<SEC-DOCUMENT>0001161697-20-000220.txt : 20200518
<SEC-HEADER>0001161697-20-000220.hdr.sgml : 20200518
<ACCEPTANCE-DATETIME>20200518140102
ACCESSION NUMBER:		0001161697-20-000220
CONFORMED SUBMISSION TYPE:	1-U
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200518
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20200518

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GENERATION INCOME PROPERTIES, INC.
		CENTRAL INDEX KEY:			0001651721
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				474427295
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		1-U
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	24R-00019
		FILM NUMBER:		20888773

	BUSINESS ADDRESS:	
		STREET 1:		401 EAST JACKSON STREET
		STREET 2:		SUITE 3300
		CITY:			TAMPA
		STATE:			FL
		ZIP:			33602
		BUSINESS PHONE:		813-448-1234

	MAIL ADDRESS:	
		STREET 1:		401 EAST JACKSON STREET
		STREET 2:		SUITE 3300
		CITY:			TAMPA
		STATE:			FL
		ZIP:			33602
</SEC-HEADER>
<DOCUMENT>
<TYPE>1-U
<SEQUENCE>1
<FILENAME>form_1-u.htm
<DESCRIPTION>FORM 1-U CURRENT REPORT FOR 05-18-2020
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font-size: 14pt; text-align: center; margin: 0"><B>UNITED STATES</B></P>

<P STYLE="font-size: 14pt; text-align: center; margin: 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="text-align: center; margin: 0"><B>Washington, D.C. 20549</B></P>

<P STYLE="text-align: center; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin: 0"><B>____________________________</B></P>

<P STYLE="text-align: center; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin: 0">&nbsp;</P>

<P STYLE="font-size: 12pt; text-align: center; margin: 0"><B>FORM 1-U</B></P>

<P STYLE="text-align: center; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin: 0"><B>CURRENT REPORT</B></P>

<P STYLE="text-align: center; margin: 0"><B>Pursuant Regulation A of the Securities Act of 1933</B></P>

<P STYLE="text-align: center; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin: 0"><B>May 18, 2020</B></P>

<P STYLE="text-align: center; margin: 0">(Date of Report (Date of earliest event reported))</P>

<P STYLE="text-align: center; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin: 0">&nbsp;</P>

<P STYLE="font-size: 14pt; text-align: center; margin: 0"><B>GENERATION INCOME PROPERTIES, INC.</B></P>

<P STYLE="text-align: center; margin: 0">(Exact name of registrant as specified in its charter)</P>

<P STYLE="text-align: center; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0px; width: 6.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 3.25in"><B>Maryland</B></TD>
    <TD STYLE="text-align: center; width: 3.25in"><B>47-4427295</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">(State or other jurisdiction of<BR> incorporation or organization)</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer<BR> Identification No.)</TD></TR>
</TABLE>
<P STYLE="text-align: center; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin: 0"><B>401 East Jackson Street, Suite 3300</B></P>

<P STYLE="text-align: center; margin: 0"><B>Tampa, FL 33602</B></P>

<P STYLE="text-align: center; margin: 0">(Full mailing address of principal executive offices)</P>

<P STYLE="text-align: center; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin: 0"><B>Telephone: (813)-448-1234</B></P>

<P STYLE="text-align: center; margin: 0">(Issuer&rsquo;s telephone number, including area code)</P>

<P STYLE="text-align: center; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin: 0"><B>Common Shares</B></P>

<P STYLE="text-align: center; margin: 0">(Title of each class of securities issued pursuant to Regulation A)</P>

<P STYLE="margin: 0">&nbsp;</P>

<HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>

<P STYLE="margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in"><B>Item 9.</B></TD>
    <TD STYLE="width: 5.75in"><B>Other Events</B></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0in; margin: 0"><B>Results of Operations and Financial Condition.</B></P>

<P STYLE="text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0in; margin: 0">May 18, 2020, Generation Income Properties (the &ldquo;Company&rdquo;) issued a press release describing its
results of operations for the first quarter ended March 31, 2020. The press release is furnished as Exhibit 15.1 to this report
and is hereby incorporated by reference.</P>

<P STYLE="text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; margin: 0"><B>Safe Harbor Statement</B></P>

