0001144204-19-024896.txt : 20190509 0001144204-19-024896.hdr.sgml : 20190509 20190509162634 ACCESSION NUMBER: 0001144204-19-024896 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 59 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190509 DATE AS OF CHANGE: 20190509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INNOVATIVE INDUSTRIAL PROPERTIES INC CENTRAL INDEX KEY: 0001677576 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 812963381 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37949 FILM NUMBER: 19810954 BUSINESS ADDRESS: STREET 1: 11440 WEST BERNARDO COURT, SUITE 220 CITY: SAN DIEGO STATE: CA ZIP: 92127 BUSINESS PHONE: (858) 997-3332 MAIL ADDRESS: STREET 1: 11440 WEST BERNARDO COURT, SUITE 220 CITY: SAN DIEGO STATE: CA ZIP: 92127 FORMER COMPANY: FORMER CONFORMED NAME: INNOVATIVE GREENHOUSE PROPERTIES INC DATE OF NAME CHANGE: 20160620 10-Q 1 tv520289_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)
þ	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2019
OR
¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________ TO _________

Commission file number: 001-37949

Innovative Industrial Properties, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	81-2963381
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

11440 West Bernardo Court, Suite 220 San Diego, CA 92127	(858) 997-3332
(Address of principal executive offices)	(Registrant’s telephone number)

Not Applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbols (s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	IIPR	New York Stock Exchange
Series A Preferred Stock, par value $0.001 per share	IIPR-PA	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨	Accelerated filer þ	Non-accelerated filer ¨	Smaller reporting company þ
			Emerging growth company þ

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No þ

As of May 9, 2019 there were 9,806,194 shares of common stock outstanding.

INNOVATIVE INDUSTRIAL PROPERTIES, INC.

FORM 10-Q – QUARTERLY REPORT

MARCH 31, 2019

TABLE OF CONTENTS

PART I

Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Income	4
	Condensed Consolidated Statements of Stockholders’ Equity	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to the Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	27

PART II

Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 3.	Defaults Upon Senior Securities	28
Item 4.	Mine Safety Disclosures	28
Item 5.	Other Information	28
Item 6.	Exhibits	28

PART I

Item 1. Financial Statements

Innovative Industrial Properties, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands, except share and per share amounts)

	March 31, 2019			December 31, 2018
Assets
Real estate, at cost:
Land	$	22,563		$	20,475
Buildings and improvements		123,927			109,425
Tenant improvements		18,784			14,732
Construction in progress		666			6,298
Total real estate, at cost		165,940			150,930
Less accumulated depreciation		(4,789	)		(3,571	)
Net real estate held for investment		161,151			147,359
Cash and cash equivalents		59,224			13,050
Short-term investments, net		197,729			120,443
Other assets, net		2,304			614
Total assets	$	420,408		$	281,466
Liabilities and stockholders’ equity
Exchangeable senior notes	$	133,196		$	―
Tenant improvements and construction funding payable		3,201			2,433
Accounts payable and accrued expenses		1,224			1,968
Dividends payable		4,750			3,759
Rent received in advance and tenant security deposits		9,661			9,014
Total liabilities		152,032			17,174
Commitments and contingencies (Notes 6 and 11)
Stockholders’ equity:
Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, $15,000 liquidation preference ($25.00 per share), 600,000 shares issued and outstanding at March 31, 2019 and December 31, 2018		14,009			14,009
Common stock, par value $0.001 per share, 50,000,000 shares authorized: 9,806,194 and 9,775,800 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively		10			10
Additional paid-in capital		265,733			260,540
Dividends in excess of earnings		(11,376	)		(10,267	)
Total stockholders’ equity		268,376			264,292
Total liabilities and stockholders’ equity	$	420,408		$	281,466

See the accompanying notes to the condensed consolidated financial statements.

Innovative Industrial Properties, Inc.

Condensed Consolidated Statements of Income
(Unaudited)

(In thousands, except share and per share amounts)

	For the Three Months Ended March 31,
	2019			2018
Revenues:
Rental	$	6,576		$	2,677
Tenant reimbursements		247			87
Total revenues		6,823			2,764
Expenses:
Property expenses		247			87
General and administrative expense		1,918			1,477
Depreciation expense		1,218			476
Total expenses		3,383			2,040
Income from operations		3,440			724
Interest income		993			221
Interest expense		(792	)		—
Net income		3,641			945
Preferred stock dividend		(338	)		(338	)
Net income available to common stockholders	$	3,303		$	607
Net income available to common stockholders per share (Note 8):
Basic	$	0.34		$	0.10
Diluted	$	0.33		$	0.09
Weighted average shares outstanding:
Basic		9,664,775			5,883,610
Diluted		9,797,676			6,025,067

See accompanying notes to the condensed consolidated financial statements.

Innovative Industrial Properties, Inc.

Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)

(In thousands, except share amounts)

	Three Months Ended March 31, 2019
	Series A Preferred Stock		Shares of Common Stock		Common Stock		Additional Paid-In- Capital			Dividends in Excess of Earnings			Total Stockholders’ Equity
Balance, December 31, 2018	$	14,009		9,775,800	$	10	$	260,540		$	(10,267	)	$	264,292
Net income		—		—		—		—			3,641			3,641
Equity component of exchangeable senior notes		—		—		—		5,569			—			5,569
Net issuance of unvested restricted stock		—		30,394		—		(939	)		—			(939	)
Preferred stock dividend		—		—		—		—			(338	)		(338	)
Common stock dividend		—		—		—		—			(4,412	)		(4,412	)
Stock-based compensation		—		—		—		563			—			563
Balance, March 31, 2019	$	14,009		9,806,194	$	10	$	265,733		$	(11,376	)	$	268,376

	Three Months Ended March 31, 2018
	Series A Preferred Stock		Shares of Common Stock		Common Stock		Additional Paid-In- Capital			Dividends in Excess of Earnings			Total Stockholders’ Equity
Balance, December 31, 2017	$	14,009		3,501,147	$	4	$	66,248		$	(6,712	)	$	73,549
Net income		—		—		—		—			945			945
Net proceeds from sale of common stock		—		3,220,000		3		79,311			—			79,314
Net issuance of unvested restricted stock		—		60,932		—		(390	)		—			(390	)
Preferred stock dividend		—		—		—		—			(338	)		(338	)
Common stock dividend		—		—		—		—			(1,696	)		(1,696	)
Stock-based compensation		—		—		—		330			—			330
Balance, March 31, 2018	$	14,009		6,782,079	$	7	$	145,499		$	(7,801	)	$	151,714

See accompanying notes to the condensed consolidated financial statements.

Innovative Industrial Properties, Inc.

Condensed Consolidated Statements of Cash Flows
(Unaudited)

(In thousands)

	For the Three Months Ended March 31,
	2019			2018
Cash flows from operating activities
Net income	$	3,641		$	945
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		1,218			476
Stock-based compensation		563			330
Amortization of discounts on short-term investments		714			(93	)
Amortization of debt discounts and issuance costs		208			—
Changes in assets and liabilities
Other assets, net		(89	)		(213	)
Accounts payable and accrued expenses		(744	)		(531	)
Rent received in advance and tenant security deposits		647			441
Net cash provided by operating activities		6,158			1,355
Cash flows from investing activities
Purchases of investments in real estate		(7,410	)		—
Reimbursements of tenant improvements and construction funding		(6,832	)		—
Deposits to escrow for acquisitions		(1,601	)		—
Purchases of short-term investments		(118,500	)		(48,763	)
Maturities of short-term investments		40,500			—
Net cash used in investing activities		(93,843	)		(48,763	)
Cash flows from financing activities
Issuance of common stock, net of offering costs		—			79,314
Net proceeds from issuance of exchangeable senior notes		138,557			—
Dividends paid to common stockholders		(3,421	)		(875	)
Dividends paid to preferred stockholders		(338	)		(323	)
Taxes paid related to net share settlement of equity awards		(939	)		(390	)
Net cash provided by financing activities		133,859			77,726
Net increase in cash and cash equivalents		46,174			30,318
Cash and cash equivalents, beginning of period		13,050			11,758
Cash and cash equivalents, end of period	$	59,224			42,076

Supplemental disclosure of cash flow information:

Accrual for reimbursements of tenant improvements and construction funding	$	3,201		$	—
Accrual for common and preferred stock dividends declared		4,750			2,034

See accompanying notes to the condensed consolidated financial statements.

Innovative Industrial Properties, Inc.

Notes to the Condensed Consolidated Financial Statements
March 31, 2019

(Unaudited)

1. Organization

As used herein, the terms “we”, “us”, “our” or the “Company” refer to Innovative Industrial Properties, Inc., a Maryland corporation, and any of our subsidiaries, including IIP Operating Partnership, LP, a Delaware limited partnership (our “Operating Partnership”).

We are an internally-managed real estate investment trust (“REIT”) focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. We have acquired and intend to continue to acquire our properties through sale-leaseback transactions and third-party purchases. We have leased and expect to continue to lease our properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, taxes and insurance.

We were incorporated in Maryland on June 15, 2016. We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT structure, in which our properties are owned by our Operating Partnership, directly or through subsidiaries. We are the sole general partner of our Operating Partnership and own, directly or through subsidiaries, 100% of the limited partnership interests in our Operating Partnership.

2. Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements

Basis of Presentation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements.

This interim financial information should be read in conjunction with the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. This interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2019.

Federal Income Taxes. We believe that we have operated our business so as to qualify to be taxed as a REIT for U.S. federal income tax purposes. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. The income taxes recorded on our consolidated statement of income represent amounts paid for city and state income and franchise taxes and are included in general and administrative expenses in the accompanying condensed consolidated statements of income.

Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from these estimates and assumptions.

Acquisition of Real Estate Properties. Our investment in real estate is recorded at historical cost, less accumulated depreciation. Upon acquisition of a property, the tangible and intangible assets acquired and liabilities assumed are initially measured based upon their relative fair values. We estimate the fair value of land by reviewing comparable sales within the same submarket and/or region and the fair value of buildings on an as-if vacant basis. Acquisition costs are capitalized as incurred. All of our acquisitions to date were recorded as asset acquisitions.

Depreciation. We are required to make subjective assessments as to the estimated useful lives of our depreciable assets. We consider the period of future benefit of the assets to determine the appropriate estimated useful lives. Depreciation of our assets is charged to expense on a straight-line basis over the estimated useful lives. We depreciate each of our buildings and improvements over its estimated remaining useful life, generally not to exceed 35 years. We depreciate tenant improvements at our buildings over the shorter of the estimated useful lives or the terms of the related leases.

We depreciate office equipment and furniture and fixtures over estimated useful lives ranging from three to six years.

Provision for Impairment. On a quarterly basis, we review current activities and changes in the business conditions of all of our properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows for the properties, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration.

Long-lived assets to be held and used are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, construction costs, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. As of March 31, 2019, no impairment losses were recognized.

Revenue Recognition. Our leases are and future tenant leases are expected to be triple-net leases, an arrangement under which the tenant maintains the property while paying us rent and a property management fee. We account for our current leases as operating leases and anticipate that future leases will be accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term, unless the collectability of minimum lease payments is not reasonably predictable. Rental increases based upon changes in the consumer price index are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursements in the period when such costs are incurred. Contractually obligated real estate taxes that are paid directly by the tenant to the tax authorities are not reflected in our consolidated financial statements.

We record revenue for each of our properties on a cash basis due to the uncertainty of collectability of lease payments from each tenant due to its limited operating history and the uncertain regulatory environment in the United States relating to the medical-use cannabis industry.

Future contractual minimum rent (including base rent, supplemental base rent (for one of our properties in New York) and property management fees) under the operating leases as of March 31, 2019 for future periods is summarized as follows (in thousands):

Year	Contractual Minimum Rent
2019 (nine months ending December 31)	$	22,360
2020		31,114
2021		32,063
2022		31,869
2023		32,931
Thereafter		388,385
Total	$	538,722

Cash and Cash Equivalents. We consider all highly-liquid investments with original maturities of three months or less to be cash equivalents. As of March 31, 2019, approximately $55.9 million were invested in short-term obligations of the U.S. government and money market funds. As of December 31, 2018, approximately $8.9 million were invested in short-term money market funds and certificates of deposit.

Short-Term Investments. Short-term investments consist of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months. Investments are classified as held-to-maturity and stated at amortized cost.

Exchangeable Notes. The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification requires the liability and equity components of exchangeable debt instruments that may be settled in cash upon exchange, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonexchangeable debt borrowing rate. The initial proceeds from the sale of exchangeable notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonexchangeable debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measured the estimated fair value of the debt component of our Exchangeable Senior Notes (as defined below) as of the respective issuance dates based on our nonexchangeable debt borrowing rate. The equity component of our Exchangeable Senior Notes is reflected within additional paid-in capital on our condensed consolidated balance sheets, and the resulting debt discount is amortized over the period during which the Exchangeable Senior Notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to our Exchangeable Senior Notes will increase in subsequent periods through the maturity date as the Exchangeable Senior Notes accrete to the par value over the same period.

Deferred Financing Costs. The deferred financing costs that are included as a reduction in the net book value of the related liability on our condensed consolidated balance sheets reflect issuance and other costs related to our Exchangeable Senior Notes. These costs are amortized as interest expense using the effective interest method over the life of the Exchangeable Senior Notes.

Stock-Based Compensation. Stock-based compensation for equity awards is based on the grant date fair value of the equity investment and is recognized over the requisite service period. If awards are forfeited prior to vesting, we reverse any previously recognized expense related to such awards in the period during which the forfeiture occurs and reclassify any nonforfeitable dividends previously paid on these awards from retained earnings to compensation expense.

Recent Accounting Pronouncements.

In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation; Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). The FASB issued ASU 2016-09 to simplify several aspects of the accounting for share-based payment transactions, including classification of awards as either equity or liabilities, estimation of forfeitures, and classification on the statement of cash flows. The Company’s adoption of ASU 2016-09 beginning on January 1, 2018 did not have a material impact on our consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 outlines a comprehensive model for companies to use in accounting for revenue arising from contracts with customers, and will apply to transactions such as the sale of real estate. The Company’s adoption of ASU 2014-09 beginning on January 1, 2019 did not have a material impact on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, Leases; in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Leases — Targeted Improvements; and in December 2018, the FASB issued ASU 2018-20, Narrow-Scope Improvements for Lessors. This group of ASUs is collectively referred to as Topic 842 and is expected to be effective for the Company beginning January 1, 2020 as a result of the Company’s election as an emerging growth company. Topic 842 supersedes the existing standards for lease accounting (Topic 840, Leases).

The Company expects to elect the practical expedients provided by Topic 842, including: the package of practical expedients that allows an entity not to reassess upon adoption (i) whether an expired or existing contract contains a lease, (ii) whether a lease classification related to expired or existing lease arrangements, and (iii) whether costs incurred on expired or existing leases qualify as initial direct costs, and as a lessor, the practical expedient not to separate certain non-lease components, such as common area maintenance, from the lease component if (i) the timing and pattern of transfer are the same for the non-lease component and associated lease component, and (ii) the lease component would be classified as an operating lease if accounted for separately.

Topic 842 requires lessees to record most leases on their balance sheet through a right-of-use (“ROU”) model, in which a lessee records a ROU asset and a lease liability on their balance sheet. Leases that are less than 12 months do not need to be accounted for under the ROU model. Lessees will account for leases as financing or operating leases, with the classification affecting the timing and pattern of expense recognition in the income statement. Lease expense will be recognized based on the effective interest method for leases accounted for as finance leases and on a straight-line basis over the term of the lease for leases accounted for as operating leases. At March 31, 2019, the Company is the lessee under one office lease that would require accounting under the ROU model. Upon adoption of Topic 842 expected in January 2020, the ROU asset and lease liability to be recognized on the balance sheet relating to this lease is not expected to have a material impact on our consolidated financial statements.

The accounting by a lessor under Topic 842 is largely unchanged from that of Topic 840. Under Topic 842, lessors will continue to account for leases as a sales-type, direct-financing, or operating. A lease will be treated as a sale if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. Topic 842 requires accounting for a transaction as a financing in a sale leaseback in certain circumstances, including when the seller-lessee is provided an option to purchase the property from the landlord at the tenant’s option. The Company expects that this provision could change the accounting for these types of leases in the future. Topic 842 also includes the concept of separating lease and non-lease components. Under Topic 842, non-lease components, such as common area maintenance, would be accounted for under Topic 606 and separated from the lease payments. However, the Company will elect the lessor practical expedient allowing the Company to not separate these components when certain conditions are met. Upon adoption of Topic 842, the Company expects to combine tenant reimbursements with rental revenues on its consolidated statements of income. Further, the Company has historically capitalized allocated payroll cost incurred as part of the leasing process, which will no longer qualify for classification as initial direct costs under Topic 842. The Company will elect the lessor practical expedient, allowing the Company to continue to amortize previously capitalized initial direct leasing costs incurred prior to the adoption and Topic 842 and does not expect a material impact to its consolidated financial statements related to the capitalization of leasing costs. Also, the Narrow-Scope Improvements for Lessors under ASU 2018-20 allows the Company to continue to exclude from revenue, costs paid by our tenants on our behalf directly to third parties, such as property taxes.

Topic 842 provides two transition alternatives. The Company expects to apply this standard based on the prospective optional transition method, in which comparative periods will continue to be reported in accordance with Topic 840. The Company also anticipates expanded disclosures upon adoption, as the new standard requires more extensive quantitative and qualitative disclosures as compared to Topic 840 for both lessees and lessors.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses, which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, which among other updates, clarifies that receivables arising from operating leases are not within the scope of this guidance and should be evaluated in accordance with Topic 842. For available-for-sale debt securities with unrealized losses, companies will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. Companies will have to disclose significantly more information, including information they use to track credit quality by year of origination for most financing receivables. Companies will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This standard is expected to be effective for years beginning after December 15, 2020 as a result of the Company’s election as an emerging growth company with early adoption permitted. We do not expect this amendment to have an effect on our consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which clarifies or provides guidance relating to eight specific cash flow classification issues. The standard should be applied retrospectively for each period presented, as appropriate. The Company’s adoption of ASU 2016-15 beginning on January 1, 2019 did not have a material impact on our consolidated financial statements.

In February 2017, the FASB issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“Subtopic 610-20”). A contract may involve the transfer of both nonfinancial assets and financial assets (e.g., cash and receivables). The amendments clarify that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments also define the term in substance nonfinancial asset. The amendments clarify that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. For example, a parent may transfer control of nonfinancial assets by transferring ownership interests in a consolidated subsidiary. A contract that includes the transfer of ownership interests in one or more consolidated subsidiaries is within the scope of Subtopic 610-20 if substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets. The amendments clarify that an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty obtains control of it. The Company’s adoption of ASU 2017-05 beginning on January 1, 2019 did not have a material impact on our consolidated financial statements.

Concentration of Credit Risk. As of March 31, 2019, we owned 13 properties located in Arizona, California, Colorado, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New York, Ohio and Pennsylvania. The ability of any of our tenants to honor the terms of its lease is dependent upon the economic, regulatory, competition, natural and social factors affecting the community in which that tenant operates. During the three months ended March 31, 2019, PharmaCann, LLC’s leases at one of our properties in New York and Massachusetts accounted for approximately 31% of our rental revenues. During the three months ended March 31, 2018, PharmaCann, LLC leased one of our properties in New York, which accounted for 50% of our rental revenues. In addition, the tenant at our property in Maryland accounted for 10% and 24% of our rental revenue for the three months ended March 31, 2019 and 2018, respectively. At March 31, 2019 and December 31, 2018, one of our properties in New York accounted for 18% and 20%, respectively, of our net real estate held for investment.

We have deposited cash with a financial institution that is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of March 31, 2019, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts.

Reclassifications. Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations.

3. Common Stock

As of March 31, 2019, the Company was authorized to issue up to 50,000,000 shares of common stock, par value $0.001 per share, and there were 9,806,194 shares of common stock issued and outstanding.

