Good morning, ladies and gentlemen and welcome to the Generation Income Properties First Quarter 2022 Earnings Conference Call. At this time, all lines have been placed in a listen-only mode. Please note that today’s conference call is being recorded. Replay information is included in our May 12 press release, which can be found on the Investor Relations section of the company’s website at gipreit.com, along with the first quarter earnings release. After the speaker’s prepared remarks, there will be a question-and-answer period.

Thank you, operator. Good morning, everyone. I am joined this morning by David Sobelman, Chief Executive Officer and Allison Davies, Chief Financial Officer. David will provide an overview of the company’s growth strategy, business and capital markets activities, first quarter highlights and subsequent events to-date. Allison will review our quarterly financial results and balance sheet. Today’s conference call includes forward-looking statements that reflect the company’s current views with respect to among other things, our planned acquisition activity, anticipated market size, future events and financial performance. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements. New risks and uncertainties arise over time and it is not possible for the company to predict those events or how they may affect it. Therefore, you should not place undue reliance on these forward-looking statements. During this call, we will refer to FFO, core FFO, AFFO and core AFFO, which are each non-GAAP financial measures. Reconciliations of net income to the most comparable GAAP measure to these non-GAAP measures can be found in our earnings release or in our investor presentation. We ask that you refer to our most recent filings with the SEC for important factors that could cause actual results to differ materially from these forward-looking statements and projections, including the risk factors included in our Form 10-K for the 2021 fiscal year filed with the SEC. As such, it is important to note that management’s comments include time-sensitive information that may only be as accurate as of today’s date Friday, May 13, 2022. Following management’s prepared comments, this call will be open for your questions. We request that you ask only one question and one follow-up to allow ample time for everyone to ask questions. If time permits, we welcome you to re-queue to ask additional questions. With that, I will now turn the call over to our Chief Executive Officer, David Sobelman.

Thank you, Emily and welcome to our earnings call. For those of you not familiar with our company, Generation Income Properties is a NASDAQ listed real estate corporation formed in 2015 to opportunistically acquire and own retail, industrial and office net lease properties located in densely populated submarkets, with a focus on investment grade credit tenants. Our diversified portfolio currently consists of 13 assets across 8 states and the District of Columbia. We differentiate ourselves by specializing in underwriting, primarily investment grade tenants, with remaining primary lease durations of under 10 years, coupled with strong real estate fundamentals. We believe this combination typically correlates to a higher probability of tenants either maintaining their current tenancy beyond their lease expiration or the opportunity to retenant the asset in future years. Our comprehensive underwriting process has determined that stabilized investment grade credit tenanted assets with shorter lease terms are oftentimes attractive opportunities overlooked by large institutional investors. We focus on this segment, because in our view shorter lease terms provide flexibility to realize attractive rental rate increases higher long-term values and resilience to economic fluctuations. As we mentioned in our year end earnings call, 2021 was a transformational year for GIPR. We uplisted our common shares to NASDAQ, raising over $14 million in gross proceeds and providing greater liquidity to our shareholders. And we added to our talent base with the additions to our Board of Directors, and more recently, our executive team. Our work last year set the foundation for us to continue executing our investment thesis in the first quarter of this year. During the first quarter, we acquired three assets valued in the aggregate of $12.6 million. The weighted average first year yield for these assets was 7.2%, 135 basis points higher than the average cap rates for all…

Thank you, David. I am truly privileged to be a part of this exceptional team and I am excited about the opportunity to help forge its future. As David mentioned, GIPR’s high credit quality tenant base in well located real estate assets continue to keep the GIPR portfolio, relatively insulated from shifting economics. The portfolio weathered the pandemic beyond our strongest hopes. We continue to collect 100% of our base rents and have done so since our inception, including the years in COVID-19 forced tenants to ask for abatements and concessions. To emphasize this point, we have never haven’t missed base rent payment or specific concession requests from any of our tenants throughout our company’s history. Each of our assets remained open and operating from the peak of the pandemic until today continuously reminding us of the importance of underwriting quality tenants. Occupancy has remained 100% since inception. GIPR’s weighted average remaining lease term is 6.1 years reflecting our short-term lease duration thesis. We have one lease expiring in ‘22. And our team is in ongoing lease renewal discussions with that tenant, while also looking for alternative tenancy. Given the high quality asset and demand in that market, we are confident we will be able to successfully renew or retenant. Further, we don’t have any leases expiring in ‘23. Regarding our portfolio, tenant health is strong with above average performing sales at all of our retail properties. And while at challenge we believe our tenants are successfully managing inflation, supply chain constraints and labor shortages. Thankfully, as a net lease company, we are relatively protected from these market concerns in terms of direct impact on our operations that we realized you are clearly not out of the woods as it relates to other world events in the economic fluctuations that…

Thank you, Allison. Before opening the call for your questions, I wanted to remind you that the name Generation Income Properties was derived from our ethos of generating income, not just for today, but for the generational long-term. It is our philosophy that multigenerational families benefit from making decisions affecting not only those who begin the legacies, but for those that come after. It has also been our goal to be a part of that effort for all stakeholders of GIPR. And we thank you for the confidence you have placed in us for your generations. With that operator, please open the call for questions.

Our first question is from Michael Diana with Maxim Group. Please continue with your question.

Okay. Thank you. So, David, you had a very active quarter there. I just want to understand where you are right now, make sure I understand. So, the Starbucks renewal, did that kick in during the first quarter or in the fourth quarter?

Good morning, Michael. It actually kicked in the first quarter. So, yes?

Yes. Okay. So, I guess the point I am getting at, so for second quarter, you are going to have four properties, the three required during the quarter plus the Starbucks with a higher rate, or a higher contribution than you had in the first quarter, is that right?

Not exactly. So, we added a property, I believe is December 28th of 2021, which was Best Buy. And then we added three additional properties in the third quarter.

Okay. But I guess so the Best Buy contributed during the whole quarter or did not?

Yes, we received rent from Best Buy for the entire quarter.

Okay, great. Okay. So, in other words, you should have a number of properties. So, they contribute during the whole quarter during the second quarter?

That’s exactly right. Yes.

Okay. Then secondly, on the acquisition front, I want to just stay on both the pipeline and your capacity to buy, so how does the acquisition pipeline look now, given the economic environment?

Our acquisitions team is doing a tremendous job of making sure that we are prepared to execute on properties that fit our thesis directly. So, we feel like we have a very robust pipeline to support the capital that we have available to us at any point.

Okay. And then so at the end of the quarter you had $4.6 million in cash, on the American Momentum commitment, you have an existing $25 million commitment, which could go up to $50 million, are there conditions on the first $25 million? In other words, can you tap the American Momentum line right now without satisfying any other conditions, either that they have or that Valley has?

Yes. It is still in full force and effect. And we have access to the entire $25 million as it stands today.

Okay. So, you have lots and lots of capacity. It sounds great. Okay, great. Thank you very much.

There are no further questions at this time. I will now turn the call back to Mr. Sobelman for his closing remarks.

We realized this is a crucial time in our company’s history, and we are at this threshold of a greater profile. In short, our work is really just beginning. And we are focused on creating generational wealth as our company name implies. We think we have positioned ourselves well to weather the current economic environment and seize the opportunities that may come as a result. Thank you for joining us. Have a great weekend. And we look forward to speaking with you again next quarter.

This concludes today’s call. You may now disconnect.