<SEC-DOCUMENT>0001031235-20-000012.txt : 20200515
<SEC-HEADER>0001031235-20-000012.hdr.sgml : 20200515
<ACCEPTANCE-DATETIME>20200515160936
ACCESSION NUMBER:		0001031235-20-000012
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200515
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200515
DATE AS OF CHANGE:		20200515

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:		20885190

	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: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt; 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: 14pt; font-weight: bold;">FORM&#160;8-K</div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; font-weight: bold;">PURSUANT TO SECTION&#160;13 OR 15(d)&#160;</div>
    <div style="text-align: center; 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;">May 15, 2020</font></div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center; font-size: 14pt; 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>
    <table cellspacing="0" cellpadding="0" id="z9c161d72390346ec8ff244da8af0c76a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <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>
    &#9633;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt"> </font>Written communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)
    <div style="text-indent: -36pt; margin-left: 36pt;">&#160;</div>
    <div style="text-indent: -36pt; margin-left: 36pt;">&#9633;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt"> </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;">&#9633;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt"> </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;">&#9633;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt"> </font>Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="3">
            <div>Securities registered pursuant to Section 12(b) of the Act:</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.72%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Title of each class</div>
          </td>
          <td style="width: 19.32%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Trading Symbol(s)</div>
          </td>
          <td style="width: 40.96%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Name of each exchange which registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.72%; vertical-align: top;">
            <div>Common Stock, $0.01 par value</div>
          </td>
          <td style="width: 19.32%; vertical-align: top;">
            <div style="text-align: center;">SELF</div>
          </td>
          <td style="width: 40.96%; vertical-align: top;">
            <div style="text-align: center;">The Nasdaq Stock Market LLC</div>
          </td>
        </tr>

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    <div><br>
    </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; &#160; &#9633;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt"> <br>
      </font></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. &#160; &#160; &#160; &#160; &#160; &#9633;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18pt">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"></font></div>
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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 May 15, 2020, Global Self Storage, Inc. (the &#8220;Company&#8221;) reported its financial results for the period ended March 31, 2020.&#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>
          </td>
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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;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <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>
        </tr>
        <tr>
          <td style="width: 12.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>99.1</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: top; border-bottom: #000000 2px solid;">
            <div>Global Self Storage, Inc. Earnings Press Release, dated May 15, 2020, reporting the financial results for the&#160;period ended March 31, 2020.</div>
          </td>
        </tr>
        <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>
    <div style="text-align: center;">&#160;</div>
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            <div style="text-indent: -10pt; margin-left: 10pt; font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 50%; vertical-align: top;" colspan="2">
            <div style="font-weight: bold;">GLOBAL SELF STORAGE, INC.</div>
          </td>
        </tr>
        <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;">
            <div style="text-indent: -10pt; margin-left: 10pt;">&#160;</div>
          </td>
          <td style="width: 44%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt;">&#160;</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;">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>
          </td>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt;">Name:</div>
          </td>
          <td style="width: 44%; vertical-align: top;">
            <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>
        </tr>

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    <div style="text-align: center;">&#160;</div>
    <div>Date: May 15, 2020</div>
    <div style="text-align: center;">&#160;</div>
    <div><br>
    </div>
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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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        <tr>
          <td style="width: 11.77%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 3.46%; vertical-align: top;">
            <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><a href="pressrelease.htm">99.1</a></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><a href="pressrelease.htm">Global Self Storage, Inc. Earnings Press Release, dated May 15, 2020, reporting the financial results for the period
                ended March 31, 2020.</a></div>
          </td>
        </tr>

    </table>
    <br>
    <div><br>
    </div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>pressrelease.htm
<TEXT>
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    <!-- Licensed to: Midas Management Corporation
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  <div style="text-align: center;"><img src="image00001.jpg"><br>
    <div style="margin-top: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">Global Self Storage Reports First Quarter 2020 Results</div>
    <div>
      <div style="margin-top: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-style: italic;">Same-Store Revenues up 2.1% to $1.8 million, Driving Same-Store Net Operating Income up 10.4% to $1.1 Million</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;"><font style="font-weight: bold;">NEW YORK &#8211; May 15, 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 first quarter ended March 31, 2020.<font style="font-size: 10pt;">&#160;</font>All quarterly comparisons are to the same period in 2019 unless
        otherwise noted.</div>
      <div><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif;"> </font><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">Financial Highlights</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; color: rgb(0, 0, 0);" class="DSPFListTable" id="z2fea26a18dc34c3bbe09ea5d7ae41eed">