4. Preferred Stock

As of March 31, 2019, the Company was authorized to issue up to 50,000,000 shares of preferred stock, par value $0.001 per share, and there were issued and outstanding 600,000 shares of 9.00% Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share (the “Series A Preferred Stock”). Generally, the Company is not permitted to redeem the Series A Preferred Stock prior to October 19, 2022, except in limited circumstances relating to the Company’s ability to qualify as a REIT and in certain other circumstances related to a change of control/delisting (as defined in the articles supplementary for the Series A Preferred Stock). On or after October 19, 2022, the Company may, at its option, redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such Series A Preferred Stock up to, but excluding the redemption date. Holders of the Series A Preferred Stock generally have no voting rights except for limited voting rights if the Company fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances.

5. Dividends

The following table describes the dividends declared by the Company during the three months ended March 31, 2019:

Declaration
Date

Security Class

Amount
Per
Share

Period Covered

Dividend
Paid Date

Dividend Amount

(In thousands)

March 12, 2019

Common Stock

0.45

January 1, 2019 to March 31, 2019

April 15, 2019

4,412

March 12, 2019

Series A preferred stock

0.5625

January 15, 2019 to April 14, 2019

April 15, 2019

338

6. Investments in Real Estate

The Company acquired the following properties during the three months ended March 31, 2019 (dollars in thousands):

Property	Market	Closing Date	Rentable Square Feet (1)		Purchase Price		Transaction Costs		Total
Sacramento CA	California	February 8, 2019		43,000	$	6,664	$	35	$	6,699	(2)
PharmaCann OH	Ohio	March 13, 2019		58,000		700		11		711	(3)
Total				101,000	$	7,364	$	46	$	7,410

(1)

Includes expected rentable square feet at completion of construction.

(2)

The seller of the property is expected to complete redevelopment of the building, for which we have agreed to provide reimbursement of up to approximately $4.8 million as additional purchase price. As of March 31, 2019, we incurred approximately $2.4 million of the additional purchase price, of which we funded approximately $2.3 million.

(3)

Concurrent with the closing, we entered into a long-term lease and development agreement with a subsidiary of PharmaCann, LLC, which is expected to construct two buildings at the property, for which we have agreed to provide reimbursement of up to $19.3 million. As of March 31, 2019, we incurred approximately $1.5 million of the development costs, of which no amounts had been funded.

Including all of our properties, during the three months ended March 31, 2019, we capitalized costs of approximately $7.6 million relating to tenant improvements and construction activities at our properties.

7. Exchangeable Senior Notes

In February 2019, our Operating Partnership issued $143.75 million of 3.75% Exchangeable Senior Notes due 2024 (the "Exchangeable Senior Notes") in a private offering, including the exercise in full of the initial purchasers' option to purchase additional Notes. The Exchangeable Senior Notes are senior unsecured obligations of our Operating Partnership, are fully and unconditionally guaranteed by us and our Operating Partnership's subsidiaries and are exchangeable for cash, shares of our common stock, or a combination of cash and shares of our common stock, at our Operating Partnership's option, at any time prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date. The initial exchange rate for the Exchangeable Senior Notes is 14.37298 shares of our common stock per $1,000 principal amount of Notes and the initial exchange price is approximately $69.575 per share of our common stock. The initial exchange rate and initial exchange price are subject to adjustment in certain circumstances. The Exchangeable Senior Notes will pay interest semiannually at a rate of 3.75% per annum and will mature on February 21, 2024, unless earlier exchanged or repurchased in accordance with their terms. Our Operating Partnership will not have the right to redeem the Exchangeable Senior Notes prior to maturity, but may be required to repurchase the Exchangeable Senior Notes from holders under certain circumstances. As of March 31, 2019, we have the intent and ability to settle the Exchangeable Senior Notes in cash.

Upon our issuance of the Exchangeable Senior Notes, we recorded an approximately $5.8 million discount based on the implied value of the exchange option and an assumed effective interest rate of 4.65%, as well as approximately $5.2 million of initial issuance costs, of which approximately $5.0 million and $200,000 were allocated to the liability and equity components, respectively, based on their relative fair values. Issuance costs allocated to the liability component are being amortized using the effective interest method and recognized as non-cash interest expense over the expected term of the Exchangeable Senior Notes.

The following table details our interest expense related to the Exchangeable Senior Notes (in thousands):

	Three Months Ended March 31, 2019
Cash coupon	$	584
Amortization of debt discount		111
Amortization of issuance costs		97
Total interest expense	$	792

The following table details the carrying value of our Exchangeable Senior Notes on our condensed consolidated balance sheets (in thousands):

	March 31, 2019
Principal amount	$	143,750
Unamortized discount		(5,666	)
Unamortized issuance costs		(4,888	)
Carrying value	$	133,196

Accrued interest payable for the Exchangeable Senior Notes was approximately $584,000 as of March 31, 2019.

8. Net Income Per Share

Grants of restricted stock of the Company in share-based payment transactions are considered participating securities prior to vesting and, therefore, are considered in computing basic earnings per share under the two-class method. The two-class method is an earnings allocation method for calculating earnings per share when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. Earnings per basic share under the two-class method is calculated based on dividends declared on common shares and other participating securities (“distributed earnings”) and the rights of participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends accruing during the period. The undistributed earnings are allocated to all outstanding common shares and participating securities based on the relative percentage of each security to the total number of outstanding participating securities. Earnings per basic share represents the summation of the distributed and undistributed earnings per share class divided by the total number of shares.

Through March 31, 2019, all of the Company’s participating securities received dividends at an equal dividend rate per share. As a result, distributions to participating securities for the three months ended March 31, 2019 and 2018 have been included in net income attributable to common stockholders to calculate net income per basic and diluted share. As the Company has the intent and ability to settle the debt component of the Exchangeable Senior Notes in cash and the excess conversion premium in shares, the Company only includes the effect of the excess conversion premium in the calculation of diluted shares. For the three months ended March 31, 2019, the effect of the excess conversion premium was anti-dilutive and therefore, excluded from the calculation of diluted shares. Computations of net income per basic and diluted share (in thousands, except share data) were as follows:

	For the Three Months Ended March 31,
	2019			2018
Net income	$	3,641		$	945
Preferred stock dividend		(338	)		(338	)
Distribution to participating securities		(64	)		(37	)
Net income available to common stockholders used to compute net income per share	$	3,239		$	570

Weighted average common share outstanding:
Basic		9,664,775			5,883,610
Diluted		9,797,676			6,025,067

Net income available to common stockholders per share:
Basic	$	0.34		$	0.10
Diluted	$	0.33		$	0.09

9. Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2—Includes other inputs that are directly or indirectly observable in the marketplace.

Level 3—Unobservable inputs that are supported by little or no market activities, therefore requiring an entity to develop its own assumptions.

The following table presents the carrying value in the condensed consolidated financial statements and approximate fair value of financial instruments at March 31, 2019 and December 31, 2018:

	March 31, 2019				December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Short-term investments ⁽¹⁾	$	197,729	$	197,729	$	120,443	$	120,443
Exchangeable Senior Notes ⁽²⁾	$	133,196	$	181,125	$	—	$	—

(1)

Short-term investments consisting of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months are classified as held-to-maturity and valued using Level 1 inputs.

(2)

The fair value is determined based upon Level 2 inputs as the Exchangeable Senior Notes were trading in the private market as of March 31, 2019.

At March 31, 2019, cash equivalent instruments consisted of $22.7 million in short-term money market funds that were measured using the net asset value per share that have not been classified using the fair value hierarchy. The fund invests primarily in short-term U.S. Treasury and government securities. Short-term investments consisting of certificate of deposits and obligations of the U.S. government are stated at amortized cost, which approximates their relative fair values due to the short-term maturities and market rates of interest of these instruments.

The carrying amounts of financial instruments such as cash equivalents invested in certificates of deposit, receivables, accounts payable, accrued expenses and other liabilities approximate their relative fair values due to the short-term maturities and market rates of interest of these instruments.

10. Common Stock Incentive Plan

Our board of directors adopted our 2016 Omnibus Incentive Plan (the “2016 Plan”) to enable us to motivate, attract and retain the services of directors, employees and consultants considered essential to our long-term success. The 2016 Plan offers our directors, employees and consultants an opportunity to own our stock or rights that will reflect our growth, development and financial success. Under the terms of the 2016 Plan, the aggregate number of shares of our common stock subject to options, restricted stock, stock appreciation rights, restricted stock units and other awards, will be no more than 1,000,000 shares. The 2016 Plan has a term of ten years from the date it was adopted by our board of directors.

A summary of the activity under the 2016 Plan and related information is included in the table below.

	Unvested Restricted Shares			Weighted- Average Grant Date Fair Value
Balance at December 31, 2018		147,359		$	23.98
Granted		51,111		$	52.84
Vested		(36,334	)	$	25.72
Forfeited (1)		(20,717	)	$	18.98
Balance at March 31, 2019		141,419		$	34.70

(1)

Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting.

The remaining unrecognized compensation cost of $4.3 million will be recognized over a weighted-average amortization period of approximately 2.2 years as of March 31, 2019.

11. Commitments and Contingencies

Tenant Improvement Allowances. As of March 31, 2019, we had approximately $7.9 million of commitments related to tenant improvement allowances, which generally may be requested by the tenants at any time up until a date that is near the expiration of the initial term of the applicable lease.

Construction Funding. As of March 31 2019, we had approximately $5.2 million and $17.8 million of commitments relating to construction funding for the development of the properties in Massachusetts and Ohio, which the tenant has agreed to use commercially reasonable efforts to complete by August 31, 2019 and June 13, 2020, respectively.

Additional Purchase Price. As of March 31, 2019, we had approximately $2.4 million of commitments relating to certain development milestones for the property in California, which the seller is required to complete by September 30, 2019.

Office and Equipment Leases. As of March 31, 2019, we had approximately $143,000 outstanding in commitments related to our office and equipment leases, with approximately $68,000 to be paid in the remainder of 2019 and approximately $75,000 to be paid in 2020.

Environmental Matters. We follow the policy of monitoring our properties, both targeted acquisition and existing properties, for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist, we are not currently aware of any environmental liabilities that would have a material adverse effect on our financial condition, results of operations and cash flow, or that we believe would require disclosure or the recording of a loss contingency.

Litigation. We may, from time to time, be a party to legal proceedings, which arise in the ordinary course of our business. We are not aware of any pending or threatened litigation that, if resolved against us, would have a material adverse effect on our consolidated financial position, results of operations or cash flows.

12. Subsequent Events

On April 16, 2019, we closed on the acquisition of a five-property portfolio in southern California, which comprises approximately 102,000 square feet of industrial space. The purchase price for the southern California portfolio was approximately $27.1 million in the aggregate (excluding transaction costs). Concurrent with the closing of the purchase, we entered into a long-term, triple-net lease at each property with a licensed operator, which intends to continue to operate the properties as licensed cannabis cultivation, manufacturing, processing and distribution facilities.

On April 24, 2019, we closed on the acquisition of a property in Pittsburgh, Pennsylvania, which comprises approximately 51,000 square feet of industrial space. The purchase price for the property was approximately $6.3 million (excluding transaction costs). Concurrent with the closing of the purchase, we entered into a long-term, triple-net lease at the property with Maitri Medicinals, LLC (“Maitri”), which intends to operate the property as a licensed medical-use cannabis cultivation and processing facility upon completion of redevelopment. Maitri is expected to complete tenant improvements for the building, for which we have agreed to provide reimbursement of up to $10 million. Assuming full reimbursement for the tenant improvements, our total investment in the property will be approximately $16.3 million (excluding transaction costs).

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto appearing elsewhere in this report. We make statements in this report that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements pertaining to our capital resources, portfolio performance and results of operations contain forward-looking statements. Likewise, our statements regarding anticipated growth in our funds from operations and anticipated market and regulatory conditions, our strategic direction, demographics, results of operations, plans and objectives are forward-looking statements. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases. You can also identify forward-looking statements by discussions of strategy, plans or intentions. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: our business and investment strategy; our projected operating results; actions and initiatives of the U.S. or state governments and changes to government policies and the execution and impact of these actions, initiatives and policies, including the fact that cannabis remains illegal under federal law; availability of suitable investment opportunities in the medical-use cannabis industry; concentration of our portfolio of assets and limited number of tenants; our understanding of our competition and our potential tenants’ alternative financing sources; the estimated growth in and evolving market dynamics of the medical-use cannabis market; the demand for medical-use cannabis cultivation and processing facilities; the expected medical-use or adult-use cannabis legalization in certain states; shifts in public opinion regarding medical-use cannabis; the additional risks that may be associated with certain of our tenants cultivating and processing adult-use cannabis in our facilities; the state of the U.S. economy generally or in specific geographic areas; economic trends and economic recoveries; our ability to access equity or debt capital; financing rates for our assets; our expected leverage; changes in the values of our assets; our expected portfolio of assets; our expected investments; interest rate mismatches between our assets and our borrowings used to fund such investments; changes in interest rates and the market value of our assets; rates of default on leases for our assets; the degree to which any interest rate or other hedging strategies may or may not protect us from interest rate volatility; impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters; our ability to maintain our qualification as a REIT for U.S. federal income tax purposes; our ability to maintain our exemption from registration under the Investment Company Act of 1940; availability of qualified personnel; and market trends in our industry, interest rates, real estate values, the securities markets or the general economy.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance, including factors and risks included in other sections of this report. In addition, we discussed a number of material risks in our Annual Report on Form 10-K for the year ended December 31, 2018 and in Part II, Item 1A below. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on our Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Any forward-looking statement made by us speaks only of the date on which we make it. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Stockholders and investors are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in the Company’s filings and reports.

The purpose of this Management’s Discussion and Analysis (“MD&A”) is to provide an understanding of the Company’s consolidated financial condition, results of operations and cash. MD&A is provided as a supplement to, and should be read in conjunction with, the Company’s condensed consolidated financial statements and accompanying notes.

Overview

We are an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. We have leased and expect to continue to lease our properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, taxes and insurance.

We were incorporated in Maryland on June 15, 2016. We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT structure, in which our properties are owned by our Operating Partnership, directly or through subsidiaries. We are the sole general partner of our Operating Partnership and own, directly or through a subsidiary, 100% of the limited partnership interests in our Operating Partnership. As of March 31, 2019, we had seven full-time employees.

As of March 31, 2019, we owned 13 properties that were 100% leased to state-licensed medical-use cannabis operators and comprising an aggregate of approximately 1,128,000 rentable square feet in Arizona, California, Colorado, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New York, Ohio and Pennsylvania, with a weighted-average remaining lease term of approximately 14.3 years. As of March 31, 2019, we had invested an aggregate of $162.3 million (consisting of purchase price and development and tenant reimbursement commitments funded, if any, but excluding transaction costs) and had committed an additional $36.6 million to reimburse certain tenants and sellers for completion of construction and tenant improvements at our properties.

Emerging Growth Company

We have elected to be an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). An emerging growth company may take advantage of specified reduced reporting requirements and is relieved of certain other significant requirements that are otherwise generally applicable to public companies. As an emerging growth company, among other things:

we are exempt from the requirement to obtain an attestation and report from our auditors on the assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act;

we are permitted to provide less extensive disclosure about our executive compensation arrangements;

we are not required to give our stockholders non-binding advisory votes on executive compensation or golden parachute arrangements; and

we have elected to use an extended transition period for complying with new or revised accounting standards.

We may take advantage of the other provisions until the last day of the fiscal year following the fifth anniversary of the completion of our initial public offering, or December 31, 2020; or such earlier time that we are no longer an emerging growth company. We will cease to be an emerging growth company upon the earliest to occur of: (i) the last day of the first fiscal year in which our annual gross revenues exceed $1.07 billion, (ii) the date that we become a “large accelerated filer” as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which would occur if the market value of our common stock that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter, or (iii) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three-year period.

Factors Impacting Our Operating Results

Our results of operations are affected by a number of factors and depend on the rental revenue we receive from the properties that we acquire, the timing of lease expirations, general market conditions, the regulatory environment in the medical-use cannabis industry, and the competitive environment for real estate assets that support the regulated medical-use cannabis industry.

Rental Revenues

We receive income primarily from rental revenue generated by the properties that we acquire. The amount of rental revenue depends upon a number of factors, including:

our ability to enter into leases with increasing or market value rents for the properties that we acquire; and

rent collection, which primarily relates to each of our tenant’s financial condition and ability to make rent payments to us on time.

The properties that we acquire consist of real estate assets that support the regulated medical-use cannabis industry. Changes in federal law and current favorable state or local laws in the cannabis industry may impair our ability to renew or re-lease properties and the ability of our tenants to fulfill their lease obligations and could materially and adversely affect our ability to maintain or increase rental rates for our properties.

Conditions in Our Markets

Positive or negative changes in regulatory, economic or other conditions, drought, and natural disasters in the markets where we acquire properties may affect our overall financial performance.

Competitive Environment

We face competition from a diverse mix of market participants, including but not limited to, other companies with similar business models, independent investors, hedge funds, hard money lenders and other real estate investors, as well as potential tenants (cannabis operators themselves), all of whom may compete with us in our efforts to acquire real estate zoned for cannabis cultivation and production operations. Competition from others may diminish our opportunities to acquire a desired property on favorable terms or at all. In addition, this competition may put pressure on us to reduce the rental rates below those that we expect to charge for the properties that we acquire, which would adversely affect our financial results.

Operating Expenses

Our operating expenses include general and administrative expenses, including personnel costs, stock-based compensation, and legal, accounting, and other expenses related to corporate governance, public reporting and compliance with the various provisions of U.S. securities laws. We generally structure our leases so that the tenant is responsible for taxes, maintenance, insurance, and structural repairs with respect to the premises throughout the lease term. Increases or decreases in such operating expenses will impact our overall financial performance.

Our Qualification as a REIT

We have been organized and operate our business so as to qualify to be taxed as a REIT for U.S. federal income tax purposes. Shares of our common stock and Series A Preferred Stock are subject to restrictions on ownership and transfer that are intended, among other purposes, to assist us in qualifying and maintaining our qualification as a REIT. In order for us to qualify as a REIT under the Code, the relevant sections of our charter provide that, subject to certain exceptions, no person or entity may own, or be deemed to own, by virtue of the applicable constructive ownership provisions of the Code, more than 9.8% (in value or number of shares, whichever is more restrictive) of the aggregate of our outstanding shares of stock or Series A Preferred Stock or more than 9.8% (in value or number of shares, whichever is more restrictive) of our outstanding common stock or any class or series of our outstanding preferred stock.

Results of Operations

We acquired the following properties during the three months ended March 31, 2019 (dollars in thousands):

Property	Market	Closing Date	Rentable Square Feet (1)		Purchase Price		Transaction Costs		Total
Sacramento CA	California	February 8, 2019		43,000	$	6,664	$	35	$	6,699	(2)
PharmaCann OH	Ohio	March 13, 2019		58,000		700		11		711	(3)
Total				101,000	$	7,364	$	46	$	7,410

(1)

Includes expected rentable square feet at completion of construction.

(2)

(3)

Comparison of the Three Months Ended March 31, 2019 and 2018

The following table sets forth the results of our operations (in thousands):

	For the Three Months Ended March 31,
	2019			2018
Revenues:
Rental	$	6,576		$	2,677
Tenant reimbursements		247			87
Total revenues		6,823			2,764
Expenses:
Property expenses		247			87
General and administrative expense		1,918			1,477
Depreciation expense		1,218			476
Total expenses		3,383			2,040
Income from operations		3,440			724
Interest income		993			221
Interest expense		(792	)		—
Net income		3,641			945
Preferred stock dividend		(338	)		(338	)
Net income available to common stockholders	$	3,303		$	607

Revenues.

Rental. Rental revenues for the three months ended March 31, 2019 increased by approximately $3.9 million, or 146%, to approximately $6.6 million, compared to approximately $2.7 million for the three months ended March 31, 2018. The increase in rental revenues was related to rent and property management fees generated from leases for properties we acquired in 2018 and 2019, as well as annual escalations of base rent on certain leases and amendments to certain leases to increase tenant improvement allowances at the properties, which resulted in corresponding increases to base rent.

Tenant Reimbursements. Tenant reimbursements related to reimbursements by tenants for property insurance premiums paid at certain properties. The increase in tenant reimbursements primarily related to properties that we acquired in 2018.

Expenses.

Property Expense. Property expense related to property insurance premiums at certain of our properties, which were reimbursed by the tenants. The increase in property expense primarily related to properties that we acquired in 2018.

