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 November 14,
2019, reporting the financial results for the period ended September
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 November 14, 2019, reporting the financial results for the period ended September 30, 2019.
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•
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Total revenues increased 6.3% to $2.2 million.
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•
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Net income increased 179% to $249,000 or $0.03 per share.
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•
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Funds from operations (FFO) declined 23.6% to $473,000 or $0.06 per diluted share, primarily due to increased store property tax and certain G&A
expenses as described below.
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•
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Adjusted FFO (AFFO) declined 12.9% to $575,000 or $0.08 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 6.3% to $2.2 million.
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•
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Same-store net operating income (NOI) increased 3.6% to $1.3 million.
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•
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Same-store occupancy at September 30, 2019 decreased 30 basis points to 92.8% from 93.1% at September 30, 2018.
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•
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Same-store average tenant duration of stay at September 30, 2019 was approximately 3.1 years, up 6.9%.
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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 6.7% to $6.4 million.
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•
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Net income increased 5.5% to $574,000 or $0.08 per share.
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•
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FFO declined 20.1% to $1.3 million or $0.17 per diluted share, primarily due to the increased store property tax and certain G&A expenses as described below.
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•
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AFFO declined 10.1% to $1.5 million or $0.20 per diluted share.
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•
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Same-store revenues increased 6.7% to $6.4 million.
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•
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Same-store NOI increased 4.3% to $3.7 million.
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•
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Same-store occupancy at September 30, 2019 decreased 30 basis points to 92.8% from 93.1% at September 30, 2018.
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•
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Same-store average tenant duration of stay at September 30, 2019 was approximately 3.1 years, up 6.9%.
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•
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Distributed dividends of $0.195 per share of common stock.
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For the Three Months Ended September 30,
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For the Nine Months Ended September 30,
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|||||||||||||||
2019
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2018
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2019
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2018
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|||||||||||||
Net income
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$
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249,233
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$
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89,368
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$
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573,901
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$
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543,969
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||||||||
Eliminate items excluded from FFO:
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||||||||||||||||
Unrealized loss (gain) on marketable equity securities
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(127,820
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)
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180,021
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(355,102
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)
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4,579
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||||||||||
Depreciation and amortization
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351,711
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349,507
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1,056,087
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1,047,553
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||||||||||||
FFO attributable to common stockholders
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473,124
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618,896
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1,274,886
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1,596,101
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||||||||||||
Adjustments:
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||||||||||||||||
Compensation expense related to stock-based awards
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29,430
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26,729
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135,320
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54,041
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||||||||||||
Business Development, Capital Raising, Store Acquisition, and Third-Party Management Marketing Expenses
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72,691
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15,000
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95,985
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25,000
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||||||||||||
AFFO attributable to common stockholders
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$
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575,245
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$
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660,625
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$
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1,506,191
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$
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1,675,142
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Earnings per share attributable to common stockholders - basic
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$
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0.03
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$
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0.01
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$
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0.08
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$
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0.07
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||||||||
Earnings per share attributable to common stockholders - diluted
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$
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0.03
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$
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0.01
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$
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0.08
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$
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0.07
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||||||||
FFO per share - diluted
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$
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0.06
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$
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0.08
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$
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0.17
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$
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0.21
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||||||||
AFFO per share - diluted
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$
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0.08
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$
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0.09
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$
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0.20
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$
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0.22
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||||||||
Weighted average shares outstanding - basic
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7,646,875
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7,623,182
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7,639,588
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7,620,747
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Weighted average shares outstanding - diluted
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7,652,257
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7,626,286
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7,640,874
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7,621,769
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September 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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53,233,742
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$
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53,811,737
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Cash and cash equivalents
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1,116,000
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1,526,203
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Restricted cash
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244,059
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186,063
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Investments in securities
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1,922,709
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1,567,607
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Accounts receivable
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102,083
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67,604
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Prepaid expenses and other assets
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457,029
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263,767
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Line of credit issuance costs, net
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351,701
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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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58,121,444
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$
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58,588,298
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Liabilities and equity
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Note payable, net
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$
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18,949,101
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$
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19,269,250
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Accounts payable and accrued expenses
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2,385,332
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2,113,172
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Line of credit borrowing
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380,000
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—
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||||||
Total liabilities
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21,714,433
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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, $0.01 par value: 450,000,000 shares authorized, 7,729,006 and 7,692,624 issued and outstanding at September 30, 2019 and December 31, 2018, respectively
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77,290
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76,926
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||||||
Additional paid in capital
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34,096,859
