<SEC-DOCUMENT>0001031235-20-000007.txt : 20200330
<SEC-HEADER>0001031235-20-000007.hdr.sgml : 20200330
<ACCEPTANCE-DATETIME>20200330171154
ACCESSION NUMBER:		0001031235-20-000007
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200330
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200330
DATE AS OF CHANGE:		20200330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Global Self Storage, Inc.
		CENTRAL INDEX KEY:			0001031235
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				133926714
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12681
		FILM NUMBER:		20758194

	BUSINESS ADDRESS:	
		STREET 1:		11 HANOVER SQUARE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		2127850900

	MAIL ADDRESS:	
		STREET 1:		11 HANOVER SQUARE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Self Storage Group, Inc.
		DATE OF NAME CHANGE:	20131118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GLOBAL INCOME FUND, INC.
		DATE OF NAME CHANGE:	20060215

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GLOBAL INCOME FUND INC
		DATE OF NAME CHANGE:	19990830
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>8k.htm
<TEXT>
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    <div style="text-align: center; font-size: 18pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold;">WASHINGTON, DC 20549</div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM&#160;8-K</div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">PURSUANT TO SECTION&#160;13 OR 15(d)&#160;</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">OF THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center;">Date of report (date of earliest event reported): <font style="font-weight: bold;">March 30,
        2020</font></div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">GLOBAL SELF STORAGE, INC.</div>
    <div style="text-align: center;">(Exact Name of Registrant as Specified in Its Charter)</div>
    <div style="text-align: center;">&#160;</div>
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        <tr>
          <td style="width: 32.65%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">Maryland</div>
          </td>
          <td style="width: 32.65%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">001-12681</div>
          </td>
          <td style="width: 34.7%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">13-3926714</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.65%; vertical-align: top;">
            <div style="text-align: center;">(State or Other Jurisdiction of<br>
              Incorporation)</div>
          </td>
          <td style="width: 32.65%; vertical-align: top;">
            <div style="text-align: center;">(Commission File Number)</div>
          </td>
          <td style="width: 34.7%; vertical-align: top;">
            <div style="text-align: center;">(IRS Employer Identification No.)</div>
          </td>
        </tr>

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    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center; font-weight: bold;">11 Hanover Square, 12<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor</div>
    <div style="text-align: center; font-weight: bold;">New York, NY 10005</div>
    <div style="text-align: center;">(Address of principal executive offices) (Zip Code)</div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center; font-weight: bold;">(212) 785-0900</div>
    <div style="text-align: center;">(Registrant&#8217;s telephone number, including area code)</div>
    <div><br>
    </div>
    <div style="text-align: center;">&#160;</div>
    <div>Check the appropriate box below if the Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
      following provisions:</div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-indent: -36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Written
      communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</div>
    <div style="text-indent: -36pt; margin-left: 36pt;">&#160;</div>
    <div style="text-indent: -36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Soliciting
      material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
    <div style="text-indent: -36pt; margin-left: 36pt;">&#160;</div>
    <div style="text-indent: -36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Pre-commencement
      communications pursuant to Rule&#160;14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</div>
    <div style="text-indent: -36pt; margin-left: 36pt;">&#160;</div>
    <div style="text-indent: -36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Pre-commencement
      communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt;">&#160;</div>
    <div style="text-indent: -36pt; margin-left: 36pt; font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
    <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or
      Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).&#160;</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;"><font style="font-size: 10pt;">Emerging growth company </font>&#160;&#160;</div>
    <div><br>
    </div>
    <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
      revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </div>
    <div><br>
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    <div style="text-align: center;">&#160;</div>
    <div style="font-weight: bold;">Item 2.02&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">On March 30, 2020, Global Self Storage, Inc. (the &#8220;Company&#8221;) reported its financial results for the period ended December 31, 2019.&#160;&#160;A copy of the
      Company&#8217;s earnings press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.</div>
    <div>&#160;</div>
    <div><font style="font-weight: bold;">Item 7.01&#160;&#160;&#160;&#160;Regulation FD Disclosure.</font>&#160;</div>
    <div>&#160;</div>
    <div style="text-align: justify;">The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) shall not be deemed &#8220;filed&#8221; for the purposes of Section 18 of
      the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the
      Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">The Company believes that certain statements in the information attached as Exhibit 99.1 may constitute &#8220;forward-looking statements&#8221; within the meaning of
      the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management&#8217;s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ
      materially from those expressed or implied. Information concerning factors that could cause actual results to differ materially from those in forward-looking statements is contained from time to time in the Company&#8217;s filings with the Securities and
      Exchange Commission.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Item 9.01&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</div>
    <div>&#160;</div>
    <div>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Not applicable.</div>
    <div>&#160;</div>
    <div>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Not applicable.</div>
    <div>&#160;</div>
    <div>(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Not applicable.</div>
    <div>&#160;</div>
    <div>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits. The following exhibit is being furnished herewith to this Current Report on Form 8-K.</div>
    <div>&#160;</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 83.02%; vertical-align: bottom;">
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          </td>
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            <div style="font-weight: bold;">Exhibit No.</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 83.02%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Description</div>
          </td>
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            <div>99.1</div>
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            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 83.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>Global Self Storage, Inc. Earnings Press Release, dated March 30, 2020, reporting the financial results for the&#160;period ended December 31, 2019.</div>
          </td>
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        <tr>
          <td style="width: 12.99%; vertical-align: top;">&#160;</td>
          <td style="width: 3.99%; vertical-align: top;">&#160;</td>
          <td style="width: 83.02%; vertical-align: top;">&#160;</td>
        </tr>

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    <div><font style="font-weight: bold;"> </font><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;">* * *</div>
    <div><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><br>
