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<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;">Agreement and Plan </font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;">of Merger</font>
</p>
<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">On July 19, 2019, the Company, the operating partnership (the Company and operating partnership, the “Company Parties”), NHT Operating Partnership, LLC (“NHT Parent”), NHT REIT Merger Sub, LLC (“NHT Merger Sub”) and NHT Operating Partnership II, LLC (“NHT Merger OP,” and together with NHT Parent and NHT Merger Sub, the “NHT Parent Parties”), entered into an Agreement and Plan of Merger (as amended from time to time, the “Merger Agreement”). </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Closing of the acquisition did not occur on March 23, 2020, the contemplated closing date of the acquisition, and has not occurred as of the time of this filing. The Company Parties and the NHT Parties are in discussions concerning potential amendments to restructure the transaction, which will be disclosed if and when such amendments are agreed. There can be no assurance with respect to the outcome of such discussions, and the Company continues reviewing its options and reserves all rights and remedies under the Merger Agreement.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger OP will merge with and into the operating partnership (the “Partnership Merger”), and, Merger Sub will merge with and into the Company (the “Company Merger” and, together with the Partnership Merger, the “Mergers”). Upon completion of the Partnership Merger, Merger OP will survive and the separate existence of the operating partnership will cease. Upon completion of the Company Merger, the Company will survive and the separate existence of Merger Sub will cease. The Mergers and the other transactions contemplated by the Merger Agreement were unanimously approved by the Company’s Board of Directors (the “Company Board”, and subsequently approved by the holders of the Company’s common stock (the “Company common stock”) and 6.25% Series E Cumulative Convertible Preferred Stock (the “Series E Preferred Stock”) at a special meeting of shareholders held on September 23, 2019.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Pursuant to the terms and conditions in the Merger Agreement, if the Company Merger is consummated, each share of the Company common stock (other than treasury shares and shares held by the NHT Parent Parties, which will be cancelled and retired and will cease to exist with no consideration being delivered in exchange therefor), will be converted into the right to receive </font><font style="display: inline;font-size:10pt;">$11.10</font><font style="display: inline;font-size:10pt;"> per share in cash, and each share of Series E Preferred Stock will be converted into the right to receive </font><font style="display: inline;font-size:10pt;">$10.00</font><font style="display: inline;font-size:10pt;"> in cash, each without interest and less any applicable withholding taxes. If the Partnership Merger consummated, each common unit of partnership interest in the operating partnership (excluding operating partnership common units held by the general partner of the operating partnership) will be converted into the right to receive </font><font style="display: inline;font-size:10pt;">$0.21346</font><font style="display: inline;font-size:10pt;"> in cash, without interest and less any applicable withholding taxes.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Pursuant to the terms and conditions of the Merger Agreement, each of the outstanding awards granted pursuant to the Company’s equity incentive plans will automatically become fully vested and all restrictions thereon will lapse, and thereafter, all Company common stock represented thereby will be considered outstanding for all purposes under the Merger Agreement and will only have the right to receive an amount equal to </font><font style="display: inline;font-size:10pt;">$11.10</font><font style="display: inline;font-size:10pt;"> in cash, without interest and less any applicable withholding taxes.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Pursuant to the terms of the Merger Agreement, the Company exercised its right to acquire the remaining </font><font style="display: inline;font-size:10pt;">20%</font><font style="display: inline;font-size:10pt;"> equity interest of the Atlanta JV that it did not own.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The Merger Agreement contains customary representations, warranties and covenants, including, among others, covenants by the Company to in all material respects carry on its business in the ordinary course of business consistent with past practice, subject to certain exceptions, during the period between the execution of the Merger Agreement and the consummation of the Mergers. The obligations of the parties to consummate the Mergers are not subject to any financing condition or the receipt of any financing by Parent, Merger Sub or Merger OP.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Upon a termination of the Merger Agreement, under certain circumstances, the Company will be required to pay a termination fee to Parent of </font><font style="display: inline;font-size:10pt;">$9.54</font><font style="display: inline;font-size:10pt;"> million. In certain other circumstances, including termination by the Company for the NHT Parties’ failure to close or for a material breach by the NHT Parties, NHT Parent will be required to pay the Company a termination fee of </font><font style="display: inline;font-size:10pt;">$11.925</font><font style="display: inline;font-size:10pt;"> million upon termination of the Merger Agreement.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">During the term of the Merger Agreement, without the consent of the NHT Parties, the Company may not pay cash dividends to holders of the Company common stock or the Series E Preferred Stock. The holders of the Series E Preferred Stock have agreed to waive accrual of any unpaid dividends between signing and closing.</font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;">Assets Held for Sale and Discontinued Operations</font>
</p>
<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-size:10pt;">A hotel is considered held for sale (a) when a contract for sale is entered into, a substantial, nonrefundable deposit has been committed by the purchaser, and sale is expected to occur within one year, or (b) if management has committed to and is actively engaged in a plan to sell the property, the property is available for sale in its current condition, and it is probable the sale will be completed within one year. If a hotel is considered held for sale as of the most recent balance sheet presented or was sold prior to that balance sheet date, the hotel property and the debt it collateralizes are shown as held for sale in all periods presented. Depreciation of our hotels is discontinued at the time they are considered held for sale. </font>
</p>
<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Only disposals representing a strategic shift in operations that have a major effect on an entity’s operations and financial results are presented as discontinued operations.</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> The disposition</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> completed in 201</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">9</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">did not</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> me</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">e</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">t this definition, and we anticipate that most of our hotel dispositions will not be classified as discontinued operations as most will not fit this definition.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-size:10pt;">At the end of each reporting period, if the fair value of a held for sale property less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. Impairment losses on held for sale properties may be subsequently recovered up to the amount of the cumulative impairment losses taken while the property is held for sale should future revisions to fair value estimates be required. If active marketing ceases or the property no longer meets the criteria to be classified as held for sale, the property is reclassified to held for use and measured at the lower of its (a) carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held for use, or (b) its fair value at the date of the decision not to sell.</font>
</p>
<p><font size="1"> </font></p>
</div> </div>
37008000
8497000
462000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">NOTE 9. COMMON STOCK</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The Company’s common stock is duly authorized, fully paid, and non-assessable. </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
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<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Description of Business</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Condor Hospitality Trust, Inc. (“C</font><font style="display: inline;font-size:10pt;">ondor”), a Maryland corporation, is </font><font style="display: inline;font-size:10pt;">a self-administered real estate investment trust (“REIT”) for federal income tax purposes that specializes in the investment and ownership of high</font><font style="display: inline;font-size:10pt;">-quality select-service, limited-</font><font style="display: inline;font-size:10pt;">service, extended stay, and comp</font><font style="display: inline;font-size:10pt;">act full service hotels. As of March 31</font><font style="display: inline;font-size:10pt;">, </font><font style="display: inline;font-size:10pt;">2020</font><font style="display: inline;font-size:10pt;">, the Company </font><font style="display: inline;font-size:10pt;">owned </font><font style="display: inline;font-size:10pt;">15</font><font style="display: inline;font-size:10pt;"> hotels in </font><font style="display: inline;font-size:10pt;">eight</font><font style="display: inline;font-size:10pt;"> states</font><font style="display: inline;font-size:10pt;">. </font><font style="display: inline;font-size:10pt;">References to</font><font style="display: inline;font-size:10pt;"> the “Company”,</font><font style="display: inline;font-size:10pt;"> “we,” “our,” and “us” herein refer to Condor Hospitality Trust, Inc., including, as the context requires, its direct and indirect subsidiaries.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The Company</font><font style="display: inline;font-size:10pt;">, thro</font><font style="display: inline;font-size:10pt;">ugh its wholly owned subsidiary</font><font style="display: inline;font-size:10pt;"> Condor H</font><font style="display: inline;font-size:10pt;">ospitality REIT Trust,</font><font style="display: inline;font-size:10pt;"> owns a controlling interest in Condor Hospitality Limi</font><font style="display: inline;font-size:10pt;">ted Partnership (the “operating partnership”), for which we serve as general partner. The operating partnership</font><font style="display: inline;font-size:10pt;">, including its various </font><font style="display: inline;font-size:10pt;">subsidiaries</font><font style="display: inline;font-size:10pt;">, holds substantially all of the Company’s assets (with the exception of the furniture and equipment of </font><font style="display: inline;font-size:10pt;">all</font><font style="display: inline;font-size:10pt;"> properties held by TRS Leasing, Inc.) and conducts all of its operations. At </font><font style="display: inline;font-size:10pt;">March 31, 2020</font><font style="display: inline;font-size:10pt;">, the Company owned</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">99.9%</font><font style="display: inline;font-size:10pt;"> of the </font><font style="display: inline;font-size:10pt;">common</font><font style="display: inline;font-size:10pt;"> operating units (“</font><font style="display: inline;font-size:10pt;">common units”) of the operating partnership</font><font style="display: inline;font-size:10pt;"> with</font><font style="display: inline;font-size:10pt;"> the remaining common units</font><font style="display: inline;font-size:10pt;"> owned by </font><font style="display: inline;font-size:10pt;">other limited partners.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required by the Internal Revenue Service (“IRS”) for REIT qualification, the income we earn cannot be derived from the operation of any</font><font style="display: inline;font-size:10pt;"> of our hotels. Therefore, the operating partnership</font><font style="display: inline;font-size:10pt;"> and its subsidiaries lease our hotel properties to the Company’s wholly owned taxable REIT subsidiary, TRS Leasing, Inc., and its wholly owned subsidiaries (the “TRS”). The TRS in </font><font style="display: inline;font-size:10pt;">turn engages third-party eligible independent contractors to manage the hotels. The operating partnership, the TRS, and their respective subsidiaries are consolidated into the Company’s financial statements. </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Historically, as a result of the geographic areas in which we operate, the operations of our hotels have been seasonal in nature. Generally, occupancy rates, revenue, and operating income have been greater in the second and third quarters of the calendar year than in the first and fourth quarters, with the exception of our hotels located in Florida, which experience peak demand in the first and fourth quarters annually. </font>
</p>
<p><font size="1"> </font></p>
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<div> <div style="margin-left:0pt;margin-right:0pt;">
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
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<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">As of</font></p>
</td>
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<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">December 31, 2019</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Investment in hotel properties, net</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">45,547
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Cash and cash equivalents</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">661
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Accounts receivable, prepaid expenses, and other assets</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">279
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Total Assets</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">46,487
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Accounts payable, accrued expenses, and other liabilities</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">1,026
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Land option liability</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">6,190
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Long-term debt, net of deferred financing costs</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">33,966
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Total Liabilities</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">41,182
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Condor equity</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">4,244
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">TWC equity </font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">1,061
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Total Equity </font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">5,305
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;font-size:9pt;"></font><font style="display: inline;font-weight:bold;font-size:9pt;">Total Liabilities and Equity</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">46,487
</td>
</tr>
</table></div>
<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
<font style="display: inline;"></font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">For the period of January 1 to February 14,</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Three months ended March 31,</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">2020</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">2019</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Revenue</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Room rentals and other hotel services</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">1,522
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">3,874
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Operating Expenses</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Hotel and property operations</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">960
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">2,177
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Depreciation and amortization</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">181
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">371
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Total operating expenses</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">1,141
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">2,548
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Operating income </font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">381
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">1,326
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Net loss on derivative</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"> -</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(1)
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Interest expense</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(281)
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(684)
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Net earnings</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">100
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">641
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Condor allocated earnings </font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">80
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">513
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">TWC allocated earnings </font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">20
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">128
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Net earnings</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">100
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">641
</td>
</tr>
</table></div>
<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
<font style="display: inline;"></font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:45.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font></p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font></p>
</td>
<td colspan="7" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">As of</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;"></font></p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">March 31, 2020</font></p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="3" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">December 31, 2019</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;"></font><font style="display: inline;color:#000000;font-size:8pt;">Land</font></p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:20.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">34,925
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:20.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">20,200
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;"></font><font style="display: inline;color:#000000;font-size:8pt;">Buildings, improvements, vehicle</font></p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">243,978
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">206,971
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;"></font><font style="display: inline;color:#000000;font-size:8pt;">Furniture and equipment</font></p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">24,511
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">21,805
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;"></font><font style="display: inline;color:#000000;font-size:8pt;">Initial franchise fees</font></p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">1,784
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">1,784
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;"></font><font style="display: inline;color:#000000;font-size:8pt;">Construction-in-progress</font></p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">9
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">100
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;"></font><font style="display: inline;color:#000000;font-size:8pt;">Right of use asset</font></p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">76
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">80
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;"></font><font style="display: inline;color:#000000;font-size:8pt;">Investment in hotel properties</font></p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">305,283
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">250,940
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;"></font><font style="display: inline;color:#000000;font-size:8pt;">Less accumulated depreciation</font></p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(31,565)
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(28,877)
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;"></font><font style="display: inline;color:#000000;font-size:8pt;">Investment in hotel properties, net</font></p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:20.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">273,718
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:20.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">222,063
</td>
</tr>
<tr>
<td valign="bottom" style="width:45.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;"></font></p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.50%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.06%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
<font style="display: inline;"></font>
</p>
<p><font size="1"> </font></p>
</div> </div>
391
3910
122000
36692
18.00
11.00
1
0.02
19569
11741
1.01
0.85
P60D
144000
P90D
P30D
9540000
11925000
120000
0.099
434750
0.47
false
301
--12-31
Q1
2020
2020-03-31
10-Q
1800 West Pasewalk Avenue
Ste. 200
Norfolk
NE
0000929545
12003950
Yes
false
001-34087
Non-accelerated Filer
MD
CONDOR HOSPITALITY TRUST, INC.
