{"id":4665,"date":"2021-12-08T11:48:17","date_gmt":"2021-12-08T17:48:17","guid":{"rendered":"https:\/\/1reason.com\/re\/newlake-capital-partners-reports-third-quarter-2021-financial-results\/4665\/"},"modified":"2021-12-09T05:48:17","modified_gmt":"2021-12-09T11:48:17","slug":"newlake-capital-partners-reports-third-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/newlake-capital-partners-reports-third-quarter-2021-financial-results\/4665\/","title":{"rendered":"NewLake Capital Partners Reports Third Quarter 2021 Financial Results"},"content":{"rendered":"<div>, Nov.  12, 2021  (GLOBE NEWSWIRE) &#8212; NewLake Capital Partners, Inc. (OCTQX: NLCP) (\u201cThe Company\u201d or \u201cNewLake\u201d), a leading provider of real estate capital to state-licensed cannabis operators, today announced its financial results for the third quarter ended September 30, 2021.    <\/p>\n<p>\u201cIn August of 2021, we successfully closed on our IPO for gross proceeds of $102 million,\u201d said David Weinstein, Chief Executive Officer of NewLake Capital Partners. \u201cWe recently funded our first post-IPO investment by deploying $30 million to Hero Diversified Associates, Inc. Importantly, this transaction is indicative of our funding flexibility as we uniquely structured a nine-month senior secured loan that converts to a twenty-year sale leaseback, unless a specific provision in the loan agreement is satisfied.\u201d<\/p>\n<p>Anthony Coniglio, President and Chief Investment Officer of NewLake Capital Partners commented, \u201cOur portfolio continues to grow as we fund previously committed tenant improvements and add new relationships such as our recently announced transaction with HDAI. We continue to aggressively pursue real estate investments in the fast-growing cannabis industry with a disciplined underwriting approach, and are well positioned to deploy the remainder of our capital delivering a portfolio with meaningful duration and yield.\u201d<\/p>\n<p><strong>Third Quarter 2021 Financial Highlights and Subsequent Events<\/strong> (comparison is to third quarter 2020):<\/p>\n<ul type=\"disc\">\n<li>Revenue more than doubled totaling $8.1 million, as compared to $3.4 million.<\/li>\n<li>Net income attributable to common stockholders totaled $2.7 million or $0.14 per basic and diluted share, as compared to a net loss of $14.6 million.<\/li>\n<li>Funds from operations (\u201cFFO\u201d) totaled $5.2 million or $0.27 per basic and $0.26 per diluted share.<\/li>\n<li>Adjusted funds from operations (\u201cAFFO\u201d) totaled $6.0 million or $0.31 per basic and diluted share.<\/li>\n<li>Cash and cash equivalents as of September 30, 2021 was $167.8 million, inclusive of proceeds generated from the closing of the Company\u2019s initial public offering in August 2021. As of September 30, 2021, $32.5 million was committed to funding tenant improvements.<\/li>\n<li>Declared and paid a partial third quarter dividend of $0.12 per common share for the period beginning August 13, 2021, our IPO closing date, through September 30, 2021. Additionally, declared and paid a pre-IPO cash dividend of $0.12 per common share for the period beginning on July 1, 2021 through August 12, 2021.<\/li>\n<li>At September 30, 2021, owned 27 properties across 10 states with 8 tenants. Our properties are located in Arizona, Arkansas, Connecticut, Illinois, Florida, California, Massachusetts, North Dakota, Ohio and Pennsylvania.<\/li>\n<li>Subsequent to September 30, 2021, provided a $30 million secured loan to Hero Diversified Associates, Inc. convertible into a twenty-year sale leaseback on their Pennsylvania cultivation facility.<\/li>\n<li>Subsequent to September 30, 2021, funded $6.7 million of tenant improvements.<\/li>\n<\/ul>\n<p><strong>Nine Months 2021 Financial Highlights<\/strong> (comparison is to nine months 2020)<\/p>\n<ul type=\"disc\">\n<li>Revenue totaled $19.2 million, as compared to $7.6 million.<\/li>\n<li>Net income attributable to common stockholders totaled $6.9 million or $0.44 per basic and diluted share as compared to a net loss of $13.6 million.<\/li>\n<li>FFO totaled $12.5 million or $0.80 per basic and diluted share.<\/li>\n<li>AFFO totaled $14.3 million or $0.92 per basic and diluted share.<\/li>\n<\/ul>\n<p><strong>Financial Results:<\/strong><br \/>Rental income for the three months ended September 30, 2021, increased by approximately $4.6 million, to approximately $8.1 million, compared to approximately $3.4 million for the three months ended September 30, 2020. The increase in rental revenue was primarily attributable to:<\/p>\n<ul type=\"disc\">\n<li>The nineteen properties acquired in March 2021 in connection with the Merger, which generated approximately $2.5 million of rental revenue for the three months ended September 30, 2021.<\/li>\n<li>The Mount Dora, Florida property, acquired in August 2020, which generated approximately $1.8 million of rental income for the three months ended September 30, 2021 and approximately $1.1 million of rental income during the three months ended September 30, 2020.<\/li>\n<li>The three properties acquired during the second quarter of 2021, which generated approximately $1.4 million of rental income in 2021. In addition, approximately $0.2 million of the increase in rental revenue is attributable to annual rent escalations from properties acquired in prior periods and rental income from funding of tenant improvements.<\/li>\n<\/ul>\n<p>Rental income for the nine months ended September 30, 2021, increased by approximately $11.6 million, to approximately $19.2 million, compared to approximately $7.6 million for the nine months ended September 30, 2020. The increase in rental revenue was primarily attributable to:<\/p>\n<ul type=\"disc\">\n<li>The nineteen properties acquired in March 2021 in connection with the Merger, which generated approximately $5.2 million of rental revenue in 2021, representing the period from Merger closing on March 17, 2021 to September 30, 2021.<\/li>\n<li>The Mount Dora, Florida property, acquired in August 2020, which generated approximately $5.4 million of rental income during the nine months ended September 2021 and approximately $1.1 million of rental income during the nine months ended September 30, 2020.