<SEC-DOCUMENT>0001031235-22-000004.txt : 20220114
<SEC-HEADER>0001031235-22-000004.hdr.sgml : 20220114
<ACCEPTANCE-DATETIME>20220114170819
ACCESSION NUMBER:		0001031235-22-000004
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220114
DATE AS OF CHANGE:		20220114

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:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-227879
		FILM NUMBER:		22532608

	BUSINESS ADDRESS:	
		STREET 1:		3814 ROUTE 44
		CITY:			MILLBROOK
		STATE:			NY
		ZIP:			12545
		BUSINESS PHONE:		2127850900

	MAIL ADDRESS:	
		STREET 1:		3814 ROUTE 44
		CITY:			MILLBROOK
		STATE:			NY
		ZIP:			12545

	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>424B3
<SEQUENCE>1
<FILENAME>424b3.htm
<TEXT>
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            <div style="font-weight: bold;">PROSPECTUS SUPPLEMENT<br>
              (To Prospectus dated December 6, 2021)</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: right; font-weight: bold;">Filed pursuant to Rule&#160;424(b)(3)<br>
              Registration No.&#160;333-261381</div>
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    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 6pt;"><font style="font-weight: bold;">$</font>15,000,000</div>
    <div style="text-align: center; margin-bottom: 6pt;"><img width="125" border="0" height="79" src="globallogo_cmykhqregistereds.jpg"></div>
    <div style="text-align: center; margin-bottom: 10pt; font-weight: bold;">Common Stock</div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 7.8pt; margin-top: 0.9pt; margin-bottom: 10pt;">Global Self Storage, Inc. has entered into an At the Market Offering Sales Agreement, or Sales Agreement, with B. Riley Securities, Inc.,
      or B. Riley, dated January 14, 2022, relating to shares of our common stock that may be offered by this prospectus supplement and the accompanying base prospectus. In accordance with the terms of the Sales Agreement, we may offer and sell an
      aggregate of up to $15,000,000 of our common stock from time to time through B. Riley, as our sales agent. Under the terms of the Sales Agreement, we may also sell shares to B. Riley as principal for its own account.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">B.&#160;Riley is not required to sell any specific number or dollar amount of shares of our common stock but will use its commercially reasonable efforts consistent with its normal
      trading and sales practices, as our agent and subject to the terms of the Sales Agreement, to sell the shares offered by this prospectus supplement and the accompanying base prospectus. Sales of the shares, if any, may be made by any means permitted
      by law and deemed to be an "at the market" offering as defined in Rule&#160;415 of the Securities Act of 1933, as amended, or the Securities Act, including sales made directly on Nasdaq Stock Market, or Nasdaq, at market prices, in negotiated transactions
      at market prices prevailing at the time of sale or at prices related to such prevailing market prices, and/or any other method permitted by law and such other sales as may be agreed upon by B.&#160;Riley and us. If we and B.&#160;Riley agree on any method of
      distribution other than sales of shares of our common stock into Nasdaq or another existing trading market in the United States at market prices, we will file a further prospectus supplement providing all information about such offering as required
      by Rule&#160;424(b) under the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt;">B.&#160;Riley will receive from us a commission of up to 2.0% based on the gross sales price per share for any shares sold through it as agent under the Sales Agreement. A different amount of compensation
      may be paid by us when B. Riley purchases shares as principal at a price agreed to by us and B. Riley. We have also agreed to reimburse certain expenses of B.&#160;Riley in connection with the Sales Agreement. The net proceeds that we receive from sales
      of our common stock will depend on the number of shares actually sold and the offering price for such shares, but will not exceed $15,000,000&#160;in the aggregate. See "Plan of Distribution" beginning on page&#160;S&#8209;9 of this prospectus supplement. In
      connection with the sale of shares of our common stock on our behalf, B.&#160;Riley may be deemed to be an "underwriter" within the meaning of the Securities Act, and the compensation of B.&#160;Riley may be deemed to be underwriting commissions or discounts.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The aggregate market value of the shares of our common stock held by non-affiliates, computed by reference to the highest price at which a share of our common stock was last sold
      or the average bid and asked price of a share of our common stock within the 60-day period ending on the date of the filing of the registration statement of which the prospectus supplement and the prospectus is a part, was $62,269,930.80 based on
      9,884,116 outstanding shares of our common stock held by non-affiliates. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities in a public primary offering with a value exceeding more than one-third of our public
      float in any 12-month period so long as our public float remains below $75.0 million.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our common stock is listed on Nasdaq under the symbol "SELF." On January 13, 2022, the last reported sale price for our common stock on Nasdaq was $6.30 per share.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-weight: bold;">Investing in our securities involves a high degree of risk. See "Risk Factors" beginning on page&#160;S&#8209;</font>7<font style="font-weight: bold;"> of
        this prospectus supplement for more information.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">Neither the Securities and Exchange Commission, or the SEC, nor any state securities commission has approved or disapproved of these securities or determined
      if this prospectus supplement or the prospectus to which it relates is truthful or complete. Any representation to the contrary is a criminal offense.</div>
    <div style="text-align: center; margin-bottom: 10pt; font-weight: bold;">B.&#160;Riley Securities, Inc.</div>
    <div style="text-align: center; margin-bottom: 10pt;">The date of this prospectus supplement is January 14, 2022.</div>
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    <div style="text-align: center; margin-bottom: 10pt; font-weight: bold;">TABLE OF CONTENTS</div>
    <div style="text-align: center; margin-bottom: 10pt; font-weight: bold;">Prospectus Supplement</div>
    <div style="text-align: right; margin-bottom: 10pt; font-weight: bold;">Page</div>
    <div style="text-align: justify; text-indent: -18pt; margin-right: 36pt; margin-left: 18pt; margin-bottom: 6pt;"> </div>
    <div style="text-align: justify; text-indent: -18pt; margin-right: 36pt; margin-left: 18pt; margin-bottom: 6pt;"> </div>
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              <div>About This Prospectus Supplement<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt"><br>
                </font></div>
            </td>
            <td colspan="1" style="width: 10%; vertical-align: top; text-align: right;">&#160;S-1</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 90%; vertical-align: middle;">Cautionary Note Regarding Forward-Looking Statements<br>
            </td>
            <td rowspan="1" colspan="1" style="width: 10%; vertical-align: top; text-align: right;">&#160; S-2</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 90%; vertical-align: middle;">Prospectus Supplement Summary<br>
            </td>
            <td rowspan="1" colspan="1" style="width: 10%; vertical-align: top; text-align: right;">&#160; S-4</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 90%; vertical-align: middle;">The Company<br>
            </td>
            <td rowspan="1" colspan="1" style="width: 10%; vertical-align: top; text-align: right;">&#160; S-4</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 90%; vertical-align: middle;">Summary of the Offering<br>
            </td>
            <td rowspan="1" colspan="1" style="width: 10%; vertical-align: top; text-align: right;">&#160; S-5</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 90%; vertical-align: middle;">Risk Factors<br>
            </td>
            <td rowspan="1" colspan="1" style="width: 10%; vertical-align: top; text-align: right;">&#160; S-7</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 90%; vertical-align: middle;">Use of Proceeds<br>
            </td>
            <td rowspan="1" colspan="1" style="width: 10%; vertical-align: top; text-align: right;">&#160; S-8</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 90%; vertical-align: middle;">Plan of Distribution<br>
            </td>
            <td rowspan="1" colspan="1" style="width: 10%; vertical-align: top; text-align: right;">&#160; S-9</td>
          </tr>
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            <td rowspan="1" style="width: 90%; vertical-align: middle;">Legal Matters<br>
            </td>
            <td rowspan="1" colspan="1" style="width: 10%; vertical-align: top; text-align: right;">&#160; S-10</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 90%; vertical-align: middle;">Experts<br>
            </td>
            <td rowspan="1" colspan="1" style="width: 10%; vertical-align: top; text-align: right;">&#160; S-10</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 90%; vertical-align: middle;">Where You Can Find More Information<br>
            </td>
            <td rowspan="1" colspan="1" style="width: 10%; vertical-align: top; text-align: right;">&#160; S-10</td>
          </tr>

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    <div style="text-align: center; margin-bottom: 10pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 10pt; font-weight: bold;">Prospectus</div>
    <div style="text-align: right; margin-bottom: 10pt; font-weight: bold;">Page</div>
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          <td style="width: 97.08%; vertical-align: middle;">
            <div>About This Prospectus<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">1</div>
          </td>
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        <tr>
          <td style="width: 97.08%; vertical-align: middle;">
            <div>Summary Information<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">2</div>
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          <td style="width: 97.08%; vertical-align: middle;">
            <div>Risk Factors<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">3</div>
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            <div>Forward-Looking Statements<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">4</div>
          </td>
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          <td style="width: 97.08%; vertical-align: middle;">
            <div>Use of Proceeds<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">6</div>
          </td>
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          <td style="width: 97.08%; vertical-align: middle;">
            <div>Plan of Distribution<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">7</div>
          </td>
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          <td style="width: 97.08%; vertical-align: middle;">
            <div>Description of Securities<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">8</div>
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          <td style="width: 97.08%; vertical-align: middle;">
            <div>Description of Common Stock<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">12</div>
          </td>
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          <td style="width: 97.08%; vertical-align: middle;">
            <div>Description of Preferred Stock<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">13</div>
          </td>
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          <td style="width: 97.08%; vertical-align: middle;">
            <div>Description of Depositary Shares<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">15</div>
          </td>
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          <td style="width: 97.08%; vertical-align: middle;">
            <div>Description of Warrants<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">17</div>
          </td>
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          <td style="width: 97.08%; vertical-align: middle;">
            <div>Description of Rights<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">19</div>
          </td>
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        <tr>
          <td style="width: 97.08%; vertical-align: middle;">
            <div>Certain Provisions of The Maryland General Corporation Law and Our Charter and Bylaws</div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">20</div>
          </td>
        </tr>
        <tr>
          <td style="width: 97.08%; vertical-align: middle;">
            <div>U.S.&#160;Federal Income Tax Considerations<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">26</div>
          </td>
        </tr>
        <tr>
          <td style="width: 97.08%; vertical-align: middle;">
            <div>Book-Entry Securities<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">48</div>
          </td>
        </tr>
        <tr>
          <td style="width: 97.08%; vertical-align: middle;">
            <div>Legal Matters<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">49</div>
          </td>
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          <td style="width: 97.08%; vertical-align: middle;">
            <div>Experts<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">50</div>
          </td>
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        <tr>
          <td style="width: 97.08%; vertical-align: middle;">
            <div>Where You Can Find More Information<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 454.5pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 2.92%; vertical-align: top;">
            <div style="text-align: right;">51</div>
          </td>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-weight: bold;">You should read this prospectus supplement</font>,<font style="font-weight: bold;">&#160;the accompanying base prospectus</font>,<font style="font-weight: bold;">&#160;any applicable free writing prospectus and the documents we incorporate by reference in this prospectus supplement and the accompanying base prospectus</font>.<font style="font-weight: bold;">&#160;You should rely only on the
        information contained or incorporated by reference in this prospectus supplement and the accompanying base prospectus or any applicable free writing prospectus in making a decision about whether to invest in our common stock</font>.<font style="font-weight: bold;">&#160;Neither we nor the sales agent has authorized anyone to provide you with different information</font>.<font style="font-weight: bold;">&#160;If anyone provides you with different or inconsistent information</font>,<font style="font-weight: bold;">&#160;you should not rely on it</font>.<font style="font-weight: bold;">&#160;This prospectus supplement and the accompanying base prospectus do not constitute an offer to sell</font>,<font style="font-weight: bold;">&#160;or a
        solicitation of an offer to purchase</font>,<font style="font-weight: bold;">&#160;any securities in any jurisdiction where it is unlawful to make such offer or solicitation</font>.<font style="font-weight: bold;">&#160;You should assume that the information
        in this prospectus supplement and the accompanying base prospectus and any applicable free writing prospectus</font>,<font style="font-weight: bold;">&#160;as well as the information we have previously filed with the SEC and incorporated by reference in
        this prospectus supplement and the accompanying base prospectus</font>,<font style="font-weight: bold;">&#160;is accurate only as of its date or the dates specified in those documents</font>.<font style="font-weight: bold;">&#160;Our business</font>,<font style="font-weight: bold;">&#160;financial condition</font>,<font style="font-weight: bold;">&#160;liquidity</font>,<font style="font-weight: bold;">&#160;results of operations and prospects may have changed since those dates.</font></div>
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    <!--PROfilePageNumberReset%Num%1%S-%%-->
    <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">ABOUT THIS PROSPECTUS SUPPLEMENT</div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">This prospectus supplement and the accompanying base prospectus form a part of a registration statement on Form S-3 that we filed with the Securities and Exchange Commission,
        or the SEC, utilizing a "shelf" registration process. This document is in two parts. The first part is the prospectus supplement, which describes the specific terms of the offering. The second part, the accompanying base prospectus, provides more
        general information about the securities we may offer from time to time, some of which may not apply to the securities offered by this prospectus supplement. Generally, when we refer to this prospectus, we are referring to both parts of this
        document combined. Before you invest, you should carefully read this prospectus supplement, the accompanying base prospectus, all information incorporated by reference herein and therein, and the additional information described under "Where You
        Can Find More Information And Incorporation By Reference" on page S-10 of this prospectus supplement. These documents contain information you should consider when making your investment decision. This prospectus supplement may add, update or change
        information contained in the accompanying base prospectus. To the extent that any statement that we make in this prospectus supplement is inconsistent with statements made in the accompanying base prospectus or any documents incorporated by
        reference therein, the statements made in this prospectus supplement will be deemed to modify or supersede those made in the accompanying base prospectus and such documents incorporated by reference therein;&#160;provided, however, that if any statement
        in one of these documents is inconsistent with a statement in another document having a later date&#8212;for example, a document incorporated by reference in the accompanying base prospectus&#8212;the statement in the document having the later date modifies or
        supersedes the earlier statement in accordance with Rule&#160;412 promulgated under the Securities Act.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We have not authorized any other person to provide you with any information that is different. We are offering to sell, and seeking offers to buy, our securities only in
        jurisdictions where offers and sales are permitted. The distribution of this prospectus supplement and the accompanying base prospectus and the offering of the securities in certain jurisdictions may be restricted by law. Persons outside the United
        States who come into possession of this prospectus supplement and/or the accompanying base prospectus must inform themselves about, and observe any restrictions relating to, the offering of the securities and the distribution of this prospectus
        supplement and/or the accompanying base prospectus outside the United States. This prospectus supplement and the accompanying base prospectus do not constitute, and may not be used in connection with, an offer to sell, or a solicitation of an offer
        to buy, any securities offered by this prospectus supplement and the accompanying base prospectus by any person in any jurisdiction in which it is unlawful for such person to make such an offer or solicitation.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We further note that the representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference in
        the accompanying base prospectus were made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating risk among the parties to such agreements, and should not be deemed to be a representation,
        warranty or covenant being made to you. Moreover, such representations, warranties or covenants were accurate only as of the date when made. Accordingly, such representations, warranties and covenants should not be relied on as accurately
        representing the current state of our affairs.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">In this prospectus supplement, unless otherwise specified or the context requires otherwise, we use the terms "company," "we," "us" and "our" to refer to Global Self Storage,
        Inc., a Maryland corporation, together with its subsidiaries.</div>
      <div><br>
      </div>
    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">S-1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">Cautionary Note Regarding Forward-Looking Statements</div>
    <div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 27.75pt; margin-top: 12pt;">Certain information presented in this prospectus supplement, including information included or incorporated by reference in this prospectus supplement or any supplement or
        amendment to this prospectus supplement, 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 our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions 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," or "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. We may also make additional forward looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on
        our behalf, are also expressly qualified by these cautionary statements. All forward-looking statements, including without limitation, management's examination of historical operating trends and estimates of future earnings, are based upon our
        current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management's expectations, beliefs and
        projections will result or be achieved.</div>
      <div style="text-align: justify; text-indent: 27.75pt; margin-top: 12pt;">All forward looking statements apply only as of the date made. Except as required by law, we undertake no obligation to publicly update or revise forward looking statements
        which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.</div>
      <div style="text-align: justify; text-indent: 27.75pt; margin-top: 12pt;">There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this
        prospectus supplement. One of the most significant factors is the ongoing impact of the novel coronavirus, or COVID-19, pandemic on the economy, the self storage industry and the broader financial markets. The company is unable to predict whether
        the continuing effects of the COVID-19 pandemic will trigger a further economic slowdown and to what extent we will experience disruptions related to the COVID-19 pandemic. In particular, it is difficult to fully assess the impact of COVID-19 at
        this time due to, among other factors, uncertainty regarding the severity and duration of the outbreak domestically and internationally and the emergence and severity of COVID-19 variants, uncertainty regarding the effectiveness of federal, state
        and local governments' efforts to contain the spread of COVID-19 and respond to its direct and indirect impact on the U.S. economy and economic activity, including the timing of the successful distribution of an effective vaccine. The outbreak of
        COVID-19 has also impacted, and is likely to continue to impact, directly or indirectly, many of the other important factors below and the risks described in "Item 1A. Risk Factors" included in our most recent annual report on Form 10-K and in the
        other documents that we file pursuant to Sections 13(a), 13(c), 14 or 15(d)&#160;of the Exchange Act of 1934, as amended, or the Exchange Act, after the date of this prospectus, which will be considered to be incorporated by reference into this
        prospectus supplement and the accompanying prospectus or any supplement or amendment thereto. Such factors include, but are not limited to:</div>
    </div>
    <div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zb8960d7a8b534581b8e6127fd9442115">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">general risks associated with the ownership and operation of real estate, including changes in demand, risks related to development or redevelopment (including
                  expansions) of self storage properties, potential liability for environmental contamination, natural disasters and adverse changes in tax, real estate and zoning laws and regulations;</div>
              </td>
            </tr>

        </table>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 12pt;" class="DSPFListTable">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>risks associated with downturns in the national and local economies in the markets in which we operate, including risks related to current economic conditions and the economic health of our customers;</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 12pt;" class="DSPFListTable">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>the impact of competition from new and existing self storage and commercial properties and other storage alternatives;</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 12pt;" class="DSPFListTable">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>difficulties in our ability to successfully evaluate, finance, integrate into our existing operations, and manage acquired and developed properties;</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
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          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">S-2</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 12pt;" class="DSPFListTable" id="z09f09b5890a74828bb9f005ecacfa058">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>risks related to our development of new properties and expansions and related lease up at our existing properties and/or participation in joint ventures;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 12pt;" class="DSPFListTable" id="z824c373341a942fa93703d0b9575ea70">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>risks of ongoing litigation and other legal and regulatory actions, which may divert management's time and attention, require us to pay damages and expenses or restrict the operation of our business;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 12pt;" class="DSPFListTable" id="z06720b7a29d246ce8c3a6d9e10191243">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the impact of the regulatory environment as well as national, state, and local laws and regulations including, without limitation, those governing the environment, taxes and our tenant reinsurance business and real estate investment
                trusts, or REITs, and risks related to the impact of new laws and regulations;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 12pt;" class="DSPFListTable" id="zb94f83b2ca9c4c7aa97758cd7199bf59">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div> risk of increased tax expense associated either with a possible failure by us to qualify as a REIT, or with challenges to intercompany transactions with our taxable REIT subsidiaries;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 12pt;" class="DSPFListTable" id="z6926ea553eca433a812176bd9e17ac94">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>changes in federal or state tax laws related to the taxation of REITs, which could impact our status as a REIT;&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; margin-top: 12pt;">&#8226;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font> increases in taxes, fees and assessments from state and local
        jurisdictions;</div>
      <div style="text-align: justify; margin-left: 36pt; margin-top: 12pt;">&#8226;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>security breaches or a failure of our networks, systems or
        technology;</div>
      <div style="text-align: justify; margin-left: 36pt; margin-top: 12pt;">&#8226;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>our ability to obtain and maintain financing arrangements on
        favorable terms;</div>
    </div>
    <div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 12pt;" class="DSPFListTable" id="z97a6ed14bfad40c9975d4182d16dcde2">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>market trends in our industry, interest rates, the debt and lending markets or the general economy;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; margin-top: 12pt;">&#8226;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>the timing of acquisitions and our ability to execute on our
        acquisition pipeline;</div>
      <div style="text-align: justify; margin-left: 36pt; margin-top: 12pt;">&#8226;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>general volatility of the securities markets in which we
        participate;</div>
      <div style="text-align: justify; margin-left: 36pt; margin-top: 12pt;">&#8226;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>changes in the value of our assets;</div>
    </div>
    <div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 12pt;" class="DSPFListTable" id="zbe4aca2fcdd04d62ae3a2594787a27ae">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>changes in interest rates and the degree to which our hedging strategies may or may not protect us from interest rate volatility;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 12pt;" class="DSPFListTable" id="zfd9477421d234a03ae481c692ec36def">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>our ability to continue to qualify and maintain our qualification as a REIT for U.S. federal income tax purposes;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; margin-top: 12pt;">&#8226;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>availability of qualified personnel;</div>
      <div style="text-align: justify; margin-left: 36pt; margin-top: 12pt;">&#8226;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>difficulties in raising capital at a reasonable cost;</div>
    </div>
    <div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 12pt;" class="DSPFListTable" id="z124380d485fd46b5afad1bdfca97f670">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>fiscal policies or inaction at the U.S. federal government level, which may lead to federal government shutdowns or negative impacts on the U.S economy;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; margin-top: 12pt;">&#8226;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>estimates relating to our ability to make distributions to our
        stockholders in the future;</div>
    </div>
    <div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 12pt;" class="DSPFListTable" id="z6f1b270fcf20428ca706d7ced8833e6d">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>our ability to receive forgiveness for our proportionate share of the Paycheck Protection Program loan; and</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 12pt;" class="DSPFListTable" id="z9847df7d41464059bb7dd356149046dd">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>economic uncertainty due to the impact of terrorism, infectious or contagious diseases or pandemics, or war.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div>&#160;</div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">S-3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <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; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">PROSPECTUS SUPPLEMENT SUMMARY</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-style: italic;">This summary highlights information about our company, the offering and information appearing elsewhere in this prospectus supplement, the accompanying base
      prospectus and the documents incorporated by reference herein and therein and in any free writing prospectus that we have authorized for use in connection with the offering. This summary is not complete and does not contain all the information that
      you should consider before investing in our securities. You should read the entirety of this prospectus supplement and the accompanying base prospectus and the information incorporated by reference herein and therein carefully, including the "Risk
      Factors" contained in this prospectus supplement and in the accompanying base prospectus and the financial statements and the notes thereto incorporated by reference in this prospectus supplement and the accompanying base prospectus and any free
      writing prospectus that we have authorized for use in connection with the offering, before making an investment decision. This prospectus supplement may add to, update or change information in the accompanying base prospectus.</div>
    <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">THE COMPANY</div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Global Self Storage, Inc., a Maryland corporation, is a self-administered and self-managed real estate investment trust, or REIT, that owns, operates, manages, acquires, and
        redevelops self storage properties in the United States. Our properties are designed to offer affordable, easily accessible, and secure storage space for residential and commercial customers. We currently own and/or manage thirteen properties
        located in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma. On January 19, 2016, we changed our name to Global Self Storage, Inc. from Self Storage Group, Inc., changed our SEC registration from an
        investment company to an operating company reporting under the Exchange Act and listed our common stock on NASDAQ under the symbol "SELF". We have elected and we believe we have qualified to be taxed as a REIT for U.S. federal income tax purposes
        commencing with our taxable year ended December 31, 2013.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our principal corporate offices are located at 3814 Route 44, Millbrook, NY 12545. Our telephone number is (212) 878-0900. Our website is www.globalselfstorage.us. The
        information on our website is not intended to form a part of or be incorporated by reference into this prospectus.</div>
      <div><br>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">S-4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <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; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">SUMMARY OF THE OFFERING</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The following is a brief summary of certain terms of this offering and is not intended to be complete.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zcc34844f6fc74af49a5c86ca52345a2e">

        <tr>
          <td style="width: 36.25%; vertical-align: top;">
            <div>Issuer</div>
          </td>
          <td style="width: 63.75%; vertical-align: top;">
            <div style="text-align: justify;">Global Self Storage, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.25%; vertical-align: top;">
            <div>Common stock offered by us pursuant to this prospectus supplement</div>
          </td>
          <td style="width: 63.75%; vertical-align: top;">
            <div style="text-align: justify;">Up to $15,000,000 of our common stock.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.25%; vertical-align: top;">
            <div>Common stock to be outstanding immediately after this offering</div>
          </td>
          <td style="width: 63.75%; vertical-align: top;">
            <div style="text-align: justify;">Up to 13,089,565&#160;shares, assuming sales of all shares hereunder at a price of $6.30 per share, which was the closing price on Nasdaq on January 13, 2022. Actual shares issued will vary depending on the sales
              prices under this offering.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.25%; vertical-align: top;">
            <div>Manner of offering</div>
          </td>
          <td style="width: 63.75%; vertical-align: top;">
            <div style="text-align: justify;">Sales of shares of our common stock, if any, will be made pursuant to the terms of the Sales Agreement entered into between us and B.&#160;Riley on January 14, 2022. Sales may be made by any method permitted by law
              that is deemed to be an "at the market offering," as defined in Rule&#160;415 under the Securities Act, which includes sales made directly on Nasdaq, the existing trading market for our common stock, on any other existing trading market for our
              common stock, or sales made to or through a market maker other than on an exchange. B.&#160;Riley will make these sales using commercially reasonable efforts consistent with its normal trading and sales practices and applicable law, on mutually
              agreeable terms between B.&#160;Riley and us. Under the terms of the Sales Agreement, we may also sell shares to B.&#160;Riley as principal for its own account, or through B.&#160;Riley in privately negotiated transactions with our prior consent. If we and
              B.&#160;Riley agree on any method of distribution other than sales of shares of our common stock into Nasdaq or another existing trading market in the United States at market prices, we will file a further prospectus supplement providing all
              information about such offering as required by Rule&#160;424(b) under the Securities Act.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.25%; vertical-align: top;">
            <div>Distribution policy</div>
          </td>
          <td style="width: 63.75%; vertical-align: top;">
            <div style="text-align: justify;">We intend to continue to make regular quarterly distributions to holders of our common stock. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable
              income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its taxable income. Our current policy is
              to pay quarterly distributions, which on an annual basis will equal all or substantially all of our taxable income.</div>
            <div style="text-align: justify;">Any distributions we make will be at the discretion of our board of directors and will depend upon, among other things, our actual results of operations. These results and our ability to pay distributions will
              be affected by various factors, including our revenues, operating expenses and the occupancy levels of our existing self storage properties, the ability of our tenants to meet their obligations and unanticipated expenditures.</div>
            <div style="text-align: justify;">We cannot assure you that we will make any distributions to our stockholders.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.25%; vertical-align: top;">
            <div>Use of proceeds</div>
          </td>
          <td style="width: 63.75%; vertical-align: top;">
            <div style="text-align: justify;">We intend to use the net proceeds of this offering primarily for working capital and general corporate purposes. Accordingly, we will retain broad discretion over how the net proceeds are used. See "Use of
              Proceeds" on page&#160;S&#8209;9 of this prospectus supplement.</div>
            <div style="text-align: justify;">The net proceeds that we receive from sales of our common stock will depend on the number of shares actually sold and the offering price for such shares.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">S-5</font></div>
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    </div>
    <div><br>
      <br>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36.23%; vertical-align: top;">
              <div>Nasdaq common stock symbol</div>
            </td>
            <td style="width: 63.77%; vertical-align: top;">
              <div style="text-align: justify;">SELF</div>
            </td>
          </tr>
          <tr>
            <td style="width: 36.23%; vertical-align: top;">
              <div>Restrictions on Ownership and Transfer</div>
            </td>
            <td style="width: 63.77%; vertical-align: top;">
              <div style="text-align: justify;">To assist us in complying with the limitations on the concentration of ownership of a REIT imposed by the Code, among other purposes, our charter prohibits, with certain exceptions, any stockholder from
                beneficially or constructively owning, applying certain attribution rules under the Code, more than 9.8% in value or in number of shares, whichever is more restrictive, of our aggregate outstanding shares of stock of all classes and series
                or our aggregate outstanding shares of common stock and imposes other restrictions on ownership and transfer of our stock. See "Description of Securities&#8212;Restrictions on Ownership and Transfer" in the accompanying base prospectus.</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 36.23%; vertical-align: top;">
              <div>Risk factors</div>
            </td>
            <td style="width: 63.77%; vertical-align: top;">
              <div style="text-align: justify;">An investment in our securities is highly speculative and involves a number of risks. You should carefully consider the information contained in the "Risk Factors" section beginning on page&#160;S&#8209;7 of this
                prospectus supplement, and elsewhere in this prospectus supplement and the accompanying base prospectus, and the risk factors and other information we incorporate by reference, before making your investment decision.</div>
            </td>
          </tr>

