<SEC-DOCUMENT>0000770200-20-000027.txt : 20200814
<SEC-HEADER>0000770200-20-000027.hdr.sgml : 20200814
<ACCEPTANCE-DATETIME>20200814162201
ACCESSION NUMBER:		0000770200-20-000027
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200814
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200814
DATE AS OF CHANGE:		20200814

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:		201105420

	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;">August 14, 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>
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          <td style="width: 32.65%; vertical-align: top;">
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          </td>
          <td style="width: 32.65%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">001-12681</div>
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          <td style="width: 34.7%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">13-3926714</div>
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        </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>
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          <td style="width: 34.7%; vertical-align: top;">
            <div style="text-align: center;">(IRS Employer Identification No.)</div>
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    <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>
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    <div style="text-align: center;">&#160;</div>
    <div style="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">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="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: center;">&#160;</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>
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          <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>
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            <div style="text-align: center; font-weight: bold;">Name of each exchange which registered</div>
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        <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>
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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 style="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;">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 style="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><br>
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      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></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 August 14, 2020, Global Self Storage, Inc. (the &#8220;Company&#8221;) reported its financial results for the period ended June 30, 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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          <td style="width: 12.99%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
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          </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>
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            <div style="font-weight: bold;">Exhibit No.</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 83.02%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Description</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div><a href="pressrelease.htm">99.1</a></div>
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          <td style="width: 3.99%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
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          <td style="width: 83.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div><a href="pressrelease.htm">Global Self Storage, Inc. Earnings Press Release, dated August 14, 2020, reporting the financial results for the&#160;period
                ended June 30, 2020.</a></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>
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    <div><br>
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    <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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          <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: 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>
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          <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>
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          <td style="width: 6%; vertical-align: top;">
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    <div style="text-align: center;">&#160;</div>
    <div>Date: August 14, 2020</div>
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    <div style="text-align: center; font-weight: bold;">EXHIBIT INDEX</div>
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            <div style="font-weight: bold;">Exhibit No.</div>
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            <div style="text-align: center; font-weight: bold;">Description</div>
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            <div><a href="pressrelease.htm">99.1</a></div>
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            <div style="font-size: 12pt;">&#160;</div>
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            <div><a href="pressrelease.htm">Global Self Storage, Inc. Earnings Press Release, dated August 14, 2020, reporting the financial results for the period
                ended June 30, 2020.</a></div>
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    <div style="text-align: center; margin-top: 12pt; font-size: 14pt; font-weight: bold;"><img src="image00002.jpg"><br>
      <br>
      Global Self Storage Reports Second Quarter 2020 Results</div>
    <div style="text-align: center; margin-top: 12pt; font-size: 14pt; font-style: italic;">Limited COVID-19 Impact to Revenues and Continued to Employ a Disciplined Approach to Controlling Expenses, Driving Strong Same-Store Net Operating Income Growth</div>
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    <div style="font-size: 12pt;"><font style="font-weight: bold;">NEW YORK &#8211; August 14, 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 second quarter and first half ended June 30, 2020.<font style="font-size: 10pt;">&#160;</font>All comparisons are to the same period in 2019 unless otherwise noted.</div>
    <div><font style="font-size: 12pt;"> </font><br>
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    <div style="font-size: 12pt; font-weight: bold;">Q2 2020 Highlights</div>
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              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Total revenues increased 4.0% to $2.2 million.</div>
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              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Net loss was $22,000 or $(0.00) per share.</div>
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              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Funds from operations (FFO) was $508,000 or $0.05 per diluted share.</div>
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              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
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              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Adjusted FFO (AFFO) was $545,000 or $0.06 per diluted share (see definition of FFO and AFFO, both non-GAAP terms, and their reconciliation to GAAP, below).</div>
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              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
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              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store revenues decreased 1.3% to $1.8 million.</div>
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              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
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              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store cost of operations decreased 14.0% to $711,000, which resulted from a decrease in every major category of same-store level expenses.</div>
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              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
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              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store net operating income (NOI) increased 9.1% to $1.1 million, primarily due to the decrease in store-level cost of operations and limiting the decrease in revenues
                caused by the COVID-19 pandemic, as described below.</div>
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              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
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              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store occupancy at June 30, 2020 decreased 110 basis points to 92.9% from 94.0% at June 30, 2019.</div>
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              <div style="margin-left: 4.5pt; margin-top: 6pt; font-size: 12pt;">&#8226;</div>