<P STYLE="text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0in; margin: 0">This Current Report on Form 1-U contains forward-looking statements
within the meaning of the federal securities laws. You can identify these forward-looking statements by the use of words such as
&ldquo;outlook,&rdquo; &ldquo;believes,&rdquo; &ldquo;expects,&rdquo; &ldquo;potential,&rdquo; &ldquo;continues,&rdquo; &ldquo;may,&rdquo;
&ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;seeks,&rdquo; &ldquo;projects,&rdquo; &ldquo;predicts,&rdquo;
&ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;estimates,&rdquo; &ldquo;anticipates&rdquo; or the negative version of these
words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those
described under the section entitled &ldquo;Risk Factors&rdquo; in our Offering Circular, as such factors may be updated from time
to time in our periodic filings and Offering Circular supplements filed with the SEC, which are accessible on the SEC&rsquo;s website
at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially
from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction
with the other cautionary statements that are included in our filings with the SEC. We undertake no obligation to publicly update
or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required
by law.</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0px; width: 6.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in"><B>Item 10.</B></TD>
    <TD STYLE="width: 5.75in"><B>Exhibits</B></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0px; width: 6.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; width: 0.75in"><B><U>Number </U></B></TD>
    <TD STYLE="text-decoration: underline; width: 5.75in"><B><U>Description of Exhibit</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>15.1</TD>
    <TD><A HREF="ex_15-1.htm">Press release dated May 18, 2020 &ndash; Financial results for quarter ended March 31, 2020</A></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin: 0">- 2 -</P>

<HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin: 0"><B>SIGNATURE</B></P>

<P STYLE="text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0">Pursuant to the requirements of Regulation A, the issuer has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0px; width: 6.5in">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>GENERATION INCOME PROPERTIES, INC.&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3.25in">Date: May 18, 2020</TD>
    <TD STYLE="width: 0.25in">By:</TD>
    <TD STYLE="border-bottom: rgb(0, 0, 0) 1.33px solid; width: 3in"><I>/s/ Richard Russell</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Richard Russell</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin: 0">- 3 -</P>

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<DOCUMENT>
<TYPE>EX1U-15 ADD EXHB
<SEQUENCE>2
<FILENAME>ex_15-1.htm
<DESCRIPTION>PRESS RELEASE DATED MAY 18, 2020 - FINANCIAL RESULTS FOR QUARTER MARCH 31, 2020
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<P STYLE="text-align: center; margin-top: 0px; margin-bottom: 0px"><B>Exhibit 15.1</B></P>