      </table>
      <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Except as otherwise indicated, the information contained in this prospectus supplement assumes the sale of all of the shares offered hereby assuming sales of all shares hereunder
      at a price of $6.30 per share, which was the closing price on Nasdaq on January 13, 2022.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Unless we indicate otherwise, all information in this prospectus supplement is based on 10,708,613 shares of our common stock outstanding as of January 13, 2022 and excludes as
      of such date 558,595&#160;shares of our common stock reserved for future issuance pursuant to our stock incentive plan.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">S-6</font></div>
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    </div>
    <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">RISK FACTORS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-style: italic;">Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risk factors described
      below and those described in the section "Risk Factors" contained in our most recent annual report on Form 10-K and in subsequent periodic reports which we file with the SEC,&#160;as well as risk factors and other information in this prospectus supplement
      and the accompanying base prospectus or any free writing prospectus incorporated by reference herein or therein before purchasing any of our securities. Any of these risks described could materially adversely affect our business, financial condition,
      results of operations, tax status or ability to make distributions to our stockholders. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business
      operations. If this were to happen, the price of our securities could decline significantly, and you could lose a part or all of your investment. See "Where You Can Find More Information" beginning on page S-10 of this prospectus supplement.</div>
    <div style="text-align: justify; margin-bottom: 10pt; font-style: italic; font-weight: bold;">The actual number of shares we will issue under the Sales Agreement, and the amount of proceeds that we will receive, at any one time or in total, is
      uncertain.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Subject to certain limitations in the Sales Agreement and compliance with applicable law, we have the discretion to deliver sales notices to B. Riley at any time throughout the
      term of the Sales Agreement. The number of shares that are sold by B. Riley after delivery of a sales notice will fluctuate based on the market price of the common stock during the sales period and limits we set with B. Riley. In addition, we are not
      obligated to issue any shares under the Sales Agreement. Accordingly, and because the price per share of each share that is sold will fluctuate based on the market price of our common stock during the sales period, it is not possible at this stage to
      predict the number of shares, if any, that will ultimately be issued, or the resulting proceeds to us.</div>
    <div>
      <div style="margin-bottom: 10pt; font-style: italic; font-weight: bold;">Our common stock offered hereby will be sold in&#160;"at-the-market"&#160;offerings, and investors who buy shares at different times will likely pay different prices.</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Investors who purchase shares in this offering at different times will likely pay different prices, and so may experience different outcomes in their investment results. We will
      have discretion, subject to market demand, to vary the timing, prices, and numbers of shares sold. Investors may experience a decline in the value of their shares as a result of share sales made at prices lower than the prices they paid.</div>
    <div>
      <div style="margin-bottom: 10pt; font-style: italic; font-weight: bold;">The future sales of shares of our common stock may depress the price of our common stock and dilute stockholders&#8217; beneficial ownership.</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We cannot predict whether future issuances of shares of our common stock, including any issuances of shares pursuant to the Sales Agreement, or the availability of shares of our
      common stock for resale in the open market will decrease the market price of our common stock. Any sales of a substantial number of shares of our common stock in the public market or the perception that such sales might occur, may cause the market
      price of our common stock to decline. In addition, future issuances of our common stock may be dilutive to existing stockholders.</div>
    <div style="text-align: justify; margin-bottom: 10pt; font-style: italic; font-weight: bold;">Our management will have broad discretion in the use of the net proceeds from this offering, and we may not use these proceeds effectively.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We have not determined the specific allocation of the net proceeds of this offering. Our management will have broad discretion in the application of the net proceeds from this
      offering and could spend the proceeds in ways that do not necessarily improve our results of operations or enhance the value of our common stock. The failure by our management to apply these funds effectively could result in financial losses that
      could have a material adverse effect on our business or financial condition and cause the price of our common stock to decline. In addition, our stockholders may not agree with the manner in which our management chooses to allocate and spend the net
      proceeds.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">S-7</font></div>
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    </div>
    <div style="margin: 0px 0px 10pt 180pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><br>
    </div>
    <div style="margin: 0px 0px 10pt; font-family: 'Times New Roman',Times,serif; text-align: center;"> <font style="font-weight: bold;">USE OF PROCEEDS</font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We currently intend to use the net proceeds from this offering for working capital and general corporate purposes. We have not yet determined the amount of net proceeds to be
      used specifically for any particular purpose or the timing of these expenditures. Accordingly, our management will have significant discretion and flexibility in applying the net proceeds from the sale of these securities.</div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">S-8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">PLAN OF DISTRIBUTION</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We have entered into the Sales Agreement, dated January 14, 2022, with B.&#160;Riley, that provides for the issuance and sale by us of shares of our common stock having an aggregate
      offering price of up to $15,000,000 from time to time through B.&#160;Riley acting as agent. Under the terms of the Sales Agreement, we may also sell shares to B.&#160;Riley as principal for its own account. This prospectus supplement relates to the offer and
      sale of such shares of our common stock under such Sales Agreement under the registration statement of which this prospectus supplement forms a part.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Upon instructions from us, B.&#160;Riley will use commercially reasonable efforts, consistent with its normal sales and trading practices and applicable law, to sell shares of our
      common stock under the Sales Agreement pursuant to this prospectus supplement. Sales of shares of our common stock, if any, pursuant to this prospectus supplement may be made by any method permitted by law deemed to be an "at the market offering" as
      defined in Rule&#160;415 under the Securities Act, including, without limitation, sales made directly on or through Nasdaq, the existing trading market for our common stock, on any other existing trading market for our common stock, or sales made to or
      through a market maker other than on an exchange, at market prices prevailing at the time of sale or at prices related to such prevailing market prices or in privately negotiated transactions. If we and B.&#160;Riley agree on any method of distribution
      other than sales of shares of our common stock into Nasdaq or another existing trading market in the United States at market prices, we will file a further prospectus supplement providing all information about such offering as required by Rule&#160;424(b)
      under the Securities Act. To the extent required by Regulation&#160;M, B.&#160;Riley will not engage in any transactions that stabilize our common stock while the offering is ongoing under this prospectus supplement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Under the Sales Agreement between us and B.&#160;Riley, we will instruct B.&#160;Riley in a sales notice as to the maximum amount of shares of our common stock to be sold by B.&#160;Riley, and
      the minimum price per share at which such shares may be sold. Subject to the conditions of the Sales Agreement, B.&#160;Riley will use its commercially reasonable efforts to solicit purchases on a particular day of all shares designated for sale by us on
      that day. The gross sales price of the shares sold will be the market price for shares of our common stock sold by B.&#160;Riley on the trading market at the time of sale of the shares. We or B.&#160;Riley may suspend the offering of our common stock upon
      proper notice and subject to certain other conditions. The obligation of B.&#160;Riley under the Sales Agreement to sell our common stock pursuant to a sales notice is subject to a number of conditions.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">B.&#160;Riley will provide written confirmation to us following the close of trading on Nasdaq following each day in which shares of our common stock are sold under the Sales
      Agreement. Each confirmation will include the number of shares sold on the day, the aggregate gross sales proceeds, the net proceeds to us and the compensation payable by us to B.&#160;Riley with respect to the sales.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We will pay B.&#160;Riley commissions for its services in acting as our agent in the sale of our common stock. The compensation payable to B.&#160;Riley for sales of shares of our common
      stock with respect to which B.&#160;Riley acts as sales agent shall be equal to up to 2.0% of the gross sales price of those shares. There is no guarantee that there will be any sales of our common stock under this prospectus supplement and the
      accompanying base prospectus and actual sales, if any, of our common stock under this prospectus supplement and the accompanying base prospectus may result in gross proceeds to us of less than $15,000,000, exclusive of any sales agent compensation or
      other offering fees and expenses.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Settlement for sales of shares of our common stock will occur on the second business day following the date on which any sales are made. There is no arrangement for funds to be
      received in an escrow, trust or similar arrangement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">In connection with the sale of shares of our common stock on our behalf, B.&#160;Riley may be deemed to be an "underwriter" within the meaning of the Securities Act, and the
      compensation of B.&#160;Riley may be deemed to be underwriting commissions or discounts. We have also agreed to reimburse B.&#160;Riley for certain specified expenses, including the fees and disbursements of its legal counsel in an amount not to exceed
      $35,000. We have agreed to provide indemnification and contribution to B.&#160;Riley with respect to certain civil liabilities, including liabilities under the Securities Act and the Exchange Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We estimate that the total expenses of the offering payable by us, excluding commissions payable to B.&#160;Riley under the Sales Agreement, will be approximately $125,000.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">S-9</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The offering of shares of our common stock pursuant to the Sales Agreement will terminate upon the earlier of (1)&#160;the sale of all of our common stock provided for in this
      prospectus supplement, or (2)&#160;the termination of the Sales Agreement. The Sales Agreement may be terminated by us at any time in our sole discretion by giving five business day's written notice to B.&#160;Riley, or by B.&#160;Riley at any time in its sole
      discretion. The Sales Agreement will remain in full force and effect until such date that the Sales Agreement is terminated in accordance with the terms thereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">This is a brief summary of the material provisions of the Sales Agreement and does not purport to be a complete statement of its terms and conditions.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">B.&#160;Riley and its affiliates may in the future provide various investment banking and other financial services for us for which services they may in the future receive customary
      fees. The principal business address of B.&#160;Riley is 299 Park Avenue, 21st Floor, New York, New York 10171.</div>
    <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">LEGAL MATTERS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The validity of the shares of our common stock being offered hereby will be passed upon by Clifford Chance US LLP, New York, New York. B.&#160;Riley is being represented in connection
      with this offering by Golenbock Eiseman Assor Bell &amp; Peskoe LLP, New York, New York.</div>
    <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">EXPERTS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The consolidated financial statements and the related consolidated financial statement schedule of Global Self Storage, Inc. as of December 31, 2020 and 2019 and for the years
      then ended, incorporated in this Prospectus by reference from the Global Self Storage, Inc. Annual Report on Form 10-K for the year ended December 31, 2020, have been audited by RSM US LLP, an independent registered public accounting firm, as stated
      in their report thereon which report expresses an unqualified opinion, incorporated herein by reference, and have been incorporated in this Prospectus and Registration Statement in reliance upon such report and upon the authority of such firm as
      experts in accounting and auditing.</div>
    <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">WHERE YOU CAN FIND MORE INFORMATION</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We are subject to the informational requirements of the Exchange Act and, in accordance therewith, we file annual, quarterly and current reports, proxy statements and other
      information with the SEC. Our SEC filings are available to the public from commercial document retrieval services and at the website maintained by the SEC, containing reports, proxy and information statements, and other information regarding issuers
      that file electronically with the SEC, at&#160;<font style="font-style: italic;">www.sec.gov</font>.</div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We make available free of charge on or through our website at&#160;<font style="font-style: italic;">www.globalselfstorage.us</font>, our Annual Reports on Form 10-K, Quarterly
        Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, as soon as reasonably practicable after we electronically file such material
        with or otherwise furnish it to the SEC.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We have filed with the SEC a registration statement under the Securities Act relating to the offering of these securities. The registration statement, including the attached
        exhibits, contains additional relevant information about us and the securities. This prospectus supplement does not contain all of the information set forth in the registration statement. You can obtain a copy of the registration statement, at
        prescribed rates, from the SEC at the address listed above, or for free at&#160;<font style="font-style: italic;">www.sec.gov</font>. The registration statement and the documents referred to below under "Incorporation of Certain Information By
        Reference" are also available on our website,&#160;<font style="font-style: italic;">www.globalselfstorage.us</font>.</div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; margin-bottom: 10pt;">We have not incorporated by reference into this prospectus supplement the information on our website, and you should not consider it to be a part of this prospectus supplement.</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The SEC allows us to "incorporate by reference" information into this prospectus, which means that we can disclose important information to you by referring you to another
      document filed separately with the SEC. The information incorporated by reference herein is deemed to be part of this prospectus, except for any information superseded by information in this prospectus. This prospectus incorporates by reference the
      documents set forth below that we have previously filed with the SEC. These documents contain important information about us, our business and our finances.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">S-10</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z808c4c4624b34ceb8fb105ceba3e3a92">

          <tr>
            <td style="width: 72.05pt; vertical-align: top; align: right;">
              <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 10pt;">our Annual Report on Form&#160;10&#8209;K for the year ended December&#160;31, 2020, filed on March&#160;31, 2021&#894;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeccd52a731374eb78a4e93397653d015">

          <tr>
            <td style="width: 72.05pt; vertical-align: top; align: right;">
              <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 10pt;">our Quarterly Report on Form&#160;10&#8209;Q for the quarter ended March&#160;31, 2021, filed on May&#160;13, 2021, our Quarterly Report on Form&#160;10&#8209;Q for the quarter ended June&#160;30, 2021, filed on August&#160;16,
                2021 and our Quarterly Report on Form&#160;10&#8209;Q for the quarter ended September&#160;30, 2021, filed on November 15, 2021&#894;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3a22e96895da4674aa64047e9485adf1">

          <tr>
            <td style="width: 72.05pt; vertical-align: top; align: right;">
              <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 10pt;">our Current Reports on Form&#160;8&#8209;K, filed on June 8, 2021, June&#160;25, 2021 and July&#160;6, 2021&#894;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2a252f1c8f1f4474b4f0737a73a19a6b">

          <tr>
            <td style="width: 72.05pt; vertical-align: top; align: right;">
              <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 10pt;">our definitive proxy statement on Schedule&#160;14A, filed on April&#160;29, 2021&#894; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9b33c1711cd94d4382b0883da407ddd5">

          <tr>
            <td style="width: 72.05pt; vertical-align: top; align: right;">
              <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 10pt;">the description of our common stock contained in our Registration Statement on Form&#160;10 and amended on August 11, 2015, September 25, 2015, October 28, 2015, December 14, 2015 and March
                28, 2018, including all amendments and reports filed for the purpose of updating such description, as updated by Exhibit&#160;4.4 to the&#160;Annual Report on Form 10-K for the year ended December&#160;31, 2020.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">All documents that we file (but not those that we furnish) pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act from the date of this prospectus supplement until
        we have sold all of the securities to which this prospectus supplement and the accompanying base prospectus relate or the offering is otherwise terminated shall be deemed to be incorporated by reference into this prospectus supplement and will
        automatically update and supersede the information in this prospectus supplement.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">You should rely only on the information incorporated by reference or provided in this prospectus supplement. We have not authorized anyone else to provide you with different
        information. You should not assume that the information in this prospectus supplement is accurate as of any date other than the date of this prospectus supplement or the date of the documents incorporated by reference in this prospectus supplement.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">If you request, either orally or in writing, we will provide you with a copy of any or all documents that are incorporated by reference. Such documents will be provided to you
        free of charge, but will not contain any exhibits, unless those exhibits are incorporated by reference into the document. Requests should be addressed to us at 3814 Route 44, Millbrook, NY 12545, Attention: Secretary, or contact our offices at
        (212) 785-0900. The documents may also be accessed on our website at www.globalselfstorage.us.</div>
      <div><br>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">S-11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="margin-bottom: 10pt;">
      <div style="text-align: justify; margin-bottom: 5pt; font-size: 8pt; font-weight: bold;">PROSPECTUS</div>
      <div style="text-align: center; margin-bottom: 5pt; font-size: 14pt; font-weight: bold;">$100,000,000</div>
      <div style="text-align: center; margin-bottom: 5pt; font-size: 14pt; font-weight: bold;">GLOBAL SELF STORAGE, INC.</div>
      <div style="text-align: center; font-weight: bold;">Common Stock,</div>
      <div style="text-align: center; font-weight: bold;">Preferred Stock,</div>
      <div style="text-align: center; font-weight: bold;">Depositary Shares,</div>
      <div style="text-align: center; font-weight: bold;">Warrants,</div>
      <div style="text-align: center; font-weight: bold;">and</div>
      <div style="text-align: center; margin-bottom: 5pt; font-weight: bold;">Rights</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 5pt; font-size: 8pt;">We may from time to time offer, in one or more series or classes, separately or together, and in amounts, at prices and on terms to be set forth in one or more
        supplements to this prospectus, the following securities:</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 5pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 5pt; font-size: 8pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 5pt; font-size: 8pt;">shares of our common stock, par value $0.01 per share ("common stock");</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 5pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 5pt; font-size: 8pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 5pt; font-size: 8pt;">shares of our preferred stock, par value $0.01 per share ("preferred stock");</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 5pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 5pt; font-size: 8pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 5pt; font-size: 8pt;">depositary shares representing entitlement to all rights and preferences of fractions of preferred stock of a specified class or series and represented by depositary
                  receipts;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 5pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 5pt; font-size: 8pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 5pt; font-size: 8pt;">warrants to purchase common stock, preferred stock or depositary shares; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 5pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 5pt; font-size: 8pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 5pt; font-size: 8pt;">rights to purchase common stock or preferred stock.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 5pt; font-size: 8pt;">We refer to the common stock, preferred stock, depositary shares, warrants and rights, collectively, as the "securities" in this prospectus.&#160; The securities will
        have an aggregate initial offering price of up to $100,000,000, or its equivalent in a foreign currency based on the exchange rate at the time of sale, in amounts, at initial prices and on terms determined at the time of the offering.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 5pt; font-size: 8pt;">The specific terms of the securities will be set forth in the applicable prospectus supplement and will include, as applicable:&#160; (i) in the case of our common
        stock, any public offering price; (ii) in the case of our preferred stock, the specific designation and any dividend, liquidation, redemption, conversion, voting and other rights, and any public offering price; (iii) in the case of depositary
        shares, the fractional preferred stock represented by each such depositary share and designation and terms of the relevant class or series of preferred stock; (iv) in the case of warrants, the duration, offering price, exercise price and
        detachability and type and terms of security deliverable upon exercise; and (v) in the case of rights, the number being issued, the exercise price and the expiration date and type and terms of security deliverable upon exercise.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 5pt; font-size: 8pt;">The applicable prospectus supplement will also contain information, where applicable, about certain U.S. federal income tax consequences relating to, and any
        listing on a securities exchange of, the securities covered by such prospectus supplement.&#160; It is important that you read both this prospectus and the applicable prospectus supplement before you invest.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 5pt; font-size: 8pt;">We may offer the securities directly, through agents, or to or through underwriters.&#160; The prospectus supplement will describe the terms of the plan of
        distribution and set forth the names of any underwriters involved in the sale of the securities.&#160; See "Plan of Distribution" beginning on page 7 for more information on this topic.&#160; No securities may be sold without delivery of this prospectus and
        a prospectus supplement describing the method and terms of the offering of those securities.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 5pt; font-size: 8pt;">Our common stock is listed on the Nasdaq Stock Market ("NASDAQ"), under the symbol "SELF."&#160; On November 22, 2021, the closing sale price of our common stock on
        NASDAQ was $5.39 per share.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 5pt; font-size: 8pt;">The aggregate market value of the shares of our common stock held by non-affiliates, computed by reference to the highest price at which a share of our common
        stock was last sold or the average bid and asked price of a share of our common stock within the 60-day period ending on the date of the filing of the registration statement of which this prospectus is a part, was $54,362,636<font style="font-weight: bold;">&#160;</font>based on 9,884,116<font style="font-weight: bold;">&#160;</font>outstanding shares of our common stock held by non-affiliates. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities in
        a public primary offering with a value exceeding more than one-third of our public float in any 12-month period so long as our public float remains below $75.0 million.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 5pt; font-size: 8pt;">Investing in these securities involves risks.&#160; You should carefully read the risk factors beginning on page 3 of this prospectus and in our Securities and
        Exchange Commission filings, including those described under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 10-K"), in any prospectus supplement, and in any documents incorporated by reference
        herein or therein, before investing in our securities.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 5pt; font-size: 8pt; font-weight: bold;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed
        upon the adequacy or accuracy of this prospectus.&#160; Any representation to the contrary is a criminal offense.</div>
      <div style="text-align: center; margin-bottom: 5pt; font-size: 8pt;">The date of this prospectus is November 26, 2021.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: center; margin-bottom: 10pt; font-weight: bold;">
        <div style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-bottom: 10pt; font-weight: bold;">TABLE OF CONTENTS</div>
        <div style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-bottom: 10pt; font-weight: bold; text-align: left;">
          <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

              <tr>
                <td style="width: 675px;">&#160;</td>
                <td style="width: 675px; vertical-align: top; font-weight: bold; text-align: right;">Page</td>
              </tr>
              <tr>
                <td style="width: 675px;">ABOUT THIS PROSPECTUS</td>
                <td style="width: 675px; vertical-align: top; text-align: right;">
                  <div>1</div>
                </td>
              </tr>
              <tr>
                <td style="width: 675px;">
                  <div>SUMMARY INFORMATION</div>
                </td>
                <td style="width: 675px; vertical-align: middle; text-align: right;">
                  <div>2</div>
                </td>
              </tr>
              <tr>
                <td style="width: 675px;">RISK FACTORS</td>
                <td style="width: 675px; vertical-align: middle; text-align: right;">
                  <div>3</div>
                </td>
              </tr>
              <tr>
                <td style="width: 675px;">
                  <div>FORWARD-LOOKING STATEMENTS</div>
                </td>
                <td style="width: 675px; vertical-align: middle; text-align: right;">
                  <div>4</div>
                </td>
              </tr>
              <tr>
                <td style="width: 675px;">USE OF PROCEEDS</td>
                <td style="width: 675px; vertical-align: middle; text-align: right;">
                  <div>6</div>
                </td>
              </tr>
              <tr style="height: 11px;">
                <td style="width: 675px;">
                  <div>PLAN OF DISTRIBUTION</div>
                </td>
                <td style="width: 675px; vertical-align: middle; text-align: right;">
                  <div>7</div>
                </td>
              </tr>
              <tr>
                <td style="width: 675px;">
                  <div>DESCRIPTION OF SECURITIES</div>
                </td>
                <td style="width: 675px; vertical-align: middle; text-align: right;">
                  <div>8</div>
                </td>
              </tr>
              <tr>
                <td style="width: 675px;">DESCRIPTION OF COMMON STOCK</td>
                <td style="width: 675px; vertical-align: middle; text-align: right;">
                  <div>12</div>
                </td>
              </tr>
              <tr>
                <td style="width: 675px;">
                  <div>DESCRIPTION OF PREFERRED STOCK</div>
                </td>
                <td style="width: 675px; vertical-align: middle; text-align: right;">
                  <div>13</div>
                </td>
              </tr>
              <tr>
                <td style="width: 675px;">DESCRIPTION OF DEPOSITARY SHARES</td>
                <td style="width: 675px; vertical-align: middle; text-align: right;">
                  <div>15</div>
                </td>
              </tr>
              <tr>
                <td style="width: 675px;">DESCRIPTION OF WARRANTS</td>
                <td style="width: 675px; vertical-align: middle; text-align: right;">
                  <div>17</div>
                </td>
              </tr>
              <tr>
                <td style="width: 675px;">
                  <div>DESCRIPTION OF RIGHTS</div>
                </td>
                <td style="width: 675px; vertical-align: middle; text-align: right;">
                  <div>19</div>
                </td>
              </tr>
              <tr>
                <td style="width: 675px;">CERTAIN PROVISIONS OF THE MARYLAND GENERAL CORPORATION LAW AND OUR CHARTER AND BYLAWS</td>
                <td style="width: 675px; vertical-align: middle; text-align: right;">
                  <div>20</div>
                </td>
              </tr>
              <tr>
                <td style="width: 675px;">U.S.&#160;FEDERAL INCOME TAX CONSIDERATIONS</td>
                <td style="width: 675px; vertical-align: middle; text-align: right;">
                  <div>26</div>
                </td>
              </tr>
              <tr>
                <td style="width: 675px;">BOOK-ENTRY SECURITIES</td>
                <td style="width: 675px; vertical-align: middle; text-align: right;">
                  <div>48</div>
                </td>
              </tr>
              <tr>
                <td style="width: 675px;">LEGAL MATTERS</td>
                <td style="width: 675px; vertical-align: middle; text-align: right;">
                  <div>49</div>
                </td>
              </tr>
              <tr>
                <td style="width: 675px;">
                  <div>EXPERTS</div>
                </td>
                <td style="width: 675px; vertical-align: middle; text-align: right;">
                  <div>50</div>
                </td>
              </tr>
              <tr style="height: 12px;">
                <td style="width: 675px;">WHERE YOU CAN FIND MORE INFORMATION</td>
                <td style="width: 675px; vertical-align: middle; text-align: right;">
                  <div>51</div>
                </td>
              </tr>
              <tr>
                <td style="width: 675px;">PART II INFORMATION NOT REQUIRED IN PROSPECTUS</td>
                <td style="width: 675px; text-align: right; vertical-align: top;">
                  <div>&#160;53</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 675px;">EXHIBIT INDEX</td>
                <td rowspan="1" style="width: 675px; text-align: right; vertical-align: top;">&#160;57</td>
              </tr>