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    <div style="text-align: center; font-weight: bold;">SIGNATURE</div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
      by the undersigned hereunto duly authorized.</div>
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            <div style="font-weight: bold;">GLOBAL SELF STORAGE, INC.</div>
          </td>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt;">&#160;</div>
          </td>
          <td style="width: 6%; vertical-align: top;">
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          </td>
          <td style="width: 44%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt;">&#160;</div>
          </td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt;">By:</div>
          </td>
          <td style="width: 44%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: -10pt; margin-left: 10pt;">/s/ Mark C. Winmill</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
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            <div style="text-indent: -10pt; margin-left: 10pt;">Name:</div>
          </td>
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            <div style="text-indent: -10pt; margin-left: 10pt;">Mark C. Winmill</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt;">Title:</div>
          </td>
          <td style="width: 44%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt;">President</div>
          </td>
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    <div style="text-align: center;">&#160;</div>
    <div>Date: March 30, 2020</div>
    <div style="text-align: center;">&#160;</div>
    <div><br>
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    <div style="text-align: center; font-weight: bold;">EXHIBIT INDEX</div>
    <div style="text-align: center;">&#160;</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 84.76%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.77%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Exhibit No.</div>
          </td>
          <td style="width: 3.46%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 84.76%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Description</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.77%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>99.1</div>
          </td>
          <td style="width: 3.46%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 84.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>Global Self Storage, Inc. Earnings Press Release, dated March 30, 2020, reporting the financial results for the period ended December 31, 2019.</div>
          </td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>pressrelease.htm
<TEXT>
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    <div style="text-align: center; margin-top: 12pt; font-size: 14pt; font-weight: bold;"><img width="251" border="0" height="158" src="globallogo_cmykhqregistereds.jpg"><br>
      <br>
      Global Self Storage Reports Fourth Quarter and Full Year 2019 Results</div>
    <div style="text-align: center; margin-top: 12pt; font-size: 14pt; font-style: italic;">Same-Store Revenues for Full Year 2019 up 6.0% to $8.6 million, Driving Same-Store Net Operating Income up 4.2% to
      $5.1 Million</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;"><font style="font-weight: bold;">NEW YORK &#8211; March 30, 2020 &#8211; </font>Global Self Storage, Inc. (NASDAQ: SELF) a real estate investment trust that owns, operates, manages,
        acquires, develops and redevelops self-storage properties, reported results for the fourth quarter and full year ended December 31, 2019.<font style="font-size: 10pt;">&#160;</font>All quarterly and full year comparisons are to the same period in 2018 unless otherwise noted.</div>
    <div><font style="font-size: 12pt;"> </font><br>
    </div>
    <div style="font-size: 12pt; font-weight: bold;">Q4 2019 Highlights</div>
    <div>
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              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Total revenues increased 6.8% to $2.2 million.</div>
            </td>
          </tr>

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    <div>
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              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Net income declined to $17,000 or $0.00 per share from $75,000 or $0.01 per share in Q4 2018.</div>
            </td>
          </tr>

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              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Funds from operations (FFO) increased 38% to $561,000 or $0.07 per diluted share.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z5e5eeb27ea84412a920b778b63e5617d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Adjusted FFO (AFFO) declined 8.1% to $557,000 or $0.07 per diluted share (see definition of FFO and AFFO, both
                non-GAAP terms, and their reconciliation to GAAP, below).</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z3732d6a3bdc34ea392e953d570a32989" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store revenues increased 3.9% to $2.2 million.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zb71009e875b54f7bbc3cf3a0ed74fb2a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store net operating income (NOI) increased 4.6% to $1.3 million.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="ze8b2fc12be8b4548a42f550a2ef72a30" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store occupancy at December 31, 2019 decreased 110 basis points to 91.4% from 92.5% at December 31, 2018.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z754ee5ed1fd547699cf156665ab0d720" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; font-size: 12pt;">Same-store average tenant duration of stay at December 31, 2019 was approximately 3.1 years, up from 3.0 years at December 31,
                2018.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z5a1c20c90add484ab8d5c5984e6dcd73" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; font-size: 12pt;">Maintained quarterly dividend of $0.065 per share.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="font-size: 12pt; font-weight: bold;">Full Year 2019 Highlights</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z660020b4de83487cab3e6ba8fcc41116" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Total revenues increased 6.7% to $8.7 million.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z60c47201578440f1856232c2c11ab5a3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Net income decreased 4.7% to $591,000 or $0.08 per share.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z48cf7723089d4ce98b4531423920bf8a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">FFO declined 8.3% to $1.8 million or $0.24 per diluted share.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z667f809660454c1e917960b5efaae7b3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">AFFO declined 9.5% to $2.1 million or $0.27 per diluted share.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zbe518cbfb803446a8e821d35ea9e7d71" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store revenues increased 6.0% to $8.6 million.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z279dd764244d461a996746c9b87cbfb3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store NOI increased 4.2% to $5.1 million.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z1a9ca4051f844b088e49ab4573df25c4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store occupancy at December 31, 2019 decreased 110 basis points to 91.4% from 92.5% at December 31, 2018.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z8cb074c2518247c9acd2d1da46869b8f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store average tenant duration of stay at December 31, 2019 was approximately 3.1 years, up from 3.0 years
                at December 31, 2018.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zd30e0316f9db445391cb0a5f454443d4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Distributed dividends of $0.26 per share of common stock.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zeb7c4cfa04ab446699d02a4830ec772e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt; font-size: 12pt;">Completed acquisition of a 48,250 leasable square foot, 452-unit self-storage property in West Henrietta, N.Y.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z0065bc2be2164f3190e5fcdcae633375" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt; font-size: 12pt;">Launched third-party management platform<u>&#160;</u>and signed the company&#8217;s first client, a 136,718