            <tr>
              <td style="width: 22.5pt; vertical-align: top;">
                <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 6.3% to $2.2 million.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; color: rgb(0, 0, 0);" class="DSPFListTable" id="z95048f1670ba44259d78462afc5017d3">

            <tr>
              <td style="width: 22.5pt; vertical-align: top;">
                <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 loss was $356,000 or $(0.04) per share.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; color: rgb(0, 0, 0);" class="DSPFListTable" id="z9fb370783c2d45a58eddc3b4c2e9503a">

            <tr>
              <td style="width: 22.5pt; vertical-align: top;">
                <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) was $350,000 or $0.04 per basic and diluted share.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; color: rgb(0, 0, 0);" class="DSPFListTable" id="zd2b117e912fd44eba4082a5f4495928a">

            <tr>
              <td style="width: 22.5pt; vertical-align: top;">
                <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) was $388,000 or $0.04 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" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; color: rgb(0, 0, 0);" class="DSPFListTable" id="zfca3fed296d54892a8de715907036b14">

            <tr>
              <td style="width: 22.5pt; vertical-align: top;">
                <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 2.1% to $1.8 million.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; color: rgb(0, 0, 0);" class="DSPFListTable" id="zef7bbf88c0224167a80d5837174b3a65">

            <tr>
              <td style="width: 22.5pt; vertical-align: top;">
                <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 cost of operations decreased 8.1% to $746,000.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; color: rgb(0, 0, 0);" class="DSPFListTable" id="z8db1a533e8b845689262d540934ee6b8">

            <tr>
              <td style="width: 22.5pt; vertical-align: top;">
                <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 10.4% to $1.1 million.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; color: rgb(0, 0, 0);" class="DSPFListTable" id="z5e9e4fa1cc1b4ca18bd04b237f4249af">

            <tr>
              <td style="width: 22.5pt; vertical-align: top;">
                <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 March 31, 2020 decreased 90 basis points to 91.4% from 92.3% at March 31, 2019.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-top: 6pt; width: 100%; color: rgb(0, 0, 0);" class="DSPFListTable" id="z42b5f861a1a04f7c80d980cba17b2d4c">

            <tr>
              <td style="width: 22.5pt; vertical-align: top;">
                <div style="margin-left: 4.5pt; margin-top: 6pt; font-size: 12pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div style="margin-top: 6pt; font-size: 12pt;">Same-store average tenant duration of stay at March 31, 2020 was approximately 3.0 years, up from 2.9 years at March 31, 2019.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-top: 6pt; width: 100%; color: rgb(0, 0, 0);" class="DSPFListTable" id="z3f69a8eab8ab4253b7c9b48b1cbe511d">

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

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; margin-top: 6pt; width: 100%; color: rgb(0, 0, 0);" class="DSPFListTable" id="zb467619cc8214ca6a85d3a4963afdccd">