<P style="margin:0px">&nbsp;</P>

<P style="margin:0px" align=right><img src="gip_logo.jpg"></P>

<P style="margin:0px"><BR></P>

<DIV ALIGN="CENTER" STYLE="margin: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 624px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 5pt">&nbsp;</FONT></DIV></DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P style="margin:0px; font-size:16pt; color:#4F81BD" align=center>GENERATION INCOME PROPERTIES, INC. ANNOUNCES<BR>FIRST QUARTER 2020 FINANCIAL RESULTS</P>
<P style="margin:0px; text-align: justify"><BR></P>
<P style="margin:0px; font-size:11pt; text-align: justify">FOR IMMEDIATE RELEASE</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">Tampa, FL, May 18, 2020 &ndash; Generation Income Properties, Inc. (OTCQB: GIPR) (&ldquo;GIP&rdquo; or the &ldquo;Company&rdquo;) today announced its results for the three months ended March 31, 2020. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>Key First Quarter 2020 Operating and Financial Highlights:</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:1pt"><TD width=48 ></TD><TD width=576 ></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; font-size:11pt" align=center>&#9679;</P>
</TD><TD style="margin-top:0px" valign=top width=576><P style="margin:0px; font-size:11pt">Revenues from operations increased $606 thousand over the prior year quarter to $881 thousand</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=576><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; font-size:11pt" align=center>&#9679;</P>
</TD><TD style="margin-top:0px" valign=top width=576><P style="margin:0px; font-size:11pt">Portfolio of six properties was 100% occupied</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=576><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; font-size:11pt" align=center>&#9679;</P>
</TD><TD style="margin-top:0px" valign=top width=576><P style="margin:0px; font-size:11pt">Approximately $1.0 million of cash remained on hand </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=576><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; font-size:11pt" align=center>&#9679;</P>
</TD><TD style="margin-top:0px" valign=top width=576><P style="margin:0px; font-size:11pt">Net loss attributable to GIP for the quarter was $494 thousand</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=576><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; font-size:11pt" align=center>&#9679;</P>
</TD><TD style="margin-top:0px" valign=top width=576><P style="margin:0px; font-size:11pt">Core Funds from Operations (<font style='font-family:Arial Unicode MS,Times New Roman'>&ldquo;</font>Core FFO<font style='font-family:Arial Unicode MS,Times New Roman'>&rdquo;</font>) was $56 thousand, an increase of $153 thousand over the prior year quarter</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=576><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; font-size:11pt" align=center>&#9679;</P>
</TD><TD style="margin-top:0px" valign=top width=576><P style="margin:0px; font-size:11pt">Core FFO per share increased 151% over the prior year quarter to $0.027</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=576><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; font-size:11pt" align=center>&#9679;</P>
</TD><TD style="margin-top:0px" valign=top width=576><P style="margin:0px; font-size:11pt">Cash distribution of $.0875 per share was paid to common stockholders</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=576><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=48><P style="margin:0px; font-size:11pt" align=center>&#9679;</P>
</TD><TD style="margin-top:0px" valign=top width=576><P style="margin:0px; font-size:11pt">Refinanced debt totaling $10.7 million secured by three properties with a $11.3 million fixed rate 10-year term note</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><U>CEO David Sobelman</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><font style='font-family:Arial Unicode MS,Times New Roman'>&ldquo;</font>Our focus continues to be seeking assets that provide above market risk-adjusted returns with the potential for growth,&rdquo; said founder and CEO David Sobelman. &ldquo;GIP&rsquo;s philosophy of buying assets that have quality credit-rated tenants is working in light of the COVID-19 environment as we continue to foster and develop our relationships within the industry. All our retail tenants, Walgreens, Starbucks, and 7-Eleven, stayed open during the first quarter.&rdquo;</P>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=center>- 1 -</P>

<HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><BR>

<P style="margin:0px; font-size:11pt"><B>Financial Results</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><U>Revenue</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">Revenues from operations for the three months ended March 31, 2020 grew 221% to $880,638, compared to $274,206 for the comparable period in 2019 due to three revenue generating properties acquired in September 2019.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><U>Total Expenses</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">The Company&rsquo;s total expenses for the three months ended March 31, 2020 increased $853,080 over the quarter ended March 31, 2019 due primarily to the addition of three properties in September 2019.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">Two of the new properties are commercial office buildings which have generally more building expenses than net lease properties. These acquisitions contributed, in part, to increased interest expenses of $251,869, depreciation &amp; amortization of $257,244, building expenses of $163,001, and general, administrative, and organizational (&ldquo;GAO&rdquo;) expenses of $140,564. GAO expenses also included $84,000 of audit and accounting fees.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><U>Net Loss Attributable to GIP</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">Net loss for the three months ended March 31, 2020 was $494,032 as compared to $207,681 for the comparable prior year period. <FONT style="background-color:#FFFFFF">The distributions to Redeemable Non-Controlling Interests increase the loss to common shareholders and are reflected as income attributable to such non-controlling interests.</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><U>Core Funds From Operations</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">Core FFO for the three months ended March 31, 2020 was $56,190, a $152,576 increase over the prior year comparable period. A reconciliation of Core FFO to net loss is included in the schedules attached hereto.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><U>Distributions</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">On January 31, 2020, the Company&rsquo;s Board of Directors authorized a $.0875 per share cash distribution for common stockholders of record as of February 28, 2020. The Company also paid the Non-Controlling Redeemable Interest in the Operating Partnership $.0875 per unit.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><U>Liquidity</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">On February 11, 2020, the Company obtained a $11.3 million loan from DBR Investments Co. Limited (a division of Deutsche Bank) and used a portion of the proceeds to repay the (i) $3.7 million note secured by our 7-Eleven property and our Starbucks property, (ii) $6.1 million note secured by our Pratt and Whitney property, (iii) $800,000 of the outstanding principal of the $1.9 million secured, non-convertible promissory note issued by our Operating Partnership. The remainder was used for working capital purposes.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">The $11.3 million loan is secured by first priority mortgages on our 7-Eleven property, our Starbucks property, and our Pratt and Whitney property.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">The Company had approximately $1.0 million of cash on hand as of March 31, 2020.</P>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=center>- 2 -</P>

<HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><BR>

<P style="margin:0px; font-size:11pt"><B>Company Contact:</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">Justin Gore - Director of Communications</P>
<P style="margin:0px; font-size:11pt">Generation Income Properties Inc.</P>
<P style="margin:0px; font-size:11pt">Tel (813) 448-1234</P>
<P style="margin:0px; font-size:11pt">jgore@gipreit.com</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>About Generation Income Properties</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; margin-right:3.667px; font-size:11pt">Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate investment trust formed to acquire and own, directly and jointly, real estate investments focused on retail, office and industrial net lease properties located primarily in major United States cities, with an emphasis on the major coastal markets. GIP invests primarily in freestanding, single-tenant commercial retail, office and industrial properties.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; margin-right:3.667px; font-size:11pt">Additional information about Generation Income Properties, Inc. can be found at the Company&rsquo;s corporate website: <FONT style="color:#0000FF">www.gipreit.com</FONT>.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><B>Forward-Looking Statements:</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt"><I>This press release, whether or not expressly stated, may contain
&ldquo;forward-looking&rdquo; statements as defined in the Private Securities Litigation Reform Act of 1995. It reflects the
company&rsquo;s expectations regarding future events and economic performance and are forward-looking in nature and,
accordingly, are subject to risks and uncertainties. Such forward-looking statements include risks and uncertainties that
could cause actual results to differ materially from those expressed or implied by such forward-looking statements which
are, in some cases, beyond the Company&rsquo;s control which could have a material adverse effect on the company&rsquo;s
business, financial condition, and results of operations. Some of these risks and uncertainties are identified in the
company&rsquo;s most recent Annual Report on Form 1-K and its other filings with the SEC, which are available at <FONT style="color:#0000FF">www.sec.gov</FONT>.
The occurrence of any of these risks and uncertainties could have a material adverse effect on the company&rsquo;s business,
financial condition, and results of operations. For these reasons, among others, investors are cautioned not to place undue
reliance upon any forward-looking statements in this press release The Company undertakes no obligation to publicly revise
these forward-looking statements to reflect events or circumstances that arise after the date hereof.</I></P>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=center>- 3 -</P>

<HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><BR>

<P style="margin:0px; font-size:11pt" align=center><B>Generation Income Properties, Inc.</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>Consolidated Balance Sheet</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:1pt"><TD width=382.2 ></TD><TD width=15.8 ></TD><TD width=15.733 ></TD><TD width=81.467 ></TD><TD width=15.733 ></TD><TD width=15.733 ></TD><TD width=81.933 ></TD><TD width=15.733 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=97.2 colspan=2><P style="margin:0px" align=center><B>As of<BR>
March 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=97.667 colspan=2><P style="margin:0px" align=center><B>As of<BR>
December 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.2 colspan=2><P style="margin:0px" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.667 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=97.2 colspan=2><P style="margin:0px" align=center><B>(Unaudited)</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=97.667 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px"><B><U>Assets</U></B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px"><B>Investment in real estate</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Property</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px" align=right>35,717,058</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.933><P style="margin:0px" align=right>35,462,653</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Tenant improvements</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px" align=right>482,701</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.933><P style="margin:0px" align=right>482,701</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Acquired lease intangible assets</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px" align=right>2,829,382</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.933><P style="margin:0px" align=right>2,858,250</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Less accumulated depreciation and amortization</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=81.467><P style="margin:0px" align=right>(1,221,916</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=81.933><P style="margin:0px" align=right>(864,898</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px; margin-left:29.333px">Total investments</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px" align=right>37,807,225</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.933><P style="margin:0px" align=right>37,938,706</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Cash and cash equivalents</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px" align=right>855,640</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.933><P style="margin:0px" align=right>974,365</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Restricted cash</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px" align=right>184,800</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.933><P style="margin:0px" align=right>424,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Deferred Rent asset</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px" align=right>52,767</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.933><P style="margin:0px" align=right>65,102</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Prepaid expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px" align=right>204,773</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.933><P style="margin:0px" align=right>78,008</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Deferred financing costs</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px" align=right>229,871</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.933><P style="margin:0px" align=right>590,990</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Accounts Receivable</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px" align=right>73,848</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.933><P style="margin:0px" align=right>73,848</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Escrow deposit and other assets</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=81.467><P style="margin:0px" align=right>28,421</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=81.933><P style="margin:0px" align=right>10,607</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px"><B>Total Assets</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=15.733><P style="margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=81.467><P style="margin:0px" align=right><B>39,437,345</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=15.733><P style="margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=81.933><P style="margin:0px" align=right><B>40,155,626</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px"><B><U>Liabilities and Stockholder&rsquo;s Equity</U></B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px"><B>Liabilities</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Accounts payable </P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px" align=right>150,906</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=81.933><P style="margin:0px" align=right>82,937</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Accrued expenses </P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px" align=right>110,853</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.933><P style="margin:0px" align=right>473,545</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Acquired lease intangible liability, net </P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px" align=right>497,770</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.933><P style="margin:0px" align=right>525,144</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Insurance payable </P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px" align=right>118,887</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.933><P style="margin:0px" align=right>55,200</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Deferred rent liability </P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px" align=right>150,046</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.933><P style="margin:0px" align=right>89,599</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Note Payable - related party </P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px" align=right>1,100,000</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.933><P style="margin:0px" align=right>1,900,000</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Mortgage loans, net of unamortized discount of $749,100 and $182,255 at March 31, 2020 and December 31, 2019, respectively </P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.467><P style="margin:0px" align=right>27,256,339</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.933><P style="margin:0px" align=right>26,397,547</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px; margin-left:29.333px">Total liabilities </P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px" align=right>29,384,801</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.933><P style="margin:0px" align=right>29,523,972</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px"><B>Redeemable Non-Controlling Interests </B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px" align=right>8,198,251</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.933><P style="margin:0px" align=right>8,198,251</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px"><B>Stockholders&rsquo; Equity </B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Common stock, $0.01 par value, 100,000,000 shares authorized; <BR>
2,100,960 shares issued and outstanding at March 31, 2020 and 2,100,960 at December 31, 2019 </P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px" align=right>21,010</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.933><P style="margin:0px" align=right>21,010</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Additional paid-in capital </P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px" align=right>4,672,804</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.933><P style="margin:0px" align=right>4,757,882</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px; margin-left:21.333px; text-indent:-6.667px">Accumulated deficit </P>
</TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.467><P style="margin:0px" align=right>(2,839,521</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.933><P style="margin:0px" align=right>(2,345,489</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px; margin-left:29.333px">Total Generation Income Properties, Inc. stockholders&rsquo; equity </P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=81.467><P style="margin:0px" align=right>1,854,293</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=81.933><P style="margin:0px" align=right>2,433,403</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=382.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=382.2><P style="margin:0px"><B>Total Liabilities and Stockholders&rsquo; Equity </B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:3px double #000000" valign=bottom width=15.733><P style="margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:3px double #000000" valign=bottom width=81.467><P style="margin:0px" align=right><B>39,437,345</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:3px double #000000" valign=bottom width=15.733><P style="margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:3px double #000000" valign=bottom width=81.933><P style="margin:0px" align=right><B>40,155,626</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=center>- 4 -</P>

<HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><BR>

<P style="margin:0px; font-size:11pt" align=center><B>Generation Income Properties, Inc.</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>Consolidated Statements of Operations (unaudited)</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:1pt"><TD width=390.6 ></TD><TD width=15.733 ></TD><TD width=15.733 ></TD><TD width=77.267 ></TD><TD width=16.067 ></TD><TD width=15.733 ></TD><TD width=76.8 ></TD><TD width=15.733 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.6><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=201.6 colspan=5><P style="margin:0px" align=center><B>Three Months ended March 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.6><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=93 colspan=2><P style="margin:0px" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=92.533 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.6><P style="margin:0px"><B>Revenue</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390.6><P style="margin:0px; margin-left:14.667px">Rental income</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=77.267><P style="margin:0px" align=right>880,638</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=76.8><P style="margin:0px" align=right>274,206</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.6><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.6><P style="margin:0px"><B>Expenses</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390.6><P style="margin:0px; margin-left:14.667px">General, administrative and organizational costs</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=77.267><P style="margin:0px" align=right>241,364</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=76.8><P style="margin:0px" align=right>100,800</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.6><P style="margin:0px; margin-left:14.667px">Building expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px" align=right>189,461</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px" align=right>26,460</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390.6><P style="margin:0px; margin-left:14.667px">Depreciation and amortization</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=77.267><P style="margin:0px" align=right>357,018</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=76.8><P style="margin:0px" align=right>99,774</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.6><P style="margin:0px; margin-left:14.667px">Interest expense, net</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px" align=right>376,290</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px" align=right>124,421</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390.6><P style="margin:0px; margin-left:14.667px">Compensation costs</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=77.267><P style="margin:0px" align=right>67,693</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=76.8><P style="margin:0px" align=right>27,291</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.6><P style="margin:0px; margin-left:29.333px">Total expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=77.267><P style="margin:0px" align=right>1,231,826</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=76.8><P style="margin:0px" align=right>378,746</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390.6><P style="margin:0px"><B>Net Loss</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:3px double #000000" valign=bottom width=15.733><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:3px double #000000" valign=bottom width=77.267><P style="margin:0px" align=right>(351,188</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:3px double #FFFFFF" valign=bottom width=16.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=15.733><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=76.8><P style="margin:0px" align=right>(104,540</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:3px double #FFFFFF" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.6><P style="margin:0px; text-indent:26.667px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.6><P style="margin:0px; margin-left:14.667px">Less: Net income attributable to Non-controlling interest</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=77.267><P style="margin:0px" align=right>142,844</P>
</TD><TD style="margin-top:0px" valign=bottom width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px" align=right>103,141</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390.6><P style="margin:0px"><B>Net Loss attributable to Generation Income Properties, Inc.</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:3px double #000000" valign=bottom width=15.733><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:3px double #000000" valign=bottom width=77.267><P style="margin:0px" align=right>(494,032</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:3px double #FFFFFF" valign=bottom width=16.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=15.733><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=76.8><P style="margin:0px" align=right>(207,681</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:3px double #FFFFFF" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.6><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390.6><P style="margin:0px"><B>Total Weighted Average Shares of Common Shares Outstanding</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=77.267><P style="margin:0px" align=right>2,100,960</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=76.8><P style="margin:0px" align=right>1,839,767</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390.6><P style="margin:0px"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=16.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=76.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390.6><P style="margin:0px"><B>Basic and Diluted Loss Per Share Attributable to Common Stockholder</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=77.267><P style="margin:0px" align=right>(0.24</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=16.067><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=76.8><P style="margin:0px" align=right>(0.11</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=center>- 5 -</P>

<HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><BR>

<P style="margin:0px; font-size:11pt" align=center><B>Generation Income Properties, Inc.</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>Consolidated Statements of Cash Flows (unaudited)</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:1pt"><TD width=397.8 ></TD><TD width=15.733 ></TD><TD width=81.6 ></TD><TD width=15.733 ></TD><TD width=15.733 ></TD><TD width=82 ></TD><TD width=15.733 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=210.8 colspan=5><P style="margin:0px" align=center><B>Three Months ended March 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.333 colspan=2><P style="margin:0px" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.733 colspan=2><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px"><B>OPERATING ACTIVITIES</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px"><B>Net loss</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px" align=right><B>(351,188</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px"><B>)</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px" align=right><B>(104,540</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px"><B>)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px; margin-left:6.667px; text-indent:-6.667px">Adjustments to reconcile net loss to cash used in operating activities </P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Depreciation </P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px" align=right>254,402</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px" align=right>76,295</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Amortization of acquired lease intangible assets </P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px" align=right>102,616</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px" align=right>23,479</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Amortization of debt issuance costs </P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px" align=right>50,712</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px" align=right>11,521</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Amortization of below market leases </P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px" align=right>(27,374</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px" align=right>(3,531</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Stock award compensation </P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px" align=right>20,023</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px"><B>Changes in operating assets and liabilities </B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Accounts receivable </P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px" align=right>1,668</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Other assets </P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px" align=right>(17,814</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px" align=right>(14,328</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Deferred rent asset</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px" align=right>12,335</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px" align=right>(6,299</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Prepaid expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px" align=right>(131,494</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px" align=right>(104,136</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Accounts payable</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px" align=right>67,969</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px" align=right>100,305</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Accrued expenses</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px" align=right>758</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px" align=right>(263,470</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Deferred rent liability</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=81.6><P style="margin:0px" align=right>60,447</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=82><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px"><B>Net cash generated from (used in) operating activities</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.6><P style="margin:0px" align=right><B>41,392</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82><P style="margin:0px" align=right><B>(283,036</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px"><B>)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px"><B>CASH FLOWS FROM INVESTING ACTIVITIES:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Purchase of land, buildings, other tangible and intangible assets</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px" align=right>(225,537</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Escrow deposits for purchase of properties</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.6><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82><P style="margin:0px" align=right>110,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px"><B>Net cash (used in) generated from investing activities</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=81.6><P style="margin:0px" align=right><B>(225,537</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px"><B>)</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #000000" valign=bottom width=82><P style="margin:0px" align=right><B>110,000</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px"><B>CASH FLOWS FROM FINANCING ACTIVITIES:</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Mortgage loan borrowings</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px" align=right>11,287,500</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Mortgage loan repayments</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px" align=right>(9,861,863</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px" align=right>(2,563</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Note payable - related party repayments</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px" align=right>(800,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Deferred financing costs paid in cash</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px" align=right>(55,031</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Insurance financing borrowings</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px" align=right>106,084</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px" align=right>51,125</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Insurance financing repayments</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px" align=right>(42,397</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Stock costs paid in cash</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px" align=right>(50,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Debt issuance costs paid in cash</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px" align=right>(560,128</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Distribution on redeemable non-controlling interests</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px" align=right>(142,844</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px" align=right>(48,214</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Dividends paid on common stock</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px" align=right>(105,101</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px"><B>Net cash used in financing activities</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px" align=right><B>(173,780</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px"><B>)</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px" align=right><B>(49,652</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px"><B>)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px">NET DECREASE IN CASH</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px" align=right>(357,925</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px" align=right>(222,688</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px">CASH - BEGINNING OF PERIOD</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.6><P style="margin:0px" align=right>1,398,365</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=82><P style="margin:0px" align=right>642,132</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px"><B>CASH - END OF PERIOD</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:3px double #000000" valign=bottom width=15.733><P style="margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:3px double #000000" valign=bottom width=81.6><P style="margin:0px" align=right><B>1,040,440</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:3px double #000000" valign=bottom width=15.733><P style="margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:3px double #000000" valign=bottom width=82><P style="margin:0px" align=right><B>419,444</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px"><B>CASH TRANSACTIONS</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Interest Paid</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px" align=right>314,894</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px" align=right>99,820</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.8><P style="margin:0px"><B>NON-CASH TRANSACTIONS</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=82><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=397.8><P style="margin:0px; margin-left:14.667px">Deferred distribution on redeemable preferred equity accrued</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.6><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=82><P style="margin:0px" align=right>54,927</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=center>- 6 -</P>

<HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><BR>

<P style="margin:0px; font-size:11pt"><B>Core Funds From Operations</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">Our reported results are presented in accordance with GAAP. We also disclose funds from operations (FFO) and adjusted funds from operations (AFFO) both of which are non-GAAP financial measures. We believe these two non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">FFO and AFFO do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">The following table reconciles net income (which we believe is the most comparable GAAP measure) to FFO and AFFO:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:1pt"><TD width=390 ></TD><TD width=15.733 ></TD><TD width=81.467 ></TD><TD width=24 ></TD><TD width=15.733 ></TD><TD width=81.333 ></TD><TD width=15.733 ></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=202.533 colspan=4><P style="margin:0px" align=center><B>Three Months ended March 31,</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.467><P style="margin:0px" align=center><B>2020</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=81.333><P style="margin:0px" align=center><B>2019</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390><P style="margin:0px"><B>Net Loss attributable to Generation Income Properties, Inc.</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px" align=right><B>(494,032</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=24><P style="margin:0px"><B>)</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.333><P style="margin:0px" align=right><B>(207,681</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px"><B>)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; margin-left:14.667px">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px" align=right>357,018</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.333><P style="margin:0px" align=right>99,774</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390><P style="margin:0px"><B>Funds From Operations</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000" valign=bottom width=81.467><P style="margin:0px" align=right><B>(137,014</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=24><P style="margin:0px"><B>)</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000" valign=bottom width=81.333><P style="margin:0px" align=right><B>(107,907</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px"><B>)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390><P style="margin:0px; margin-left:14.667px">Amortiation of deferred financing costs</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px" align=right>50,712</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.333><P style="margin:0px" align=right>11,521</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; margin-left:14.667px">Distribution on redeemable non-controlling interests OP Units</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px" align=right>122,469</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.333><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390><P style="margin:0px; margin-left:14.667px">Non-cash stock compensation</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px" align=right>20,023</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.333><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; margin-left:14.667px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390><P style="margin:0px"><B>Core Funds From Operations</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000" valign=bottom width=81.467><P style="margin:0px" align=right><B>56,190</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000" valign=bottom width=81.333><P style="margin:0px" align=right><B>(96,386</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px"><B>)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; margin-left:14.667px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390><P style="margin:0px"><B>Net Loss attributable to Generation Income Properties, Inc.</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px" align=right><B>(494,032</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=24><P style="margin:0px"><B>)</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.333><P style="margin:0px" align=right><B>(207,681</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px"><B>)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; margin-left:14.667px">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px" align=right>357,018</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.333><P style="margin:0px" align=right>99,774</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390><P style="margin:0px; margin-left:14.667px">Amortiation of deferred financing costs</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px" align=right>50,712</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.333><P style="margin:0px" align=right>11,521</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; margin-left:14.667px">Above-and below-market lease related intangibles</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px" align=right>(27,374</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.333><P style="margin:0px" align=right>(3,531</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390><P style="margin:0px"><B>Adjusted Funds From Operations</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000" valign=bottom width=81.467><P style="margin:0px" align=right>(113,676</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=24><P style="margin:0px">)</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000" valign=bottom width=81.333><P style="margin:0px" align=right>(99,917</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px">)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390><P style="margin:0px; margin-left:14.667px">Distribution on redeemable non-controlling interests OP Units</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px" align=right>122,469</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.333><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; margin-left:14.667px">Non-cash stock compensation</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px" align=right>20,023</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.333><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390><P style="margin:0px; margin-left:14.667px">Public company consulting fees</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.467><P style="margin:0px" align=right>20,000</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=81.333><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; margin-left:14.667px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=81.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=390><P style="margin:0px; margin-left:29.333px">Adjustments From Operations</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=81.467><P style="margin:0px" align=right>162,492</P>
</TD><TD style="margin-top:0px" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=81.333><P style="margin:0px" align=right>&mdash;</P>
</TD><TD style="margin-top:0px" valign=bottom width=15.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#CCECFF" valign=bottom width=390><P style="margin:0px"><B>Core Adjusted Funds From Operations</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=15.733><P style="margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=81.467><P style="margin:0px" align=right><B>48,816</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #FFFFFF" valign=bottom width=24><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=15.733><P style="margin:0px"><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-top:1px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=81.333><P style="margin:0px" align=right><B>(99,917</B></P>
</TD><TD style="margin-top:0px; background-color:#CCECFF; border-bottom:1px solid #FFFFFF" valign=bottom width=15.733><P style="margin:0px"><B>)</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and real estate related depreciation and amortization, including the pro rata share of such adjustments of unconsolidated subsidiaries. To derive AFFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as amortization of deferred financing costs, amortization of capitalized lease incentives, above- and below-market lease related intangibles, non-cash stock compensation, and non-cash compensation. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals.</P>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=center>- 7 -</P>

<HR noshade align="center" width="100%" size="2"><p style='page-break-before:always'></p><PAGE><BR>

<P style="margin:0px; font-size:11pt">FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. FFO and AFFO may not be comparable to similarly titled measures employed by other companies.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">We also use Core FFO and Core AFFO to adjust for non-capitalized costs incurred by the Company in relation to initial public company status and costs incurred with up-listing to Nasdaq. These costs will typically include non-cash stock compensation, consulting fees to investment banks, consultants for advice for public company status and distribution on redeemable non-controlling interest OP Units. Core FFO and Core AFFO may not be comparable to similarly titled measures employed by other companies.</P>
<P style="margin:0px"><BR></P>

<P style="margin:0px" align=center>- 8 -</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
