<SEC-DOCUMENT>0001031235-20-000020.txt : 20201116
<SEC-HEADER>0001031235-20-000020.hdr.sgml : 20201116
<ACCEPTANCE-DATETIME>20201116161621
ACCESSION NUMBER:		0001031235-20-000020
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20201116
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201116
DATE AS OF CHANGE:		20201116

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:		201317132

	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;">November
        16, 2020</font></div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">GLOBAL SELF STORAGE, INC.</div>
    <div style="text-align: center;">(Exact Name of Registrant as Specified in Its Charter)</div>
    <div style="text-align: center;">&#160;</div>
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        <tr>
          <td style="width: 32.65%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">Maryland</div>
          </td>
          <td style="width: 32.65%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">001-12681</div>
          </td>
          <td style="width: 34.7%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">13-3926714</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.65%; vertical-align: top;">
            <div style="text-align: center;">(State or Other Jurisdiction of<br>
              Incorporation)</div>
          </td>
          <td style="width: 32.65%; vertical-align: top;">
            <div style="text-align: center;">(Commission File Number)</div>
          </td>
          <td style="width: 34.7%; vertical-align: top;">
            <div style="text-align: center;">(IRS Employer Identification No.)</div>
          </td>
        </tr>

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    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center; font-weight: bold;">11 Hanover Square, 12<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor</div>
    <div style="text-align: center; font-weight: bold;">New York, NY 10005</div>
    <div style="text-align: center;">(Address of principal executive offices) (Zip Code)</div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center; font-weight: bold;">(212) 785-0900</div>
    <div style="text-align: center;">(Registrant&#8217;s telephone number, including area code)</div>
    <div><br>
    </div>
    <div style="text-align: center;">&#160;</div>
    <div>Check the appropriate box below if the Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
      following provisions:</div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-indent: -36pt; margin-left: 36pt;">&#9633; Written communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</div>
    <div style="text-indent: -36pt; margin-left: 36pt;">&#160;<font style="font-family: 'Times New Roman', serif; font-size: 2pt;"></font></div>
    <div style="text-indent: -36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 2pt;"> </font>&#9633; Soliciting material pursuant to
      Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
    <div style="text-indent: -36pt; margin-left: 36pt;">&#160;</div>
    <div style="text-indent: -36pt; margin-left: 36pt;">&#9633; Pre-commencement communications pursuant to Rule&#160;14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</div>
    <div style="text-indent: -36pt; margin-left: 36pt;">&#160;<font style="font-family: 'Times New Roman', serif; font-size: 2pt;"></font></div>
    <div style="text-indent: -36pt; margin-left: 36pt;"><font style="font-family: 'Times New Roman', serif; font-size: 2pt;"> </font>&#9633; Pre-commencement communications
      pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="3">
            <div>Securities registered pursuant to Section 12(b) of the Act:</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.72%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Title of each class</div>
          </td>
          <td style="width: 19.32%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Trading Symbol(s)</div>
          </td>
          <td style="width: 40.96%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Name of each exchange which registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.72%; vertical-align: top;">
            <div>Common Stock, $0.01 par value</div>
          </td>
          <td style="width: 19.32%; vertical-align: top;">
            <div style="text-align: center;">SELF</div>
          </td>
          <td style="width: 40.96%; vertical-align: top;">
            <div style="text-align: center;">The Nasdaq Stock Market LLC</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <div style="text-indent: -36pt; margin-left: 36pt; font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
    <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or
      Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). <br>
    </div>
    <div><br>
    </div>
    <div>Emerging growth company &#9633;<br>
    </div>
    <div style="text-align: right; font-size: 12pt;"><font style="font-size: 10pt;">&#160;</font>&#160; <br>
    </div>
    <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
      revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9633;</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 November 16, 2020, Global Self Storage, Inc. (the &#8220;Company&#8221;) reported its financial results for the period ended September 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>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 83.02%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
        </tr>
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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>
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          <td style="width: 12.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>99.1</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 83.02%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>Global Self Storage, Inc. Earnings Press Release, dated November 16, 2020, reporting the financial results for the&#160;period ended September 30, 2020.</div>
          </td>
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        <tr>
          <td style="width: 12.99%; vertical-align: top;">&#160;</td>
          <td style="width: 3.99%; vertical-align: top;">&#160;</td>
          <td style="width: 83.02%; vertical-align: top;">&#160;</td>
        </tr>

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    <div><font style="font-weight: bold;"> </font><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;">* * *</div>
    <div><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><br>
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    <div style="text-align: center; font-weight: bold;">SIGNATURE</div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
      by the undersigned hereunto duly authorized.</div>
    <div style="text-align: center;">&#160;</div>
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            <div style="text-indent: -10pt; margin-left: 10pt; font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
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          <td style="width: 50%; vertical-align: top;" colspan="2">
            <div style="font-weight: bold;">GLOBAL SELF STORAGE, INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt;">&#160;</div>
          </td>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt;">&#160;</div>
          </td>
          <td style="width: 44%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt;">By:</div>
          </td>
          <td style="width: 44%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-indent: -10pt; margin-left: 10pt;">/s/ Mark C. Winmill</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt;">Name:</div>
          </td>
          <td style="width: 44%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt;">Mark C. Winmill</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 6%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt;">Title:</div>
          </td>
          <td style="width: 44%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt;">President</div>
          </td>
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    <div style="text-align: center;">&#160;</div>
    <div>Date: November 16, 2020</div>
    <div style="text-align: center;">&#160;</div>
    <div><br>
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    <div style="margin-bottom: 8pt;"><br>
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    <div style="text-align: center; font-weight: bold;">EXHIBIT INDEX</div>
    <div style="text-align: center;">&#160;</div>
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        <tr>
          <td style="width: 11.77%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 3.46%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
          <td style="width: 84.76%; vertical-align: bottom;">
            <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.77%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Exhibit No.</div>
          </td>
          <td style="width: 3.46%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 84.76%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Description</div>
          </td>
        </tr>
        <tr>
          <td style="width: 11.77%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>99.1</div>
          </td>
          <td style="width: 3.46%; vertical-align: top;">
            <div style="font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 84.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>Global Self Storage, Inc. Earnings Press Release, dated November 16, 2020, reporting the financial results for the period ended September 30, 2020.</div>
          </td>
        </tr>

    </table>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>pressrelease.htm
<TEXT>
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    <!-- Licensed to: Midas Management Corporation
         Document created using EDGARfilings PROfile 7.2.0.0
         Copyright 1995 - 2020 Broadridge -->
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  <div style="text-align: center;"><img src="image00002.jpg"></div>
  <div style="text-align: center; margin-top: 12pt; font-size: 14pt; font-weight: bold;">Global Self Storage Reports Record Total Revenues for Third Quarter 2020</div>
  <div><br>
  </div>
  <div style="text-align: center; margin-right: 9pt; margin-left: 13.5pt; font-size: 14pt; font-style: italic;">Expansion Lease-ups Perform Despite COVID-19, Resulting in Higher Occupancies and Revenues;