          </table>
        </div>
        <br>
      </div>
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      </div>
      <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">ABOUT THIS PROSPECTUS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">This prospectus is part of a shelf registration statement.&#160; Under this shelf registration statement, we may sell any combination of common stock, preferred stock, depositary
        shares, warrants and rights in one or more offerings.&#160; You should rely only on the information provided or incorporated by reference in this prospectus, any accompanying prospectus supplement or any free writing prospectus.&#160; We have not authorized
        anyone to provide you with different or additional information.&#160; We are not making an offer to sell these securities in any jurisdiction where the offer or sale of these securities is not permitted.&#160; You should not assume that the information
        appearing in this prospectus, any accompanying prospectus supplement or any free writing prospectus or the documents incorporated by reference herein or therein is accurate as of any date other than their respective dates.&#160; Our business, financial
        condition, results of operations and prospects may have changed since those dates.&#160; You should read carefully the entirety of this prospectus, any accompanying prospectus supplement or any free writing prospectus, as well as the documents
        incorporated by reference herein or therein before making an investment decision.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">In this prospectus, unless otherwise specified or the context requires otherwise, we use the terms "company," "we," "us" and "our" to refer to Global Self Storage, Inc., a
        Maryland corporation, together with its subsidiaries.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">SUMMARY INFORMATION</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Global Self Storage, Inc., a Maryland corporation, is a self-administered and self-managed real estate investment trust ("REIT") that owns, operates, manages, acquires, and
        redevelops self storage properties in the United States.&#160; Our properties are designed to offer affordable, easily accessible, and secure storage space for residential and commercial customers.&#160; We currently own and/or manage thirteen properties
        located in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma.&#160; On January 19, 2016, we changed our name to Global Self Storage, Inc. from Self Storage Group, Inc., changed our Securities and Exchange
        Commission (the "SEC") registration from an investment company to an operating company reporting under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and listed our common stock on NASDAQ under the symbol "SELF".&#160; We have
        elected and we believe we have qualified to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2013.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our principal corporate offices are located at 3814 Route 44, Millbrook, NY 12545.&#160; Our telephone number is (212) 878-0900.&#160; Our website is www.globalselfstorage.us. The
        information on our website is not intended to form a part of or be incorporated by reference into this prospectus.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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      </div>
      <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">RISK FACTORS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-style: italic;">Investing in our securities involves a high degree of risk.&#160; Before making an investment decision, you should carefully consider the risk
          factors described in the section &#8220;Risk Factors&#8221; contained in our 2020 10-K and in subsequent periodic reports which we file with the SEC, as well as risk factors and other information in this prospectus, any accompanying prospectus supplement or
          any free writing prospectus incorporated by reference herein or therein before purchasing any of our securities.&#160; Any of these risks described could materially adversely affect our business, financial condition, results of operations, tax status
          or ability to make distributions to our stockholders.&#160; Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business operations.&#160; If this were to
          happen, the price of our securities could decline significantly, and you could lose a part or all of your investment.&#160; See "Where You Can Find More Information" beginning on page 51 of this prospectus.</font></div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">FORWARD-LOOKING STATEMENTS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-style: italic;">Certain information presented in this prospectus 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.&#160; Forward looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing
        needs, plans or intentions relating to acquisitions and other information that is not historical information.&#160; In some cases, forward looking statements can be identified by terminology such as "believes," "plans," "intends," "expects,"
        "estimates," "may," "will," "should," or "anticipates" or the negative of such terms or other comparable terminology, or by discussions of strategy.&#160; All forward-looking statements by the company involve known and unknown risks, uncertainties and
        other factors, many of which are beyond the control of the company, which may cause the company's actual results to be materially different from those expressed or implied by such statements.&#160; We may also make additional forward-looking statements
        from time to time.&#160; All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements.&#160; All forward-looking statements, including without limitation,
        management's examination of historical operating trends and estimates of future earnings, are based upon our current expectations and various assumptions.&#160; Our expectations, beliefs and projections are expressed in good faith and we believe there
        is a reasonable basis for them, but there can be no assurance that management's expectations, beliefs and projections will result or be achieved.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">All forward looking statements apply only as of the date made.&#160; Except as may be required by law, we undertake 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.&#160; There are a number of risks and uncertainties that could cause our actual results to differ materially from
        the forward- looking statements contained in or contemplated by this prospectus.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this
        prospectus.&#160; Any forward-looking statements should be considered in light of the risks referenced in "Risk Factors" beginning on page 3 of this prospectus and in "Item 1A.&#160; Risk Factors" included in the 2020 10-K and in the other documents that we
        file pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus, which will be considered to be incorporated by reference into this prospectus and any accompanying prospectus supplement.&#160; Such factors
        include, but are not limited to:
        <div><br>
        </div>
        <br>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">general risks associated with the ownership and operation of real estate, including changes in demand, risks related to development or redevelopment (including expansion) of self
                  storage properties, potential liability for environmental contamination, natural disasters and adverse changes in tax, real estate and zoning laws and regulations;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">risks associated with downturns in the national and local economies in the markets in which we operate, including risks related to current economic conditions and the economic health of
                  our customers;</div>
              </td>
            </tr>

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

              <tr>
                <td style="width: 72.05pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify; margin-bottom: 10pt;">the impact of competition from new and existing self storage and commercial properties and other storage alternatives;</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 72.05pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify; margin-bottom: 10pt;">difficulties in our ability to successfully evaluate, finance, integrate into our existing operations, and manage acquired and developed properties;</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 72.05pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify; margin-bottom: 10pt;">risks related to our development of new properties and expansions and related lease up at our existing properties and/or participation in joint ventures;</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 72.05pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify; margin-bottom: 10pt;">risks of ongoing litigation and other legal and regulatory actions, which may divert management's time and attention, require us to pay damages and expenses or restrict the operation
                    of our business;</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 72.05pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify; margin-bottom: 10pt;">the impact of the regulatory environment as well as national, state, and local laws and regulations including, without limitation, those governing the environment, taxes and our
                    tenant reinsurance business and REITs, and risks related to the impact of new laws and regulations;</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">risk of increased tax expense associated either with a possible failure by us to qualify as a REIT, or with challenges to intercompany transactions with our taxable REIT subsidiaries;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">changes in federal or state tax laws related to the taxation of REITs, which could impact our status as a REIT;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">increases in taxes, fees and assessments from state and local jurisdictions;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">security breaches or a failure of our networks, systems or technology;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">our ability to obtain and maintain financing arrangements on favorable terms;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">market trends in our industry, interest rates, the debt and lending markets or the general economy;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the timing of acquisitions and our ability to execute on our acquisition pipeline;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">general volatility of the securities markets in which we participate;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">changes in the value of our assets;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">changes in interest rates and the degree to which our hedging strategies may or may not protect us from interest rate volatility;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">our ability to continue to qualify and maintain our qualification as a REIT for U.S. federal income tax purposes;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">availability of qualified personnel;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">difficulties in raising capital at a reasonable cost;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">fiscal policies or inaction at the U.S. federal government level, which may lead to federal government shutdowns or negative impacts on the U.S economy;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">estimates relating to our ability to make distributions to our stockholders in the future;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">our ability to receive forgiveness for our proportionate share of the Paycheck Protection Program loan; and</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">economic uncertainty due to the impact of terrorism, infectious or contagious diseases or pandemics, or war.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <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; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">USE OF PROCEEDS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Unless otherwise specified in the applicable prospectus supplement, we intend to use the net proceeds from the sale of any securities pursuant to this prospectus and any
        accompanying prospectus supplement or any free writing prospectus to acquire or develop additional assets, repay indebtedness or for general corporate purposes and working capital.&#160; Further details regarding the use of proceeds from the sale of
        specific securities will be set forth in the applicable prospectus supplement.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <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; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">PLAN OF DISTRIBUTION</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-style: italic;">We may sell the securities to one or more underwriters for public offering and sale by them or may sell the securities to investors directly or through
        agents.&#160; Any underwriter or agent involved in the offer and sale of the securities will be named in the applicable prospectus supplement.&#160; Underwriters and agents in any distribution contemplated hereby may from time to time be designated on terms
        to be set forth in the applicable prospectus supplement.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Underwriters or agents could make sales in privately negotiated transactions and any other method permitted by law.&#160; Securities may be sold in one or more of the following
        transactions:&#160; (a) block transactions (which may involve crosses) in which a broker-dealer may sell all or a portion of the securities as agent but may position and resell all or a portion of the block as principal to facilitate the transaction;
        (b) purchases by a broker-dealer as principal and resale by the broker-dealer for its own account pursuant to a prospectus supplement; (c) a special offering, an exchange distribution or a secondary distribution in accordance with applicable NASDAQ
        or other stock exchange rules; (d)&#160;ordinary brokerage transactions and transactions in which a broker-dealer solicits purchasers; (e) "at the market" offerings or sales "at the market," within the meaning of Rule 415(a)(4) of the Securities Act of
        1933, as amended (the "Securities Act"), to or through a market maker or into an existing trading market on an exchange or otherwise; (f)&#160;sales in other ways not involving market makers or established trading markets, including direct sales to
        purchasers; or (g) through a combination of any of these methods.&#160; Broker-dealers may also receive compensation from purchasers of these securities which is not expected to exceed those customary in the types of transactions involved.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Underwriters or agents may offer and sell the securities at a fixed price or prices, which may be changed in relation to the prevailing market prices at the time of sale or at
        negotiated prices.&#160; We also may, from time to time, authorize underwriters acting as our agents to offer and sell the securities upon the terms and conditions as are set forth in the applicable prospectus supplement.&#160; In connection with the sale of
        securities, underwriters or agents may be deemed to have received compensation from us in the form of underwriting discounts or commissions and may also receive commissions from purchasers of securities for whom they may act as agent.&#160; Underwriters
        or agents may sell securities to or through dealers, and the dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters or the agents and/or commissions from the purchasers for whom they may act as
        agent.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Any underwriting compensation paid by us to underwriters or agents in connection with the offering of securities, and any discounts, concessions or commissions allowed by
        underwriters or agents to participating dealers, will be set forth in the applicable prospectus supplement.&#160; If indicated in the applicable prospectus supplement, we may authorize underwriters or other agents to solicit offers by institutions to
        purchase securities from it pursuant to contracts providing for payment and delivery on a future date.&#160; Institutions with which it may make these delayed delivery contracts include commercial and savings banks, insurance companies, pension funds,
        investment companies, educational and charitable institutions and others.&#160; Underwriters, dealers and agents participating in the distribution of the securities may be deemed to be underwriters, and any discounts and commissions received by them and
        any profit realized by them on resale of the securities may be deemed to be underwriting discounts and commissions, under the Securities Act.&#160; Underwriters, dealers and agents may be entitled, under agreements entered into with us to
        indemnification against and contribution toward civil liabilities, including liabilities under the Securities Act.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We may have agreements with the underwriters, dealers, agents and remarketing firms to indemnify them against certain civil liabilities, including liabilities under the
        Securities Act, or to contribute with respect to payments that the underwriters, dealers, agents or remarketing firms may be required to make.&#160; Underwriters, dealers, agents and remarketing firms may be customers of, engage in transactions with or
        perform services for us in the ordinary course of their businesses.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Any securities issued hereunder (other than common stock) will be new issues of securities with no established trading market.&#160; Any underwriters or agents to or through whom
        such securities are sold by us for public offering and sale may make a market in such securities, but such underwriters or agents will not be obligated to do so and may discontinue any market making at any time without notice.&#160; We cannot assure you
        as to the liquidity of the trading market for any such securities.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <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; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">DESCRIPTION OF SECURITIES</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-style: italic;">This prospectus contains summary descriptions of the material terms of the common stock, preferred stock, depositary shares, warrants and rights that we may
        offer and sell from time to time.&#160; These summary descriptions are not meant to be complete descriptions of each security.&#160; The particular terms of any security will be described in the applicable prospectus supplement and are subject to and
        qualified in their entirety by reference to Maryland law and our articles of amendment and restatement ("our charter") and second amended and restated bylaws ("our bylaws").&#160; See "Where You Can Find More Information."</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our charter provides that we may issue up to 450,000,000 shares of common stock, $0.01 par value per share, and up to 50,000,000 shares of preferred stock, $0.01 par value per
        share.&#160; Our charter authorizes our board of directors to amend our charter from time to time to increase or decrease the aggregate number of authorized shares of stock or the number of shares of stock of any class or series that we have authority
        to issue without stockholder approval.&#160; As of November 26<font style="font-weight: bold;">, </font>2021, 10,708,613 shares of common stock were issued and outstanding.&#160; Under Maryland law, stockholders are not generally liable for our debts or
        obligations solely as a result of their status as stockholders.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Power to Reclassify Our Unissued Shares of Common Stock</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our charter authorizes our board of directors to classify and reclassify any unissued shares of common or preferred stock into other classes or series of stock.&#160; Prior to the
        issuance of shares of each class or series, our board of directors is required by Maryland law and by our charter to set, subject to the provisions of our charter regarding restrictions on ownership and transfer of our stock, the preferences,
        conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of redemption for each class or series.&#160; Therefore, our board of directors could authorize the
        issuance of shares of common or preferred stock with terms and conditions that may have the effect of delaying, deferring or preventing a change in control or other transaction that might involve a premium price for our shares of common stock or
        otherwise be in the best interest of our stockholders.&#160; No shares of preferred stock are presently outstanding, and we have no present plans to issue any shares of preferred stock.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Power to Increase or Decrease Authorized Shares of Common Stock and Issue Additional Shares
          of Common and Preferred Stock</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We believe the power of our board of directors to amend our charter from time to time to increase or decrease the number of authorized shares of stock, to issue additional
        authorized but unissued shares of common or preferred stock and to classify or reclassify unissued shares of common or preferred stock and thereafter to issue such classified or reclassified shares of stock will provide us with increased
        flexibility in structuring possible future financings and acquisitions and in meeting other needs that might arise.&#160; The additional classes or series, as well as the additional shares of common stock, will be available for issuance without further
        action by our stockholders, unless such approval is required by applicable law or the rules of any stock exchange or automated quotation system on which our securities may be listed or traded.&#160; Although our board of directors does not intend to do
        so, it could authorize us to issue a class or series of stock that may, depending upon the terms of the particular class or series, delay, defer or prevent a change in control or other transaction that might involve a premium price for our shares
        of common stock or otherwise be in the best interest of our stockholders.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Restrictions on Ownership and Transfer</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">In order for us to qualify as a REIT under Internal Revenue Code of 1986, as amended (the "Code"), our shares of stock must be beneficially owned by 100 or more persons during
        at least 335 days of a taxable year of 12 months (other than the first year for which an election to be a REIT has been made) or during a proportionate part of a shorter taxable year.&#160; In addition, no more than 50% of the value of the outstanding
        shares of stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the Code to include certain entities) during the last half of any taxable year (other than the first year for which an election to be a REIT has been
        made).&#160; To qualify as a REIT, we must satisfy other requirements as well.&#160; See "U.S. Federal Income Tax Considerations&#8212;Requirements for Qualification&#8212;General."</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our charter contains restrictions on the ownership and transfer of our shares of common stock and other outstanding shares of stock.&#160; The relevant sections of our charter
        provide that no person or entity may own, or be </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div style="margin: 0px 0px 10pt; text-align: justify;">deemed to own, by virtue of the applicable constructive ownership provisions of the Code, more than 9.8% in value or number of shares, whichever is more restrictive, of the outstanding shares of
        our common stock (the common stock ownership limit), or 9.8% in value or number of shares, whichever is more restrictive, of the outstanding shares of all classes and series of our capital stock (the aggregate stock ownership limit).&#160; We refer to
        the common stock ownership limit and the aggregate stock ownership limit collectively as the "ownership limits."&#160; A person or entity that, but for operation of the ownership limits or another restriction on ownership and transfer of our stock as
        described below, would beneficially own or be deemed to beneficially own, by virtue of the applicable constructive ownership provisions of the Code, shares of our stock and/or, if appropriate in the context, a person or entity that would have been
        the record owner of such shares of our stock is referred to as a "prohibited owner."</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The constructive ownership rules under the Code are complex and may cause shares of stock owned actually or constructively by a group of related individuals and/or entities to
        be owned constructively by one individual or entity.&#160; As a result, the acquisition of less than 9.8% in value or number of shares, whichever is more restrictive, of the outstanding shares of our common stock or 9.8% in value or number of shares,
        whichever is more restrictive, of the outstanding shares of all classes or series of our stock (or the acquisition of an interest in an entity that owns, actually or constructively, shares of our stock) by an individual or entity, could,
        nevertheless, cause that individual or entity, or another individual or entity, to own shares constructively in excess of the ownership limits.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our board of directors may, in its sole and absolute discretion and subject to the receipt of such certain representations, covenants and undertakings deemed reasonably
        necessary by the board, prospectively or retroactively, exempt a person from the ownership limits and establish an excepted holder limit for such person.&#160; However, our board of directors may not exempt any person whose ownership of our outstanding
        stock would result in our being "closely held" within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year) or otherwise would result in our failing to qualify as
        a REIT.&#160; In order to be considered by the board of directors for exemption, a person also must provide our board of directors with information and undertakings requested by our board of directors that such person does not own, actually or
        constructively, an interest in one of our tenants (or a tenant of any entity which we own or control) that would cause us to own beneficially or constructively more than a 9.9% interest in the tenant unless the amount of income derived by us from
        such tenant would not adversely affect our ability to qualify as a REIT.&#160; The person seeking an exemption must provide representations and undertakings to the satisfaction of our board of directors that it will not violate these restrictions.&#160; The
        person also must agree that any violation or attempted violation of these restrictions will result in the automatic transfer to a trust of the shares of stock causing the violation.&#160; As a condition of its waiver, our board of directors may require
        an opinion of counsel or the IRS ruling satisfactory to our board of directors with respect to our qualification as a REIT.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">In connection with the waiver of the ownership limits, creating an excepted holder limit or at any other time, our board of directors may, in its sole and absolute discretion,
        from time to time increase or decrease the ownership limits subject to the restrictions in the paragraph above; provided, however, that the ownership limits may not be decreased or increased if, after giving effect to such decrease or increase,
        five or fewer persons could own or beneficially own in the aggregate, more than 49.9% in value of our shares then outstanding.&#160; Prior to the modification of the ownership limits, our board of directors may require such opinions of counsel,
        affidavits, undertakings or agreements as it may deem necessary or advisable in order to determine or ensure our qualification as a REIT.&#160; Reduced ownership limits will not apply to any person or entity whose percentage ownership in our shares of
        common stock or stock of all classes and series, as applicable, is in excess of such decreased ownership limits until such time as such person's or entity's percentage ownership of our common stock or stock of all classes and series, as applicable,
        equals or falls below the decreased ownership limits, but any further acquisition of shares of our common stock or stock of all classes and series, as applicable, in excess of such percentage ownership of our shares of common stock or total shares
        of stock will be in violation of the ownership limits.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our charter further prohibits:<br>
        <div><br>
        </div>
        <div>
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                  <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
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                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify; margin-bottom: 10pt;">any person from beneficially or constructively owning (taking into account applicable attribution rules under the Code) shares of our stock that would result in our being "closely
                    held" under Section 856(h) of the Code or otherwise cause us to fail to qualify as a REIT (including, without limitation, any person beneficially or constructively owning shares of our stock that would result in us owning (directly or
                    indirectly) an interest in a tenant that is described in Section 856(d)(2)(B) of the Code if the income derived by us from such tenant would cause us to fail to satisfy any of the gross income requirements of Section 856(c) of the
                    Code); and</div>
                </td>
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          </table>
        </div>
        <div><br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
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        </div>
        <br>
      </div>
      <div>
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              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">any person from transferring our shares of stock if such transfer would result in our shares of stock being beneficially owned by fewer than 100 persons (determined, as a general
                  matter, without reference to any attribution rules).</div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Any person who acquires or attempts or intends to acquire beneficial or constructive ownership of shares of our stock that will or may violate the ownership limits or any of
        the foregoing restrictions on ownership and transfer will be required to give written notice immediately to us (or, in the case of a proposed or attempted acquisition, at least 15 days prior written notice to us) and provide us with such other
        information as we may request in order to determine the effect of such transfer on our qualification as a REIT.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">If any transfer of shares of our stock would result in shares of our stock being beneficially owned by fewer than 100 persons, such transfer will be null and void and the
        intended transferee will acquire no rights in such shares.&#160; In addition, if any purported transfer of shares of our stock or any other event would otherwise result in any person violating the ownership limits or such other limit established by our
        board of directors or in our being "closely held" under Section 856(h) of the Code or otherwise failing to qualify as a REIT, then generally that number of shares (rounded up to the nearest whole share) that would cause us to violate such
        restrictions will be automatically transferred to, and held by, a trust for the exclusive benefit of one or more charitable organizations selected by us and the intended transferee will acquire no rights in such shares.&#160; The automatic transfer will
        be effective as of the close of business on the business day prior to the date of the violative transfer or other event that results in a transfer to the trust.&#160; Any dividend or other distribution paid to the prohibited owner, prior to our
        discovery that the shares had been automatically transferred to a trust as described above, must be repaid to the trustee upon demand for the benefit of the charitable beneficiary of the trust.&#160; If the transfer to the trust as described above is
        not automatically effective, for any reason, to prevent violation of the applicable ownership limits, or our being "closely held" under Section 856(h) of the Code or otherwise failing to qualify as a REIT or the ownership and transfer restrictions
        described above, then our charter provides that the transfer of the shares will be null and void.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Shares of stock transferred to the trustee are deemed offered for sale to us, or our designee, at a price per share equal to the lesser of (i) the price paid by the prohibited
        owner for the shares (or, in the event of a gift, devise or other such transaction, the last reported sales price reported on NASDAQ (or other applicable exchange) at the time of the gift, devise or other such transaction) and (ii) the market price
        on the date we, or our designee, accepts such offer.&#160; We have the right to accept such offer until the trustee has sold the shares of our stock held in the trust pursuant to the clauses discussed below.&#160; Upon a sale to us, the interest of the
        charitable beneficiary in the shares sold terminates, the trustee must distribute the net proceeds of the sale to the prohibited owner, but the trustee may reduce the amount payable to the prohibited owner by the amount of dividends and other
        distributions which have been paid to the prohibited owner and are owed by the prohibited owner to the trustee.&#160; To the extent the prohibited owner would receive an amount for such shares that exceeds the amount that such prohibited owner would
        have been entitled to receive had the trustee sold the shares held in the trust to a third party, such excess shall be retained by the trustee for the benefit of the charitable beneficiary.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">If we do not buy the shares, the trustee must, within 20 days of receiving notice from us of the transfer of shares to the trust, use best efforts to sell the shares to a
        person designated by the trustee who could own the shares without violating the ownership limitations set forth in the charter.&#160; Upon such sale, the trustee must distribute to the prohibited owner an amount equal to the lesser of (i) the price paid
        by the prohibited owner for the shares (or, in the event of a gift, devise or other such transaction, the last reported sales price reported on NASDAQ (or other applicable exchange) on the day of the event which resulted in the transfer of such
        shares of stock to the trust) and (ii) the sales proceeds (net of commissions and other expenses of sale) received by the trustee for the shares.&#160; The trustee will reduce the amount payable to the prohibited owner by the amount of dividends and
        other distributions which have been paid to the prohibited owner and are owed by the prohibited owner to the trustee.&#160; Any net sales proceeds in excess of the amount payable to the prohibited owner will be immediately paid to the beneficiary of the
        trust and any dividend or other distribution paid to trustee shall be held in trust for the charitable beneficiary.&#160; In addition, if, prior to discovery by us that shares of stock have been transferred to a trust, such shares of stock are sold by a
        prohibited owner, then such shares will be deemed to have been sold on behalf of the trust and to the extent that the prohibited owner received an amount for such shares that exceeds the amount that such prohibited owner was entitled to receive, </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
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      </div>
      <div style="margin: 0px 0px 10pt; text-align: justify;">such excess amount will be paid to the trustee upon demand.&#160; The prohibited owner has no rights in the shares held by the trustee.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The trustee will be designated by us and will be unaffiliated with us and with any prohibited owner.&#160; Prior to the sale of any shares by the trust, the trustee will receive, in
        trust for the beneficiary of the trust, all dividends and other distributions paid by us with respect to the shares held in trust and may also exercise all voting rights with respect to the shares held in trust.&#160; These rights will be exercised for
        the exclusive benefit of the beneficiary of the trust.&#160; Any dividend or other distribution paid prior to our discovery that shares of stock have been transferred to the trust will be paid by the recipient to the trustee upon demand.&#160; Any dividend
        or other distribution authorized but unpaid will be paid when due to the trustee.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Subject to Maryland law, effective as of the date that the shares have been transferred to the trust, the trustee will have the authority, at the trustee's sole discretion:</div>
      <div>
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                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">to rescind as void any vote cast by a prohibited owner prior to our discovery that the shares have been transferred to the trust; and</div>
              </td>
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        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

