16. Subsequent Events

On January 8, 2021, the Company paid a dividend of $0.12 per share, or $2,654,976 in the aggregate, to shareholders of record as of December 31, 2020.

On January 15, 2021, the Company sold a property classified as real estate held for sale at December 31, 2020 receiving $360,424 in net proceeds. The Company recognized an impairment loss of $42,067 with respect to this property as of December 31, 2020.

On February 19, 2021, the Company paid off the Bankwell mortgage securing the Company’s corporate office (see Note 8).

In March 2021, the Company sold an aggregate of 234,051 common shares under an at-the-market offering facility realizing gross proceeds of approximately $1.2 million, all of which are due to settle by March 31, 2021.

Management has evaluated subsequent events through March 30, 2021 the date on which the financial statements were available to be issued. Based on the evaluation, no adjustments were required in the accompanying financial statements.