            <tr>
              <td style="width: 22.5pt; vertical-align: top;">
                <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;">Capital resources at March 31, 2020 totaled approximately $10.1 million, comprised of $3.4 million in cash and cash equivalents and restricted cash, $1.6 million in marketable equity
                  securities, and $5.1 million available under a revolving credit line.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; text-align: left;">Management Commentary</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">&#8220;In Q1, our same-store revenue growth was driven by our effective digital marketing initiatives that sustained our same-store overall average occupancy at
        around 91%,&#8221; said Global Self Storage president and CEO, Mark C. Winmill. &#8220;Our store level cost of operations decreased significantly, driven by our disciplined approach to controlling expenses, and this cost improvement contributed to our double
        digit growth in same-store NOI.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">&#8220;Contributing to these results were our specialized customer service efforts that we believe are essential in building local brand loyalty, as well as
        garnering strong referrals and word-of-mouth market demand. Our peer move-in rate analysis system continued to keep our move-in rates competitive, and our revenue rate management program helped to increase existing tenant rates while maintaining
        store occupancy.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">&#8220;FFO and AFFO declined during the quarter primarily due to increased G&amp;A expenses related to our engagement of a new auditor as well as the federal and
        state tax liability of our taxable REIT subsidiary. We see this engagement of a new auditor as an integral part of our growth as a public company, and anticipate the additional expense to be offset over time by increased revenue generated by our
        expanded and newly acquired self-storage properties, as well as by our new third-party management platform, Global MaxManagement<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">SM</sup>.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">&#8220;During the first quarter of 2020, we began reviewing plans to convert certain commercially-leased space to climate-controlled self storage units at our
        facility in McCordsville, Ind., and in April we officially commenced renovation and construction. We expect the project to be completed in the third quarter of 2020 and result in a new total of 544 units and 76,378 leasable square feet at this
        location. As with all of our properties, we expect the additional climate-controlled units to command a premium versus non-climate controlled units.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">&#8220;We completed the expansion of our Millbrook, N.Y. property in February, which added 11,800 leasable square feet of climate-controlled units. Our new West
        Henrietta property is located in a growing upstate New York suburban community near the Rochester Institute of Technology. In addition to these location benefits, West Henrietta has immediate expansion potential, with an existing construction
        permit that could add another 7,300 square feet of net leasable space.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">&#8220;However, these positive factors may be diminished or delayed over the near term due to the impact of the COVID-19 pandemic, and we currently expect an
        extended timeframe required to achieve full lease-up potential of newly acquired or expanded properties.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">&#8220;As appears to be occurring across the industry due to stay-at-home orders and other COVID-19 related factors, since late March we began to see reduced
        activity with fewer move-ins and move-outs. Despite this reduced activity, April rent collections remained high, at approximately 97%. The direction of these trends remains uncertain due to the continued uncertainties around the pandemic. To the
        extent they are driven by short-term factors, such as stay-at-home orders, the trends may be temporary or even reverse.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">&#8220;Helping us through this national crisis is the fact that self-storage has been identified by the Department of Homeland Security as a Critical Infrastructure
        Sector and has been deemed an essential business in the states where we have operations. This is because self-storage facilities play an important role in local supply chains, and are used by residents and businesses to store a variety of critical
        supplies for residential and commercial use. So, we currently expect to remain fully operational for the duration of the pandemic and are proud to continue to serve our communities in this way.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">&#8220;We are supporting our valued customers during this challenging period by temporarily suspending our rental rate increase program and lien sale auctions. We
        also currently expect any potential increases for the remainder of the year to be substantially less than last year. However, the benefits of our fine-tuned marketing program, designed to attract quality tenants and encourage autopay with credit
        cards, appears to be helping with continued timely rental payments and reduced delinquencies.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">&#8220;The full effect of COVID-19 on our operations and financial performance will depend on future developments, including the eventual duration and spread of the
        coronavirus and its impact on the U.S. economy. If the economy is negatively impacted for an extended period, our operational and financial results may likewise be affected.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">&#8220;Perhaps due to the evergreen need for additional storage, looking back over the years, the self-storage industry has demonstrated resilience during times of
        economic duress. Despite the growing impact of COVID-19 on the U.S. economy, Global Self Storage remains well-positioned to weather these turbulent times with a strong balance sheet and disciplined strategy for growth when opportunities arise.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">&#8220;Our capital resources, totaling more than $10 million at quarter end, support the execution of our long-term strategic business plan, which includes
        self-storage property acquisitions, either directly or via joint venture. The plan also includes additional facility expansions and other initiatives that can broaden our revenue base, such as increasing our marketing efforts with Global
        MaxManagement. While the cancellation of industry trade shows makes such marketing more challenging, we continue to directly market Global MaxManagement to single-property and small-portfolio self-storage owners as well as property developers.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">&#8220;For the remainder of 2020, we will continue to leverage the unique strengths of our business and focus on advancing our growth plans, while doing all we can
        to protect our customers and employees by following the COVID-19 guidelines. We are practicing social distancing and enhanced cleaning and disinfectant activities to protect our employees and tenants. We have long provided online leasing and
        payment options, as well as on-site contactless solutions using kiosks that facilitate rentals and even automatically dispense locks. Our kiosks are available 24/7 at each of our stores where prospective tenants can select and rent a unit or
        current tenants can pay their rent.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">&#8220;On behalf of our executive management team and the board, I would like to express our deep appreciation for our dedicated and tireless employees in the field
        who have continued to provide our essential services to our customers. They inspire our confidence that the best way to keep Global Self Storage on track for potential growth and expansion in 2020 is by continuing to target underserved markets with
        our proven self-storage business model.&#8221;</div>
      <div><br>
      </div>
      <div style="margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; text-align: left;">Q1 Financial Summary</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">Total revenues increased 6.3% to $2.2 million in the first quarter of 2020, as compared to $2.1 million in the same period last year. The increase was
        primarily attributable to the West Henrietta, N.Y. acquisition and the result of the company&#8217;s revenue rate management program of raising existing tenant rates.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">Total operating expenses in the first quarter of 2020 increased 16.1% to $2.1 million, as compared to $1.8 million in the same period last year. The increase
        was primarily due to increases in certain general and administrative expenses.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">Net loss was $356,000 in the first quarter of 2020, as compared to net income of $188,000 in the same period last year.</div>
      <div><br>
      </div>
      <div style="margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; text-align: left;">Q1 Same-Store Results</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">At March 31, 2020, Global Self Storage owned nine same-store properties and three non-same-store properties, and managed one third-party owned property.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">For the first quarter of 2020, same-store revenues increased 2.1% to $1.84 million, compared to $1.81 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.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">Same-store cost of operations in the first quarter decreased 8.1% to $746,000, compared to $812,000 in the same period last year. This decrease in same-store
        cost of operations was due primarily to decreased store property taxes, store level employment costs, and store level administrative expenses, which were partially offset by increased store level general expenses.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">Same-store NOI increased 10.4% to $1.1 million in the first quarter of 2020, compared to $1.0 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-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">Same-store occupancy at March 31, 2020 decreased 90 basis points to 91.4% from 92.3% at March 31, 2019.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">Same-store average duration of tenant stay at March 31, 2020 was approximately 3.0 years, up 3.4% as compared to approximately 2.9 years at March 31, 2019.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">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-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; text-align: left;">Q1 Operating Results</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">Net loss in the first quarter of 2020 was $356,000, compared to net income of $188,000 for the first quarter of 2019.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">General and administrative expenses totaled $683,000 in the first quarter of 2020, compared to $556,000 in the same period last year. The increase was
        primarily attributable to increased accounting expenses related to the engagement of the company&#8217;s new independent registered public accounting firm and increased expenses associated with federal and state tax liability of our taxable REIT
        subsidiary. </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">Business development costs for the first quarter of 2020 totaled $9,240, compared to $8,250 in the same period last year. These costs primarily consisted of
        costs incurred 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-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">Interest expense for the first quarter of 2020 was $306,000 compared to $261,000 in the year-ago period. The increase was primarily due to the on the
        company&#8217;s revolving line of credit.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">FFO in the first quarter of 2020 decreased 9.1% to $350,000 or $0.04 per diluted share, as compared to FFO of $385,000 or $0.05 per diluted share in the same
        period last year.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">AFFO in the first quarter of 2020 decreased 13.2% to $388,000 or $0.04 per diluted share, as compared to AFFO of $447,000 or $0.06 per diluted share in the
        same period last year.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; text-align: left;">Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; color: rgb(0, 0, 0);" id="za45a6d9ce56b49d3b856d77db27ddea3">