false
true
521889548
861-3305
5523000
5879000
1099000
773000
147582000
150751000
233189000
233258000
373000
275000
909315
97269
82168
668111
61767
814768
97269
45173
668111
4215
236941000
286298000
150000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:0pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:CG Times;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;">Basis of Presentation</font>
</p>
<p style="margin:0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:CG Times;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of the Company,</font><font style="display: inline;font-size:10pt;"> as well as the accounts of the operating partnership</font><font style="display: inline;font-size:10pt;"> and its subsidiaries and our wholly owned TRS and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">We evaluate each of our investments and contractual relationships to determine whether they meet the guidelines for consolidation. Entities are consolidated if the determination is made that we are </font><font style="display: inline;font-size:10pt;">the primary beneficiary in a variable interest entity (“VIE</font><font style="display: inline;font-size:10pt;">”) or we maintain control of the asset through our voting interest or other rights in the operation of the entity. The Company has c</font><font style="display: inline;font-size:10pt;">oncluded that our operating partnership</font><font style="display: inline;font-size:10pt;"> meets the criteria to be considered a VIE of which the Company is the primary beneficiary and, accordingly, the Company </font><font style="display: inline;font-size:10pt;">consolidates the operating partnership</font><font style="display: inline;font-size:10pt;">. The Company’s sole significant</font><font style="display: inline;font-size:10pt;"> asset is its investment in the operating partnership</font><font style="display: inline;font-size:10pt;">, and consequently, substantially all of the Company’s assets and liabilities represent thos</font><font style="display: inline;font-size:10pt;">e assets and liabilities of the operating partnership</font><font style="display: inline;font-size:10pt;">. All of the Company</font><font style="display: inline;font-size:10pt;">’s debt is an obligation of the operating partnership</font><font style="display: inline;font-size:10pt;">.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the general instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the</font><font style="display: inline;font-size:10pt;"> consolidated</font><font style="display: inline;font-size:10pt;"> financial statements for the periods presented. Interim results are not necessarily indicative of full-year performance for t</font><font style="display: inline;font-size:10pt;">he year ending December 31, 2020</font><font style="display: inline;font-size:10pt;"> or any future period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for </font><font style="display: inline;font-size:10pt;">the year ended December 31, 2019</font><font style="display: inline;font-size:10pt;">.</font>
</p>
<p><font size="1"> </font></p>
</div> </div>
7000
43550000
11248000
33750000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">NOTE 3. ACQUISITION OF HOTEL PROPERTIES</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">On February 14, 2020, the Company purchased the remaining </font><font style="display: inline;color:#000000;font-size:10pt;">20%</font><font style="display: inline;color:#000000;font-size:10pt;"> interest in the Atlanta JV from our joint venture partner (see detailed description of the Atlanta JV in Note 4) for </font><font style="display: inline;color:#000000;font-size:10pt;">$7,300</font><font style="display: inline;color:#000000;font-size:10pt;"> as allowed by the purchase op</font><font style="display: inline;color:#000000;font-size:10pt;">tion included in the original joint venture</font><font style="display: inline;color:#000000;font-size:10pt;"> agreements. The </font><font style="display: inline;color:#000000;font-size:10pt;">$7,300</font><font style="display: inline;color:#000000;font-size:10pt;"> was funded from the Company’s credit facility, and the Company </font><font style="display: inline;color:#000000;font-size:10pt;">became the primary obligator on </font><font style="display: inline;color:#000000;font-size:10pt;">the </font><font style="display: inline;color:#000000;font-size:10pt;">$34,080</font><font style="display: inline;color:#000000;font-size:10pt;"> New Term Loan (as defined in Note 4) as part of the transaction. As the Atlanta JV was previously accounted for under the equity method</font><font style="display: inline;color:#000000;font-size:10pt;"> and the acquisition was considered the acquisition of assets</font><font style="display: inline;color:#000000;font-size:10pt;">, the</font><font style="display: inline;color:#000000;font-size:10pt;"> liabilities assumed as part of the transaction were recorded at fair value while the</font><font style="display: inline;color:#000000;font-size:10pt;"> assets purchased in the transaction were</font><font style="display: inline;color:#000000;font-size:10pt;"> recorded based on a pro-rata fair value allocation of the total available basis, which included the fair value of liabilities assumed, the cash purchase price paid, the balance of the investment in the unconsolidated joint venture at the time of the acquisition, and the acquisition costs incurred. The purchase was recognized as</font><font style="display: inline;color:#000000;font-size:10pt;"> follows: </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 1pt">
<font style="display: inline;color:#000000;font-size:1pt;"></font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:76.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:19.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:76.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Cash purchase price</font></p>
</td>
<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:19.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">7,300
</td>
</tr>
<tr>
<td valign="bottom" style="width:76.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Investment in unconsolidated joint venture</font></p>
</td>
<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:19.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">3,844
</td>
</tr>
<tr>
<td valign="bottom" style="width:76.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Acquisition costs</font></p>
</td>
<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:19.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">104
</td>
</tr>
<tr>
<td valign="bottom" style="width:76.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Total investment in net assets</font></p>
</td>
<td valign="bottom" style="width:04.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:19.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">11,248
</td>
</tr>
<tr>
<td valign="bottom" style="width:76.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:04.98%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:19.00%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:76.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Cash</font></p>
</td>
<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:19.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">125
</td>
</tr>
<tr>
<td valign="bottom" style="width:76.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Working capital</font></p>
</td>
<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:19.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(462)
</td>
</tr>
<tr>
<td valign="bottom" style="width:76.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Land</font></p>
</td>
<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:19.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">14,723
</td>
</tr>
<tr>
<td valign="bottom" style="width:76.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Buildings, improvements, and vehicle</font></p>
</td>
<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:19.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">37,008
</td>
</tr>
<tr>
<td valign="bottom" style="width:76.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Furniture and equipment</font></p>
</td>
<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:19.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">2,431
</td>
</tr>
<tr>
<td valign="bottom" style="width:76.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Debt assumed at acquisition</font></p>
</td>
<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:19.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(34,080)
</td>
</tr>
<tr>
<td valign="bottom" style="width:76.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Land option liability </font><font style="display: inline;color:#000000;font-size:8pt;">(1)</font></p>
</td>
<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:19.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(8,497)
</td>
</tr>
<tr>
<td valign="bottom" style="width:76.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Total allocation to net assets</font></p>
</td>
<td valign="bottom" style="width:04.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:19.00%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">11,248
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 8pt">
<font style="display: inline;font-family:Times New Roman;font-size:8pt;"></font>
</p>
<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
<p style="line-height:100%;color:#000000;font-family:Times New Roman;font-size: 8pt;margin:0pt;">
<font style="margin:0pt;line-height:100%;color:#000000;font-family:Times New Roman;font-size:8pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="line-height:100%;color:#000000;font-family:Times New Roman;font-size: 8pt;margin:0pt;">
<font style="display: inline;color:#000000;font-size:8pt;">The purchase agreement includes a provision which permits the seller to purchase the surface parking lot north of the hotel exercisable for approximately seven years at less than market rates.</font></p></td></tr></table></div>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">Included in the consolidated statements of operations for the three months ended </font><font style="display: inline;color:#000000;font-size:10pt;">March 31, 2020 are total revenues of </font><font style="display: inline;color:#000000;font-size:10pt;">$813</font><font style="display: inline;color:#000000;font-size:10pt;"> and total operating </font><font style="display: inline;color:#000000;font-size:10pt;">loss</font><font style="display: inline;color:#000000;font-size:10pt;"> of </font><font style="display: inline;color:#000000;font-size:10pt;">$287</font><font style="display: inline;color:#000000;font-size:10pt;"> related to the results of operations for </font><font style="display: inline;color:#000000;font-size:10pt;">Atlanta Aloft hotel</font><font style="display: inline;color:#000000;font-size:10pt;"> since the date of </font><font style="display: inline;color:#000000;font-size:10pt;">its </font><font style="display: inline;color:#000000;font-size:10pt;">acquis</font><font style="display: inline;color:#000000;font-size:10pt;">ition.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">All </font><font style="display: inline;font-size:10pt;color:#000000;">purchase price allocations were determined using Level 3 fair value inputs.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
<font style="display: inline;color:#000000;"></font>
</p>
<p><font size="1"> </font></p>
</div> </div>
125000
2431000
14723000
11248000
34080000
34080000
3844000
2584000
2641000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;">Cash and Cash Equivalents and Restricted Cash</font>
</p>
<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Cash and cash equivalents includes cash and highly liquid investments with original maturities of three months or less when acquired, and are carried at costs which approximates</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> fair value.</font>
</p>
<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Restricted cash consists of cash held in escrow for the replacem</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">ent of furniture and fixtures, real estate taxes, </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">property insurance</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, and debt service</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> as required under certain loan agreements. </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
9156000
10213000
8395000
10926000
1057000
2531000
490250
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<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:10pt;">NOTE 15</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:10pt;">. COMMITMENTS AND CONTINGENCIES</font>
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<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;">Management Agreements</font>
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<font style="display: inline;color:#000000;font-size:10pt;">Our TRS engages eligible independent contractors as property managers for each of our hotels in accordance with the requirements for qualification as a REIT. The hotel management agreements provide that the management companies have control of all operational aspects of the hotels, including employee-related matters. The management companies must generally maintain each hotel under their management in good repair and condition and perform routine maintenance, repairs, and minor alterations. Additionally, the management companies must operate the hotels in accordance with the national franchise agreements that cover the hotels, which includes, as applicable, using franchisor sales an</font><font style="display: inline;color:#000000;font-size:10pt;">d reservation systems and</font><font style="display: inline;color:#000000;font-size:10pt;"> abiding by </font><font style="display: inline;color:#000000;font-size:10pt;">the </font><font style="display: inline;color:#000000;font-size:10pt;">franchisors’ marketing standards. The management agreements generally require the TRS to fund debt service, working capital needs, and capital expenditures and to </font><font style="display: inline;color:#000000;font-size:10pt;">fund</font><font style="display: inline;color:#000000;font-size:10pt;"> the management companies</font><font style="display: inline;color:#000000;font-size:10pt;">’</font><font style="display: inline;color:#000000;font-size:10pt;"> </font><font style="display: inline;color:#000000;font-size:10pt;">third-party operating</font><font style="display: inline;color:#000000;font-size:10pt;"> expenses</font><font style="display: inline;color:#000000;font-size:10pt;">, except those expenses not related to the</font><font style="display: inline;color:#000000;font-size:10pt;"> operation of the hotels. The TRS also is responsible for obtaining and maintaining certain insurance policies with respect to the hotels.</font>
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<font style="display: inline;color:#000000;font-size:10pt;">Each of the management companies employed by the TRS at </font><font style="display: inline;color:#000000;font-size:10pt;">March 31, 2020</font><font style="display: inline;color:#000000;font-size:10pt;"> receives a base monthly management fee of </font><font style="display: inline;color:#000000;font-size:10pt;">3.0%</font><font style="display: inline;color:#000000;font-size:10pt;"> to </font><font style="display: inline;color:#000000;font-size:10pt;">3.5%</font><font style="display: inline;color:#000000;font-size:10pt;"> of hotel revenue, with incentives for performance, which increase such fee to a maximum of </font><font style="display: inline;color:#000000;font-size:10pt;">5.0%</font><font style="display: inline;color:#000000;font-size:10pt;"> of hotel revenue. Base management fees totaled </font><font style="display: inline;color:#000000;font-size:10pt;">$396</font><font style="display: inline;color:#000000;font-size:10pt;"> and </font><font style="display: inline;color:#000000;font-size:10pt;">$474</font><font style="display: inline;color:#000000;font-size:10pt;">, respectively, for the three months ended </font><font style="display: inline;color:#000000;font-size:10pt;">March 31</font><font style="display: inline;color:#000000;font-size:10pt;">, 20</font><font style="display: inline;color:#000000;font-size:10pt;">20 and 2019, </font><font style="display: inline;color:#000000;font-size:10pt;">all of which was included as hotel and property operations</font><font style="display: inline;color:#000000;font-size:10pt;"> expense. Incentive management fees </font><font style="display: inline;color:#000000;font-size:10pt;">totaled </font><font style="display: inline;color:#000000;font-size:10pt;">$0</font><font style="display: inline;color:#000000;font-size:10pt;"> and </font><font style="display: inline;color:#000000;font-size:10pt;">$44</font><font style="display: inline;color:#000000;font-size:10pt;">, respectively, for the three months ended </font><font style="display: inline;color:#000000;font-size:10pt;">March 31, 2020 and 2019.</font>
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<font style="display: inline;color:#000000;font-size:10pt;">The management agreements generally have initial terms of </font><font style="display: inline;color:#000000;font-size:10pt;">one</font><font style="display: inline;color:#000000;font-size:10pt;"> to </font><font style="display: inline;color:#000000;font-size:10pt;">three</font><font style="display: inline;color:#000000;font-size:10pt;"> years and renew for additional terms of </font><font style="display: inline;color:#000000;font-size:10pt;">one</font><font style="display: inline;font-family:Calibri;"> </font><font style="display: inline;color:#000000;font-size:10pt;">year unless either party to the agreement gives the other party written notice of termination at least </font><font style="display: inline;color:#000000;font-size:10pt;">90</font><font style="display: inline;color:#000000;font-size:10pt;"> days before the end of a term. The Company may terminate a management agreement, subject to cure rights, if certain performance metrics tied to both individual hotel and total managed portfolio performance are not met. The Company may also terminate a management agreement with respect to a h</font><font style="display: inline;color:#000000;font-size:10pt;">otel at any time without reason, either with or without </font><font style="display: inline;color:#000000;font-size:10pt;">payment of a termination fee</font><font style="display: inline;color:#000000;font-size:10pt;"> (depending on the agreement)</font><font style="display: inline;color:#000000;font-size:10pt;">. The management agreements terminate with respect to a hotel upon sale of the hotel, subject to certain notice requirements.</font>
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<font style="display: inline;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;">Franchise Agreements</font>
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<font style="display: inline;color:#000000;font-size:10pt;">As </font><font style="display: inline;color:#000000;font-size:10pt;">of </font><font style="display: inline;color:#000000;font-size:10pt;">March 31, 2020</font><font style="display: inline;color:#000000;font-size:10pt;">, </font><font style="display: inline;color:#000000;font-size:10pt;">all of our</font><font style="display: inline;color:#000000;font-size:10pt;"> properties operate under franchise licenses from national hotel companies. Under our franchise agreements, we are required to pay franchise fees generally between </font><font style="display: inline;color:#000000;font-size:10pt;">3.3%</font><font style="display: inline;color:#000000;font-size:10pt;"> and </font><font style="display: inline;color:#000000;font-size:10pt;">5.5%</font><font style="display: inline;color:#000000;font-size:10pt;"> of room revenue</font><font style="display: inline;color:#000000;font-size:10pt;">, plus additional fees for marketing, central </font><font style="display: inline;color:#000000;font-size:10pt;">reservation systems, and other franchisor programs and services that amount to between </font><font style="display: inline;color:#000000;font-size:10pt;">2.5%</font><font style="display: inline;color:#000000;font-size:10pt;"> and </font><font style="display: inline;color:#000000;font-size:10pt;">6.0%</font><font style="display: inline;color:#000000;font-size:10pt;"> of room revenue. The franchise agreements typically have </font><font style="display: inline;color:#000000;font-size:10pt;">10</font><font style="display: inline;color:#000000;font-size:10pt;"> to </font><font style="display: inline;color:#000000;font-size:10pt;">25</font><font style="display: inline;color:#000000;font-size:10pt;"> year terms although certain agreements may be terminated by either party on certain anniversary dates specified in the agreements. Further, each agreement provides for early termination fees in the event the agreement is terminated before the stated term. Franchise fee expense totaled </font><font style="display: inline;color:#000000;font-size:10pt;">$982</font><font style="display: inline;color:#000000;font-size:10pt;"> and </font><font style="display: inline;color:#000000;font-size:10pt;">$1,227</font><font style="display: inline;color:#000000;font-size:10pt;"> for the three months ended </font><font style="display: inline;color:#000000;font-size:10pt;">March 31</font><font style="display: inline;color:#000000;font-size:10pt;">, 20</font><font style="display: inline;color:#000000;font-size:10pt;">20 and 2019</font><font style="display: inline;color:#000000;font-size:10pt;">, respectively</font><font style="display: inline;color:#000000;font-size:10pt;">,</font><font style="display: inline;color:#000000;font-size:10pt;"> all of which was included as hotel and property operations</font><font style="display: inline;color:#000000;font-size:10pt;"> expense.</font>