                  leasable square foot, 617-unit self-storage property in Edmond, Okla.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z79f51b8724274d5198bce698f22d75ec" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; font-size: 12pt;">Raised $6.7 million in self-managed rights offering.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Management Commentary</div>
    <div style="font-size: 12pt;">&#8220;In 2019, we made significant progress across the board and achieved a number of
        major milestones,&#8221; said Global Self Storage president and CEO, Mark C. Winmill. &#8220;We continued to report leading same-store revenue growth and strong NOI growth as compared to our public self-storage peers, with this performance driven by our
        proprietary revenue rate management program. We also expanded our revenue base by completing the acquisition of a self-storage property in West Henrietta, N.Y., and signing our first client under our new third-party management program,<font style="font-size: 10pt;">&#160;</font>Global MaxManagement<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">SM</sup>,&#160; in Edmond, Okla.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">&#8220;The rights offering that we completed in Q4 2019 enjoyed strong stockholder participation as well as participation by all of our board members and named
      executive officers. Officers, directors and affiliates now hold about 7.5% of our outstanding common stock. As the result of the net proceeds from the $6.7 million rights offering, our balance sheet remains strong. At December 31, 2019, we had
      capital resources totaling about $11.1 million, comprised of $4.2 million in cash and cash equivalents, $1.8 million in marketable securities, and $5.1 million available for withdrawal under our revolving credit facility.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">&#8220;These capital resources allow us to continue to execute our strategic business plan, which includes funding acquisitions, either directly or through joint
      ventures; expansion projects at our existing properties; and broadening our revenue base and pipeline of potential acquisitions. Our board of directors regularly reviews our strategic business plan, including topics and metrices like capital
      formation, debt versus equity ratios, dividend policy, use of capital and debt, FFO and AFFO performance, and optimal cash levels.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">&#8220;In 2019, we broke ground on the Millbrook, N.Y. expansion, and upon completion in February 2020 this expansion added 16,500 gross square feet of
      climate-controlled units. With this completed, we are now looking at other potential expansion projects. Our new West Henrietta property is located in a growing upstate New York suburban community, and near the Rochester Institute of Technology. It
      has immediate expansion potential, with an existing permit to construct a self-storage building that could offer 7,300 square feet of net leasable space.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">&#8220;We are actively marketing Global MaxManagement<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">SM</sup> to developers, single-property self-storage owners, and small-portfolio self-storage owners. This
      platform provides an additional revenue stream of management fees and tenant insurance premiums, and helps to expand brand awareness. It also allows us to develop a captive acquisition pipeline and gather valuable market data that supports our
      acquisition program.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">&#8220;The World Health Organization has declared the outbreak of the novel coronavirus as a pandemic and it continues to spread. The extent of the pandemic&#8217;s
      impact on our operations and financial performance will depend on future developments, including the duration and spread of the coronavirus and its impact on the global economy. All of this is highly uncertain and cannot be predicted. If the nation&#8217;s
      economy is impacted for an extended period, our financial results may also be adversely affected.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">&#8220;Despite these uncertainties, we remain focused on advancing our business
      while doing what we can to protect our customers and employees by following the guidelines mandated by state and federal authorities. We believe that our strategy of continuing to target underserved markets in the Northeast, Mid-Atlantic and Midwest
      with our successful business model is the best way to keep us on track for another year of strong growth and expansion.&#8221;</div>
    <div><font style="font-size: 12pt;"> </font><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Q4 Financial Summary</div>
    <div style="font-size: 12pt;">Total revenues increased 6.8% to $2.2 million in the fourth quarter of 2019, as compared to $2.1 million in the same period last year. The increase was
      primarily due to a 4.4% increase in net leased square footage and the result of the company&#8217;s revenue rate management program of raising existing tenant rates. The increase in net leased square feet, which was the result of the company&#8217;s West
      Henrietta, N.Y. acquisition, is expected to positively affect combined revenues in 2020.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Total operating expenses in the fourth quarter of 2019 increased 7.3% to $871,000, as compared to $812,000 in the same period last year. The increase was
      primarily due to increased store level expenses related to real estate property tax. The company continues to appeal property tax assessments, but there is no guarantee such assessments will be reduced.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Net income decreased 78% to $17,000 in the fourth quarter of 2019, as compared to net income of $75,000 in the same period last year.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Q4 Same-Store Results</div>
    <div style="font-size: 12pt;">At December 31, 2019, Global Self Storage owned 11 same-store properties and one non-same-store property, and managed one third-party owned property.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">For the fourth quarter of 2019, same-store revenues increased 3.9% to $2.2 million, compared to $2.1 million for the same period last year. The increase was
      driven primarily by the company&#8217;s internet and digital marketing initiatives, as well as customer service efforts and revenue rate management program<font style="font-weight: bold; font-style: italic;">.</font></div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Same-store cost of operations in the fourth quarter increased 2.8% to $834,000, compared to $812,000 in the same period last year. The increase was primarily
      driven by increased property taxes.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Same-store NOI increased 4.6% to $1.3 million in the fourth quarter of 2019, compared to $1.3 million for the same period last year. The increase resulted
      primarily from the company&#8217;s various successful marketing initiatives designed to attract high-quality, long-term tenants.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Same-store occupancy at December 31, 2019 decreased 110 basis points to 91.4% from 92.5% at December 31, 2018.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Same-store average duration of tenant stay at December 31, 2019 was approximately 3.1 years in 2019, up 3.3% as compared to approximately 3.0 years at
      December 31, 2018.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">For a reconciliation of net income to same-store NOI, see &#8220;Reconciliation of GAAP Net Income to Same-Store Net Operating Income,&#8221; below.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Q4 Operating Results</div>
    <div style="font-size: 12pt;">Net income in the fourth quarter of 2019 decreased 78% to $17,000, compared to net income of $75,000 for the fourth quarter of 2018.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">General and administrative expenses totaled $483,000 in the fourth quarter of 2019, compared to $461,000 in the same period last year. The increase is
      primarily attributable to increased employee compensation expenses, as well as to increased accounting expenses related to the engagement of the company&#8217;s new independent registered public accounting firm.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Business development costs for the fourth quarter of 2019 totaled $28,000, compared to $173,000 in the same period last year. These costs primarily consisted
      of consulting costs in connection with business development, capital raising, and future potential store acquisitions,<font style="font-size: 10pt;">&#160;</font>as well as expenses related to the company&#8217;s