<\/li>\n<li>The three properties acquired in April 2021 and June 2021, which generated approximately $1.5 million of rental income in 2021. In addition, approximately $0.9 million of the increase in rental revenue is attributable to annual rent escalations from properties acquired in prior periods and rental income from funding of tenant improvements.<\/li>\n<\/ul>\n<p>Net income attributable to common shareholders for the three months ended September 30, 2021, increased to $2.7 million or $0.14 per basic and diluted share, compared to a net loss attributable to common shareholders of $14.6 million for the same period in 2020. Net income attributable to common shareholders for the nine months ended September 30, 2021, increased to $6.9 million or $0.44 per basic and diluted share, compared to a net loss attributable to common shareholders of $13.6 million for the same period in 2020.<\/p>\n<p>For the third quarter of 2021, AFFO attributable to common shareholders was approximately $6.0 million or $0.31 per basic and diluted share. FFO attributable to common shareholders was approximately $5.2 million or $0.27 and $0.26 per basic and diluted share, respectively.<\/p>\n<p>For the first nine months of 2021, AFFO attributable to common shareholders was approximately $14.3 million or $0.92 per basic and diluted share. FFO attributable to common shareholders was approximately $12.5 million or $0.80 per basic and diluted share.<\/p>\n<p>FFO and AFFO are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income attributable to common stockholders to FFO and AFFO and definitions of terms are included at the end of this release.<\/p>\n<p>In mid-September, NewLake declared a partial third quarter 2021 cash dividend of $0.12 per share of common stock for the period beginning on the August 13, 2021 closing of the Company\u2019s initial public offering through the end of the third quarter, September 30, 2021. The dividend was paid on October 15, 2021 to stockholders of record at the close of business on September 30, 2021.<\/p>\n<p>On August 18, 2021, the Company paid a special cash dividend of $0.12 per share of common stock for the period beginning on July 1, 2021 through August 12, 2021 to stockholders of record at the close of business on August 11, 2021.<\/p>\n<p><strong>Conference Call and Webcast Details:<\/strong><br \/>Management will host a conference call and webcast at 8:30am Eastern Time to discuss its quarterly financial results and answer questions about the Company&#8217;s operational and financial highlights for the third quarter of 2021.<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\"><strong>Event:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_middle\">NewLake Capital Partners Third Quarter 2021 Results Conference Call<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\"><strong>Date:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_middle\">Friday, November 12, 2021<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\"><strong>Time:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_middle\">8:30am Eastern Time<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\"><strong>Live Call:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_middle\">+1-877-407-3982 (Toll Free) or + 1-201-493-6780 (International)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\"><strong>Webcast:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_middle\"><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=I6G0PaQQcUN7WC4pl3mmjK8uaSlAoz2i1Ik8QQl_o0s67SOwYkUdjqPOB2oiJKDan55rf4lPWTxMOQUNnUb38zY7F6JS-KTmrGmC2doQEkY5IsW1zT1OqCfAiZHtIefFPmfySGPB-GXm-4r-mOPXKdiswMXmwR8fq78279R7Ak6t2_xIPod3RuuaGvrZWz1HM2Kd3lTy1ewOhu0S7r5qCXU5JqfWa1El52HjPTAPgQz5g47qU8TAsjmwXR8gmbR9\" rel=\"nofollow noopener noreferrer\" target=\"_blank\" title=\"\">https:\/\/78449.themediaframe.com\/dataconf\/productusers\/vvdb\/mediaframe\/47151\/indexl.html<\/a><\/td>\n<\/tr>\n<\/table>\n<p>For interested individuals unable to join the conference call, a dial-in replay of the call will be available until November 26, 2021 and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13724429.<\/p>\n<p><strong>About NewLake Capital Partners, Inc.<\/strong><br \/>NewLake Capital Partners, Inc. is an internally-managed real estate investment trust that provides real estate capital to state-licensed cannabis operators through sale-leaseback transactions, third-party purchases and funding for build-to-suit projects. NewLake owns a portfolio of 27 cultivation facilities and dispensaries utilized in the cannabis industry that are leased to single tenants on a long-term basis. For more information, please visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=xITTWcm4hIjvuY7J-AVSRBEOcJYCxQ2zeYYyFOrDkZIfhH6zwhDT4MrGj4rHr50qmmml_w4uUXIAqg3oWYQblg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\" title=\"www.newlake.com\">www.newlake.com<\/a>.<\/p>\n<p><strong>Forward-Looking Statements<\/strong><br \/>This press release contains \u201cforward-looking statements.\u201d Forward-looking statements can be identified by words like \u201cmay,\u201d \u201cwill,\u201d \u201clikely,\u201d \u201cshould,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cfuture,\u201d \u201cplan,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201cgoal,\u201d \u201cproject,\u201d \u201ccontinue\u201d and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs and expectations. Forward-looking statements, including statements regarding the timing of settlement and the use of proceeds of the initial public offering, are based on the Company\u2019s current expectations and assumptions regarding capital market conditions, the Company\u2019s business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, changes in the condition of the U.S. economy and, in particular, the U.S. real estate market.<\/p>\n<p align=\"center\"><strong>NEWLAKE CAPITAL PARTNERS, INC.