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              <div style="margin-top: 6pt; font-size: 12pt;">Same-store average tenant duration of stay at June 30, 2020 was approximately 3.0 years, up from 2.9 years at June 30, 2019.</div>
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          <tr>
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              <div style="margin-left: 4.5pt; margin-top: 6pt; font-size: 12pt;">&#8226;</div>
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              <div style="margin-top: 6pt; font-size: 12pt;">Maintained quarterly dividend of $0.065 per share.</div>
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              <div style="margin-left: 4.5pt; margin-top: 6pt; font-size: 12pt;">&#8226;</div>
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              <div style="margin-top: 6pt; font-size: 12pt;">Capital resources at June 30, 2020 totaled approximately $9.3 million, comprised of $2.7 million in cash and cash equivalents and restricted cash, $1.5 million in marketable equity securities,
                and $5.1 million available under a revolving credit line.</div>
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              <div style="margin-left: 4.5pt; margin-top: 6pt; font-size: 12pt;">&#8226;</div>
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              <div style="margin-top: 6pt; font-size: 12pt;">Deceleration of general and administrative (G&amp;A) expense growth limited the increase in G&amp;A expense to 3.8%.</div>
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    <div style="font-size: 12pt; font-weight: bold;">First Half 2020 Highlights</div>
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              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Total revenues increased 5.1% to $4.5 million.</div>
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            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
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              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Net loss was $379,000 or $(0.04) per share.</div>
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    <div>
      <table cellspacing="0" cellpadding="0" id="ze3f88505c47a4c5cb7a521714a1f793c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
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              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">FFO was $858,000 or $0.09 per diluted share.</div>
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    <div>
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          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
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              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">AFFO was $933,000 or $0.10 per diluted share.</div>
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    <div>
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          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
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              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store revenues increased 0.4% to $3.7 million, despite COVID-19 pandemic and related economic disruption.</div>
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    <div>
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          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store cost of operations decreased 11.1% to $1.5 million, resulting from a decrease in every major category of same-store level expenses.</div>
            </td>
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    <div>
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          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store NOI increased 9.7% to $2.2 million, primarily due to the decrease in store-level cost of operations and limiting the reduction in revenue growth caused by the
                COVID-19 pandemic, as described below.</div>
            </td>
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    <div>
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              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
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              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store occupancy at June 30, 2020 decreased 110 basis points to 92.9% from 94.0% at June 30, 2019.</div>
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          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store average tenant duration of stay at June 30, 2020 was approximately 3.0 years, up 3.5%.</div>
            </td>
          </tr>

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    <div>
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          <tr>
            <td style="width: 22.3pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.3pt; margin-top: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; font-size: 12pt;">Distributed dividends of $0.13 per share of common stock.</div>
            </td>
          </tr>

      </table>
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    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;"><br>
      <br>
      Update Related to COVID-19 Pandemic</div>
    <div>
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          <tr>
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              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
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              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Continued operations and provided tenant access at all stores, as the company continued to protect its tenants and employees by following applicable COVID-19 safety
                guidelines.</div>
            </td>
          </tr>

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          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Benefited from contactless technology deployed pre-COVID-19 that provides tenants online leasing and payment options, as well as on-site kiosks that facilitate contactless
                rentals, lock purchases and payments 24/7.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zd0f1ab44c8874db9ab02dba1240957ae" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Total revenue growth was up 4% for the second quarter of 2020, versus the same period last year.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z4203fbe9217a499680f4338fb3f6c53a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">At June 30, 2020, same-store occupancy was 92.9% and combined store occupancy was at 90.5%.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z557deb46d38f435a8905849efd0a4880" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Rent collections during Q2 have remained consistent year over year at greater than 97%, despite the COVID-19 pandemic.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z746e04b795ed4c8ebe711e993e1330ae" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Reduction in same-store revenues was caused by the temporary suspension of the company&#8217;s existing tenant revenue rate increase program, waiver of certain late fees due to
                COVID-19 hardship, and delays to the company&#8217;s auction process&#8212;all designed to maintain tenant occupancy and retain brand loyalty during the COVID-19 pandemic.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z989ccd12a7654816915ac5f8bf85cd76" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">In light of reduced in-person marketing opportunities due to the COVID-19 pandemic, the company has pivoted to digital and print marketing of its third-party management
                program, Global MaxManagement<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">SM</sup>.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zb05bbbdade82418abf648fd9ed31fcef" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Continuing to explore the possibility of entering into joint-venture relationships with third parties for the acquisition of self-storage facilities; the company believes such
                third-party interest to conduct business with the company is due to its history of strong same-store performance and proven operational expertise.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="ze9c985adf9c34605aaa2365bc7b18473" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Capital resources available at June 30, 2020 totaled approximately $9.3 million, providing operational flexibility for the company to continue to pursue its long-term
                strategic business plan. The plan includes self-storage property acquisitions, either directly or through joint ventures, and expansions at its existing properties.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zd7435456c1064dc3b9680bf45cb33c5c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 22.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Company continues to remain cautious regarding the second half of the year due to the continuing uncertainty related to the impacts of the COVID-19 pandemic, including the
