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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Exhibit No.
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Description
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99.1
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Global Self Storage, Inc. Earnings Press Release, dated August 14, 2019, reporting the financial results for the period ended June 30, 2019.
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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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99.1
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Global Self Storage, Inc. Earnings Press Release, dated August 14, 2019, reporting the financial results
for the period ended June 30, 2019.
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•
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Total revenues increased 6.4% to $2.1 million.
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•
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Net income decreased to $137,000 or $0.02 per share.
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•
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Funds from operations (FFO) declined 21% to $417,000 or $0.05 per diluted share, primarily due to increased store property tax expenses and increases in certain general and administrative expenses (as described below).
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•
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Adjusted FFO (AFFO) declined 14% to $484,000 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 increased 6.4% to $2.1 million.
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•
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Same-store net operating income (NOI) increased 2.2% to $1.2 million.
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•
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Same-store occupancy at June 30, 2019 increased 110 basis points to 94.2% from 93.1% at June 30, 2018.
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•
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Same-store average tenant duration of stay at June 30, 2019 was approximately 3.0 years, up 3.5%.
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•
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Maintained quarterly dividend of $0.065 per share.
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•
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Total revenues increased 6.9% to $4.3 million.
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•
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Net income decreased to $325,000 or $0.04 per share.
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•
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FFO declined 18% to $802,000 or $0.10 per diluted share, primarily due the increased store property tax expenses and increases in certain general and administrative expenses
(as described below).
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•
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AFFO declined 8% to $931,000 or $0.12 per diluted share.
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•
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Same-store revenues increased 6.9% to $4.3 million.
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•
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Same-store NOI increased 4.5% to $2.4 million.
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•
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Same-store occupancy at June 30, 2019 increased 110 basis points to 94.2% from 93.1% at June 30, 2018.
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•
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Same-store average tenant duration of stay at June 30, 2019 was approximately 3.0 years, up 3.5%.
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•
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Distributed dividends of $0.13 per share of common stock.
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For the Three Months Ended June 30,
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For the Six Months Ended June 30,
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|||||||||||||||
2019
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2018
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2019
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2018
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|||||||||||||
Net income
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$
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136,845
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$
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395,474
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$
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324,668
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$
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454,601
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||||||||
Eliminate items excluded from FFO:
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||||||||||||||||
Unrealized gain on marketable equity securities
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(72,833
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)
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(217,349
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)
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(227,282
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)
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(175,442
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)
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||||||||
Depreciation and amortization
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352,809
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349,173
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704,376
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698,046
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||||||||||||
FFO attributable to common stockholders
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416,821
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527,298
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801,762
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977,205
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||||||||||||
Adjustments:
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||||||||||||||||
Compensation expense related to stock-based awards
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51,731
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26,428
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105,890
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27,312
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||||||||||||
Business Development, Capital Raising, Store Acquisition, and Third-Party Management Marketing Expenses
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15,044
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10,000
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23,294
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10,000
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||||||||||||
AFFO attributable to common stockholders
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$
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483,596
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$
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563,726
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$
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930,946
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$
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1,014,517
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||||||||
Earnings per share attributable to common stockholders - basic
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$
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0.02
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$
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0.05
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$
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0.04
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$
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0.06
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||||||||
Earnings per share attributable to common stockholders - diluted
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$
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0.02
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$
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0.05
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$
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0.04
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$
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0.06
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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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0.07
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$
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0.10
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$
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0.13
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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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0.07
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$
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0.12
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$
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0.13
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||||||||
Weighted average shares outstanding - basic (1)
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7,640,991
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7,619,549
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7,635,885
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7,619,509
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||||||||||||
Weighted average shares outstanding - diluted
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7,650,296
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7,620,283
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7,642,980
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7,619,999
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June 30, 2019
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December 31, 2018
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|||||||
Assets
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||||||||
Real estate assets, net
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$
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53,373,912
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$
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53,811,737
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||||
Cash and cash equivalents
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1,091,670
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1,526,203
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||||||
Restricted cash
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224,706
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186,063
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||||||
Investments in securities
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1,794,889
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1,567,607
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||||||
Accounts receivable
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105,944
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67,604
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||||||
Prepaid expenses and other assets
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299,497
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263,767
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||||||
Line of credit issuance costs
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391,533
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471,196
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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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57,976,272
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$
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58,588,298
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Liabilities and equity
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||||||||
Note payable
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$
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19,057,107
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$
