Segment Disclosures

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Disclosures

Note 6. Segment Disclosures

We operate in two reportable business segments: (i) student housing and (ii) senior housing.

Management evaluates performance based upon property net operating income (“NOI”). NOI is defined as leasing and related revenues, less property level operating expenses.

The following table summarizes information for the reportable segments for the years ended December 31, 2021, 2020, and 2019:

	Years ended December 31,
	Student Housing			Senior Housing			Corporate and Other			Total
	2021	2020	2019	2021	2020	2019	2021	2020	2019	2021	2020	2019
Leasing and leasing related revenues	$8,090,778	$7,391,722	$7,616,750	$25,891,856	$25,848,217	$25,459,624	$—	$—	$—	$33,982,634	$33,239,939	$33,076,374
Other revenues	—	—	—	287,780	305,986	695,687	—	—	—	$287,780	$305,986	$695,687
Property operating expenses	(4,098,690)	(3,847,661)	(3,969,067)	(19,227,624)	(18,385,825)	(16,936,958)	—	—	—	$(23,326,314)	$(22,233,486)	$(20,906,025)
Net operating income	3,992,088	3,544,061	3,647,683	6,952,012	7,768,378	9,218,353	—	—	—	10,944,100	11,312,439	12,866,036
Property operating expenses - affiliates	945,223	944,851	949,266	1,887,511	1,887,946	1,825,355	—	—	—	2,832,734	2,832,797	2,774,621
General and administrative	—	—	—	—	—	—	1,278,446	1,508,517	2,328,994	1,278,446	1,508,517	2,328,994
Depreciation	3,236,924	3,343,055	3,323,668	5,422,949	5,289,624	4,753,348	14,787	14,386	13,685	8,674,660	8,647,065	8,090,701
Intangible amortization expense	—	—	—	626,332	3,819,600	7,283,174	—	—	—	626,332	3,819,600	7,283,174
Interest expense	2,141,400	2,141,400	2,141,400	7,391,611	7,660,201	8,081,169	—	—	—	9,533,011	9,801,601	10,222,569
Interest expense – debt issuance costs	105,983	105,983	105,982	362,720	453,200	622,619	—	—	—	468,703	559,183	728,601
Forgiveness of PPP Loans	—	—	—	(1,971,157)	—	—	—	—	—	(1,971,157)	—	—
Other	—	—	(9,810)	(832,336)	(836,729)	2,619	(335,839)	86,155	22,859	(1,168,175)	(750,574)	15,668
Net loss	$(2,437,442)	$(2,991,228)	$(2,862,823)	$(5,935,618)	$(10,505,464)	$(13,349,931)	$(957,394)	$(1,609,058)	$(2,365,538)	$(9,330,454)	$(15,105,750)	$(18,578,292)

The following table summarizes our total assets by segment:

Segments	December 31, 2021		December 31, 2020
Student housing	$	85,907,495	$	88,740,898
Senior housing		156,861,266		162,477,624
Corporate non-segment		7,551,836		8,321,205
Total assets	$	250,320,597	$	259,539,727