                potential for future stay-at-home orders, uncertain economic climate, and potential impact on rentals, vacates, pricing, receivables, auctions and existing customer rent increases.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Management Commentary</div>
    <div style="font-size: 12pt;">&#8220;The self storage industry has once again demonstrated its resilience as demand continues to return to pre-pandemic levels,&#8221; said Global Self Storage president and CEO, Mark C. Winmill. &#8220;Despite the COVID-19 pandemic, in
      the second quarter we achieved better than expected progress with lease-ups along with consistent rent collections throughout our portfolio. We also realized store-level expense reductions and a meaningful deceleration in the growth of our
      corporate-level G&amp;A expense.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">&#8220;In fact, every major category of same-store level expense decreased as the result of our disciplined approach to controlling expenses. Combined with our efforts to limit the loss in same-store revenue due to the COVID-19
      pandemic, the cost improvements helped drive nearly double-digit percentage growth in same-store NOI.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">&#8220;We have also seen an increase in demand for self storage since mid-June, as various areas of the U.S. emerged from stay at home orders. These trends may change to the extent they are driven by short-term factors such as
      potentially renewed stay at home orders and any delays in our auction process.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">&#8220;We had suspended our tenant rental rate increase program in May and June, but last month we restarted it for all of our properties. For the remainder of the year, we expect any rent increases for existing tenants to be in
      line with or slightly less than the increases we made last year.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">&#8220;So far this year we have completed two expansion projects and one conversion. The first was our expansion of our Millbrook, N.Y. property completed in February that added 11,800 leasable square feet of climate-controlled
      units. The pace of the Millbrook lease-up increased toward the end of the second quarter, with its total area of occupancy going from 47% in March to 67% at the end of June. This trend continued into the current quarter, reaching 76% by the end of
      July.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">&#8220;At the end of June, we completed our conversion project at the McCordsville, Indiana property that added another 13,713 leasable square feet of climate-controlled units. Earlier this month, we completed the expansion at
      our West Henrietta, New York property, adding about 7,300 leasable square feet of drive-up storage units.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">&#8220;Altogether, we have added a total of 32,813 leasable square feet of climate-controlled and drive-up units this year. We designed and executed tailored lease-up programs for our newly expanded and converted properties,
      which helped to produce better than expected results despite COVID-19. 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-size: 12pt;">&#8220;We believe the elevated lease-up activity is primarily due to pent-up demand and increased urban migration to the suburbs. If these trends continue, we expect to explore additional expansion or conversion opportunities in
      the second half of the year.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">&#8220;Our third-party management platform, Global MaxManagement, provides an additional revenue stream through management fees and tenant insurance premiums. We expect it to also help build brand awareness and a captive
      acquisition pipeline over time. We continue to actively market Global MaxManagement to single-property and small-portfolio self-storage owners, as well as property developers.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">&#8220;For the remainder of 2020, we will continue to leverage the competitive strengths of our business model and focus on advancing our long-term strategic growth plan, as we continue to do all we can to protect our tenants
      and employees by following the prescribed COVID-19 safety guidelines. We have long provided contactless methods of online leasing and payment options, as well as on-site kiosks open 24/7 that facilitate contactless rentals, automated lock dispensing,
      and rental payments.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">&#8220;Global Self Storage has been well-positioned to weather these challenging times with a strong balance sheet and disciplined strategy for expansion and acquisitive growth when opportunities arise. As the economy continues
      to get back on track, we will leverage our competitive strengths as we continue to target underserved markets with our model for success in self storage that we believe has contributed to our strong historical same-store results.&#8221;</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Q2 Financial Summary</div>
    <div style="font-size: 12pt;">Total revenues increased 4.0% to $2.2 million in the second 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. The increase in revenue was partially offset by the temporary suspension in May and June of the company&#8217;s existing tenant rental rate increase program.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Total operating expenses in the second quarter of 2020 increased 5.9% to $2.0 million, 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-size: 12pt;">Net loss was $22,000 or $(0.00) per diluted share in the second quarter of 2020, as compared to net income of $137,000 or $0.02 per diluted share in the same period last year.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Q2 Same-Store Results</div>
    <div style="font-size: 12pt;">At June 30, 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-size: 12pt;">For the second quarter of 2020, same-store revenues decreased 1.3% to $1.82 million, compared to $1.84 million for the same period last year. The decrease was driven by the suspension of the company&#8217;s existing tenant
      revenue rate increase program, waiver of certain late fees due to COVID-19 hardship, and delays to the company&#8217;s auction process&#8212;all designed to maintain tenant occupancy and retain brand loyalty during the COVID-19 pandemic.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Same-store cost of operations in the second quarter decreased 14.0% to $711,000, compared to $827,000 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.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Same-store NOI increased 9.1% to $1.1 million in the second quarter of 2020, compared to $1.0 million for the same period last year. The increase was primarily due to a decrease in store-level cost of operations and
      limiting the decrease in revenues caused by the COVID-19 pandemic.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Same-store occupancy at June 30, 2020 decreased 110 basis points to 92.9% from 94.0% at June 30, 2019.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Same-store average duration of tenant stay at June 30, 2020 was approximately 3.0 years, up 3.5% from approximately 2.9 years at June 30, 2019.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">For a reconciliation of net income (loss) to same-store NOI, see &#8220;Reconciliation of GAAP Net Income to Same-Store Net Operating Income,&#8221; below.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Q2 Operating Results</div>
    <div style="font-size: 12pt;">Net loss in the second quarter of 2020 was $22,000 or $(0.00) per diluted share, compared to net income of $137,000 or $0.02 per diluted share in the second quarter of 2019.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">General and administrative expenses increased 3.8% to $576,000 in the second quarter of 2020, compared to $555,000 in the same period last year. The increase was primarily attributable to an increase in certain
      professional fees. </div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Business development costs for the second quarter of 2020 totaled $817, compared to $15,044 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 decrease is primarily attributable to decreased expenses
      related to third-party management marketing expenses.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">Interest expense for the second quarter of 2020 was $295,000 compared to $256,000 in the year-ago period. The increase was due to funds drawn on the company&#8217;s revolving line of credit.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">FFO in the second quarter of 2020 was $508,000 or $0.05 per diluted share, compared to FFO of $417,000 or $0.05 per diluted share in the same period last year.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">AFFO in the second quarter of 2020 was $545,000 or $0.06 per diluted share, compared to AFFO of $484,000 or $0.06 per diluted share in the same period last year.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">First Half Financial Summary</div>