General and Administrative Expense. General and administrative expense for the three months ended March 31, 2019 increased by approximately $441,000, or 30%, to approximately $1.9 million, compared to $1.5 million for the three months ended March 31, 2018. The increase in general and administrative expense was primarily due to higher cash compensation to employees and higher public company costs, travel and occupancy costs. Compensation expense for the three months ended March 31, 2019 and 2018 included approximately $563,000 and $330,000, respectively, of non-cash stock-based compensation.

Depreciation Expense. The increase in depreciation expense was related to depreciation on properties that we acquired in 2018 and the placement into service of construction and tenant improvements at certain of our properties.

Interest Income. The increase in interest income was due to higher interest bearing investments resulting from proceeds from our common stock offerings and issuance of our Exchangeable Senior Notes.

Interest Expense. Interest expense related to our Exchangeable Senior Notes issued in February 2019, including $208,000 related to the amortization of debt discount and issuance costs.

Cash Flows

Comparison of the Three Months Ended March 31, 2019 and 2018

	Three Months Ended
	March 31,
	2019			2018			Change
Net cash provided by operating activities	$	6,158		$	1,355		$	4,803
Net cash used in investing activities		(93,843	)		(48,763	)		(45,080	)
Net cash provided by financing activities		133,859			77,726			56,133
Ending cash and cash equivalents balance		59,224			42,076			17,148

Operating Activities

Cash flows provided by operating activities for the three months ended March 31, 2019 and 2018 were approximately $6.2 million and $1.4 million, respectively. Cash flows provided by operating activities were generally from contractual rent and security deposits from our properties, partially offset by our general and administrative expense.

Investing Activities

Cash flows used in investing activities for the three months ended March 31, 2019 were approximately $93.8 million, of which approximately $14.2 million related to the purchases of investments in real estate and funding of a portion of the tenant improvement allowances and construction funding, approximately $1.6 million related to deposits to escrow for acquisitions, and approximately $78.0 million related to net purchases and maturities of short-term investments. Cash flows used in investing activities for the three months ended March 31, 2018 was approximately $48.8 million relating to the purchases of short-term investments. We did not acquire any properties during the three months ended March 31, 2018.

Financing Activities

Net cash provided by financing activities of approximately $133.9 million during the three months ended March 31, 2019 was the result of approximately $138.6 million in net proceeds from the issuance of our Exchangeable Senior Notes, partially offset by dividend payments of approximately $3.8 million to common and preferred stockholders and approximately $939,000 related to net share settlement of equity awards to pay the required withholding taxes upon vesting of restricted stock for certain employees.

Net cash provided by financing activities of approximately $77.7 million during the three months ended March 31, 2018 was the result of approximately $79.3 million in net proceeds from the sale of 3,220,000 shares of common stock, partially offset by dividend payments of approximately $1.2 million to common and preferred stockholders and approximately $390,000 related to net share settlement of equity awards to pay the required withholding taxes upon vesting of restricted stock for certain employees.

Liquidity and Capital Resources

Liquidity is a measure of our ability to meet potential cash requirements. We expect to use significant cash to acquire our target properties, pay dividends to our stockholders, make interest payments on our Exchangeable Senior Notes, fund our operations, and meet other general business needs.

Sources and Uses of Cash

We derive all of our revenues from the leasing of our properties, collecting rental income and operating expense reimbursements based on contractual arrangements with our tenants. This source of revenue represents our primary source of liquidity to fund our dividends, general and administrative expenses, property operating expenses and other expenses incurred related to managing our existing portfolio, service our Exchangeable Senior Notes and invest in additional properties. To the extent additional resources are needed, we expect to fund our investment activity generally through equity or debt issuances either in the public or private markets. Where possible, we also may issue limited partnership interests in our Operating Partnership to acquire properties from existing owners seeking a tax-deferred transaction.

In February 2019, our Operating Partnership issued $143.75 million aggregate principal amount of Exchangeable Senior Notes, including the exercise in full of the initial purchasers’ option to purchase additional Exchangeable Senior Notes, resulting in net proceeds of approximately $138.6 million, after deducting the initial purchasers’ discounts and offering expenses.

We have filed a shelf registration statement which may permit us, from time to time, to offer and sell common stock, preferred stock, warrants and other securities to the extent necessary or advisable to meet our liquidity needs.

We expect to meet our liquidity needs through cash on hand, cash flows from operations and cash flows from sources discussed above. We believe that our liquidity and sources of capital are adequate to satisfy our cash requirements. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to the Company in sufficient amounts to meet its liquidity needs. Our investment guidelines also provide that our aggregate borrowings (secured and unsecured) will not exceed 50% of the cost of our tangible assets at the time of any new borrowing, subject to our board of directors’ discretion.

Dividends

The Company is required to pay dividends to its stockholders at least equal to 90% of its taxable income in order to qualify and maintain its qualification as a REIT. As a result of this distribution requirement, our Operating Partnership cannot rely on retained earnings to fund its ongoing operations to the same extent that other companies whose parent companies are not REITs can. Our ability to continue to pay dividends is dependent upon our ability to continue to generate cash flows, service any debt obligations we have, including our Exchangeable Senior Notes, and make accretive new investments.

Contractual Obligations

As of March 31, 2019, we had approximately $7.9 million outstanding in commitments related to tenant improvement allowances, which generally may be requested by the tenants at any time up until a date that is near the expiration of the initial term of the applicable lease, approximately $5.2 million and $17.8 million of commitments relating to construction funding for the development of the properties in Massachusetts and Ohio, which the tenant has agreed to use commercially reasonable efforts to complete by August 31, 2019 and June 13, 2020, respectively, and approximately $2.4 million of commitments relating to certain development milestones for the property in California, which the seller is required to complete by September 30, 2019. Additionally, we had approximately $143,000 outstanding in commitments related to our office and equipment leases, with approximately $68,000 to be paid in the remainder of 2019 and approximately $75,000 to be paid in 2020.

Our Exchangeable Senior Notes require interest payment semiannually at a rate of 3.75% per annum and will mature on February 21, 2024.

Non-GAAP Financial Information and Other Metrics

In addition to the required GAAP presentations, we use certain non-GAAP performance measures as we believe these measures improve the understanding of our operational results. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public and thus such reported measures could change.

Funds from Operations and Adjusted Funds from Operations

Funds from operations (“FFO”) and FFO per share are operating performance measures adopted by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”). NAREIT defines FFO as the most commonly accepted and reported measure of a REIT’s operating performance equal to “net income, computed in accordance with accounting principles generally accepted in the United States (“GAAP”), excluding gains (or losses) from sales of property, plus depreciation and amortization related to real estate properties, and after adjustments for unconsolidated partnerships and joint ventures.”

Management believes that net income, as defined by GAAP, is the most appropriate earnings measurement. However, management believes FFO and FFO per share to be supplemental measures of a REIT’s performance because they provide an understanding of the operating performance of our properties without giving effect to certain significant non-cash items, primarily depreciation expense. Historical cost accounting for real estate assets in accordance with GAAP assumes that the value of real estate assets diminishes predictably over time. However, real estate values instead have historically risen or fallen with market conditions. We believe that by excluding the effect of depreciation, FFO and FFO per share can facilitate comparisons of operating performance between periods. We report FFO and FFO per share because these measures are observed by management to also be the predominant measures used by the REIT industry and by industry analysts to evaluate REITs and because FFO per share is consistently reported, discussed, and compared by research analysts in their notes and publications about REITs. For these reasons, management has deemed it appropriate to disclose and discuss FFO and FFO per share.

Management believes that adjusted funds from operations (“AFFO”) and AFFO per share are also appropriate supplemental measures of a REIT’s operating performance. We calculate AFFO by adding to FFO certain non-cash or infrequent or unpredictable expenses which may impact comparability, consisting of non-cash stock-based compensation expense and non-cash interest expense.

Our computation of FFO and AFFO may differ from the methodology for calculating FFO and AFFO utilized by other equity REITs and, accordingly, may not be comparable to such REITs. Further, FFO and AFFO do not represent cash flow available for management's discretionary use. FFO and AFFO should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. FFO and AFFO should be considered only as supplements to net income computed in accordance with GAAP as measures of operations.

The table below is a reconciliation of net income to FFO and AFFO for the three months ended March 31, 2019 and 2018 (in thousands, except share and per share amounts):

	For the Three Months Ended March 31,
	2019		2018
Net income available to common stockholders	$	3,303	$	607
Real estate depreciation		1,218		476

FFO available to common stockholders		4,521		1,083
Stock-based compensation		563		330
Non-cash interest expense		208		—

AFFO available to common stockholders	$	5,292	$	1,413
FFO per share — basic	$	0.47	$	0.18
FFO per share — diluted	$	0.46	$	0.18
AFFO per share — basic	$	0.55	$	0.24
AFFO per share — diluted	$	0.54	$	0.23

Weighted average shares outstanding — basic		9,664,775		5,883,610

Weighted average shares outstanding — diluted		9,797,676		6,025,067

As the Company has the intent and ability to settle the debt component of the Exchangeable Senior Notes in cash and the excess conversion premium in shares, the Company only includes the effect of the excess conversion premium in the calculation of diluted shares. For the three months ended March 31, 2019, the effect of the excess conversion premium was anti-dilutive and therefore, excluded from the calculation of diluted shares.

Average Current Yield on Invested Capital

In addition, we have provided our calculation of our average current yield on invested capital, which is a measure of financial performance used by management to evaluate its current investment returns on capital invested or committed to invest in our properties. Average current yield on invested capital is not a substitute for financial results as reported in accordance with GAAP, and should not be utilized in place of such GAAP results. We believe that average current yield on invested capital is a meaningful measure because it quantifies our effectiveness in generating returns relative to the capital we have invested or have committed to invest in our properties. Our computation of average current yield on invested capital may also differ from the methodology for calculating average current yield on invested capital by other real estate companies, and, accordingly, may not be comparable to such real estate companies.

As of March 31, 2019, our average current yield on invested capital was approximately 15.1% for the 13 properties that we owned, calculated as the sum of the initial base rents, supplemental rent (with respect to the lease with PharmaCann, LLC at one of our New York properties) and property management fees (after the expiration of applicable base rent abatement periods) of approximately $30.0 million, divided by our aggregate investment in these properties of approximately $198.9 million (excluding transaction costs and including the aggregate potential tenant reimbursements of $36.6 million).

Critical Accounting Policies

Our condensed consolidated financial statements have been prepared in accordance with GAAP, which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates and assumptions. Set forth below is a summary of our accounting policies that we believe are critical to the preparation of our condensed consolidated financial statements.

Acquisition of Rental Property, Depreciation and Impairment

We depreciate each of our buildings and improvements over its estimated remaining useful life, not to exceed 35 years. We depreciate tenant improvements at our buildings over the shorter of the estimated useful lives or the terms of the related leases.

Upon acquisition of property, we allocate the purchase price based upon the relative fair values of all assets acquired and liabilities assumed. For transactions that are an asset acquisition, acquisition costs are capitalized as incurred. All of our acquisitions to date have been recorded as asset acquisitions.

On a quarterly basis, we review current activities and changes in the business conditions of all of our properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows for the properties, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration.

Revenue Recognition and Accounts Receivable

Our existing tenant leases are and future tenant leases are generally expected to be triple-net leases, an arrangement under which the tenant maintains the property while paying us rent and property management fees. We account for our leases as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term, unless the collectability of minimum lease payments is not reasonably predictable. Rental increases based upon changes in the CPI are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses will be included in tenant reimbursements in the period when such costs are incurred. Contractually obligated real estate taxes that are paid directly by the tenant to the tax authorities are not reflected in our consolidated financial statements.

Stock-Based Compensation

Stock-based compensation for equity awards is based on the grant date fair value of the equity instrument and is recognized over the requisite service period. If awards are forfeited prior to vesting, we reverse any previously recognized expense related to such awards in the period during which the forfeiture occurs and reclassify any non-forfeitable dividends previously paid on these awards from retained earnings to compensation expense.

Income Taxes

We have been organized to operate our business so as to qualify to be taxed as a REIT, for U.S. federal income tax purposes. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income for U.S. federal income tax purposes. As long as our dividends equal or exceed our taxable net income, we generally will not be required to pay U.S. federal income tax on such income.

The Tax Cuts and Jobs Act was enacted in December 2017 and is generally effective for tax years beginning in 2018. This new legislation is not expected to have a material adverse effect on the Company’s business and contains several potentially favorable provisions.

Adoption of New or Revised Accounting Standards

As an “emerging growth company” under the JOBS Act, we can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. An “emerging growth company” may opt out of the extended transition period for complying with new or revised accounting standards. A decision to opt out, however, is irrevocable. We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, we can adopt the standard for the private company. This may make comparison of our financial statements with a public company that either is not an “emerging growth company” or is an “emerging growth company” that has opted out of using the extended transition period difficult or impossible as different or revised accounting standards may be used.

Impact of Real Estate and Credit Markets

In the commercial real estate market, property prices generally continue to fluctuate. Likewise, during certain periods, the U.S. credit markets have experienced significant price volatility, dislocations, and liquidity disruptions, which may impact our access to and cost of capital. We continually monitor the commercial real estate and U.S. credit markets carefully and, if required, will make decisions to adjust our business strategy accordingly.

Off-Balance Sheet Arrangements

We have no unconsolidated investments or any other off-balance sheet arrangements.

Interest Rate Risk

As of March 31, 2019, we had approximately $143.75 million of Exchangeable Senior Notes outstanding at a fixed interest rate, and therefore, if interest rates decline, our required payments may exceed those based on current market rates. It is possible that a property we acquire in the future would be subject to a mortgage, which we may assume.

Impact of Inflation

We enter into leases that generally provide for limited increases in rent as a result of increases in the U.S. Consumer Price Index (typically subject to ceilings) or fixed increases. We expect these lease provisions to result in rent increases over time. During times when inflation is greater than increases in rent, as provided for in the leases, rent increases may not keep up with the rate of inflation.

Seasonality

Our business has not been, and we do not expect our business in the future to be, subject to material seasonal fluctuations.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, under the supervision and with the participation of our principal executive and financial officers, has evaluated the effectiveness of our disclosure controls and procedures in ensuring that the information required to be disclosed in our filings under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, including ensuring that such information is accumulated and communicated to our Company’s management, as appropriate, to allow timely decisions regarding required disclosure. Based on such evaluation, our principal executive and financial officers have concluded that such disclosure controls and procedures were effective as of March 31, 2019 (the end of the period covered by this Quarterly Report).

Changes in Internal Control Over Financial Reporting

There have been no changes in our system of internal control over financial reporting during the quarter ended March 31, 2019 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II

ITEM 1. LEGAL PROCEEDINGS

We may, from time to time, be a party to legal proceedings, which arise in the ordinary course of our business. We are not aware of any pending or threatened litigation that, if resolved against us, would have a material adverse effect on our consolidated financial position, results of operations or cash flows.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018, which could materially affect our business, financial condition and/or results of operations. Except to the extent updated below or to the extent additional factual information disclosed elsewhere in these Quarterly Reports on Form 10-Q relates to such risk factors, there have been no material changes to the risk factors described in the “Risk Factors” section in our Annual Report on Form 10-K for year ended December 31, 2018. The risks as updated below and as described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or results of operations.

Competition for the acquisition of properties suitable for the cultivation and production of medical-use cannabis and alternative financing sources for licensed operators may impede our ability to make acquisitions or increase the cost of these acquisitions, which could adversely affect our operating results and financial condition.

We compete for the acquisition of properties suitable for the cultivation and production of medical-use cannabis with other entities engaged in agricultural and real estate investment activities, including corporate agriculture companies, cultivators and producers of medical-use cannabis, private equity investors, and other real estate investors (including public and private REITs). We also compete as a provider of capital to medical-use cannabis operators with alternative financing sources to these companies, including both equity and debt financing alternatives. These competitors may prevent us from acquiring desirable properties, may cause an increase in the price we must pay for properties or may result in us having to lease our properties on less favorable terms than we expect. Our competitors may have greater financial and operational resources than we do and may be willing to pay more for certain assets or may be willing to accept more risk than we believe can be prudently managed. In particular, larger companies may enjoy significant competitive advantages that result from, among other things, a lower cost of capital and enhanced operating efficiencies. Our competitors may also adopt transaction structures similar to ours, which would decrease our competitive advantage in offering flexible transaction terms. In addition, due to a number of factors, including but not limited to potential greater clarity of the laws and regulations governing medical-use cannabis by state and federal governments, the number of entities and the amount of funds competing for suitable investment properties may increase, resulting in increased demand and increased prices paid for these properties. If we pay higher prices for properties or enter into leases for such properties on less favorable terms than we expect, our profitability and ability to generate cash flow and make distributions to our stockholders may decrease. Increased competition for properties may also preclude us from acquiring those properties that would generate attractive returns to us.

By way of example, Congress has introduced several proposed bills focused on the regulated cannabis industry, including H.R. 1595, the Secure and Fair Enforcement (SAFE) Banking Act of 2019 (the “SAFE Banking Act”). If it became law, the SAFE Banking Act would, among other things, provide protection from federal prosecution to banks and other financial institutions that provide financial services to state-licensed, compliant cannabis operators, which may include the provision of loans by financial institutions to such operators. As a result, there may be further increased competition for the acquisition of properties that can be leased to licensed medical-use cannabis operators, and such operators may have greater access to alternative financing sources with lower costs of capital. These factors may reduce the number of operators that wish to enter into lease transactions with us or renew leases with us, or may result in us having to enter into leases on less favorable terms with tenants, each of which may significantly adversely impact our profitability and ability to generate cash flow and make distributions to our stockholders.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Exhibit Number		Description of Exhibit
4.1		Indenture, dated as of February 21, 2019, among IIP Operating Partnership, LP, as issuer, Innovative Industrial Properties, Inc. and the subsidiaries of IIP Operating Partnership, LP, as guarantors, and GLAS Trust Company LLC, as trustee, including the Form of Note representing IIP Operating Partnership, LP’s 3.75% Exchangeable Senior Notes due 2024.(1)
10.1		First Amendment dated November 13, 2018 to Lease Agreement, dated as of May 31, 2018, between IIP-MA 1 LLC and PharmaCannis Massachusetts Inc.(2)
10.2		Lease Agreement, dated as of March 13, 2019, between IIP-OH 1 LLC and PharmaCann Ohio LLC.(3)
10.3		Development Agreement, dated as of March 13, 2019, between PharmaCann Ohio LLC, IIP-OH 1 LLC and IIP Operating Partnership, LP.(3)
10.4		Multi-Party Agreement Regarding Leases and Amendment to Leases, dated as of March 13, 2019, between and among IIP-NY 1 LLC, PharmaCann LLC, IIP-MA 1 LLC, PharmaCannis Massachusetts Inc., IIP-OH 1 LLC, PharmaCann Ohio LLC and MedMen Enterprises, Inc.(3)
31.1*		Certifications of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certifications of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*		XBRL Instance Document.
101.SCH*		XBRL Taxonomy Extension Schema Document.
101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document.

* Filed herewith.

(1)

Incorporated by reference to Innovative Industrial Properties, Inc.’s Current Report on Form 8-K filed with the SEC on February 21, 2019.

(2)

Incorporated by reference to Innovative Industrial Properties, Inc.’s Annual Report on Form 10-K filed with the SEC on March 14, 2019.

(3)

Incorporated by reference to Innovative Industrial Properties, Inc.’s Current Report on Form 8-K filed with the SEC on March 13, 2019.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

INNOVATIVE INDUSTRIAL PROPERTIES, INC.

By:	/s/ Paul Smithers
Paul Smithers
President, Chief Executive Officer and Director
(Principal Executive Officer)

By:	/s/ Catherine Hastings
Catherine Hastings
Chief Financial Officer, Chief Accounting Officer and Treasurer
(Principal Financial Officer and Principal Accounting Officer)

Dated May 9, 2019

EX-31.1 2 tv520289_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

Innovative Industrial Properties, Inc.

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Paul Smithers, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Innovative Industrial Properties, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c)

Disclosed in this report, any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting, which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 9, 2019

	/s/ Paul Smithers
	Paul Smithers
	Chief Executive Officer, President and Director

EX-31.2 3 tv520289_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

Innovative Industrial Properties, Inc.