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              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">to recast the vote in accordance with the desires of the trustee acting for the benefit of the beneficiary of the trust.</div>
              </td>
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        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">However, if we have already taken irreversible corporate action, then the trustee may not rescind and recast the vote.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">In addition, if our board of directors determine that a proposed transfer would violate the restrictions on ownership and transfer of our shares of stock set forth in our
        charter, our board of directors will take such action as it deems or they deem advisable to refuse to give effect to or to prevent such transfer, including, but not limited to, causing us to redeem the shares of stock, refusing to give effect to
        the transfer on our books or instituting proceedings to enjoin the transfer.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Every owner of 5% or more (or such lower percentage as required by the Code or the regulations promulgated thereunder) of our stock, within 30 days after the end of each
        taxable year, is required to give us written notice, stating the stockholder's name and address, the number of shares of each class and series of our stock that the stockholder beneficially or constructively owns and a description of the manner in
        which the shares are held.&#160; Each such owner must provide us with such additional information as we may request in order to determine the effect of the stockholder's beneficial or constructive ownership on our qualification as a REIT and to ensure
        compliance with the ownership limits.&#160; In addition, each stockholder must provide us with such information as we may request in good faith in order to determine our qualification as a REIT and to comply with the requirements of any taxing authority
        or governmental authority or to determine such compliance.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Any certificates, or written statements of information delivered in lieu of certificates, representing shares of our stock will bear a legend referring to the restrictions
        described above.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">These restrictions on ownership and transfer will not apply if our board of directors determines that it is no longer in our best interests to qualify as a REIT or that
        compliance with such provisions is no longer required for REIT qualification.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">These ownership limits could delay, defer or prevent a transaction or a change in control that might involve a premium price for our common stock or otherwise be in the best
        interest of our stockholders.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">DESCRIPTION OF COMMON STOCK</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-style: italic;">The following is a summary of the material terms of our shares of common stock.&#160; This summary does not purport to be complete and is subject to and
        qualified in its entirety by reference to the MGCL, our charter and bylaws.&#160; See "Where You Can Find More Information."</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Common Stock</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">All shares of common stock issued and outstanding are fully paid and nonassessable.&#160; Subject to the preferential rights of any other class or series of our stock and to the
        provisions of our charter regarding the restrictions on ownership and transfer of our stock, holders of shares of common stock are entitled to receive distributions on such shares of common stock out of assets legally available therefor if, as and
        when authorized by our board of directors and declared by us, and the holders of our shares of common stock are entitled to share ratably in our assets legally available for distribution to our stockholders in the event of our liquidation,
        dissolution or winding up after payment of or adequate provision for all our known debts and liabilities.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Subject to the provisions of our charter regarding the restrictions on ownership and transfer of our stock and except as may otherwise be specified in our charter, each
        outstanding share of common stock entitles the holder thereof to one vote on all matters on which the stockholders of common stock are entitled to vote, including the election of directors, and, except as provided with respect to any other class or
        series of stock, the holders of shares of common stock will vote together as a single class and will possess the exclusive voting power.&#160; Unless nominations of all nominees for director are approved by a majority of the Continuing Directors (as
        defined below), the affirmative vote of the holders of at least two- thirds of the outstanding shares of all classes of voting stock, voting together, is required to elect a director.&#160; If the nominations of all nominees for director are approved by
        a majority of the Continuing Directors, a plurality of all votes cast at a meeting at which a quorum is present is sufficient.&#160; "Continuing Director" means (i) each of Russell E. Burke III, George B. Langa, Mark C. Winmill, Thomas B. Winmill and
        William C. Zachary ("Current Directors"), (ii) directors whose nomination for election by our stockholders or by the directors to fill vacancies is approved by a majority of the Current Directors then serving or (iii) any successor directors whose
        nomination for election by the stockholders or by the directors to fill vacancies is approved by a majority of the Continuing Directors or the successor Continuing Directors then in office.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Holders of shares of common stock have no preference, conversion, exchange, sinking fund or redemption rights, have no preemptive rights to subscribe for any securities of our
        company and generally have no appraisal rights unless our board of directors determines that appraisal rights apply, with respect to all or any such classes or series of stock, to one or more transactions occurring after the date of such
        determination in connection with which holders of such shares would otherwise be entitled to exercise appraisal rights.&#160; Subject to the provisions of our charter regarding the restrictions on ownership and transfer of our stock and except as
        otherwise provided in our charter, shares of common stock will have equal distribution, liquidation and other rights.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Under the MGCL, a Maryland corporation generally cannot dissolve, amend its charter, merge or consolidate with, or convert into, another entity, sell all or substantially all
        of its assets or engage in a share exchange unless the action is approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter unless a lesser percentage (but not less than a
        majority of all of the votes entitled to be cast on the matter) is specified in the corporation's charter.&#160; Our charter provides that these actions (other than certain amendments to the provisions of our charter related to the removal of directors
        and the vote required to amend certain provisions) may be approved by stockholders entitled to cast a majority of all of the votes entitled to be cast on the matter.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Transfer Agent and Registrar</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The transfer agent and registrar for our shares of common stock is American Stock Transfer &amp; Trust Company, LLC.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
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      </div>
      <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">DESCRIPTION OF PREFERRED STOCK</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">General</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our charter provides that we may issue up to 50,000,000 shares of preferred stock, $0.01 par value per share.&#160; As of September 30, 2021, we had no outstanding shares of
        preferred stock.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Preferred stock may be issued independently or together with any other securities and may be attached to or separate from the securities.&#160; The following description of the
        preferred stock sets forth general terms and provisions of the preferred stock to which any prospectus supplement may relate.&#160; The statements below describing the preferred stock are in all respects subject to and qualified in their entirety by
        reference to the applicable provisions of our charter and bylaws setting forth the terms of a class or series of preferred stock.&#160; The issuance of preferred stock could adversely affect the voting power, dividend rights and other rights of holders
        of common stock.&#160; Although our board of directors does not have this intention at the present time, it or a duly authorized committee could establish another class or series of preferred stock, that could, depending on the terms of the series,
        delay, defer or prevent a transaction or a change in control of our company that might involve a premium price for the common stock or otherwise be in the best interest of the holders thereof.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Terms</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Subject to the limitations prescribed by our charter, our board of directors is authorized to classify any unissued shares of preferred stock and to reclassify any previously
        classified but unissued shares of preferred stock into other classes or series of stock.&#160; Our board of directors may fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions,
        qualifications and terms and conditions of redemption for each class or series.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Reference is made to the applicable prospectus supplement relating to the class or series of preferred stock offered thereby for the specific terms thereof, including:</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the designation of the class or series of preferred stock;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the number of shares of preferred stock of the class or series, the liquidation preference of the shares of preferred stock and the offering price of the shares of preferred stock;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the dividend rate(s), period(s) and/or payment day(s) or method(s) of calculation thereof applicable to the class or series of preferred stock;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the date from which dividends on the class or series of preferred stock shall accumulate, if applicable;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the procedures for any auction and remarketing, if any, for the class or series of preferred stock;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the provision for a sinking fund, if any, for the class or series of preferred stock;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the provisions for redemption, if applicable, of the class or series of preferred stock;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">any listing of the preferred stock on any securities exchange;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the terms and conditions, if applicable, upon which the class or series of preferred stock may or will be convertible into our common stock or other securities, including the conversion
                  price or manner of calculation thereof;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the relative ranking and preferences of the class or series of preferred stock as to dividend rights and rights upon liquidation, dissolution or winding up of our affairs;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">whether interests in the preferred stock will be represented by depositary shares;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">any additional limitations on ownership and restrictions on transfer of the class or series of preferred stock;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">any limitations on the issuance of any class or series of preferred stock ranking senior or equal to the class or series of preferred stock being offered as to dividend rights and
                  rights upon liquidation, dissolution or the winding up of our affairs;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">a discussion of U.S. federal income tax considerations applicable to the preferred stock; and</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">any other specific terms, preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and
                  conditions of redemption of the preferred stock.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The terms of each class or series of preferred stock will be described in any prospectus supplement related to such class or series of preferred stock and will contain a
        discussion of any material Maryland law or material U.S. federal income tax considerations applicable to the preferred stock.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Transfer Agent and Registrar</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We will name the registrar and transfer agent for the preferred stock in the applicable prospectus supplement.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <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; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">DESCRIPTION OF DEPOSITARY SHARES</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-style: italic;">We may, at our option, elect to offer depositary shares that will represent ownership of and entitlement to all rights and preferences of a fraction of a
        share of preferred stock of a specified class or series (including dividend, voting, redemption and liquidation rights).&#160; The applicable fraction will be specified in a prospectus supplement.&#160; The shares of preferred stock represented by the
        depositary shares will be deposited with a depositary named in the applicable prospectus supplement, under a deposit agreement, among our company, the depositary and the holders of the certificates evidencing depositary shares, or depositary
        receipts as specified in the applicable prospectus supplement.&#160; Depositary receipts will be delivered to those persons purchasing depositary shares in the offering.&#160; The depositary will be the transfer agent, registrar and dividend disbursing agent
        for the depositary shares.&#160; Holders of depositary receipts agree to be bound by the deposit agreement, which requires holders to take certain actions such as filing proof of residence and paying certain charges.&#160; We will file with the SEC any
        executed deposit agreement and form of depositary receipt.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The summary of terms of the depositary shares contained in this prospectus does not purport to be complete and is subject to, and qualified in its entirety by, the provisions
        of the deposit agreement and the articles supplementary for the applicable class or series of preferred stock.&#160; While the deposit agreement relating to a particular class or series of preferred stock may have provisions applicable solely to that
        class or series of preferred stock, all deposit agreements relating to preferred stock we issue will include the following provisions:</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Dividends and Other Distributions</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Each time we pay a cash dividend or make any other type of cash distribution with regard to preferred stock of a class or series, the depositary will distribute to the holder
        of record of each depositary share relating to that class or series of preferred stock an amount equal to the dividend or other distribution per depositary share that the depositary receives.&#160; If there is a distribution of property other than cash,
        the depositary either will distribute the property to the holders of depositary shares in proportion to the depositary shares held by each of them, or the depositary will, if we approve, sell the property and distribute the net proceeds to the
        holders of the depositary shares in proportion to the depositary shares held by them.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Withdrawal of Preferred Stock</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">A holder of depositary shares will be entitled to receive, upon surrender of depositary receipts representing depositary shares, the number of whole or fractional shares of the
        applicable class or series of preferred stock and any money or other property to which the depositary shares relate.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Redemption of Depositary Shares</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Whenever we redeem shares of preferred stock held by a depositary, the depositary will be required to redeem, on the same redemption date, depositary shares constituting, in
        total, the number of shares of preferred stock held by the depositary which we redeem, subject to the depositary's receiving the redemption price of those shares of preferred stock.&#160; If fewer than all the depositary shares relating to a class or
        series of preferred stock are to be redeemed, the depositary shares to be redeemed will be selected by lot or by another method we determine to be equitable.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Voting</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Any time we send a notice of meeting or other materials relating to a meeting to the holders of a class or series of preferred stock to which depositary shares relate, we will
        provide the depositary with sufficient copies of those materials so they can be sent to all holders of record of the applicable depositary shares, and the depositary will send those materials to the holders of record of the depositary shares on the
        record date for the meeting.&#160; The depositary will solicit voting instructions from holders of depositary shares and will vote or not vote the shares of preferred stock to which the depositary shares relate in accordance with those instructions.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Liquidation Preference</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Upon our liquidation, dissolution or winding up, the holder of each depositary share will be entitled to what the holder of the depositary share would have received if the
        holder had owned the number of shares (or fraction of a share) of preferred stock represented by the depositary share.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Conversion</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">If shares of a class or series of preferred stock are convertible into common stock or other of our securities or property, holders of depositary shares relating to that class
        or series of preferred stock will, if they surrender depositary receipts representing depositary shares and appropriate instructions to convert them, receive the shares of common stock or other securities or property into which the number of shares
        (or fractions of shares) of preferred stock to which the depositary shares relate could at the time be converted.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Amendment and Termination of a Deposit Agreement</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We and the depositary may amend a deposit agreement, except that an amendment which materially and adversely affects the rights of holders of depositary shares, or would be
        materially and adversely inconsistent with the rights granted to the holders of the class or series of preferred stock to which they relate, must be approved by holders of at least two-thirds of the outstanding depositary shares.&#160; No amendment will
        impair the right of a holder of depositary shares to surrender the depositary receipts evidencing those depositary shares and receive the shares of preferred stock to which they relate, except as required to comply with law.&#160; We may terminate a
        deposit agreement with the consent of holders of a majority of the depositary shares to which it relates.&#160; Upon termination of a deposit agreement, the depositary will make the whole or fractional shares of preferred stock to which the depositary
        shares issued under the deposit agreement relate available to the holders of those depositary shares.&#160; A deposit agreement will automatically terminate if:</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">all outstanding depositary shares to which it relates have been redeemed or converted; or</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the depositary has made a final distribution to the holders of the depositary shares issued under the deposit agreement upon our liquidation, dissolution or winding up.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Miscellaneous</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">There will be provisions:&#160; (1) requiring the depositary to forward to holders of record of depositary shares any reports or communications from us which the depositary receives
        with respect to the class or series of preferred stock to which the depositary shares relate; (2) regarding compensation of the depositary; (3) regarding resignation of the depositary; (4) limiting our liability and the liability of the depositary
        under the deposit agreement (generally limited to failure to act in good faith, gross negligence or willful misconduct); and (5) indemnifying the depositary against certain possible liabilities.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Reference is made to the prospectus supplement relating to the depositary shares offered thereby for the specific terms thereof, including, but not limited to, a discussion of
        U.S. federal income tax considerations applicable to the depositary shares.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <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; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">DESCRIPTION OF WARRANTS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-style: italic;">We may issue warrants for the purchase of shares of common stock, preferred stock or depositary shares and may issue warrants independently or together with
        common stock, preferred stock or depositary shares or attached to, or separate from, such securities.&#160; We will issue each series of warrants under a separate warrant agreement between us and a bank or trust company as warrant agent, as specified in
        the applicable prospectus supplement.&#160; We will file with the SEC any executed warrant agreement and form of warrant agreement and the form of the warrant certificate will be filed with the SEC and incorporated by reference as an exhibit to the
        registration statement of which this prospectus is a part.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The warrant agent will act solely as our agent in connection with the warrants and will not act for or on behalf of warrant holders.&#160; The following sets forth certain general
        terms and provisions of the warrants that may be offered under this registration statement.&#160; Further terms of the warrants and the applicable warrant agreement will be set forth in the applicable prospectus supplement.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The applicable prospectus supplement will describe the terms of the warrants in respect of which this prospectus is being delivered, including, where applicable, the following:</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the title of such warrants;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the aggregate number of such warrants;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the price or prices at which such warrants will be issued;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the type and number of securities purchasable upon exercise of such warrants;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the designation and terms of the other securities, if any, with which such warrants are issued and the number of such warrants issued with each such offered security;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the date, if any, on and after which such warrants and the related securities will be separately transferable;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the price at which each security purchasable upon exercise of such warrants may be purchased;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the date on which the right to exercise such warrants shall commence and the date on which such right shall expire;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the minimum or maximum amount of such warrants that may be exercised at any one time;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">information with respect to book-entry procedures, if any;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">any anti-dilution protection;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">a discussion of certain U.S. federal income tax considerations; and</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">any other terms of such warrants, including terms, procedures and limitations relating to the transferability, exercise and exchange of such warrants.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Warrant certificates will be exchangeable for new warrant certificates of different denominations and warrants may be exercised at the corporate trust office of the warrant
        agent or any other office indicated in the applicable prospectus supplement.&#160; Prior to the exercise of their warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon such exercise or to any
        dividend payments or voting rights as to which holders of shares of common stock, preferred stock or depositary shares purchasable upon such exercise may be entitled.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Each warrant will entitle the holder to purchase for cash such number of shares of common stock, preferred stock or depositary shares, at such exercise price as shall, in each
        case, be set forth in, or be determinable as set forth </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin: 0px 0px 10pt; text-align: justify;">in, the applicable prospectus supplement relating to the warrants offered thereby.&#160; After the expiration date set forth in the applicable prospectus supplement, unexercised warrants will be
        void.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Warrants may be exercised as set forth in the applicable prospectus supplement relating to the warrants.&#160; Upon receipt of payment and the warrant certificate properly completed
        and duly executed at the corporate trust office of the warrant agent or any other office indicated in the applicable prospectus supplement, we will, as soon as practicable, forward the securities purchasable upon such exercise.&#160; If less than all of
        the warrants are presented for exercise with respect to a warrant certificate, a new warrant certificate will be issued for the remaining amount of warrants.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <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; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">DESCRIPTION OF RIGHTS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-style: italic;">We may issue rights to our stockholders to purchase shares of common stock or preferred stock.&#160; Each series of rights may be issued under a separate
        agreement to be entered into between us and a bank or trust company, as subscription agent, or in a similar capacity, all as set forth in the prospectus supplement relating to the particular issue of rights.&#160; Such agent will act solely as our agent
        in connection with the certificates relating to the rights of such series and will not assume any obligation or relationship of agency or trust for or with any holders of rights certificates or beneficial owners of rights.&#160; We will file with the
        SEC any material agreements or rights certificates relating to each series of rights.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The applicable prospectus supplement will describe the terms of the rights to be issued, including the following, where applicable:</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the date for determining the stockholders entitled to the rights distribution;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the aggregate number of shares of common stock or preferred stock purchasable upon exercise of such rights and the exercise price;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the designation and terms of the class or series of preferred stock, if any, purchasable upon exercise of such rights;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the exercise price;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the aggregate number of rights being issued;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the date, if any, on and after which such rights may be transferable separately;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the date on which the right to exercise such rights shall commence and the date on which such right shall expire;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">any special U.S. federal income tax consequences; and</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">any other terms of such rights, including terms, procedures and limitations relating to the distribution, exchange and exercise of such rights.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The description in any accompanying prospectus supplement of any rights we offer will not necessarily be complete and will be qualified in its entirety by reference to the
        applicable rights certificate or related agreements, if applicable, which will be filed with the SEC if we offer rights.&#160; For more information on how you can obtain copies of any rights certificate or related material agreements if we offer rights,
        see "Where You Can Find More Information" in this prospectus.&#160; We urge you to read the applicable rights certificate, the applicable material agreements, if any, and any applicable prospectus supplement in their entirety.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <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; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">CERTAIN PROVISIONS OF THE MARYLAND GENERAL CORPORATION LAW<br>
        AND OUR CHARTER AND BYLAWS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-style: italic;">The following summary of certain provisions of Maryland law and of our charter and bylaws does not purport to be complete and is subject to and qualified in
        its entirety by reference to the MGCL and our charter and bylaws.&#160; Copies of our charter and bylaws are filed with the SEC, which we incorporate by reference as exhibits to the registration statement of which this prospectus is a part.&#160; See "Where
        You Can Find More Information."</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Our Board of Directors</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our charter and bylaws provide that the number of directors we have may be established by our board of directors but that the number may not be less than the minimum number
        required by the MGCL.&#160; Our bylaws further provide that the number of directors may not be more than 15.&#160; Our charter and bylaws currently provide that, except as may be provided by the board of directors in setting the terms of any class or series
        of preferred stock, any vacancy may be filled by a majority of the remaining directors, even if the remaining directors do not constitute a quorum.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Removal of Directors</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our charter provides that, subject to the rights of holders of one or more classes or series of preferred stock to elect or remove one or more directors, any director or the
        entire board of directors may be removed only for cause and then only by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast generally in the election of directors.&#160; Cause means, with respect
        to any particular director, a conviction of a felony or a final judgment of a court of competent jurisdiction holding that such director caused demonstrable, material harm to us through bad faith or active and deliberate dishonesty.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Business Combinations</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Under the MGCL, certain "business combinations" (including a merger, consolidation, share exchange or, in certain circumstances, an asset transfer or issuance or
        reclassification of equity securities) between a Maryland corporation and an interested stockholder (defined generally as any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation's outstanding
        voting stock or an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding
        stock of the corporation) or an affiliate of such an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder.&#160; Thereafter, any such business combination
        must generally be recommended by the board of directors of such corporation and approved by the affirmative vote of at least (i) 80% of the votes entitled to be cast by holders of outstanding voting stock of the corporation and (ii) two-thirds of
        the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom (or with whose affiliate) the business combination is to be effected or held by an affiliate or associate of
        the interested stockholder, unless, among other conditions, the corporation's common stockholders receive a minimum price (as defined in the MGCL) for their shares and the consideration is received in cash or in the same form as previously paid by
        the interested stockholder for its shares.&#160; A person is not an interested stockholder under the statute if the board of directors approved in advance the transaction by which the person otherwise would have become an interested stockholder.&#160; The
        board of directors may provide that its approval is subject to compliance with any terms and conditions determined by it.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">These provisions of the MGCL do not apply, however, to business combinations that are approved or exempted by a board of directors prior to the time that the interested
        stockholder becomes an interested stockholder.&#160; Pursuant to the statute, our board of directors has by resolution exempted business combinations between us and any other person and, consequently, the five-year prohibition and the supermajority vote
        requirements will not apply to business combinations between us and any person as described above.&#160; As a result, any person described above may be able to enter into business combinations with us that may not be in the best interest of our
        stockholders without compliance by our company with the supermajority vote requirements and other provisions of the statute.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We cannot assure you our board of directors will not opt to be subject to such business combination provisions in the future.&#160; However, an alteration or repeal of the
        resolution described above will not have any effect on any business combinations that have been consummated or upon any agreements existing at the time of such </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin: 0px 0px 10pt; text-align: justify;">modification or repeal.&#160; If our board of directors opts back into the business combination statute, the business combination statute may discourage others from trying to acquire control of us
        and increase the difficulty of consummating any offer.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Control Share Acquisitions</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The MGCL provides that "control shares" of a Maryland corporation acquired in a "control share acquisition" have no voting rights except to the extent approved by the
        affirmative vote of stockholders entitled to cast two-thirds of the votes entitled to be cast on the matter, excluding shares of stock in a corporation in respect of which any of the following persons is entitled to exercise or direct the exercise
        of the voting power of such shares in the election of directors:&#160; (i) a person who makes or proposes to make a control share acquisition; (ii) an officer of the corporation; or (iii) an employee of the corporation who is also a director of the
        corporation.&#160; "Control shares" are voting shares of stock which, if aggregated with all other such shares of stock previously acquired by the acquirer, or in respect of which the acquirer is able to exercise or direct the exercise of voting power
        (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power in electing directors within one of the following ranges of voting power:&#160; (a)&#160;one-tenth or more but less than one-third; (b) one-third or more but
        less than a majority; or (c) a majority or more of all voting power.&#160; Control shares do not include shares that the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval or shares acquired directly
        from the corporation.&#160; A "control share acquisition" means the acquisition, directly or indirectly, of ownership of, or the power to direct the exercise of voting power with respect to, issued and outstanding control shares, subject to certain
        exceptions.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">A person who has made or proposes to make a control share acquisition, upon satisfaction of certain conditions (including an undertaking to pay expenses and making an
        "acquiring person statement" as described in the MGCL), may compel the corporation to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares.&#160; If no request for a meeting is made, the
        corporation may itself present the question at any stockholders' meeting.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">If voting rights are not approved at the meeting or if the acquiring person does not deliver an "acquiring person statement" as required by the statute, then, subject to
        certain conditions and limitations, the corporation may redeem any or all of the control shares (except those for which voting rights have previously been approved) for fair value determined, without regard to the absence of voting rights for the
        control shares, as of the date of any meeting of stockholders at which the voting rights of such shares are considered and not approved or, if no such meeting is held, the date of the last control share acquisition by the acquirer.&#160; If voting
        rights for control shares are approved at a stockholders meeting and the acquirer becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights.&#160; The fair value of the shares as determined
        for purposes of such appraisal rights may not be less than the highest price per share paid by the acquirer in the control share acquisition.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The control share acquisition statute does not apply to (i) shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or
        (ii) acquisitions approved or exempted by the charter or bylaws of the corporation.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our bylaws contain a provision exempting from the control share acquisition statute any acquisitions by any person of shares of our stock. There is no assurance that such
        provision will not be amended or eliminated at any time in the future.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Subtitle 8</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Subtitle 8 of Title 3 of the MGCL permits a Maryland corporation with a class of equity securities registered under the Exchange Act and at least three independent directors to
        elect to be subject, by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding any contrary provision in the charter or bylaws, to any or all of five provisions:</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">a classified board;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">a two-thirds vote requirement for removing a director;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">a requirement that the number of directors be fixed only by vote of the directors;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">a requirement that a vacancy on the board be filled only by the remaining directors and for the remainder of the full term of class of directors in which the vacancy occurred; and</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">a majority requirement for the calling of a stockholder-requested special meeting of stockholders.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">21</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Through provisions in our charter and bylaws unrelated to Subtitle 8, we already (a) vest in our board of directors the exclusive power to fix the number of directors, (b)
        require, unless called by the chairman of the board, president or board of directors, the request of stockholders entitled to cast at least a majority of the votes entitled to be cast on any matter that may properly be considered at a meeting of
        stockholders to call a special meeting to act on such matter, and (c) require the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast generally in the election of directors to remove a director.&#160;
        Pursuant to Subtitle 8, we have elected that, except as may be provided by our board of directors in setting the terms of any class or series of preferred stock, any and all vacancies on our board of directors may be filled only by the affirmative
        vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy
        occurred and until a successor is elected and qualifies.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Stockholder Rights Plan</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We do not have a stockholders' rights plan.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Meetings of Stockholders</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Pursuant to our bylaws, a meeting of our stockholders for the election of directors and the transaction of any business will be held annually at a date, time and place set by
        our board of directors.&#160; The chairman of our board of directors, our president or our board of directors by resolution adopted by the affirmative vote of a majority of the total number of authorized directors may call a special meeting of our
        stockholders.&#160; Subject to compliance with the provisions of our bylaws, a special meeting of our stockholders will also be called by our secretary upon the written request of the stockholders entitled to cast a majority of all the votes entitled to
        be cast on any matter that may be properly considered at a meeting of stockholders and upon obtaining the information required in our bylaws.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Exclusive Forum</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that Court does not have
        jurisdiction, other state courts of the State of Maryland or, if no state court located within the State of Maryland has jurisdiction, the U.S. District Court for the District of Maryland, Baltimore Division, is the sole and exclusive forum for:&#160;
        (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a claim of breach of any duty owed by any of our directors or officers or other employees to us or our stockholders; (iii) any action asserting a claim against
        us or any of our directors or officers or other employees arising pursuant to any provision of the MGCL or our charter or bylaws; (iv) any action to interpret, apply, enforce or determine the validity of our charter or bylaws; or (v) any action
        asserting a claim against us or any or any of our directors or officers or other employees that is governed by the internal affairs doctrine.&#160; Our bylaws further provide that, if any such action is filed in a court other than a court located within
        the State of Maryland in the name of any stockholder, such stockholder will be deemed to have consented to (i) the personal jurisdiction of the state and federal courts located within the State of Maryland in connection with any action brought in
        any such court to enforce the relevant provision in our bylaws and (ii) having service of process made upon such stockholder in any such action by service upon such stockholder's counsel as agent for such stockholder.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Amendments to Our Charter and Bylaws</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Except for amendments to the provisions of our charter relating to the removal of directors and the vote required to amend certain provisions (each of which must be advised by
        our board of directors and approved by the affirmative vote of the stockholders entitled to cast not less than two-thirds of all the votes entitled to be cast on the matter), our charter generally may be amended only if the amendment is declared
        advisable by our board of directors and is approved by the affirmative vote of the stockholders entitled to cast a majority of all of the votes entitled to be cast on the matter.&#160; However, our board of directors, without stockholder approval, has
        the power under our charter to amend our charter from time to time to increase or decrease the aggregate number of shares of stock or the number of </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">22</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin: 0px 0px 10pt; text-align: justify;">shares of stock of any class or series that we are authorized to issue, to authorize us to issue authorized but unissued shares of our common stock or preferred stock and to classify or
        reclassify any unissued shares of our common stock or preferred stock into one or more classes or series of stock and set the terms of such newly classified or reclassified shares.&#160; See "Description of Securities&#8212;Power to Reclassify Our Unissued
        Shares of Common Stock" and "Description of Securities&#8212;Power to Increase or Decrease Authorized Shares of Common Stock and Issue Additional Shares of Common and Preferred Stock."</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Except as otherwise expressly provided in our bylaws, our board of directors has the exclusive power to adopt, alter or repeal any provision of our bylaws and to make new
        bylaws.&#160; Any such amendment, alteration, or repeal must be approved by resolution of the board of directors approved by the affirmative vote of a majority of the total number of authorized directors.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Dissolution of Our Company</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The dissolution of our company must be declared advisable by a majority of our entire board of directors and approved by the affirmative vote of the stockholders entitled to
        cast a majority of all of the votes entitled to be cast on the matter.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Advance Notice of Director Nominations and New Business</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our bylaws provide that, with respect to an annual meeting of stockholders, nominations of individuals for election to our board of directors and the proposal of other business
        to be considered by stockholders may be made only (i) pursuant to our notice of the meeting(or any supplement thereto) given by or at the direction of our board of directors (or any duly authorized committee thereof), (ii) if not specified in the
        notice of meeting (or any supplement thereto) given by or at the direction of our board of directors (or any duly authorized committee thereof), otherwise properly brought before the annual meeting by or at the direction of our board of directors
        (or any duly authorized committee thereof) or (iii) by any stockholder who is Present in Person (as defined below) and who (A) was a stockholder of record at the record date set by our board of directors for the purpose of determining stockholders
        entitled to vote at the meeting, (B) was a stockholder of record at the time of giving the notice required by our bylaws and at the time of the meeting (and any postponement, adjournment, rescheduling or continuation thereof), (C) who is entitled
        to vote at the meeting in the election of each individual so nominated and on any such other business proposed by such stockholder and (D) who has complied with the advance notice provisions set forth in our bylaws in all applicable respects.&#160;
        &#8220;Present in Person&#8221; means that the stockholder proposing nominees for election as directors or other business to be brought before the stockholders&#8217; meeting, or, if the proposing stockholder is not an individual, a qualified representative of such
        proposing stockholder, appear in person at such stockholders&#8217; meeting (unless such meeting is held by means of the Internet or other electronic technology in which case the proposing stockholder or, if applicable, its qualified representative shall
        be present at such stockholders&#8217; meeting by means of the Internet or other electronic technology). With respect to special meetings of stockholders, only the business specified in our notice of meeting may be brought before the meeting.&#160;
        Nominations of individuals for election to our board of directors may be made only (i) pursuant to our notice of the meeting (or any supplement thereto) given by or at the direction of our board of directors (or any duly authorized committee
        thereof), (ii) if not specified in the notice of meeting (or any supplement thereto) given by or at the direction of our board of directors (or any duly authorized committee thereof), otherwise properly brought before the special meeting by or at
        the direction of our board of directors (or any duly authorized committee thereof), (iii) if properly brought before a stockholder-requested special meeting requested and called in accordance with our bylaws for the purpose of electing one or more
        individuals to our board of directors, by a stockholder who submits a request for such stockholder-requested special meeting that complies with our bylaws and incudes therein the information required by our bylaws with respect to such stockholder,
        any Stockholder Associated Person (as defined in our bylaws) and any proposed nominee, and (iv) provided that the meeting has been called in accordance with our bylaws for the purpose of electing one or more individuals to our board of directors,
        by any stockholder who is Present in Person and who (A) was a stockholder of record as of the record date set by our board of directors for the purpose of determining stockholders entitled to vote at the meeting, (B) was a stockholder of record at
        the time of giving the notice required by our bylaws and at the time of the meeting (and any postponement, adjournment, rescheduling or continuation thereof), (C) who is entitled to vote at the meeting in the election of each individual so
        nominated and (D) who has complied with the advance notice provisions set forth in our bylaws.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The purpose of requiring stockholders to give us advance notice of nominations and other business is to afford our board of directors a meaningful opportunity to consider the
        qualifications of the proposed nominees and </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="margin: 0px 0px 10pt; text-align: justify;">the advisability of any other proposed business and, to the extent deemed necessary or desirable by our board of directors, to inform stockholders and make recommendations about such
        qualifications or business, as well as to provide a more orderly procedure for conducting meetings of stockholders.&#160; Although our bylaws do not give our board of directors any power to disapprove stockholder nominations for the election of
        directors or proposals recommending certain action, they may have the effect of precluding a contest for the election of directors or the consideration of stockholder proposals if proper procedures are not followed and of discouraging or deterring
        a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our
        stockholders.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Anti-Takeover Effect of Certain Provisions of Maryland Law and of Our Charter and Bylaws</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our charter and bylaws and Maryland law contain provisions that may delay, defer or prevent a change in control or other transaction that might involve a premium price for our
        shares of common stock or otherwise be in the best interest of our stockholders, including restrictions on ownership and transfer of our stock and advance notice requirements for director nominations and stockholder proposals.&#160; Likewise, if the
        provision in our bylaws opting out of the control share acquisition provisions of the MGCL were rescinded, if we were to opt into the business combination provisions of the MGCL, or if we were to elect to be subject to a classified board or other
        provisions of Subtitle 8, these provisions of the MGCL could have similar anti-takeover effects.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Interested Director and Executive Officer Transactions</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our bylaws provide that a contract or other transaction between us and a director or between us and any other corporation or other entity in which any of our directors is a
        director or has a material financial interest is not void or voidable solely on the grounds of such common directorship or interest, the presence of such director at the meeting at which the contract or transaction is authorized, approved or
        ratified or the counting of the director's vote in favor thereof, if:</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the fact of the common directorship or interest is disclosed or known to our board of directors or a committee of our board, and our board or committee authorizes, approves or ratifies
                  the contract or transaction by the affirmative vote of a majority of disinterested directors, even if the disinterested directors constitute less than a quorum;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the fact of the common directorship or interest is disclosed or known to our stockholders entitled to vote thereon, and the contract or transaction is authorized, approved or ratified
                  by a majority of the votes cast by the stockholders entitled to vote other than the votes of shares owned of record or beneficially by the interested director or corporation or other entity; or</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the contract or transaction is fair and reasonable to us.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Indemnification and Limitation of Directors' and Executive Officers' Liability</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders
        for money damages except for liability resulting from actual receipt of an improper benefit or profit in money, property or services or active and deliberate dishonesty that was established by a final judgment and was material to the cause of
        action.&#160; Our charter contains such a provision and eliminates the liability of our directors and officers to the maximum extent permitted by Maryland law.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The MGCL requires a Maryland corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the
        merits or otherwise, in the defense of any proceeding to which he or she is made or threatened to be made a party by reason of his or her service in that capacity.&#160; The MGCL permits a Maryland corporation to indemnify its present and former
        directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made or threatened to be made a party by reason of their
        service in those or other capacities unless it is established that:</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">24</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the act or omission of the director or officer was material to the matter giving rise to the proceeding and (i) was committed in bad faith or (ii) was the result of active and
                  deliberate dishonesty;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">the director or officer actually received an improper personal benefit in money, property or services; or</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">However, under the MGCL, a Maryland corporation may not indemnify a director or officer in a suit by or in the right of the corporation, in which the director or officer was
        adjudged liable to the corporation or in any proceeding charging improper personal benefit in which the director or officer was adjudged liable on the basis that personal benefit was improperly received.&#160; A court may order indemnification if it
        determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the prescribed standard of conduct or was adjudged liable on the basis that personal benefit was
        improperly received.&#160; However, indemnification for an adverse judgment in a suit by the corporation or in its right, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">In addition, the MGCL permits a Maryland corporation to advance reasonable expenses to a director or officer upon the corporation's receipt of:</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation; and</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">a written undertaking by the director or officer or on the director's or officer's behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that
                  the director or officer did not meet the standard of conduct.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our charter and bylaws obligate us, to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and, without requiring a preliminary determination
        of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to:</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">any present or former director or officer who is made, or threatened to be made, a party to or witness in the proceeding by reason of his or her service in that capacity; or</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">any individual who, while a director or officer of our company and at our request, serves or has served as a director, officer, partner, member, manager or trustee of another
                  corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise and who is made, or threatened to be made, a party to or witness in the proceeding by
                  reason of his or her service in that capacity.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our charter and bylaws also permit us, with the approval of our board of directors, to indemnify and advance expenses to any individual who served any predecessor of our
        company in a similar capacity, who is made or threatened to be made a party to or witness in the proceeding by reason of his or her service in such capacity, as well as to any employee or agent of our company or a predecessor of our company.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">REIT Qualification</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our charter provides that our board of directors may revoke or otherwise terminate our REIT election, without approval of our stockholders, if it determines that it is no
        longer in our best interests to continue to qualify as a REIT.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">25</font></div>
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <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; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">U.S. FEDERAL INCOME TAX CONSIDERATIONS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-style: italic;">The following is a summary of certain U.S. federal income tax consequences relating to our qualification and taxation as a REIT and the acquisition,
        ownership, and disposition of our common stock.&#160; For purposes of this section under the heading "U.S. Federal Income Tax Considerations," references to "the company," "we," "our" and "us" mean only Global Self Storage, Inc., and not its
        subsidiaries or other lower-tier entities, except as otherwise indicated and references to a REIT are to an entity treated as a real estate investment trust for U.S. federal income tax purposes.&#160; You are urged to both review the following
        discussion and to consult your tax advisor to determine the effects of ownership and disposition of our shares on your individual tax situation, including any state, local or non-U.S. tax consequences.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">This summary is based upon the Code, the regulations promulgated by the U.S. Treasury Department (the "Treasury Regulations"), current administrative interpretations and
        practices of the IRS (including administrative interpretations and practices expressed in private letter rulings which are binding on the IRS only with respect to the particular taxpayers who requested and received those rulings) and judicial
        decisions, all as currently in effect, and all of which are subject to differing interpretations or to change, possibly with retroactive effect.&#160; No assurance can be given that the IRS would not assert, or that a court would not sustain, a position
        contrary to any of the tax consequences described below.&#160; No advance ruling has been or will be sought from the IRS regarding any matter discussed in this summary.&#160; This summary is also based upon the assumption that the operation of the company,
        and of its subsidiaries and other lower-tier and affiliated entities, will in each case be in accordance with its applicable organizational documents or partnership agreements.&#160; This summary does not address any U.S. federal estate or gift tax
        consequences, the alternative minimum tax, or any state, local, or non-U.S. tax consequences.&#160; This summary is for general information only, and does not purport to discuss all aspects of U.S. federal income taxation that may be important to a
        particular stockholder in light of its investment or tax circumstances, or to stockholders subject to special tax rules, such as:</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">U.S. expatriates;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">persons who mark-to-market our common stock;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">subchapter S corporations;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">U.S. stockholders (as defined below) whose functional currency is not the U.S. dollar;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">financial institutions;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">insurance companies;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">broker-dealers;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">RICs;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">REITs;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">holders who receive our common stock through the exercise of employee share options or otherwise as compensation;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">persons holding our common stock as part of a "straddle," "hedge," "conversion transaction," "synthetic security" or other integrated investment;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">persons subject to the alternative minimum tax provisions of the Code;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">persons holding their interest through a partnership or similar pass-through entity;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">persons holding a 10% or more (by vote or value) beneficial interest in us;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">26</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">and, except to the extent discussed below:</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">tax-exempt organizations; and</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">non-U.S. stockholders (as defined below).</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">This summary assumes that stockholders hold our common stock as capital assets for U.S. federal income tax purposes, which generally means as property held for investment.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">THE U.S. FEDERAL INCOME TAX TREATMENT OF US AND HOLDERS OF OUR COMMON STOCK DEPENDS IN SOME INSTANCES ON DETERMINATIONS OF FACT AND INTERPRETATIONS OF
        COMPLEX PROVISIONS OF U.S. FEDERAL INCOME TAX LAW FOR WHICH NO CLEAR PRECEDENT OR AUTHORITY MAY BE AVAILABLE.&#160; IN ADDITION, THE TAX CONSEQUENCES OF HOLDING OUR COMMON STOCK TO ANY PARTICULAR STOCKHOLDER WILL DEPEND ON THE STOCKHOLDER'S PARTICULAR
        TAX CIRCUMSTANCES.&#160; YOU ARE URGED TO CONSULT YOUR TAX ADVISOR REGARDING THE U.S. FEDERAL, STATE, LOCAL, AND FOREIGN INCOME AND OTHER TAX CONSEQUENCES TO YOU, IN LIGHT OF YOUR PARTICULAR INVESTMENT OR TAX CIRCUMSTANCES, OF ACQUIRING, HOLDING, AND
        DISPOSING OF OUR COMMON STOCK.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Taxation of Our Company</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We have elected to be taxed as a REIT under Sections 856 through 860 of the Code, commencing with our taxable year ended December 31, 2013.&#160; We believe that we have been
        organized and have operated in a manner which has allowed us to qualify for taxation as a REIT under the Code commencing with our taxable year ended December&#160;31, 2013, and we intend to continue to be organized and to operate in this manner.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The law firm of Clifford Chance US LLP has acted as our counsel in connection with the filing of this registration statement.&#160; We will receive an opinion of Clifford Chance US
        LLP to the effect that, commencing with our taxable year ended December 31, 2015, we have been organized and operated in conformity with the requirements for qualification and taxation as a REIT, and that our proposed method of operation will
        enable us to continue to meet the requirements for qualification and taxation as a REIT.&#160; It must be emphasized that the opinion of Clifford Chance US LLP will be based on various assumptions and limitations relating to our organization and
        operation, including that all factual representations and statements set forth in all relevant documents, records and instruments are true and correct, all actions described in this registration statement are completed in a timely fashion and that
        we will at all times operate in accordance with the method of operation described in our organizational documents and this registration statement.&#160; Additionally, the opinion of Clifford Chance US LLP will be conditioned upon factual representations
        and covenants made by our management and affiliated entities regarding our organization, assets, present and future conduct of our business operations and other items regarding our ability to meet the various requirements for qualification as a
        REIT, and will assume that such representations and covenants are accurate and complete and that we will take no action inconsistent with such representations and covenants.&#160; While we believe that we have been organized and operated and intend to
        continue to be organized and to operate so that we will continue to qualify as a REIT, given the highly complex nature of the rules governing REITs, the ongoing importance of factual determinations and the possibility of future changes in our
        circumstances or applicable law, no assurance can be given by Clifford Chance US LLP or us that we have in fact qualified or will so qualify for any particular year.&#160; In addition, the company has held and may continue to hold investments in other
        publicly traded REITs, and the opinion of Clifford Chance US LLP will assume that such REITs have qualified as REITs and our interests in these REITs were treated as equity in a REIT for U.S. federal income tax purposes during all relevant
        periods.&#160; If any such publicly traded REIT fails to qualify as a REIT or if our interests in these REITs were otherwise not treated as equity in a REIT for U.S. federal income tax purposes with respect to any period during which the company holds
        or has held shares of such REIT, the company's ability to satisfy the REIT requirements could be adversely affected.&#160; The Clifford Chance US LLP opinion will be based on the Code, the regulations promulgated thereunder, and judicial and
        administrative interpretations thereof existing and in effect as of the date of the opinion, all of which are subject to change, and such change could be applied retroactively.&#160; No assurance can be given that the conclusions in the opinion will not
        be adversely affected by subsequent changes in applicable law or interpretations thereof.&#160; Clifford Chance US LLP will have no obligation to advise us or the holders of our common stock of any subsequent change in the matters stated, represented or
        assumed or of any subsequent change in the applicable law.&#160; You should be aware that opinions of counsel are not binding on the IRS, and no assurance can be given that the IRS will not challenge the conclusions set</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">27</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin: 0px 0px 10pt; text-align: justify;"> forth in such opinions or that a court will not sustain such a challenge.&#160; In addition, Clifford Chance US LLP's opinion does not foreclose the possibility that we may have to utilize one or
        more REIT savings provisions discussed below, which could require the payment of an excise or penalty tax (which could be significant in amount) in order to maintain our REIT qualification.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Our qualification and taxation as a REIT depends on our ability to meet, on a continuing basis, through actual operating results, distribution levels, and diversity of share
        ownership, various qualification requirements imposed upon REITs by the Code.&#160; In addition, our ability to qualify as a REIT may depend in part upon the operating results, organizational structure and entity classification for U.S. federal income
        tax purposes of certain entities in which we invest.&#160; Our ability to qualify as a REIT for a particular year also requires that we satisfy certain asset and income tests during such year, some of which depend upon the fair market values of assets
        directly or indirectly owned by us.&#160; Such values may not be susceptible to a precise determination.&#160; Accordingly, no assurance can be given that the actual results of our operations for any taxable year have satisfied or will satisfy such
        requirements for qualification and taxation as a REIT.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Taxation of REITs in General</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">As indicated above, our qualification and taxation as a REIT for a particular year depend upon our ability to meet, on a continuing basis during such year, through actual
        results of operations, distribution levels, diversity of share ownership and various qualification requirements imposed upon REITs by the Code.&#160; The material qualification requirements are summarized below under "&#8212;Requirements for Qualification&#8212;
        General."&#160; While we intend to be organized and to operate so that we qualify as a REIT, no assurance can be given that the IRS will not challenge our qualification as a REIT, or that we will be able to operate in accordance with the REIT
        requirements in the future.&#160; See "&#8212;Failure to Qualify."</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Provided that we qualify as a REIT, we will generally be entitled to a deduction for dividends that we pay and therefore will not be subject to U.S. federal corporate income
        tax on our net taxable income that we currently distribute to our stockholders.&#160; This treatment substantially eliminates the "double taxation" at the corporate and stockholder levels that generally results from investment in a C corporation.&#160; A "C
        corporation" is a corporation that generally is required to pay tax at the corporate level.&#160; Double taxation means taxation once at the corporate level when income is earned and once again at the stockholder level when the income is distributed.&#160;
        Income generated by a REIT generally is taxed only at the stockholder level upon a distribution of dividends by the REIT.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">U.S. stockholders (as defined below) who are individuals, trusts and estates are generally taxed on corporate dividends at a maximum rate of 20% (the same as long-term capital
        gains), thereby substantially reducing, though not completely eliminating, the double taxation that has historically applied to corporate dividends.&#160; With limited exceptions, however, dividends received by non-corporate U.S. stockholders from us or
        from other entities that are taxed as REITs will continue to be taxed at rates applicable to ordinary income, which are as high as 37% through taxable years ending in 2025 and 39.6% thereafter; however, individuals, trusts, and estates that own
        stock in REITs are generally permitted to deduct up to 20% of dividends received on such stock, subject to certain limitations, generally resulting in an effective maximum U.S. federal income tax rate of 29.6% on such dividends (through taxable
        years ending in 2025).&#160; Net operating losses, foreign tax credits and other tax attributes of a REIT generally do not pass through to the stockholders of the REIT, subject to special rules for certain items such as capital gains recognized by
        REITs.&#160; See "&#8212;Taxation of Stockholders."</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Even if we qualify to be taxed as a REIT, we will nonetheless be subject to U.S. federal income tax as follows:</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">We will be taxed at regular corporate rates on any undistributed income, including undistributed net capital gains.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">For taxable years prior to 2018, we may be subject to the "alternative minimum tax" on our items of tax preference, if any.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">Net income from prohibited transactions, which are, in general, sales or other dispositions of property held primarily for sale to customers in the ordinary course of business, other
                  than foreclosure property, as described below, is subject to a 100% tax.&#160; See "&#8212;Requirements for Qualification&#8212;General&#8212;Prohibited Transactions," and "&#8212;Requirements for Qualification&#8212;General&#8212; Foreclosure Property," below.</div>
              </td>
            </tr>