<\/strong><br \/>CONSOLIDATED BALANCE SHEETS<br \/>(In thousands, except share amounts)<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:68%;width:68%;min-width:68%\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\"><strong>September 30,<\/strong><br \/><strong> 2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\"><strong>December 31,<\/strong><br \/><strong> 2020<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\">ASSETS:<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\">(Unaudited)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">Real Estate<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\" colspan=\"2\">Land<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">        15,444<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2,490<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\" colspan=\"2\">Building and Improvements<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 249,857<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 124,121<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\" colspan=\"2\">Total Real Estate<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\"> 265,301<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\"> 126,611<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\" colspan=\"2\">Less Accumulated Depreciation<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> (7,160)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> (2,650)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\" colspan=\"2\">Net Real Estate<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\"> 258,141<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\"> 123,961<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">Cash and Cash Equivalents<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 167,811<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 19,617<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">In-Place Lease Intangible Assets, net<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 24,504<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> &#8211;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">Other Assets<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 1,083<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 598<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">TOTAL ASSETS<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">       451,539<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">144,176<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\">LIABILITIES AND EQUITY:<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">LIABILITIES:<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">Security Deposits Payable<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">         5,430<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1,594<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">Dividends, Dividend Equivalents and Distributions Payable<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 2,618<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 894<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">Accrued Expenses and Other Liabilities<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 1,425<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 659<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">Rent Received in Advance<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 623<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> &#8211;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">Total Liabilities<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"> 10,096<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"> 3,147<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"4\">COMMITMENTS AND CONTINGENCIES<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">EQUITY:<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\">Preferred Stock, $0.01 Par Value, 100,000,000 Shares Authorized,<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_label_i15 gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"3\">12.5% Series A Redeemable Cumulative Preferred Stock, 0 and 125 Shares<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_label_i15 gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"3\">Issued and Outstanding at September 30, 2021 and December 31, 2020<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> &#8211;<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 61<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\">Common Stock, $0.01 Par Value, 400,000,000 Shares Authorized,<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_label_i15 gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"3\">21,235,914 Shares Issued and Outstanding at September 30, <br \/> 2021<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_label_i15 gnw_align_left hugin gnw_vertical_align_bottom\" colspan=\"3\">and 7,758,145 Shares Issued and Outstanding at December 31, 2020<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 213<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 78<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">Additional Paid-In Capital<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 450,822<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 151,778<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">Accumulated Deficit<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"> (21,327)<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\"> (17,154)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">Total Stockholders&#8217; Equity<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 429,708<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 134,763<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\">NONCONTROLLING INTERESTS<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 11,735<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 6,266<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">Total Equity<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 441,443<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"> 141,029<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">TOTAL LIABILITIES AND EQUITY<\/td>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">        451,539<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">144,176<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"left\" style=\"text-align: left\"><\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong>NEWLAKE CAPITAL PARTNERS, INC.