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<font style="display: inline;color:#000000;font-size:10pt;">The franchisor of </font><font style="display: inline;color:#000000;font-size:10pt;">two</font><font style="display: inline;color:#000000;font-size:10pt;"> of ou</font><font style="display: inline;color:#000000;font-size:10pt;">r hotels advised us in </font><font style="display: inline;color:#000000;font-size:10pt;">2019 that both of the hotels have dropped below the required level for guest satisfaction surveys, and that if the hotels do not achieve compliance, it reserves the right to elect to terminate the relevant franchise agreement. The Company is actively addressing the matter relating to the surveys and has plans in place which it believes will resolve these issues.</font>
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<font style="display: inline;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;">Leases</font>
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<font style="display: inline;color:#000000;font-size:10pt;">The Company has </font><font style="display: inline;color:#000000;font-size:10pt;">no</font><font style="display: inline;color:#000000;font-size:10pt;"> land lease agreements in place related to properties owned at </font><font style="display: inline;color:#000000;font-size:10pt;">March 31, 2020</font><font style="display: inline;color:#000000;font-size:10pt;">.</font>
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<font style="display: inline;color:#000000;font-size:10pt;">The Company entered into </font><font style="display: inline;color:#000000;font-size:10pt;">three</font><font style="display: inline;color:#000000;font-size:10pt;"> new office lease agreements in 2016, replacing all existing office lease agreements</font><font style="display: inline;color:#000000;font-size:10pt;">. Each of these office leases expired in 2019 with space currently being rented month to month</font><font style="display: inline;color:#000000;font-size:10pt;">. Office lease expense totaled </font><font style="display: inline;color:#000000;font-size:10pt;">$13</font><font style="display: inline;color:#000000;font-size:10pt;"> </font><font style="display: inline;color:#000000;font-size:10pt;">and </font><font style="display: inline;color:#000000;font-size:10pt;">$39</font><font style="display: inline;color:#000000;font-size:10pt;"> </font><font style="display: inline;color:#000000;font-size:10pt;">in</font><font style="display: inline;color:#000000;font-size:10pt;"> </font><font style="display: inline;color:#000000;font-size:10pt;">the three months ended </font><font style="display: inline;color:#000000;font-size:10pt;">March 31</font><font style="display: inline;color:#000000;font-size:10pt;">, 20</font><font style="display: inline;color:#000000;font-size:10pt;">20 and 2019</font><font style="display: inline;color:#000000;font-size:10pt;">,</font><font style="display: inline;color:#000000;font-size:10pt;"> respectively, </font><font style="display: inline;color:#000000;font-size:10pt;">and is included in</font><font style="display: inline;color:#000000;font-size:10pt;"> general and administrative expense. The Company also has in place operating leases for miscellaneous equipment at its hotel properties.</font>
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<font style="display: inline;color:#000000;font-size:10pt;">The maturity of the lease liabilities for the Company’s operating leases is as follows:</font>
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<font style="display: inline;font-weight:bold;font-size:9pt;"></font><font style="display: inline;font-weight:bold;font-size:9pt;">Maturity of lease liabilities</font></p>
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<font style="display: inline;font-weight:bold;font-size:9pt;"></font><font style="display: inline;font-weight:bold;font-size:9pt;">Year ended December 31,</font></p>
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<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Remainder of 2020</font></p>
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<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
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<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">2021</font></p>
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<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">2022</font></p>
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<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">2023</font></p>
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<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">2024</font></p>
</td>
<td valign="bottom" style="width:03.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">4
</td>
</tr>
<tr>
<td valign="bottom" style="width:79.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Thereafter</font></p>
</td>
<td valign="bottom" style="width:03.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">26
</td>
</tr>
<tr>
<td valign="bottom" style="width:79.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Total lease payments</font></p>
</td>
<td valign="bottom" style="width:03.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:16.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">91
</td>
</tr>
<tr>
<td valign="bottom" style="width:79.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Less: Imputed interest</font></p>
</td>
<td valign="bottom" style="width:03.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(15)
</td>
</tr>
<tr>
<td valign="bottom" style="width:79.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Present value of lease liabilities</font></p>
</td>
<td valign="bottom" style="width:03.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:16.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">76
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;">Litigation</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">Various claims and legal proceedings arise in the ordinary course of business and may be pending against the Company and its properties. We are not currently involved in any material litigation, nor, to our knowledge, is any material litigation threatened against us. The Company has insurance to cover potential material losses and we believe it is not reasonably possible that such matters will have a material impact on our financial condition or results of operations.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">On August 20, 2019, a putative class action complaint was filed against the Company and each of the Company directors, operating partnership, NHT Parent, NHT Merger Sub and NHT Merger Op, in the United States District Court for the District of Delaware under the caption Graham v. Condor Hospitality Trust, Inc., et al., Civil Action No. 1:19-cv-01552. The case was voluntarily dismissed by plaintiffs on January 28, 2020.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">A second putative class action complaint was filed on August 23, 2019 against the Company and each of the Company directors, the Operating Partnership, Parent, Merger Sub and Merger OP in the United States District Court for the District of Delaware under the caption Sabatini v. Condor Hospitality Trust, Inc., et al., Civil Action No. 1:19-cv-01564. These complaints asserted claims, purportedly brought on behalf of a class of shareholders, under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 14a-9, and alleged that the preliminary proxy statement filed by the Company with the Securities and Exchange Commission (“SEC”) on Schedule 14A on August 9, 2019 (the “Preliminary Proxy Statement”) contained materially incomplete and misleading disclosures. Each of the complaints sought, among other things, injunctive relief enjoining defendants from taking steps to consummate the proposed transactions and damages, along with fees and costs. The case was voluntarily dismissed by plaintiffs on January 28, 2020. </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">On August 26, 2019, a putative class action was filed against the Company and each of the Company’s directors in the United States District Court for the Southern District of New York under the caption Raul v. Condor Hospitality Trust, Inc., et al., Civil Action No. 1:19-cv-07968. The complaint asserted claims, purportedly brought on behalf of a class of shareholders, under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 14a-9 and alleged that the Preliminary Proxy Statement contained materially incomplete and misleading disclosures. The complaint sought, among other things, injunctive relief enjoining defendants from taking steps to consummate the proposed transaction and damages, along with fees and costs. The case was voluntarily dismissed by plaintiffs on November 19, 2019. </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">Pursuant to a Confidential Memorandum of Understanding dated September 16, 2019 between the plaintiffs in the above three actions and the Company, if the parties do not resolve any claim for fees and expenses related to the dismissed actions, the plaintiff may assert claims for fees, if at all, in the United States District Court of the District of Delaware.</font>
</p>
<p><font size="1"> </font></p>
</div> </div>
0.195
0.01
0.01
200000000
200000000
11993608
11996289
120000
120000
0.53
0.15
0.26
1080000
1080000
1040000
1040000
1040000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:31.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font></p>
</td>
<td valign="bottom" style="width:03.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:19.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font></p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Fair value as of March 31, 2020</font></p>
</td>
<td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Unpaid principal balance as of March 31, 2020</font></p>
</td>
<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Fair value carrying amount over/(under) unpaid principal</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font><font style="display: inline;color:#000000;font-size:10pt;">6.25%</font><font style="display: inline;color:#000000;font-size:10pt;"> Convertible Debt</font></p>
</td>
<td valign="bottom" style="width:03.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:17.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"> 1,040</font></p>
</td>
<td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:19.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"> 1,012</font></p>
</td>
<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:16.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"> 28</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font></p>
</td>
<td valign="bottom" style="width:03.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:19.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
<font style="display: inline;"></font>
</p>
<p><font size="1"> </font></p>
</div> </div>
1012000
9793000
1227000
9815000
982000
13825000
13862000
97269
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;text-indent:0pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:CG Times;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:CG Times;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:10pt;">NOTE 7. </font><font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:10pt;">CONVERTIBLE DEBT AT FAIR VALUE</font>
</p>
<p style="margin:0pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:CG Times;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
<font style="display: inline;font-size:10pt;">As part of an Exchange A</font><font style="display: inline;font-size:10pt;">greement entered into on March 16, 2016 with Real Estate Strate</font><font style="display: inline;font-size:10pt;">gies, L.P. (“RES”, which also includes affiliated entities)</font><font style="display: inline;font-size:10pt;">, the Company issued to RES a Convertible Promissory Note (the “Note”), bearing interest at </font><font style="display: inline;font-size:10pt;">6.25%</font><font style="display: inline;font-size:10pt;"> per annum, in the principal amount of </font><font style="display: inline;font-size:10pt;">$1,012</font><font style="display: inline;font-family:Calibri;">. </font><font style="display: inline;font-size:10pt;">The</font><font style="display: inline;font-size:10pt;"> Note </font><font style="display: inline;font-size:10pt;">is convertible </font><font style="display: inline;font-size:10pt;">directly into </font><font style="display: inline;font-size:10pt;">97,269</font><font style="display: inline;font-size:10pt;"> shares of common stock at any time at the option of RES or automatically when the</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">Series E Preferred Stock </font><font style="display: inline;font-size:10pt;">is required to be converted or is redeemed in whole (see Note 10). </font><font style="display: inline;font-size:10pt;">The Note is not convertible to the extent that a conversion would cause </font><font style="display: inline;font-size:10pt;">RES, together with its affiliates, </font><font style="display: inline;font-size:10pt;">to</font><font style="display: inline;font-size:10pt;"> beneficially own more than </font><font style="display: inline;font-size:10pt;">49%</font><font style="display: inline;font-size:10pt;"> of the voting stock of the Company</font><font style="display: inline;font-size:10pt;"> at the time of the conversion. Any conversion</font><font style="display: inline;font-size:10pt;"> reduce</font><font style="display: inline;font-size:10pt;">s</font><font style="display: inline;font-size:10pt;"> the principal amount of the Note proportionally. </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 11pt">
<font style="display: inline;font-size:10pt;">The Company has made an irrev</font><font style="display: inline;font-size:10pt;">ocable election to record this convertible d</font><font style="display: inline;font-size:10pt;">ebt in its entirety at </font><font style="display: inline;font-size:10pt;">fair value utilizing the fair value option available under U.S. GAAP in order to more accurately reflect the economic value of this Note. As such, gains and losses on the Note are included in net gain on derivatives and convertible debt within net earnings each reporting period. Gains (losses) related to this Note were recognized </font><font style="display: inline;font-size:10pt;">totaling </font><font style="display: inline;font-size:10pt;">$40</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">($48)</font><font style="display: inline;font-size:10pt;"> duri</font><font style="display: inline;font-size:10pt;">ng the three months ended </font><font style="display: inline;font-size:10pt;">March 31</font><font style="display: inline;font-size:10pt;">, 20</font><font style="display: inline;font-size:10pt;">20 and 2019</font><font style="display: inline;font-size:10pt;">, respectively</font><font style="display: inline;font-size:10pt;">. </font><font style="display: inline;font-size:10pt;">The fair value of the Note is determined using a trinomial lattice</font><font style="display: inline;font-size:10pt;">-based model, which is a generally accepted computational model typically used for pricing options. The fair value of the Note on the date of issuance was determined to be equal to its principal amount. Interest expense</font><font style="display: inline;font-size:10pt;"> related to this Note is recorded separately from other changes in its fair value within interest expense each period</font><font style="display: inline;">.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table represent</font><font style="display: inline;font-size:10pt;">s</font><font style="display: inline;font-size:10pt;"> the difference between the fair value and the unpaid principal balance of the Note as of </font><font style="display: inline;font-size:10pt;">March 31, 2020</font><font style="display: inline;font-size:10pt;">:</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:31.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font></p>
</td>
<td valign="bottom" style="width:03.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:19.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font></p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Fair value as of March 31, 2020</font></p>
</td>
<td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Unpaid principal balance as of March 31, 2020</font></p>
</td>
<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Fair value carrying amount over/(under) unpaid principal</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font><font style="display: inline;color:#000000;font-size:10pt;">6.25%</font><font style="display: inline;color:#000000;font-size:10pt;"> Convertible Debt</font></p>
</td>
<td valign="bottom" style="width:03.42%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:17.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"> 1,040</font></p>
</td>
<td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:19.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"> 1,012</font></p>
</td>
<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:16.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"> 28</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:31.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font></p>
</td>
<td valign="bottom" style="width:03.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:19.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;line-height:107.92%;font-size: 5pt">
<font style="display: inline;font-size:5pt;"></font>
</p>
<p><font size="1"> </font></p>
</div> </div>
0.0200
0.0300
0.0125
0.0225
0.0239
0.0125
0.0225
0.02053
0.0335
0.0225
0.0325
0.0125
0.0225
135357000
178151000
178151000
13.845
30-day LIBOR
30-day LIBOR
30-day LIBOR
1012000
34080000
134001000
134288000
176725000
178643000
0.0397
0.0484
0.0305
0.0025
0.0625
0.0625
0.0444
0.0433
0.0454
0.0433
2022-11-30
2021-04-30
2021-12-31
2020-05-01
2024-08-31
2021-12-31
2020-05-08
2021-04-01
1356000
1426000
180000
-333000
2476000
2362000
2710000
2362000
2710000
22000
22000
0.0025
0.005
2017-11-01
2019-04-01
366000
1143000
2022-11-30
2020-10-01
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">NOTE 8. </font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"> FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">Our determination of fair value measurements is based on the assumptions that market participants would use in pricing the asset or liability.</font><font style="display: inline;color:#000000;font-size:10pt;"> At </font><font style="display: inline;color:#000000;font-size:10pt;">March 31, 2020</font><font style="display: inline;color:#000000;font-size:10pt;">, the Compan</font><font style="display: inline;color:#000000;font-size:10pt;">y’s convertible debt (see Note 7</font><font style="display: inline;color:#000000;font-size:10pt;">) and certain derivative instruments were the only financial instruments measured in the financial statements at fair value on a recurring basis. Nonrecurring fair value measurements were utilized </font><font style="display: inline;color:#000000;font-size:10pt;">in the determination of the fair value of acquired property in 2020 (see Note 3), </font><font style="display: inline;color:#000000;font-size:10pt;">in the valuation of </font><font style="display: inline;color:#000000;font-size:10pt;">the stock-based compensation grants (see Note 12), and in the assessment of </font><font style="display: inline;color:#000000;font-size:10pt;">impaired</font><font style="display: inline;color:#000000;font-size:10pt;"> and potentially impaired</font><font style="display: inline;color:#000000;font-size:10pt;"> hotels </font><font style="display: inline;color:#000000;font-size:10pt;">during</font><font style="display: inline;color:#000000;font-size:10pt;"> the three</font><font style="display: inline;color:#000000;font-size:10pt;"> months ended</font><font style="display: inline;color:#000000;font-size:10pt;"> </font><font style="display: inline;color:#000000;font-size:10pt;">March 31, 2020 and 2019</font><font style="display: inline;color:#000000;font-size:10pt;">.</font><font style="display: inline;color:#000000;font-size:10pt;"> </font><font style="display: inline;color:#000000;font-size:10pt;">No</font><font style="display: inline;color:#000000;font-size:10pt;"> impairments or recoveries of impairment were recognized during the three months ended March 31, 2020 or March 31, 2019.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;">Derivative Instruments</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-style:italic;color:#000000;font-size:8pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">C</font><font style="display: inline;font-size:10pt;">urrently, the Company uses derivatives, such as interest rate swaps and caps, to manage its interest rate risk. The fair value of interest rate positions is determined using the standard market methodology of netting discounted expected future cash receipts and payments. Variable interest rates used in the calculation of projected receipts and payments on the positions are based on expectations of future interest rates derived from observable market interest rate curves and volatilities. Derivatives expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the agreements. The Company believes it minimizes this credit risk by transacting with major creditworthy financial institutions. These interest rate positions at </font><font style="display: inline;font-size:10pt;">March 31, 2020 and December 31, 2019</font><font style="display: inline;font-size:10pt;"> are as follows:</font>