    Continued Approach to Controlling Expenses Drives Strong Same-Store Net Operating Income Growth</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;"><font style="font-weight: bold;">NEW YORK, NY, November 16, 2020 -&#160;</font>Global Self Storage, Inc.&#160;(NASDAQ:SELF), a real estate investment trust that owns, operates, manages, acquires, develops and redevelops self-storage properties, reported results for the third quarter and nine months ended September 30, 2020.<font style="font-size: 10pt;">&#160;</font>All comparisons are to the same period in 2019 unless otherwise noted.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt; font-weight: bold;">Q3 2020 Highlights</div>
  <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>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Total revenues increased 7.3% to a new high of $2.3 million.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z2f0e320cb8eb453e988610ac73222699" 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>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Net income increased 35.3% to $337,000 or $0.04 per fully diluted share.</div>
          </td>
        </tr>

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  </div>
  <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;">Funds from operations (FFO) increased to $601,000 or $0.06 per diluted share.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="zee83559c971b48fe96cc4dfa2fcf96df" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.5pt; vertical-align: top; align: right;">
            <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Adjusted FFO (AFFO) increased to $637,000 or $0.07 per diluted share (see definition of FFO and AFFO, both
              non-GAAP terms, and their reconciliation to GAAP, below).</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="zdc78aec93c2f4d0f9fda4ecfb9be0fb5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.5pt; vertical-align: top; align: right;">
            <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store revenues remained approximately the same versus the year-ago period at $1.9 million.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="zf7ee6f1fa2ad43d49a6b27b1085b6f9e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.5pt; vertical-align: top; align: right;">
            <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store cost of operations decreased 7.9% to $718,000, which resulted from a decrease in most major categories of same-store level expenses.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z11607c1e953a4e9f85d8e621a85159cc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.5pt; vertical-align: top; align: right;">
            <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store net operating income (NOI) increased 5.4% to $1.2 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 (see definition of same-store NOI, a non-GAAP term, and its reconciliation to GAAP, below).</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z960abf4417914365af6759f8ad6d0272" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.5pt; vertical-align: top; align: right;">
            <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store occupancy at September 30, 2020 increased 90 basis points to 93.5% from 92.6% at September 30, 2019.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z1dcb24cedf03437bb4e3a55cf7cf05e6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.5pt; vertical-align: top; align: right;">
            <div style="margin-left: 4.5pt; margin-top: 6pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; font-size: 12pt;">Same-store average tenant duration of stay at September 30, 2020 was 3.0 years, approximately the same as of September 30, 2019.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z91cc739b7f1649458814c9f17e598f5b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;">

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

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z786ca8c90fb44269a08a8a3ad3ff9429" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.5pt; vertical-align: top; align: right;">
            <div style="margin-left: 4.5pt; margin-top: 6pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; font-size: 12pt;">Capital resources at September 30, 2020 totaled approximately $8.6 million, comprised of $1.9 million in cash, cash equivalents, and
              restricted cash, $1.8 million in marketable equity securities, and $4.9 million available under a revolving credit line.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="za1fa437ef3364ae3a9af0d120aec19f9" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.5pt; vertical-align: top; align: right;">
            <div style="margin-left: 4.5pt; margin-top: 6pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; font-size: 12pt;">Continued deceleration of general and administrative (G&amp;A) expense growth limited the increase in G&amp;A expense to 5.8%.</div>
          </td>
        </tr>

    </table>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt; font-weight: bold;">Nine Months 2020 Highlights</div>
  <div>
    <table cellspacing="0" cellpadding="0" id="zef59f995ac10405f9a49f201f2975031" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.5pt; vertical-align: top; align: right;">
            <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Total revenues increased 5.9% to $6.8 million.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z480ffe10edc04e69a980f853fdbc7d1d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.5pt; vertical-align: top; align: right;">
            <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Net loss was $41,000 or $(0.00) per share.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="zf3c1ac09179345c280c4c0a21fe239c3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.5pt; vertical-align: top; align: right;">
            <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">FFO increased to $1.5 million or $0.16 per diluted share.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="zf5dd9731d06d42ba896c13afc7201d4c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.5pt; vertical-align: top; align: right;">
            <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">AFFO increased to $1.6 million or $0.17 per diluted share.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z69078bc8c7db4298ae0ff0af74137e0b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.5pt; vertical-align: top; align: right;">
            <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store revenues remained approximately the same at $5.5 million, despite COVID-19 pandemic and related
              economic disruption.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z6a248982195e42b8895dbd0e07077587" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.5pt; vertical-align: top; align: right;">
            <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store cost of operations decreased 10.1% to $2.2 million, resulting from a decrease in every major category of same-store level expenses.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="zd8db67fee4af47a0aeec3478bbcad0c8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.5pt; vertical-align: top; align: right;">
            <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store NOI increased 8.2% to $3.4 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>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z33be1183dd4a4f438aa1f30a30dc2df0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.5pt; vertical-align: top; align: right;">
            <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store occupancy at September 30, 2020 increased 90 basis points to 93.5% from 92.6% at September 30, 2019.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z500d7b4da7f14b9ea42eac6c14dc9acb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.5pt; vertical-align: top; align: right;">
            <div style="margin-left: 4.5pt; margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="margin-top: 6pt; margin-bottom: 6pt; font-size: 12pt;">Same-store average tenant duration of stay at September 30, 2020 was 3.0 years, approximately the same as of
              September 30, 2019</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z76aa2fa6aeeb4635b7e12f6c980fc834" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 22.3pt; 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 $0.195 per share of common stock.</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;"><br>
    <br>
    Update Related to COVID-19 Pandemic</div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z8bba3f8544a44bdf897386e9449cdd60" 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;">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>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z47f0435956bf45a897a89af6baf81345" 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;">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 lease payments 24/7.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="zef6e6174ab7541e3b8ab1500a00fe8a7" 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 7.3% for the third quarter of 2020, versus the same period last year.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z63afa431a9a8459f998c4939109bb7ec" 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 September 30, 2020, same-store occupancy was 93.5% and combined store occupancy was 91.9%.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z618f7e26a0264b028ddf89f22c88db08" 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 in Q3 were 97.5%, which was slightly better than the same year-ago period despite the COVID-19
              pandemic.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z360ae2533f7743af8d1aa7c29d1d16cc" 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;">Return to normalcy in the company&#8217;s revenues was mainly attributable to consistent rent collections, despite the
              COVID-19 pandemic, and an increase in the percentage of administrative fees due to the company for tenant stored items insurance.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z4ef1682b61d7416a9ce282bcd1edce72" 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 referral-based 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="z5c30bb00e63b4a0691ec18721e787934" 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="zbcbbdf2a94ca48debb5708042279f4ce" 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 September 30, 2020 totaled approximately $8.6 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 the company&#8217;s existing properties.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z016e4880ba74467bb7badf7d96ec03d8" 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;">Remaining cautious regarding the rest 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;Q3 was another strong quarter, as the self-storage industry continued to see muted impact from the pandemic on occupancy, revenues and net operating income as