        </table>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">28</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">If we elect to treat property that we acquire in connection with a foreclosure of a mortgage loan or leasehold as "foreclosure property," we may thereby avoid (1) the 100% tax on gain
                  from a resale of that property (if the sale would otherwise constitute a prohibited transaction), and (2) the inclusion of any income from such property not qualifying for purposes of the REIT gross income tests discussed below, but the
                  income from the sale or operation of the property may be subject to corporate income tax at the highest applicable rate (currently 21%).</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">If we fail to satisfy the 75% gross income test or the 95% gross income test, as discussed below, but nonetheless maintain our qualification as a REIT because other requirements are
                  met, we will be subject to a 100% tax on an amount equal to (1) the greater of (A) the amount by which we fail the 75% gross income test or (B) the amount by which we fail the 95% gross income test, as the case may be, multiplied by (2) a
                  fraction intended to reflect our profitability.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">If we fail to satisfy any of the REIT asset tests, as described below, other than a failure of the 5% or 10% REIT asset tests that does not exceed a statutory de minimis<font style="font-style: italic;">&#160;</font>amount as described more fully below, but our failure is due to reasonable cause and not due to willful neglect and we nonetheless maintain our REIT qualification because of specified cure provisions,
                  we will be required to pay a tax equal to the greater of $50,000 or the highest corporate tax rate (currently 21%) of the net income generated by the nonqualifying assets during the period in which we failed to satisfy the asset tests.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">If we fail to satisfy any provision of the Code that would result in our failure to qualify as a REIT (other than a gross income or asset test requirement) and that violation is due to
                  reasonable cause and not willful neglect, we may retain our REIT qualification, but we will be required to pay a penalty of $50,000 for each such failure.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">If we fail to distribute during each calendar year at least the sum of (1) 85% of our REIT ordinary income for such year, (2) 95% of our REIT capital gain net income for such year and
                  (3) any undistributed taxable income from prior periods ("required distribution"), we will be subject to a 4% non-deductible excise tax on the excess of the required distribution over the sum of (A) the amounts actually distributed
                  (taking into account excess distributions from prior years), plus (B) retained amounts on which U.S. federal income tax is paid at the corporate level.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">We may be required to pay monetary penalties to the IRS in certain circumstances, including if we fail to meet record-keeping requirements intended to monitor our compliance with rules
                  relating to the composition of its stockholders, as described below in "&#8212;Requirements for Qualification&#8212;General."</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">A 100% excise tax may be imposed on some items of income and expense that are directly or constructively paid between us, our tenants and/or SSG TRS LLC ("SSG TRS") or any other TRSs,
                  if and to the extent that the IRS successfully adjusts the reported amounts of these items.</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">If we acquire any asset from a corporation that is not a REIT, a RIC or a corporation taxable under subchapter S of the Code (i.e<font style="font-style: italic;">.</font>, a
                  corporation taxable under subchapter C of the Code) in a transaction in which the adjusted tax basis of the asset in our hands is less than the fair market value of the asset, determined as of the date on which we acquired the asset, or
                  we hold any asset currently and held it at a time when we were not treated as a REIT, and in each case we subsequently recognize gain on the disposition of the asset during the 5-year period (or with respect to certain prior years the
                  10-year period) beginning on the date on which we acquired the asset, then we will be required to pay tax at the highest regular corporate tax rate on this gain to the extent of the excess of (1) the fair market value of the asset over
                  (2) our adjusted tax basis in the asset, in each case determined as of the date on which we acquired the asset.&#160; The results described in the preceding sentence could occur if we failed to qualify as a REIT (and, thus, were treated as a
                  subchapter C corporation) or were otherwise treated as a C corporation for a prior year and then re-qualified as a REIT in a later year, in which case the appreciation would be measured as of the beginning of the year in which we first
                  re-qualified as a REIT.&#160; Any gain from the sale of property acquired by us in an exchange under Section 1031 (a like kind exchange) or 1033 (an involuntary conversion) of the Code is excluded from the application of this built-in gains
                  tax.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">
        <div><br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">29</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