</p>
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<font style="text-indent:0pt;margin-left:0pt; padding-right:43.8pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-size:10pt;"></font></font>
</p>
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<tr>
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<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font></p>
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<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
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<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
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<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
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<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
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<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
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<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
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<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
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<td valign="bottom" style="width:11.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
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<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
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<td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
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<tr>
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<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Associated debt</font></p>
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<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Type</font></p>
</td>
<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:31.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Terms</font></p>
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<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
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<td valign="bottom" style="width:09.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Effective Date</font></p>
</td>
<td valign="bottom" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Maturity Date</font></p>
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<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Notional amount at March 31, 2020</font></p>
</td>
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<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Notional amount at December 31, 2019</font></p>
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<tr>
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<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;"></font><font style="display: inline;color:#000000;font-size:8pt;">Wells Fargo</font></p>
</td>
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<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:03.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">Swap</font></p>
</td>
<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:31.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">Swaps </font><font style="display: inline;color:#000000;font-size:8pt;">30-day LIBOR</font><font style="display: inline;color:#000000;font-size:8pt;"> for fixed rate of </font><font style="display: inline;color:#000000;font-size:8pt;">2.053%</font></p>
</td>
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<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:09.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">11/2017</font></p>
</td>
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<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:09.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">11/2022</font></p>
</td>
<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:01.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">$</font></p>
</td>
<td valign="top" style="width:11.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">25,499</font><font style="display: inline;color:#000000;font-size:8pt;font-size:4pt;vertical-align:super;line-height:107.92%"> (1)</font></p>
</td>
<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:01.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">$</font></p>
</td>
<td valign="top" style="width:12.18%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">25,612</font><font style="display: inline;color:#000000;font-size:8pt;font-size:4pt;vertical-align:super;line-height:107.92%"> (1)</font></p>
</td>
</tr>
<tr>
<td valign="top" style="width:13.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;"></font><font style="display: inline;color:#000000;font-size:8pt;">Credit facility</font></p>
</td>
<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">Cap</font></p>
</td>
<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:31.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">Caps </font><font style="display: inline;color:#000000;font-size:8pt;">30-day LIBOR</font><font style="display: inline;color:#000000;font-size:8pt;"> at </font><font style="display: inline;color:#000000;font-size:8pt;">3.35%</font></p>
</td>
<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:09.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">4/1/2019</font></p>
</td>
<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">10/2020</font></p>
</td>
<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">$</font></p>
</td>
<td valign="top" style="width:11.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">30,000
</td>
<td valign="top" style="width:00.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:01.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8pt;">$</font></p>
</td>
<td valign="top" style="width:12.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">30,000
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
<font style="display: inline;"></font>
</p>
<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
<p style="line-height:100%;font-family:Times New Roman;font-size: 8pt;margin:0pt;">
<font style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size:8pt;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="line-height:100%;font-family:Times New Roman;font-size: 8pt;margin:0pt;">
<a name="_56be88ba3b2b485583301e847876546b"></a><a name="_59611389de404fe1ad3f2436377e4f66"></a><a name="_cde052e524f9463f94f6f4a1e8e169b9"></a><a name="_32ab7265d435448a838b5a00f06817a8"></a><a name="_670da29703ff455fb4a411ed212cc43f"></a><a name="_654f0a93993549bf981aee801a36832e"></a><a name="_7954e59f26ab468e84e789dfc8b9f7ac"></a><a name="_4613ab72ae24460d90b76ab1e04b8679"></a><a name="_49d67ca9a1764389a3007d1a662cd5ae"></a><a name="_56dec77ab3ef409d8619ddc20398dece"></a><a name="_dee53f3afaf54a17b7d74fabf556ff19"></a><a name="_a0a8c6d9c3044ce39011f45eb632888e"></a><a name="_57f8df6b945b47b0be2b17767ad30504"></a><a name="_b414f8fb563d4693910a20739a7077b6"></a><a name="_3ef560497a494cd18a357dd2a21c51ad"></a><a name="_8bb2ceba4b49412f9fbefc0bc3e5183d"></a><a name="_cd27f8449ae243ce80a9070073966465"></a><a name="_f1af4fcdcdb04892b75291022312a872"></a><a name="_5f7aa707a00944c593cd9a96fb371c12"></a><a name="_3fe01bf62f024decb0d82d802a844890"></a><a name="_f2fbc6017a714afea1acb0ce612848c5"></a><a name="_0d6a9bd383f4403ba9bba39fa0e7aa82"></a><a name="_3ef5f87239204480bdd89902a5dadeb7"></a><a name="_389fa24b59794655a2a385704352f50b"></a><a name="_c533878267c94df9ac3ea273eabbde6a"></a><a name="_e50908d5c2a94c3b8a5c32c4b6b2ccfc"></a><a name="_76bf56f9f5384009bf0eaf446bcd64bb"></a><a name="_6209969bb3c94c8d89735ec87f301661"></a><a name="_cdab078e7c8a4d1cbd6e70bc84a028ac"></a><a name="_b6dbff6647414572b8f5a12ba9e1b10e"></a><a name="_cc6e0d2e1184402eb26f08b9c4566d37"></a><a name="_d6466cb2d8b8404f9c7bea4e4c5268e1"></a><a name="_5e01ecc9e9864259ac5db64ec6ab39a4"></a><a name="_ae1f1abf4bff441b8033f818554db943"></a><font style="display: inline;font-size:8pt;color:#000000;">Notional amount amortizes consistently with the principal amortization of the associated loan.</font></p></td></tr></table></div>
<p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">Additionally, included in the Series</font><font style="display: inline;font-size:10pt;color:#000000;"> E Preferred Stock issued on March 1, 2017 is a redemption right that allows the Company to redeem up to a total of </font><font style="display: inline;font-size:10pt;color:#000000;">490,250</font><font style="display: inline;font-size:10pt;color:#000000;"> shares of Series E Preferred Stock for specific percentages of its liquidation preference (see Note 10). </font><font style="display: inline;font-size:10pt;color:#000000;">This option requires bifurcation and as such is treated as a separate derivative instrument.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">All derivatives recognized by the Company are reported as</font><font style="display: inline;font-size:10pt;color:#000000;"> </font><font style="display: inline;font-size:10pt;color:#000000;">derivative </font><font style="display: inline;font-size:10pt;color:#000000;">assets or liabilities </font><font style="display: inline;font-size:10pt;color:#000000;">on the consolidated balance sheet</font><font style="display: inline;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-size:10pt;color:#000000;"> and are adjusted to their fair</font><font style="display: inline;font-size:10pt;color:#000000;"> value at each reporting date. </font><font style="display: inline;font-size:10pt;color:#000000;">All gains and losses on derivative instruments are </font><font style="display: inline;font-size:10pt;color:#000000;">included in net gain on derivatives and convertible debt and with the exception of realized gains and losses related to the interest </font><font style="display: inline;font-size:10pt;color:#000000;">rate instruments, which are included in interest expense on the consolidated statements of </font><font style="display: inline;font-size:10pt;color:#000000;">operations. Net losses</font><font style="display: inline;font-size:10pt;color:#000000;"> of </font><font style="display: inline;font-size:10pt;color:#000000;">$799</font><font style="display: inline;font-size:10pt;color:#000000;"> and </font><font style="display: inline;font-size:10pt;color:#000000;">$189</font><font style="display: inline;font-size:10pt;color:#000000;"> for the th</font><font style="display: inline;font-size:10pt;color:#000000;">ree months ended </font><font style="display: inline;font-size:10pt;color:#000000;">March 31, 2020 and 2019</font><font style="display: inline;font-size:10pt;color:#000000;">, respectively</font><font style="display: inline;font-size:10pt;color:#000000;">, </font><font style="display: inline;font-size:10pt;color:#000000;">were recognized related to derivative instruments.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;color:#000000;">Recurring Fair Value Measurements</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">The following tables provide the fair value of the Company’s financial </font><font style="display: inline;font-size:10pt;color:#000000;">assets and (</font><font style="display: inline;font-size:10pt;color:#000000;">liabilities</font><font style="display: inline;font-size:10pt;color:#000000;">)</font><font style="display: inline;font-size:10pt;color:#000000;"> carried at fair value and measured on a recurring basis:</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 1pt">
<font style="display: inline;color:#000000;font-size:1pt;"></font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;color:#000000;"></font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"></font></p>
</td>
<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Fair value at</font></p>
</td>
<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"></font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">March 31, 2020</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Level 1</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Level 2</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Level 3</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"></font><font style="display: inline;font-size:10pt;color:#000000;">Interest rate derivatives</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:16.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">(1,143)
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"> -</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">(1,143)
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"> -</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"></font><font style="display: inline;font-size:10pt;color:#000000;">Series E Preferred embedded redemption option</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"> -</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"> -</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"> -</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"> -</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"></font><font style="display: inline;font-size:10pt;color:#000000;">Convertible debt</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">(1,040)
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"> -</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"> -</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">(1,040)
</td>
</tr>
<tr>
<td valign="bottom" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"></font><font style="display: inline;font-size:10pt;color:#000000;">Total</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:16.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">(2,183)
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"> -</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">(1,143)
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">(1,040)
</td>
</tr>
<tr>
<td valign="bottom" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"></font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.88%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 2pt">
<font style="display: inline;color:#000000;font-size:2pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 2pt">
<font style="display: inline;color:#000000;font-size:2pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 2pt">
<font style="display: inline;color:#000000;font-size:2pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 2pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:2pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 1pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:1pt;"></font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;color:#000000;"></font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="top" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"></font></p>
</td>
<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Fair value at</font></p>
</td>
<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"></font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">December 31, 2019</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Level 1</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Level 2</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Level 3</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"></font><font style="display: inline;font-size:10pt;color:#000000;">Interest rate derivatives</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:16.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">(366)
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"> -</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">(366)
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"> -</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"></font><font style="display: inline;font-size:10pt;color:#000000;">Series E Preferred embedded redemption option</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">22
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"> -</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"> -</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">22
</td>
</tr>
<tr>
<td valign="bottom" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"></font><font style="display: inline;font-size:10pt;color:#000000;">Convertible debt</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">(1,080)
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"> -</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"> -</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">(1,080)
</td>
</tr>
<tr>
<td valign="bottom" style="width:42.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"></font><font style="display: inline;font-size:10pt;color:#000000;">Total</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:16.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">(1,424)
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"> -</font></p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">(366)
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.74%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">(1,058)
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">There were </font><font style="display: inline;color:#000000;font-size:10pt;">no</font><font style="display: inline;color:#000000;font-size:10pt;"> transfers between levels during</font><font style="display: inline;color:#000000;font-size:10pt;"> the three</font><font style="display: inline;color:#000000;font-size:10pt;"> months </font><font style="display: inline;color:#000000;font-size:10pt;">ended </font><font style="display: inline;color:#000000;font-size:10pt;">March 31, 2020 or 2019</font><font style="display: inline;color:#000000;font-size:10pt;">.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">The following table</font><font style="display: inline;color:#000000;font-size:10pt;"> presents</font><font style="display: inline;color:#000000;font-size:10pt;"> a reconciliation of the beginning and ending balances of items measured at fair value on a recurring basis that use significant unobservable inputs (Level 3) and the related gains</font><font style="display: inline;color:#000000;font-size:10pt;"> and losses </font><font style="display: inline;color:#000000;font-size:10pt;">recorded in the consolidated statements of operations during the period</font><font style="display: inline;color:#000000;font-size:10pt;">s</font><font style="display: inline;color:#000000;font-size:10pt;">:</font>
</p>
<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 1pt">
<font style="display: inline;color:#000000;font-size:1pt;"></font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;color:#000000;"></font></p>
</td>
<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;"></font></p>
</td>
<td colspan="17" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Three months ended March 31,</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;"></font></p>
</td>
<td colspan="8" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">2020</font></p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">2019</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;"></font></p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Series E Preferred embedded redemption option</font></p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Convertible debt</font></p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Total</font></p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Series E Preferred embedded redemption option</font></p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Convertible debt</font></p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;color:#000000;">Total</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;"></font><font style="display: inline;font-size:8pt;color:#000000;">Fair value, beginning of period</font></p>