    compared to other real estate sectors,&#8221; said Global Self Storage president and CEO, Mark C. Winmill. &#8220;In fact, we continued to achieve better than expected performance with our lease-up activity as well as consistent rent collections throughout our
    portfolio.<font style="font-size: 10pt;">&#160;</font>We also continued to realize store-level expense reductions and deceleration in the growth of our corporate-level G&amp;A expense.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">&#8220;We completed our West Henrietta store expansion in August, which added a total of 7,300 leasable square feet of drive-up storage units. The larger space
    naturally decreased occupancy from about 89.6% in June to about 77.9% when it was completed in August. However, the attractive new units combined with our effective lease-up program quickly drove occupancy back to 80.5% by the end of September and then
    83.4% by the end of October.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">&#8220;The lease up of our expanded Millbrook, NY store also continued at a solid pace,
      with its total area of occupancy rising from 45.5% at completion to 47.8% by March 31, 67% by June 30, 75.9% by July 31, 90.9% by September 30, and then reaching 96.3% by October 31. The Millbrook expansion, which we completed in February, added
      11,800 leasable square feet of valuable climate-controlled units.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">&#8220;We see this positive performance as being driven by a number of factors. Much of it is due to meeting pent-up demand and the increased urban migration to the
    suburbs. But it is also shows how we&#8217;ve addressed this demand with effective internet and digital marketing initiatives, as well as attractive roadside signage and drive-by curb appeal. All this, combined with our traditional disciplined approach to
    controlling expenses, led to strong same-store NOI growth during the quarter.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">&#8220;Customer retention has also been important, and we believe we have continued to deliver the high level of customer service that is essential to building brand
    loyalty. We believe this has helped drive referrals and word-of-mouth demand, and our overall same-store average occupancy to 93.5% by the end of the quarter.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">&#8220;While we have added a total of more than 32,800 leasable square feet of climate-controlled and drive-up units so far this year, these continuing positive
    trends have encouraged us to explore additional expansion or conversion opportunities, as well as potential acquisitions and joint ventures. We are actively reviewing
    a number of attractive individual store and store portfolio acquisition targets, while we look to further develop and expand our existing locations.<font style="font-size: 10pt;">&#160;</font>Our capital
    resources, totaling more than $8.6 million at quarter end, provides us flexibility and supports the execution of our long-term strategic plan.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">&#8220;Our ideal acquisition would be located in secondary and tertiary cities in the
      Northeast, Mid-Atlantic and Midwest, and particularly where our professional self-storage management would enhance the value and performance of the property. These targets are typically outside the top 25 metropolitan areas that have experienced
      dramatically slower supply growth and less competition from public REITs, and can expect above average growth in rents due to favorable supply and demand dynamics.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">&#8220;For property developers and those single-property and small-portfolio operators looking to enhance the performance of their self-storage properties, we offer
    our new third-party management platform, Global MaxManagement<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">SM</sup>. The platform provides us an additional revenue stream through management fees and tenant insurance premiums. We also expect it to help build brand awareness and a captive
    acquisition pipeline.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">&#8220;We continue to refine our ongoing revenue rate management program while maintaining our competitive market price advantage. In light of our customer economic
    challenges during these times, we expect any tenant rent increases for remainder of the year to be consistent with or slightly less than the prior year. Through our various marketing initiatives, we believe we can continue to attract high quality, long
    term tenants.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">&#8220;For the remainder of the year, we will continue to explore ways to enhance our performance while we pursue strategic expansion and acquisitive growth when such
    opportunities arise. We will continue to target those markets with our model for success in self storage that we believe has contributed to our strong performance even during adverse economic times. Given our lease-up momentum, the tailwinds from the
    suburban relocation trend, and our proven strategies, we believe Global Self Storage remains on track to complete another successful year.&#8221;</div>
  <div><br>
  </div>
  <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Q3 Financial Summary</div>
  <div style="font-size: 12pt;">Total revenues increased 7.3% to $2.3 million in the third quarter of 2020, as compared to $2.2 million in the same period last year. The increase was primarily
    attributable to<font style="font-size: 10pt;">&#160;</font>the West Henrietta, NY acquisition, Millbrook, NY and West Henrietta, NY expansions, and increases in rental rates at our other wholly-owned stores.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Total operating expenses in the third quarter of 2020 increased 8.4% to $2.0 million, compared to $1.8 million in the same period last year. The increase was
    primarily due to increased depreciation and amortization expense.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Net income was $337,000 or $0.04 per diluted share in the third quarter of 2020, as compared to net income of $249,000 or $0.03 per diluted share in the same
    period last year.</div>
  <div><br>
  </div>
  <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Q3 Same-Store Results</div>
  <div style="font-size: 12pt;">At September 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 third quarter of 2020, same-store revenues remained steady at $1.88 million compared to the same period last year. These results were attributable to,
    among other things, consistent rent collections, despite the COVID-19 pandemic, and an increase in the percentage of administrative fees due to the company for tenant stored items insurance.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Same-store cost of operations in the third quarter decreased 7.9% to $718,000, compared to $779,000 in the same period last year. This decrease in same-store
    cost of operations was due primarily to decreased accruals for store property taxes, and decreased store level administrative expenses.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Same-store NOI increased 5.4% to $1.2 million in the third quarter of 2020, compared to $1.1 million in 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 September 30, 2020 increased 90 basis points to 93.5% from 92.6% at September 30, 2019.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Same-store average duration of tenant stay at September 30, 2020 was approximately 3.0 years, approximately the same as of September 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;">Q3 Operating Results</div>
  <div style="font-size: 12pt;">Net income in the third quarter of 2020 was $337,000 or $0.04 per diluted share, compared to net income of $249,000 or $0.03 per diluted share in the third
    quarter of 2019.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">General and administrative expenses increased 5.8% to $564,000 in the third quarter of 2020, compared to $533,000 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 third quarter of 2020 totaled $471, compared to $72,691 in the same period last year. These costs primarily consist of costs
    incurred in connection with business development, capital raising, and future potential store acquisitions, and third-party management marketing expenses. The decrease is primarily attributable to less expenses related to capital raising, store
    acquisitions, and third-party management marketing expenses. Business development costs are typically non-recurring and fluctuate based on periodic business development and acquisition activity.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Interest expense for the third quarter of 2020 was $291,000 compared to $256,000 in the year-ago period. This increase was attributable to interest expense on
    funds drawn on the credit revolver. The cash payments for the $20 million loan remain the same every month until June 2036.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">FFO in the third quarter of 2020 increased to $601,000 or $0.06 per diluted share, compared to FFO of $473,000 or $0.06 per diluted share in the same period
    last year.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">AFFO in the third quarter of 2020 increased to $637,000 or $0.07 per diluted share, compared to AFFO of $575,000 or $0.08 per diluted share in the same period
    last year.</div>
  <div><br>
  </div>
  <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Nine Months Financial Summary</div>
  <div style="margin-bottom: 6pt; font-size: 12pt;">Total revenues increased 5.9% to $6.8 million in the nine months ended September 30, 2020, compared to $6.4 million in the same period last
    year. The increase was primarily attributable to the West Henrietta, NY acquisition, increases in rental rates at our other wholly-owned stores, and to a lesser extent, the Millbrook, NY and West Henrietta, NY expansions. The increase in revenue was
    partially offset by the temporary suspension of our existing tenant rental rate increase program during May 2020 through June 2020.</div>
  <div style="margin-bottom: 6pt; font-size: 12pt;">Total operating expenses increased 10.1% to $6.1 million in the nine months ended September 30 2020, from $5.5 million in the same year-ago