<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\">CONSOLIDATED STATEMENTS OF OPERATIONS<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\">(UNAUDITED)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\">(In thousands, except share and per share amounts)<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"5\"><strong>For the Nine Months Ended<\/strong><br \/><strong> September 30,<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"5\"><strong>For the Three Months Ended<\/strong><br \/><strong> September 30,<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:3%;width:3%;min-width:3%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:39%;width:39%;min-width:39%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong \/><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong \/><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong \/><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\"><strong>2020<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\">REVENUE:<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">Rental Income<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">19,158<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">7,594<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">8,090<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">3,443<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\">EXPENSES:<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"4\">Depreciation and Amortization Expense<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">5,601<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1,692<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2,464<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">732<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"4\">General and Administrative Expense<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">4,644<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,263<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2,052<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">933<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\">Stock-Based Compensation<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">1,820<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,884<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">816<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3,872<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"4\">Management Internalization Costs<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">&#8211;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">12,360<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">&#8211;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">12,360<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">TOTAL EXPENSES<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">12,065<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">21,199<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">5,332<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">17,897<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\">INCOME (LOSS) FROM OPERATIONS<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">7,093<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(13,605)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2,758<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(14,454)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"4\">OTHER INCOME:<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\">Interest Income<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">40<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">153<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">21<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\">TOTAL OTHER INCOME<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">40<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">153<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">21<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\">NET INCOME (LOSS)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">7,133<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(13,452)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">2,779<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(14,454)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\">Preferred Stock Dividends<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(4)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(12)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">&#8211;<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(4)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"4\">Net Income Attributable to Noncontrolling Interests<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(236)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(102)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(82)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">(102)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"4\">NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">6,893<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">(13,566)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">2,697<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">(14,560)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\" colspan=\"4\">Net Income (Loss) Attributable to Common Stockholders Per Share &#8211; Basic<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">0.44<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">(1.91)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">0.14<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">(2.03)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\" colspan=\"4\">Net Income (Loss) Attributable to Common Stockholders Per Share &#8211; Diluted<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">0.44<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">(1.91)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">0.14<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">(2.03)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\" colspan=\"4\">Weighted