</td>
<td valign="bottom" style="width:01.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">22
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(1,080)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(1,058)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">289
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(1,000)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(711)
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;"></font><font style="display: inline;font-size:8pt;color:#000000;">Net gains (losses) recognized in earnings</font></p>
</td>
<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(22)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">40
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">18
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">67
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(48)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">19
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;"></font><font style="display: inline;font-size:8pt;color:#000000;">Fair value, end of period</font></p>
</td>
<td valign="bottom" style="width:01.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;"> -</font></p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(1,040)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(1,040)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">356
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(1,048)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(692)
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;"></font></p>
</td>
<td valign="bottom" style="width:01.46%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;"></font><font style="display: inline;font-size:8pt;color:#000000;">Total unrealized gains (losses) during the period included in earnings related to instruments held at end of period</font></p>
</td>
<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(22)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">40
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">18
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">67
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(48)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">19
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;color:#000000;"></font></p>
</td>
<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;line-height:107.92%;font-size: 6pt">
<font style="display: inline;font-size:6pt;color:#000000;"></font>
</p>
<p style="margin:0pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;color:#000000;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 1pt">
<font style="display: inline;font-weight:bold;font-style:italic;color:#000000;font-size:1pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;">Fair Value of Long-Term Debt</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of debt obligati</font><font style="display: inline;color:#000000;font-size:10pt;">ons with similar credit risks</font><font style="display: inline;color:#000000;font-size:10pt;">. Credit spreads take into consideration general market conditions and maturity. The inputs utilized in estimating the fair value of debt are classified in Level </font><font style="display: inline;color:#000000;font-size:10pt;">2 of the fair value hierarchy. Both t</font><font style="display: inline;color:#000000;font-size:10pt;">he carrying value</font><font style="display: inline;color:#000000;font-size:10pt;"> </font><font style="display: inline;color:#000000;font-size:10pt;">and estimated fair value of</font><font style="display: inline;color:#000000;font-size:10pt;"> the Company’s long-term debt are</font><font style="display: inline;color:#000000;font-size:10pt;"> presented</font><font style="display: inline;color:#000000;font-size:10pt;"> net of deferred financing costs</font><font style="display: inline;color:#000000;font-size:10pt;"> in the table below:</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 1pt">
<font style="display: inline;color:#000000;font-size:1pt;"></font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;color:#000000;"></font></p>
</td>
<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-size:9pt;color:#000000;"></font></p>
</td>
<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;font-size:9pt;color:#000000;">Carrying value as of</font></p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;font-size:9pt;color:#000000;">Estimated fair value as of</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-size:9pt;color:#000000;"></font></p>
</td>
<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;font-size:9pt;color:#000000;">March 31, 2020</font></p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;font-size:9pt;color:#000000;">December 31, 2019</font></p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;font-size:9pt;color:#000000;">March 31, 2020</font></p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;font-size:9pt;color:#000000;">December 31, 2019</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-size:9pt;color:#000000;"></font><font style="display: inline;font-size:9pt;color:#000000;">Total</font></p>
</td>
<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-size:9pt;color:#000000;">$</font></p>
</td>
<td valign="bottom" style="width:15.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">176,725
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:15.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">134,001
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:16.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">178,643
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:15.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">134,288
</td>
</tr>
<tr>
<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;color:#000000;"></font></p>
</td>
<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:15.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;color:#000000;"></font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:33.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:26.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:26.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Three months ended March 31,</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">2020</font></p>
</td>
<td valign="bottom" style="width:03.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">2019</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Rooms</font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:26.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">12,526
</td>
<td valign="bottom" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:26.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">15,151
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Food and beverages</font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:26.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">349
</td>
<td valign="bottom" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:26.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">359
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Other</font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:26.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">352
</td>
<td valign="bottom" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:26.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">393
</td>
</tr>
<tr>
<td valign="bottom" style="width:33.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Total revenue</font></p>
</td>
<td valign="bottom" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:26.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">13,227
</td>
<td valign="bottom" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:26.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">15,903
</td>
</tr>
</table></div>
<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
<font style="display: inline;"></font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">NOTE 12. STOCK-BASED COMPENSATION</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The Company currently has in place the Condor 2016 Stock Plan, which was approved by the Company’s shareholders at the annual shareholders meeting on June 15, 2016. The 2016 Stock Plan authorizes the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, deferred stock units, and other forms of stock-based compensation. The maximum number of shares of the Company’s common stock that may be issued under the 2016 Stock Plan is </font><font style="display: inline;font-size:10pt;">761,538</font><font style="display: inline;font-size:10pt;"> following an amendment to the plan to increase the number of available shares by </font><font style="display: inline;font-size:10pt;">300,000</font><font style="display: inline;font-size:10pt;"> that was approved by shareholders on May 17, 2018 at the annual meeting of shareholders. As of </font><font style="display: inline;font-size:10pt;">March 31, 2020</font><font style="display: inline;font-size:10pt;">, there were </font><font style="display: inline;font-size:10pt;">507,140</font><font style="display: inline;font-size:10pt;"> common shares available for issuance under the 2016 Stock Plan.</font>
</p>
<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:CG Times;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font>
</p>
<p style="margin:0pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:CG Times;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basi</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">s over the requisite service period. Stock</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of our stock, expected dividend yield, expected term, and assumptions of whether these awards will achieve performance thresholds. We believe that the assumptions and estimates utilized are appropriate based on the information available to management</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> at the point of measurement. </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Compensation cost is recognized</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> as additional paid-in capital for awards of the Company’s common stock</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">. The Company has elected to account for forfeitures of stock-based compensation as they occur.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:CG Times;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;">Service Condition Share Awards</font>
</p>
<p style="margin:0pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:CG Times;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">From time to time, the Company awards restricted shares of common stock to employees, officers, and members of the Board of Directors under the 2016 Stock Plan. These shares generally vest ratably over </font><font style="display: inline;font-size:10pt;">five</font><font style="display: inline;font-size:10pt;"> years for employees and officers and </font><font style="display: inline;font-size:10pt;">three</font><font style="display: inline;font-size:10pt;"> years for members of the Board of Directors based on continued service or employment. </font><font style="display: inline;font-size:10pt;">Dividends paid on these restricted shares during the vesting period are not forfeited in the event that the shares fail to vest. The following table presents a summary of the service condition unvested share activity for the three months ended March 31, 2020 and 2019:</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font></p>
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font></p>
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="9" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">For the three months ended March 31,</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font></p>
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="4" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">2020</font></p>
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="4" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">2019</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;"></font></p>
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Shares</font></p>
</td>
<td valign="bottom" style="width:02.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Weighted-average grant date fair value</font></p>
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Shares</font></p>
</td>
<td valign="bottom" style="width:02.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">Weighted-average grant date fair value</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font><font style="display: inline;color:#000000;font-size:10pt;">Unvested at December 31</font></p>
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">46,682
</td>
<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">10.16
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">76,500
</td>
<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">10.48
</td>
</tr>
<tr>
<td valign="bottom" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font><font style="display: inline;color:#000000;font-size:10pt;">Granted</font></p>
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">1,216
</td>
<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">11.04
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">18,443
</td>
<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">8.24
</td>
</tr>
<tr>
<td valign="bottom" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font><font style="display: inline;color:#000000;font-size:10pt;">Vested</font></p>
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">(5,547)
</td>
<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">10.03
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">(8,559)
</td>
<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">10.46
</td>
</tr>
<tr>
<td valign="bottom" style="width:34.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font><font style="display: inline;color:#000000;font-size:10pt;">Unvested at March 31</font></p>
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">42,351
</td>
<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">10.20
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">86,384
</td>
<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:03.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">$</font></p>
</td>
<td valign="bottom" style="width:13.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">10.00
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The fair value of the </font><font style="display: inline;font-size:10pt;">service co</font><font style="display: inline;font-size:10pt;">ndition unvested share awards was</font><font style="display: inline;font-size:10pt;"> determined based on the closing price of the Company’s common stock on the grant date.</font><font style="display: inline;font-size:10pt;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Market Based Share </font><font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Awards</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Pursuant to an amendment of an employment agreement o</font><font style="display: inline;font-size:10pt;">n June 28, 2017,</font><font style="display: inline;font-size:10pt;"> an executive officer may earn shares of common stock if certain market share prices of common stock are attained. Any such shares, if earned, will be issued under the 2016 Stock Plan or another shareholder approved plan. The executive officer will earn and be issued </font><font style="display: inline;font-size:10pt;">36,692</font><font style="display: inline;font-size:10pt;"> common shares each time stock market price targets of </font><font style="display: inline;font-size:10pt;">$11.00</font><font style="display: inline;font-size:10pt;"> to </font><font style="display: inline;font-size:10pt;">$18.00</font><font style="display: inline;font-size:10pt;"> (in </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> dollar increments) per common share are first achieved prior to </font><font style="display: inline;font-size:10pt;">March 31, 2022</font><font style="display: inline;font-size:10pt;"> based on the weighted-average common stock price for </font><font style="display: inline;font-size:10pt;">60</font><font style="display: inline;font-size:10pt;"> consecutive trading days. Additionally, the shares vest to the extent of the value received per share of common stock in connection with a change in control, with the payout in such case to be prorated for the portion of the value above a stock market price target but below the next stock market price target. </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The compensation cost related to awards </font><font style="display: inline;font-size:10pt;">that are</font><font style="display: inline;font-size:10pt;"> contingent upon achieving a market based criteria is measured at the fair value of the award on the date of gran</font><font style="display: inline;font-size:10pt;">t</font><font style="display: inline;font-size:10pt;"> using the Monte Carlo simulation, including consideration of the market criteria, and amortized on a straight line basis over the derived performance period which is also estimated using this model.</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">The Monte Carlo simulation method is a generally accepted statistical method used to generate a defined number of stock price paths in order to develop a reasonable estimate of the range of future expected stock prices of the Company</font><font style="display: inline;font-size:10pt;"> and its peer group and minimize standard error. </font><font style="display: inline;font-size:10pt;">The total </font><font style="display: inline;font-size:10pt;">grant date fair value of this market based share award, including additional value assessed at the time of subsequent amendment of the award, </font><font style="display: inline;font-size:10pt;">was </font><font style="display: inline;font-size:10pt;">$1,380</font><font style="display: inline;font-size:10pt;">. </font>
</p>
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<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Performance Based Share Awards</font>
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<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;"></font>
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<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Pursuant to an amendment of an employment agreement on June 28, 2017, an executive officer may earn shares of common stock if certain operating results of the Company are obtained</font><font style="display: inline;font-size:10pt;">. Any such shares, if earned, will be issued under the 2016 Stock Plan or another shareholder approved plan</font><font style="display: inline;font-size:10pt;">. For each of the Company’s fiscal years 2017 through </font><font style="display: inline;font-size:10pt;">2021</font><font style="display: inline;font-size:10pt;">, if the Company achieves between </font><font style="display: inline;font-size:10pt;">85%</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">101%</font><font style="display: inline;font-size:10pt;"> of budgeted Funds from Operations (“FFO”) as approved by the Board of Directors, the executive shall earn and be issued between </font><font style="display: inline;font-size:10pt;">11,741</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">19,569</font><font style="display: inline;font-size:10pt;"> shares of common stock, determined on a straight-line basis based on the percentage of budgeted FFO achieved. In addition, for any fiscal year in which the Company achieves in excess of </font><font style="display: inline;font-size:10pt;">101%</font><font style="display: inline;font-size:10pt;"> of </font><font style="display: inline;font-size:10pt;">budgeted FFO, an additional </font><font style="display: inline;font-size:10pt;">391</font><font style="display: inline;font-size:10pt;"> shares of common stock will be earned for each </font><font style="display: inline;font-size:10pt;">two</font><font style="display: inline;font-size:10pt;"> percent actual FFO exceeds </font><font style="display: inline;font-size:10pt;">101%</font><font style="display: inline;font-size:10pt;"> of budgeted FFO, up to a total of </font><font style="display: inline;font-size:10pt;">3,910</font><font style="display: inline;font-size:10pt;"> additional shares of common stock per year.</font>
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<font style="display: inline;font-size:10pt;"></font>