Certification of Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Catherine Hastings, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Innovative Industrial Properties, Inc.;

(a)

(b)

(c)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 9, 2019

	/s/ Catherine Hastings
	Catherine Hastings
	Chief Financial Officer, Chief Accounting Officer and Treasurer

EX-32.1 4 tv520289_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

Innovative Industrial Properties, Inc.

Certification Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of Innovative Industrial Properties, Inc. (the "Company") for the period ended March 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Paul Smithers, Chief Executive Officer, President and Director of the Company, and I, Catherine Hastings, Chief Financial Officer, Chief Accounting Officer and Treasurer of the Company, each certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 9, 2019

	/s/ Paul Smithers
	Paul Smithers
	Chief Executive Officer, President and Director


	/s/ Catherine Hastings
	Catherine Hastings
	Chief Financial Officer, Chief Accounting Officer and Treasurer

EX-101.INS 5 iipr-20190331.xml XBRL INSTANCE DOCUMENT 0001677576 2019-01-01 2019-03-31 0001677576 2018-01-01 2018-03-31 0001677576 2018-12-31 0001677576 2019-03-31 0001677576 2019-05-09 0001677576 2018-03-31 0001677576 2019-02-28 0001677576 2019-02-01 2019-02-28 0001677576 2017-12-31 0001677576 iipr:March122019Member 2019-01-01 2019-03-31 0001677576 iipr:March122019OneMember 2019-01-01 2019-03-31 0001677576 us-gaap:SeriesAPreferredStockMember 2019-01-01 2019-03-31 0001677576 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0001677576 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001677576 iipr:DividendInExcessOfEarningMember 2019-01-01 2019-03-31 0001677576 us-gaap:BuildingMember 2019-01-01 2019-03-31 0001677576 iipr:NetRealEstateHeldForInvestmentMember iipr:NewYorkPropetyMember 2019-01-01 2019-03-31 0001677576 iipr:NetRealEstateHeldForInvestmentMember iipr:MarylandPropertyMember 2019-01-01 2019-03-31 0001677576 iipr:PharmaCannLLCMember 2019-01-01 2019-03-31 0001677576 iipr:PharmaCannLLCMember 2019-01-01 2019-03-31 0001677576 iipr:SacramentoCaMember 2019-01-01 2019-03-31 0001677576 iipr:PharmacannOhMember 2019-01-01 2019-03-31 0001677576 us-gaap:SeriesAPreferredStockMember 2019-03-31 0001677576 us-gaap:CommonStockMember 2019-03-31 0001677576 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2019-03-31 0001677576 iipr:March122019Member 2019-03-31 0001677576 iipr:March122019OneMember 2019-03-31 0001677576 iipr:TwoThousandSixtenPlanMember 2019-03-31 0001677576 iipr:OfficeAndEquipmentLeasesMember 2019-03-31 0001677576 iipr:IipOperatingPartnershipLpMember 2019-03-31 0001677576 us-gaap:MoneyMarketFundsMember 2019-03-31 0001677576 stpr:MA 2019-03-31 0001677576 stpr:OH 2019-03-31 0001677576 iipr:SacramentoCaMember 2019-03-31 0001677576 iipr:PharmacannOhMember 2019-03-31 0001677576 us-gaap:SeriesAPreferredStockMember 2018-12-31 0001677576 us-gaap:MoneyMarketFundsMember 2018-12-31 0001677576 us-gaap:SeriesAPreferredStockMember 2018-01-01 2018-03-31 0001677576 us-gaap:CommonStockMember 2018-01-01 2018-03-31 0001677576 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0001677576 iipr:DividendInExcessOfEarningMember 2018-01-01 2018-03-31 0001677576 iipr:PharmaCannLLCMember 2018-01-01 2018-03-31 0001677576 iipr:NetRealEstateHeldForInvestmentMember iipr:MarylandPropertyMember 2018-01-01 2018-03-31 0001677576 us-gaap:SeriesAPreferredStockMember 2018-01-01 2018-12-31 0001677576 iipr:NetRealEstateHeldForInvestmentMember iipr:NewYorkPropetyMember 2018-01-01 2018-12-31 0001677576 us-gaap:SubsequentEventMember iipr:FivepropertyPortfolioInSouthernCaliforniaMember 2019-04-16 0001677576 stpr:PA us-gaap:SubsequentEventMember 2019-04-24 0001677576 stpr:OH us-gaap:SubsequentEventMember 2019-04-24 0001677576 us-gaap:SeniorNotesMember 2019-02-28 0001677576 us-gaap:CommonStockMember us-gaap:SeniorNotesMember 2019-02-28 0001677576 us-gaap:CommonStockMember us-gaap:SeniorNotesMember 2019-02-01 2019-02-28 0001677576 us-gaap:CommonStockMember 2018-12-31 0001677576 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001677576 iipr:DividendInExcessOfEarningMember 2018-12-31 0001677576 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001677576 iipr:DividendInExcessOfEarningMember 2019-03-31 0001677576 us-gaap:CommonStockMember 2017-12-31 0001677576 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001677576 iipr:DividendInExcessOfEarningMember 2017-12-31 0001677576 us-gaap:SeriesAPreferredStockMember 2017-12-31 0001677576 us-gaap:CommonStockMember 2018-03-31 0001677576 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001677576 iipr:DividendInExcessOfEarningMember 2018-03-31 0001677576 us-gaap:SeriesAPreferredStockMember 2018-03-31 10-Q false 2019-03-31 2019 Q1 INNOVATIVE INDUSTRIAL PROPERTIES INC 0001677576 --12-31 Accelerated Filer IIPR 9806194 true false true

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Basis of Presentation.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">This interim financial information should be read in conjunction with the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. This interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2019.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Federal Income Taxes.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  We believe that we have operated our business so as to qualify to be taxed as a REIT for U.S. federal income tax purposes. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. The income taxes recorded on our consolidated statement of income represent amounts paid for city and state income and franchise taxes and are included in general and administrative expenses in the accompanying condensed consolidated statements of income.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from these estimates and assumptions.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Depreciation.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  We are required to make subjective assessments as to the estimated useful lives of our depreciable assets. We consider the period of future benefit of the assets to determine the appropriate estimated useful lives. Depreciation of our assets is charged to expense on a straight-line basis over the estimated useful lives. We depreciate each of our buildings and improvements over its estimated remaining useful life, generally not to exceed 35 years. We depreciate tenant improvements at our buildings over the shorter of the estimated useful lives or the terms of the related leases.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">We depreciate office equipment and furniture and fixtures over estimated useful lives ranging from three to six years.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

22563000

20475000

123927000

109425000

18784000

14732000

165940000

150930000

<div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Stock-Based Compensation.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> Stock-based compensation for equity awards is based on the grant date fair value of the equity investment and is recognized over the requisite service period. If awards are forfeited prior to vesting, we reverse any previously recognized expense related to such awards in the period during which the forfeiture occurs and reclassify any nonforfeitable dividends previously paid on these awards from retained earnings to compensation expense.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Revenue Recognition.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  Our leases are and future tenant leases are expected to be triple-net leases, an arrangement under which the tenant maintains the property while paying us rent and a property management fee. We account for our current leases as operating leases and anticipate that future leases will be accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term, unless the collectability of minimum lease payments is not reasonably predictable. Rental increases based upon changes in the consumer price index are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursements in the period when such costs are incurred. Contractually obligated real estate taxes that are paid directly by the tenant to the tax authorities are not reflected in our consolidated financial statements.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">We record revenue for each of our properties on a cash basis due to the uncertainty of collectability of lease payments from each tenant due to its limited operating history and the uncertain regulatory environment in the United States relating to the medical-use cannabis industry.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Future contractual minimum rent (including base rent, supplemental base rent (for one of our properties in New York) and property management fees) under the operating leases as of March 31, 2019 for future periods is summarized as follows (in thousands):</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table style="border-width: initial;border-top-style: none;border-bottom-style: none;border-color: initial;border-image: initial;border-collapse: collapse;margin-bottom: 0.001pt;width: 82%;margin-left: auto;margin-right: auto;"><tr><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Year</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Contractual Minimum Rent</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 85%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">2019 (nine months ending December 31)</div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">22,360</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">2020</div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">31,114</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">2021</div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">32,063</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">2022</div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">31,869</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">2023</div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">32,931</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">Thereafter</div></td><td style="background: rgb(255, 255, 255); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; padding: 0pt 0px 2pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">388,385</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.75pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-weight:bold;display:inline;">Total</div></div></td><td style="background: rgb(204, 238, 255); border-right-width: initial; border-left-width: initial; border-right-color: initial; border-left-color: initial; padding: 0px 0px 2.75pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">538,722</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.75pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

4789000

3571000

161151000

147359000

59224000

13050000

2304000

614000

420408000

281466000

1224000

1968000

4750000

3759000

9661000 9014000

152032000

17174000

14009000

10000

265733000

260540000

268376000

264292000

420408000

281466000

1.00

P35Y

55900000

8900000

0.18

0.10

0.31

0.50

0.24

250000

50000000

0.001

9806194

25.00

0.45

0.5625

Common Stock January 1, 2019 to March 31, 2019 Series A preferred stock January 15, 2019 to April 14, 2019

0.001

50000000

0.0900

15000

600000

25.00

600000

0.001

50000000

0.0900

15000

25.00

600000

0.001

50000000

9806194

9775800

9806194

9775800

0.001

50000000

22360000

31114000

32063000

31869000

32931000

538722000

388385000

2019-03-12

2019-04-15

2019-03-12

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Future contractual minimum rent (including base rent, supplemental base rent (for one of our properties in New York) and property management fees) under the operating leases as of March 31, 2019 for future periods is summarized as follows (in thousands):</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table style="border-width: initial;border-top-style: none;border-bottom-style: none;border-color: initial;border-image: initial;border-collapse: collapse;margin-bottom: 0.001pt;width: 82%;margin-left: auto;margin-right: auto;"><tr><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Year</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Contractual Minimum Rent</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 85%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">2019 (nine months ending December 31)</div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">22,360</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">2020</div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">31,114</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">2021</div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">32,063</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">2022</div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">31,869</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">2023</div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">32,931</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">Thereafter</div></td><td style="background: rgb(255, 255, 255); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; padding: 0pt 0px 2pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">388,385</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.75pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-weight:bold;display:inline;">Total</div></div></td><td style="background: rgb(204, 238, 255); border-right-width: initial; border-left-width: initial; border-right-color: initial; border-left-color: initial; padding: 0px 0px 2.75pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">538,722</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.75pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

0.20

6576000

2677000

247000 87000

6823000

2764000

247000

87000

1918000

1477000

1218000

476000

3383000

2040000

3440000

724000

945000

338000

3303000

607000

0.34

0.10

0.33

0.09

9664775

5883610

9797676

6025067

4412000

338000

64000

37000

3239000 570000

9664775

5883610

9797676

6025067

0.34

0.10

0.33

0.09

22700000

147359

23.98

51111

52.84

36334

25.72

20717

18.98

141419

34.70

4300000

P2Y2M12D

1000000

75000

143000

2019-04-15

7900000

27100000

666000

6298000

3201000 2433000

563000

330000

714000 -93000

-744000

-531000

647000

441000

7410000

6832000

118500000

48763000

40500000

13050000

11758000

3201000 0

89000

213000

2034000

3421000

875000

338000

323000

939000

390000

42076000

79314000

6158000

1355000

-93843000

-48763000

133859000

77726000

46174000

30318000

68000

10000000

16300000

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2. Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Basis of Presentation.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">This interim financial information should be read in conjunction with the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. This interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2019.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Federal Income Taxes.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  We believe that we have operated our business so as to qualify to be taxed as a REIT for U.S. federal income tax purposes. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. The income taxes recorded on our consolidated statement of income represent amounts paid for city and state income and franchise taxes and are included in general and administrative expenses in the accompanying condensed consolidated statements of income.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from these estimates and assumptions.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Acquisition of Real Estate Properties.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  Our investment in real estate is recorded at historical cost, less accumulated depreciation. Upon acquisition of a property, the tangible and intangible assets acquired and liabilities assumed are initially measured based upon their relative fair values. We estimate the fair value of land by reviewing comparable sales within the same submarket and/or region and the fair value of buildings on an as-if vacant basis. Acquisition costs are capitalized as incurred. All of our acquisitions to date were recorded as asset acquisitions.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Depreciation.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  We are required to make subjective assessments as to the estimated useful lives of our depreciable assets. We consider the period of future benefit of the assets to determine the appropriate estimated useful lives. Depreciation of our assets is charged to expense on a straight-line basis over the estimated useful lives. We depreciate each of our buildings and improvements over its estimated remaining useful life, generally not to exceed 35 years. We depreciate tenant improvements at our buildings over the shorter of the estimated useful lives or the terms of the related leases.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">We depreciate office equipment and furniture and fixtures over estimated useful lives ranging from three to six years.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Provision for Impairment.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  On a quarterly basis, we review current activities and changes in the business conditions of all of our properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows for the properties, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none; font-size: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Long-lived assets to be held and used are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, construction costs, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. </div>We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. As of March 31, 2019, no impairment losses were recognized.</div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Revenue Recognition.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  Our leases are and future tenant leases are expected to be triple-net leases, an arrangement under which the tenant maintains the property while paying us rent and a property management fee. We account for our current leases as operating leases and anticipate that future leases will be accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term, unless the collectability of minimum lease payments is not reasonably predictable. Rental increases based upon changes in the consumer price index are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursements in the period when such costs are incurred. Contractually obligated real estate taxes that are paid directly by the tenant to the tax authorities are not reflected in our consolidated financial statements.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">We record revenue for each of our properties on a cash basis due to the uncertainty of collectability of lease payments from each tenant due to its limited operating history and the uncertain regulatory environment in the United States relating to the medical-use cannabis industry.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Future contractual minimum rent (including base rent, supplemental base rent (for one of our properties in New York) and property management fees) under the operating leases as of March 31, 2019 for future periods is summarized as follows (in thousands):</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table style="border-width: initial;border-top-style: none;border-bottom-style: none;border-color: initial;border-image: initial;border-collapse: collapse;margin-bottom: 0.001pt;width: 82%;margin-left: auto;margin-right: auto;"><tr><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Year</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Contractual Minimum Rent</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 85%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">2019 (nine months ending December 31)</div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">22,360</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">2020</div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">31,114</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">2021</div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">32,063</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">2022</div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">31,869</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">2023</div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">32,931</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">Thereafter</div></td><td style="background: rgb(255, 255, 255); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; padding: 0pt 0px 2pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">388,385</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.75pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-weight:bold;display:inline;">Total</div></div></td><td style="background: rgb(204, 238, 255); border-right-width: initial; border-left-width: initial; border-right-color: initial; border-left-color: initial; padding: 0px 0px 2.75pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">538,722</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.75pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none; font-size: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Cash and Cash Equivalents</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">. We consider all highly-liquid investments with original maturities of three months or less to be cash equivalents. As of March 31, 2019, approximately $55.9 million were invested in short-term obligations of the U.S. government and money market funds. As of December 31, 2018, approximately $8.9 million were invested in short-term money market funds and certificates of deposit.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Short-Term Investments</div>. Short-term investments consist of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months. Investments are classified as held-to-maturity and stated at amortized cost.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"> </div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-size: 10pt; text-indent: 0.25in;;font-weight:bold;display:inline;">Exchangeable Notes. </div>The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification requires the liability and equity components of exchangeable debt instruments that may be settled in cash upon exchange, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonexchangeable debt borrowing rate. The initial proceeds from the sale of exchangeable notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonexchangeable debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measured the estimated fair value of the debt component of our Exchangeable Senior Notes (as defined below) as of the respective issuance dates based on our nonexchangeable debt borrowing rate. The equity component of our Exchangeable Senior Notes is reflected within additional paid-in capital on our condensed consolidated balance sheets, and the resulting debt discount is amortized over the period during which the Exchangeable Senior Notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to our Exchangeable Senior Notes will increase in subsequent periods through the maturity date as the Exchangeable Senior Notes accrete to the par value over the same period.</div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="background: none; font-size: 10pt; text-indent: 0.25in; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="background-color: initial; font-size: 10pt; text-indent: 0.25in;;font-weight:bold;display:inline;">Deferred Financing Costs.</div><div style="background-color: initial; font-size: 10pt; text-indent: 0.25in; letter-spacing: 0px; top: 0px;;display:inline;"> The deferred financing costs that are included as a reduction in the net book value of the related liability on our condensed consolidated balance sheets reflect issuance and other costs related to our Exchangeable Senior Notes. These costs are amortized as interest expense using the effective interest method over the life of the Exchangeable Senior Notes.</div></div><div style="margin: 0px 0px 0px 0in; text-indent: 0.25in; font-family: "times new roman", times, serif; font-size: 10pt; background: none;"> </div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Stock-Based Compensation.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> Stock-based compensation for equity awards is based on the grant date fair value of the equity investment and is recognized over the requisite service period. If awards are forfeited prior to vesting, we reverse any previously recognized expense related to such awards in the period during which the forfeiture occurs and reclassify any nonforfeitable dividends previously paid on these awards from retained earnings to compensation expense.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Recent Accounting Pronouncements. </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;">In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation; Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). The FASB issued ASU 2016-09 to simplify several aspects of the accounting for share-based payment transactions, including classification of awards as either equity or liabilities, estimation of forfeitures, and classification on the statement of cash flows. The Company’s adoption of ASU 2016-09 beginning on January 1, 2018 did not have a material impact on our consolidated financial statements.</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 outlines a comprehensive model for companies to use in accounting for revenue arising from contracts with customers, and will apply to transactions such as the sale of real estate. The Company’s adoption of ASU 2014-09 beginning on January 1, 2019 did not have a material impact on our consolidated financial statements.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In February 2016, the FASB issued ASU 2016-02, Leases; in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Leases — Targeted Improvements; and in December 2018, the FASB issued ASU 2018-20, Narrow-Scope Improvements for Lessors. This group of ASUs is collectively referred to as Topic 842 and is</div> expected to be<div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> effective for the Company beginning January 1, 2020 as a result of the Company’s election as an emerging growth company. Topic 842 supersedes the existing standards for lease accounting (Topic 840, Leases).</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company expects to elect the practical expedients provided by Topic 842, including: the package of practical expedients that allows an entity not to reassess upon adoption (i) whether an expired or existing contract contains a lease, (ii) whether a lease classification related to expired or existing lease arrangements, and (iii) whether costs incurred on expired or existing leases qualify as initial direct costs, and as a lessor, the practical expedient not to separate certain non-lease components, such as common area maintenance, from the lease component if (i) the timing and pattern of transfer are the same for the non-lease component and associated lease component, and (ii) the lease component would be classified as an operating lease if accounted for separately.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Topic 842 requires lessees to record most leases on their balance sheet through a right-of-use (“ROU”) model, in which a lessee records a ROU asset and a lease liability on their balance sheet. Leases that are less than 12 months do not need to be accounted for under the ROU model. Lessees will account for leases as financing or operating leases, with the classification affecting the timing and pattern of expense recognition in the income statement. Lease expense will be recognized based on the effective interest method for leases accounted for as finance leases and on a straight-line basis over the term of the lease for leases accounted for as operating leases. At March 31, 2019, the Company is the lessee under one office lease that would require accounting under the ROU model. Upon adoption of Topic 842</div> expected i<div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">n January 2020, the ROU asset and lease liability to be recognized on the balance sheet relating to this lease is not expected to have a material impact on our consolidated financial statements.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The accounting by a lessor under Topic 842 is largely unchanged from that of Topic 840. Under Topic 842, lessors will continue to account for leases as a sales-type, direct-financing, or operating. A lease will be treated as a sale if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. Topic 842 requires accounting for a transaction as a financing in a sale leaseback in certain circumstances, including when the seller-lessee is provided an option to purchase the property from the landlord at the tenant’s option. The Company expects that this provision could change the accounting for these types of leases in the future. Topic 842 also includes the concept of separating lease and non-lease components. Under Topic 842, non-lease components, such as common area maintenance, would be accounted for under Topic 606 and separated from the lease payments. However, the Company will elect the lessor practical expedient allowing the Company to not separate these components when certain conditions are met. Upon adoption of Topic 842, the Company expects to combine tenant reimbursements with rental revenues on its consolidated statements of income. Further, the Company has historically capitalized allocated payroll cost incurred as part of the leasing process, which will no longer qualify for classification as initial direct costs under Topic 842. The Company will elect the lessor practical expedient, allowing the Company to continue to amortize previously capitalized initial direct leasing costs incurred prior to the adoption and Topic 842 and does not expect a material impact to its consolidated financial statements related to the capitalization of leasing costs. Also, the Narrow-Scope Improvements for Lessors under ASU 2018-20 allows the Company to continue to exclude from revenue, costs paid by our tenants on our behalf directly to third parties, such as property taxes.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Topic 842 provides two transition alternatives. The Company expects to apply this standard based on the prospective optional transition method, in which comparative periods will continue to be reported in accordance with Topic 840. The Company also anticipates expanded disclosures upon adoption, as the new standard requires more extensive quantitative and qualitative disclosures as compared to Topic 840 for both lessees and lessors.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses, which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, which among other updates, clarifies that receivables arising from operating leases are not within the scope of this guidance and should be evaluated in accordance with Topic 842. For available-for-sale debt securities with unrealized losses, companies will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. Companies will have to disclose significantly more information, including information they use to track credit quality by year of origination for most financing receivables. Companies will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This standard is</div> expected to be<div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> effective for years beginning after December 15, 2020 as a result of the Company’s election as an emerging growth company with early adoption permitted. We do not expect this amendment to have an effect on our consolidated financial statements.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments</div> (“ASU 2016-15”),<div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> which clarifies or provides guidance relating to eight specific cash flow classification issues. The standard should be applied retrospectively for each period presented, as appropriate. The Company’s adoption of ASU 2016-15 beginning on January 1, 2019 did not have a material impact on our consolidated financial statements.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In February 2017, the FASB issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“Subtopic 610-20”). A contract may involve the transfer of both nonfinancial assets and financial assets (e.g., cash and receivables). The amendments clarify that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments also define the term in substance nonfinancial asset. The amendments clarify that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. For example, a parent may transfer control of nonfinancial assets by transferring ownership interests in a consolidated subsidiary. A contract that includes the transfer of ownership interests in one or more consolidated subsidiaries is within the scope of Subtopic 610-20 if substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets. The amendments clarify that an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty obtains control of it. The Company’s adoption of ASU 2017-05 beginning on January 1, 2019 did not have a material impact on our consolidated financial statements.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Concentration of Credit Risk</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">. As of March 31, 2019, we owned 13 properties located in Arizona, California, Colorado, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New York, Ohio and Pennsylvania. The ability of any of our tenants to honor the terms of its lease is dependent upon the economic, regulatory, competition, natural and social factors affecting the community in which that tenant operates. During the three months ended March 31, 2019, PharmaCann, LLC’s leases at one of our properties in New York and Massachusetts accounted for approximately 31% of our rental revenues. During the three months ended March 31, 2018, PharmaCann, LLC leased one of our properties in New York, which accounted for 50% of our rental revenues. In addition, the tenant at our property in Maryland accounted for 10% and 24% of our rental revenue for the three months ended March 31, 2019 and 2018, respectively. At March 31, 2019 and December 31, 2018, one of our properties in New York accounted for 18% and <div style="letter-spacing: 0px; top: 0px;;display:inline;">20</div>%, respectively, of our net real estate held for investment.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">We have deposited cash with a financial institution that is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of March 31, 2019, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Reclassifications.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations.</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