      third-party management platform marketing initiatives. The majority of these expenses are non-recurring and fluctuate based on business development activity during the period.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Interest expense for the fourth quarter of 2019 was $302,000 compared to $238,000 in the year-ago period. The increase was primarily due to the amortization
      of loan procurement costs for the company&#8217;s credit facility.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">FFO increased 38% to $561,000 or $0.07 per diluted share, as compared to FFO of $406,000 or $0.05 per diluted share in the same period last year.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">AFFO in the fourth quarter of 2019 decreased 8.1% to $557,000 or $0.07 per diluted share, as compared to AFFO of $606,000 or $0.08 per diluted share in the
      same period last year.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Full Year Financial Summary</div>
    <div style="font-size: 12pt;">Total revenues increased 6.9% to $8.7 million for the year ended December 31, 2019, as compared to $8.1 million in 2018. The increase was primarily due to the
      revenue rate management program of raising existing tenant rates and to a lesser extent an increase in net leased square footage.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Total expenses increased 8.7% to $7.3 million for the year ended December 31, 2019 from $6.7 million in 2018. The increase was primarily attributed to
      increased real estate property taxes.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Operating income decreased 1.7% to $1.4 million for the year ended December 31, 2019 versus $1.4 million in 2018. The decrease in operating income was driven
      primarily by increased expenses as discussed above.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Net income for the year ended December 31, 2019 was $591,000 or $0.08 per basic and diluted share, as compared to net income of $619,000 or $0.08 per basic
      and diluted share in 2018.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Full Year Same-Store Results</div>
    <div style="font-size: 12pt;">At December 31, 2019, Global Self Storage owned 11 same-store properties and one non-same-store property, and managed one third-party owned property.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">For the year ended December 31, 2019, same-store revenues increased 6.0% to $8.6 million compared to $8.1 million in 2018. The increase was driven primarily
      by the company&#8217;s Internet and digital marketing initiatives, customer service efforts, and revenue rate management program.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Same-store cost of operations for the year ended December 31, 2019 increased 8.5% to $3.5 million compared to $3.3 million in 2018. All major categories of
      expenses for same-store cost of operations (including categories for employment, professional, marketing, administrative, lien administration, and general) decreased for the year ended December 31, 2019, except for real estate property tax which
      increased significantly.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Same-store NOI increased 4.2% to $5.1 million for the year ended December 31, 2019 compared to $4.8 million in 2018. The increase was due primarily to the
      revenue rate management program. Same-store occupancy at December 31, 2019 decreased 110 basis points to 91.4% compared to 92.5% at December 31, 2018.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Same-store average tenant duration of stay at December 31, 2019 was approximately 3.1 years, up 3.3% as compared to approximately 3.0 years at December 31,
      2018.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">For a reconciliation of net income to same-store NOI, see &#8220;Reconciliation of GAAP Net Income to Same-Store Net Operating Income,&#8221; below.</div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;"><br>
      <br>
      Full Year Operating Results</div>
    <div style="font-size: 12pt;">Net income for the year ended December 31, 2019 decreased 4.7% to $591,000, as compared to net income of $619,000 for 2018.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">General and administrative expenses totaled $2.1 million for the year ended December 31, 2019, compared to $1.8 million in 2018, an increase of 16.4%. The
      increase was primarily attributable to increased employee expenses in connection with increased allocated workforce power and increased accounting expenses related to the engagement of the company&#8217;s new independent registered public accounting firm.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Business development costs for the year ended December 31, 2019 totaled $124,000, compared to $198,000 in 2018. These costs primarily consisted of consulting
      costs in connection with business development, capital raising, and future potential store acquisitions, as well as expenses related to the company&#8217;s third-party management platform marketing initiatives. The majority of these expenses are
      non-recurring and fluctuate based on business development activity during the time period.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Interest expense for the year ended December 31, 2019 was $1.1 million compared to $898,000 in 2018. The increase was primarily attributable to the
      amortization of loan procurement costs over the life of the company&#8217;s credit facility.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">FFO for the year ended December 31, 2019 decreased 8.3% to $1.8 million or $0.24 per diluted share, as compared to FFO of $2.0 million or $0.26 per diluted
      share in 2018. The decrease was mainly the result of increased property taxes which were partially offset by reduced expenses in all other major store-level expense categories.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">AFFO for the year ended December 31, 2019 decreased 9.5% to $2.1 million or $0.27 per diluted share, as compared to AFFO of $2.3 million or $0.30 per diluted
      share in 2018.</div>
    <div style="font-size: 12pt; font-weight: bold;">Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)</div>
    <table cellspacing="0" cellpadding="0" id="zacf9200278d8493ca56ec1dfd10b5512" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 35.67%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 16.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 16.14%; vertical-align: bottom; background-color: #FFFFFF;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Three Months</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.04%; vertical-align: bottom; background-color: #FFFFFF;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Three Months</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 17.81%; vertical-align: bottom; background-color: #FFFFFF;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Twelve Months</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.04%; vertical-align: bottom; background-color: #FFFFFF;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Twelve Months</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 16.14%; vertical-align: bottom; background-color: #FFFFFF;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Ended</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.04%; vertical-align: bottom; background-color: #FFFFFF;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Ended</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 17.81%; vertical-align: bottom; background-color: #FFFFFF;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Ended</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.04%; vertical-align: bottom; background-color: #FFFFFF;" colspan="2">
            <div style="text-align: center; font-weight: bold;">Ended</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 16.14%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-weight: bold;">December&#160;31, 2019</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.04%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-weight: bold;">December&#160;31, 2018</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 17.81%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-weight: bold;">December&#160;31, 2019</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.04%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-weight: bold;">December&#160;31, 2018</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="font-weight: bold;">Net income</div>