              <tr>
                <td style="width: 72.05pt; vertical-align: top; align: right;">
                  <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify; margin-bottom: 10pt;">We may elect to retain and pay income tax on our net long-term capital gain.&#160; In that case, each stockholder would include its proportionate share of our undistributed long-term
                    capital gain (to the extent we make a timely designation of such gain to the stockholder) in its income, would be deemed to have paid the tax that we paid on such gain, and would be allowed a credit for its proportionate share of the
                    tax deemed to have been paid, and an adjustment would be made to increase the stockholder's basis in shares of our common stock.&#160; Stockholders that are U.S. corporations will also appropriately adjust their earnings and profits for the
                    retained capital gain in accordance with Treasury Regulations to be promulgated.</div>
                </td>
              </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">We own all of the membership interests in SSG TRS, which is a subchapter C corporation subject to U.S. federal income tax on its earnings, and we may own interests in other lower-tier
                  entities that are subchapter C corporations, the earnings of which could be subject to U.S. federal, state and local corporate income tax.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        In addition, we and our subsidiaries may be subject to a variety of taxes other than U.S. federal income tax, including state, local, and foreign income, transfer, franchise, property, excise and other taxes.&#160; We could also be subject to tax in
        situations and on transactions not presently contemplated.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Requirements for Qualification&#8212;General</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The Code defines a REIT as a corporation, trust or association:</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 10pt;" class="DSPFListTable">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(1)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>that is managed by one or more trustees or directors;</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(2)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the beneficial ownership of which is evidenced by transferable shares, or by transferable certificates of beneficial interest;</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(3)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>that would be taxable as a domestic corporation but for the special Code provisions applicable to REITs;</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(4)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>that is neither a financial institution nor an insurance company subject to specific provisions of the Code;</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(5)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the beneficial ownership of which is held by 100 or more persons;</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(6)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>in which, during the last half of each taxable year, not more than 50% in value of the outstanding shares are owned, directly or indirectly, by five or fewer "individuals" (as defined in the Code to include specified entities);</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(7)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>that meets other tests described below, including with respect to the nature of its income and assets and the amount of its distributions; and</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(8)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>that makes an election to be a REIT for the current taxable year or has made such an election for a previous taxable year that has not been terminated or revoked.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The Code provides that conditions (1) through (4) must be met during the entire taxable year, and that condition (5) must be met during at least 335 days of a taxable year of
        12 months, or during a proportionate part of a shorter taxable year.&#160; Conditions (5) and (6) do not need to be satisfied for the first taxable year for which an election to become a REIT has been made.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We believe that we have issued common stock with sufficient diversity of ownership to satisfy the requirements described in conditions (5) and (6) above.&#160; Our charter currently
        provides certain customary restrictions regarding the ownership and transfer of shares of our stock, which are intended, among other purposes, to assist us in </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">30</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div style="margin: 0px 0px 10pt; text-align: justify;">satisfying the share ownership requirements described in conditions (5) and (6) above.&#160; These restrictions include an ownership limitation that prohibits any person from beneficially or
        constructively owning more than 9.8% in value or in number of shares, whichever is more restrictive, of the outstanding share of our common stock or all classes and series of our capital stock.&#160; However, prior to October 20, 2017, our charter did
        not contain such ownership restrictions and therefore did not ensure that we satisfied the 5/50 Test.&#160; With respect to the period between January 1, 2013 and October 20, 2017, we monitored purchases and transfers of shares of our common stock by
        regularly reviewing, among other things, ownership filings required by the federal securities laws to monitor the beneficial ownership of our shares in an attempt to ensure that we met the 5/50 Test.&#160; However, the attribution rules under the Code
        are broad, and we may not have had the information necessary to ascertain with certainty whether or not we satisfied the 5/50 Test during such period.&#160; As a result, no assurance can be provided that we satisfied the 5/50 Test during such period.&#160;
        If it were determined that we failed to satisfy the 5/50 Test, we could fail to qualify as a REIT, or assuming we qualify for a statutory relief provision under the Code, be required to pay a penalty tax.&#160; See "&#8212;Failure to Qualify."&#160; For purposes
        of the 5/50 Test, an "individual" generally includes a supplemental unemployment compensation benefit plan, a private foundation or a portion of a trust permanently set aside or used exclusively for charitable purposes but does not include a
        qualified pension plan or profit sharing trust.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">To monitor compliance with the share ownership requirements, we are required to maintain records regarding the actual ownership of our shares.&#160; To do so, we must demand written
        statements each year from the record holders of significant percentages of our shares in which the record holders are to disclose the actual owners of the shares (i.e<font style="font-style: italic;">.</font>, the persons required to include in
        gross income the dividends paid by us).&#160; A list of those persons failing or refusing to comply with this demand must be maintained as part of our records.&#160; Failure by us to comply with these record- keeping requirements could subject us to monetary
        penalties.&#160; In the past, we have not sent written demands for certain years to the record holders of significant percentages of our common stock and therefore we may owe a penalty as a result of such failure.&#160; If we satisfy these requirements and
        after exercising reasonable diligence would not have known that condition (6) is not satisfied, we will be deemed to have satisfied such condition.&#160; A stockholder that fails or refuses to comply with the demand is required by Treasury Regulations
        to submit a statement with its tax return disclosing the actual ownership of the shares and other information.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">In addition, a corporation generally may not elect to become a REIT unless its taxable year is the calendar year.&#160; We satisfy this requirement.&#160; Furthermore, a corporation does
        not qualify as a REIT for a given taxable year if, as of the final day of the taxable year, the corporation has any undistributed earnings and profits that accumulated during a period that the corporation was not treated as a REIT.&#160; Although we
        have not always been treated as a REIT, because for all taxable years prior to our first taxable year as a REIT we believe that we distributed 100% of our earnings and profits from such years, we believe that we do not have any undistributed
        earnings and profits that accumulated during a period that the corporation was not treated as a REIT.&#160; Accordingly, we believe that we have complied with this requirement.&#160; If it is determined that we have accumulated earnings and profits from any
        year preceding the year that we first qualified as a REIT, we could be required to pay a deficiency dividend to stockholders after the relevant determination in order to maintain our qualification as a REIT, or we could fail to qualify as a REIT.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Effect of Subsidiary Entities</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-style: italic;">Ownership of Partnership Interests.&#160; </font>In the case of a REIT that is a partner in a partnership (references herein to "partnership"
        include limited liability companies that are classified as partnerships for U.S. federal income tax purposes), Treasury Regulations provide that the REIT is deemed to own its proportionate share of the partnership's assets and to earn its
        proportionate share of the partnership's gross income based on its pro rata share of capital interests in the partnership for purposes of the asset and gross income tests applicable to REITs, as described below.&#160; However, solely for purposes of the
        10% value test, described below, the determination of a REIT's interest in partnership assets will be based on the REIT's proportionate interest in any securities issued by the partnership, excluding, for these purposes, certain excluded securities
        as described in the Code.&#160; In addition, the assets and gross income of the partnership generally are deemed to retain the same character in the hands of the REIT.&#160; Thus, our proportionate share of the assets and items of income of any partnerships
        in which we own an equity interest (including such partnership's share of these items of other partnerships in which it owns an equity interest), is treated as our assets and items of income for purposes of applying the REIT requirements described
        below.&#160; Consequently, to the extent that we directly or indirectly hold a preferred or other equity interest in a partnership, the partnership's assets and operations may affect our ability to qualify as a REIT, even though we may have no control,
        or only limited influence, over the partnership.&#160; </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">31</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="margin: 0px 0px 10pt; text-align: justify;">A summary of certain rules governing the U.S. federal income taxation of partnerships and their partners is provided below in "&#8212;Tax Aspects of Investments in Partnerships."</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-style: italic;">Disregarded Subsidiaries</font>.&#160; If a REIT owns a corporate subsidiary that is a "qualified REIT subsidiary," that subsidiary is disregarded
        as a separate entity for U.S. federal income tax purposes, and all assets, liabilities and items of income, deduction and credit of the subsidiary are treated as assets, liabilities and items of income, deduction and credit of the REIT, including
        for purposes of the gross income and asset tests applicable to REITs as summarized below.&#160; A qualified REIT subsidiary is any corporation, other than a TRS, as described below under "&#8212;Taxable REIT Subsidiaries," that is wholly owned by a REIT, or
        by other disregarded subsidiaries, or by a combination of the two.&#160; Single member limited liability companies that are wholly owned by a REIT are also generally disregarded as separate entities for U.S. federal income tax purposes, including for
        purposes of the REIT gross income and asset tests.&#160; Disregarded subsidiaries, along with partnerships in which we hold an equity interest, are sometimes referred to herein as "pass-through subsidiaries."</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">In the event that a disregarded subsidiary ceases to be wholly owned by us&#8212;for example, if any equity interest in the subsidiary is acquired by a person other than us or
        another disregarded subsidiary of ours&#8212;the subsidiary's separate existence would no longer be disregarded for U.S. federal income tax purposes.&#160; Instead, it would have multiple owners and would be treated as either a partnership or a taxable
        corporation.&#160; Such an event could, depending on the circumstances, adversely affect our ability to satisfy the various asset and gross income tests applicable to REITs, including the requirement that REITs generally may not own, directly or
        indirectly, more than 10% of the value or voting power of the outstanding securities of another corporation.&#160; See "&#8212;Asset Tests" and "&#8212;Gross Income Tests."</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-style: italic;">Taxable REIT Subsidiaries</font>.&#160; A REIT generally may jointly elect with a subsidiary corporation, whether or not wholly owned, to treat the
        subsidiary corporation as a TRS.&#160; The separate existence of a TRS or other taxable corporation, unlike a disregarded subsidiary as discussed above, is not ignored for U.S. federal income tax purposes.&#160; Accordingly, such an entity would generally be
        subject to corporate U.S. federal, state and local income or franchise taxes on its earnings, which may reduce the cash flow generated by us and our subsidiaries in the aggregate, and our ability to make distributions to our stockholders.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We have jointly elected with SSG TRS, for SSG TRS to be treated as a TRS.&#160; This allows SSG TRS to invest in assets and engage in activities that could not be held or conducted
        directly by us without jeopardizing our qualification as a REIT.&#160; A REIT is not treated as holding the assets of a TRS or other taxable subsidiary corporation or as receiving any income that the subsidiary earns.&#160; Rather, the shares issued by the
        subsidiary are an asset in the hands of the REIT, and the REIT recognizes as income the dividends, if any, that it receives from the subsidiary.&#160; This treatment can affect the gross income and asset test calculations that apply to the REIT, as
        described below.&#160; Because a REIT does not include the assets and income of such subsidiary corporations in determining the REIT's compliance with the REIT requirements, such entities may be used by the parent REIT to undertake indirectly activities
        that the REIT rules might otherwise preclude it from doing directly or through pass-through subsidiaries or render commercially unfeasible (for example, activities that give rise to certain categories of income such as management fees or fees for
        certain non-customary services to tenants of the REIT).&#160; If dividends are paid to us by SSG TRS or one or more other TRSs we may own, then a portion of the dividends that we distribute to stockholders who are taxed at individual rates may be
        eligible for taxation at the preferential tax rates applicable to qualified dividend income rather than at ordinary income rates.&#160; See "Taxation of Stockholders&#8212;Taxation of Taxable U.S. Stockholders" and "&#8212;Annual Distribution Requirements."</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Certain restrictions imposed on TRSs are intended to ensure that such entities will be subject to appropriate levels of U.S. federal income taxation.&#160; If amounts are paid to a
        REIT or deducted by a TRS due to transactions between a REIT, its tenants and/or a TRS, that exceed the amount that would be paid to or deducted by a party in an arm's-length transaction, the REIT generally will be subject to an excise tax equal to
        100% of such excess.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Rents received by us that include amounts for services furnished by a TRS to any of our tenants will not be subject to the excise tax if such amounts qualify for the safe
        harbor provisions contained in the Code.&#160; Safe harbor provisions are provided where (1) amounts are excluded from the definition of impermissible tenant service income as a result of satisfying a 1% de minimis<font style="font-style: italic;">&#160;</font>exception;










        (2) a TRS renders a significant amount of similar services to unrelated parties and the charges for such services are substantially comparable; (3) rents paid to us by tenants that are not receiving services from the TRS are substantially
        comparable to the rents by our tenants leasing comparable </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">32</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="margin: 0px 0px 10pt; text-align: justify;">space that are receiving such services from the TRS and the charge for the services is separately stated; or (4) the TRS's gross income from the service is not less than 150% of the TRS's direct
        cost of furnishing the service.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We intend to structure transactions with SSG TRS and any other TRS on terms that we believe are arm's length to avoid incurring the 100% excise tax described above.&#160; There can
        be no assurances, however, that we will be able to avoid application of the 100% tax.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We expect to hold certain assets directly or indirectly in SSG TRS or one or more other TRSs.&#160; We may conduct certain activities (such as selling packing supplies and locks)
        through such TRSs.&#160; We are subject to the limitation that securities in TRSs may not represent more than 20% of a REIT's assets.&#160; There can be no assurance that we will at all times be able to continue to comply with such limitation.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Gross Income Tests</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">In order to maintain our qualification as a REIT, we annually must satisfy two gross income tests.&#160; First, at least 75% of our gross income for each taxable year, excluding
        gross income from sales of inventory or dealer property in "prohibited transactions" and certain hedging and foreign currency transactions, must be derived from investments relating to real property or mortgages on real property, including "rents
        from real property," dividends received from and gain from the disposition of shares of other REITs, interest income derived from mortgage loans secured by real property (including certain types of mortgage-backed securities), and gains from the
        sale of real estate assets (other than income or gains with regard to debt instruments issued by public REITs that are not otherwise secured by real property), as well as income from certain kinds of temporary investments.&#160; <font style="font-style: italic;">Second</font>, at least 95% of our gross income in each taxable year, excluding gross income from prohibited transactions and certain hedging and foreign currency transactions, must be derived from some combination of
        income that qualifies under the 75% income test described above, as well as other dividends, interest, and gain from the sale or disposition of stock or securities, which need not have any relation to real property.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">For purposes of the 75% and 95% gross income tests, a REIT is deemed to have earned a proportionate share of the income earned by any partnership, including any limited
        liability company treated as a partnership for U.S. federal income tax purposes, in which it owns an interest, which share is determined by reference to its capital interest in such entity, and is deemed to have earned the income earned by any
        qualified REIT subsidiary.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Rents received by us will qualify as "rents from real property" in satisfying the 75% gross income test described above only if several conditions are met, including the
        following.&#160; The rent must not be based in whole or in part on the income or profits of any person.&#160; However, an amount will not be excluded from rents from real property solely by being based on a fixed percentage or percentages of receipts or
        sales, or being based on the net income or profits of a tenant which derives substantially all of its income with respect to such property from the subleasing of substantially all of such property, to the extent that the rents paid by the
        sublessees would qualify as rents from real property if earned directly by us.&#160; If rent is partly attributable to personal property leased in connection with a lease of real property, the portion of the total rent that is attributable to the
        personal property will not qualify as rents from real property unless it constitutes 15% or less of the total rent received under the lease for the taxable year.&#160; Moreover, for rents received to qualify as rents from real property, we generally
        must not operate or manage the property or furnish or render certain services to the tenants of such property, other than through an "independent contractor" who is adequately compensated and from which we derive no income, or through a TRS, as
        discussed below.&#160; We are permitted, however, to perform services that are "usually or customarily rendered" in connection with the rental of space for occupancy only and are not otherwise considered rendered to the occupant of the property.&#160; In
        addition, we may directly or indirectly provide non-customary services to tenants of our properties if the gross income from such services does not exceed 1% of the total gross income from the property for the relevant taxable year.&#160; In such a
        case, only the amounts for non-customary services are not treated as rents from real property and the provision of the services does not disqualify the rents from treatment as rents from real property.&#160; If, however, the gross income from such
        non-customary services exceeds the 1% threshold, none of the gross income from the property for the relevant taxable year is treated as rents from real property.&#160; For purposes of this test, the gross income received from such non-customary services
        is deemed to be at least 150% of the direct cost of providing the services.&#160; Moreover, we are permitted to provide services to tenants through a TRS without disqualifying the rental income received from tenants as rents from real property.&#160; Also,
        rental income will qualify as rents from real property only to the extent that we do not directly or indirectly (through application of certain constructive ownership rules) own, (1) in the case of any tenant which is a corporation, stock
        possessing 10% or more of the total combined voting power of all classes of stock </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">33</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="margin: 0px 0px 10pt; text-align: justify;">entitled to vote, or 10% or more of the total value of shares of all classes of stock of such tenant, or (2) in the case of any tenant which is not a corporation, an interest of 10% or more in
        the assets or net profits of such tenant.&#160; However, rental payments from a TRS will qualify as rents from real property even if we own more than 10% of the total value or combined voting power of the TRS if at least 90% of the property is leased to
        unrelated tenants and the rent paid by the TRS is substantially comparable to the rent paid by the unrelated tenants for comparable space.&#160; We do not believe that we have owned an interest in any tenant that has prevented rental income from the
        tenant from qualifying as rents from real property under the above rules.&#160; However, it is possible that the constructive ownership rules could cause us to be treated as owning an interest in a tenant, for example if one of our stockholders held
        shares of our stock above certain thresholds and also held an ownership interests in a tenant that exceeded the thresholds described above, which could adversely impact our qualification as a REIT.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Unless we determine that the resulting nonqualifying income under any of the following situations, taken together with all other nonqualifying income earned by us in the
        taxable year, will not jeopardize our qualification as a REIT, we do not intend to:</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">charge rent for any property that is based in whole or in part on the income or profits of any person, except by reason of being based on a fixed percentage or percentages of receipts
                  or sales, as described above;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">rent any property to a related party tenant, including a TRS, unless the rent from the lease to the TRS would qualify for the special exception from the related party tenant rule
                  applicable to certain leases with a TRS;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">derive rental income attributable to personal property other than personal property leased in connection with the lease of real property, the amount of which is less than 15% of the
                  total rent received under the lease; or</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">directly perform services considered to be noncustomary or rendered to the occupant of the property.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">As noted above, we may conduct certain activities that do not generate qualifying income.&#160; We expect that such activities will be conducted through SSG TRS or one or more other
        TRSs unless any nonqualifying income from such activities would be de minimis.&#160; In addition, we have provided and may continue to provide certain other tenant services, such as access to insurance, through third-party contractors.&#160; We believe that
        these services have been provided through independent contractors meeting the applicable requirements, and as a result that these services do not cause our rental income to be characterized as other than rents from real property for purposes of the
        REIT gross income tests.&#160; However, no assurance can be provided that the IRS would agree with this characterization.&#160; If the IRS were to successfully challenge our characterization of these services, our qualification as a REIT could be adversely
        impacted.&#160; In addition, we have provided services to tenants at certain of our properties directly, rather than through a TRS or independent contractor, including services that are not usually or customarily rendered in connection with the rental
        of space for occupancy only.&#160; We believe that the income from these non-customary services (including the deemed income determined based on the direct costs of providing the services as described above) has not exceeded 1% of the total gross income
        from the relevant properties in the relevant taxable years.&#160; However, there is limited guidance regarding what items are included as direct costs for the purposes of this test.&#160; If the IRS were to successfully assert that our income from these
        services exceeded the 1% threshold described above, we could fail to qualify as a REIT.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We may directly or indirectly receive distributions from any TRSs or other corporations that are not REITs or qualified REIT subsidiaries.&#160; These distributions will be
        classified as dividend income to the extent of the earnings and profits of the distributing corporation.&#160; Such distributions will generally constitute qualifying income for purposes of the 95% gross income test, but not for purposes of the 75%
        gross income test.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We may from time to time need to make distributions from a TRS in order to keep the value of the securities that we hold in our TRSs below 20% (25% for taxable years prior to
        2018) of our total assets.&#160; See "&#8212;Asset Tests."&#160; While we will monitor our compliance with these income test and asset tests and intend to conduct our affairs so as to comply with them, they may at times be in conflict with one another.&#160; For
        example, it is possible that we may wish to distribute a dividend from a TRS in order to reduce the value of TRS securities below 20% of our assets, but may be unable to do so without violating the 75% gross income test.&#160; Although there are other
        measures we can take in such</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">34</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="margin: 0px 0px 10pt; text-align: justify;">circumstances in order to remain in compliance with the requirements for REIT qualification, there can be no assurance that we will be able to comply with these tests in all market conditions.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Any dividends received by us from a REIT will be qualifying income for purposes of both the 95% and 75% gross income tests.&#160; As described above, we have held and may continue
        to hold interests in certain publicly traded REITs.&#160; We do not generally independently investigate the REIT qualification of such REITs, but rather generally rely on statements made by such REITs in their public filings.&#160; In the event that one or
        more of the publicly traded REITs in which we invest was not properly treated as a REIT for U.S. federal income tax purposes, any distributions received from such company would be qualifying income for purposes of the 95% gross income test but not
        the 75% gross income test, which could adversely impact our ability to qualify as a REIT.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Interest income constitutes qualifying mortgage interest for purposes of the 75% gross income test (as described above) to the extent that the obligation is secured by a
        mortgage on real property.&#160; If we receive interest income with respect to a mortgage loan that is secured by both real property and other property, and the highest principal amount of the loan outstanding during a taxable year exceeds the fair
        market value of the real property on the date that we acquired or originated the mortgage loan, then, subject to the exception described below, the interest income will be apportioned between the real property and the other property, and our income
        from the arrangement will qualify for purposes of the 75% gross income test only to the extent that the interest is allocable to the real property.&#160; For taxable years beginning after December 31, 2015, if a loan is secured by both real property and
        personal property and the fair market value of the personal property does not exceed 15% of the fair market value of all real and personal property securing the loan, interest on the loan is treated as interest paid on a loan secured solely by the
        real property for purposes of these rules.&#160; Even if a loan is not secured by real property or is undersecured, the income that it generates may nonetheless qualify for purposes of the 95% gross income test.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">To the extent that the terms of a loan provide for contingent interest that is based on the cash proceeds realized upon the sale of the property securing the loan (a "shared
        appreciation provision"), income attributable to the participation feature will be treated as gain from sale of the underlying property, which generally will be qualifying income for purposes of both the 75% and 95% gross income tests, provided
        that the property is not inventory or dealer property in the hands of the borrower or us.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Hedging Transactions</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We may enter into hedging transactions with respect to one or more of our assets or liabilities.&#160; Hedging transactions could take a variety of forms, including interest rate
        swap agreements, interest rate cap agreements, options, futures contracts, forward rate agreements or similar financial instruments.&#160; Except to the extent provided by Treasury Regulations, any income from a hedging transaction we enter into (1) in
        the normal course of our business primarily to manage risk of interest rate or price changes or currency fluctuations with respect to borrowings made or to be made, or ordinary obligations incurred or to be incurred, to acquire or carry real estate
        assets, which we clearly identify as specified in Treasury Regulations before the close of the day on which it was acquired, originated, or entered into, including gain from the sale or disposition of such a transaction, (2) primarily to manage
        risk of currency fluctuations with respect to any item of income or gain that would be qualifying income under the 75% or 95% income tests which is clearly identified as such before the close of the day on which it was acquired, originated, or
        entered into, or (3) primarily to manage risk with respect to a hedging transaction described in clause (1) or (2) after the extinguishment of such borrowings or disposal of the asset producing such income that is hedged by the hedging transaction,
        provided, in each case, that the hedging transaction is clearly identified as such before the close of the day on which it was acquired, originated or entered into, will not constitute gross income for purposes of the 75% or 95% gross income test.&#160;
        To the extent that we enter into other types of hedging transactions, the income from those transactions is likely to be treated as non-qualifying income for purposes of both of the 75% and 95% gross income tests.&#160; We intend to structure any
        hedging transactions in a manner that does not jeopardize our qualification as a REIT.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Failure to Satisfy the Gross Income Tests</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We intend to monitor our sources of income, including any non-qualifying income received by us, so as to ensure compliance with the gross income tests.&#160; If we fail to satisfy
        one or both of the 75% or 95% gross income tests for any taxable year, we may still qualify as a REIT for the year if we are entitled to relief under applicable provisions of the Code.&#160; These relief provisions will generally be available if the
        failure of our company to meet these tests was </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">35</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div style="margin: 0px 0px 10pt; text-align: justify;">due to reasonable cause and not due to willful neglect and, following the identification of such failure, we set forth a description of each item of our gross income that satisfies the
        applicable gross income test in a schedule for the taxable year filed in accordance with the Treasury Regulations.&#160; It is not possible to state whether we would be entitled to the benefit of these relief provisions in all circumstances.&#160; If we fail
        to satisfy one or both of the gross income tests and these relief provisions are inapplicable to a particular set of circumstances, we will not qualify as a REIT.&#160; As discussed above under "&#8212;Taxation of Our Company" and "&#8212;Taxation of REITs in
        General," even where these relief provisions apply, a tax would be imposed upon the profit attributable to the amount by which we fail to satisfy the particular gross income test, which could be significant in amount.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Asset Tests</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">At the close of each calendar quarter we must also satisfy five tests relating to the nature of our assets.&#160; First, at least 75% of the value of our total assets must be
        represented by some combination of "real estate assets," cash, cash items, U.S. government securities, and, under some circumstances, stock or debt instruments purchased with new capital.&#160; For this purpose, real estate assets include interests in
        real property, such as land, buildings, leasehold interests in real property, stock of other REITs, interests in mortgages secured by real property or by interests in real property, certain kinds of mortgage-backed securities and mortgage loans,
        and, for taxable years beginning after 2015, debt instruments issued by publicly offered REITs, interests in obligations secured by both real property and personal property if the fair market value of the personal property does not exceed 15% of
        the total fair market value securing such mortgage, and personal property to the extent income from such personal property is treated as "rents from real property" because the personal property is rented in connection with a rental of real property
        and constitutes less than 15% of the aggregate property rented.&#160; Assets that do not qualify for purposes of the 75% test are subject to the additional asset tests described below.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Second, the value of any one issuer's securities owned by us may not exceed 5% of the value of our total assets.&#160; Third, we may not own more than 10% of any one issuer's
        outstanding securities, as measured by either voting power or value.&#160; Fourth, the aggregate value of all securities of any TRSs held by us may not exceed 20% (25% for taxable years prior to 2018) of the value of our total assets.&#160; Fifth, the
        aggregate value of debt instruments issued by publicly offered REITs held by us that are not otherwise secured by real property may not exceed 25% of the value of our total assets.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The 5% and 10% asset tests described above do not apply to securities of TRSs, qualified REIT subsidiaries or securities that are "real estate assets" for purposes of the 75%
        gross asset test described above.&#160; The 10% value test does not apply to certain "straight debt" and other excluded securities, as described in the Code including, but not limited to, any loan to an individual or estate, any obligation to pay rents
        from real property and any security issued by a REIT.&#160; In addition, for purposes of applying the 10% value test, (1) a REIT's interest as a partner in a partnership is not considered a security issued by the partnership; (2) any debt instrument
        issued by a partnership (other than straight debt or another excluded security) will not be considered a security issued by the partnership if at least 75% of the partnership's gross income (excluding gross income from prohibited transactions) is
        derived from sources that would qualify for the 75% REIT gross income test; and (3) any debt instrument issued by a partnership (other than straight debt or another excluded security) will not be considered a security issued by the partnership to
        the extent of the REIT's interest as a partner in the partnership.&#160; For purposes of the 10% value test, "straight debt" means a written unconditional promise to pay on demand or on a specified date a sum certain in money if (i) debt is not
        convertible, directly or indirectly, into stock, (ii) the interest rate and interest payment dates are not contingent on profits, the borrower's discretion, or similar factors other than certain contingencies relating to the timing and amount of
        principal and interest payments, as described in the Code and (iii) in the case of an issuer that is a corporation or a partnership, securities that otherwise would be considered straight debt will not be so considered if we, and any of our
        "controlled taxable REIT subsidiaries," as defined in the Code, hold any securities of the corporate or partnership issuer which (a) are not straight debt or other excluded securities (prior to the application of this rule), and (b) have an
        aggregate value greater than 1% of the issuer's outstanding securities (including, for the purposes of a partnership issuer, its interest as a partner in the partners).</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The asset tests must be satisfied at the close of each calendar quarter of our taxable year in which we acquire securities in the applicable issuer, and also at the close of
        each calendar quarter in which we increase our ownership of securities of such issuer.&#160; If we fail to satisfy an asset test because we acquire securities or other property during a quarter, we may cure this failure by disposing of sufficient
        nonqualifying assets within 30 days after the close of that quarter.&#160; If we fail to cure any noncompliance with the asset tests within the 30 day cure period, we would cease to </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">36</font></div>
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      </div>
      <div style="margin: 0px 0px 10pt; text-align: justify;">qualify as a REIT unless we are eligible for certain relief provisions discussed below.&#160; We believe that our holdings of securities and other assets will comply with the foregoing REIT asset
        requirements, and we intend to monitor compliance with such tests on an ongoing basis.&#160; There can be no assurance, however, that we will be successful in this effort.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Moreover, the values of some of our assets, including the securities of SSG TRS and any other TRSs, or other nonpublicly traded investments, may not be susceptible to a precise
        determination and are subject to change in the future.&#160; Furthermore, the proper classification of an instrument as debt or equity for U.S. federal income tax purposes may be uncertain in some circumstances, which could affect the application of the
        REIT asset tests.&#160; Accordingly, there can be no assurance that the IRS will not successfully contend that our assets do not meet the requirements of the REIT asset tests.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Certain relief provisions may be available to us if we discover a failure to satisfy the asset tests described above after the 30-day cure period.&#160; Under these provisions, we
        will be deemed to have met the 5% and 10% asset tests if the value of our nonqualifying assets (i) does not exceed the lesser of (a) 1% of the total value of our assets at the end of the applicable quarter or (b) $10 million and (ii) we dispose of
        the nonqualifying assets or otherwise satisfy such tests within (a) six months after the last day of the quarter in which the failure to satisfy the asset tests is discovered or (b) the period of time prescribed by Treasury Regulations to be
        issued.&#160; For violations of any of the asset tests due to reasonable cause and not due to willful neglect and that are, in the case of the 5% and 10% asset tests, in excess of the de minimis<font style="font-style: italic;">&#160;</font>exception
        described above, we may avoid disqualification as a REIT after the 30 day cure period by taking steps including (i) the disposition of sufficient nonqualifying assets, or the taking of other actions, which allow us to meet the asset tests within
        (a) six months after the last day of the quarter in which the failure to satisfy the asset tests is discovered or (b) the period of time prescribed by Treasury Regulations to be issued, (ii)&#160;paying a tax equal to the greater of (a) $50,000 or (b)
        the highest corporate tax rate multiplied by the net income generated by the nonqualifying assets, and (iii) disclosing certain information to the IRS.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We believe that our holdings of securities and other assets comply with the foregoing REIT asset requirements, and we intend to monitor compliance with such tests on an ongoing
        basis.&#160; There can be no assurance, however, that we will be successful in this effort.&#160; In particular, in prior years our satisfaction of the 75% gross asset test described above was based in part on our ownership of stock of certain publicly
        traded REITs.&#160; Although we are not aware of any failure, if one or more of those REITs was not properly treated as a REIT for U.S. federal income tax purposes, such treatment could have caused us to fail the 75% gross asset test.&#160; As described
        above, we have held and may continue to hold interests in certain publicly traded REITs.&#160; We do not generally independently investigate the REIT qualification of such REITs, but rather generally rely on statements made by such REITs in their public
        filings.&#160; In the event that one or more of the publicly traded REITs in which we invest was not properly treated as a REIT for U.S. federal income tax purposes, the shares of such company would not constitute a qualifying asset for purposes of the
        75% gross asset test, in which case we could fail to satisfy one or more of the REIT gross asset tests.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">If we fail to cure any noncompliance with the asset tests in a timely manner, and the relief provisions described above are not available, we would cease to qualify as a REIT.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Annual Distribution Requirements</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">In order to qualify as a REIT, we are required to distribute dividends, other than capital gain dividends, to our stockholders in an amount at least equal to:</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 10pt;" class="DSPFListTable">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the sum of:</div>
            </td>
          </tr>