P10Y

2400000

5200000

17800000

102000

2022-10-19

133196000

-11376000 -10267000

993000

221000

792000

208000

138557000 0

43000

6664000

35000

6699000

58000

700000

11000

711000

101000

7364000

7410000

California 2019-02-08 Ohio 2019-03-13 4800000 2400000 2300000 19300000 7600000

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company acquired the following properties during the three months ended March 31, 2019 (dollars in thousands):</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%;"><tr><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Property</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Closing Date</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Rentable</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Square</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Feet (1)</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Purchase</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Price</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Transaction</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Costs</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 20%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Sacramento CA</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">California</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 14%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">February 8, 2019</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 10%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">43,000</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 10%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal; font-size: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">6,664</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 10%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">35</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 10%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">6,699</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(2)</div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">PharmaCann OH</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Ohio</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">March 13, 2019</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">58,000</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">700</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">11</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">711</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(3)</div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">101,000</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">7,364</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">46</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">7,410</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%; table-layout: fixed;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"> </div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(1)</div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Includes expected rentable square feet at completion of construction.</div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%; table-layout: fixed;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; line-height: normal;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">(2)</div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; line-height: normal;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The seller of the property is expected to complete redevelopment of the building, for which we have agreed to provide reimbursement of up to approximately $4.8 million as additional purchase price. As of March 31, 2019, we incurred approximately $2.4 million of the additional purchase price, of which we funded approximately $2.3 million.</div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%; table-layout: fixed;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; line-height: normal;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">(3)</div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; background: none; line-height: normal; font-size: 10pt;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Concurrent with the closing, we entered into a long-term lease and development agreement with a subsidiary of PharmaCann, LLC, which is expected to construct two buildings at the property, for which we have agreed to provide reimbursement of up to $19.3 million. As of March 31, 2019, </div>we incurred approximately $1.5 million of the development costs, of which no amounts had been funded.</div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">7. Exchangeable Senior Notes</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none; font-size: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In February 2019, our Operating Partnership issued $143.75 million of 3.75% Exchangeable Senior Notes due 2024 (the "Exchangeable Senior Notes") in a private offering, including the exercise in full of the initial purchasers' option to purchase additional Notes. The Exchangeable Senior Notes are senior unsecured obligations of our Operating Partnership, are fully and unconditionally guaranteed by us and our Operating Partnership's subsidiaries and are exchangeable for cash, shares of our common stock, or a combination of cash and shares of our common stock, at our Operating Partnership's option, at any time prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date. The initial exchange rate for the Exchangeable Senior Notes is 14.37298 shares of our common stock per $1,000 principal amount of Notes and the initial exchange price is approximately $69.575 per share of our common stock. The initial exchange rate and initial exchange price are subject to adjustment in certain circumstances. The Exchangeable Senior Notes will pay interest semiannually at a rate of 3.75% per annum and will mature on February 21, 2024, unless earlier exchanged or repurchased in accordance with their terms. Our Operating Partnership will not have the right to redeem the Exchangeable Senior Notes prior to maturity, but may be required to repurchase the Exchangeable Senior Notes from holders under certain circumstances. </div>As of March 31, 2019, we have the intent and ability to settle the Exchangeable Senior Notes in cash.</div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Upon our issuance of the Exchangeable Senior Notes, we recorded an approximately $5.8 million discount based on the implied value of the exchange option and an assumed effective interest rate of 4.65%, as well as approximately $5.2 million of initial issuance costs, of which approximately $5.0 million and $200,000 were allocated to the liability and equity components, respectively, based on their relative fair values. Issuance costs allocated to the liability component are being amortized using the effective interest method and recognized as non-cash interest expense over the expected term of the Exchangeable Senior Notes.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following table details our interest expense related to the Exchangeable Senior Notes (in thousands):</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div><table style="border-width: initial;border-top-style: none;border-bottom-style: none;border-color: initial;border-image: initial;border-collapse: collapse;margin-bottom: 0.001pt;width: 80%;margin-left: auto;margin-right: auto;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Three Months Ended</div></div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">March 31, 2019</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 85%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Cash coupon</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">584</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Amortization of debt discount</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">111</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Amortization of issuance costs</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">97</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Total interest expense</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">792</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;">The following table details the carrying value of our Exchangeable Senior Notes on our condensed consolidated balance sheets (in thousands):</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table style="border-width: initial;border-top-style: none;border-bottom-style: none;border-color: initial;border-image: initial;border-collapse: collapse;margin-bottom: 0.001pt;width: 80%;margin-left: auto;margin-right: auto;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">March 31, 2019</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 85%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Principal amount</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">143,750</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Unamortized discount</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(5,666</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Unamortized issuance costs</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(4,888</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding-top: 0px; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Carrying value</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">133,196</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Accrued interest payable for the Exchangeable Senior Notes was approximately $584,000 as of March 31, 2019.</div><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following table details our interest expense related to the Exchangeable Senior Notes (in thousands):</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div><table style="border-width: initial;border-top-style: none;border-bottom-style: none;border-color: initial;border-image: initial;border-collapse: collapse;margin-bottom: 0.001pt;width: 80%;margin-left: auto;margin-right: auto;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Three Months Ended</div></div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">March 31, 2019</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 85%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Cash coupon</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">584</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Amortization of debt discount</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">111</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Amortization of issuance costs</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">97</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Total interest expense</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">792</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: "times new roman", times, serif; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;">The following table details the carrying value of our Exchangeable Senior Notes on our condensed consolidated balance sheets (in thousands):</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table style="border-width: initial;border-top-style: none;border-bottom-style: none;border-color: initial;border-image: initial;border-collapse: collapse;margin-bottom: 0.001pt;width: 80%;margin-left: auto;margin-right: auto;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">March 31, 2019</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 85%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Principal amount</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">143,750</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Unamortized discount</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(5,666</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Unamortized issuance costs</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(4,888</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding-top: 0px; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Carrying value</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">133,196</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

111000

97000

792000

584000 143750000

5666000

4888000

133196000

143750000

0.0375

14.37298

1000

69.575

0.0375

2024-02-21

5800000

5200000

5000000

200000

0.0465

584000

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.21in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following table presents the carrying value in the condensed consolidated financial statements and approximate fair value of financial instruments at March 31, 2019 and December 31, 2018:</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">March 31, 2019</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">December 31, 2018</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Carrying Value</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fair Value</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Carrying Value</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fair Value</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 40%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Short-term investments <div style="vertical-align: super;font-size: smaller;display:inline;">(1)</div></div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">197,729</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">197,729</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">120,443</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">120,443</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Exchangeable Senior Notes <div style="vertical-align: super;font-size: smaller;display:inline;">(2)</div></div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">133,196</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;">181,125</div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">—</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">—</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%; table-layout: fixed;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"> </div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(1)</div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal; font-size: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Short-term investments consisting of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months are classified as held-to-maturity and valued using Level 1 inputs.</div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%; table-layout: fixed;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; line-height: normal;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">(2)</div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;">The fair value is determined based upon Level 2 inputs as the Exchangeable Senior Notes were trading in the private market as of March 31, 2019.</div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

197729000

120443000

181125000

14009000

9775800

10000

260540000

-10267000

3641000

30394

-939000

338000

4412000

563000

14009000

9806194

10000

265733000

-11376000

14009000

3501147

4000

66248000

-6712000

945000

60932

-390000

338000

1696000

330000

14009000

6782079

7000

145499000

-7801000

51000

6300000

<div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Acquisition of Real Estate Properties.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  Our investment in real estate is recorded at historical cost, less accumulated depreciation. Upon acquisition of a property, the tangible and intangible assets acquired and liabilities assumed are initially measured based upon their relative fair values. We estimate the fair value of land by reviewing comparable sales within the same submarket and/or region and the fair value of buildings on an as-if vacant basis. Acquisition costs are capitalized as incurred. All of our acquisitions to date were recorded as asset acquisitions.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Provision for Impairment.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">  On a quarterly basis, we review current activities and changes in the business conditions of all of our properties prior to and subsequent to the end of each quarter to determine the existence of any triggering events or impairment indicators requiring an impairment analysis. If triggering events or impairment indicators are identified, we review an estimate of the future undiscounted cash flows for the properties, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none; font-size: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Long-lived assets to be held and used are individually evaluated for impairment when conditions exist that may indicate that the carrying amount of a long-lived asset may not be recoverable. The carrying amount of a long-lived asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Impairment indicators or triggering events for long-lived assets to be held and used are assessed by project and include significant fluctuations in estimated net operating income, occupancy changes, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs, estimated completion dates, rental rates, and other market factors. We assess the expected undiscounted cash flows based upon numerous factors, including, but not limited to, construction costs, available market information, current and historical operating results, known trends, current market/economic conditions that may affect the property, and our assumptions about the use of the asset, including, if necessary, a probability-weighted approach if multiple outcomes are under consideration. Upon determination that an impairment has occurred, a write-down is recognized to reduce the carrying amount to its estimated fair value. </div>We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. As of March 31, 2019, no impairment losses were recognized.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Cash and Cash Equivalents</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">. We consider all highly-liquid investments with original maturities of three months or less to be cash equivalents. As of March 31, 2019, approximately $55.9 million were invested in short-term obligations of the U.S. government and money market funds. As of December 31, 2018, approximately $8.9 million were invested in short-term money market funds and certificates of deposit.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Short-Term Investments</div>. Short-term investments consist of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months. Investments are classified as held-to-maturity and stated at amortized cost.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Recent Accounting Pronouncements. </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;">In March 2016, the FASB issued ASU 2016-09, Compensation — Stock Compensation; Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). The FASB issued ASU 2016-09 to simplify several aspects of the accounting for share-based payment transactions, including classification of awards as either equity or liabilities, estimation of forfeitures, and classification on the statement of cash flows. The Company’s adoption of ASU 2016-09 beginning on January 1, 2018 did not have a material impact on our consolidated financial statements.</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 outlines a comprehensive model for companies to use in accounting for revenue arising from contracts with customers, and will apply to transactions such as the sale of real estate. The Company’s adoption of ASU 2014-09 beginning on January 1, 2019 did not have a material impact on our consolidated financial statements.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In February 2016, the FASB issued ASU 2016-02, Leases; in July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, and ASU 2018-11, Leases — Targeted Improvements; and in December 2018, the FASB issued ASU 2018-20, Narrow-Scope Improvements for Lessors. This group of ASUs is collectively referred to as Topic 842 and is</div> expected to be<div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> effective for the Company beginning January 1, 2020 as a result of the Company’s election as an emerging growth company. Topic 842 supersedes the existing standards for lease accounting (Topic 840, Leases).</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company expects to elect the practical expedients provided by Topic 842, including: the package of practical expedients that allows an entity not to reassess upon adoption (i) whether an expired or existing contract contains a lease, (ii) whether a lease classification related to expired or existing lease arrangements, and (iii) whether costs incurred on expired or existing leases qualify as initial direct costs, and as a lessor, the practical expedient not to separate certain non-lease components, such as common area maintenance, from the lease component if (i) the timing and pattern of transfer are the same for the non-lease component and associated lease component, and (ii) the lease component would be classified as an operating lease if accounted for separately.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Topic 842 requires lessees to record most leases on their balance sheet through a right-of-use (“ROU”) model, in which a lessee records a ROU asset and a lease liability on their balance sheet. Leases that are less than 12 months do not need to be accounted for under the ROU model. Lessees will account for leases as financing or operating leases, with the classification affecting the timing and pattern of expense recognition in the income statement. Lease expense will be recognized based on the effective interest method for leases accounted for as finance leases and on a straight-line basis over the term of the lease for leases accounted for as operating leases. At March 31, 2019, the Company is the lessee under one office lease that would require accounting under the ROU model. Upon adoption of Topic 842</div> expected i<div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">n January 2020, the ROU asset and lease liability to be recognized on the balance sheet relating to this lease is not expected to have a material impact on our consolidated financial statements.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The accounting by a lessor under Topic 842 is largely unchanged from that of Topic 840. Under Topic 842, lessors will continue to account for leases as a sales-type, direct-financing, or operating. A lease will be treated as a sale if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. Topic 842 requires accounting for a transaction as a financing in a sale leaseback in certain circumstances, including when the seller-lessee is provided an option to purchase the property from the landlord at the tenant’s option. The Company expects that this provision could change the accounting for these types of leases in the future. Topic 842 also includes the concept of separating lease and non-lease components. Under Topic 842, non-lease components, such as common area maintenance, would be accounted for under Topic 606 and separated from the lease payments. However, the Company will elect the lessor practical expedient allowing the Company to not separate these components when certain conditions are met. Upon adoption of Topic 842, the Company expects to combine tenant reimbursements with rental revenues on its consolidated statements of income. Further, the Company has historically capitalized allocated payroll cost incurred as part of the leasing process, which will no longer qualify for classification as initial direct costs under Topic 842. The Company will elect the lessor practical expedient, allowing the Company to continue to amortize previously capitalized initial direct leasing costs incurred prior to the adoption and Topic 842 and does not expect a material impact to its consolidated financial statements related to the capitalization of leasing costs. Also, the Narrow-Scope Improvements for Lessors under ASU 2018-20 allows the Company to continue to exclude from revenue, costs paid by our tenants on our behalf directly to third parties, such as property taxes.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Topic 842 provides two transition alternatives. The Company expects to apply this standard based on the prospective optional transition method, in which comparative periods will continue to be reported in accordance with Topic 840. The Company also anticipates expanded disclosures upon adoption, as the new standard requires more extensive quantitative and qualitative disclosures as compared to Topic 840 for both lessees and lessors.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses, which changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, companies will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, which among other updates, clarifies that receivables arising from operating leases are not within the scope of this guidance and should be evaluated in accordance with Topic 842. For available-for-sale debt securities with unrealized losses, companies will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. Companies will have to disclose significantly more information, including information they use to track credit quality by year of origination for most financing receivables. Companies will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This standard is</div> expected to be<div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> effective for years beginning after December 15, 2020 as a result of the Company’s election as an emerging growth company with early adoption permitted. We do not expect this amendment to have an effect on our consolidated financial statements.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments</div> (“ASU 2016-15”),<div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> which clarifies or provides guidance relating to eight specific cash flow classification issues. The standard should be applied retrospectively for each period presented, as appropriate. The Company’s adoption of ASU 2016-15 beginning on January 1, 2019 did not have a material impact on our consolidated financial statements.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In February 2017, the FASB issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“Subtopic 610-20”). A contract may involve the transfer of both nonfinancial assets and financial assets (e.g., cash and receivables). The amendments clarify that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments also define the term in substance nonfinancial asset. The amendments clarify that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. For example, a parent may transfer control of nonfinancial assets by transferring ownership interests in a consolidated subsidiary. A contract that includes the transfer of ownership interests in one or more consolidated subsidiaries is within the scope of Subtopic 610-20 if substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets. The amendments clarify that an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty obtains control of it. The Company’s adoption of ASU 2017-05 beginning on January 1, 2019 did not have a material impact on our consolidated financial statements.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">6. Investments in Real Estate</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company acquired the following properties during the three months ended March 31, 2019 (dollars in thousands):</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%;"><tr><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Property</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Market</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Closing Date</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Rentable</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Square</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Feet (1)</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Purchase</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Price</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Transaction</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Costs</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 20%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Sacramento CA</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">California</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 14%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">February 8, 2019</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 10%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">43,000</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 10%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal; font-size: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">6,664</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 10%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">35</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 10%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">6,699</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(2)</div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">PharmaCann OH</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Ohio</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">March 13, 2019</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">58,000</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">700</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">11</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">711</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(3)</div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">101,000</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">7,364</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">46</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">7,410</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%; table-layout: fixed;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"> </div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(1)</div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Includes expected rentable square feet at completion of construction.</div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%; table-layout: fixed;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; line-height: normal;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">(2)</div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; line-height: normal;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">The seller of the property is expected to complete redevelopment of the building, for which we have agreed to provide reimbursement of up to approximately $4.8 million as additional purchase price. As of March 31, 2019, we incurred approximately $2.4 million of the additional purchase price, of which we funded approximately $2.3 million.</div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%; table-layout: fixed;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; line-height: normal;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">(3)</div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; background: none; line-height: normal; font-size: 10pt;"><div style="font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">Concurrent with the closing, we entered into a long-term lease and development agreement with a subsidiary of PharmaCann, LLC, which is expected to construct two buildings at the property, for which we have agreed to provide reimbursement of up to $19.3 million. As of March 31, 2019, </div>we incurred approximately $1.5 million of the development costs, of which no amounts had been funded.</div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Including all of our properties, during the three months ended March 31, 2019, we capitalized costs of approximately $7.6 million relating to tenant improvements and construction activities at our properties.</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">8. Net Income Per Share</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Grants of restricted stock of the Company in share-based payment transactions are considered participating securities prior to vesting and, therefore, are considered in computing basic earnings per share under the two-class method. The two-class method is an earnings allocation method for calculating earnings per share when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. Earnings per basic share under the two-class method is calculated based on dividends declared on common shares and other participating securities (“distributed earnings”) and the rights of participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends accruing during the period. The undistributed earnings are allocated to all outstanding common shares and participating securities based on the relative percentage of each security to the total number of outstanding participating securities. Earnings per basic share represents the summation of the distributed and undistributed earnings per share class divided by the total number of shares.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Through March 31, 2019, all of the Company’s participating securities received dividends at an equal dividend rate per share. As a result, distributions to participating securities for the three months ended March 31, 2019 and 2018 have been included in net income attributable to common stockholders to calculate net income per basic and diluted share. As the Company has the intent and ability to settle the debt component of the Exchangeable Senior Notes in cash and the excess conversion premium in shares, the Company only includes the effect of the excess conversion premium in the calculation of diluted shares. For the three months ended March 31, 2019, the effect of the excess conversion premium was anti-dilutive and therefore, excluded from the calculation of diluted shares. Computations of net income per basic and diluted share (in thousands, except share data) were as follows:</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table style="border-width: initial;border-top-style: none;border-bottom-style: none;border-color: initial;border-image: initial;border-collapse: collapse;margin-bottom: 0.001pt;width: 96%;margin-left: auto;margin-right: auto;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">For the Three Months Ended</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">March 31,</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 0.1pt; vertical-align: bottom; width: 70%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net income</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">3,641</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">945</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 18pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Preferred stock dividend</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(338</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(338</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt 18pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Distribution to participating securities</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(64</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding-top: 0px; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(37</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding-top: 0px; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 8.7pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-indent: -0.12in; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net income available to common stockholders used to compute net income per share</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">3,239</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">570</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 8.7pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-indent: -0.12in; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 8.7pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-indent: -0.12in; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Weighted average common share outstanding:</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 18pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-indent: -0.12in; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Basic</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">9,664,775</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">5,883,610</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 18pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-indent: -0.12in; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Diluted</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">9,797,676</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">6,025,067</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 18pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-indent: -0.12in; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 8.7pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-indent: -0.12in; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net income available to common stockholders per share:</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt 9pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Basic</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.34</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.10</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt 8.7pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Diluted</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.33</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.09</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-left: 0.13in; text-indent: -0.13in; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">10. Common Stock Incentive Plan</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Our board of directors adopted our 2016 Omnibus Incentive Plan (the “2016 Plan”) to enable us to motivate, attract and retain the services of directors, employees and consultants considered essential to our long-term success. The 2016 Plan offers our directors, employees and consultants an opportunity to own our stock or rights that will reflect our growth, development and financial success. Under the terms of the 2016 Plan, the aggregate number of shares of our common stock subject to options, restricted stock, stock appreciation rights, restricted stock units and other awards, will be no more than 1,000,000 shares. The 2016 Plan has a term of ten years from the date it was adopted by our board of directors.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">A summary of the activity under the 2016 Plan and related information is included in the table below.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Unvested</div></div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Restricted</div></div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Shares</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-weight:bold;display:inline;">Weighted-<br/>Average Grant<br/>Date Fair<br/>Value</div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 70%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Balance at December 31, 2018</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">147,359</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">23.98</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Granted</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">51,111</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">52.84</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Vested</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(36,334</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">25.72</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Forfeited (1)</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(20,717</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding-top: 0px; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">18.98</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Balance at March 31, 2019</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">141,419</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">34.70</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%; table-layout: fixed;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"> </div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(1)</div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting.</div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The remaining unrecognized compensation cost of $4.3 million will be recognized over a weighted-average amortization period of approximately 2.2 years as of March 31, 2019.</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following table describes the dividends declared by the Company during the three months ended March 31, 2019:</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%;"><tr><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Declaration</div></div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Date</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Security Class</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Amount</div></div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Per</div></div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Share</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Period Covered</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Dividend</div></div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Paid Date</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Dividend Amount</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></div></td><td colspan="2" style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">(In thousands)</div></div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 17%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">March 12, 2019</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 18%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Common Stock</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 8%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.45</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 25%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">January 1, 2019 to March 31, 2019</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 15%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">April 15, 2019</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 8%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">4,412</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">March 12, 2019</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Series A preferred stock</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.5625</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">January 15, 2019 to April 14, 2019</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">April 15, 2019</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">338</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;">Computations of net income per basic and diluted share (in thousands, except share data) were as follows:</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table style="border-width: initial;border-top-style: none;border-bottom-style: none;border-color: initial;border-image: initial;border-collapse: collapse;margin-bottom: 0.001pt;width: 96%;margin-left: auto;margin-right: auto;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">For the Three Months Ended</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: center; margin-right: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">March 31,</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 0.1pt; vertical-align: bottom; width: 70%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net income</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">3,641</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">945</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 18pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Preferred stock dividend</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(338</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(338</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt 18pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Distribution to participating securities</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(64</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding-top: 0px; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(37</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding-top: 0px; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 8.7pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-indent: -0.12in; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net income available to common stockholders used to compute net income per share</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">3,239</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">570</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 8.7pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-indent: -0.12in; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 8.7pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-indent: -0.12in; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Weighted average common share outstanding:</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 18pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-indent: -0.12in; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Basic</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">9,664,775</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">5,883,610</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 18pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-indent: -0.12in; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Diluted</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">9,797,676</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">6,025,067</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 18pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-indent: -0.12in; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 0px 8.7pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-indent: -0.12in; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net income available to common stockholders per share:</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt 9pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Basic</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.34</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.10</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt 8.7pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Diluted</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.33</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.09</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">A summary of the activity under the 2016 Plan and related information is included in the table below.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Unvested</div></div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Restricted</div></div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Shares</div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-weight:bold;display:inline;">Weighted-<br/>Average Grant<br/>Date Fair<br/>Value</div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 70%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Balance at December 31, 2018</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">147,359</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 12%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">23.98</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; width: 1%; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Granted</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">51,111</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">52.84</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Vested</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(36,334</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">25.72</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Forfeited (1)</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(20,717</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding-top: 0px; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">18.98</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 1pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Balance at March 31, 2019</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">141,419</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">34.70</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0px 0px 2.5pt; vertical-align: bottom; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin: 0px 0px 0px 0.5in; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%; table-layout: fixed;"><tr><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"> </div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 18pt; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(1)</div></div></td><td style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; font-size: 10pt; line-height: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; background: none; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting.</div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