          </td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">16,718</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">75,480</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 16.49%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">590,619</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">619,448</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Eliminate items excluded from FFO:</div>
          </td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 16.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Unrealized (gain) loss on marketable equity securities</div>
          </td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">161,397</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(20,096</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 16.49%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(193,705</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(15,517</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Depreciation and amortization</div>
          </td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">382,821</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">350,805</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 16.49%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">1,438,908</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">1,398,358</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="font-weight: bold;">FFO attributable to common stockholders</div>
          </td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right; font-weight: bold;">560,936</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right; font-weight: bold;">406,189</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 16.49%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right; font-weight: bold;">1,835,822</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right; font-weight: bold;">2,002,289</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Adjustments:</div>
          </td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 16.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Compensation expense related to stock-based awards</div>
          </td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(32,331</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">26,730</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 16.49%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">102,989</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #CFF0FC;">
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #FFFFFF;">
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          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">28,443</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">173,000</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 16.49%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">124,428</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">198,000</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="font-weight: bold;">AFFO attributable to common stockholders</div>
          </td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
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          <td style="width: 14.83%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right; font-weight: bold;">557,048</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">$</div>
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          <td style="width: 11.71%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right; font-weight: bold;">605,919</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">$</div>
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          <td style="width: 16.49%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right; font-weight: bold;">2,063,239</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">$</div>
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          <td style="width: 11.71%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right; font-weight: bold;">2,281,060</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 16.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Earnings per share attributable to common stockholders - basic</div>
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          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
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          <td style="width: 14.83%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">0.00</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC;">
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            <div style="text-align: right;">0.01</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
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          <td style="width: 16.49%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">0.08</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
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          <td style="width: 11.71%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">0.08</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Earnings per share attributable to common stockholders - diluted</div>
          </td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
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          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">0.00</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
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            <div style="text-align: right;">0.01</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
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            <div style="text-align: right;">0.08</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
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            <div style="text-align: right;">0.08</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td style="width: 35.67%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>FFO per share - diluted</div>
          </td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
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            <div style="text-align: right;">0.07</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
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            <div style="text-align: right;">0.05</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
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            <div style="text-align: right;">0.24</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
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            <div style="text-align: right;">0.26</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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          <td style="width: 35.67%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>AFFO per share - diluted</div>
          </td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
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          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">0.07</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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            <div>$</div>
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            <div style="text-align: right;">0.08</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
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            <div style="text-align: right;">0.27</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
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          <td style="width: 11.71%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">0.30</div>
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          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 16.49%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Weighted average shares outstanding - basic</div>
          </td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">7,879,132</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">7,626,856</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 16.49%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">7,699,966</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">7,622,287</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35.67%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Weighted average shares outstanding - diluted</div>
          </td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">7,886,098</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">7,626,856</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.31%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 16.49%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">7,702,117</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.32%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 11.71%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">7,624,122</div>
          </td>