    period. The increase was primarily due to increased depreciation and amortization expense.</div>
  <div style="margin-bottom: 6pt; font-size: 12pt;">Operating income decreased 19.1% to $760,000 in the nine months ended September 30, 2020 versus $940,000 in the same period last year. The
    decrease in operating income was primarily attributable to an increase in certain general and administrative expenses.</div>
  <div style="margin-bottom: 6pt; font-size: 12pt;">Net loss in the nine months ended September 30, 2020 was $41,000 or $(0.00) per diluted share, compared to net income of $574,000 or $0.08
    per diluted share in the same year-ago period.</div>
  <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Nine Months Same-Store Results</div>
  <div style="margin-bottom: 6pt; font-size: 12pt;">At September 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 nine months ended September 30, 2020, same-store revenues increased 0.2% to $5.54 million compared to $5.53 million in the same
    year-ago period. The increase was attributable to, among other things, consistent rent collections, despite the COVID-19 pandemic, and an increase in the percentage of administrative fees due to the company for tenant stored items insurance.</div>
  <div style="margin-bottom: 6pt; font-size: 12pt;">Same-store operating expenses in the nine months ended September 30, 2020 decreased 10.1% to $2.2 million compared with $2.4 million in the
    year-ago period. The decrease was primarily driven by decreased accruals for store property taxes, and decreased store level administrative expenses.</div>
  <div style="margin-bottom: 6pt; font-size: 12pt;">Same-store NOI in the first nine months of 2020 increased 8.2% to $3.4 million compared with $3.1 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 September 30, 2020 increased 90 basis points to 93.5% from 92.6% at September 30, 2019.</div>
  <div style="margin-bottom: 6pt; font-size: 12pt;">Same-store average tenant duration of stay at September 30, 2020 was 3.0 years, approximately the same as of September 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;">Nine Months Operating Results</div>
  <div style="margin-bottom: 6pt; font-size: 12pt;">Net loss in the nine months ended September 30, 2020 was $41,000 or $(0.00) per diluted share, as compared to net income of $574,000 or
    $0.08 per diluted share for the nine months ended September 30, 2019.</div>
  <div style="margin-bottom: 6pt; font-size: 12pt;">General and administrative expenses increased 10.8% to $1.8 million in the nine months ended September 30, 2020 compared with $1.6 million
    in the year-ago period. The increase in the general and administrative expenses during the period are primarily attributable to an increase in certain professional fees. </div>
  <div style="margin-bottom: 6pt; font-size: 12pt;">Business development costs for the first nine months of 2020 decreased to $11,000 from $96,000 in the year-ago period. The decrease is
    primarily attributable to less expenses related to third-party management marketing, store acquisition, and capital raising expenses.</div>
  <div style="margin-bottom: 6pt; font-size: 12pt;">Interest expense for the nine months ended September 30, 2020 was $891,000 compared to $773,000 in the year-ago period. This increase was
    attributable to interest expense on funds drawn on the credit revolver. The cash payments for the $20 million loan remain the same every month until June 2036.</div>
  <div style="margin-bottom: 6pt; font-size: 12pt;">FFO in the nine months ended September 30, 2020 increased to $1.5 million or $0.16 per diluted share, compared to FFO of $1.3 million or
    $0.17 per diluted share in the same period last year.</div>
  <div style="margin-bottom: 6pt; font-size: 12pt;">AFFO in the nine months ended September 30, 2020 increased to $1.6 million or $0.17 per diluted share, compared to AFFO of $1.5 million or
    $0.20 per diluted share in the same period last year.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt; font-weight: bold;">Q3 and Nine Months FFO and AFFO</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zc180d17e4ddd4cbcb36c64e519866171" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 50.09%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td style="width: 22.68%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="6">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">For the Three Months Ended September&#160;30,</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom;">&#160;</td>
        <td style="width: 22.76%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="6">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">For the Nine Months Ended September&#160;30,</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td style="width: 10.21%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">2020</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td style="width: 10.27%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom;">&#160;</td>
        <td style="width: 10%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">2020</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.24%; vertical-align: bottom;">&#160;</td>
        <td style="width: 10.54%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="font-weight: bold;">Net income (loss)</div>
        </td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.13%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">337,124</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.19%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">249,233</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 8.91%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">(41,444</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
        <td style="width: 1.24%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.46%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">573,901</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom;">
          <div>Eliminate items excluded from FFO:</div>
        </td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.13%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.19%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 8.91%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.24%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.46%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>Unrealized gain on marketable equity securities</div>
        </td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.13%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">(245,571</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.19%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">(127,820</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
        <td style="width: 1.29%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 8.91%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">(27,402</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
        <td style="width: 1.24%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.46%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">(355,102</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom;">
          <div>Depreciation and amortization</div>
        </td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.13%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">509,219</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.19%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">351,711</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 8.91%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">1,527,901</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.24%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.46%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">1,056,087</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="font-weight: bold;">FFO attributable to common stockholders</div>
        </td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.13%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right; font-weight: bold;">600,772</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.19%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right; font-weight: bold;">473,124</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 8.91%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right; font-weight: bold;">1,459,055</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.24%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.46%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right; font-weight: bold;">1,274,886</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom;">
          <div>Adjustments:</div>
        </td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.13%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.19%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 8.91%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.24%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.46%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>Compensation expense related to stock-based awards</div>
        </td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.13%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">35,283</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.19%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">29,430</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 8.91%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">99,762</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.24%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.46%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">135,320</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom;">
          <div>Business development, capital raising, store acquisition, and third-party management marketing expenses</div>
        </td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.13%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">471</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.19%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">72,691</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 8.91%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">10,528</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.24%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.46%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">95,985</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="font-weight: bold;">AFFO attributable to common stockholders</div>