1601000 0

0 3220000

5569000

3000 79311000 0

3641000

5569000

-939000

338000

4412000

563000

73549000

79314000

-390000

338000

1696000

330000

151714000

1500000

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-size: 10pt; text-indent: 0.25in;;font-weight:bold;display:inline;">Exchangeable Notes. </div>The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification requires the liability and equity components of exchangeable debt instruments that may be settled in cash upon exchange, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonexchangeable debt borrowing rate. The initial proceeds from the sale of exchangeable notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonexchangeable debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measured the estimated fair value of the debt component of our Exchangeable Senior Notes (as defined below) as of the respective issuance dates based on our nonexchangeable debt borrowing rate. The equity component of our Exchangeable Senior Notes is reflected within additional paid-in capital on our condensed consolidated balance sheets, and the resulting debt discount is amortized over the period during which the Exchangeable Senior Notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to our Exchangeable Senior Notes will increase in subsequent periods through the maturity date as the Exchangeable Senior Notes accrete to the par value over the same period.</div><div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="background-color: initial; font-size: 10pt; text-indent: 0.25in;;font-weight:bold;display:inline;">Deferred Financing Costs.</div><div style="background-color: initial; font-size: 10pt; text-indent: 0.25in; letter-spacing: 0px; top: 0px;;display:inline;"> The deferred financing costs that are included as a reduction in the net book value of the related liability on our condensed consolidated balance sheets reflect issuance and other costs related to our Exchangeable Senior Notes. These costs are amortized as interest expense using the effective interest method over the life of the Exchangeable Senior Notes.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Concentration of Credit Risk</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">. As of March 31, 2019, we owned 13 properties located in Arizona, California, Colorado, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New York, Ohio and Pennsylvania. The ability of any of our tenants to honor the terms of its lease is dependent upon the economic, regulatory, competition, natural and social factors affecting the community in which that tenant operates. During the three months ended March 31, 2019, PharmaCann, LLC’s leases at one of our properties in New York and Massachusetts accounted for approximately 31% of our rental revenues. During the three months ended March 31, 2018, PharmaCann, LLC leased one of our properties in New York, which accounted for 50% of our rental revenues. In addition, the tenant at our property in Maryland accounted for 10% and 24% of our rental revenue for the three months ended March 31, 2019 and 2018, respectively. At March 31, 2019 and December 31, 2018, one of our properties in New York accounted for 18% and <div style="letter-spacing: 0px; top: 0px;;display:inline;">20</div>%, respectively, of our net real estate held for investment.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.25in; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">We have deposited cash with a financial institution that is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of March 31, 2019, we had cash accounts in excess of FDIC insured limits. We have not experienced any losses in such accounts.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

xbrli:shares iso4217:USD xbrli:pure utr:sqft iso4217:USD xbrli:shares Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting. Includes expected rentable square feet at completion of construction. The seller of the property is expected to complete redevelopment of the building, for which we have agreed to provide reimbursement of up to approximately $4.8 million as additional purchase price. As of March 31, 2019, we incurred approximately $2.4 million of the additional purchase price, of which we funded approximately $2.3 million. Concurrent with the closing, we entered into a long-term lease and development agreement with a subsidiary of PharmaCann, LLC, which is expected to construct two buildings at the property, for which we have agreed to provide reimbursement of up to $19.3 million. As of March 31, 2019, we incurred approximately $1.5 million of the development costs, of which no amounts had been funded. Short-term investments consisting of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months are classified as held-to-maturity and valued using Level 1 inputs. The fair value is determined based upon Level 2 inputs as the Exchangeable Senior Notes were trading in the private market as of March 31, 2019.

EX-101.SCH 6 iipr-20190331.xsd XBRL TAXONOMY EXTENSION SCHEMA 1001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 1002 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:definitionLink link:calculationLink 1003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 1004 - Statement - Condensed Consolidated Statements of Income link:presentationLink link:definitionLink link:calculationLink 1005 - Statement - Condensed Consolidated Statements of Stockholders' Equity link:presentationLink link:definitionLink link:calculationLink 1006 - Statement - Condensed Consolidated Statements of Cash Flows link:presentationLink link:definitionLink link:calculationLink 1007 - Disclosure - Organization link:presentationLink link:definitionLink link:calculationLink 1008 - Disclosure - Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements link:presentationLink link:definitionLink link:calculationLink 1009 - Disclosure - Common Stock link:presentationLink link:definitionLink link:calculationLink 1010 - Disclosure - Preferred Stock link:presentationLink link:definitionLink link:calculationLink 1011 - Disclosure - Dividends link:presentationLink link:definitionLink link:calculationLink 1012 - Disclosure - Investments in Real Estate link:presentationLink link:definitionLink link:calculationLink 1013 - Disclosure - Exchangeable Senior Notes link:presentationLink link:definitionLink link:calculationLink 1014 - Disclosure - Net Income Per Share link:presentationLink link:definitionLink link:calculationLink 1015 - Disclosure - Fair Value of Financial Instruments link:presentationLink link:definitionLink link:calculationLink 1016 - Disclosure - Common Stock Incentive Plan link:presentationLink link:definitionLink link:calculationLink 1017 - Disclosure - Commitments and Contingencies link:presentationLink link:definitionLink link:calculationLink 1018 - Disclosure - Subsequent Events link:presentationLink link:definitionLink link:calculationLink 1019 - Disclosure - Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Policies) link:presentationLink link:definitionLink link:calculationLink 1020 - Disclosure - Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Tables) link:presentationLink link:definitionLink link:calculationLink 1021 - Disclosure - Dividends (Tables) link:presentationLink link:definitionLink link:calculationLink 1022 - Disclosure - Investments in Real Estate (Tables) link:presentationLink link:definitionLink link:calculationLink 1023 - Disclosure - Exchangeable Senior Notes (Tables) link:presentationLink link:definitionLink link:calculationLink 1024 - Disclosure - Net Income Per Share (Tables) link:presentationLink link:definitionLink link:calculationLink 1025 - Disclosure - Fair Value of Financial Instruments (Tables) link:presentationLink link:definitionLink link:calculationLink 1026 - Disclosure - Common Stock Incentive Plan (Tables) link:presentationLink link:definitionLink link:calculationLink 1027 - Disclosure - Organization (Details Textual) link:presentationLink link:definitionLink link:calculationLink 1028 - Disclosure - Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Details) link:presentationLink link:definitionLink link:calculationLink 1029 - Disclosure - Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Details Textual) link:presentationLink link:definitionLink link:calculationLink 1030 - Disclosure - Common Stock (Details Textual) link:presentationLink link:definitionLink link:calculationLink 1031 - Disclosure - Preferred Stock (Details Textual) link:presentationLink link:definitionLink link:calculationLink 1032 - Disclosure - Dividends (Details) link:presentationLink link:definitionLink link:calculationLink 1033 - Disclosure - Investments in Real Estate (Details) link:presentationLink link:definitionLink link:calculationLink 1034 - Disclosure - Investments in Real Estate (Details Textual) link:presentationLink link:definitionLink link:calculationLink 1035 - Disclosure - Exchangeable Senior Notes (Details) link:presentationLink link:definitionLink link:calculationLink 1036 - Disclosure - Exchangeable Senior Notes (Details 1) link:presentationLink link:definitionLink link:calculationLink 1037 - Disclosure - Exchangeable Senior Notes (Details Textual) link:presentationLink link:definitionLink link:calculationLink 1038 - Disclosure - Net Income Per Share (Details) link:presentationLink link:definitionLink link:calculationLink 1039 - Disclosure - Fair Value of Financial Instruments (Details) link:presentationLink link:definitionLink link:calculationLink 1040 - Disclosure - Fair Value of Financial Instruments (Details Textual) link:presentationLink link:definitionLink link:calculationLink 1041 - Disclosure - Common Stock Incentive Plan (Details) link:presentationLink link:definitionLink link:calculationLink 1042 - Disclosure - Common Stock Incentive Plan (Details Textual) link:presentationLink link:definitionLink link:calculationLink 1043 - Disclosure - Commitments and Contingencies (Details Textual) link:presentationLink link:definitionLink link:calculationLink 1044 - Disclosure - Subsequent Events (Details Textual) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 7 iipr-20190331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 8 iipr-20190331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 9 iipr-20190331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Document and Entity Information [Abstract] Document and Entity Information [Abstract] Document Type Amendment Flag Document Period End Date Document Fiscal Year Focus Document Fiscal Period Focus Entity Registrant Name Entity Central Index Key Current Fiscal Year End Date Entity Filer Category Trading Symbol Entity Common Stock, Shares Outstanding Entity Emerging Growth Company Entity Ex Transition Period Entity Small Business Statement of Financial Position [Abstract] Statement [Table] Class of Stock [Axis] Class of Stock [Domain] Statement [Line Items] Assets [Abstract] Assets Real Estate Investment Property, at Cost [Abstract] Real estate, at cost: Land Land Investment Building and Building Improvements Buildings and improvements Tenant Improvements Tenant improvements Real Estate Investment Property, at Cost Total real estate, at cost Transaction Costs Real Estate Investment Property, Accumulated Depreciation Less accumulated depreciation Real Estate Investment Property, Net Net real estate held for investment Construction in Progress, Gross Construction in progress Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Short-term Investments Short-term investments, net Other Assets Other assets, net Assets Total assets Liabilities and Equity [Abstract] Liabilities and stockholders' equity Accounts Payable and Accrued Liabilities Accounts payable and accrued expenses Dividends Payable Dividends payable Accrual for common and preferred stock dividends declared Dividend Amount Rents Received in Advance and Tenant Security Deposit Rent received in advance and tenant security deposits This element represents money paid in advance to protect the provider of a product or service and any rent received in advance. Liabilities Total liabilities Commitments and Contingencies Commitments and contingencies (Notes 6 and 11) Stockholders' Equity Attributable to Parent [Abstract] Stockholders' equity: Preferred Stock, Value, Issued Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, $15,000 liquidation preference ($25.00 per share), 600,000 shares issued and outstanding at March 31, 2019 and December 31, 2018 Common Stock, Value, Issued Common stock, par value $0.001 per share, 50,000,000 shares authorized: 9,806,194 and 9,775,800 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively Additional Paid in Capital, Common Stock Additional paid-in capital Stockholders' Equity Attributable to Parent Total stockholders' equity Balance Balance Dividend In Excess Of Earnings Dividends in excess of earnings It represent of dividend in excess of earnings. Liabilities and Equity Total liabilities and stockholders' equity Tenant Improvements and Construction Payable Tenant improvements and construction funding payable Carrying amount of tenant improvements and construction payable as of the balance sheet date. Convertible Debt Exchangeable senior notes Series A Preferred Stock [Member] Preferred Stock, Par or Stated Value Per Share Preferred Stock, Shares Authorized Preferred Stock, Shares Issued Preferred Stock, Shares Outstanding Preferred Stock, Liquidation Preference, Value Preferred Stock, Dividend Rate, Percentage Preferred Stock, Liquidation Preference Per Share Common Stock, Par or Stated Value Per Share Common Stock, Shares Authorized Common Stock, Shares, Issued Common Stock, Shares, Outstanding Income Statement [Abstract] Revenues [Abstract] Revenues: Operating Leases, Income Statement, Lease Revenue Rental Tenants Reimbursements Tenant reimbursements In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses. Revenues Total revenues Operating Expenses [Abstract] Expenses: Lease, Cost Property expenses General and Administrative Expense General and administrative expense Depreciation, Depletion and Amortization Depreciation expense Depreciation Operating Expenses Total expenses Operating Income (Loss) Income from operations Net Income (Loss) Attributable to Parent Net income Net income Net income Net income / (loss) Preferred Stock Dividends, Income Statement Impact Preferred stock dividend Preferred stock dividend Net Income (Loss) Available to Common Stockholders, Basic Net income available to common stockholders Earnings Per Share [Abstract] Net income available to common stockholders per share (Note 8): Earnings Per Share, Basic Basic Basic Earnings Per Share, Diluted Diluted Diluted Weighted Average Number of Shares Outstanding, Diluted [Abstract] Weighted average shares outstanding: Weighted average common share outstanding: Weighted Average Number of Shares Outstanding, Basic Basic Basic Weighted Average Number of Shares Outstanding, Diluted Diluted Diluted Investment Income, Interest Interest income Interest Expense Interest expense Statement of Stockholders' Equity [Abstract] Equity Components [Axis] Equity Component [Domain] Common Stock [Member] Common Stock Additional Paid-in Capital [Member] Additional Paid-In-Capital Dividend In Excess of Earning [Member] Dividends in Excess of Earnings Shares, Outstanding Balance (in shares) Balance (in shares) Stock Issued During Period Value Sale Of Common Stock Net proceeds from sale of common stock Value of shares of stock issued during the period as part of sale of common stock. Stock Issued During Period Share Sale Of Common Stock Net proceeds from sale of common stock (in shares) The number of shares issued during the period as part of sale of common stock. Stock Issued During Period, Value, Restricted Stock Award, Gross Net issuance of unvested restricted stock Stock Issued During Period, Shares, Restricted Stock Award, Gross Net issuance of unvested restricted stock (in shares) Dividends, Preferred Stock Preferred stock dividend Dividends, Common Stock, Cash Common stock dividend Stock Issued During Period, Value, Share-based Compensation, Gross Stock-based compensation Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature Equity component of exchangeable senior notes Statement of Cash Flows [Abstract] Net Cash Provided by (Used in) Operating Activities [Abstract] Cash flows from operating activities Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by operating activities Share-based Compensation Stock-based compensation Amortization Of Discounts On Short Term Investments Amortization of discounts on short-term investments This element represents the amortization of discounts on short term investments. Increase (Decrease) in Operating Capital [Abstract] Changes in assets and liabilities Increase (Decrease) in Other Operating Assets Other assets, net Increase (Decrease) in Accounts Payable and Accrued Liabilities Accounts payable and accrued expenses Increase (Decrease) in Customer Advances Rent received in advance and tenant security deposits Amortization of Debt Issuance Costs and Discounts Amortization of debt discounts and issuance costs Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities Net Cash Provided by (Used in) Investing Activities [Abstract] Cash flows from investing activities Payments to Acquire Short-term Investments Purchases of short-term investments Payments to Acquire Real Estate Held-for-investment Purchases of investments in real estate Payments for Tenant Improvements Reimbursements of tenant improvements and construction funding Proceeds from Maturities, Prepayments and Calls of Short-term Investments Maturities of short-term investments Net Cash Provided by (Used in) Investing Activities Net cash used in investing activities Payment Of Deposits To Escrow For Acquisition Deposits to escrow for acquisitions The cash outflow for investments in deposits to escrow for acquisition. Net Cash Provided by (Used in) Financing Activities [Abstract] Cash flows from financing activities Payments of Ordinary Dividends, Common Stock Dividends paid to common stockholders Payments of Ordinary Dividends, Preferred Stock and Preference Stock Dividends paid to preferred stockholders Payments Related to Tax Withholding for Share-based Compensation Taxes paid related to net share settlement of equity awards Net Cash Provided by (Used in) Financing Activities Net cash provided by financing activities Proceeds from Issuance of Common Stock Issuance of common stock, net of offering costs Proceeds From Issuance of Exchange of Senior Notes Net proceeds from issuance of exchangeable senior notes Cash inflows amount of issuance of exchange of senior notes. Supplemental Cash Flow Information [Abstract] Supplemental disclosure of cash flow information: Accrual For Reimbursements Of Tenant Improvements And Construction Funding Accrual for reimbursements of tenant improvements and construction funding The amount accrued for reimbursements of tenant improvements and construction funding. Cash and Cash Equivalents, Period Increase (Decrease) Net increase in cash and cash equivalents Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Organization Accounting Policies [Abstract] Significant Accounting Policies [Text Block] Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements Stockholders' Equity Note [Abstract] Stockholders' Equity Note Disclosure [Text Block] Common Stock Equity [Abstract] Preferred Stock [Text Block] Preferred Stock Dividends Payable Disclosure [Text Block] Dividends The entire disclosure for dividends declared and payable during the period. Real Estate [Abstract] Real Estate Disclosure [Text Block] Real Estate Disclosure Convertible Debt [Abstract] Disclosure Convertible Debt [Text Block] Disclosure of convertible debt text block. Earnings Per Share [Text Block] Net Income Per Share Fair Value Disclosures [Abstract] Fair Value Disclosures [Text Block] Fair Value of Financial Instruments Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Common Stock Incentive Plan Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies Subsequent Events [Abstract] Subsequent Events [Text Block] Subsequent Events Basis of Accounting, Policy [Policy Text Block] Basis of Presentation Income Tax, Policy [Policy Text Block] Federal Income Taxes Use of Estimates, Policy [Policy Text Block] Use of Estimates Real Estate, Policy [Policy Text Block] Acquisition of Real Estate Properties Depreciation, Depletion, and Amortization [Policy Text Block] Depreciation Property, Plant and Equipment, Impairment [Policy Text Block] Provision for Impairment Revenue Recognition, Policy [Policy Text Block] Revenue Recognition Cash and Cash Equivalents, Policy [Policy Text Block] Cash and Cash Equivalents Marketable Securities, Policy [Policy Text Block] Short-Term Investments Compensation Related Costs, Policy [Policy Text Block] Stock-Based Compensation New Accounting Pronouncements, Policy [Policy Text Block] Recent Accounting Pronouncements Concentration Risk, Credit Risk, Policy [Policy Text Block] Concentration of Credit Risk Reclassification, Policy [Policy Text Block] Reclassifications Exchangeable Notes [Policy Text Block] Exchangeable Notes Disclosure of accounting policy for Exchangeable Notes. Deferred Financing Costs [Policy Text Block] Deferred Financing Costs Disclosure of accounting policy for Deferred Financing Costs. Leases [Abstract] Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] Schedule of Future Minimum Rental Payments for Operating Leases Schedule of Dividends Payable [Table Text Block] Schedule of Dividends Payable Schedule of Real Estate Properties [Table Text Block] Schedule of Interest Expense Related To Exchangeable Senior Notes [Table Text Block] Disclosure of Schedule of Interest Expense Related To Exchangeable Senior Notes. Schedule Of Carrying Value Of Senior Exchangeable Notes On Condensed Consolidated Balance Sheet [Table Text Block] Disclosure of Schedule Of Carrying Value Of Senior Exchangeable Notes On Condensed Consolidated Balance Sheet. Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Schedule of Earnings Per Share, Basic and Diluted Condensed Financial Statements [Table Text Block] Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value Sale of Stock [Axis] Sale of Stock [Domain] Legal Entity [Axis] Entity [Domain] Lease Arrangement, Type [Axis] Lease Arrangement, Type [Domain] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Domain] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Consolidated Entities [Axis] Consolidated Entities [Domain] Iip Operating Partnership Lp [Member] Percentage Leased The percentage of leased common stock or equity participation in the investee accounted for under the equity method of accounting. Schedule of Operating Leased Assets [Table] Operating Leased Assets [Line Items] Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] Contractual Minimum Rent Lessor, Operating Lease, Payments to be Received, Remainder of Fiscal Year 2019 (nine months ending December 31) Lessor, Operating Lease, Payments to be Received, Two Years 2020 Lessor, Operating Lease, Payments to be Received, Three Years 2021 EX-101.PRE 10 iipr-20190331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	May 09, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	INNOVATIVE INDUSTRIAL PROPERTIES INC
Entity Central Index Key	0001677576
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	IIPR
Entity Common Stock, Shares Outstanding		9,806,194
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true