    <div style="margin-bottom: 6pt; font-size: 12pt;">Total revenues increased 5.1% to $4.5 million in the first half of 2020, compared to $4.3 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. The increase in revenue was partially offset by the temporary suspension in May and June of the company&#8217;s existing tenant rental rate
      increase program.</div>
    <div style="margin-bottom: 6pt; font-size: 12pt;">Total operating expenses increased 11.0% to $4.1 million in the first half of 2020, from $3.7 million in the same year-ago period. The increase was primarily due to increased general and administrative
      expenses.</div>
    <div style="margin-bottom: 6pt; font-size: 12pt;">Operating income decreased 31.8% to $396,000 in the first half of 2020 versus $580,000 in the same period last year. The decrease in operating income was driven primarily by increased general and
      administrative expenses.</div>
    <div style="margin-bottom: 6pt; font-size: 12pt;">Net loss in the first half of 2020 was $379,000 or $(0.04) per diluted share, compared to net income of $325,000 or $0.04 per diluted share in the same year-ago period.</div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">First Half Same-Store Results</div>
    <div style="margin-bottom: 6pt; font-size: 12pt;">At June 30, 2020, Global Self Storage owned nine same-store properties and three non-same-store properties, and managed one third-party owned property.</div>
    <div style="margin-bottom: 6pt; font-size: 12pt;">For the first half of 2020, same-store revenues increased 0.4% to $3.7 million compared to $3.6 million in the same year-ago period. The increase resulted primarily from consistent rent collections,
      despite the COVID-19 pandemic, combined with an increase in administrative fees for tenant-stored items insurance.</div>
    <div style="margin-bottom: 6pt; font-size: 12pt;">Same-store operating expenses in the first half of 2020 decreased 11.1% to $1.5 million compared with $1.6 million in the year-ago period. The decrease was primarily driven by decreased accruals for
      store property taxes, and decreased store level employment costs and store level administrative expenses.</div>
    <div style="margin-bottom: 6pt; font-size: 12pt;">Same-store NOI in the first half of 2020 increased 9.7% to $2.2 million compared with $2.0 million for the same period last year. The increase was due primarily to the decrease in store-level cost of
      operations and limiting the reduction in revenue growth caused by the COVID-19 pandemic.</div>
    <div style="margin-bottom: 6pt; font-size: 12pt;">Same-store occupancy at June 30, 2020 decreased 110 basis points to 92.9% from 94.0% at June 30, 2019.</div>
    <div style="margin-bottom: 6pt; font-size: 12pt;">Same-store average tenant duration of stay at June 30, 2020 was approximately 3.0 years, up 3.5% compared to approximately 2.9 years at June 30, 2019.</div>
    <div style="margin-bottom: 6pt; font-size: 12pt;">For a reconciliation of net income (loss) to same-store net operating income, see &#8220;Reconciliation of GAAP Net Income to Same-Store Net Operating Income,&#8221; below.</div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">First Half Operating Results</div>
    <div style="margin-bottom: 6pt; font-size: 12pt;">Net loss in the first half of 2020 was $379,000 or $(0.04) per diluted share, as compared to net income of $325,000 or $0.04 per diluted share for the first half of 2019.</div>
    <div style="margin-bottom: 6pt; font-size: 12pt;">General and administrative expenses increased 13.3% to $1.3 million in the first half of 2020 compared with $1.1 million in the year-ago period. The increase was primarily attributable to an increase in
      certain professional fees. </div>
    <div style="margin-bottom: 6pt; font-size: 12pt;">Business development costs for the first half of 2020 decreased to $10,000 from $23,000 in the year-ago period. The decrease is primarily attributable to less expenses related to third-party management
      marketing expenses.</div>
    <div style="margin-bottom: 6pt; font-size: 12pt;">Interest expense for the first half of 2020 was $600,000 compared to $517,000 in the year-ago period. This increase was attributable to interest expense on funds drawn on the credit revolver.<br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt;">FFO in the first half was $858,000 or $0.09 per diluted share, compared to FFO of $802,000 or $0.10 per diluted share in the same period last year.</div>
    <div style="margin-bottom: 6pt; font-size: 12pt;">AFFO in the first half of 2020 was $933,000 or $0.10 per diluted share, compared to AFFO of $931,000 or $0.12 per diluted share in the same period last year.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt; font-weight: bold;">Q2 and First Half FFO and AFFO</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z168709e20a9f4d07880707319a0919f6" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 49.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 23.91%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="6">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">For the Three Months Ended June&#160;30,</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 24.19%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="6">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">For the Six Months Ended June&#160;30,</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.25%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2020</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.66%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.25%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2020</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.93%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.47%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="font-weight: bold;">Net income (loss)</div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(22,144</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 8.57%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">136,845</div>
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          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(378,568</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 8.84%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">324,668</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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        <tr>
          <td style="width: 49.47%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Eliminate items excluded from FFO:</div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 8.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 8.84%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.47%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Unrealized (gain) loss on marketable equity securities</div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">27,764</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 8.57%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(72,833</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">218,169</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 8.84%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(227,282</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.47%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Depreciation and amortization</div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">502,746</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.57%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">352,809</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">1,018,682</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.84%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">704,376</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.47%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="font-weight: bold;">FFO attributable to common stockholders</div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right; font-weight: bold;">508,366</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 8.57%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right; font-weight: bold;">416,821</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right; font-weight: bold;">858,283</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 8.84%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right; font-weight: bold;">801,762</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.47%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Adjustments:</div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 8.