          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div><br>
                &#160;</div>
            </td>
            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td colspan="6" style="width: 30.54%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt; font-weight: bold; text-align: center;">For the Three Months Ended March&#160;31,</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td colspan="2" style="width: 13.98%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt; font-weight: bold; text-align: center;">2020</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
            <td colspan="2" style="width: 13.99%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt; font-weight: bold; text-align: center;">2019</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="font-weight: bold;">Net income (loss)</div>
            </td>
            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.83%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">(356,424</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: left;">)</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.84%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">187,823</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: left;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>Eliminate items excluded from FFO:</div>
            </td>
            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.83%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: left;">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: left;">&#160;</td>
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          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
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            </td>
            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.83%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">190,405</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: left;">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">(154,449</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: left;">)</div>
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          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>Depreciation and amortization</div>
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            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.83%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">515,937</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: left;">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">351,644</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: left;">&#160;</td>
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          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="font-weight: bold;">FFO attributable to common stockholders</div>
            </td>
            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.83%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="font-weight: bold; text-align: right;">349,918</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: left;">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="font-weight: bold; text-align: right;">385,018</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: left;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>Adjustments:</div>
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            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.83%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: left;">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: left;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>Compensation expense related to stock-based awards</div>
            </td>
            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.83%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">29,162</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: left;">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">54,160</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: left;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>Business development, capital raising, store acquisition, and third-party management marketing expenses</div>
            </td>
            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.83%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">9,240</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: left;">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">8,250</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: left;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="font-weight: bold;">AFFO attributable to common stockholders</div>
            </td>
            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="font-weight: bold; text-align: right;">$</div>
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            <td style="width: 12.83%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="font-weight: bold; text-align: right;">388,320</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: left;">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="font-weight: bold; text-align: right;">$</div>
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            <td style="width: 12.84%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="font-weight: bold; text-align: right;">447,428</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: left;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.83%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: left;">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: left;">&#160;</td>
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          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>Earnings per share attributable to common stockholders - basic</div>
            </td>
            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.83%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">(0.04</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: left;">)</div>
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            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">$</div>
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            <td style="width: 12.84%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">0.02</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: left;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>Earnings per share attributable to common stockholders - diluted</div>
            </td>
            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">(0.04</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;">)</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">$</div>
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            <td style="width: 12.84%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">0.02</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
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          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>FFO per share - diluted</div>
            </td>
            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.83%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">0.04</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: left;">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">$</div>
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            <td style="width: 12.84%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">0.05</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
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          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>AFFO per share - diluted</div>
            </td>
            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">$</div>
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            <td style="width: 12.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">0.04</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: left;">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">$</div>
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            <td style="width: 12.84%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">0.06</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.83%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: left;">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>Weighted average shares outstanding - basic</div>
            </td>
            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">9,262,811</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: left;">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">7,630,722</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.91%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>Weighted average shares outstanding - diluted</div>
            </td>
            <td style="width: 1.59%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.83%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">9,262,811</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: left;">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.84%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">7,637,733</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; text-align: left;">Dividends</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">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-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">In 2019, the company distributed dividends of $0.26 per share of common stock.</div>
      <div><br>
      </div>
      <div style="margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; text-align: left;">Balance Sheet</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">At March 31, 2020, capital resources totaled approximately $10.1 million, comprised of $3.4 million in cash and cash equivalents and restricted cash, $1.6
        million in marketable equity securities, and $5.1 million available for withdrawal under a credit facility.</div>
      <div><br>
      </div>
      <div style="margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; text-align: left;">Additional Information</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">More information about the company&#8217;s first quarter 2020 results, including financial statements and related notes, is available on Form 10-Q 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-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; text-align: left;">About Global Self Storage</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">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 the company&#8217;s wholly owned subsidiaries, it owns and/or
        manages 13 self-storage properties in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">The company&#8217;s <u>Global MaxManagement</u><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><u>SM</u></sup> program provides self-storage<font style="font-size: 10pt;">&#160;</font>developers
        and property owners a comprehensive solution for managing staff, budgets, billing, collections, auctions, rental-rate adjustments, digital marketing, insurance and maintenance&#8212;all designed to work together to enhance self-storage customer
        experience and maximize property performance.</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">For more information, go to&#160;ir.globalselfstorage.us&#160;or visit the company&#8217;s customer site at&#160;globalselfstorage.us.&#160;You can also 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-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; text-align: left;">Non-GAAP Financial Measures</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">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-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">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-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">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-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">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-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; text-align: left;">Same-Store Self Storage Operations Definition</div>
      <div style="margin-top: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">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 March 31, 2020, the company owned nine same-store properties and three 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-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; text-align: left;">Cautionary Note Regarding Forward-Looking Statements</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">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, including the negative impacts from the continued spread
        of COVID-19 on the economy, the self storage industry, the broader financial markets, the Company's financial condition, results of operations and cash flows and the ability of the Company's tenants to pay rent.&#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: rgb(255, 255, 255);">
        <div style="text-indent: -62.65pt; margin-left: 63pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; text-align: left;">Contacts:</div>
        <div><br>
        </div>
      </div>
      <div style="background-color: rgb(255, 255, 255);">
        <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">Global Self Storage</div>
      </div>
      <div style="text-indent: -62.65pt; margin-left: 62.65pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">Mark C. Winmill, President and CEO</div>
      <div style="text-indent: -62.65pt; margin-left: 62.65pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">1 (212) 785-0900, ext. 201</div>
      <div style="text-indent: -62.65pt; margin-left: 62.65pt; text-align: left;"><font style="font-family: 'Times New Roman',Times,serif;"><font style="font-size: 12pt;">mwinmill@globalselfstorage.us</font><br>
        </font><br>
      </div>
      <div style="background-color: rgb(255, 255, 255);">
        <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">CMA Investor Relations</div>
        <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">Ron Both</div>
        <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">1 (949) 432-7566</div>
      </div>
      <div style="text-indent: -62.65pt; margin-left: 62.65pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; text-align: left;">SELF@cma.team</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
      </div>
      <div style="margin-top: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">GLOBAL SELF STORAGE, INC.</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">CONSOLIDATED BALANCE SHEETS</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Unaudited)</div>
      <div style="font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; color: rgb(0, 0, 0);" id="z0a0e076d20aa4957a37d5618062c707e">