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

            <tr>
              <td style="width: 108.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 72.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">90% of our "REIT taxable income" for the taxable year (computed without regard to our deduction for dividends paid and by excluding our net capital gains), and</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 108.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 72.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">90% of the net income, if any (after tax), from foreclosure property, as described below, and recognized built-in gain, as discussed above, minus</div>
              </td>
            </tr>

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

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the sum of specified items of non-cash income that exceeds a percentage of our net taxable income.</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">37</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">These distributions must be paid in the taxable year to which they relate, or in the following taxable year if such distributions are declared in October, November or December
        of the taxable year, are payable to stockholders of record on a specified date in any such month, and are actually paid before the end of January of the following year.&#160; Such distributions are treated as both paid by us and received by each
        stockholder on December 31 of the year in which they are declared.&#160; In addition, at our election, a distribution for a taxable year may be declared before we timely file our tax return for the year, provided we pay such distribution with or before
        our first regular dividend payment after such declaration, provided that such payment is made during the 12-month period following the close of such taxable year.&#160; These distributions are taxable to our stockholders in the year in which paid, even
        though the distributions relate to our prior taxable year for purposes of the 90% distribution requirement.&#160; In order to be taken into account for purposes of our distribution requirement, except as provided below, the amount distributed must not
        be preferential&#8212;i.e<font style="font-style: italic;">.</font>, every stockholder of the class of stock to which a distribution is made must be treated the same as every other stockholder of that class, and no class of stock may be treated other
        than according to its dividend rights as a class.&#160; Beginning in 2015, these preferential dividend limitations no longer apply to us during any period that we are treated as a publicly offered REIT, which generally includes a REIT required to file
        annual and periodic reports with the SEC.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">To the extent that we distribute at least 90%, but less than 100%, of our net taxable income, as adjusted, we will be subject to tax at ordinary corporate tax rates on the
        retained portion.&#160; In addition, we may elect to retain, rather than distribute, our net long-term capital gains and pay tax on such gains.&#160; In this case, we would elect to have our stockholders include their proportionate share of such
        undistributed long-term capital gains in their income and receive a corresponding credit for their proportionate share of the tax paid by us.&#160; Our stockholders would then increase their adjusted basis in our shares by the difference between the
        designated amounts included in their long-term capital gains and the tax deemed paid with respect to their proportionate shares.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">If we fail to distribute during each calendar year at least the sum of (1) 85% of our REIT ordinary income for such year, (2) 95% of our REIT capital gain net income for such
        year and (3) any undistributed taxable income from prior periods, we will be subject to a 4% non-deductible excise tax on the excess of such amount over the sum of (A)&#160;the amounts actually distributed (taking into account excess distributions from
        prior periods) and (B) the amounts of income retained on which we have paid corporate income tax.&#160; We intend to make timely distributions so that we are not subject to the 4% excise tax.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">It is possible that we, from time to time, may not have sufficient cash to meet the REIT distribution requirements due to timing differences between (1) the actual receipt of
        cash and (2) the inclusion of items in income by us for U.S. federal income tax purposes.&#160; Additional potential sources of non-cash taxable income include loans held by us as assets that are issued at a discount and require the accrual of taxable
        interest income in advance of our receipt in cash, loans on which the borrower is permitted to defer cash payments of interest and distressed loans on which we may be required to accrue taxable interest income even though the borrower is unable to
        make current interest payments in cash.&#160; In the event that such timing differences occur, in order to meet the distribution requirements, it might be necessary to arrange for short-term, or possibly long-term, borrowings, or to pay dividends in the
        form of taxable in-kind distributions of property, including taxable share dividends.&#160; In the case of a taxable share dividend, stockholders would be required to include the dividend as income and would be required to satisfy the tax liability
        associated with the distribution with cash from other sources including sales of our shares.&#160; Both a taxable share distribution and sale of shares resulting from such distribution could adversely affect the price of our shares.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We may be able to rectify a failure to meet the distribution requirements for a year by paying "deficiency dividends" to stockholders in a later year, which may be included in
        our deduction for dividends paid for the earlier year.&#160; In this case, we may be able to avoid losing our REIT qualification or being taxed on amounts distributed as deficiency dividends, subject to the 4% excise tax described above.&#160; However, we
        will be required to pay interest and a penalty based on the amount of any deduction taken for deficiency dividends.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Tax on Built-In Gains</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">If we acquire appreciated assets from a subchapter C corporation in a transaction in which the adjusted tax basis of the assets in our hands is less than the fair market value
        of the </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">38</font></div>
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      </div>
      <div style="margin: 0px 0px 10pt; text-align: justify;">assets, determined at the time we acquired such assets, and if we subsequently dispose of any such assets during the 5-year period (or with respect to certain prior years, the 10-year period)
        following the acquisition of the assets from the C corporation, we will be subject to tax at the highest corporate tax rates on any gain from such assets to the extent of the excess of the fair market value of the assets on the date that they were
        contributed to us over the basis of such assets on such date, which we refer to as built-in gains.&#160; In addition, if we were treated as a C corporation that is not a RIC or a REIT for any period of time, any asset that we held during such period of
        time generally would be subject to this tax on built-in-gains.&#160; Similarly, to the extent that any C corporation holds an interest in an entity treated as a partnership for U.S. federal income tax purposes (either directly or through one or more
        other entities treated as partnerships for U.S. federal income tax purposes) and we acquire appreciated assets from such partnership in a transaction in which the adjusted tax basis of the assets in our hands is less than the fair market value
        determined at the time we acquired such assets, determined by reference to the adjusted tax basis of the assets in the hands of the partnership, the underlying C corporation's proportionate share of such assets will be treated as contributed by a C
        corporation and therefore will be subject to the tax on built-in gains.&#160; However, the built-in gains tax will not apply if the C corporation elects to be subject to an immediate tax upon the transfer.&#160; Any gain from the sale of property acquired by
        us in an exchange under Section 1031 (a like kind exchange) or 1033 (an involuntary conversion) of the Code is excluded from the application of this built-in gains tax.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Recordkeeping Requirements</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We are required to maintain records and request on an annual basis information from specified stockholders.&#160; These requirements are designed to assist us in determining the
        actual ownership of our outstanding shares and maintaining our qualification as a REIT.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Prohibited Transactions</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Net income that we derive from a prohibited transaction is subject to a 100% tax.&#160; The term "prohibited transaction" generally includes a sale or other disposition of property
        (other than foreclosure property as described below) that is held as inventory or primarily for sale to customers in the ordinary course of a trade or business by a REIT, by a lower-tier partnership in which the REIT holds an equity interest or by
        a borrower that has issued a shared appreciation mortgage or similar debt instrument to the REIT.&#160; We intend to conduct our operations so that the real properties owned by us or our pass-through subsidiaries will not be treated as held as inventory
        or primarily for sale to customers, and that a sale of any properties by us will not be treated as in the ordinary course of business.&#160; We have sold items such as locks, boxes, and packing materials to tenants and third parties directly rather than
        through a TRS, and as a result could be liable for the prohibited transaction tax with respect to these sales.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">However, we intend to structure future sales of these items such that income from such sales is earned by SSG TRS and therefore is not subject to the prohibited transaction
        tax.&#160; Whether property is held as inventory or "primarily for sale to customers in the ordinary course of a trade or business" depends on the particular facts and circumstances.&#160; The 100% tax will not apply to gains from the sale of property by a
        TRS, although such income will be subject to tax in the hands of the TRS at regular corporate income tax rates.&#160; No assurance can be given that any particular property in which we hold a direct or indirect interest will not be treated as property
        held as inventory or primarily for sale to customers.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The Code provides a safe harbor that, if met, allows us to avoid being treated as engaged in a prohibited transaction.&#160; In order to meet the safe harbor, among other things,
        (i) we must have held the property for at least two years (and, in the case of property which consists of land or improvements not acquired through foreclosure, we must have held the property for at least two years for the production of rental
        income), (ii) we capitalized expenditures on the property in the two years preceding the sale that do not exceed 30% of the net selling price of the property, and (iii) (a) we either have seven or fewer sales of property (excluding certain property
        obtained through foreclosure or sales to which Section 1033 of the Code applies (involuntary conversions)) for the year of sale, (b) the aggregate adjusted bases of properties (excluding certain property obtained through foreclosure or sales to
        which Section 1033 of the Code applies (involuntary conversions)) sold by us during the taxable year is 10% or less of the aggregate adjusted bases of all of our assets as of the beginning of the taxable year, (c) the aggregate fair market value of
        properties (excluding certain property obtained through foreclosure or sales to which Section 1033 of the Code applies (involuntary conversions)) sold by us during the taxable year is 10% or less of the aggregate fair market value of all of our
        assets as of the beginning of the taxable year, or (d) we satisfy clause (b) or (c), applied by substituting 20% for 10%, provided that the average percentage (of aggregate adjusted bases or fair market value, as applicable) for the current and
        prior two taxable years does not exceed 10%.&#160; For purposes of applying the safe harbor, the sale of more than one property to one buyer as part of one transaction constitutes one sale.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">39</font></div>
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      </div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Foreclosure Property</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Foreclosure property is real property (including interests in real property) and any personal property incident to such real property (1) that is acquired by a REIT as a result
        of the REIT having bid on such property at foreclosure, or having otherwise reduced the property to ownership or possession by agreement or process of law, after there was a default (or default was imminent) on a lease of such property or a
        mortgage loan held by the REIT and secured by such property, (2) for which the related loan or lease was made, entered into or acquired by the REIT at a time when default was not imminent or anticipated, and (3) for which such REIT makes a proper
        election to treat the property as foreclosure property.&#160; REITs generally are subject to tax at the maximum corporate rate (currently 21%) on any net income from foreclosure property, including any gain from the disposition of the foreclosure
        property, other than income that would otherwise be qualifying income for purposes of the 75% gross income test.&#160; Any gain from the sale of property for which a foreclosure property election has been made will not be subject to the 100% tax on
        gains from prohibited transactions described above, even if the property would otherwise constitute inventory or dealer property in the hands of the selling REIT.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Tax Aspects of Investments in Partnerships</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We may hold investments through entities that are classified as partnerships for U.S. federal income tax purposes.&#160; In general, partnerships are "pass-through" entities that
        are not subject to U.S. federal income tax.&#160; Rather, partners are allocated their proportionate shares of the items of income, gain, loss, deduction and credit of a partnership, and are subject to tax on these items without regard to whether the
        partners receive a distribution from the partnership.&#160; We will include in income our applicable proportionate share of these partnership items for purposes of the various REIT income tests, based on our relevant capital interest in such
        partnership, and in the computation of net taxable income.&#160; Moreover, for purposes of the REIT asset tests, we will include the proportionate share of assets held by subsidiary partnerships, based on our relevant capital interest in such
        partnerships (other than for purposes of the 10% value test, for which the determination of a REIT's interest in partnership assets is based on the REIT's proportionate interest in any securities issued by the partnership excluding, for these
        purposes, certain excluded securities as described in the Code).&#160; Consequently, to the extent that we hold an equity interest in a partnership, the partnership's assets and operations may affect our ability to qualify as a REIT, even though we may
        have no control, or only limited influence, over the partnership.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Failure to Qualify</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">In the event that a REIT violates a provision of the Code that would result in a failure to qualify as a REIT, such REIT may nevertheless continue to qualify as a REIT if (1)
        the violation is due to reasonable cause and not due to willful neglect, (2) the REIT pays a penalty of $50,000 for each failure to satisfy a requirement for qualification as a REIT and (3) the violation does not include a violation under the gross
        income or asset tests described above.&#160; This cure provision reduces the instances that could lead to our disqualification as a REIT for violations due to reasonable cause.&#160; Relief provisions are also available for failures of the income and asset
        tests, as described above in "&#8212;Requirements for Qualification&#8212; General&#8212;Failure to Satisfy the Gross Income Tests" and "&#8212;Requirements for Qualification&#8212;General&#8212;Asset Tests."&#160; If we fail to qualify for taxation as a REIT in any taxable year and none
        of the relief provisions of the Code apply, we will be subject to tax on our taxable income at regular corporate rates.&#160; Distributions to our stockholders in any year in which such entity is not a REIT will not be deductible by us, nor will we be
        required to make any distributions.&#160; In this situation, to the extent of current and accumulated earnings and profits, and, subject to limitations of the Code, distributions to our stockholders will generally be taxable as regular corporate
        dividends.&#160; In the case of U.S. stockholders (as defined below) who are individuals, trusts or estates, such dividends may be eligible for the preferential income tax rates applicable to qualified dividend income (at a maximum rate of 20%), and
        dividends in the hands of corporate U.S. stockholders may be eligible for the dividends received deduction.&#160; Unless we are entitled to relief under the specific statutory provisions, we will also be disqualified from re-electing to be taxed as a
        REIT for four years following the year during which qualification was lost.&#160; It is not possible to state whether, in all circumstances, we will be entitled to statutory relief.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">40</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Taxation of Stockholders</font></div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Taxation of Taxable U.S. Stockholders</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">This section summarizes the taxation of U.S. stockholders that are not tax-exempt organizations.&#160; For these purposes, a U.S. stockholder is a beneficial owner of our common
        stock who for U.S. federal income tax purposes is:</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">an individual who is a citizen or resident of the United States;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">a corporation (including an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States or any state thereof or
                  the District of Columbia;</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">an estate whose income is subject to U.S. federal income taxation regardless of its source; or</div>
              </td>
            </tr>

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

            <tr>
              <td style="width: 72.05pt; vertical-align: top; align: right;">
                <div style="margin-left: 36.05pt; margin-bottom: 10pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-bottom: 10pt;">any trust if (1) a U.S. court is able to exercise primary supervision over the administration of such trust and one or more U.S. persons have the authority to control all substantial
                  decisions of the trust or (2) it has in place a valid election in place to be treated as a U.S. person.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds our common stock, the U.S. federal income tax treatment of a partner generally
        will depend upon the status of the partner and the activities of the partnership.&#160; A partner of a partnership holding our common stock should consult its tax advisor regarding the U.S. federal income tax consequences to the partner of the
        acquisition, ownership and disposition of our common stock by the partnership.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-style: italic;">Distributions.&#160; </font>Provided that we qualify as a REIT, distributions made to our taxable U.S. stockholders out of our current or
        accumulated earnings and profits, and not designated as capital gain dividends, will generally be taken into account by them as ordinary dividend income and generally will not be eligible for the dividends received deduction for corporations.&#160; In
        determining the extent to which a distribution with respect to our common stock constitutes a dividend for U.S.&#160; federal income tax purposes, our earnings and profits will be allocated first to distributions with respect to our preferred stock, if
        any, and then to our common stock.&#160; Dividends received from REITs are generally not eligible to be taxed at the preferential income tax rates applicable to non-corporate U.S. stockholders who receive qualified dividend income from taxable
        subchapter C corporations.&#160; However, for taxable years beginning after December 31, 2017 and before January 1, 2026, non-corporate taxpayers may deduct up to 20% of certain qualified business income, including "qualified REIT dividends" (generally,
        dividends received by a REIT stockholder that are not designated as capital gain dividends or qualified dividend income), subject to certain limitations, generally resulting in an effective maximum U.S. federal income tax rate of 29.6% on such
        income.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">In addition, distributions from us that are designated as capital gain dividends will be taxed to U.S. stockholders as long-term capital gains, to the extent that they do not
        exceed our actual net capital gain for the taxable year, without regard to the period for which the U.S. stockholder has held its shares.&#160; To the extent that we elect under the applicable provisions of the Code to retain our net capital gains, U.S.
        stockholders will be treated as having received, for U.S. federal income tax purposes, our undistributed capital gains as well as a corresponding credit for taxes paid by us on such retained capital gains.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">U.S. stockholders will increase their adjusted tax basis in our common stock by the difference between their allocable share of such retained capital gain and their share of
        the tax paid by us.&#160; Corporate U.S. stockholders may be required to treat up to 20% of some capital gain dividends as ordinary income.&#160; Long-term capital gains are generally taxable at maximum U.S. federal rates of 20% in the case of U.S.
        stockholders who are individuals, trusts and estates and 21% in the case of U.S. stockholders that are corporations.&#160; Capital gain dividends attributable to the sale of depreciable real property held for more than 12 months are subject to a 25%
        maximum U.S. federal income tax rate for non-corporate U.S. stockholders, to the extent of previously claimed depreciation deductions.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Distributions in excess of our current and accumulated earnings and profits will not be taxable to a U.S. stockholder to the extent that they do not exceed the adjusted tax
        basis of the U.S. stockholder's common stock in respect of which the distributions were made, but rather will reduce the adjusted tax basis of these shares.&#160; To the extent that such distributions exceed the adjusted tax basis of an individual U.S.
        stockholder's shares, they will be </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">41</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="margin: 0px 0px 10pt; text-align: justify;">included in income as long-term capital gain, or short-term capital gain if the shares have been held for one year or less.&#160; In addition, any dividend declared by us in October, November or
        December of any year and payable to a U.S. stockholder of record on a specified date in any such month will be treated as both paid by us and received by the U.S. stockholder on December 31 of such year, provided that the dividend is actually paid
        by us on or January 31 of the following calendar year.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">With respect to U.S. stockholders who are taxed at the rates applicable to individuals, estates or trusts, we may elect to designate a portion of our distributions paid to such
        U.S. stockholders as "qualified dividend income."&#160; A portion of a distribution that is properly designated as qualified dividend income is taxable to non-corporate U.S. stockholders at the rates applicable to long-term capital gains, provided that
        the U.S. stockholder has held our common stock with respect to which the distribution is made for more than 60 days during the 121-day period beginning on the date that is 60 days before the date on which such common stock became ex-dividend with
        respect to the relevant distribution.&#160; The maximum amount of our distributions eligible to be designated as qualified dividend income for a taxable year is equal to the sum of:</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 10pt;" class="DSPFListTable">

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the qualified dividend income received by us during such taxable year from non-REIT and non-RIC C corporations (including any TRS in which we may own an interest);</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the excess of any "undistributed" net taxable income recognized during the immediately preceding year over our U.S. federal income tax with respect to such undistributed net taxable income;</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>the excess of any income recognized during the immediately preceding year attributable to the sale of a built-in gain asset that was acquired in a carry-over basis transaction from a non-REIT C corporation over the U.S. federal income
                tax paid by us with respect to such built-in gain; and</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>any earnings and profits that accumulated during a period that we were not treated as a REIT or a RIC for U.S. federal income tax purposes or that were inherited from a C corporation in a tax-deferred reorganization or similar
                transaction;</div>
            </td>
          </tr>