          <td style="width: 0.85%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-size: 12pt; font-weight: bold;">Dividends</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">On March 2, 2020, the company declared a quarterly dividend of $0.065 per share, consistent with the quarterly dividend for the year ago and previous quarter.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">In 2019, the company distributed dividends of $0.26 per share of common stock.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Balance Sheet</div>
    <div style="font-size: 12pt;">At December 31, 2019, capital resources totaled approximately $11.1 million, comprised of $4.2 million in cash and cash equivalents, $1.8 million in
      marketable securities, and $5.1 million available for withdrawal under a credit facility.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Additional Information</div>
    <div style="font-size: 12pt;">More information about the company&#8217;s fourth quarter and full year 2019 results, including financial statements and related notes, is available on Form 10-K as
      filed with the U.S. Securities and Exchange Commission and posted to the investor relations section of the company&#8217;s website.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">About Global Self Storage</div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">Global Self Storage is a self-administered and self-managed REIT&#160;that owns, operates, manages, acquires, develops and redevelops self-storage properties. The company&#8217;s self-storage properties are designed to offer affordable, easily accessible and secure storage space for residential and
      commercial customers. Through its wholly owned subsidiaries, the company owns and/or manages 13 self-storage properties in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma.</div>
    <div style="font-size: 12pt;">For more information, go to&#160;ir.globalselfstorage.us&#160;or visit the company&#8217;s customer site at&#160;www.globalselfstorage.us.&#160;You can also&#160;follow Global Self
      Storage on&#160;Twitter,&#160;LinkedIn<font style="font-size: 10pt;"><u>&#160;</u></font>and&#160;Facebook.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Non-GAAP Financial Measures</div>
    <div style="font-size: 12pt;">This press release contains certain non-GAAP financial measures. FFO and FFO per share are non-GAAP measures defined by the National Association of Real
      Estate Investment Trusts (NAREIT) and are considered helpful measures of REIT performance by REITs and many REIT analysts. NAREIT defines FFO as a REIT&#8217;s net income, excluding gains or losses from sales of property, and adding back real estate
      depreciation and amortization. FFO and FFO per share are not a substitute for net income or earnings per share. FFO is not a substitute for GAAP net cash flow in evaluating the company&#8217;s liquidity or ability to pay dividends, because it excludes
      financing activities presented on its statements of cash flows. In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful. However, the company believes that to further understand the performance
      of its stores, FFO should be considered along with the net income and cash flows reported in accordance with GAAP and as presented in the company&#8217;s financial statements.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">AFFO represents FFO excluding the effects of business development, capital raising, store acquisition, and third-party management marketing expenses and
      non-recurring items, which management believes are not indicative of the company&#8217;s operating results. The company presents AFFO because it believes it is a helpful measure in understanding the company&#8217;s results of operations insofar as it believes
      that the items noted above that are included in FFO, but excluded from AFFO, are not indicative of the company&#8217;s ongoing operating results. The company also believes that the investment community considers its AFFO (or similar measures using
      different terminology) when evaluating the company. Because other REITs or real estate companies may not compute AFFO in the same manner as the company does, and may use different terminology, the company&#8217;s computation of AFFO may not be comparable
      to AFFO reported by other REITs or real estate companies.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">The company believes net operating income or &#8220;NOI&#8221; is a meaningful measure of operating performance because it utilizes NOI in making decisions with respect
      to, among other things, capital allocations, determining current store values, evaluating store performance, and in comparing period-to-period and market-to-market store operating results. In addition, the company believes the investment community
      utilizes NOI in determining operating performance and real estate values and does not consider depreciation expense because it is based upon historical cost. NOI is defined as net store earnings before general and administrative expenses, interest,
      taxes, depreciation, and amortization.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">NOI is not a substitute for net income, net operating cash flow, or other related GAAP financial measures, in evaluating the company&#8217;s operating results.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Same-Store Self Storage Operations Definition</div>
    <div style="text-align: justify; margin-top: 6pt; font-size: 12pt;">The company considers its same-store portfolio to consist of only those stores owned and operated on a stabilized basis at the beginning
      and at the end of the applicable periods presented. The company considers a store to be stabilized once it has achieved an occupancy rate that the company believes, based on its assessment of market-specific data, is representative of similar
      self-storage assets in the applicable market for a full year measured as of the most recent January 1 and has not been significantly damaged by natural disaster or undergone significant renovation or expansion. The company believes that same-store
      results are useful to investors in evaluating its performance because they provide information relating to changes in store-level operating performance without taking into account the effects of acquisitions, dispositions, or new ground-up
      developments. At December 31, 2019, the company owned 11 same-store properties and one non same-store property, and managed one third-party owned property. The company believes that, by providing same-store results from a stabilized pool of stores,
      with accompanying operating metrics including, but not limited to, variances in occupancy, rental revenue, operating expenses, and NOI, stockholders and potential investors are able to evaluate operating performance without the effects of
      non-stabilized occupancy levels, rent levels, expense levels, acquisitions, or completed developments. Same-store results should not be used as a basis for future same-store performance or for the performance of the company&#8217;s stores as a whole.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt; font-weight: bold;">Cautionary Note Regarding Forward-Looking Statements</div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">Certain information presented in this press release
      may contain &#8220;forward-looking statements&#8221; within the meaning of the federal securities laws&#160;including, but not limited to, the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the Company&#8217;s
      plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions, and other information that is not historical information. In some cases, forward-looking statements can
      be identified by terminology such as &#8220;believes,&#8221;&#160;&#8220;plans,&#8221; &#8220;intends,&#8221;&#160;&#8220;expects,&#8221; &#8220;estimates,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;anticipates,&#8221; or the negative of such terms or other comparable terminology, or by discussions of strategy.&#160;All forward-looking
      statements by the Company involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may cause the Company&#8217;s actual results to be materially different from those expressed or implied
      by such statements.&#160;The Company may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by the Company or on its behalf, are also expressly qualified by these
      cautionary statements. Investors should carefully consider the risks, uncertainties, and other factors, together with all of the other information included in the Company&#8217;s filings with the Securities and Exchange Commission, and similar information.