          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td colspan="2" style="width: 14.01%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt; font-weight: bold; text-align: center;">March&#160;31, 2020</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
            <td colspan="2" style="width: 14.01%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt; font-weight: bold; text-align: center;">December&#160;31, 2019</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(207, 240, 252);">
              <div style="font-weight: bold;">Assets</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: top; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 12.86%; vertical-align: top; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 0.96%; vertical-align: top; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
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          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 13.7pt;">Real estate assets, net</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">$</div>
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            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">60,173,297</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">$</div>
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            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">59,752,153</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(207, 240, 252);">
              <div style="margin-left: 13.7pt;">Cash and cash equivalents</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">3,069,696</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">3,990,160</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 13.7pt;">Restricted cash</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">282,759</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">263,405</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(207, 240, 252);">
              <div style="margin-left: 13.7pt;">Investments in securities</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">1,570,907</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">1,761,312</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 13.7pt;">Accounts receivable</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">108,655</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">164,078</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(207, 240, 252);">
              <div style="margin-left: 13.7pt;">Prepaid expenses and other assets</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">409,549</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">325,450</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 13.7pt;">Line of credit issuance costs, net</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">272,037</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">311,869</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(207, 240, 252);">
              <div style="margin-left: 13.7pt;">Intangible assets, net</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">261,844</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">398,795</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 13.7pt;">Goodwill</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">694,121</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">694,121</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(207, 240, 252);">
              <div style="margin-left: 27.35pt;">Total assets</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">66,842,865</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">67,661,343</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">Liabilities and equity</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(207, 240, 252);">
              <div style="margin-left: 13.7pt;">Note payable, net</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">18,729,152</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">18,839,787</div>
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            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 13.7pt;">Line of credit borrowing</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">4,914,000</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">4,914,000</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(207, 240, 252);">
              <div style="margin-left: 13.7pt;">Accounts payable and accrued expenses</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">2,067,528</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">1,841,640</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 27.35pt;">Total liabilities</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">25,710,680</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">25,595,427</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(207, 240, 252);">
              <div>Commitments and contingencies</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">Equity</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(207, 240, 252);">
              <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: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">&#8212;</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">&#8212;</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 13.7pt;">Common stock, $0.01 par value: 450,000,000 shares authorized, 9,356,202 and 9,330,297 issued and outstanding at March&#160;31, 2020 and December&#160;31, 2019, respectively</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">93,562</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">93,303</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(207, 240, 252);">
              <div style="margin-left: 13.7pt;">Additional paid in capital</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">40,358,405</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">40,329,502</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 13.7pt;">Retained earnings</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">680,218</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">1,643,111</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(207, 240, 252);">
              <div style="margin-left: 27.35pt;">Total equity</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">41,132,185</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">42,065,916</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.81%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 27.35pt;">Total liabilities and equity</div>
            </td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">66,842,865</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.62%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.15%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.86%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">67,661,343</div>
            </td>
            <td style="width: 0.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">GLOBAL SELF STORAGE, INC.</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">CONSOLIDATED STATEMENTS OF OPERATIONS</div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Unaudited)</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; color: rgb(0, 0, 0);" id="z059a451fbe5c470184abcddd3030748a">