XML 12 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2019

Dec. 31, 2018

Real estate, at cost:

Land

$ 22,563

$ 20,475

Buildings and improvements

123,927

109,425

Tenant improvements

18,784

14,732

Construction in progress

666

6,298

Total real estate, at cost

165,940

150,930

Less accumulated depreciation

(4,789)

(3,571)

Net real estate held for investment

161,151

147,359

Cash and cash equivalents

59,224

13,050

Short-term investments, net

^[1]

197,729

120,443

Other assets, net

2,304

614

Total assets

420,408

281,466

Liabilities and stockholders' equity

Exchangeable senior notes

^[2]

133,196

Tenant improvements and construction funding payable

3,201

2,433

Accounts payable and accrued expenses

1,224

1,968

Dividends payable

4,750

3,759

Rent received in advance and tenant security deposits

9,661

9,014

Total liabilities

152,032

17,174

Commitments and contingencies (Notes 6 and 11)

Stockholders' equity:

Preferred stock, par value $0.001 per share, 50,000,000 shares authorized: 9.00% Series A cumulative redeemable preferred stock, $15,000 liquidation preference ($25.00 per share), 600,000 shares issued and outstanding at March 31, 2019 and December 31, 2018

14,009

Common stock, par value $0.001 per share, 50,000,000 shares authorized: 9,806,194 and 9,775,800 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively

Additional paid-in capital

265,733

260,540

Dividends in excess of earnings

(11,376)

(10,267)

Total stockholders' equity

268,376

264,292

Total liabilities and stockholders' equity

$ 420,408

$ 281,466

[1]	Short-term investments consisting of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months are classified as held-to-maturity and valued using Level 1 inputs.
[2]	The fair value is determined based upon Level 2 inputs as the Exchangeable Senior Notes were trading in the private market as of March 31, 2019.

XML 13 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares, Issued	9,806,194	9,775,800
Common Stock, Shares, Outstanding	9,806,194	9,775,800
Series A Preferred Stock [Member]
Preferred Stock, Shares Issued	600,000	600,000
Preferred Stock, Shares Outstanding	600,000	600,000
Preferred Stock, Liquidation Preference, Value	$ 15,000	$ 15,000
Preferred Stock, Dividend Rate, Percentage	9.00%	9.00%
Preferred Stock, Liquidation Preference Per Share	$ 25.00	$ 25.00

XML 14 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Rental	$ 6,576	$ 2,677
Tenant reimbursements	247	87
Total revenues	6,823	2,764
Expenses:
Property expenses	247	87
General and administrative expense	1,918	1,477
Depreciation expense	1,218	476
Total expenses	3,383	2,040
Income from operations	3,440	724
Interest income	993	221
Interest expense	(792)	0
Net income	3,641	945
Preferred stock dividend	(338)	(338)
Net income available to common stockholders	$ 3,303	$ 607
Net income available to common stockholders per share (Note 8):
Basic	$ 0.34	$ 0.10
Diluted	$ 0.33	$ 0.09
Weighted average shares outstanding:
Basic	9,664,775	5,883,610
Diluted	9,797,676	6,025,067

XML 15 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Series A Preferred Stock [Member]	Common Stock	Additional Paid-In-Capital	Dividends in Excess of Earnings
Balance at Dec. 31, 2017	$ 73,549	$ 14,009	$ 4	$ 66,248	$ (6,712)
Balance (in shares) at Dec. 31, 2017			3,501,147
Net income	945	0	$ 0	0	945
Net proceeds from sale of common stock	79,314	0	$ 3	79,311	0
Net proceeds from sale of common stock (in shares)			3,220,000
Net issuance of unvested restricted stock	(390)	0	$ 0	(390)	0
Net issuance of unvested restricted stock (in shares)			60,932
Preferred stock dividend	(338)	0	$ 0	0	(338)
Common stock dividend	(1,696)	0	0	0	(1,696)
Stock-based compensation	330	0	0	330	0
Balance at Mar. 31, 2018	151,714	14,009	$ 7	145,499	(7,801)
Balance (in shares) at Mar. 31, 2018			6,782,079
Balance at Dec. 31, 2018	264,292	14,009	$ 10	260,540	(10,267)
Balance (in shares) at Dec. 31, 2018			9,775,800
Net income	3,641	0	$ 0	0	3,641
Equity component of exchangeable senior notes	5,569	0	0	5,569	0
Net issuance of unvested restricted stock	(939)	0	$ 0	(939)	0
Net issuance of unvested restricted stock (in shares)			30,394
Preferred stock dividend	(338)	0	$ 0	0	(338)
Common stock dividend	(4,412)	0	0	0	(4,412)
Stock-based compensation	563	0	0	563	0
Balance at Mar. 31, 2019	$ 268,376	$ 14,009	$ 10	$ 265,733	$ (11,376)
Balance (in shares) at Mar. 31, 2019			9,806,194

XML 16 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net income	$ 3,641	$ 945
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	1,218	476
Stock-based compensation	563	330
Amortization of discounts on short-term investments	714	(93)
Amortization of debt discounts and issuance costs	208	0
Changes in assets and liabilities
Other assets, net	(89)	(213)
Accounts payable and accrued expenses	(744)	(531)
Rent received in advance and tenant security deposits	647	441
Net cash provided by operating activities	6,158	1,355
Cash flows from investing activities
Purchases of investments in real estate	(7,410)	0
Reimbursements of tenant improvements and construction funding	(6,832)	0
Deposits to escrow for acquisitions	(1,601)	0
Purchases of short-term investments	(118,500)	(48,763)
Maturities of short-term investments	40,500	0
Net cash used in investing activities	(93,843)	(48,763)
Cash flows from financing activities
Issuance of common stock, net of offering costs	0	79,314
Net proceeds from issuance of exchangeable senior notes	138,557	0
Dividends paid to common stockholders	(3,421)	(875)
Dividends paid to preferred stockholders	(338)	(323)
Taxes paid related to net share settlement of equity awards	(939)	(390)
Net cash provided by financing activities	133,859	77,726
Net increase in cash and cash equivalents	46,174	30,318
Cash and cash equivalents, beginning of period	13,050	11,758
Cash and cash equivalents, end of period	59,224	42,076
Supplemental disclosure of cash flow information:
Accrual for reimbursements of tenant improvements and construction funding	3,201	0
Accrual for common and preferred stock dividends declared	$ 4,750	$ 2,034

XML 17 R7.htm IDEA: XBRL DOCUMENT

Organization

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization

XML 18 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements

2. Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements

Basis of Presentation.

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements.

This interim financial information should be read in conjunction with the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

Federal Income Taxes.

We believe that we have operated our business so as to qualify to be taxed as a REIT for U.S. federal income tax purposes. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our taxable net income, we generally will not be required to pay federal corporate income taxes on such income. The income taxes recorded on our consolidated statement of income represent amounts paid for city and state income and franchise taxes and are included in general and administrative expenses in the accompanying condensed consolidated statements of income.

Use of Estimates.

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from these estimates and assumptions.

Acquisition of Real Estate Properties.

Our investment in real estate is recorded at historical cost, less accumulated depreciation. Upon acquisition of a property, the tangible and intangible assets acquired and liabilities assumed are initially measured based upon their relative fair values. We estimate the fair value of land by reviewing comparable sales within the same submarket and/or region and the fair value of buildings on an as-if vacant basis. Acquisition costs are capitalized as incurred. All of our acquisitions to date were recorded as asset acquisitions.

Depreciation.

We are required to make subjective assessments as to the estimated useful lives of our depreciable assets. We consider the period of future benefit of the assets to determine the appropriate estimated useful lives. Depreciation of our assets is charged to expense on a straight-line basis over the estimated useful lives. We depreciate each of our buildings and improvements over its estimated remaining useful life, generally not to exceed 35 years. We depreciate tenant improvements at our buildings over the shorter of the estimated useful lives or the terms of the related leases.

We depreciate office equipment and furniture and fixtures over estimated useful lives ranging from three to six years.

Provision for Impairment.

We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. As of March 31, 2019, no impairment losses were recognized.

Revenue Recognition.

Our leases are and future tenant leases are expected to be triple-net leases, an arrangement under which the tenant maintains the property while paying us rent and a property management fee. We account for our current leases as operating leases and anticipate that future leases will be accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term, unless the collectability of minimum lease payments is not reasonably predictable. Rental increases based upon changes in the consumer price index are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursements in the period when such costs are incurred. Contractually obligated real estate taxes that are paid directly by the tenant to the tax authorities are not reflected in our consolidated financial statements.

Year	Contractual Minimum Rent
2019 (nine months ending December 31)	$	22,360
2020		31,114
2021		32,063
2022		31,869
2023		32,931
Thereafter		388,385
Total	$	538,722

Cash and Cash Equivalents

. We consider all highly-liquid investments with original maturities of three months or less to be cash equivalents. As of March 31, 2019, approximately $55.9 million were invested in short-term obligations of the U.S. government and money market funds. As of December 31, 2018, approximately $8.9 million were invested in short-term money market funds and certificates of deposit.

Short-Term Investments

. Short-term investments consist of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months. Investments are classified as held-to-maturity and stated at amortized cost.

Exchangeable Notes.

The “Debt with Conversion and Other Options” Topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification requires the liability and equity components of exchangeable debt instruments that may be settled in cash upon exchange, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonexchangeable debt borrowing rate. The initial proceeds from the sale of exchangeable notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonexchangeable debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. We measured the estimated fair value of the debt component of our Exchangeable Senior Notes (as defined below) as of the respective issuance dates based on our nonexchangeable debt borrowing rate. The equity component of our Exchangeable Senior Notes is reflected within additional paid-in capital on our condensed consolidated balance sheets, and the resulting debt discount is amortized over the period during which the Exchangeable Senior Notes are expected to be outstanding (through the maturity date) as additional non-cash interest expense. The additional non-cash interest expense attributable to our Exchangeable Senior Notes will increase in subsequent periods through the maturity date as the Exchangeable Senior Notes accrete to the par value over the same period.

Deferred Financing Costs.

The deferred financing costs that are included as a reduction in the net book value of the related liability on our condensed consolidated balance sheets reflect issuance and other costs related to our Exchangeable Senior Notes. These costs are amortized as interest expense using the effective interest method over the life of the Exchangeable Senior Notes.

Stock-Based Compensation.

Stock-based compensation for equity awards is based on the grant date fair value of the equity investment and is recognized over the requisite service period. If awards are forfeited prior to vesting, we reverse any previously recognized expense related to such awards in the period during which the forfeiture occurs and reclassify any nonforfeitable dividends previously paid on these awards from retained earnings to compensation expense.

Recent Accounting Pronouncements.

expected to be

effective for the Company beginning January 1, 2020 as a result of the Company’s election as an emerging growth company. Topic 842 supersedes the existing standards for lease accounting (Topic 840, Leases).

expected i

n January 2020, the ROU asset and lease liability to be recognized on the balance sheet relating to this lease is not expected to have a material impact on our consolidated financial statements.

expected to be

effective for years beginning after December 15, 2020 as a result of the Company’s election as an emerging growth company with early adoption permitted. We do not expect this amendment to have an effect on our consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments

(“ASU 2016-15”),

which clarifies or provides guidance relating to eight specific cash flow classification issues. The standard should be applied retrospectively for each period presented, as appropriate. The Company’s adoption of ASU 2016-15 beginning on January 1, 2019 did not have a material impact on our consolidated financial statements.

Concentration of Credit Risk

. As of March 31, 2019, we owned 13 properties located in Arizona, California, Colorado, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New York, Ohio and Pennsylvania. The ability of any of our tenants to honor the terms of its lease is dependent upon the economic, regulatory, competition, natural and social factors affecting the community in which that tenant operates. During the three months ended March 31, 2019, PharmaCann, LLC’s leases at one of our properties in New York and Massachusetts accounted for approximately 31% of our rental revenues. During the three months ended March 31, 2018, PharmaCann, LLC leased one of our properties in New York, which accounted for 50% of our rental revenues. In addition, the tenant at our property in Maryland accounted for 10% and 24% of our rental revenue for the three months ended March 31, 2019 and 2018, respectively. At March 31, 2019 and December 31, 2018, one of our properties in New York accounted for 18% and

%, respectively, of our net real estate held for investment.

Reclassifications.

Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations.

XML 19 R9.htm IDEA: XBRL DOCUMENT

Common Stock

3 Months Ended

Mar. 31, 2019

Stockholders' Equity Note [Abstract]

Common Stock

3. Common Stock

As of March 31, 2019, the Company was authorized to issue up to 50,000,000 shares of common stock, par value $0.001 per share, and there were 9,806,194 shares of common stock issued and outstanding.

XML 20 R10.htm IDEA: XBRL DOCUMENT

Preferred Stock

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Preferred Stock

4. Preferred Stock

XML 21 R11.htm IDEA: XBRL DOCUMENT

Dividends

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Dividends

5. Dividends

The following table describes the dividends declared by the Company during the three months ended March 31, 2019:

Declaration

Date

Security Class

Amount

Per

Period Covered

Dividend

Paid Date

Dividend Amount

(In thousands)

March 12, 2019

Common Stock

0.45

January 1, 2019 to March 31, 2019

April 15, 2019

4,412

March 12, 2019

Series A preferred stock

0.5625

January 15, 2019 to April 14, 2019

April 15, 2019

338

XML 22 R12.htm IDEA: XBRL DOCUMENT

Investments in Real Estate

3 Months Ended

Mar. 31, 2019

Real Estate [Abstract]

Real Estate Disclosure

6. Investments in Real Estate

The Company acquired the following properties during the three months ended March 31, 2019 (dollars in thousands):

Property	Market	Closing Date	Rentable Square Feet (1)		Purchase Price		Transaction Costs		Total
Sacramento CA	California	February 8, 2019		43,000	$	6,664	$	35	$	6,699	(2)
PharmaCann OH	Ohio	March 13, 2019		58,000		700		11		711	(3)
Total				101,000	$	7,364	$	46	$	7,410

(1)

Includes expected rentable square feet at completion of construction.

(2)

(3)

we incurred approximately $1.5 million of the development costs, of which no amounts had been funded.

XML 23 R13.htm IDEA: XBRL DOCUMENT

Exchangeable Senior Notes

3 Months Ended

Mar. 31, 2019

Convertible Debt [Abstract]

Disclosure Convertible Debt [Text Block]

7. Exchangeable Senior Notes

As of March 31, 2019, we have the intent and ability to settle the Exchangeable Senior Notes in cash.

The following table details our interest expense related to the Exchangeable Senior Notes (in thousands):

	Three Months Ended March 31, 2019
Cash coupon	$	584
Amortization of debt discount		111
Amortization of issuance costs		97
Total interest expense	$	792

The following table details the carrying value of our Exchangeable Senior Notes on our condensed consolidated balance sheets (in thousands):

	March 31, 2019
Principal amount	$	143,750
Unamortized discount		(5,666	)
Unamortized issuance costs		(4,888	)
Carrying value	$	133,196

Accrued interest payable for the Exchangeable Senior Notes was approximately $584,000 as of March 31, 2019.