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<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The fair value of the performance based share awards is based on the closing price of the Company’s common stock on the grant date, discounted for estimated common stock dividends to be declared prior to the shares being issued. The grant date occurs on an annual basis when budgeted FFO is app</font><font style="display: inline;font-size:10pt;">roved by the Board of Directors. During the first quarter of 2020, there were </font><font style="display: inline;font-size:10pt;">no</font><font style="display: inline;font-size:10pt;"> shares issued related to performance based share awards. </font><font style="display: inline;font-size:10pt;">During the first quarter of 2019, </font><font style="display: inline;font-size:10pt;">13,778</font><font style="display: inline;font-size:10pt;"> shares with a grant date fair value totaling </font><font style="display: inline;font-size:10pt;">$122</font><font style="display: inline;font-size:10pt;"> were awarded to the executive based on 2018 FFO. Simultaneously, </font><font style="display: inline;font-size:10pt;">2,550</font><font style="display: inline;font-size:10pt;"> fully vested shares were issued to the executive with a fair value of </font><font style="display: inline;font-size:10pt;">$22</font><font style="display: inline;font-size:10pt;"> as a discretionary grant.</font>
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<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;"></font>
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<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Director Fully Vested Share Compensation</font>
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<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;"></font>
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<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Independent directors serving a</font><font style="display: inline;font-size:10pt;">s members of the Investment Committee of the Board of Directors receive their monthly Investment Committee fees in the form of shares of the Company’s common stock. Certain independent directors also elect to receive a portion of their director fees in the form of shares of the Company’s common stock. </font>
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<font style="display: inline;font-size:10pt;"></font>
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<font style="display: inline;font-size:10pt;">A total of </font><font style="display: inline;font-size:10pt;">3,162</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">4,409</font><font style="display: inline;font-size:10pt;"> shares were issued during the three months ended </font><font style="display: inline;font-size:10pt;">March 31, 2020 and 2019</font><font style="display: inline;font-size:10pt;">, respectively</font><font style="display: inline;font-size:10pt;">, </font><font style="display: inline;font-family:New;font-size:10pt;">to independent</font><font style="display: inline;font-size:10pt;"> directors </font><font style="display: inline;font-size:10pt;">under the 2016 Stock Plan</font><font style="display: inline;font-size:10pt;"> </font><font style="display: inline;font-size:10pt;">with respect to these fees.</font>
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<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Stock-Based </font><font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Compensation Expense</font>
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<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
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<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The expense recognized in the consolidated financial statements for stock-based comp</font><font style="display: inline;font-size:10pt;">ensation </font><font style="display: inline;font-size:10pt;">related to employees and directors for the three months ended </font><font style="display: inline;font-size:10pt;">March 31, 2020 and 2019</font><font style="display: inline;font-size:10pt;"> was </font><font style="display: inline;font-size:10pt;">$84</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">$336</font><font style="display: inline;font-size:10pt;">, respectively</font><font style="display: inline;font-size:10pt;">, </font><font style="display: inline;font-size:10pt;">all of which is included in general and administrative expense.</font><font style="display: inline;font-size:10pt;"> Total unrecognized compensation cost related to all awards at March 31, 2020 was </font><font style="display: inline;font-size:10pt;">$485</font><font style="display: inline;font-size:10pt;">, which is expected to be recognized over a weighted-average remaining service period of </font><font style="display: inline;font-size:10pt;">2.4</font><font style="display: inline;font-size:10pt;"> years.</font>
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<font style="display: inline;"> </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">NOTE 5. DISPOSITIONS OF HOTEL PROPERTIES</font>
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<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font>
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<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">As of </font><font style="display: inline;color:#000000;font-size:10pt;">March 31, 2020 and December 31, 2019</font><font style="display: inline;color:#000000;font-size:10pt;">, the Company had </font><font style="display: inline;color:#000000;font-size:10pt;">no</font><font style="display: inline;color:#000000;font-size:10pt;"> hotels classified as held for sale. </font>
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<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">During the three months ended </font><font style="display: inline;color:#000000;font-size:10pt;">March 31, 2020</font><font style="display: inline;color:#000000;font-size:10pt;">, the Company sold </font><font style="display: inline;color:#000000;font-size:10pt;">no</font><font style="display: inline;color:#000000;font-size:10pt;"> hotels. During the three months ended </font><font style="display: inline;color:#000000;font-size:10pt;">March 31, 2019</font><font style="display: inline;color:#000000;font-size:10pt;">, the Company sold </font><font style="display: inline;color:#000000;font-size:10pt;">one</font><font style="display: inline;color:#000000;font-size:10pt;"> hotel resulting in a total gain of </font><font style="display: inline;color:#000000;font-size:10pt;">$62</font><font style="display: inline;color:#000000;font-size:10pt;">. </font>
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<p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Calibri;font-size: 11pt">
<font style="display: inline;"></font>
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<p><font size="1"> </font></p>
</div> </div>
2324000
2324000
2324000
145000
289000
289000
145000
145000
145000
145000
145000
145000
-0.01
-0.27
-0.01
-0.27
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">NOTE 14</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">. </font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"> </font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">EARNINGS PER SHARE</font><a name="item14"></a>
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<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:10pt;">The two-class method is utilized to compute earnings per common share (“EPS”) as our unvested restricted stock awards with non-forfeitable dividends are considered participating securities. Under the two-class method, losses are allocated only to those securities that have a contractual obligation to share in the losses of the Company. Our unvested restricted stock is not obligated to absorb Company losses and accordingly is not allocated losses. </font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:10pt;">The following is a reconciliation of basic and dilu</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:10pt;">ted EPS</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:10pt;">:</font>
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<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:1pt;"></font>
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<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Three months ended March 31,</font></p>
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<font style="display: inline;color:#000000;font-size:9pt;"></font></p>
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<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">2020</font></p>
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<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">2019</font></p>
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<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Numerator: Basic</font></p>
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<p style="margin:0pt 0pt 0.05pt 6pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
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</p>
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<td valign="bottom" style="width:71.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Net loss attributable to common shareholders</font></p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt 24pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(3,169)
</td>
<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(129)
</td>
</tr>
<tr>
<td valign="bottom" style="width:71.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Less: Allocation to participating securities</font></p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt 24pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"> -</font></p>
</td>
<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(17)
</td>
</tr>
<tr>
<td valign="bottom" style="width:71.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Net loss attributable to common shareholders, net of amount allocated to participating securities</font></p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt 24pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.18%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(3,169)
</td>
<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(146)
</td>
</tr>
<tr>
<td valign="bottom" style="width:71.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt 24pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.52%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.18%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.24%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.16%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:71.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;border-bottom:1pt solid #000000 ;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Numerator: Diluted</font></p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt 6pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:71.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Net loss attributable to common shareholders, net of amount allocated to participating securities</font></p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt 12pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(3,169)
</td>
<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(146)
</td>
</tr>
<tr>
<td valign="bottom" style="width:71.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt 24pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.52%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.18%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.24%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.16%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:71.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;border-bottom:1pt solid #000000 ;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Denominator</font></p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt 18pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:71.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Weighted average number of common shares - Basic and Diluted</font></p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt 6pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">11,951,413
</td>
<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">11,817,677
</td>
</tr>
<tr>
<td valign="bottom" style="width:71.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt 24pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.52%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.18%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.24%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.16%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:71.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;border-bottom:1pt solid #000000 ;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Earnings (Loss) per Share</font></p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt 24pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:71.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Basic Earnings (Loss) per Share</font></p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(0.27)
</td>
<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(0.01)
</td>
</tr>
<tr>
<td valign="bottom" style="width:71.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Diluted Earnings (Loss) per Share</font></p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(0.27)
</td>
<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:11.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(0.01)
</td>
</tr>
<tr>
<td valign="bottom" style="width:71.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-family:Arial;color:#000000;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:11.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;">The following table summarizes the weighted average number of potentially dilutive securities that have been excluded from the denominator for the purpose of computing diluted EPS as they are antidilutive:</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 6pt">
<font style="display: inline;color:#000000;font-size:6pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 1pt">
<font style="display: inline;color:#000000;font-size:1pt;"></font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:63.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font></p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:63.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-size:9pt;"></font></p>
</td>
<td colspan="3" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;font-size:9pt;">Three months ended March 31,</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:63.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;font-size:9pt;">2020</font></p>
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:17.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;font-size:9pt;">2019</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:63.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-size:9pt;"></font><font style="display: inline;font-size:9pt;">Unvested restricted stock</font></p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">45,173
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:17.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">82,168
</td>
</tr>
<tr>
<td valign="bottom" style="width:63.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-size:9pt;"></font><font style="display: inline;font-size:9pt;">Series E Preferred Stock</font></p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">668,111
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">668,111
</td>
</tr>
<tr>
<td valign="bottom" style="width:63.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-size:9pt;"></font><font style="display: inline;font-size:9pt;">Convertible debt</font></p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">97,269
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">97,269
</td>
</tr>
<tr>
<td valign="bottom" style="width:63.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-size:9pt;"></font><font style="display: inline;font-size:9pt;">Operating partnership common units </font><font style="display: inline;font-size:9pt;font-size:5pt;vertical-align:super;line-height:107.92%">(1)</font></p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">4,215
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:17.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">61,767
</td>
</tr>
<tr>
<td valign="bottom" style="width:63.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-size:9pt;"></font><font style="display: inline;font-size:9pt;">Total potentially dilutive securities excluded from the denominator</font></p>
</td>
<td valign="bottom" style="width:17.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">814,768
</td>
<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:17.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">909,315
</td>
</tr>
</table></div>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 8pt">
<font style="display: inline;color:#000000;font-size:8.5pt;"></font>
</p>
<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
<p style="line-height:100%;color:#000000;font-family:Times New Roman;font-size: 8pt;margin:0pt;">
<font style="margin:0pt;font-size:8pt;line-height:100%;color:#000000;font-family:Times New Roman;;"> (1)</font>
</p>
</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
<p style="line-height:100%;color:#000000;font-family:Times New Roman;font-size: 8pt;margin:0pt;">
<a name="_87bd0540f71c442f91f0933066e2b7b5"></a><a name="_0e26e28bae6e4658ac292bfbb848923f"></a><a name="_2facc4b4c976494a8186219fb0d76e0f"></a><a name="_95b276c5d9394383ac93cd89b05f3464"></a><a name="_51f8ea25fdaa407d9b7fbdebdcf25bdd"></a><a name="_0d1e0788384e4f19ac4a7298c48aea35"></a><a name="_f6105cef3d8f467c870f8602c418e7ed"></a><a name="_1b67be839e32449f97e556156801e618"></a><a name="_cdfc30628a484c3d9f88f0e5827e8a40"></a><a name="_c3423bb46d14464f92bbc071b57a35b5"></a><a name="_01dc18ece4e846b7993cadf3810e2a0b"></a><a name="_8f4bc2450b7049edae842961a8a780d7"></a><a name="_10054acbb241442b94e3af35cd60e01f"></a><a name="_bb9aba6628c440978a7b44512d6a0ec7"></a><a name="_19ea13e725ce4651a3bf9aeaef90cbb6"></a><a name="_caa87605f23e497e9b09c8db0a18a908"></a><a name="_b5c8fdc077094e2bb94da32d32ba7cfd"></a><a name="_e53e4efecb814c6787a0aa50190fe06a"></a><a name="_20a974b9ecb8466fb1de388b74907772"></a><a name="_4b1c2da938cc4289bc3f6a51a0411a1b"></a><a name="_fe1f1dedacf14641ae083641e375b419"></a><a name="_f524643024164eb1aa65673833d2c705"></a><a name="_a57ee46c958c4ac6a2210532d99cbf20"></a><a name="_859907ff8fc646d3890bdf7857e491b7"></a><a name="_5edb78d9f1eb44d88bffd907f915dfff"></a><a name="_260b4c1fdcfa4e7db9e44210d5b7ae19"></a><a name="_cd883a1734104a27b77ad52b748e84f5"></a><a name="_a89c48c8a05045cf86831d6679bee7aa"></a><a name="_319de17e9f8a4f11b7b69c6461a35c64"></a><a name="_9a5d6b5eebce442c91b8d3d210d1dde7"></a><a name="_38d7578d72304bb6bde3fb6da968461e"></a><a name="_489cdeee8c28455f801b61f4a68354f8"></a><a name="_f420c8b6f87c43a5b89d3247e3570612"></a><font style="display: inline;color:#000000;font-size:8pt;">Common units of the operating partnership</font><font style="display: inline;color:#000000;font-size:8pt;"> have been omitted from the denominator for the purpose of computing diluted EPS since the effect of including these amounts in the numerator and denominator would have no impact on calculated EPS. </font></p></td></tr></table></div>
<p><font size="1"> </font></p>
</div> </div>
485000
1380000
P2Y4M24D
0.20
0.20
0.20