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 8.84%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.47%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Compensation expense related to stock-based awards</div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">35,317</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 8.57%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">51,731</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">64,479</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 8.84%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">105,890</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.47%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Business development, capital raising, store acquisition, and third-party management marketing expenses</div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">817</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.57%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">15,044</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">10,057</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 8.84%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">23,294</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.47%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="font-weight: bold;">AFFO attributable to common stockholders</div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right; font-weight: bold;">544,500</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 8.57%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right; font-weight: bold;">483,596</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right; font-weight: bold;">932,819</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="font-weight: bold;">$</div>
          </td>
          <td style="width: 8.84%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right; font-weight: bold;">930,946</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.47%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 8.57%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 8.84%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.47%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Earnings per share attributable to common stockholders - basic</div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(0.00</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 8.57%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">0.02</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(0.04</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 8.84%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">0.04</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.47%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Earnings per share attributable to common stockholders - diluted</div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">(0.00</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 8.57%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">0.02</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">(0.04</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 8.84%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">0.04</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
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            <div>FFO per share - diluted</div>
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          <td style="width: 0.61%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
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          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">0.05</div>
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          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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          <td style="width: 8.57%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">0.05</div>
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          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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            <div style="text-align: right;">0.09</div>
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          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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            <div style="text-align: right;">0.10</div>
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          <td style="width: 49.47%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>AFFO per share - diluted</div>
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          <td style="width: 0.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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            <div style="text-align: right;">0.06</div>
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          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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            <div style="text-align: right;">0.10</div>
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          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
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          <td style="width: 8.84%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">0.12</div>
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          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 49.47%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.61%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 8.57%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 8.84%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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        <tr>
          <td style="width: 49.47%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Weighted average shares outstanding - basic</div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">9,269,567</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 8.57%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">7,640,991</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">9,266,189</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 8.84%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">7,635,885</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.47%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Weighted average shares outstanding - diluted</div>
          </td>
          <td style="width: 0.61%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">9,269,567</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.25%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 8.57%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">7,650,296</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.33%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">9,266,189</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.26%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 8.84%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">7,642,980</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Dividends</div>
    <div style="font-size: 12pt;">On June 1, 2020, the company declared a quarterly dividend of $0.065 per share, consistent with the quarterly dividend for the year ago and previous quarter.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt;">For the first half of 2020, the company distributed dividends of $0.13 per share of common stock.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Balance Sheet</div>
    <div style="font-size: 12pt;">At June 30, 2020, capital resources totaled approximately $9.3 million, comprised of $2.7 million in cash and cash equivalents and restricted cash, $1.5 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-size: 12pt; font-weight: bold;">Additional Information</div>
    <div style="font-size: 12pt;">More information about the company&#8217;s second quarter and first half 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-size: 12pt; font-weight: bold;">About Global Self Storage</div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">Global Self Storage is a self-administered and self-managed REIT&#160;that owns, operates, manages, acquires, develops and redevelops self-storage properties. The company&#8217;s self-storage properties are
      designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. Through its wholly owned subsidiaries, the company owns and/or manages 13 self-storage properties in Connecticut, Illinois, Indiana,
      New York, Ohio, Pennsylvania, South Carolina, and Oklahoma.</div>
    <div style="font-size: 12pt;">For more information, go to&#160;ir.globalselfstorage.us&#160;or visit the company&#8217;s customer site at&#160;www.globalselfstorage.us. You can also follow Global Self Storage on Twitter, LinkedIn and Facebook.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Non-GAAP Financial Measures</div>
    <div><font style="font-size: 12pt;">This press release contains certain non-GAAP financial measures. FFO and FFO per share are non-GAAP measures defined by the National Association of Real Estate Investment Trusts (NAREIT) and are considered helpful
        measures of REIT performance by REITs and many REIT analysts. NAREIT defines FFO as a REIT&#8217;s net income, excluding gains or losses from sales of property, and adding back real estate depreciation and amortization. FFO and FFO per share are not a
        substitute for net income or earnings per share. FFO is not a substitute for GAAP net cash flow in evaluating the company&#8217;s liquidity or ability to pay dividends, because it excludes financing activities presented on its statements of cash flows.