          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td colspan="6" style="width: 30.6%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt; font-weight: bold; text-align: center;">For the Three Months Ended March&#160;31,</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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              <div style="font-size: 8pt; font-weight: bold; text-align: center;">2020</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
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              <div style="font-size: 8pt; font-weight: bold; text-align: center;">2019</div>
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            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="font-weight: bold;">Revenues</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 6.85pt;">Rental income</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">2,150,240</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">2,038,684</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="margin-left: 6.85pt;">Other property related income</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">71,960</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">67,827</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 6.85pt;">Management fees and other income</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">17,344</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td colspan="2" style="width: 14.03%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">&#8212;</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>Total revenues</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">2,239,544</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">2,106,511</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">Expenses</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="margin-left: 6.85pt;">Property operations</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">916,080</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">913,349</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 6.85pt;">General and administrative</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">682,623</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">555,928</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="margin-left: 6.85pt;">Depreciation and amortization</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">515,937</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">351,644</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 6.85pt;">Business development</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">9,240</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">8,250</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>Total expenses</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">2,123,880</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">1,829,171</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>Operating income</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">115,664</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">277,340</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="font-weight: bold;">Other income (expense)</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 6.85pt;">Dividend and interest income</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">24,100</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">17,200</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="margin-left: 6.85pt;">Unrealized gain (loss) on marketable equity securities</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">(190,405</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>)</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">154,449</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 6.85pt;">Interest expense</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">(305,783</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>)</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">(261,166</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="margin-left: 6.85pt;">Total other (expense), net</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">(472,088</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>)</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">(89,517</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>Net (loss) income and comprehensive (loss) income</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">(356,424</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>)</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">187,823</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>Earnings per share</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 6.85pt;">Basic</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">(0.04</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>)</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">0.02</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="margin-left: 6.85pt;">Diluted</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">(0.04</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>)</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">0.02</div>
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            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
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          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>Weighted average shares outstanding</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="margin-left: 6.85pt;">Basic</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">9,262,811</div>
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            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">7,630,722</div>
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            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 66.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="margin-left: 6.85pt;">Diluted</div>
            </td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">9,262,811</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 12.9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">7,637,733</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="margin-bottom: 10pt;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> </font><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; text-align: left;">Reconciliation of GAAP Net Income to Same-Store Net Operating Income</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; text-align: left;">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>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; color: rgb(0, 0, 0);" id="za0a20fb74067437d906d43ef14ae4e7d">

