Segment Disclosures

3 Months Ended

Mar. 31, 2022

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 tables summarize information for the reportable segments for the three months ended March 31, 2022, and 2021:

	Three Months Ended March 31,
	Student Housing		Senior Housing		Corporate and Other		Total
	2022	2021	2022	2021	2022	2021	2022	2021
Leasing and leasing related revenues	$1,197,910	$2,021,487	$6,793,446	$6,183,193	$—	$—	$7,991,356	$8,204,680
Other revenues	—	—	165,116	39,080	—	—	165,116	39,080
Property operating expenses	(627,907)	(998,385)	(5,213,193)	(4,478,156)	—	—	(5,841,100)	(5,476,541)
Net operating income	570,003	1,023,102	1,745,369	1,744,117	—	—	2,315,372	2,767,219
Property operating expenses - affiliates	122,381	235,801	477,976	466,991	—	—	600,357	702,792
General and administrative	—	—	—	—	374,003	307,197	374,003	307,197
Depreciation	455,747	842,088	1,371,383	1,345,523	3,880	2,401	1,831,010	2,190,012
Intangible amortization expense	—	—	—	626,332	—	—	—	626,332
Interest expense	309,751	535,350	1,643,757	1,825,809	—	—	1,953,508	2,361,159
Interest expense – debt issuance costs	14,139	26,496	80,942	96,844	—	—	95,081	123,340
Loss on extinguishment of debt	1,985,602	—	—	—	—	—	1,985,602	—
Gain on sale of real estate, net	(12,101,937)	—	—	—	—	—	(12,101,937)	—
Other income (loss)	—	—	80	—	(569,548)	21,406	(569,468)	21,406
Net income (loss)	$9,784,320	$(616,633)	$(1,828,769)	$(2,617,382)	$191,665	$(331,004)	$8,147,216	$(3,565,019)

The following table summarizes our total assets by segment:

Segments	March 31, 2022		December 31, 2021
Student housing	$	46,644,971	$	85,907,495
Senior housing		157,016,669		156,861,266
Corporate and Other		13,647,214		7,551,836
Total assets	$	217,308,854	$	250,320,597