Maryland
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001-12681
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13-3926714
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(State or Other Jurisdiction of
Incorporation) |
(Commission File Number)
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(IRS Employer Identification No.)
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Securities registered pursuant to Section 12(b) of the Act:
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||
Title of each class
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Trading Symbol(s)
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Name of each exchange which registered
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Common Stock, $0.01 par value
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SELF
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The Nasdaq Stock Market LLC
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Exhibit No.
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Description
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GLOBAL SELF STORAGE, INC.
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By:
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/s/ Mark C. Winmill
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Name:
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Mark C. Winmill
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Title:
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President
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Exhibit No.
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Description
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•
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Total revenues increased 4.0% to $2.2 million.
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•
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Net loss was $22,000 or $(0.00) per share.
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•
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Funds from operations (FFO) was $508,000 or $0.05 per diluted share.
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•
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Adjusted FFO (AFFO) was $545,000 or $0.06 per diluted share (see definition of FFO and AFFO, both non-GAAP terms, and their reconciliation to GAAP, below).
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•
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Same-store revenues decreased 1.3% to $1.8 million.
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•
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Same-store cost of operations decreased 14.0% to $711,000, which resulted from a decrease in every major category of same-store level expenses.
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•
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Same-store net operating income (NOI) increased 9.1% to $1.1 million, primarily due to the decrease in store-level cost of operations and limiting the decrease in revenues
caused by the COVID-19 pandemic, as described below.
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•
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Same-store occupancy at June 30, 2020 decreased 110 basis points to 92.9% from 94.0% at June 30, 2019.
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•
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Same-store average tenant duration of stay at June 30, 2020 was approximately 3.0 years, up from 2.9 years at June 30, 2019.
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•
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Maintained quarterly dividend of $0.065 per share.
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•
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Capital resources at June 30, 2020 totaled approximately $9.3 million, comprised of $2.7 million in cash and cash equivalents and restricted cash, $1.5 million in marketable equity securities,
and $5.1 million available under a revolving credit line.
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•
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Deceleration of general and administrative (G&A) expense growth limited the increase in G&A expense to 3.8%.
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•
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Total revenues increased 5.1% to $4.5 million.
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•
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Net loss was $379,000 or $(0.04) per share.
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•
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FFO was $858,000 or $0.09 per diluted share.
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•
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AFFO was $933,000 or $0.10 per diluted share.
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•
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Same-store revenues increased 0.4% to $3.7 million, despite COVID-19 pandemic and related economic disruption.
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•
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Same-store cost of operations decreased 11.1% to $1.5 million, resulting from a decrease in every major category of same-store level expenses.
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•
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Same-store NOI increased 9.7% to $2.2 million, primarily due to the decrease in store-level cost of operations and limiting the reduction in revenue growth caused by the
COVID-19 pandemic, as described below.
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•
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Same-store occupancy at June 30, 2020 decreased 110 basis points to 92.9% from 94.0% at June 30, 2019.
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•
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Same-store average tenant duration of stay at June 30, 2020 was approximately 3.0 years, up 3.5%.
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•
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Distributed dividends of $0.13 per share of common stock.
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•
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Continued operations and provided tenant access at all stores, as the company continued to protect its tenants and employees by following applicable COVID-19 safety
guidelines.
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•
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Benefited from contactless technology deployed pre-COVID-19 that provides tenants online leasing and payment options, as well as on-site kiosks that facilitate contactless
rentals, lock purchases and payments 24/7.
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•
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Total revenue growth was up 4% for the second quarter of 2020, versus the same period last year.
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•
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At June 30, 2020, same-store occupancy was 92.9% and combined store occupancy was at 90.5%.
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•
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Rent collections during Q2 have remained consistent year over year at greater than 97%, despite the COVID-19 pandemic.
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•
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Reduction in same-store revenues was caused by the temporary suspension of the company’s existing tenant revenue rate increase program, waiver of certain late fees due to
COVID-19 hardship, and delays to the company’s auction process—all designed to maintain tenant occupancy and retain brand loyalty during the COVID-19 pandemic.
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•
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In light of reduced in-person marketing opportunities due to the COVID-19 pandemic, the company has pivoted to digital and print marketing of its third-party management
program, Global MaxManagementSM.
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•
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Continuing to explore the possibility of entering into joint-venture relationships with third parties for the acquisition of self-storage facilities; the company believes such
third-party interest to conduct business with the company is due to its history of strong same-store performance and proven operational expertise.