          <tr>
            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 14.78%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td colspan="6" style="width: 34.56%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt; font-weight: bold; text-align: center;">For the Three Months Ended March&#160;31,</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td colspan="2" style="width: 15.91%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt; font-weight: bold; text-align: center;">2020</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
            <td colspan="2" style="width: 15.91%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-size: 8pt; font-weight: bold; text-align: center;">2019</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>Net income (loss)</div>
            </td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">(356,424</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>)</div>
            </td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 14.78%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">187,823</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>Adjustments:</div>
            </td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 14.78%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>Management fees and other income</div>
            </td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">(17,344</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>)</div>
            </td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td colspan="2" style="width: 15.91%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">&#8212;</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>General and administrative</div>
            </td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">682,623</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 14.78%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">555,928</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>Depreciation and amortization</div>
            </td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">515,937</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 14.78%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">351,644</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>Business development</div>
            </td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">9,240</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 14.78%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">8,250</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>Dividend, interest, and other income</div>
            </td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">(24,100</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>)</div>
            </td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 14.78%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">(17,200</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>Unrealized (gain) loss on marketable equity securities</div>
            </td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">190,405</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 14.78%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">(154,449</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>Interest expense</div>
            </td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">305,782</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 14.78%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div style="text-align: right;">261,166</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>Non same-store revenues</div>
            </td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">(378,547</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>)</div>
            </td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 14.78%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">(299,999</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">
              <div>Non same-store cost of operations</div>
            </td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">170,074</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 14.78%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">101,396</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div>Total same-store net operating income</div>
            </td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">1,097,646</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 14.78%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">994,559</div>
            </td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 14.78%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
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            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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              <div style="font-size: 8pt; font-weight: bold; text-align: center;">For the Three Months Ended March&#160;31,</div>
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            <td style="width: 62.62%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
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              <div style="font-size: 8pt; font-weight: bold; text-align: center;">2020</div>
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            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: center;">&#160;</td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: center;">&#160;</td>
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              <div style="font-size: 8pt; font-weight: bold; text-align: center;">2019</div>
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              <div style="text-align: right;">$</div>
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              <div style="text-align: right;">1,843,653</div>
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            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">$</div>
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            <td style="width: 14.78%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">1,806,511</div>
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              <div>Same-store cost of operations</div>
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            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">746,007</div>
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            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(207, 240, 252); text-align: right;">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;</td>
            <td style="width: 14.78%; vertical-align: bottom; background-color: rgb(207, 240, 252); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right;">811,952</div>
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            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(207, 240, 252);">&#160;</td>
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              <div>Total same-store net operating income</div>
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            <td style="width: 1.79%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 14.69%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">1,097,646</div>
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            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.88%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
            <td style="width: 1.13%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">$</div>
            </td>
            <td style="width: 14.78%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right;">994,559</div>
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            <td style="width: 0.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
