RRT urges Generation Income Properties board to engage in discussions

Resurgent Realty Trust issued an open letter requesting the Board of Directors fulfill its fiduciary duty by engaging with RRT to discuss the non-binding term sheet RRT submitted to GIPR‘s Board of Directors January 30, 2025. The letter read in part, “This is Jon Wheeler, Founder & former Chairman, CEO, & President, Wheeler Real Estate Investment Trust. I have been around the block. I have built, financed, restructured, and – yes – revived more than my share of companies. When I made three serious offers to you to explore a path forward for Generation Income Properties (GIPR), Inc., I was not doing it out of curiosity. I saw a company in extreme distress. I saw value worth salvaging. And I thought my vast private and public real estate operational experiences could help you. Based upon a personal invite from David Sobelman, I even got on a plane. I flew to Tampa to meet your CEO in good faith. But apparently, that was too much effort on his side-because your CEO rescheduled the dinner invite and location last minute earlier than when my flight was scheduled to arrive in Tampa making it impossible for me to meet with him. Needless to say, very disappointing. Now, in any business, communication is critical. But when you’re a publicly traded REIT, burning through cash, drowning in obligations, and approaching a redemption cliff, ghosting someone who comes bearing solutions is not just rude – it’s negligent…Here’s What You Should Do-Right Now Engage in a conversation – with me or other interested parties. You are not short on problems, but you may still have options. Open the door before it’s shut for you. Disclose to shareholders what the plan is for May 15. Not generic “capital strategy” boilerplate. Real clarity. Do you have the cash? If not, what’s the plan? Freeze all new equity issuances and above-market borrowings for G&A until a clear restructuring path is disclosed. No more short-term patches. No more silent fires. Reassess executive compensation and governance controls. If a CEO can collect six figures in guarantee fees while refusing to meet interested parties, that’s not alignment – that’s entrenchment. Put all options on the table: seek strategic alternatives to include a sale or merger, asset sales, recapitalization, partial buyouts, or structured exits for preferred holders.”