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•
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Capital resources available at June 30, 2020 totaled approximately $9.3 million, providing operational flexibility for the company to continue to pursue its long-term
strategic business plan. The plan includes self-storage property acquisitions, either directly or through joint ventures, and expansions at its existing properties.
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•
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Company continues to remain cautious regarding the second half of the year due to the continuing uncertainty related to the impacts of the COVID-19 pandemic, including the
potential for future stay-at-home orders, uncertain economic climate, and potential impact on rentals, vacates, pricing, receivables, auctions and existing customer rent increases.
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For the Three Months Ended June 30,
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For the Six Months Ended June 30,
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|||||||||||||||
2020
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2019
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2020
|
2019
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|||||||||||||
Net income (loss)
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$
|
(22,144
|
)
|
$
|
136,845
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$
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(378,568
|
)
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$
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324,668
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||||||
Eliminate items excluded from FFO:
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||||||||||||||||
Unrealized (gain) loss on marketable equity securities
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27,764
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(72,833
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)
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218,169
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(227,282
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)
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||||||||||
Depreciation and amortization
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502,746
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352,809
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1,018,682
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704,376
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||||||||||||
FFO attributable to common stockholders
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508,366
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416,821
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858,283
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801,762
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||||||||||||
Adjustments:
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||||||||||||||||
Compensation expense related to stock-based awards
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35,317
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51,731
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64,479
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105,890
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||||||||||||
Business development, capital raising, store acquisition, and third-party management marketing expenses
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817
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15,044
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10,057
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23,294
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||||||||||||
AFFO attributable to common stockholders
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$
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544,500
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$
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483,596
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$
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932,819
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$
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930,946
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||||||||
Earnings per share attributable to common stockholders - basic
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$
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(0.00
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)
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$
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0.02
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$
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(0.04
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)
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$
|
0.04
|
||||||
Earnings per share attributable to common stockholders - diluted
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$
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(0.00
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)
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$
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0.02
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$
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(0.04
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)
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$
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0.04
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||||||
FFO per share - diluted
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$
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0.05
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$
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0.05
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$
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0.09
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$
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0.10
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||||||||
AFFO per share - diluted
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$
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0.06
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$
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0.06
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$
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0.10
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$
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0.12
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||||||||
Weighted average shares outstanding - basic
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9,269,567
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7,640,991
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9,266,189
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7,635,885
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||||||||||||
Weighted average shares outstanding - diluted
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9,269,567
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7,650,296
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9,266,189
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7,642,980
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June 30, 2020
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December 31, 2019
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|||||||
Assets
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||||||||
Real estate assets, net
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$
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60,117,747
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$
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59,752,153
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||||
Cash and cash equivalents
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2,385,653
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3,990,160
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||||||
Restricted cash
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302,072
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263,405
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||||||
Investments in securities
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1,543,143
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1,761,312
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||||||
Accounts receivable
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86,082
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164,078
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||||||
Prepaid expenses and other assets
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432,964
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325,450
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||||||
Line of credit issuance costs, net
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232,206
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311,869
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||||||
Intangible assets, net
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158,485
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398,795
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||||||
Goodwill