      All forward-looking statements, including without limitation, the Company&#8217;s examination of historical operating trends and estimates of future earnings, are based upon the Company&#8217;s current expectations and various assumptions. The Company&#8217;s
      expectations, beliefs and projections are expressed in good faith, but there can be no assurance that the Company&#8217;s expectations, beliefs and projections will result or be achieved. All forward-looking statements apply only as of the date made. The
      Company undertakes no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.</div>
    <div style="background-color: #FFFFFF;">
      <div style="text-indent: -62.65pt; margin-left: 63pt; margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Contacts:</div>
      <div><br>
      </div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="font-size: 12pt;">Global Self Storage</div>
    </div>
    <div style="text-indent: -62.65pt; margin-left: 62.65pt; font-size: 12pt;">Mark C. Winmill, President and CEO</div>
    <div style="text-indent: -62.65pt; margin-left: 62.65pt; font-size: 12pt;">1 (212) 785-0900, ext. 201</div>
    <div style="text-indent: -62.65pt; margin-left: 62.65pt;"><font style="font-size: 12pt;">mwinmill@globalselfstorage.us</font><br>
        <br>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="font-size: 12pt;">CMA Investor Relations</div>
      <div style="font-size: 12pt;">Ron Both</div>
      <div style="font-size: 12pt;">1 (949) 432-7566</div>
    </div>
    <div style="text-indent: -62.65pt; margin-left: 62.65pt; font-size: 12pt;">SELF@cma.team</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: center; font-weight: bold;">GLOBAL SELF STORAGE, INC.</div>
    <div style="text-align: center; font-weight: bold;">CONSOLIDATED BALANCE SHEETS</div>
    <div style="font-weight: bold;">&#160;</div>
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          <td style="width: 65.86%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 0.54%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 19.45%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">December&#160;31, 2019</div>
          </td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 0.36%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 12.95%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="3">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">December&#160;31, 2018</div>
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          <td style="width: 0.36%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.12%; vertical-align: top;">&#160;</td>
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          <td style="width: 65.86%; vertical-align: top; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Assets</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: top; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: top; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 0.49%; vertical-align: top; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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          <td style="width: 65.86%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="margin-left: 13.7pt;">Real estate assets, net</div>
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          <td style="width: 0.54%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
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          <td style="width: 18.33%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">59,752,153</div>
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          <td style="width: 0.49%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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          <td style="width: 11.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">53,811,737</div>
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          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="margin-left: 13.7pt;">Cash and cash equivalents</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">3,990,160</div>
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          <td style="width: 0.49%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">1,526,203</div>
          </td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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          <td style="width: 65.86%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="margin-left: 13.7pt;">Restricted cash</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">263,405</div>
          </td>
          <td style="width: 0.49%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">186,063</div>
          </td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="margin-left: 13.7pt;">Investments in securities</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">1,761,312</div>
          </td>
          <td style="width: 0.49%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">1,567,607</div>
          </td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="margin-left: 13.7pt;">Accounts receivable</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">164,078</div>
          </td>
          <td style="width: 0.49%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">67,604</div>
          </td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="margin-left: 13.7pt;">Prepaid expenses and other assets</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">325,450</div>
          </td>
          <td style="width: 0.49%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">263,767</div>
          </td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="margin-left: 13.7pt;">Line of credit issuance costs, net</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">311,869</div>
          </td>
          <td style="width: 0.49%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">471,196</div>
          </td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="margin-left: 13.7pt;">Intangible assets, net</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">398,795</div>
          </td>
          <td style="width: 0.49%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="margin-left: 13.7pt;">Goodwill</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">694,121</div>
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          <td style="width: 0.49%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">694,121</div>
          </td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="margin-left: 27.35pt;">Total assets</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">67,661,343</div>
          </td>
          <td style="width: 0.49%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;" colspan="2">
            <div style="text-align: right;">58,588,298</div>
          </td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Liabilities and equity</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 0.49%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
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          <td style="width: 0.54%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div>$</div>
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          <td style="width: 18.33%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">18,839,787</div>
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          <td style="width: 0.49%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div>$</div>
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          <td style="width: 11.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">19,269,250</div>
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          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="margin-left: 13.7pt;">Line of credit borrowing</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">4,914,000</div>
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          <td style="width: 0.49%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">&#8212;</div>
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          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="margin-left: 13.7pt;">Accounts payable and accrued expenses</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">1,841,640</div>
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          <td style="width: 0.49%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">2,113,172</div>
          </td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="margin-left: 27.35pt;">Total liabilities</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">25,595,427</div>
          </td>
          <td style="width: 0.49%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">21,382,422</div>
          </td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div>Commitments and contingencies</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 0.49%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Equity</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 0.49%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="margin-left: 13.7pt;">Preferred stock, $0.01 par value: 50,000,000 shares authorized, no shares outstanding</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">&#8212;</div>
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          <td style="width: 0.49%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="margin-left: 13.7pt;">Common stock, $0.01 par value: 450,000,000 shares authorized, 9,330,297 and 7,692,624 issued and outstanding at December 31, 2019
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          <td style="width: 0.54%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">93,303</div>
          </td>
          <td style="width: 0.49%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">76,926</div>
          </td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="margin-left: 13.7pt;">Additional paid in capital</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">40,329,502</div>
          </td>
          <td style="width: 0.49%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">33,961,903</div>
          </td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="margin-left: 13.7pt;">Accumulated comprehensive income</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.49%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="margin-left: 13.7pt;">Retained earnings</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">1,643,111</div>
          </td>
          <td style="width: 0.49%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">3,167,047</div>
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          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="margin-left: 27.35pt;">Total equity</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">42,065,916</div>
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          <td style="width: 0.49%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">37,205,876</div>
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          <td style="width: 0.35%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 65.86%; vertical-align: top; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="margin-left: 27.35pt;">Total liabilities and equity</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 1.12%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 18.33%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">67,661,343</div>
          </td>
          <td style="width: 0.49%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
          <td style="width: 1.09%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 11.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;" colspan="2">
            <div style="text-align: right;">58,588,298</div>
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          <td style="width: 0.35%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">&#160;</td>
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    <div><font style="font-weight: bold;"> </font><br>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div style="text-align: center; font-weight: bold;">GLOBAL SELF STORAGE, INC.</div>
    <div style="text-align: center;"><font style="font-weight: bold;">CONSOLIDATED STATEMENTS OF O</font><font style="font-weight: bold;">PERATIONS AND COMPREHENSIVE INCOME </font>&#160;&#160;<font style="font-weight: bold;">&#160;</font>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z77c2a14022254f6aa6f715e7129a0390" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.97%; vertical-align: bottom; background-color: #FFFFFF;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Year Ended</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.98%; vertical-align: bottom; background-color: #FFFFFF;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Year Ended</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.97%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">December&#160;31,</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.98%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">December&#160;31,</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2018</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="font-weight: bold;">Revenues</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="margin-left: 6.85pt;">Rental income</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