        In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful. However, the company believes that to further understand the performance of its stores, FFO should be considered along with the net
        income and cash flows reported in accordance with GAAP and as presented in the company&#8217;s financial statements.<br>
      </font><br>
    </div>
    <div><font style="font-size: 12pt;">AFFO represents FFO excluding the effects of business development, capital raising, store acquisition, and third-party management marketing expenses and non-recurring items, which management believes are not
        indicative of the company&#8217;s operating results. The company presents AFFO because it believes it is a helpful measure in understanding the company&#8217;s results of operations insofar as it believes that the items noted above that are included in FFO,
        but excluded from AFFO, are not indicative of the company&#8217;s ongoing operating results. The company also believes that the investment community considers the company&#8217;s 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.<br>
      </font><br>
    </div>
    <div style="font-size: 12pt;">The company believes net operating income or &#8220;NOI&#8221; is a meaningful measure of operating performance because it utilizes NOI in making decisions with respect to, among other things, capital allocations, determining current
      store values, evaluating store performance, and in comparing period-to-period and market-to-market store operating results. In addition, the company believes the investment community utilizes NOI in determining operating performance and real estate
      values and does not consider depreciation expense because it is based upon historical cost. NOI is defined as net store earnings before general and administrative expenses, interest, taxes, depreciation, and amortization.</div>
    <div><br>
    </div>
    <div><font style="font-size: 12pt;">NOI is not a substitute for net income, net operating cash flow, or other related GAAP financial measures, in evaluating the company&#8217;s operating results.<br>
      </font><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Same-Store Self Storage Operations Definition</div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">The company considers its same-store portfolio to consist of only those stores owned and operated on a stabilized basis at the beginning and at the end of the
      applicable periods presented. The company considers a store to be stabilized once it has achieved an occupancy rate that the company believes, based on its assessment of market-specific data, is representative of similar self storage assets in the
      applicable market for a full year measured as of the most recent January 1 and has not been significantly damaged by natural disaster or undergone significant renovation or expansion. The company believes that same-store results are useful to
      investors in evaluating its performance because they provide information relating to changes in store-level operating performance without taking into account the effects of acquisitions, dispositions, or new ground-up developments. At June&#160;30, 2020,
      the company owned nine same-store properties and three non-same-store properties. The company believes that, by providing same-store results from a stabilized pool of stores, with accompanying operating metrics including, but not limited to,
      variances in occupancy, rental revenue, operating expenses, and NOI, stockholders and potential investors are able to evaluate operating performance without the effects of non-stabilized occupancy levels, rent levels, expense levels, acquisitions, or
      completed developments. Same-store results should not be used as a basis for future same-store performance or for the performance of the company&#8217;s stores as a whole.</div>
    <div><br>
    </div>
    <div style="font-size: 12pt; font-weight: bold;">Cautionary Note Regarding Forward Looking Statements</div>
    <div><font style="font-size: 12pt;">Certain information presented in this press release may contain &#8220;forward-looking statements&#8221; within the meaning of the federal securities laws 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; &#8220;plans,&#8221; &#8220;intends,&#8221; &#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. 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. 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. The amount, nature, and/or frequency of dividends paid by the company may be changed at any time without notice.<br>
      </font><br>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-indent: -62.65pt; margin-left: 63pt; margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Contacts:</div>
      <div><br>
      </div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="font-size: 12pt;">Global Self Storage</div>
    </div>
    <div style="text-indent: -62.65pt; margin-left: 62.65pt; font-size: 12pt;">Mark C. Winmill, President and CEO</div>
    <div style="text-indent: -62.65pt; margin-left: 62.65pt; font-size: 12pt;">1 (212) 785-0900, ext. 201</div>
    <div style="text-indent: -62.65pt; margin-left: 62.65pt;"><font style="font-size: 12pt;">mwinmill@globalselfstorage.us</font><br>
      <br>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="font-size: 12pt;">CMA Investor Relations</div>
      <div style="font-size: 12pt;">Ron Both</div>
      <div style="font-size: 12pt;">1 (949) 432-7566</div>
    </div>
    <div style="text-indent: -62.65pt; margin-left: 62.65pt; font-size: 12pt;">SELF@cma.team</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: center; margin-top: 12pt; font-weight: bold;">GLOBAL SELF STORAGE, INC.</div>
    <div style="text-align: center; font-weight: bold;">CONSOLIDATED BALANCE SHEETS</div>
    <div style="text-align: center; font-weight: bold;">(Unaudited)</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z9bdb20b05eee4daabf5172724b3c2739" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 14.01%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">June&#160;30, 2020</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 14.01%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">December&#160;31, 2019</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #CFF0FC;">
            <div style="font-weight: bold;">Assets</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: top; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.86%; vertical-align: top; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: top; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #FFFFFF;">
            <div style="margin-left: 13.7pt;">Real estate assets, net</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">60,117,747</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">59,752,153</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #CFF0FC;">
            <div style="margin-left: 13.7pt;">Cash and cash equivalents</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">2,385,653</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">3,990,160</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #FFFFFF;">
            <div style="margin-left: 13.7pt;">Restricted cash</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">302,072</div>
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          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">263,405</div>
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          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #CFF0FC;">
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          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">1,543,143</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">1,761,312</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #FFFFFF;">
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          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">86,082</div>
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          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">164,078</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #CFF0FC;">
            <div style="margin-left: 13.7pt;">Prepaid expenses and other assets</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">432,964</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">325,450</div>
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          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #FFFFFF;">
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          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">232,206</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">311,869</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #CFF0FC;">
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          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">158,485</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">398,795</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #FFFFFF;">
            <div style="margin-left: 13.7pt;">Goodwill</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">694,121</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">694,121</div>
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          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #CFF0FC;">
            <div style="margin-left: 27.35pt;">Total assets</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
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          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">65,952,473</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">67,661,343</div>
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          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-weight: bold;">Liabilities and equity</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #CFF0FC;">
            <div style="margin-left: 13.7pt;">Note payable, net</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">18,617,181</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">18,839,787</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #FFFFFF;">
            <div style="margin-left: 13.7pt;">Line of credit borrowing</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">4,914,000</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">4,914,000</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #CFF0FC;">
            <div style="margin-left: 13.7pt;">Accounts payable and accrued expenses</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">1,884,088</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">1,841,640</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #FFFFFF;">
            <div style="margin-left: 27.35pt;">Total liabilities</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">25,415,269</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">25,595,427</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #CFF0FC;">