        </td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div style="font-weight: bold;">$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.13%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-weight: bold;">636,526</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div style="font-weight: bold;">$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.19%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-weight: bold;">575,245</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div style="font-weight: bold;">$</div>
        </td>
        <td nowrap="nowrap" style="width: 8.91%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-weight: bold;">1,569,345</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.24%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div style="font-weight: bold;">$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.46%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div style="text-align: right; font-weight: bold;">1,506,191</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.13%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.19%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 8.91%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.24%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.46%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>Earnings per share attributable to common stockholders - basic</div>
        </td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.13%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">0.04</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.19%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">0.03</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 8.91%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">(0.00</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
        <td style="width: 1.24%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.46%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">0.08</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom;">
          <div>Earnings per share attributable to common stockholders - diluted</div>
        </td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.13%; vertical-align: bottom;">
          <div style="text-align: right;">0.04</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.19%; vertical-align: bottom;">
          <div style="text-align: right;">0.03</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 8.91%; vertical-align: bottom;">
          <div style="text-align: right;">(0.00</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">
          <div>)</div>
        </td>
        <td style="width: 1.24%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.46%; vertical-align: bottom;">
          <div style="text-align: right;">0.08</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>FFO per share - diluted</div>
        </td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.13%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">0.06</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.19%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">0.06</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 8.91%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">0.16</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.24%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.46%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">0.17</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom;">
          <div>AFFO per share - diluted</div>
        </td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.13%; vertical-align: bottom;">
          <div style="text-align: right;">0.07</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.19%; vertical-align: bottom;">
          <div style="text-align: right;">0.08</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 8.91%; vertical-align: bottom;">
          <div style="text-align: right;">0.17</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.24%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.46%; vertical-align: bottom;">
          <div style="text-align: right;">0.20</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.13%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.19%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 8.91%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.24%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.46%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom;">
          <div>Weighted average shares outstanding - basic</div>
        </td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.13%; vertical-align: bottom;">
          <div style="text-align: right;">9,277,043</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.19%; vertical-align: bottom;">
          <div style="text-align: right;">7,646,875</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 8.91%; vertical-align: bottom;">
          <div style="text-align: right;">9,269,834</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.24%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.46%; vertical-align: bottom;">
          <div style="text-align: right;">7,639,588</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.09%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>Weighted average shares outstanding - diluted</div>
        </td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.13%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">9,290,984</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.23%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.19%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">7,652,257</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.29%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 8.91%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">9,269,834</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.24%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.46%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">7,640,874</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; 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 September 1, 2020, the company declared a quarterly dividend of $0.065 per share, consistent with the quarterly dividend for the year-ago period and previous
    quarter.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">For the nine months of 2020, the company distributed dividends of $0.195 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 September 30, 2020, capital resources totaled approximately $8.6 million,
    comprised of $1.9 million in cash, cash equivalents, and restricted cash, $1.8 million in marketable equity securities, and $4.9 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 third quarter and first nine months 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="font-size: 12pt; font-weight: bold;">About Global Self Storage</div>
  <div style="font-size: 12pt;">Global Self Storage is a self-administered and self-managed REIT that owns, operates, manages, acquires, develops and redevelops self-storage properties. The
    company'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><br>
  </div>
  <div style="font-size: 12pt;">For more information, go to&#160;ir.globalselfstorage.us&#160;or visit the company's
    customer site at&#160;www.globalselfstorage.us. You can also follow Global Self Storage on&#160;Twitter,&#160;LinkedIn&#160;and&#160;Facebook.</div>
  <div><br>
  </div>
  <div style="margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Non-GAAP Financial Measures</div>
  <div style="margin-bottom: 6pt; font-size: 12pt;">Funds from Operations (&#8220;FFO&#8221;) and FFO per share are non-GAAP measures defined by the National Association of Real Estate Investment Trusts
    (&#8220;NAREIT&#8221;) 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 the
    company&#8217;s statements of cash flows. In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful. However, the company believes that to further understand the performance of its stores, FFO should be
    considered along with the net income and cash flows reported in accordance with GAAP and as presented in the company&#8217;s financial statements.</div>
  <div style="margin-bottom: 6pt; font-size: 12pt;">Adjusted FFO (&#8220;AFFO&#8221;) 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. Management presents AFFO because management believes it is a helpful measure in understanding the company&#8217;s results
    of operations insofar as management 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. Management 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.</div>
  <div style="margin-bottom: 6pt; font-size: 12pt;">Management believes net operating income or &#8220;NOI&#8221; is a meaningful measure of operating performance because management 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, management 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 style="margin-bottom: 6pt;"><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="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. Management considers a store to be stabilized once it has achieved an occupancy rate that management believes, based on the company&#8217;s 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. Management believes that same-store results
    are useful to investors in evaluating the company&#8217;s 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 September&#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 style="font-size: 12pt;">Certain information presented in this press release may contain "forward-looking statements" 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'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 "believes," "plans," "intends," "expects," "estimates," "may," "will,"
    "should," "anticipates," 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'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's filings with the Securities and Exchange Commission, and similar information. All forward-looking statements, including without limitation, the company's examination of
    historical operating trends and estimates of future earnings, are based upon the company's current expectations and various assumptions. The company's expectations, beliefs and projections are expressed in good faith, but there can be no assurance that
    the company'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.</div>
  <div><br>
    <font style="font-size: 12pt;"><br>
    </font><br>
  </div>
  <div style="font-weight: bold;">Contacts:</div>
  <div><font style="font-weight: bold;"> </font><br>
  </div>
  <div>Global Self Storage<br>
    Thomas O'Malley, Chief Financial Officer<br>
    1 (212) 785-0900, ext. 267<br>
    tomalley@globalselfstorage.us</div>
  <div><br>
  </div>
  <div>CMA Investor Relations<br>
    Ron Both or Grant Stude<br>
    1 (949) 432-7566<br>
    SELF@cma.team</div>
  <div>