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">NOTE 4. INVESTMENT IN UNCONSOLIDATED JOINT VENTURE</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">On August 1, 2016, the Company entered into a joint venture, the Atlanta JV, with Three Wall Capital LLC and certain of its affiliates (“TWC”) to acquire an Aloft hotel in downtown Atlanta, Georgia. The Atlanta Aloft acquisition had a total purchase price of </font><font style="display: inline;font-size:10pt;">$43,550</font><font style="display: inline;font-size:10pt;"> and closed on August 22, 2016. Prior to the purchase of the remaining interest in the Atlanta JV on February 14, 2020 (see Note 3), the Company accounted for the Atlanta JV under the equity method. Condor owned </font><font style="display: inline;font-size:10pt;">80%</font><font style="display: inline;font-size:10pt;"> of the Atlanta JV with TWC owning the remaining </font><font style="display: inline;font-size:10pt;">20%</font><font style="display: inline;font-size:10pt;">. The Atlanta JV was comprised of </font><font style="display: inline;font-size:10pt;">two</font><font style="display: inline;font-size:10pt;"> companies: Spring Street Hotel Property II LLC, of which the operating partnership indirectly owned an </font><font style="display: inline;font-size:10pt;">80%</font><font style="display: inline;font-size:10pt;"> equity interest, and Spring Street Hotel OpCo II LLC, of which our TRS indirectly owned an </font><font style="display: inline;font-size:10pt;">80%</font><font style="display: inline;font-size:10pt;"> equity interest. TWC owned the remaining </font><font style="display: inline;font-size:10pt;">20%</font><font style="display: inline;font-size:10pt;"> equity </font><font style="display: inline;font-size:10pt;">interest</font><font style="display: inline;font-size:10pt;"> in these </font><font style="display: inline;font-size:10pt;">two</font><font style="display: inline;font-size:10pt;"> companies.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The purchase was partially funded with a </font><font style="display: inline;font-size:10pt;">$33,750</font><font style="display: inline;font-size:10pt;"> term loan secured b</font><font style="display: inline;font-size:10pt;">y the property. </font><font style="display: inline;font-size:10pt;">On August 9, 2019, the operating partnership and the owner and lessee of the Aloft Atlanta hotel in the Atlanta JV (Spring Street Hotel Property LLC and Spring Street Hotel OpCo LLC, respectively), as Borrowers, closed on a </font><font style="display: inline;font-size:10pt;">$34,080</font><font style="display: inline;font-size:10pt;"> term loan pursuant to a term loan agreement with KeyBank National Association and the other lenders party thereto, as Lenders, and KeyBank National Association, as Agent for the</font><font style="display: inline;font-size:10pt;"> Lenders (the “New Term Loan”). </font><font style="display: inline;font-size:10pt;">The proceeds of the New Term Loan </font><font style="display: inline;font-size:10pt;">were used to repay the </font><font style="display: inline;font-size:10pt;">original term loan</font><font style="display: inline;font-size:10pt;">, which was terminated following the repayment. The New Term Loan was included in full on the balance sheet of the Atlanta JV prior to the acquisition of the remaining interest by the Company</font><font style="display: inline;font-size:10pt;"> in 2020</font><font style="display: inline;font-size:10pt;">.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The New Term Loan matured upon the earlier to occur of (a) consummation of the merger under the Merger Agreement (see Note 1) and (b) </font><font style="display: inline;font-size:10pt;">May 8, 2020</font><font style="display: inline;font-size:10pt;">. The New Term Loan was refinanced in May 2020 (see Note 16). The New Term Loan bore</font><font style="display: inline;font-size:10pt;"> interest, at the Borrower’s option, at either LIBOR plus </font><font style="display: inline;font-size:10pt;">2.25%</font><font style="display: inline;font-size:10pt;"> or a base rate plus </font><font style="display: inline;font-size:10pt;">1.25%</font><font style="display: inline;font-size:10pt;">. The New Term Loan required</font><font style="display: inline;font-size:10pt;"> monthly interest payments and principal is due on the m</font><font style="display: inline;font-size:10pt;">aturity date. The Borrowers could</font><font style="display: inline;font-size:10pt;">, at any time, voluntarily prepay the New Term Loan in whole or in part without premium or penalty</font><font style="display: inline;font-size:10pt;"> (other than c</font><font style="display: inline;font-size:10pt;">ustomary LIBOR breakage costs). The New Term Loan wa</font><font style="display: inline;font-size:10pt;">s secured by a first priority lien and security interest on the Aloft Atlanta hotel and the tangible and intangible personal property used in connection with such hotel, including inventory, equipment, fixtures, accounts and general in</font><font style="display: inline;font-size:10pt;">tangibles. The New Term Loan was</font><font style="display: inline;font-size:10pt;"> guaranteed by the Company and certain of its subsidiaries.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Under the Atlanta JV agreement, the Atlanta JV was managed by TWC in accordance with business plans and budgets approved by both partners. Major decisions as detailed in the agreement also required joint approval. Condor could remove TWC as manager of the Atlanta JV and appoint a new manager only upon the occurrence of certain events. The Atlanta Aloft hotel was managed by Boast Hotel Management Company LLC (“Boast”), an affiliate of TWC. The Atlanta JV paid to Boast total management fees of </font><font style="display: inline;font-size:10pt;">$61</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">$116</font><font style="display: inline;font-size:10pt;"> for the three months ended March 31, 2020 and 2019, respectively. The management of the Atlanta Aloft hotel was moved to Aimbridge Hospitality on March 1, 2020 following the acquisition of the remaining interest in the Atlanta JV by Condor.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Net cash flow from the Atlanta JV was distributed each quarter first with a </font><font style="display: inline;font-size:10pt;">10%</font><font style="display: inline;font-size:10pt;"> annual preferred return on capital contributions to Condor, second </font><font style="display: inline;font-size:10pt;">with a </font><font style="display: inline;font-size:10pt;">10%</font><font style="display: inline;font-size:10pt;"> annual preferred</font><font style="display: inline;font-size:10pt;"> return on capital contributions to TWC, and third with any remainder distributed to the partners based on their pro-rata equity ownership. Profits were allocated in the same proportion as net cash flow. Losses were allocated based on pro-rata equity ownership. Cash distributions totaling </font><font style="display: inline;font-size:10pt;">$480</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">$200</font><font style="display: inline;font-size:10pt;"> in the three months ended March 31, 2020 and 2019, respectively, were received by the Company from the Atlanta JV. </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The Atlanta JV agreement also included buy-sell rights for both members (generally after </font><font style="display: inline;font-size:10pt;">three</font><font style="display: inline;font-size:10pt;"> years of hotel ownership for Condor and after </font><font style="display: inline;font-size:10pt;">five</font><font style="display: inline;font-size:10pt;"> years for TWC) and Condor had a purchase option for TWC’s Atlanta JV ownership interest exercisable between the </font><font style="display: inline;font-size:10pt;">third</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">fifth</font><font style="display: inline;font-size:10pt;"> anniversary of the hotel closing.</font>
</p>
<p style="margin:0pt;line-height:100%;text-align:center;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The following table represents the total assets, liabilities, and equity, including the Company’s share, of the Atlanta JV as of December 31, 2019:</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">As of</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">December 31, 2019</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Investment in hotel properties, net</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">45,547
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Cash and cash equivalents</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">661
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Accounts receivable, prepaid expenses, and other assets</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">279
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Total Assets</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">46,487
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Accounts payable, accrued expenses, and other liabilities</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">1,026
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Land option liability</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">6,190
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Long-term debt, net of deferred financing costs</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">33,966
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Total Liabilities</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">41,182
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Condor equity</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">4,244
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">TWC equity </font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">1,061
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Total Equity </font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">5,305
</td>
</tr>
<tr>
<td valign="bottom" style="width:70.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;font-size:9pt;"></font><font style="display: inline;font-weight:bold;font-size:9pt;">Total Liabilities and Equity</font></p>
</td>
<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="top" style="width:02.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:24.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">46,487
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The table below provides the components of net earnings, including the Company’s share of the Atlanta JV, for the three months ended March 31, 2020 and 2019.</font>
</p>
<p style="margin:0pt;font-family:Times New Roman;line-height:107.92%;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">For the period of January 1 to February 14,</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Three months ended March 31,</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">2020</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">2019</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Revenue</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Room rentals and other hotel services</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">1,522
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">3,874
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Operating Expenses</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Hotel and property operations</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">960
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">2,177
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Depreciation and amortization</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">181
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">371
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Total operating expenses</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">1,141
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">2,548
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Operating income </font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">381
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">1,326
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Net loss on derivative</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"> -</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(1)
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Interest expense</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(281)
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(684)
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Net earnings</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">100
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">641
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Condor allocated earnings </font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">80
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">513
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">TWC allocated earnings </font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">20
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">128
</td>
</tr>
<tr>
<td valign="bottom" style="width:52.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:9pt;">Net earnings</font></p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:18.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">100
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:02.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:20.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;;color:#000000;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">641
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
<font style="display: inline;"></font>
</p>
<p style="margin:0pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font>
</p>
<p><font size="1"> </font></p>
</div> </div>
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;">Investment in Joint Venture</font>
</p>
<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-size:10pt;">If it is determined that we do not have a controlling interest in a joint venture, either through our financial interest in a VIE or through our voting interest in a voting interest entity (“VOE”) and we have the ability to provide significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize our share of net earnings or losses of the affiliate as they occur, with losses limited to the extent of our investment in, advances to, and commitments to the investee. Pursuant to our Atlanta JV agreement, </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">prior to our acquisition of the remaining </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">20%</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> interest in the Atlanta JV (see Note 3), </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">allocations of the profits and losses of our Atlanta JV </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">were potentially</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> allocated disproportionately to nominal ownership percentages due to specified preferred return rate thresholds. </font>
</p>
<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Distributions received from a joint venture are classified in the consolidated statements of cash flows using the cumulative distributions approach. Distributions are classified as cash inflows from operating activities unless cumulative distributions, including those from prior periods not designated as a return of investment, exceed cumulative recognized equity in earnings of the joint venture. Excess distributions are classified as cash inflows from investing activities as a return of investment.</font>
</p>
<p style="margin:0pt 0pt 0pt 36pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-size:10pt;">On an annual basis or at interim periods if events and circumstances indicate that the investment may be impaired, the Company reviews the carrying value of its investment in unconsolidated joint venture to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">The investment is considered impaired if its estimated fair value is less than the carrying amount of the investment and that impairment is other than temporary.</font>
</p>
<p><font size="1"> </font></p>
</div> </div>
46487000
5305000
4244000
41182000
46487000
1061000
641000
100000
0
0
0
0
0
0
0
0
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Fair Value Measurements</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">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 at the measurement date. Fair value measurements are utilized to determine the value of certain liabilities</font><font style="display: inline;font-size:10pt;"> and equity instruments</font><font style="display: inline;font-size:10pt;">, to perform impairment assessments, to account for hotel acquisitions, </font><font style="display: inline;font-size:10pt;">in the valuation of stock-based compensation, a</font><font style="display: inline;font-size:10pt;">nd for disclosure purposes. Fair value measurements are classified into a three-tiered fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:</font>
</p>
<p style="margin:0pt 0pt 0pt 36pt;line-height:100%;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Level 2: Directly or indirectly observable inputs other than quoted prices included in Level 1. Level 2 inputs may include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable.</font>
</p>
<p style="margin:0pt 0pt 0pt 36pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt 0pt 0pt 36pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Level 3: Unobservable inputs for which there is little or no market data, which require a reporting entity to develop its own assumptions.</font><font style="display: inline;font-size:10pt;"> </font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Our estimates of fair value are</font><font style="display: inline;font-size:10pt;"> determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or valuation techniques may have a material effect on estimated fair value measurements. We classify assets and liabilities in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">With the exception of fixed rate debt (see Note </font><font style="display: inline;font-size:10pt;">8</font><font style="display: inline;font-size:10pt;">) and other financial instruments carried at fair value, the carrying amounts of the Company’s financial instruments approximates their fair values due to their short-term nature or variable market-based interest rates. </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
0
0
-1424000
-366000
-1058000
-2183000
-1143000
-1040000
19000
67000
-48000
18000
-22000
40000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;color:#000000;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 1pt">
<font style="display: inline;color:#000000;font-size:1pt;"></font>
</p>
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font></p>
</td>
<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;"></font></p>
</td>
<td colspan="17" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Three months ended March 31,</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;"></font></p>
</td>
<td colspan="8" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">2020</font></p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="8" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">2019</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;"></font></p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Series E Preferred embedded redemption option</font></p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Convertible debt</font></p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Total</font></p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Series E Preferred embedded redemption option</font></p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Convertible debt</font></p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-weight:bold;font-size:8pt;">Total</font></p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;"></font><font style="display: inline;font-size:8pt;">Fair value, beginning of period</font></p>
</td>
<td valign="bottom" style="width:01.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">22
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(1,080)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(1,058)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">289
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(1,000)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(711)
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;"></font><font style="display: inline;font-size:8pt;">Net gains (losses) recognized in earnings</font></p>
</td>
<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(22)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">40
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">18
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">67
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(48)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">19
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;"></font><font style="display: inline;font-size:8pt;">Fair value, end of period</font></p>
</td>
<td valign="bottom" style="width:01.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;"> -</font></p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(1,040)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(1,040)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">356
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(1,048)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(692)
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;"></font></p>
</td>
<td valign="bottom" style="width:01.46%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;"></font><font style="display: inline;font-size:8pt;">Total unrealized gains (losses) during the period included in earnings related to instruments held at end of period</font></p>
</td>
<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(22)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">40
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">18
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">67
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">(48)
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;text-align:right;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;">$</font></p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:8pt;text-align:right;" nowrap="nowrap">19
</td>
</tr>
<tr>
<td valign="bottom" style="width:38.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 8pt">
<font style="display: inline;font-size:8pt;"></font></p>
</td>
<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:00.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:08.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