            <div>Commitments and contingencies</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #FFFFFF;">
            <div style="font-weight: bold;">Equity</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #CFF0FC;">
            <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: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #FFFFFF;">
            <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 June&#160;30, 2020 and December&#160;31, 2019, respectively</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">93,562</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">93,303</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #CFF0FC;">
            <div style="margin-left: 13.7pt;">Additional paid in capital</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">40,393,722</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">40,329,502</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #FFFFFF;">
            <div style="margin-left: 13.7pt;">Retained earnings</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">49,920</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">1,643,111</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #CFF0FC;">
            <div style="margin-left: 27.35pt;">Total equity</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">40,537,204</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">42,065,916</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.81%; vertical-align: top; background-color: #FFFFFF;">
            <div style="margin-left: 27.35pt;">Total liabilities and equity</div>
          </td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">65,952,473</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.62%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.15%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 12.86%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">67,661,343</div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>

    </table>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; font-weight: bold;">GLOBAL SELF STORAGE, INC.</div>
    <div style="text-align: center; font-weight: bold;">CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE INCOME (LOSS)</div>
    <div style="text-align: center; font-weight: bold;">(Unaudited)</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zcedf2bc741514bcd963713a12b7cae0f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 25.31%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="6">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">For the Three Months Ended June&#160;30,</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 25.3%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="6">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">For the Six Months Ended June&#160;30,</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.87%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2020</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.49%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.87%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2020</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.48%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="font-weight: bold;">Revenues</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="margin-left: 6.85pt;">Rental income</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">2,133,512</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">2,077,453</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">4,283,752</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">4,116,137</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="margin-left: 6.85pt;">Other property related income</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">83,199</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">71,234</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">155,159</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">139,060</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="margin-left: 6.85pt;">Management fees and other income</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">17,501</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.49%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">34,845</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.48%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Total revenues</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">2,234,212</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">2,148,687</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">4,473,756</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">4,255,197</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="font-weight: bold;">Expenses</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="margin-left: 6.85pt;">Property operations</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">875,209</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">923,529</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">1,791,289</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">1,836,878</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="margin-left: 6.85pt;">General and administrative</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">575,568</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">554,635</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">1,258,191</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">1,110,639</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="margin-left: 6.85pt;">Depreciation and amortization</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">502,746</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">352,809</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">1,018,682</div>
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          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">704,376</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="margin-left: 6.85pt;">Business development</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">817</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">15,044</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">10,057</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">23,294</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Total expenses</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">1,954,340</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">1,846,017</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">4,078,219</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">3,675,187</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Operating income</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">279,872</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">302,670</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">395,537</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">580,010</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="font-weight: bold;">Other income (expense)</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="margin-left: 6.85pt;">Dividend and interest income</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">20,270</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">17,446</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">44,369</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">34,646</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="margin-left: 6.85pt;">Unrealized (loss) gain on marketable equity securities</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(27,764</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">72,833</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(218,169</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">227,282</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="margin-left: 6.85pt;">Interest expense</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(294,522</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(256,104</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(600,305</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(517,270</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="margin-left: 6.85pt;">Total other (expense), net</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(302,016</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(165,825</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(774,105</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">(255,342</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Net (loss) income and comprehensive (loss) income</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">(22,144</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">136,845</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">(378,568</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">324,668</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Earnings per share</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="margin-left: 6.85pt;">Basic</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">(0.00</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">0.02</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">(0.04</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">0.04</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="margin-left: 6.85pt;">Diluted</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">(0.00</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">0.02</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">(0.04</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
            <div style="text-align: right;">0.04</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Weighted average shares outstanding</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="margin-left: 6.85pt;">Basic</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">9,269,567</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">7,640,991</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">9,266,189</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">7,635,885</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 46.29%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="margin-left: 6.85pt;">Diluted</div>
          </td>
          <td style="width: 1.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">9,269,567</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.41%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">7,650,296</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.79%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">9,266,189</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.19%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.4%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">7,642,980</div>
          </td>