    <div style="margin-bottom: 6pt;"><br>
    </div>
    <div style="margin-bottom: 6pt;"><br>
    </div>
    <div><br>
    </div>
  </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><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zd49fadeb0d014c20969a61ad8af03e26" 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;">&#160;</td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td style="width: 14.01%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">September&#160;30, 2020</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td style="width: 14.01%; vertical-align: bottom; 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 nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#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 nowrap="nowrap" style="width: 1.15%; vertical-align: top; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: top; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" 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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 66.81%; vertical-align: top;">
          <div style="margin-left: 13.7pt;">Real estate assets, net</div>
        </td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom;">
          <div style="text-align: right;">60,165,282</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom;">
          <div style="text-align: right;">59,752,153</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">1,596,158</div>
        </td>
        <td nowrap="nowrap" 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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">3,990,160</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 66.81%; vertical-align: top;">
          <div style="margin-left: 13.7pt;">Restricted cash</div>
        </td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom;">
          <div style="text-align: right;">321,376</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom;">
          <div style="text-align: right;">263,405</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 66.81%; vertical-align: top; background-color: #CFF0FC;">
          <div style="margin-left: 13.7pt;">Investments in securities</div>
        </td>
        <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">1,788,714</div>
        </td>
        <td nowrap="nowrap" 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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">1,761,312</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 66.81%; vertical-align: top;">
          <div style="margin-left: 13.7pt;">Accounts receivable</div>
        </td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom;">
          <div style="text-align: right;">69,072</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom;">
          <div style="text-align: right;">164,078</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">601,275</div>
        </td>
        <td nowrap="nowrap" 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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">325,450</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 66.81%; vertical-align: top;">
          <div style="margin-left: 13.7pt;">Line of credit issuance costs, net</div>
        </td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom;">
          <div style="text-align: right;">192,374</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom;">
          <div style="text-align: right;">311,869</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 66.81%; vertical-align: top; background-color: #CFF0FC;">
          <div style="margin-left: 13.7pt;">Intangible assets, net</div>
        </td>
        <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">55,125</div>
        </td>
        <td nowrap="nowrap" 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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">398,795</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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      <tr>
        <td style="width: 66.81%; vertical-align: top;">
          <div style="margin-left: 13.7pt;">Goodwill</div>
        </td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">694,121</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">694,121</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div style="text-align: right;">65,483,497</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div style="text-align: right;">67,661,343</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 66.81%; vertical-align: top;">
          <div style="font-weight: bold;">Liabilities and equity</div>
        </td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">18,503,860</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.62%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">18,839,787</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 66.81%; vertical-align: top;">
          <div style="margin-left: 13.7pt;">Line of credit borrowing</div>
        </td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom;">
          <div style="text-align: right;">5,144,000</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom;">
          <div style="text-align: right;">4,914,000</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">1,534,179</div>
        </td>
        <td nowrap="nowrap" 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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" 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 nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 66.81%; vertical-align: top;">
          <div style="margin-left: 27.35pt;">Total liabilities</div>
        </td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">25,182,039</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">25,595,427</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" 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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 66.81%; vertical-align: top;">
          <div style="font-weight: bold;">Equity</div>
        </td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">&#8212;</div>
        </td>
        <td nowrap="nowrap" 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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">&#8212;</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 66.81%; vertical-align: top;">
          <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 September&#160;30, 2020
            and December&#160;31, 2019, respectively</div>
        </td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom;">
          <div style="text-align: right;">93,562</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom;">
          <div style="text-align: right;">93,303</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">40,429,005</div>
        </td>
        <td nowrap="nowrap" 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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">40,329,502</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 66.81%; vertical-align: top;">
          <div style="margin-left: 13.7pt;">Retained earnings</div>
        </td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">(221,109</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">
          <div>)</div>
        </td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">1,643,111</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">40,301,458</div>
        </td>
        <td nowrap="nowrap" 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 nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" 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 nowrap="nowrap" style="width: 0.96%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 66.81%; vertical-align: top;">
          <div style="margin-left: 27.35pt;">Total liabilities and equity</div>
        </td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: right;">65,483,497</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.62%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 12.86%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: right;">67,661,343</div>
        </td>
        <td nowrap="nowrap" style="width: 0.96%; vertical-align: bottom;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div>&#160;</div>
  <div><br>
  </div>
  <div><br>
  </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="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="z88424d796d1045f0a8053c09877edbc0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 46.88%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.53%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.53%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.53%; vertical-align: bottom;">&#160;</td>
        <td style="width: 24.32%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="6">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">For the Three Months Ended September&#160;30,</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td style="width: 24.33%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="6">
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        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.53%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.15%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">2020</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.17%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.15%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">2020</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.18%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="font-weight: bold;">Revenues</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom;">
          <div style="margin-left: 6.85pt;">Rental income</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">
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        </td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">
          <div style="text-align: right;">2,237,424</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom;">
          <div style="text-align: right;">2,115,053</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">
          <div style="text-align: right;">6,521,176</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom;">
          <div style="text-align: right;">6,231,190</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="margin-left: 6.85pt;">Other property related income</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">90,989</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">72,194</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">246,148</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">211,255</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom;">