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694,121
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694,121
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||||||
Total assets
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$
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65,952,473
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$
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67,661,343
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||||
Liabilities and equity
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||||||||
Note payable, net
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$
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18,617,181
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$
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18,839,787
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||||
Line of credit borrowing
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4,914,000
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4,914,000
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||||||
Accounts payable and accrued expenses
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1,884,088
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1,841,640
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||||||
Total liabilities
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25,415,269
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25,595,427
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||||||
Commitments and contingencies
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||||||||
Equity
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||||||||
Preferred stock, $0.01 par value: 50,000,000 shares authorized, no shares outstanding
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—
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—
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||||||
Common stock, $0.01 par value: 450,000,000 shares authorized, 9,356,202 and 9,330,297 issued and outstanding at June 30, 2020 and December 31, 2019, respectively
|
93,562
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93,303
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||||||
Additional paid in capital
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40,393,722
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40,329,502
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||||||
Retained earnings
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49,920
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1,643,111
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||||||
Total equity
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40,537,204
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42,065,916
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||||||
Total liabilities and equity
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$
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65,952,473
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$
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67,661,343
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For the Three Months Ended June 30,
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For the Six Months Ended June 30,
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|||||||||||||||
2020
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2019
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2020
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2019
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|||||||||||||
Revenues
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||||||||||||||||
Rental income
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$
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2,133,512
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$
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2,077,453
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$
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4,283,752
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$
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4,116,137
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||||||||
Other property related income
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83,199
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71,234
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155,159
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139,060
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||||||||||||
Management fees and other income
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17,501
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—
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34,845
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—
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||||||||||||
Total revenues
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2,234,212
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2,148,687
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4,473,756
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4,255,197
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||||||||||||
Expenses
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||||||||||||||||
Property operations
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875,209
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923,529
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1,791,289
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1,836,878
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||||||||||||
General and administrative
|
575,568
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554,635
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1,258,191
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1,110,639
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||||||||||||
Depreciation and amortization
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502,746
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352,809
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1,018,682
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704,376
|
||||||||||||
Business development
|
817
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15,044
|
10,057
|
23,294
|
||||||||||||
Total expenses
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1,954,340
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1,846,017
|
4,078,219
|
3,675,187
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||||||||||||
Operating income
|
279,872
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302,670
|
395,537
|
580,010
|
||||||||||||
Other income (expense)
|
||||||||||||||||
Dividend and interest income
|
20,270
|
17,446
|
44,369
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34,646
|
||||||||||||
Unrealized (loss) gain on marketable equity securities
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(27,764
|
)
|
72,833
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(218,169
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)
|
227,282
|
||||||||||
Interest expense
|
(294,522
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)
|
(256,104
|
)
|
(600,305
|
)
|
(517,270
|
)
|
||||||||
Total other (expense), net
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(302,016
|
)
|
(165,825
|
)
|
(774,105
|
)
|
(255,342
|
)
|
||||||||
Net (loss) income and comprehensive (loss) income
|
$
|
(22,144
|
)
|
$
|
136,845
|
$
|
(378,568
|
)
|
$
|
324,668
|
||||||
Earnings per share
|
||||||||||||||||
Basic
|
$
|
(0.00
|
)
|
$
|
0.02
|
$
|
(0.04
|
)
|
$
|
0.04
|
||||||
Diluted
|
$
|
(0.00
|
)
|
$
|
0.02
|
$
|
(0.04
|
)
|
$
|
0.04
|
||||||
Weighted average shares outstanding
|
||||||||||||||||
Basic
|
9,269,567
|
7,640,991
|
9,266,189
|
7,635,885
|
||||||||||||
Diluted
|
9,269,567
|
7,650,296
|
9,266,189
|
7,642,980
|
For the Three Months Ended June 30,
|
For the Six Months Ended June 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Net income (loss)
|
$
|
(22,144
|
)
|
$
|
136,845
|
$
|
(378,568
|
)
|
$
|
324,668
|
||||||
Adjustments:
|
||||||||||||||||
Management fees and other income
|
(17,501
|
)
|
—
|
(34,845
|
)
|
—
|
||||||||||
General and administrative
|
575,568
|
554,635
|
1,258,191
|
1,110,639
|
||||||||||||
Depreciation and amortization
|
502,746
|
352,809
|
1,018,682
|
704,376
|
||||||||||||
Business development
|
817
|
15,044
|
10,057
|
23,294
|
||||||||||||
Dividend, interest, and other income
|
(20,270
|
)
|
(17,446
|
)
|
(44,369
|
)
|
(34,646
|
)
|
||||||||
Unrealized (gain) loss on marketable equity securities
|
27,764
|
(72,833
|
)
|
218,169
|
(227,282
|
)
|
||||||||||
Interest expense
|
294,522
|
256,104
|
600,305
|
517,270
|
||||||||||||
Non-same-store revenues
|
(396,834
|
)
|
(305,581
|
)
|
(775,381
|
)
|
(605,579
|
)
|
||||||||
Non-same-store cost of operations
|
164,040
|
96,482
|
334,116
|
197,880
|
||||||||||||
Total same-store net operating income
|
$
|
1,108,708
|
$
|
1,016,059
|
$
|
2,206,357
|
$
|
2,010,620
|
||||||||
For the Three Months Ended June 30,
|
For the Six Months Ended June 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Same-store revenues
|
$
|
1,819,877
|
$
|
1,843,106
|
$
|
3,663,530
|
$
|
3,649,618
|
||||||||
Same-store cost of operations
|
711,169
|
827,047
|
1,457,173
|
1,638,998
|
||||||||||||
Total same-store net operating income
|
$
|
1,108,708
|
$
|
1,016,059
|
$
|
2,206,357
|
$
|
2,010,620
|
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