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19,269,250
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Accounts payable and accrued expenses
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2,288,432
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2,113,172
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||||||
Total liabilities
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21,345,539
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21,382,422
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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, $0.01 par value: 450,000,000 shares authorized, 7,729,330 and 7,692,624 issued and outstanding at June 30, 2019 and December 31, 2018, respectively
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77,293
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76,926
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||||||
Additional paid in capital
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34,067,426
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33,961,903
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||||||
Retained earnings
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2,486,014
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3,167,047
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||||||
Total equity
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36,630,733
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37,205,876
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||||||
Total liabilities and equity
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$
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57,976,272
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$
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58,588,298
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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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|||||||||||||||
2019
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2018
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2019
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2018
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|||||||||||||
Revenues
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||||||||||||||||
Rental income
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$
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2,077,453
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$
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1,954,052
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$
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4,116,137
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$
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3,856,153
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||||||||
Other property related income
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71,234
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65,678
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139,060
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125,461
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||||||||||||
Total revenues
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2,148,687
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2,019,730
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4,255,197
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3,981,614
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||||||||||||
Expenses
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||||||||||||||||
Property operations
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923,529
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823,672
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1,836,878
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1,673,366
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General and administrative
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554,635
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456,330
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1,110,639
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921,752
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Depreciation and amortization
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352,809
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349,173
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704,376
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698,046
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||||||||||||
Business development
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15,044
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10,000
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23,294
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10,000
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||||||||||||
Total expenses
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1,846,017
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1,639,175
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3,675,187
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3,303,164
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Operating income
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302,670
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380,555
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580,010
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678,450
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||||||||||||
Other income (expense)
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||||||||||||||||
Dividend and interest income
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17,446
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17,779
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34,646
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41,126
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||||||||||||
Unrealized gain on marketable equity securities
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72,833
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217,349
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227,282
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175,442
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||||||||||||
Interest expense
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(256,104
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)
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(220,209
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)
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(517,270
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)
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(440,417
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)
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||||||||
Total other income (expense), net
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(165,825
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)
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14,919
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(255,342
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)
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(223,849
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)
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|||||||||
Net income
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$
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136,845
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$
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395,474
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$
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324,668
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$
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454,601
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||||||||
Earnings per share
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||||||||||||||||
Basic
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$
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0.02
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$
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0.05
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$
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0.04
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$
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0.06
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||||||||
Diluted
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$
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0.02
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$
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0.05
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$
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0.04
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$
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0.06
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||||||||
Weighted average shares outstanding
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||||||||||||||||
Basic
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7,640,991
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7,619,549
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7,635,885
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7,619,509
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||||||||||||
Diluted
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7,650,296
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7,620,283
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7,642,980
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7,619,999
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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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|||||||||||||||
2019
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2018
|
2019
|
2018
|
|||||||||||||
Net income
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$
|
136,845
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$
|
395,474
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$
|
324,668
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$
|
454,601
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||||||||
Adjustments:
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||||||||||||||||
General and administrative
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554,635
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456,330
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1,110,639
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921,752
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||||||||||||
Depreciation and amortization
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352,809
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349,173
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704,376
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698,046
|
||||||||||||
Business development
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15,044
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10,000
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23,294
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10,000
|
||||||||||||
Dividend, interest, and other income
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(17,446
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)
|
(17,779
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)
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(34,646
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)
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(41,126
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)
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||||||||
Unrealized gain on marketable equity securities
|
(72,833
|
)
|
(217,349
|
)
|
(227,282
|
)
|
(175,442
|
)
|
||||||||
Interest expense
|
256,104
|
220,209
|
517,270
|
440,417
|
||||||||||||
Other real estate expenses
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—
|
2,582
|
—
|
5,363
|
||||||||||||
Total same-store net operating income
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$
|
1,225,158
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$
|
1,198,640
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$
|
2,418,319
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$
|
2,313,611
|
||||||||
For the Three Months Ended June 30,
|
For the Six Months Ended June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Same-store revenues
|
$
|
2,148,687
|
$
|
2,019,438
|
$
|
4,255,197
|
$
|
3,981,242
|
||||||||
Same-store cost of operations
|
$
|
923,529
|
$
|
820,798
|
$
|
1,836,878
|
$
|
1,667,631
|
||||||||
Total same-store net operating income
|
$
|
1,225,158
|
$
|
1,198,640
|
$
|
2,418,319
|
$
|
2,313,611
|
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