Average Shares of Common Stock Outstanding &#8211; Basic<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">15,588,544<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">7,103,706<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">19,410,307<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">7,188,015<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\" colspan=\"4\">Weighted Average Shares of Common Stock Outstanding &#8211; Diluted<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">15,637,064<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">7,103,706<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">19,555,867<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">7,188,015<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p><\/p>\n<p>The table below is a reconciliation of net income attributable to common stockholders to FFO and AFFO for the nine and three months ended September 30, 2021 and 2020 (in thousands, except share and per share amounts):<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_right hugin\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_right hugin\" colspan=\"3\" \/>\n<td class=\"hugin\" \/>\n<td class=\"gnw_align_right hugin\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_right hugin\" colspan=\"3\" \/>\n<td class=\"hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin\" colspan=\"6\"><strong>For the Nine Months ended September 30,<\/strong><\/td>\n<td class=\"hugin\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin\" colspan=\"6\"><strong>For the Three Months ended September 30,<\/strong><\/td>\n<td class=\"hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_center hugin\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_center hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_center hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_padding_right_none gnw_align_center hugin\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_center hugin\" \/>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_center hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_center hugin\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_center hugin\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_padding_right_none gnw_align_center hugin\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_center hugin\" colspan=\"2\" \/>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_align_center hugin\" colspan=\"3\" \/>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_align_center hugin\" colspan=\"2\" \/>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_align_center hugin\" colspan=\"3\" \/>\n<td class=\"hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_left hugin\">Net income (loss) attributable to common stockholders<\/td>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin\">6,893<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">(13,566<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin\">)<\/td>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin\">2,697<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">(14,560<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin\">)<\/td>\n<td class=\"hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_left hugin\">Real estate depreciation and amortization<\/td>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_left_none gnw_align_right hugin\">5,601<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">1,692<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_left_none gnw_align_right hugin\">2,464<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">732<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_left hugin\">FFO attributable to common stockholders<\/td>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_right hugin\">12,494<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">(11,874<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin\">)<\/td>\n<td class=\"hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_right hugin\">5,161<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">(13,828<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin\">)<\/td>\n<td class=\"hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_left hugin\">Stock- based compensation<\/td>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_left_none gnw_align_right hugin\">1,820<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">3,884<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_left_none gnw_align_right hugin\">816<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">3,872<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_left hugin\">Management Internalization Costs<\/td>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_left_none gnw_align_right hugin\">&#8211;<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">12,360<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_left_none gnw_align_right hugin\">&#8211;<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">12,360<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_left hugin\">AFFO attributable to common stockholders<\/td>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_right hugin\">14,314<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">4,370<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_right hugin\">5,977<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">2,404<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_left hugin\">FFO per share \u2013 basic<\/td>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_right hugin\">0.80<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">(1.67<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin\">)<\/td>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_right hugin\">0.27<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">(1.92<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin\">)<\/td>\n<td class=\"hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_left hugin\">FFO per share \u2013 diluted<\/td>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_right