIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland		001-40771		47-4427295
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)
		401 East Jackson Street, Suite 3300 Tampa, Florida		33602
		(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (813)-448-1234

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		GIPR		The Nasdaq Stock Market LLC
Warrants to purchase Common Stock		GIPRW		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement

On August 18, 2025, Generation Income Properties, Inc. (the “Company”), through its subsidiary GIPCO 585 24 1/2 Road, LLC, entered into a Second Amendment to Lease (the “Amendment”) with Best Buy Stores, L.P.(the “Lessee”) for its property located at 585 24½ Road, Grand Junction, Colorado. Pursuant to the Amendment, the Lessee exercised its second renewal option under the lease prior to the commencement date of such renewal term. In connection with the early exercise, the parties agreed to modify the base rent applicable to the second renewal term. As amended, the base rent for the second renewal term, which begins on April 1, 2027, will be $376,087 annually, representing a decrease from the originally scheduled renewal rent of $388,367, but an increase from the current base rent of $353,061. All other material terms of the lease remain in full force and effect.

Item 7.01 Regulation FD Disclosure

On August 18, 2025, the Company received notice from 919 Investments LLC terminating the previously announced Purchase and Sale Agreement (the “Purchase and Sale Agreement”), dated July 9, 2025, for the Company’s property located at 3134 W. 76th Street, Chicago, Illinois, leased to Fresenius Medical Care.

On August 20, 2025, the Company issued a press release announcing the Amendment and the termination of the Purchase and Sale Agreement. A copy of the press release is furnished as Exhibit 99.1

The information furnished in this Item 7.01, including Exhibit 99.1 is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.		Description
10.1		Second Amendment to Lease, dated August 18, 2025, between GIPCO 585 24 ½ Road, LLC and Best Buy Stores, L.P.
99.1		Press Release, dated August 20, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Forward-Looking Statements

This Current Report on Form 8-K may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Such statements are based on management’s current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Investors are cautioned that there can be no assurance actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. Please refer to the risks detailed from time to time in the reports we file with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024

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filed with the SEC on March 28, 2025, as well as subsequent filings on Form 10-Q and periodic filings on Form 8-K, for additional factors that could cause actual results to differ materially from those stated or implied by such forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		GENERATION INCOME PROPERTIES, INC.
Date: August 20, 2025		By:		/s/ David Sobelman
				David Sobelman
				President and Chief Executive Officer

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