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Generation Income Properties (GIPR): Tenant Map and Investment Implications

Generation Income Properties is a net‑lease REIT that acquires single‑tenant retail, office and industrial properties and monetizes through long‑term net rental income from creditworthy occupiers. The company’s revenue profile is concentrated in a handful of tenants and U.S. markets, with rent recognized under operating lease accounting and a runway of contracted future minimum rents that underpin near‑term cash flow. For a data‑driven view of GIPR’s tenant exposure and credit concentration, visit https://nullexposure.com/.

The business model in plain English: how GIPR makes money and what to watch

GIPR purchases stabilized, largely single‑tenant properties and retains income by leasing them on long‑term net leases where tenants typically pay taxes, insurance and maintenance. That structure yields predictable base rent and limited property management overhead, while exposing the company to concentration risk because a small number of tenants account for a material share of annualized base rent. All properties are U.S.-based, reinforcing regulatory and market homogeneity but concentrating macro and retail headwinds domestically. The company reports high occupancy (99%), and future minimum rents total roughly $48.4 million as of December 31, 2024, which supports near‑term cash flow projections.

Key constraints that shape the operating model: GIPR uses long‑term net leases (company‑level signal), a measurable government counterparty exposure, U.S. geographic concentration, and materially concentrated revenue where a few tenants represent a large share of annualized base rent. Those features drive a conservative contracting posture on term length and tenant credit and increase the importance of lease renewals, extensions and selective asset sales as liquidity levers. Learn more about company exposures at https://nullexposure.com/.

Tenant relationships — the full list and what each means for investors

Below I list each relationship extracted from GIPR source material; each entry includes a concise plain‑English summary and the originating disclosure.

  • Best Buy Co., Inc.: Best Buy is recorded as occupying 60,960 sq ft across two leases, representing 11% of square footage and about 9% of 2024 annual base rent per GIPR’s 2024 Form 10‑K (FY2024).
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024.

  • Armed Services YMCA of the U.S.A.: The Armed Services YMCA leases a single property of 22,247 sq ft representing roughly 4% of total square feet and 3% of 2024 base rent in GIPR’s FY2024 disclosure.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024.

  • Auburn University: Auburn University occupied an industrial asset of 59,091 sq ft that contributed about 3% of 2024 annual base rent according to the FY2024 tenant schedule.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024.

  • Best Buy Stores, L.P.: Best Buy Stores, L.P. is a contracting party on a lease agreement dated February 27, 2006, cited in the 2024 10‑K as landlord/tenant documentation.
    Source: GIPR 10‑K (gipr-2024-12-31), lease agreement excerpt, FY2024.

  • City of San Antonio: The City of San Antonio is one of the named largest tenants and is part of the group that collectively contributed a material share (~39%) of portfolio annualized base rent as of Dec 31, 2024.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant concentration disclosure, FY2024.

  • DG Retail, LLC: DG Retail occupies 9,026 sq ft representing roughly 2% of square footage and 1% of 2024 annual base rent in the FY2024 tenant schedule.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024.

  • Dolgen California, LLC: Dolgen California leases 18,827 sq ft, accounting for about 3% of square footage and roughly 4% of 2024 base rent per the FY2024 filing.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024.

  • Dolgencorp, LLC.: Dolgencorp, LLC. is listed with 9,100 sq ft and approximately 1% of 2024 annual base rent in the FY2024 tenant schedule.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024.

  • Dolgencorp of Texas, Inc.: Dolgencorp of Texas occupies 9,026 sq ft and accounted for about 1% of 2024 annual base rent in the FY2024 table.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024.

  • 7‑Eleven Corporation: A 7‑Eleven location of 3,000 sq ft contributes under 1% of square footage but ~2% of 2024 base rent, per the FY2024 tenant data.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024.

  • Dolgen Midwest, LLC: Dolgen Midwest operates four leases totaling 36,178 sq ft, roughly 6% of square feet and 4% of 2024 base rent according to FY2024 disclosures.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024.

  • Dollar Tree Stores, Inc.: Dollar Tree is listed with 10,906 sq ft and roughly 1% of 2024 base rent, per the FY2024 schedule.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024.

  • exp US Services, Inc.: exp US Services occupies 33,118 sq ft and represented about 10% of 2024 annual base rent, a material single‑tenant exposure in FY2024.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024.

  • Fresenius Medical Care Holdings, Inc.: Fresenius leased 10,947 sq ft and provided ~3% of 2024 base rent; later press releases note an early lease extension through October 31, 2033.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024; press release on lease extension (2025).

  • General Service Administration: The GSA is a named top tenant and, together with Dollar General and City of San Antonio, drove a large share (mid‑30s to high‑50s%) of portfolio rent in 2024–mid‑2025 disclosures.
    Source: GIPR 10‑K (gipr-2024-12-31), and company press releases (Q1/Q2 2025).

