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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99.1
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Global Self Storage, Inc. Earnings Press Release, dated May 15, 2020, reporting the financial results for the period ended March 31, 2020.
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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 6.3% to $2.2 million.
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•
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Net loss was $356,000 or $(0.04) per share.
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•
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Funds from operations (FFO) was $350,000 or $0.04 per basic and diluted share.
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•
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Adjusted FFO (AFFO) was $388,000 or $0.04 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 2.1% to $1.8 million.
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•
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Same-store cost of operations decreased 8.1% to $746,000.
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•
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Same-store net operating income (NOI) increased 10.4% to $1.1 million.
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•
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Same-store occupancy at March 31, 2020 decreased 90 basis points to 91.4% from 92.3% at March 31, 2019.
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•
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Same-store average tenant duration of stay at March 31, 2020 was approximately 3.0 years, up from 2.9 years at March 31, 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 March 31, 2020 totaled approximately $10.1 million, comprised of $3.4 million in cash and cash equivalents and restricted cash, $1.6 million in marketable equity
securities, and $5.1 million available under a revolving credit line.
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For the Three Months Ended March 31,
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|||||||
2020
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2019
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|||||||
Net income (loss)
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$
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(356,424
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)
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$
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187,823
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|||
Eliminate items excluded from FFO:
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||||||||
Unrealized (gain) loss on marketable equity securities
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190,405
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(154,449
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)
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Depreciation and amortization
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515,937
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351,644
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||||||
FFO attributable to common stockholders
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349,918
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385,018
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||||||
Adjustments:
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||||||||
Compensation expense related to stock-based awards
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29,162
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54,160
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||||||
Business development, capital raising, store acquisition, and third-party management marketing expenses
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9,240
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8,250
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AFFO attributable to common stockholders
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$
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388,320
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$
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447,428
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Earnings per share attributable to common stockholders - basic
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$
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(0.04
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)
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$
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0.02
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Earnings per share attributable to common stockholders - diluted
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$
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(0.04
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)
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$
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0.02
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FFO per share - diluted
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$
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0.04
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$
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0.05
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AFFO per share - diluted
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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 - basic
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9,262,811
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7,630,722
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||||||
Weighted average shares outstanding - diluted
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9,262,811
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7,637,733
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March 31, 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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60,173,297
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$
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59,752,153
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Cash and cash equivalents
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3,069,696
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3,990,160
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Restricted cash
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282,759
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263,405
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Investments in securities
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1,570,907
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1,761,312
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Accounts receivable
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108,655
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164,078
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Prepaid expenses and other assets
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409,549
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325,450
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Line of credit issuance costs, net
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272,037
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311,869
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Intangible assets, net
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261,844
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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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66,842,865
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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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18,729,152
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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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2,067,528
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1,841,640
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Total liabilities
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25,710,680
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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, $0.01 par value: 450,000,000 shares authorized, 9,356,202 and 9,330,297 issued and outstanding at March 31, 2020 and December 31, 2019, respectively
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93,562
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93,303
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||||||
Additional paid in capital
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40,358,405
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40,329,502
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Retained earnings
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680,218
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1,643,111
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Total equity
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41,132,185
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42,065,916
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Total liabilities and equity
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$
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66,842,865
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$
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67,661,343
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For the Three Months Ended March 31,
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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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2,150,240
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$
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2,038,684
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Other property related income
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71,960
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67,827
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Management fees and other income
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17,344
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—
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Total revenues
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2,239,544
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2,106,511
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Expenses
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Property operations
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916,080
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913,349
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General and administrative
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682,623
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555,928
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Depreciation and amortization
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515,937
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351,644
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Business development
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9,240
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8,250
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Total expenses
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2,123,880
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1,829,171
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Operating income
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115,664
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277,340
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||||||
Other income (expense)
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||||||||
Dividend and interest income
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24,100
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17,200
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Unrealized gain (loss) on marketable equity securities
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(190,405
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)
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154,449
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Interest expense
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(305,783
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)
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(261,166
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)
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Total other (expense), net
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(472,088
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)
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(89,517
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)
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Net (loss) income and comprehensive (loss) income
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$
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(356,424
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)
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$
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187,823
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Earnings per share
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||||||||
Basic
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$
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(0.04
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)
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$
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0.02
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Diluted
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$
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(0.04
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)
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$
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0.02
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Weighted average shares outstanding
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||||||||
Basic
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9,262,811
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7,630,722
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Diluted
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9,262,811
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7,637,733
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For the Three Months Ended March 31,
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2020
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2019
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Net income (loss)
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$
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(356,424
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)
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$
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187,823
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Adjustments:
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Management fees and other income
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(17,344
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)
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—
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General and administrative
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682,623
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555,928
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Depreciation and amortization
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515,937
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351,644
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Business development
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9,240
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8,250
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Dividend, interest, and other income
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(24,100
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)
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(17,200
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)
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Unrealized (gain) loss on marketable equity securities
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190,405
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(154,449
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)
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Interest expense
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305,782
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261,166
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Non same-store revenues
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(378,547
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)
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(299,999
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)
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Non same-store cost of operations
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170,074
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101,396
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||||||
Total same-store net operating income
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$
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1,097,646
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$
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994,559
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For the Three Months Ended March 31,
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||||||||
2020
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2019
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|||||||
Same-store revenues
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$
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1,843,653
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$
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1,806,511
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||||
Same-store cost of operations
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746,007
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811,952
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||||||
Total same-store net operating income
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$
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1,097,646
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$
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994,559
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