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        </td>
        <td style="width: 1.53%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">17,496</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.17%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
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        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">52,341</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.18%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: right;">&#8212;</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>Total revenues</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">2,345,909</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">2,187,247</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">6,819,665</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">6,442,445</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom;">
          <div style="font-weight: bold;">Expenses</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="margin-left: 6.85pt;">Property operations</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">907,350</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">869,231</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">2,698,639</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">2,706,109</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom;">
          <div style="margin-left: 6.85pt;">General and administrative</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">
          <div style="text-align: right;">564,162</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom;">
          <div style="text-align: right;">533,418</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">
          <div style="text-align: right;">1,822,353</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom;">
          <div style="text-align: right;">1,644,057</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="margin-left: 6.85pt;">Depreciation and amortization</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">509,219</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">351,711</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">1,527,901</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">1,056,087</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom;">
          <div style="margin-left: 6.85pt;">Business development</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">471</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">72,691</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">10,528</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">95,985</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>Total expenses</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">1,981,202</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">1,827,051</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">6,059,421</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">5,502,238</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom;">
          <div>Operating income</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">364,707</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">360,196</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">760,244</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">940,207</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="font-weight: bold;">Other income (expense)</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom;">
          <div style="margin-left: 6.85pt;">Dividend and interest income</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">
          <div style="text-align: right;">17,648</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom;">
          <div style="text-align: right;">17,180</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">
          <div style="text-align: right;">62,017</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom;">
          <div style="text-align: right;">51,826</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="margin-left: 6.85pt;">Unrealized gain on marketable equity securities</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">245,571</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">127,820</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">27,402</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">355,102</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom;">
          <div style="margin-left: 6.85pt;">Interest expense</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">(290,802</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
          <div>)</div>
        </td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">(255,963</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
          <div>)</div>
        </td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">(891,107</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
          <div>)</div>
        </td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">(773,234</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom;">
          <div>)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="margin-left: 6.85pt;">Total other (expense), net</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">(27,583</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">(110,963</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">(801,688</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">
          <div style="text-align: right;">(366,306</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom;">
          <div>Net income (loss) and comprehensive income (loss)</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: right;">337,124</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: right;">249,233</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: right;">(41,444</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
          <div>)</div>
        </td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: right;">573,901</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>Earnings per share</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom;">
          <div style="margin-left: 6.85pt;">Basic</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: right;">0.04</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: right;">0.03</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: right;">(0.00</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">
          <div>)</div>
        </td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: right;">0.08</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="margin-left: 6.85pt;">Diluted</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div style="text-align: right;">0.04</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div style="text-align: right;">0.03</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div style="text-align: right;">(0.00</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 4px double;">
          <div style="text-align: right;">0.08</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom;">
          <div>Weighted average shares outstanding</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="margin-left: 6.85pt;">Basic</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">9,277,043</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">7,646,875</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">9,269,834</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">7,639,588</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 46.88%; vertical-align: bottom;">
          <div style="margin-left: 6.85pt;">Diluted</div>
        </td>
        <td style="width: 1.53%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">
          <div style="text-align: right;">9,290,984</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.02%; vertical-align: bottom;">
          <div style="text-align: right;">7,652,257</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">
          <div style="text-align: right;">9,269,834</div>
        </td>
        <td nowrap="nowrap" style="width: 0.92%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.03%; vertical-align: bottom;">
          <div style="text-align: right;">7,640,874</div>
        </td>
        <td nowrap="nowrap" style="width: 0.93%; vertical-align: bottom;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div><br>
  </div>
  <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 our consolidated statements of
    operations for the periods indicated (unaudited):</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z6d83a0ed2c1f4b2f83df64c2810fb4a2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 45.37%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td style="width: 24.79%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="6">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">For the Three Months Ended September&#160;30,</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td style="width: 25.19%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="6">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">For the Nine Months Ended September&#160;30,</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 45.37%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.23%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">2020</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.23%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td style="width: 10.98%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">2020</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 2.4%; vertical-align: bottom;">&#160;</td>
        <td style="width: 10.82%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; font-size: 8pt; font-weight: bold;">2019</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 45.37%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>Net income (loss)</div>
        </td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">337,124</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">249,233</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.9%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">(41,444</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
        <td style="width: 2.4%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>$</div>
        </td>
        <td nowrap="nowrap" style="width: 9.74%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">573,901</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 45.37%; vertical-align: bottom;">
          <div>Adjustments:</div>
        </td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.9%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 2.4%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.74%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 45.37%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>Management fees and other income</div>
