REDEMPTION PLANS

3 Months Ended

Mar. 31, 2020

REDEMPTION PLANS

REDEMPTION PLANS

NOTE 10 – REDEMPTION PLANS

Our Board of Trustees has approved redemption plans that enable our shareholders to sell their common shares and the partners of our operating partnership to sell their limited partnership units to us, after they have held the securities for at least one year and subject to other conditions and limitations described in the plans. Our redemption plans currently provide that the maximum amount that can be redeemed under the plan is $35,000 worth of securities. Currently, the fixed redemption price is $18.25 per share or unit under the plans, which price became effective January 1, 2020. Prior to January 1, 2020 the redemption price was $18.00 per share or unit under the plan.

We may redeem securities under the plans provided that the aggregate total has not been exceeded and we have sufficient funds to do so. The plans will terminate in the event the shares become listed on any national securities exchange, the subject of bona fide quotes on any inter-dealer quotation system or electronic communications network or are the subject of bona fide quotes in the pink sheets. Additionally, the Board, in its sole discretion, may terminate, amend or suspend the redemption plans, either or both of them, if it determines to do so in its sole discretion.

During the three months ended March 31, 2020 and 2019, the Company redeemed 38,000 and 11,000 common shares valued at $696 and $197, respectively.  In addition, during the three months ended March 31, 2020 and 2019, the Company redeemed 30,000 and 35,000 units valued at $541 and $629, respectively. The total amount remaining available under the plan as of March 31, 2020 is $4,625 worth of securities.