Move comes as REIT prepares to list shares
In advance of its anticipated initial public offering later this year, the Over The Counter (OTC) stock trading platform has assigned Tampa-based Generation Income Properties its common stock symbol.
The real estate investment trust will be listed as GIPR on OTC, in keeping with the broker dealer network’s standard of assigning four letters to its listed companies.
Generation Income, which is likely to begin trading on the OTC by summer, will join well-established firms such as Roche Holding AG, Danone SA and BASF, among others, on the platform.
The REIT will be the only trust on the OTC exchange specializing in net-lease commercial real estate.
“It’s an important milestone, a pre-cursor to our being listed,” says Generation Income CEO David Sobelman. “As part of the process, all of our current shareholders are going through the process of being registered with the OTC and the (U.S. Securities & Exchange Commission). That will ultimately lead to our listing, which would make us a tradeable company.”
The company presently has about two million common shares outstanding.
Generation Income, which was formed in September 2015, acquired its first property in June 2017 and now owns three net-lease assets. Four others are under contract.
Sobelman hopes to increase the company’s asset base to a value of $100 million by year end, and ramp that up to $700 million by the end of 2022.