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33,961,903
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Retained earnings
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2,232,862
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3,167,047
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Total equity
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36,407,011
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37,205,876
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Total liabilities and equity
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$
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58,121,444
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$
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58,588,298
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For the Three Months Ended September 30,
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For the Nine Months Ended September 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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2,115,053
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$
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1,988,133
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$
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6,231,190
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$
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5,844,286
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||||||||
Other property related income
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72,194
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70,020
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211,255
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195,482
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Total revenues
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2,187,247
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2,058,153
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6,442,445
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6,039,768
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Expenses
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Property operations
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869,231
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785,795
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2,706,109
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2,459,160
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General and administrative
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533,418
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436,335
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1,644,057
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1,358,088
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Depreciation and amortization
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351,711
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349,507
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1,056,087
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1,047,553
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Business development
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72,691
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15,000
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95,985
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25,000
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Total expenses
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1,827,051
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1,586,637
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5,502,238
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4,889,801
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Operating income
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360,196
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471,516
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940,207
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1,149,967
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Other income (expense)
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Dividend and interest income
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17,180
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17,665
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51,826
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58,790
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Unrealized gain (loss) on marketable equity securities
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127,820
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(180,021
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)
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355,102
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(4,579
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)
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Interest expense
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(255,963
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)
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(219,792
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)
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(773,234
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)
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(660,209
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)
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Total other income (expense), net
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(110,963
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)
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(382,148
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)
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(366,306
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)
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(605,998
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)
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Net income
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$
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249,233
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$
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89,368
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$
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573,901
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$
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543,969
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Earnings per share
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Basic
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$
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0.03
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$
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0.01
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$
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0.08
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$
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0.07
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Diluted
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$
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0.03
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$
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0.01
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$
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0.08
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$
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0.07
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Weighted average shares outstanding
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Basic
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7,646,875
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7,623,182
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7,639,588
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7,620,747
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Diluted
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7,652,257
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7,626,286
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7,640,874
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7,621,769
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For the Three Months Ended September 30,
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For the Nine Months Ended September 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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249,233
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$
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89,368
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$
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573,901
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$
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543,969
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Adjustments:
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General and administrative
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533,418
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436,335
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1,644,057
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1,358,088
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Depreciation and amortization
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351,711
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349,507
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1,056,087
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1,047,553
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||||||||||||
Business development
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72,691
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15,000
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95,985
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25,000
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Dividend, interest, and other income
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(17,180
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)
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(17,665
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)
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(51,826
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)
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(58,790
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)
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Unrealized gain on marketable equity securities
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(127,820
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)
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180,021
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(355,102
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)
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4,579
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Interest expense
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255,963
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219,792
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773,234
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660,209
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Total same-store net operating income
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$
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1,318,016
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$
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1,272,358
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$
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3,736,336
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$
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3,580,608
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||||||||
For the Three Months Ended September 30,
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For the Nine Months Ended September 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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|||||||||||||
Same-store revenues
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$
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2,187,247
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$
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2,058,153
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$
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6,442,445
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$
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6,039,768
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||||||||
Same-store cost of operations
|
869,231
|
785,795
|
2,706,109
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2,459,160
|
||||||||||||
Total same-store net operating income
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$
|
1,318,016
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$
|
1,272,358
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$
|
3,736,336
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$
|
3,580,608
|