        </td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">(17,496</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 11.23%; vertical-align: bottom; background-color: #CFF0FC;" colspan="2">
          <div style="text-align: right;">&#8212;</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.9%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">(52,341</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
        <td style="width: 2.4%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 10.82%; vertical-align: bottom; background-color: #CFF0FC;" colspan="2">
          <div style="text-align: right;">&#8212;</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 45.37%; vertical-align: bottom;">
          <div>General and administrative</div>
        </td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom;">
          <div style="text-align: right;">564,162</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom;">
          <div style="text-align: right;">533,418</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.9%; vertical-align: bottom;">
          <div style="text-align: right;">1,822,353</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 2.4%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.74%; vertical-align: bottom;">
          <div style="text-align: right;">1,644,057</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 45.37%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>Depreciation and amortization</div>
        </td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">509,219</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">351,711</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.9%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">1,527,901</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 2.4%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.74%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">1,056,087</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 45.37%; vertical-align: bottom;">
          <div>Business development</div>
        </td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom;">
          <div style="text-align: right;">471</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom;">
          <div style="text-align: right;">72,691</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.9%; vertical-align: bottom;">
          <div style="text-align: right;">10,528</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 2.4%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.74%; vertical-align: bottom;">
          <div style="text-align: right;">95,985</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 45.37%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>Dividend, interest, and other income</div>
        </td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">(17,648</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">(17,180</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.9%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">(62,017</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
        <td style="width: 2.4%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.74%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">(51,826</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 45.37%; vertical-align: bottom;">
          <div>Unrealized gain on marketable equity securities</div>
        </td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom;">
          <div style="text-align: right;">(245,571</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">
          <div>)</div>
        </td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom;">
          <div style="text-align: right;">(127,820</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">
          <div>)</div>
        </td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.9%; vertical-align: bottom;">
          <div style="text-align: right;">(27,402</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">
          <div>)</div>
        </td>
        <td style="width: 2.4%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.74%; vertical-align: bottom;">
          <div style="text-align: right;">(355,102</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">
          <div>)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 45.37%; vertical-align: bottom; background-color: #CFF0FC;">
          <div>Interest expense</div>
        </td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">290,802</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">255,963</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.9%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">891,107</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 2.4%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.74%; vertical-align: bottom; background-color: #CFF0FC;">
          <div style="text-align: right;">773,234</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 45.37%; vertical-align: bottom;">
          <div>Non same-store revenues</div>
        </td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom;">
          <div style="text-align: right;">(448,873</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">
          <div>)</div>
        </td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom;">
          <div style="text-align: right;">(306,035</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">
          <div>)</div>
        </td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.9%; vertical-align: bottom;">
          <div style="text-align: right;">(1,224,254</div>
        </td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">
          <div>)</div>
        </td>
        <td style="width: 2.4%; vertical-align: bottom;">&#160;</td>
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        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
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        <td style="width: 2.4%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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          <div>Total same-store net operating income</div>
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        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
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        <td style="width: 2.4%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>$</div>
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        <td nowrap="nowrap" style="width: 9.74%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: right;">3,112,586</div>
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        <td style="width: 45.37%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.9%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 2.4%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 9.74%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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        <td style="width: 45.37%; vertical-align: bottom;">&#160;</td>
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      <tr>
        <td style="width: 45.37%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
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          <div style="text-align: center; font-size: 8pt; font-weight: bold;">2020</div>
        </td>
        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 11.23%; 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 nowrap="nowrap" style="width: 0.97%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 10.98%; 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>
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        <td style="width: 2.4%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 10.82%; 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: 1.35%; vertical-align: bottom;">&#160;</td>
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        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom;">
          <div>$</div>
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        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom;">
          <div style="text-align: right;">1,881,213</div>
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        <td nowrap="nowrap" style="width: 9.9%; vertical-align: bottom;">
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        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom;">&#160;</td>
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        <td nowrap="nowrap" style="width: 9.74%; vertical-align: bottom;">
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        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
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        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
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        <td style="width: 1.35%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
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        <td nowrap="nowrap" style="width: 0.98%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td style="width: 2.4%; vertical-align: bottom; background-color: #CFF0FC;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; background-color: #CFF0FC; border-bottom: #000000 2px solid;">&#160;</td>
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          <div style="text-align: right;">1,161,973</div>
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        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>$</div>
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        <td nowrap="nowrap" style="width: 10.15%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: right;">1,101,967</div>
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        <td nowrap="nowrap" style="width: 0.97%; vertical-align: bottom;">&#160;</td>
        <td style="width: 1.35%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>$</div>
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        <td nowrap="nowrap" style="width: 9.9%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: right;">3,368,331</div>
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        <td style="width: 2.4%; vertical-align: bottom;">&#160;</td>
        <td nowrap="nowrap" style="width: 1.08%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div>$</div>
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        <td nowrap="nowrap" style="width: 9.74%; vertical-align: bottom; border-bottom: #000000 4px double;">
          <div style="text-align: right;">3,112,586</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