      </table>
      <div style="text-align: justify; margin-bottom: 10pt;">provided that, in no case may the amount we designate as qualified dividend income exceed the amount we distribute to our stockholders as dividends with respect to the taxable year.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">To the extent that we have available net operating losses and capital losses carried forward from prior tax years, such losses may reduce the amount of distributions that must
        be made in order to comply with the REIT distribution requirements.&#160; See "&#8212;Effect of Subsidiary Entities&#8212; Annual Distribution Requirements."&#160; Such losses, however, are not passed through to U.S. stockholders and do not offset income of U.S.
        stockholders from other sources, nor do they affect the character of any distributions that are actually made by us, which are generally subject to tax in the hands of U.S. stockholders to the extent that we have current or accumulated earnings and
        profits.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-style: italic;">Dispositions of Our Common Stock</font>.&#160; In general, a U.S. stockholder will realize gain or loss upon the sale, redemption or other taxable
        disposition of our common stock in an amount equal to the difference between the sum of the fair market value of any property and the amount of cash received in such disposition and the U.S. stockholder's adjusted tax basis in the common stock at
        the time of the disposition.&#160; In general, a U.S. stockholder's adjusted tax basis will equal the U.S. stockholder's acquisition cost, increased by the excess of net capital gains deemed distributed to the U.S. stockholder discussed above less tax
        deemed paid on it and reduced by returns of capital.&#160; In general, capital gains recognized by individuals and other non-corporate U.S. stockholders upon the sale or disposition of shares of our common stock will be subject to a maximum U.S. federal
        income tax rate of 20%, if such shares were held for more than 12 months, and will be taxed at ordinary income rates (of up to 37% through taxable years ending in 2025 and 39.6% thereafter) if such shares were held for 12 months or less.&#160; Gains
        recognized by U.S. stockholders that are corporations are subject to U.S. federal income tax at a maximum rate of 21%, whether or not classified as long-term capital gains.&#160; The IRS has the authority to prescribe, but has not yet prescribed,
        regulations that would apply a capital gain tax rate of 25% (which is generally higher than the long-term capital gain tax rates for non-corporate holders) to a portion of capital gain realized by a non-corporate holder on the sale of REIT stock
        that would correspond to the REIT's "unrecaptured Section 1250 gain."</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">U.S. stockholders are advised to consult their tax advisors with respect to their capital gain tax liability.&#160; Capital losses recognized by a U.S. stockholder upon the
        disposition of our common stock held for more than one </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">42</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="margin: 0px 0px 10pt; text-align: justify;">year at the time of disposition will be considered long-term capital losses, and are generally available only to offset capital gain income of the U.S. stockholder but not ordinary income
        (except in the case of individuals and certain noncorporate taxpayers, who may offset up to $3,000 of ordinary income each year).&#160; In addition, any loss upon a sale or exchange of shares of our common stock by a U.S. stockholder who has held the
        shares for six months or less, after applying holding period rules, will be treated as a long-term capital loss to the extent of distributions received from us that were required to be treated by the U.S. stockholder as long-term capital gain.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">If a U.S. stockholder recognizes a loss upon a subsequent disposition of our common stock in an amount that exceeds a prescribed threshold, it is possible that the provisions
        of Treasury Regulations involving "reportable transactions" could apply, with a resulting requirement to separately disclose the loss generating transactions to the IRS.&#160; While these regulations are directed towards "tax shelters," they are written
        quite broadly, and apply to transactions that would not typically be considered tax shelters.&#160; Significant penalties apply for failure to comply with these requirements.&#160; You should consult your tax advisors concerning any possible disclosure
        obligation with respect to the receipt or disposition of our common stock, or transactions that might be undertaken directly or indirectly by us.&#160; Moreover, you should be aware that we and other participants in transactions involving us (including
        our advisors) might be subject to disclosure or other requirements pursuant to these regulations.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Passive Activity Losses and Investment Interest Limitations</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Distributions made by us and gain arising from the sale or exchange by a U.S. stockholder of our common stock will not be treated as passive activity income.&#160; As a result, U.S.
        stockholders will not be able to apply any "passive activity losses" against income or gain relating to our common stock.&#160; Distributions made by us, to the extent they do not constitute a return of capital, generally will be treated as investment
        income for purposes of computing the investment interest limitation.&#160; A U.S. stockholder that elects to treat capital gain dividends, qualified dividend income or capital gains from the disposition of common stock as investment income for purposes
        of the investment interest limitation will be taxed at ordinary income rates on such amounts.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Medicare Tax on Unearned Income</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Certain U.S. stockholders that are individuals, estates or trusts are required to pay an additional 3.8% tax on "net investment income," which includes, among other things,
        dividends on and capital gains from the sale or other disposition of common stock.&#160; Non-corporate U.S. stockholders should consult their tax advisors regarding the effect, if any, of this additional tax on their ownership and disposition of our
        common stock.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Foreign Accounts</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Dividends paid after June 30, 2014 to "foreign financial institutions" in respect of accounts of U.S. stockholders at such financial institutions may be subject to withholding
        at a rate of 30%.&#160; U.S. stockholders should consult their tax advisors regarding the effect, if any, of these withholding rules on their ownership and disposition of our common stock.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Taxation of Tax-Exempt U.S. Stockholders</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">U.S. tax-exempt entities, including qualified employee pension and profit sharing trusts and individual retirement accounts, generally are exempt from U.S. federal income
        taxation.&#160; However, they are subject to taxation on their unrelated business taxable income ("UBTI").&#160; While many investments in real estate may generate UBTI, dividend distributions from a REIT to a tax-exempt entity do not constitute UBTI.&#160;
        Provided that a tax-exempt U.S. stockholder has not held our common stock as "debt financed property" within the meaning of the Code (i.e<font style="font-style: italic;">.</font>, where the acquisition or ownership of the property is financed
        through a borrowing by the tax-exempt stockholder), distributions from us and income from the sale of our common stock generally should not give rise to UBTI to a tax-exempt U.S. stockholder.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Tax-exempt U.S. stockholders that are social clubs, voluntary employee benefit associations, supplemental unemployment benefit trusts, and qualified group legal services plans
        exempt from U.S. federal income taxation under Sections 501(c)(7), (c)(9), (c)(17) and (c)(20) of the Code, respectively, are subject to different UBTI rules, which generally will require them to characterize distributions from us as UBTI unless
        they are able to properly claim a deduction for amounts set aside or placed in reserve for specific purposes so as to offset the income generated by their </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">43</font></div>
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      <div style="margin: 0px 0px 10pt; text-align: justify;">investment in our common stock.&#160; These prospective investors should consult their tax advisors concerning these "set aside" and reserve requirements.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">In certain circumstances, a pension trust that (1) is described in Section 401(a) of the Code, and (2) is tax exempt under Section 501(a) of the Code (a "qualified pension
        trust") that owns more than 10% of our stock could be required to treat a percentage of the dividends from us as UBTI if we are a "pension-held REIT."&#160; We will not be a pension-held REIT unless (1) either (A) at least one qualified pension trust
        owns more than 25% of the value of our stock, or (B) one or more qualified pension trusts, each individually holding more than 10% of the value of our stock, collectively owns more than 50% of the value of such stock and (2) we would not have
        qualified as a REIT but for the fact that Section 856(h)(3) of the Code provides that stock owned by such trusts shall be treated, for purposes of the requirement that not more than 50% of the value of the outstanding stock of a REIT is owned,
        directly or indirectly, by five or fewer "individuals" (as defined in the Code to include certain entities), as owned by the beneficiaries of such trusts.&#160; Although we do not believe that we are or will be treated as a pension-held REIT, there can
        be no assurance that this will be the case.&#160; Prospective stockholders who are tax-exempt organizations should consult with their tax advisors regarding the tax consequences of investing in our common stock.&#160; The ownership limits contained in our
        charter generally prevent a tax-exempt entity from directly owning more than 10% of the value of our common stock.&#160; However, no assurance can be provided that such ownership limits will prevent us from being treated as a pension-held REIT.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Tax-exempt U.S. stockholders are urged to consult their tax advisors regarding the U.S.
          federal, state, local and non-U.S. tax consequences of the acquisition, ownership and disposition of our common stock.</font></div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Taxation of Non-U.S. Stockholders</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The following is a summary of certain U.S. federal income tax consequences of the acquisition, ownership and disposition of our common stock applicable to non-U.S.
        stockholders.&#160; For these purposes, a non-U.S. stockholder is a beneficial owner of our common stock who is neither a U.S. stockholder nor an entity that is treated as a partnership for U.S. federal income tax purposes.&#160; The discussion is based on
        current law and is for general information only.&#160; It addresses only selective and not all aspects of U.S. federal income taxation.&#160; Non-U.S. stockholders are urged to consult their tax advisors to determine the impact of federal, state, local and
        non-U.S. income tax laws and any applicable tax treaty on the exchange of your notes for shares of our common stock and the ownership and disposition of shares of our common stock, including any reporting requirements.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-style: italic;">Ordinary Dividends.&#160; </font>The portion of dividends received by non-U.S. stockholders payable out of our earnings and profits that are not
        attributable to gains from sales or exchanges of U.S. real property interests and which are not effectively connected with a U.S. trade or business of the non-U.S. stockholder generally will be treated as ordinary income and will be subject to U.S.
        federal withholding tax at the rate of 30%, unless reduced or eliminated by an applicable income tax treaty.&#160; Under some treaties, however, lower rates generally applicable to dividends do not apply to dividends from REITs.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">In general, non-U.S. stockholders will not be considered to be engaged in a U.S. trade or business solely as a result of their ownership of our common stock.&#160; In cases where
        the dividend income from a non-U.S. stockholder's investment in our common stock is, or is treated as, effectively connected with the non-U.S. stockholder's conduct of a U.S. trade or business, the non-U.S. stockholder generally will not be subject
        to the 30% withholding described above and will be subject to U.S. federal income tax at graduated rates in the same manner as U.S. stockholders are taxed with respect to such dividends, and may also be subject to the 30% branch profits tax (unless
        reduced or eliminated by a treaty) on the income after the application of the income tax in the case of a non-U.S. stockholder that is a corporation.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-style: italic;">Non-Dividend Distributions.&#160; </font>Unless (1) our common stock constitutes a U.S. real property interest (a "USRPI"), or (2) either (A) if
        the non-U.S. stockholder's investment in our common stock is effectively connected with a U.S. trade or business conducted by such non-U.S. stockholder (in which case the non-U.S. stockholder will be subject to the same treatment as U.S.
        stockholders with respect to such gain unless otherwise provided in an applicable tax treaty) or (B) if the non-U.S. stockholder is a nonresident alien individual who was present in the United States for 183 days or more during the taxable year and
        certain other conditions are met (in which case the non-U.S. stockholder will be subject to a 30% tax on the individual's net capital gain from U.S. sources for the year as reduced or eliminated by an applicable income tax treaty), distributions by
        us which are not out of our earnings and profits will </div>
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      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><br>
        not be subject to U.S. federal income tax.&#160; If it cannot be determined at the time at which a distribution is made whether or not the distribution will exceed current and accumulated earnings and profits, the distribution will be subject to
        withholding at the rate applicable to dividends.&#160; However, the non-U.S. stockholder may seek a refund from the IRS of any amounts withheld if it is subsequently determined that the distribution was, in fact, in excess of our current and accumulated
        earnings and profits.&#160; If our common stock constitutes a USRPI, as described below, distributions by us in excess of the sum of our earnings and profits plus the non-U.S. stockholder's adjusted tax basis in our common stock will be taxed under the
        Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA"), at the rate of tax, including any applicable capital gains rates, that would apply to a U.S. stockholder of the same type (e.g<font style="font-style: italic;">.</font>, an individual
        or a corporation, as the case may be), and the collection of the tax will be enforced by a refundable withholding tax at a rate of 15% of the amount by which a distribution exceeds the stockholder's share of our earnings and profits unless an
        appropriate exemption certificate is provided.&#160; Non-U.S. stockholders that are treated as "qualified foreign pension funds" are exempt from U.S. federal income and applicable withholding taxes under FIRPTA on such distributions by us.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-style: italic;">Capital Gain Dividends.&#160; </font>Under FIRPTA, a distribution made by us to a non-U.S. stockholder, to the extent attributable to gains from
        dispositions of USRPIs held by us directly or through pass-through subsidiaries ("USRPI capital gains"), will be considered effectively connected with a U.S. trade or business of the non-U.S. stockholder and will be subject to U.S. federal income
        tax at the rates applicable to U.S. stockholders, without regard to whether the distribution is designated as a capital gain dividend.&#160; In addition, we will be required to withhold tax equal to 21% of the amount of capital gain dividends to the
        extent the dividends constitute USRPI capital gains.&#160; Distributions to a non-U.S. corporate shareholder subject to FIRPTA may also be subject to a 30% branch profits tax (unless reduced or eliminated by an applicable income tax treaty).&#160; However,
        the 21% withholding tax will not apply to any capital gain dividend (i) with respect to any class of our common stock which is regularly traded on an established securities market located in the United States as defined by applicable Treasury
        regulations if the non-U.S. stockholder did not own more than 10% of such class of common stock at any time during the one-year period ending on the date of such dividend or (ii) received by certain non-U.S. publicly traded investment vehicles
        meeting certain requirements.&#160; Instead, any such capital gain dividend received by such a stockholder will be treated as a distribution subject to the rules discussed above under "&#8212;Taxation of Stockholders&#8212;Taxation of Non-U.S. Stockholders&#8212;Ordinary
        Dividends."&#160; Also, the branch profits tax will not apply to such a distribution.&#160; In addition, non-U.S. stockholders that are treated as "qualified foreign pension funds" are exempt from income and withholding taxes applicable under FIRPTA on
        distributions from us to the extent attributable to USRPI capital gains.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">A distribution is not a USRPI capital gain if we held the underlying asset solely as a creditor, although the holding of a shared appreciation mortgage loan would not be solely
        as a creditor.&#160; Capital gain dividends received by a non-U.S. stockholder from a REIT that are not USRPI capital gains are generally not subject to U.S. federal income or withholding tax, unless either (1) the non-U.S. stockholder's investment in
        our common stock is effectively connected with a U.S. trade or business conducted by such non-U.S. stockholder (in which case the non-U.S. stockholder will be subject to the same treatment as U.S. stockholders with respect to such gain unless
        otherwise provided in an applicable tax treaty) or (2) the non-U.S. stockholder is a nonresident alien individual who was present in the United States for 183 days or more during the taxable year and certain other conditions are met (in which case
        the non-U.S. stockholder will be subject to a 30% tax on the individual's net capital gain from U.S. sources for the year, unless reduced or eliminated by an applicable income tax treaty).</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"><font style="font-style: italic;">Dispositions of Our Shares.&#160; </font>Unless our common stock constitute a USRPI, a sale of the common stock by a non-U.S. stockholder
        generally will not be subject to U.S. federal income taxation under FIRPTA.&#160; The common stock will not be treated as a USRPI if less than 50% of our assets throughout a prescribed testing period, and taking account certain look-through rules with
        respect to subsidiary entities, consist of interests in real property located within the United States, excluding, for this purpose, interests in real property solely in a capacity as a creditor.&#160; It is expected that more than 50% of our assets
        will consist of interests in real property located in the United States.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">However, our common stock nonetheless will not constitute a USRPI if we are a "domestically controlled REIT."&#160; A domestically controlled REIT is a REIT in which, at all times
        during a specified testing period (generally the lesser of the five-year period ending on the date of disposition of or a distribution on its shares or the period of existence), less than 50% in value of its outstanding stock is held directly or
        indirectly by non-U.S. stockholders.&#160; For this purpose, effective December 18, 2015, a REIT may generally presume that any class of the REIT's share that are "regularly traded," as defined by the applicable Treasury Regulations, on an established
        securities market located in </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
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      <div style="margin: 0px 0px 10pt; text-align: justify;">the United States is held by U.S. persons, except in the case of holders of 5% or more of such class of shares, and except to the extent that the REIT has actual knowledge that such shares are
        held by non-U.S. persons.&#160; In addition, certain look-through and presumption rules apply for this purposes to any shares of a REIT that are held by a RIC or another REIT.&#160; We believe we are, and we expect to continue to be, a domestically
        controlled REIT.&#160; Assuming we are so treated, the sale of our common stock should not be subject to taxation under FIRPTA.&#160; Because our common stock is publicly traded, however, no assurance can be given that we are, or that if we are, that we will
        remain, a domestically controlled REIT.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">In the event that we do not constitute a domestically controlled REIT, a non-U.S. stockholder's sale of our common stock nonetheless will generally not be subject to tax under
        FIRPTA as a sale of a USRPI, provided that (1)&#160;our common stock is regularly traded on an established securities market located in the United States, and (2) the selling non-U.S. stockholder owned, actually or constructively, 10% or less of our
        outstanding shares at all times during a specified testing period.&#160; In addition, even if we do not qualify as a domestically controlled REIT and our common stock is not regularly traded on an established securities market located in the United
        States, non-U.S. stockholders that are treated as "qualified foreign pension funds" are exempt from tax under FIRPTA on the sale of our common stock.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Specific "wash sales" rules applicable to sales of stock in a domestically-controlled REIT could result in gain recognition, taxable under FIRPTA, upon the sale of our common
        stock even if we are a domestically-controlled REIT.&#160; These rules would apply if a non-U.S. stockholder (a) disposes of our common stock within a 30-day period preceding the ex-dividend date of a distribution, any portion of which, but for the
        disposition, would have been taxable to such non-U.S. stockholder as gain from the sale or exchange of a USRPI, and (b) acquires, or enters into a contract or option to acquire, other shares of our common stock during the 61-day period that begins
        30 days prior to such ex-dividend date.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">If gain on the sale of our common stock were subject to taxation under FIRPTA, the non-U.S. stockholder would be required to file a U.S. federal income tax return and would be
        subject to the same treatment as a U.S. stockholder with respect to such gain, subject to applicable alternative minimum tax and a special alternative minimum tax in the case of non-resident alien individuals, and the purchaser of the common stock,
        in certain cases, could be required to withhold 15% of the purchase price and remit such amount to the IRS.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Gain from the sale of our common stock that would not otherwise be subject to FIRPTA will nonetheless be taxable in the United States to a non-U.S. stockholder in two cases:&#160;
        (1) if the non-U.S. stockholder's investment in our common stock is effectively connected with a U.S. trade or business conducted by such non-U.S. stockholder, the non-U.S. stockholder will be subject to the same treatment as a U.S. stockholder
        with respect to such gain unless otherwise provided in an applicable tax treaty, or (2) if the non-U.S. stockholder is a nonresident alien individual who was present in the United States for 183 days or more during the taxable year and certain
        other conditions are met, the nonresident alien individual will be subject to a 30% tax on the individual's capital gain.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Backup Withholding and Information Reporting</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We will report to our U.S. stockholders and the IRS the amount of dividends paid during each calendar year and the amount of any tax withheld.&#160; Under the backup withholding
        rules, a U.S. stockholder may be subject to backup withholding, with respect to dividends paid, unless the holder (1) is a corporation or comes within other exempt categories and, when required, demonstrates this fact or (2) provides a taxpayer
        identification number or social security number, certifies under penalties of perjury that such number is correct and that such holder is not subject to backup withholding and otherwise complies with applicable requirements of the backup
        withholding rules.&#160; A U.S. stockholder that does not provide his or her correct taxpayer identification number or social security number may also be subject to penalties imposed by the IRS.&#160; In addition, we may be required to withhold a portion of
        capital gain distribution to any U.S. stockholder who fails to certify their non-foreign status.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We must report annually to the IRS and to each non-U.S. stockholder the amount of dividends paid to such holder and the tax withheld with respect to such dividends, regardless
        of whether withholding was required.&#160; Copies of the information returns reporting such dividends and withholding may also be made available to the tax authorities in the country in which the non-U.S. stockholder resides under the provisions of an
        applicable income tax treaty.&#160; A non-U.S. stockholder may be subject to backup withholding unless applicable certification requirements are met.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
      </div>
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      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Payment of the proceeds of a sale of our common stock within the United States is subject to both backup withholding and information reporting requirements unless the
        beneficial owner certifies under penalties of perjury that it is a non-U.S. stockholder (and the payor does not have actual knowledge or reason to know that the beneficial owner is a United States person) or the holder otherwise establishes an
        exemption.&#160; Payment of the proceeds of a sale of our common stock conducted through certain United States related financial intermediaries is subject to information reporting requirements (but not backup withholding) unless the financial
        intermediary has documentary evidence in its records that the beneficial owner is a non-U.S. stockholder and specified conditions are met or an exemption is otherwise established.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Backup withholding is not an additional tax.&#160; Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against such stockholder's U.S.
        federal income tax liability, provided the required information is furnished to the IRS in a timely manner.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Foreign Accounts</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Pursuant to rules generally referred to as FATCA, withholding taxes may be imposed (at a 30% rate) on U.S. source payments made after June 30, 2014 to "foreign financial
        institutions".&#160; Under these withholding rules, the failure to comply with additional certification, information reporting and other specified requirements could result in withholding tax being imposed on payments of dividends and sales proceeds to
        U.S. stockholders (as defined above) who own shares of our common stock through foreign accounts or foreign intermediaries and certain non-U.S. stockholders.&#160; The withholding tax may be imposed on dividends on our common stock paid to a foreign
        financial institution or to a foreign entity other than a financial institution, unless (i) the foreign financial institution undertakes certain diligence and reporting obligations or (ii) the foreign entity that is not a financial institution
        either certifies it does not have any substantial United States owners or furnishes identifying information regarding each substantial United States owner.&#160; If the payee is a foreign financial institution (that is not otherwise exempt), it must
        enter into an agreement with the United States Treasury requiring, among other things, that it undertake to identify accounts held by certain United States persons or United States-owned foreign entities, annually report certain information about
        such accounts, and withhold 30% on payments to account holders whose actions prevent it from complying with these reporting and other requirements.&#160; Alternatively, if the foreign financial institution is a resident in a jurisdiction that has
        entered into an intergovernmental agreement to implement FATCA, it must comply with the revised diligence and reporting obligations of such intergovernmental agreement.&#160; Prospective investors should consult their tax advisors regarding these
        withholding rules.&#160; Non-U.S. stockholders should consult their tax advisors to determine the applicability of FATCA in light of their individual circumstances.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">State, Local and Foreign Taxes</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We and our subsidiaries and stockholders may be subject to state, local and foreign taxation in various jurisdictions, including those in which they or we transact business,
        own property or reside.&#160; We will likely own interests in properties located in a number of jurisdictions, and we may be required to file tax returns and pay taxes in certain of those jurisdictions.&#160; The state, local or foreign tax treatment of our
        company and our stockholders may not conform to the U.S. federal income tax treatment discussed above.&#160; Any foreign taxes incurred by us would not pass through to stockholders as a credit against their U.S. federal income tax liability.&#160;
        Prospective stockholders should consult their tax advisor regarding the application and effect of state, local and foreign income and other tax laws on an investment in our common stock.</div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Other Tax Considerations</font></div>
      <div style="margin-bottom: 10pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold; font-style: italic;">Legislative or Other Actions Affecting REITs</font></div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The rules dealing with U.S. federal income taxation are constantly under review by Congress and persons involved in the legislative process and by the IRS and the U.S. Treasury
        Department.&#160; Furthermore, the Biden administration has indicated an intention to enact tax legislation that could impact the taxation of an investment in our common stock.&#160; No assurance can be given as to whether, when, or in what form, the U.S.
        federal income tax laws applicable to us and our stockholders may be enacted.&#160; Changes to the U.S. federal income tax laws and interpretations of U.S. federal tax laws could adversely affect an investment in our common stock.</div>
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      <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">BOOK-ENTRY SECURITIES</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We may issue the securities offered by means of this prospectus in whole or in part in book-entry form, meaning that beneficial owners of the securities will not receive
        certificates representing their ownership interests in the securities, except in the event the book-entry system for the securities is discontinued.&#160; If securities are issued in book-entry form, they will be represented by one or more global
        securities that will be deposited with, or on behalf of, a depositary identified in the applicable prospectus supplement relating to the securities.&#160; The Depository Trust Company is expected to serve as depositary.&#160; Unless and until it is exchanged
        in whole or in part for the individual securities represented thereby, a global security may not be transferred except as a whole by the depositary for the global security to a nominee of such depositary or by a nominee of such depositary to such
        depositary or another nominee of such depositary or by the depositary or any nominee of such depositary to a successor depositary or a nominee of such successor.&#160; Global securities may be issued in either registered or bearer form and in either
        temporary or permanent form.&#160; The specific terms of the depositary arrangement with respect to a class or series of securities that differ from the terms described here will be described in the applicable prospectus supplement.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Unless otherwise indicated in the applicable prospectus supplement, we anticipate that the following provisions will apply to depositary arrangements.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Upon the issuance of a global security, the depositary for the global security or its nominee will credit on its book-entry registration and transfer system the respective
        principal amounts of the individual securities represented by such global security to the accounts of persons that have accounts with such depositary, who are called "participants."&#160; Such accounts shall be designated by the underwriters, dealers or
        agents with respect to the securities or by us if the securities are offered and sold directly by us.&#160; Ownership of beneficial interests in a global security will be limited to the depositary's participants or persons that may hold interests
        through such participants.&#160; Ownership of beneficial interests in the global security will be shown on, and the transfer of that ownership will be effected only through, records maintained by the applicable depositary or its nominee (with respect to
        beneficial interests of participants) and records of the participants (with respect to beneficial interests of persons who hold through participants).&#160; The laws of some states require that certain purchasers of securities take physical delivery of
        such securities in definitive form.&#160; Such limits and laws may impair the ability to own, pledge or transfer beneficial interest in a global security.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">So long as the depositary for a global security or its nominee is the registered owner of such global security, such depositary or nominee, as the case may be, will be
        considered the sole owner or holder of the securities represented by such global security for all purposes under the applicable instrument defining the rights of a holder of the securities.&#160; Except as provided below or in the applicable prospectus
        supplement, owners of beneficial interest in a global security will not be entitled to have any of the individual securities of the class or series represented by such global security registered in their names, will not receive or be entitled to
        receive physical delivery of any such securities in definitive form and will not be considered the owners or holders thereof under the applicable instrument defining the rights of the holders of the securities.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Payments of amounts payable with respect to individual securities represented by a global security registered in the name of a depositary or its nominee will be made to the
        depositary or its nominee, as the case may be, as the registered owner of the global security representing such securities.&#160; None of us, our officers and trustees or any trustee, paying agent or security registrar for an individual class or series
        of securities will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in the global security for such securities or for maintaining, supervising or reviewing
        any records relating to such beneficial ownership interests.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We expect that the depositary for a class or series of securities offered by means of this prospectus or its nominee, upon receipt of any payment of principal, premium,
        interest, dividend or other amount in respect of a permanent global security representing any of such securities, will immediately credit its participants' accounts with payments in amounts proportionate to their respective beneficial interests in
        the principal amount of such global security for such securities as shown on the records of such depositary or its nominee.&#160; We also expect that payments by participants to owners of beneficial interests in such global security held through such
        participants will be governed by standing instructions and customary practices, as is the case with securities held for the account of customers in bearer form or registered in "street name."&#160; Such payments will be the responsibility of such
        participants.</div>
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      <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">LEGAL MATTERS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">Certain legal matters will be passed upon for us by Clifford Chance US LLP.&#160; In addition, the description of U.S. federal income tax consequences contained in the section of
        the prospectus entitled "U.S. Federal Income Tax Considerations" is based on the opinion of Clifford Chance US LLP.&#160; If the validity of any securities is also passed upon by counsel for the underwriters of an offering of those securities, that
        counsel will be named in the prospectus supplement relating to that offering.</div>
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      <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">EXPERTS</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">
        <div style="text-align: left; margin-bottom: 8pt;">
          <div style="margin-bottom: 8pt;">The consolidated financial statements and the related financial statement schedule of Global Self Storage, Inc. as of December 31, 2020 and 2019 and for each of the years in the two-year period ended December 31,
            2020 incorporated in this prospectus by reference from the Global Self Storage, Inc. Annual Report on Form 10-K for the year ended December 31, 2020 have been audited by RSM US LLP, an independent registered public accounting firm, as stated in
            their report thereon and incorporated herein by reference, and have been incorporated in this prospectus and registration statement in reliance upon such report and upon the authority of such firm as experts in accounting and auditing.</div>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      <div style="text-align: center; text-indent: 36pt; margin-bottom: 10pt; font-weight: bold;">WHERE YOU CAN FIND MORE INFORMATION</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">We are subject to the informational requirements of the Exchange Act and, in accordance therewith, we file annual, quarterly and current reports, proxy statements and other
        information with the SEC.&#160; You may read and copy any reports, statements or other information we file at the SEC's public reference room located at 100 F Street, NE, Washington, D.C. 20549.&#160; Please call the SEC at 1-800-SEC-0330 for further
        information on the public reference room.&#160; Our SEC filings are also available to the public from commercial document retrieval services and at the website maintained by the SEC, containing reports, proxy and information statements, and other
        information regarding issuers that file electronically with the SEC, at www.sec.gov.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">This prospectus is a part of a registration statement on Form S-3 that we have filed with the SEC under the Securities Act covering securities that may be offered under this
        prospectus.&#160; This prospectus does not contain all of the information set forth in the registration statement, certain parts of which are omitted in accordance with the rules and regulations of the SEC.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">The SEC allows us to "incorporate by reference" information into this prospectus, which means that we can disclose important information to you by referring you to another
        document filed separately with the SEC.&#160; The information incorporated by reference herein is deemed to be part of this prospectus, except for any information superseded by information in this prospectus.&#160; This prospectus incorporates by reference
        the documents set forth below that we have previously filed with the SEC.&#160; These documents contain important information about us, our business and our finances.</div>
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          <tr>
            <td style="width: 75.96%; vertical-align: top; border-bottom: 2px solid #000000;">
              <div>
                <div style="font-weight: bold;">Document</div>
              </div>
            </td>
            <td style="width: 24.04%; vertical-align: top; border-bottom: 2px solid #000000;">
              <div>
                <div style="text-align: center; font-weight: bold;">Filed</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 75.96%; vertical-align: top;">
              <div>Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 001-12681)</div>
            </td>
            <td style="width: 24.04%; vertical-align: top;">
              <div style="text-align: center;">March 31, 2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 75.96%; vertical-align: top;">
              <div>Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (File No. 001-12681)</div>
            </td>
            <td style="width: 24.04%; vertical-align: top;">
              <div style="text-align: center;">May 13, 2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 75.96%; vertical-align: top;">
              <div>Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 (File No. 001-12681)</div>
              <div>Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (File No. 001-12681)</div>
            </td>
            <td style="width: 24.04%; vertical-align: top;">
              <div style="text-align: center;">August 16, 2021</div>
              <div>&#160;</div>
              <div style="text-align: center;">November 15, 2021</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 75.96%; vertical-align: top; border-bottom: 2px solid #000000;">
              <div>
                <div style="font-weight: bold;">Document</div>
              </div>
            </td>
            <td style="width: 24.04%; vertical-align: top; border-bottom: 2px solid #000000;">
              <div>
                <div style="text-align: center; font-weight: bold;">Filed</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 75.96%; vertical-align: top;">
              <div>Current Report on Form 8-K (File No. 001-12681)</div>
            </td>
            <td style="width: 24.04%; vertical-align: top;">
              <div style="text-align: center;">June 8, 2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 75.96%; vertical-align: top;">
              <div>Current Report on Form 8-K (File No. 001-12681)</div>
            </td>
            <td style="width: 24.04%; vertical-align: top;">
              <div style="text-align: center;">June 25, 2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 75.96%; vertical-align: top;">
              <div>Current Report on Form 8-K (File No. 001-12681)</div>
            </td>
            <td style="width: 24.04%; vertical-align: top;">
              <div style="text-align: center;">July 6, 2021</div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 75.96%; vertical-align: top; border-bottom: 2px solid #000000;">
              <div>
                <div style="font-weight: bold;">Document</div>
              </div>
            </td>
            <td style="width: 24.04%; vertical-align: top; border-bottom: 2px solid #000000;">
              <div>
                <div style="text-align: center; font-weight: bold;">Filed</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 75.96%; vertical-align: top;">
              <div>Definitive Proxy Statement on Schedule 14A (only with respect to information contained in such Definitive Proxy Statement that is incorporated by reference into Part III of our Annual Report on Form 10-K for the year ended December 31,
                2020) (File No. 001-12681)</div>
            </td>
            <td style="width: 24.04%; vertical-align: top;">
              <div style="text-align: center;">April 29, 2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 75.96%; vertical-align: top;">
              <div>Registration Statement on Form 10, and amended on August 11, 2015, September 25, 2015, October 28, 2015, December 14, 2015 and March 28, 2018, including all amendments and reports filed for the purpose of updating such description.&#160;
                (File No. 001-12681), as updated by Exhibit&#160;4.4 to the&#160;Annual Report on Form 10-K for the year ended December&#160;31, 2020 (&#8220;Exhibit&#160;4.4&#8221;)&#160;(each containing a description of our common stock) (File No. 001-12681)</div>
            </td>
            <td style="width: 24.04%; vertical-align: top;">
              <div style="text-align: center;">June 30, 2015</div>
              <div style="text-align: center;">March 31, 2021</div>
              <div style="text-align: center;">(Exhibit 4.4)</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">All documents that we file (but not those that we furnish) pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of the initial registration
        statement and prior to effectiveness of the registration statement and after the date of this prospectus and prior to the termination of the offering of any of the securities covered under this prospectus shall be deemed to be incorporated by
        reference into this prospectus or any accompanying prospectus supplement and will automatically update and supersede the information in this prospectus, any accompanying prospectus supplement or any free writing prospectus and any previously filed
        documents.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;"> <br>
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      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt;">If you request, either orally or in writing, we will provide you with a copy of any or all documents that are incorporated by reference.&#160; Such documents will be provided to you
        free of charge, but will not contain any exhibits, unless those exhibits are incorporated by reference into the document.&#160; Requests should be addressed to us at 3814 Route 44, Millbrook, NY 12545, Attention:&#160; Secretary, or contact our offices at
        (212) 785-0900.&#160; The documents may also be accessed on our website at www.globalselfstorage.us.</div>
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    <div style="text-align: center; margin-bottom: 10pt; font-weight: bold;">Common Stock</div>
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    <div style="text-align: center; margin-bottom: 10pt; font-weight: bold;">B. Riley Securities, Inc.</div>
    <div style="text-align: center; margin-bottom: 10pt; font-weight: bold;">January 14, 2022</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