</table></div>
<p style="margin:0pt;font-family:Times New Roman;line-height:107.92%;font-size: 6pt">
<font style="display: inline;font-size:6pt;"></font>
</p>
<p style="margin:0pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 1pt">
<font style="display: inline;font-weight:bold;font-style:italic;color:#000000;font-size:1pt;"></font>
</p>
<p><font size="1"> </font></p>
</div> </div>
19000
67000
-48000
18000
-22000
40000
-711000
289000
-1000000
-692000
356000
-1048000
-1058000
22000
-1080000
-1040000
-1040000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;">Fair Value Option</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-style:italic;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">Under U.S. GAAP, the Company has the irrevocable option to report most financial assets and financial liabilities at fair value on an instrument by instrument basis, with changes in fair value reported in net earnings. This option was elected for</font><font style="display: inline;font-size:10pt;"> the</font><font style="display: inline;font-size:10pt;"> treatment of the Company’s convertible debt entered in</font><font style="display: inline;font-size:10pt;">to on March 16, 2016 (see Note 7</font><font style="display: inline;font-size:10pt;">).</font>
</p>
<p><font size="1"> </font></p>
</div> </div>
39000
-9000
-189000
-799000
513000
80000
62000
1663000
1193000
201000
-3331000
513000
128000
80000
20000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;">NOTE 13. INCOME TAXES</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">During the three months ended </font><font style="display: inline;font-size:10pt;">March 31</font><font style="display: inline;font-size:10pt;">, 20</font><font style="display: inline;font-size:10pt;">20</font><font style="display: inline;font-size:10pt;"> and 201</font><font style="display: inline;font-size:10pt;">9</font><font style="display: inline;font-size:10pt;">, income tax </font><font style="display: inline;font-size:10pt;">benefit (</font><font style="display: inline;font-size:10pt;">expense</font><font style="display: inline;font-size:10pt;">)</font><font style="display: inline;font-size:10pt;"> totaling </font><font style="display: inline;font-size:10pt;">$306</font><font style="display: inline;font-size:10pt;"> and </font><font style="display: inline;font-size:10pt;">($186)</font><font style="display: inline;font-size:10pt;">, respectively, was recognized primarily related to income earned by the TRS. Management believes the combined federal and state effective income tax rate for the TRS will be approximately </font><font style="display: inline;font-size:10pt;">24%</font><font style="display: inline;font-size:10pt;">.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">After consideration of limitations related to a change in control as defined under Code Section 382, the TRS’s net operating loss carryforward at </font><font style="display: inline;font-size:10pt;">March 31</font><font style="display: inline;font-size:10pt;">, 20</font><font style="display: inline;font-size:10pt;">20</font><font style="display: inline;font-size:10pt;"> as determined for federal income tax purposes was </font><font style="display: inline;font-size:10pt;">$2,476</font><font style="display: inline;font-size:10pt;">. The availability of the loss carryforwards will expire from </font><font style="display: inline;font-size:10pt;">2027</font><font style="display: inline;font-size:10pt;"> through </font><font style="display: inline;font-size:10pt;">2034</font><font style="display: inline;font-size:10pt;">, with an indefinite carryforward for losses arising after December 31, 2017.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
<p><font size="1"> </font></p>
</div> </div>
66000
1000
186000
186000
-306000
-306000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;">Income Taxes</font>
</p>
<p style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-style:italic;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-size:10pt;">The Company qualifies and intends to continue to qualify as a REIT under the applicable provisions of the Internal Revenue Code (the “Code”), as amended. In general, under such Code provisions, an entity which has made the required election and, in the taxable year, meets certain requirements and distributes to its shareholders at least 90% of its REIT taxable income, will not be subject to federal income tax to the extent of the income currently distributed to shareholders. A REIT will incur a </font><font style="display: inline;font-size:10pt;">100%</font><font style="display: inline;font-size:10pt;"> tax on the net gain derived from any sale or other disposition of property that the REIT holds primarily for sale to customers in the ordinary course of a trade or business. We do not believe any of our hotels were held primarily for sale in the ordinary course of our trade or business. However, if the IRS would successfully assert that we held such hotels primarily for sale in the ordinary course of our business, the gain from such sales could be subject to a </font><font style="display: inline;font-size:10pt;">100%</font><font style="display: inline;font-size:10pt;"> prohibited transaction tax.</font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font>
</p>
<p style="margin:0pt;line-height:100%;font-family:Arial Unicode MS;font-size: 10pt">
<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Taxable income from non-REIT activities managed through the TRS is subject to federal, state, and local income taxes. We account for the federal income taxes of our TRS using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of the TRS and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on the consideration of available evidence, including tax planning strategies and projections for future taxable income over the periods in which the remaining deferred tax assets are deductible. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not (defined as a likelihood of more than </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">50%</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">) that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. </font>
</p>
<p><font size="1"> </font></p>
</div> </div>
838000
-748000
959000
-12000
2163000
1980000
1690000
1564000
366000
366000
1143000
1143000
4244000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
<tr>
<td valign="bottom" style="width:79.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 1pt">
<font style="display: inline;font-size:1pt;"></font></p>
</td>
<td valign="bottom" style="width:03.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:79.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;font-size:9pt;"></font><font style="display: inline;font-weight:bold;font-size:9pt;">Maturity of lease liabilities</font></p>
</td>
<td valign="bottom" style="width:03.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:79.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;font-weight:bold;font-size:9pt;"></font><font style="display: inline;font-weight:bold;font-size:9pt;">Year ended December 31,</font></p>
</td>
<td valign="bottom" style="width:03.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="width:79.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Remainder of 2020</font></p>
</td>
<td valign="bottom" style="width:03.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">16
</td>
</tr>
<tr>
<td valign="bottom" style="width:79.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">2021</font></p>
</td>
<td valign="bottom" style="width:03.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">21
</td>
</tr>
<tr>
<td valign="bottom" style="width:79.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">2022</font></p>
</td>
<td valign="bottom" style="width:03.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">20
</td>
</tr>
<tr>
<td valign="bottom" style="width:79.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">2023</font></p>
</td>
<td valign="bottom" style="width:03.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">4
</td>
</tr>
<tr>
<td valign="bottom" style="width:79.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">2024</font></p>
</td>
<td valign="bottom" style="width:03.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">4
</td>
</tr>
<tr>
<td valign="bottom" style="width:79.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Thereafter</font></p>
</td>
<td valign="bottom" style="width:03.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">26
</td>
</tr>
<tr>
<td valign="bottom" style="width:79.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Total lease payments</font></p>
</td>
<td valign="bottom" style="width:03.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:16.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">91
</td>
</tr>
<tr>
<td valign="bottom" style="width:79.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Less: Imputed interest</font></p>
</td>
<td valign="bottom" style="width:03.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
</p>
</td>
<td valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">(15)
</td>
</tr>
<tr>
<td valign="bottom" style="width:79.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;"></font><font style="display: inline;color:#000000;font-size:9pt;">Present value of lease liabilities</font></p>
</td>
<td valign="bottom" style="width:03.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;line-height:107.92%;font-size: 9pt">
<font style="display: inline;color:#000000;font-size:9pt;">$</font></p>
</td>
<td valign="bottom" style="width:16.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:9pt;text-align:right;" nowrap="nowrap">76
</td>
</tr>
</table></div>
<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;line-height:107.92%;font-size: 11pt">
<font style="display: inline;"></font>
</p>
<p><font size="1"> </font></p>
</div> </div>
91000
26000
21000
4000
4000
20000
16000
15000
141115000
193573000
236941000
286298000
219183
219183
7300000
34080000
0.002
150000000
102000000
136080000
34080000
134001000
176725000
110209000
144289000
7840000
7840000
214000
214000
24886000
24886000
35002000
922000
<div> <div style="margin-left:0pt;margin-right:0pt;">
<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">NOTE 6</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">. LONG-TERM DEBT</font>
</p>
<p style="margin:0pt;text-indent:0pt;line-height:100%;font-family:CG Times;font-size: 10pt">
<font style="display: inline;font-size:10pt;"></font>
</p>
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<font style="display: inline;font-size:10pt;">On February 14, 2020, with the purchase of the remaining interest in the Atlanta JV (see Note 3), the Company became the primary obligator on the New Term Loan and drew an additional </font><font style="display: inline;font-size:10pt;">$7,300</font><font style="display: inline;font-size:10pt;"> under its credit facility with Key Bank to fund the transaction. </font><font style="display: inline;color:#000000;font-size:10pt;">The New Term Loan</font><font style="display: inline;color:#000000;font-size:10pt;"> was refinanced using the credit facility subsequent to quarter end as discussed in Subsequent Events (see Note 16).</font>
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<font style="display: inline;font-size:10pt;">On March 30, 2020, the Company entered into a Six</font><font style="display: inline;font-size:10pt;">th Amendment to its credit facility with Key Bank which</font><font style="display: inline;font-size:10pt;">, among other things, makes the following</font><font style="display: inline;font-size:10pt;"> changes to the credit facility</font><font style="display: inline;font-size:10pt;">:</font>
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<font style="display: inline;font-size:10pt;color:#000000;">Sets the size of the credit faci</font><font style="display: inline;font-size:10pt;color:#000000;">lity at </font><font style="display: inline;font-size:10pt;color:#000000;">$102,000</font><font style="display: inline;font-size:10pt;color:#000000;"> and removes the ability to reborrow under the credit facility in the future (without lender approval)</font><font style="display: inline;font-size:10pt;color:#000000;">.</font></p></td></tr></table></div>
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<font style="display: inline;font-size:10pt;color:#000000;">Extends the maturity date of the credit facility to </font><font style="display: inline;font-size:10pt;color:#000000;">April 1, 2021</font><font style="display: inline;font-size:10pt;color:#000000;">, and provides for </font><font style="display: inline;font-size:10pt;color:#000000;">two</font><font style="display: inline;font-size:10pt;color:#000000;"> extension options (</font><font style="display: inline;font-size:10pt;color:#000000;">six</font><font style="display: inline;font-size:10pt;color:#000000;"> months and </font><font style="display: inline;font-size:10pt;color:#000000;">five</font><font style="display: inline;font-size:10pt;color:#000000;"> </font><font style="display: inline;font-size:10pt;color:#000000;">months) with the satisfaction of certain conditions, including</font><font style="display: inline;font-size:10pt;color:#000000;"> payment of extension fees, no defaults existing, delivery of evidence of pro forma compliance with financial covenants and delivery of updated appraisals.</font></p></td></tr></table></div>
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<font style="display: inline;font-size:10pt;color:#000000;">Provides for principal prepayments with certain proceeds and cash flows through a cash management system / cash flow waterfall.</font></p></td></tr></table></div>
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<font style="display: inline;font-size:10pt;color:#000000;">Implements a collateral-specific minimum debt yield (ratio of adjusted net operating income for the borrowing base properties to indebtedness outstanding under the credit facility) of </font><font style="display: inline;font-size:10pt;color:#000000;">10%</font><font style="display: inline;font-size:10pt;color:#000000;">. The covenant is first tested on September 30, 2020 and for purposes of calculating compliance with the covenant, annualized results are used until June 30, 2021 when the calculation is based on the most recently ended four fiscal quarters.</font></p></td></tr></table></div>
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<font style="display: inline;font-size:10pt;color:#000000;">Maintains the maximum consolidated leverage ratio (ratio of consolidated total indebtedness to consolidated total asset value) of </font><font style="display: inline;font-size:10pt;color:#000000;">60%</font><font style="display: inline;font-size:10pt;color:#000000;"> but provides for updated appraisals to determine consolidated total asset value (if required by the lenders).</font></p></td></tr></table></div>
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<font style="display: inline;font-size:10pt;color:#000000;">Modifies the fixed charge coverage ratio (ratio of adjusted consolidated </font><font style="display: inline;font-size:10pt;color:#000000;">Earnings Before Interest, Taxes, Depreciation, and Amortization (“</font><font style="display: inline;font-size:10pt;color:#000000;">EBITDA</font><font style="display: inline;font-size:10pt;color:#000000;">”)</font><font style="display: inline;font-size:10pt;color:#000000;"> to consolidated fixed charges) to (a) </font><font style="display: inline;font-size:10pt;color:#000000;">1.25</font><font style="display: inline;font-size:10pt;color:#000000;"> to 1 as of the end of the fiscal quarter ending September 30, 2020 and (b) </font><font style="display: inline;font-size:10pt;color:#000000;">1.50</font><font style="display: inline;font-size:10pt;color:#000000;"> to 1 as of the end of the fiscal quarter ending December 31, 2020 and each fiscal quarter thereafter. For purposes of calculating compliance with the covenant, annualized results are used until June 30, 2021 when the calculation is based on the most recently ended four fiscal quarters.</font></p></td></tr></table></div>
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<font style="display: inline;font-size:10pt;color:#000000;">Implements a maximum borrowing base leverage ratio (ratio of indebtedness outstanding under the credit facility to borrowing base asset value (based on updated appraisals required by the lenders) of 65%. The covenant is first tested on June 30, 2021.</font></p></td></tr></table></div>
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<font style="display: inline;font-size:10pt;color:#000000;">Eliminates the financial covenants regarding secured leverage ratio, tangible net worth and variable rate debt.</font></p></td></tr></table></div>
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<font style="display: inline;font-size:10pt;color:#000000;">Modifies the covenant on dividends and distributions to provide that no cash dividends or distributions may be made to common or preferred shareholders.</font></p></td></tr></table></div>
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<font style="display: inline;font-size:10pt;color:#000000;">Modifies the covenants on recourse debt and investments to provide that no additional recourse debt or investments will be permitted.</font></p></td></tr></table></div>
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<font style="display: inline;font-size:10pt;color:#000000;">Adds certain monthly reporting obligations.</font></p></td></tr></table></div>
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<font style="display: inline;font-size:10pt;color:#000000;">Increases the interest rate for the credit facility to LIBOR plus </font><font style="display: inline;font-size:10pt;color:#000000;">3.25%</font><font style="display: inline;font-size:10pt;color:#000000;"> or a base rate plus </font><font style="display: inline;font-size:10pt;color:#000000;">2.25%</font><font style="display: inline;font-size:10pt;color:#000000;">, and further increases the interest rate spreads by </font><font style="display: inline;font-size:10pt;color:#000000;">0.25%</font><font style="display: inline;font-size:10pt;color:#000000;"> at </font><font style="display: inline;font-size:10pt;color:#000000;">six</font><font style="display: inline;font-size:10pt;color:#000000;"> </font><font style="display: inline;font-size:10pt;color:#000000;">month intervals. The LIBOR rate is subject to a floor of </font><font style="display: inline;font-size:10pt;color:#000000;">0.25%</font><font style="display: inline;font-size:10pt;color:#000000;">.</font></p></td></tr></table></div>
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<font style="display: inline;font-size:10pt;color:#000000;">Provides for an interest reserve account, which was funded with </font><font style="display: inline;font-size:10pt;color:#000000;">$1,720</font><font style="display: inline;font-size:10pt;color:#000000;"> on March 30, 2020. The funds are available to make interest payments under the credit facility upon the satisfaction of certain conditions, including if the Company’s unrestricted cash</font><font style="display: inline;font-size:10pt;color:#000000;"> balance</font><font style="display: inline;font-size:10pt;color:#000000;"> is less than $</font><font style="display: inline;font-size:10pt;color:#000000;">1,500</font><font style="display: inline;font-size:10pt;color:#000000;">.</font></p></td></tr></table></div>
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<font style="display: inline;font-size:10pt;color:#000000;">Additionally, on March 30, 2020, the Company entered into an agreement with Great Western Bank to defer the monthly principal and interest payments due under that loan on April 1, 2020, May 1, 2020, and June 1, 2020 until the loan’s maturity date in </font><font style="display: inline;font-size:10pt;color:#000000;">December 2021</font><font style="display: inline;font-size:10pt;color:#000000;">.</font>
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<font style="display: inline;font-size:10pt;color:#000000;">Subsequent to quarter end, the Company amended its credit facility with Key Bank and its loan agreements with Wells Fargo and Great Western Bank as discussed in Subsequent Events (see Note 16).</font>
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<font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">Long-term debt</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;"> related to wholly owned properties</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">, including debt related to hotel properties held for sale, consisted of the following loans payable </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">at March 31, 2020 and December 31, 2019</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">:</font>
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