          <td style="width: 0.74%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 12pt; font-weight: bold;">Reconciliation of GAAP Net Income to Same-Store Net Operating Income</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following table presents a reconciliation of same-store net operating income to net income (loss) as presented on the company&#8217;s unaudited consolidated statements of operations for the periods indicated:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z908ca12323294fe7b4d4693123fa12f2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 25.6%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="6">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">For the Three Months Ended June&#160;30,</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 26.23%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="6">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">For the Six Months Ended June&#160;30,</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.25%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2020</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.83%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.25%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2020</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 10.43%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Net income (loss)</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(22,144</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 9.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">136,845</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(378,568</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>$</div>
          </td>
          <td style="width: 9.34%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">324,668</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Adjustments:</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.34%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Management fees and other income</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(17,501</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 10.83%; vertical-align: bottom; background-color: #CFF0FC;" colspan="2">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(34,845</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 10.43%; vertical-align: bottom; background-color: #CFF0FC;" colspan="2">
            <div style="text-align: right;">&#8212;</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>General and administrative</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">575,568</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.75%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">554,635</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">1,258,191</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.34%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">1,110,639</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Depreciation and amortization</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">502,746</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">352,809</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">1,018,682</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.34%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">704,376</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Business development</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">817</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.75%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">15,044</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">10,057</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.34%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">23,294</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Dividend, interest, and other income</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
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          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(17,446</div>
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          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(44,369</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.34%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">(34,646</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Unrealized (gain) loss on marketable equity securities</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">27,764</div>
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          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.75%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">(72,833</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">218,169</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.34%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">(227,282</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Interest expense</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">294,522</div>
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          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.75%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">256,104</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">600,305</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.34%; vertical-align: bottom; background-color: #CFF0FC;">
            <div style="text-align: right;">517,270</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Non-same-store revenues</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">(396,834</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.75%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">(305,581</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">(775,381</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
          </td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 9.34%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">(605,579</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>)</div>
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          <td style="width: 44.95%; vertical-align: bottom; background-color: #CFF0FC;">
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          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">164,040</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.75%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">96,482</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">334,116</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.34%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">197,880</div>
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          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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          <td style="width: 44.95%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Total same-store net operating income</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
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          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">1,108,708</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 9.75%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">1,016,059</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
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          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">2,206,357</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 9.34%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">2,010,620</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 9.34%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 25.6%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="6">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">For the Three Months Ended June&#160;30,</div>
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          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 26.23%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="6">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">For the Six Months Ended June&#160;30,</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 13.25%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2020</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 10.83%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 13.25%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2020</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 10.43%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
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          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Same-store revenues</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">1,819,877</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 9.75%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">1,843,106</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">3,663,530</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>$</div>
          </td>
          <td style="width: 9.34%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;">3,649,618</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #CFF0FC;">
            <div>Same-store cost of operations</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">711,169</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.75%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">827,047</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 12.17%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">1,457,173</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 9.34%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">1,638,998</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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        <tr>
          <td style="width: 44.95%; vertical-align: bottom; background-color: #FFFFFF;">
            <div>Total same-store net operating income</div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
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          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">1,108,708</div>
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          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
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          <td style="width: 9.75%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">1,016,059</div>
          </td>
          <td style="width: 0.75%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.77%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
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          <td style="width: 12.17%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">2,206,357</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.8%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div>$</div>
          </td>
          <td style="width: 9.34%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;">2,010,620</div>
          </td>
          <td style="width: 0.76%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>

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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
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</DOCUMENT>
</SEC-DOCUMENT>