XML 24 R14.htm IDEA: XBRL DOCUMENT

Net Income Per Share

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Net Income Per Share

8. Net Income Per Share

	For the Three Months Ended March 31,
	2019			2018
Net income	$	3,641		$	945
Preferred stock dividend		(338	)		(338	)
Distribution to participating securities		(64	)		(37	)
Net income available to common stockholders used to compute net income per share	$	3,239		$	570

Weighted average common share outstanding:
Basic		9,664,775			5,883,610
Diluted		9,797,676			6,025,067

Net income available to common stockholders per share:
Basic	$	0.34		$	0.10
Diluted	$	0.33		$	0.09

XML 25 R15.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

9. Fair Value of Financial Instruments

Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2—Includes other inputs that are directly or indirectly observable in the marketplace.

Level 3—Unobservable inputs that are supported by little or no market activities, therefore requiring an entity to develop its own assumptions.

The following table presents the carrying value in the condensed consolidated financial statements and approximate fair value of financial instruments at March 31, 2019 and December 31, 2018:

	March 31, 2019				December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Short-term investments (1)	$	197,729	$	197,729	$	120,443	$	120,443
Exchangeable Senior Notes (2)	$	133,196	$	181,125	$	—	$	—

(1)

(2)

The fair value is determined based upon Level 2 inputs as the Exchangeable Senior Notes were trading in the private market as of March 31, 2019.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 26 R16.htm IDEA: XBRL DOCUMENT

Common Stock Incentive Plan

3 Months Ended

Mar. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Common Stock Incentive Plan

10. Common Stock Incentive Plan

A summary of the activity under the 2016 Plan and related information is included in the table below.

	Unvested Restricted Shares			Weighted- Average Grant Date Fair Value
Balance at December 31, 2018		147,359		$	23.98
Granted		51,111		$	52.84
Vested		(36,334	)	$	25.72
Forfeited (1)		(20,717	)	$	18.98
Balance at March 31, 2019		141,419		$	34.70

(1)

Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting.

The remaining unrecognized compensation cost of $4.3 million will be recognized over a weighted-average amortization period of approximately 2.2 years as of March 31, 2019.

XML 27 R17.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

3 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

Tenant Improvement Allowances

. As of March 31, 2019, we had approximately $7.9 million of commitments related to tenant improvement allowances, which generally may be requested by the tenants at any time up until a date that is near the expiration of the initial term of the applicable lease.

Construction Funding.

As of March 31 2019, we had approximately $5.2 million and $17.8 million of commitments relating to construction funding for the development of the properties in Massachusetts and Ohio, which the tenant has agreed to use commercially reasonable efforts to complete by August 31, 2019 and June 13, 2020, respectively.

Additional Purchase Price.

As of March 31, 2019, we had approximately $2.4 million of commitments relating to certain development milestones for the property in California, which the seller is required to complete by September 30, 2019.

Office and Equipment Leases.

As of March 31, 2019, we had approximately $143,000 outstanding in commitments related to our office and equipment leases, with approximately $68,000 to be paid in the remainder of 2019 and approximately $75,000 to be paid in 2020.

Environmental Matters.

We follow the policy of monitoring our properties, both targeted acquisition and existing properties, for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist, we are not currently aware of any environmental liabilities that would have a material adverse effect on our financial condition, results of operations and cash flow, or that we believe would require disclosure or the recording of a loss contingency.

Litigation

XML 28 R18.htm IDEA: XBRL DOCUMENT

Subsequent Events

3 Months Ended

Mar. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent Events

On April 24, 2019, we closed on the acquisition of a property in Pittsburgh, Pennsylvania, which comprises approximately

51,000

square feet of industrial space. The purchase price for the property was approximately $

6.3

million (excluding transaction costs). Concurrent with the closing of the purchase, we entered into a long-term, triple-net lease at the property with Maitri Medicinals, LLC (“Maitri”), which intends to operate the property as a licensed medical-use cannabis cultivation and processing facility upon completion of redevelopment. Maitri is expected to complete tenant improvements for the building, for which we have agreed to provide reimbursement of up to $10 million. Assuming full reimbursement for the tenant improvements, our total investment in the property will be approximately $16.3 million (excluding transaction costs).

XML 29 R19.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Policies)

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation.

This interim financial information should be read in conjunction with the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

Federal Income Taxes

Federal Income Taxes.

Use of Estimates

Use of Estimates.

Acquisition of Real Estate Properties

Acquisition of Real Estate Properties.

Depreciation

Depreciation.

We depreciate office equipment and furniture and fixtures over estimated useful lives ranging from three to six years.

Provision for Impairment

Provision for Impairment.

We may adjust depreciation of properties that are expected to be disposed of or redeveloped prior to the end of their useful lives. As of March 31, 2019, no impairment losses were recognized.

Revenue Recognition

Revenue Recognition.

Year	Contractual Minimum Rent
2019 (nine months ending December 31)	$	22,360
2020		31,114
2021		32,063
2022		31,869
2023		32,931
Thereafter		388,385
Total	$	538,722

Cash and Cash Equivalents

Short-Term Investments

Exchangeable Notes

Exchangeable Notes.

Deferred Financing Costs

Deferred Financing Costs.

Stock-Based Compensation

Stock-Based Compensation.

Recent Accounting Pronouncements

Recent Accounting Pronouncements.

expected to be

expected i

n January 2020, the ROU asset and lease liability to be recognized on the balance sheet relating to this lease is not expected to have a material impact on our consolidated financial statements.

expected to be

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments

(“ASU 2016-15”),

Concentration of Credit Risk

%, respectively, of our net real estate held for investment.

Reclassifications

Reclassifications.

Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations.

XML 30 R20.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Year	Contractual Minimum Rent
2019 (nine months ending December 31)	$	22,360
2020		31,114
2021		32,063
2022		31,869
2023		32,931
Thereafter		388,385
Total	$	538,722

XML 31 R21.htm IDEA: XBRL DOCUMENT

Dividends (Tables)

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Schedule of Dividends Payable

The following table describes the dividends declared by the Company during the three months ended March 31, 2019:

Declaration

Date

Security Class

Amount

Per

Period Covered

Dividend

Paid Date

Dividend Amount

(In thousands)

March 12, 2019

Common Stock

0.45

January 1, 2019 to March 31, 2019

April 15, 2019

4,412

March 12, 2019

Series A preferred stock

0.5625

January 15, 2019 to April 14, 2019

April 15, 2019

338

XML 32 R22.htm IDEA: XBRL DOCUMENT

Investments in Real Estate (Tables)

3 Months Ended

Mar. 31, 2019

Real Estate [Abstract]

Schedule of Real Estate Properties [Table Text Block]

The Company acquired the following properties during the three months ended March 31, 2019 (dollars in thousands):

Property	Market	Closing Date	Rentable Square Feet (1)		Purchase Price		Transaction Costs		Total
Sacramento CA	California	February 8, 2019		43,000	$	6,664	$	35	$	6,699	(2)
PharmaCann OH	Ohio	March 13, 2019		58,000		700		11		711	(3)
Total				101,000	$	7,364	$	46	$	7,410

(1)

Includes expected rentable square feet at completion of construction.

(2)

(3)

we incurred approximately $1.5 million of the development costs, of which no amounts had been funded.

XML 33 R23.htm IDEA: XBRL DOCUMENT

Exchangeable Senior Notes (Tables)

3 Months Ended

Mar. 31, 2019

Convertible Debt [Abstract]

Schedule of Interest Expense Related To Exchangeable Senior Notes [Table Text Block]

The following table details our interest expense related to the Exchangeable Senior Notes (in thousands):

	Three Months Ended March 31, 2019
Cash coupon	$	584
Amortization of debt discount		111
Amortization of issuance costs		97
Total interest expense	$	792

Schedule Of Carrying Value Of Senior Exchangeable Notes On Condensed Consolidated Balance Sheet [Table Text Block]

The following table details the carrying value of our Exchangeable Senior Notes on our condensed consolidated balance sheets (in thousands):

	March 31, 2019
Principal amount	$	143,750
Unamortized discount		(5,666	)
Unamortized issuance costs		(4,888	)
Carrying value	$	133,196

XML 34 R24.htm IDEA: XBRL DOCUMENT

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Computations of net income per basic and diluted share (in thousands, except share data) were as follows:

	For the Three Months Ended March 31,
	2019			2018
Net income	$	3,641		$	945
Preferred stock dividend		(338	)		(338	)
Distribution to participating securities		(64	)		(37	)
Net income available to common stockholders used to compute net income per share	$	3,239		$	570

Weighted average common share outstanding:
Basic		9,664,775			5,883,610
Diluted		9,797,676			6,025,067

Net income available to common stockholders per share:
Basic	$	0.34		$	0.10
Diluted	$	0.33		$	0.09

XML 35 R25.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Condensed Financial Statements [Table Text Block]

The following table presents the carrying value in the condensed consolidated financial statements and approximate fair value of financial instruments at March 31, 2019 and December 31, 2018:

	March 31, 2019				December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Short-term investments (1)	$	197,729	$	197,729	$	120,443	$	120,443
Exchangeable Senior Notes (2)	$	133,196	$	181,125	$	—	$	—

(1)

(2)

The fair value is determined based upon Level 2 inputs as the Exchangeable Senior Notes were trading in the private market as of March 31, 2019.

XML 36 R26.htm IDEA: XBRL DOCUMENT

Common Stock Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value

A summary of the activity under the 2016 Plan and related information is included in the table below.

	Unvested Restricted Shares			Weighted- Average Grant Date Fair Value
Balance at December 31, 2018		147,359		$	23.98
Granted		51,111		$	52.84
Vested		(36,334	)	$	25.72
Forfeited (1)		(20,717	)	$	18.98
Balance at March 31, 2019		141,419		$	34.70

(1)

Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting.

XML 37 R27.htm IDEA: XBRL DOCUMENT

Organization (Details Textual)	Mar. 31, 2019
Iip Operating Partnership Lp [Member]
Percentage Leased	100.00%

XML 38 R28.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Contractual Minimum Rent
2019 (nine months ending December 31)	$ 22,360
2020	31,114
2021	32,063
2022	31,869
2023	32,931
Thereafter	388,385
Total	$ 538,722

XML 39 R29.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies and Procedures and Recent Accounting Pronouncements (Details Textual) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Dec. 31, 2018

Short-term Investments

^[1]

$ 197,729,000

$ 120,443,000

Cash, FDIC Insured Amount

250,000

Money Market Funds [Member]

Short-term Investments

$ 55,900,000

$ 8,900,000

Net Real Estate Held For Investment [Member] | New York Propety [Member]

Concentration Risk, Percentage

18.00%

20.00%

Building [Member]

Property, Plant and Equipment, Useful Life

35 years

Maryland Property [Member] | Net Real Estate Held For Investment [Member]

Concentration Risk, Percentage

10.00%

24.00%

PharmaCann LLC [Member]

Concentration Risk, Percentage

31.00%

50.00%

[1]	Short-term investments consisting of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months are classified as held-to-maturity and valued using Level 1 inputs.

XML 40 R30.htm IDEA: XBRL DOCUMENT

Common Stock (Details Textual) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares, Outstanding	9,806,194	9,775,800
Common Stock [Member]
Common Stock, Shares Authorized	50,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001
Common Stock, Shares, Outstanding	9,806,194

XML 41 R31.htm IDEA: XBRL DOCUMENT

Preferred Stock (Details Textual) - $ / shares	3 Months Ended	12 Months Ended
Preferred Stock (Details Textual) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Series A Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	9.00%	9.00%
Shares Issued, Price Per Share	$ 25.00
Preferred Stock, Shares Issued	600,000	600,000
Preferred Stock, Shares Outstanding	600,000	600,000
Preferred Stock, Redemption Date	Oct. 19, 2022

XML 42 R32.htm IDEA: XBRL DOCUMENT

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Dividend Amount	$ 4,750	$ 3,759	$ 2,034
March 12 2019 [Member]
Declaration Date	Mar. 12, 2019
Dividends Declared Security Class	Common Stock
Amount Per Share	$ 0.45
Period Covered	January 1, 2019 to March 31, 2019
Dividend Paid Date	Apr. 15, 2019
Dividend Amount	$ 4,412
March 12 2019 One [Member]
Declaration Date	Mar. 12, 2019
Dividends Declared Security Class	Series A preferred stock
Amount Per Share	$ 0.5625
Period Covered	January 15, 2019 to April 14, 2019
Dividend Paid Date	Apr. 15, 2019
Dividend Amount	$ 338

XML 43 R33.htm IDEA: XBRL DOCUMENT

Investments in Real Estate (Details)
$ in Thousands

3 Months Ended

Mar. 31, 2019

USD ($)

ft²

Dec. 31, 2018

USD ($)

Rentable Square Feet | ft²

^[1]

101,000

Purchase Price

$ 7,364

Transaction Costs

165,940

$ 150,930

Total

$ 7,410

Sacramento CA [Member]

Market

California

Closing Date

Feb. 08, 2019

Rentable Square Feet | ft²

^[1]

43,000

Purchase Price

$ 6,664

Transaction Costs

Total

^[2]

$ 6,699

PharmaCann OH [Member]

Market

Ohio

Closing Date

Mar. 13, 2019

Rentable Square Feet | ft²

^[1]

58,000

Purchase Price

$ 700

Transaction Costs

Total

^[3]

$ 711

[1]	Includes expected rentable square feet at completion of construction.
[2]	The seller of the property is expected to complete redevelopment of the building, for which we have agreed to provide reimbursement of up to approximately $4.8 million as additional purchase price. As of March 31, 2019, we incurred approximately $2.4 million of the additional purchase price, of which we funded approximately $2.3 million.
[3]	Concurrent with the closing, we entered into a long-term lease and development agreement with a subsidiary of PharmaCann, LLC, which is expected to construct two buildings at the property, for which we have agreed to provide reimbursement of up to $19.3 million. As of March 31, 2019, we incurred approximately $1.5 million of the development costs, of which no amounts had been funded.

XML 44 R34.htm IDEA: XBRL DOCUMENT

Investments in Real Estate (Details Textual) $ in Millions	3 Months Ended
Investments in Real Estate (Details Textual) $ in Millions	Mar. 31, 2019 USD ($)
Reimbursement Payable for Acquisition of Real Estate and Tenant Improvement	$ 4.8
Payments for Building Improvements	7.6
Additional Purchase for Building Improvements Payable	2.4
Additional Purchase Price of Building Improvements	2.3
Inventory, Real Estate, Improvements	1.5
PharmaCann LLC [Member]
Payments for Building Improvements	$ 19.3

XML 45 R35.htm IDEA: XBRL DOCUMENT

Exchangeable Senior Notes (Details) $ in Thousands	3 Months Ended
Exchangeable Senior Notes (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Cash coupon	$ 584
Amortization of debt discount	111
Amortization of issuance costs	97
Total interest expense	$ 792

XML 46 R36.htm IDEA: XBRL DOCUMENT

Exchangeable Senior Notes (Details 1) $ in Thousands	Mar. 31, 2019 USD ($)
Principal amount	$ 143,750
Unamortized discount	(5,666)
Unamortized issuance costs	(4,888)
Carrying value	$ 133,196

XML 47 R37.htm IDEA: XBRL DOCUMENT

Exchangeable Senior Notes (Details Textual)	1 Months Ended
Exchangeable Senior Notes (Details Textual)	Feb. 28, 2019 USD ($) $ / shares	Mar. 31, 2019 USD ($)
Debt Instrument, Discount		$ 5,800,000
Debt Instrument, Interest Rate, Stated Percentage	3.75%	4.65%
Debt Instrument, Maturity Date	Feb. 21, 2024
Debt Issuance Costs, Net		$ 5,200,000
Debt Issuance Costs, Gross		5,000,000
Equity Components		200,000
Accrued Interest Payable		$ 584,000
Senior Notes [Member]
Debt Instrument, Face Amount	$ 143,750,000
Debt Instrument, Interest Rate, Stated Percentage	3.75%
Common Stock [Member] \| Senior Notes [Member]
Debt Instrument, Convertible, Conversion Ratio	14.37298
Conversion of Stock, Amount Converted	$ 1,000
Debt Instrument, Convertible, Conversion Price \| $ / shares	$ 69.575

XML 48 R38.htm IDEA: XBRL DOCUMENT

Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income / (loss)	$ 3,641	$ 945
Preferred stock dividend	(338)	(338)
Distributions to participating securities	(64)	(37)
Net income / (loss) attributable to common stockholders used to compute net loss per share	$ 3,239	$ 570
Weighted average common share outstanding:
Basic	9,664,775	5,883,610
Diluted	9,797,676	6,025,067
Net income / (loss) attributable to common stockholders per share:
Basic	$ 0.34	$ 0.10
Diluted	$ 0.33	$ 0.09

XML 49 R39.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands

Mar. 31, 2019

Dec. 31, 2018

Short-term Investments

^[1]

$ 197,729

$ 120,443

Exchangeable senior notes

^[2]

133,196

Investments, Fair Value Disclosure

^[1]

197,729

120,443

Convertible Debt, Fair Value Disclosures

^[2]

$ 181,125

$ 0

[1]	Short-term investments consisting of obligations of the U.S. government with an original maturity at the time of purchase of greater than three months are classified as held-to-maturity and valued using Level 1 inputs.
[2]	The fair value is determined based upon Level 2 inputs as the Exchangeable Senior Notes were trading in the private market as of March 31, 2019.

XML 50 R40.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments (Details Textual) $ in Millions	Mar. 31, 2019 USD ($)
Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Cash and Cash Equivalents, Fair Value Disclosure	$ 22.7

XML 51 R41.htm IDEA: XBRL DOCUMENT

Common Stock Incentive Plan (Details)

3 Months Ended

Mar. 31, 2019

$ / shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted Shares, Beginning Balance | shares

147,359

Restricted Shares, Granted | shares

51,111

Restricted Shares, Vested | shares

(36,334)

Restricted Shares, Forfeited | shares

(20,717)

^[1]

Restricted Shares, Ending Balance | shares

141,419

Weighted-Average Grant Date Fair Value, Beginning Balance | $ / shares

$ 23.98

Weighted-Average Grant Date Fair Value, Granted | $ / shares

52.84

Weighted-Average Grant Date Fair Value, Vested | $ / shares

25.72

Weighted-Average Grant Date Fair Value, Forfeited | $ / shares

18.98

^[1]

Weighted-Average Grant Date Fair Value, Ending Balance | $ / shares

$ 34.70

[1]	Shares that were forfeited to cover the employees’ tax withholding obligation upon vesting.

XML 52 R42.htm IDEA: XBRL DOCUMENT

Common Stock Incentive Plan (Details Textual) $ in Millions	3 Months Ended
Common Stock Incentive Plan (Details Textual) $ in Millions	Mar. 31, 2019 USD ($) shares
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized \| $	$ 4.3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 2 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized \| shares	1,000,000

XML 53 R43.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details Textual)	Mar. 31, 2019 USD ($)
Other Commitments [Line Items]
Tenant Improvement Payable	$ 7,900,000
Development Milestones Payable	2,400,000
MASSACHUSETTS
Other Commitments [Line Items]
Other Commitment	5,200,000
OHIO
Other Commitments [Line Items]
Other Commitment	17,800,000
Office and Equipment Leases [Member]
Other Commitments [Line Items]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	68,000
Operating Leases, Future Minimum Payments, Due in Two Years	75,000
Operating Leases, Future Minimum Payments Due	$ 143,000

XML 54 R44.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details Textual) $ in Thousands	Apr. 24, 2019 USD ($) ft²	Apr. 16, 2019 USD ($) ft²	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Real Estate Investment Property, at Cost			$ 165,940	$ 150,930
Real Estate Investment Property, Net			$ 161,151	$ 147,359
Subsequent Event [Member] \| PENNSYLVANIA
Real Estate Investment Property, at Cost	$ 6,300
Area of Real Estate Property \| ft²	51,000
Subsequent Event [Member] \| Fiveproperty portfolio in southern California [Member]
Real Estate Investment Property, at Cost		$ 27,100
Area of Real Estate Property \| ft²		102,000
Subsequent Event [Member] \| Ohio [Member]
Buildings Improvement Payable	$ 10,000
Real Estate Investment Property, Net	$ 16,300

EXCEL 55 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end