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          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">8,371,292</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">7,850,870</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="margin-left: 6.85pt;">Other property related income</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">283,570</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">260,109</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="margin-left: 6.85pt;">Management fees and other income</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">13,460</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.98%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Total revenues</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">8,668,322</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">8,110,979</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="font-weight: bold;">Expenses</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="margin-left: 6.85pt;">Property operations</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">3,577,358</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">3,262,603</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="margin-left: 6.85pt;">General and administrative</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">2,126,804</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">1,826,446</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="margin-left: 6.85pt;">Depreciation and amortization</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">1,438,908</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">1,398,358</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="margin-left: 6.85pt;">Business development</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">124,428</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">198,000</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Total expenses</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">7,267,498</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">6,685,407</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Operating income</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">1,400,824</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">1,425,572</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="font-weight: bold;">Other income (expense)</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="margin-left: 6.85pt;">Dividend and interest income</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">71,666</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">76,296</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="margin-left: 6.85pt;">Unrealized gain on marketable equity securities</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">193,705</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">15,517</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="margin-left: 6.85pt;">Interest expense</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(1,075,576</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(897,937</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="margin-left: 6.85pt;">Total other income (expense), net</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(810,205</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(806,124</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Net income and comprehensive income</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
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          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">590,619</div>
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          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
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          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">619,448</div>
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          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Earnings per share</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="margin-left: 6.85pt;">Basic</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">0.08</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
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          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">0.08</div>
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          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="margin-left: 6.85pt;">Diluted</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
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          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">0.08</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">0.08</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Weighted average shares outstanding</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="margin-left: 6.85pt;">Basic</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">7,699,966</div>
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          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">7,622,287</div>
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          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.05%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="margin-left: 6.85pt;">Diluted</div>
          </td>
          <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">7,702,117</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.54%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.82%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">7,624,122</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-weight: bold;">&#160;</div>
    <div style="font-weight: bold;">&#160;</div>
    <div style="margin-bottom: 10pt;"><font style="font-size: 12pt; font-weight: bold;"> </font><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; font-size: 12pt; font-weight: bold;">Reconciliation of GAAP Net Income to Same-Store Net Operating Income</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following table presents a reconciliation of same-store net operating income to net income as presented on the company&#8217;s unaudited consolidated
      statements of operations for the periods indicated:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="za02d79af6d2543fd8c1eeb499dae9a46" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 23.62%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="6">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">For the Three Months Ended December&#160;31,</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 28.98%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="6">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">For the Twelve Months Ended December&#160;31,</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.77%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.78%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2018</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 16.13%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.78%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2018</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Net income</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 9.47%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">16,718</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">75,480</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">590,619</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">619,448</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Adjustments:</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Management fees and other income</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.47%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(13,460</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 10.78%; vertical-align: bottom; background-color: #CFF0FC;" colspan="2">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(13,460</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 10.78%; vertical-align: bottom; background-color: #CFF0FC;" colspan="2">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>General and administrative</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.47%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">482,747</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">460,605</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">2,126,804</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">1,826,446</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Depreciation and amortization</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.47%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">382,821</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">350,805</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">1,438,908</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">1,398,358</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Business development, capital raising, and property acquisition costs</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.47%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">28,443</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">173,000</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">124,428</div>
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          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">198,000</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Dividend and interest income</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.47%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(19,840</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(17,352</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(71,666</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(76,296</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Unrealized (gain) loss on marketable equity securities</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.47%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">161,397</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">(20,096</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">(193,705</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">(15,517</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Interest expense</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.47%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">302,342</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">237,729</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">1,075,576</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">897,937</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Non same-store revenues</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.47%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">(60,244</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.78%; vertical-align: bottom; background-color: #FFFFFF;" colspan="2">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">(60,244</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.78%; vertical-align: bottom; background-color: #FFFFFF;" colspan="2">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Non same-store cost of operations</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.47%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">36,775</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 10.78%; vertical-align: bottom; background-color: #CFF0FC;" colspan="2">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">36,775</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 10.78%; vertical-align: bottom; background-color: #CFF0FC;" colspan="2">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Other real estate expenses</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.77%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">89</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 16.13%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">249</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Total same-store net operating income</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
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          <td style="width: 9.47%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">1,317,699</div>
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          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
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          <td style="width: 9.48%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">1,260,260</div>
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          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
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          <td style="width: 14.83%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">5,054,035</div>
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          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
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          <td style="width: 9.48%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">4,848,625</div>
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          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 23.62%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="6">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">For the Three Months Ended December&#160;31,</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 28.98%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="6">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">For the Twelve Months Ended December&#160;31,</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.77%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.78%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2018</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 16.13%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.78%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2018</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Same-store revenues</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 9.47%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">2,152,173</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">2,072,359</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">8,594,618</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 9.48%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">8,111,226</div>
          </td>
          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 43.24%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Same-store cost of operations</div>
          </td>
          <td style="width: 1.16%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 14.83%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">3,540,583</div>
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          <td style="width: 1.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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            <div style="text-align: right;">3,262,601</div>
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            <div>$</div>
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            <div style="text-align: right;">1,317,699</div>
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          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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            <div>$</div>
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            <div style="text-align: right;">1,260,260</div>
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          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
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          <td style="width: 14.83%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">5,054,035</div>
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          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.3%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
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          <td style="width: 9.48%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">4,848,625</div>
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          <td style="width: 0.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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end
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</SEC-DOCUMENT>