hugin\">0.80<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">(1.67<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin\">)<\/td>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_right hugin\">0.26<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">(1.92<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin\">)<\/td>\n<td class=\"hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_left hugin\">AFFO per share \u2013 basic<\/td>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_right hugin\">0.92<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">0.62<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_right hugin\">0.31<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">0.33<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_left hugin\">AFFO per share \u2013 diluted<\/td>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_right hugin\">0.92<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">0.62<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_right hugin\">0.31<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\">$<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">0.33<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_left hugin\">Weighted average shares outstanding \u2013 basic<\/td>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_right hugin\">15,588,544<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">7,103,706<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_right hugin\">19,410,307<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">7,188,015<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_left hugin\">Weighted average shares outstanding \u2013 diluted<\/td>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_right hugin\">15,637,064<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">7,103,706<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_right hugin\">19,555,867<\/td>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin\" \/>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_padding_right_none gnw_align_right hugin\">7,188,015<\/td>\n<td class=\"gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin\" \/>\n<td class=\"hugin\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_right hugin\" \/>\n<td class=\"gnw_align_right hugin\" colspan=\"2\" \/>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_align_right hugin\" colspan=\"3\" \/>\n<td class=\"hugin\" \/>\n<td class=\"gnw_align_right hugin\" colspan=\"2\" \/>\n<td class=\"gnw_align_center hugin\" \/>\n<td class=\"gnw_align_right hugin\" colspan=\"3\" \/>\n<td class=\"hugin\" \/><\/tr>\n<\/table>\n<p>We calculate FFO in accordance with the current National Association of Real Estate Investment Trusts (\u201cNAREIT\u201d) definition. NAREIT currently defines FFO as follows: net income (loss) (computed in accordance with GAAP) excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by an entity. Other REITs may not define FFO in accordance with the NAREIT definition or may interpret the current NAREIT definition differently than we do and therefore our computation of FFO may not be comparable to such other REITs.<\/p>\n<p>We calculate AFFO by starting with FFO and adding back non-cash and certain non-recurring transactions, including non-cash components of compensation expense and our internalization costs. Other REITs may not define AFFO in the same manner as we do and therefore our calculation of AFFO may not be comparable to such other REITs. You should not consider FFO and AFFO to be alternatives to net income as a reliable measure of our operating performance; nor should you consider FFO and AFFO to be alternatives to cash flows from operating, investing or financing activities (as defined by GAAP) as measures of liquidity.<\/p>\n<p><strong>Contact Information:<\/strong><br \/>Anthony Coniglio<br \/>President and Chief Investment Officer<br \/>NewLake Capital Partners, Inc. <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=woIAXm1DjfmjBKlATWKqln-EegqR2Xqa4GT4EGhoo6Sh97REOHvM7KyoQhEQU8XYWmiPL-x7qGa58nvjQRfaw1sQOl_q3NUvNz5CXfM3kNg=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\" title=\"\"><u>aconiglio@newlake.com<\/u><\/a><\/p>\n<p><strong>Investor Contact:<\/strong><br \/>Valter Pinto, Managing Director<br \/>KCSA Strategic Communications<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=MXdpRHXdYj6pa3DURAKeSbhUEP5Q-pzQv7uKMQt4ksgAMGwJJUjK8hCPwFvh1mLFyrzaSGDMaUmfB3-4tvCOVA==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\" title=\"\"><u>Valter@KCSA.com<\/u><\/a><br \/>PH: (212) 896-1254<\/p>\n<p><strong>Media Contact:<\/strong><br \/>McKenna Miller<br \/>KCSA Strategic Communications<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=S-VnTlKNdfNmL-1sWKvxK12mmKj7nDf2NIl4EZdJ1JG7AXeERxMWpFiBo-XjuEmHCC2a7tUpK1Ix-L0EdJ4iGA==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\" title=\"\"><u>MMiller@kcsa.com<\/u><\/a><br \/>PH: (212) 896-1254<\/p>\n<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/MzNmMzhmNTItOTZlZC00MTljLTljMWUtYjY1ODJkYzY5YjhlLTEyMTM1NDc=\/tiny\/NewLake-Capital.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p align=\"center\">Third Quarter 2021 Revenue Totaled $8.1 Million, an Increase of 22% Sequentially and 135% YoY<\/p>\n<p align=\"center\">Net Income Attributable to Common Stockholders totaled $2.7 Million or $0.14 \/ basic share, FFO of $5.2 Million or $0.27 \/ basic share, and AFFO of $6.0 Million or $0.31 \/ basic share<\/p>\n<p align=\"center\">Closed Initial Public Offering for Gross Proceeds of $102 Million in August 2021<\/p>\n<p>NEW CANAAN, Conn.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/4665"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=4665"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/4665\/revisions"}],"predecessor-version":[{"id":4675,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/4665\/revisions\/4675"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=4665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=4665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=4665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}