Generation Income Properties, Inc. (NASDAQ: GIPR), a Tampa-based net lease real estate investment trust, issued a shareholder letter from CEO David Sobelman on July 20, 2026, outlining steps taken over the past year to address Nasdaq compliance issues and restructure its balance sheet.

The company reclassified approximately $5.3 million in LP unit obligations from liabilities to permanent equity following a formal amendment removing cash redemption rights. The company said this action formed the basis of its Nasdaq stockholders' equity compliance plan. Nasdaq's formal review process remains ongoing.

GIPR completed a 1-for-10 reverse stock split as part of its effort to resolve a separate Nasdaq minimum bid price deficiency. Under Nasdaq rules, the company's common stock must close above $1.00 per share for ten consecutive trading days to satisfy that requirement.

The company also completed a $5 million capital raise in 2026 and sold multiple properties from its portfolio, describing the dispositions as profitable. Proceeds were applied toward reducing a preferred equity obligation to Loci Capital, which the company said has been significantly reduced from its original balance through property sale proceeds, operating distributions, and redemption payments. The company stated work to fully retire the remaining balance is ongoing.

Sobelman said the company's real estate portfolio remained occupied and generating rent throughout the restructuring period, characterizing the challenges as related to financing costs rather than property performance.

The company said it anticipates seeking additional capital raises, while noting there can be no assurance as to the timing or amount of any future raises.