  • Kohl’s Corporation / Kohl’s Corporation (guaranty): Kohl’s occupies 88,408 sq ft representing 16% of square feet and about 10% of 2024 base rent, and a separate guaranty by Kohl’s is disclosed in lease documentation.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table and guaranty exhibit, FY2024.

  • La‑Z‑Boy Inc.: La‑Z‑Boy is noted with 15,288 sq ft and roughly 4% of 2024 base rent in the FY2024 tenant schedule.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024.

  • PRA Group, Inc.: PRA Group occupies 34,847 sq ft and represented about 9% of 2024 annual base rent, marking another sizable single‑tenant exposure.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024.

  • San Antonio Early Childhood Education Municipal Development Corporation: This public tenant occupies 50,000 sq ft and constituted ~11% of 2024 annual base rent, a material municipal exposure.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024.

  • Sherwin Williams Company: Sherwin Williams leases 3,500 sq ft contributing under 1% of square footage and about 1% of 2024 base rent in the FY2024 schedule.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024.

  • Starbucks Corporation: Starbucks had two leases totaling 4,842 sq ft and contributed ~4% of 2024 base rent; one Starbucks property was sold in May 2025 per company update.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024; May 2025 press release.

  • Walgreens Co.: Walgreens occupies 14,490 sq ft and accounted for about 4% of 2024 base rent in GIPR’s FY2024 disclosure.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024.

  • Dollar General (news entries): Multiple 2025 company releases reiterate Dollar General as a top tenant and part of the concentration that represented 36–59% of annualized base rent across Q1–Q2 2025 communications.
    Source: TradingView and Yahoo Finance coverage of GIPR press releases, FY2025.

  • General Services Administration (news entries): Public statements in 2025 investor updates again list the GSA among GIPR’s largest tenants and contributors to concentrated rent.
    Source: TradingView and Yahoo Finance summaries of FY2025 releases.

  • City of San Antonio (news entry): Company Q2 2025 releases include the City of San Antonio in the set of primary tenants accounting for a material share of annualized base rent.
    Source: Yahoo Finance, company Q2 2025 release.

  • exp U.S. Services (news entry): Press coverage of GIPR’s mid‑2025 filings lists exp U.S. Services among top contributors to the portfolio’s annualized base rent.
    Source: Yahoo Finance, FY2025 company release.

  • Kohl’s Corporation (news entry): Q2 2025 materials again identify Kohl’s as a top tenant; press summaries cite its material share of portfolio rent.
    Source: Yahoo Finance/press release coverage, FY2025.

  • 7‑Eleven (news entry): GIPR commentary around asset sales and debt paydown in 2025 notes the 7‑Eleven in Washington, D.C. became unencumbered and retained as a debt‑free income asset.
    Source: FinancialContent / company business update, June 2025.

  • Auburn University (news entry): GIPR completed the sale of an Auburn University‑occupied industrial building in May 2025 as part of strategic asset sales generating ~$10.5 million combined proceeds.
    Source: Company business update/press releases, May 2025.

  • Starbucks (news entry): The Starbucks property in Tampa was sold in May 2025 as part of a two‑asset sale that generated about $10.5 million gross proceeds.
    Source: Company business update/press releases, May 2025.

  • Best Buy (news entry): Press summaries note GIPR acquired a Best Buy‑occupied retail property in Ames, Iowa in 2024, and GIPR executed further lease amendments in 2025 to extend Best Buy commitments.
    Source: TradingView and company press release, 2024–2025.

  • Best Buy Stores, L.P. (news entry): GIPR executed a second lease amendment with Best Buy on August 18, 2025, extending a lease through March 31, 2032.
    Source: AccessNewswire press release, Aug 2025.

  • Quanta Services: Quanta is listed in the FY2024 tenant schedule with 7,826 sq ft and roughly 2% of 2024 base rent, per the 10‑K.
    Source: GIPR 10‑K (gipr-2024-12-31), tenant table, FY2024.

  • 919 Investments LLC: 919 Investments is a third‑party counterparty that terminated a previously announced purchase and sale agreement for a Fresenius‑leased property in 2025, per company disclosure.
    Source: AccessNewswire release, Aug 2025.

Investment implications and closing takeaways

  • Concentration is the primary operational risk: a handful of tenants (GSA, Dollar General, Kohl’s, exp U.S. Services, San Antonio public entities) drove a material share of rents in 2024–2025, so tenant‑level credit or restructurings would be immediately consequential.
  • Long‑term net leases anchor cash flow: contracted future minimum rents and recent lease extensions (Best Buy, Fresenius) support near‑term stability.
  • Active asset management is evident: GIPR executed targeted sales in 2025 and used proceeds to reduce secured debt and de‑risk the balance sheet, increasing the importance of transactions as a liquidity tool.

For a structured, investor‑grade view of GIPR’s tenant exposures and concentration dynamics, visit https://nullexposure.com/ to explore relationship intelligence and portfolio mappings. If you want a tailored briefing on how these tenant relationships affect valuation or credit metrics, start at https://nullexposure.com/ and request a custom analysis.