Real Estate Facilities and Real Estate Held for Sale

3 Months Ended

Mar. 31, 2022

Real Estate Facilities and Real Estate Held for Sale

Note 3. Real Estate Facilities and Real Estate Held for Sale

The following summarizes the activity in the real estate held for investment during the three months ended March 31, 2022:


Real estate facilities
Balance at December 31, 2021	$	226,034,316
Additions - Student		19,217
Additions - Senior		241,470
Balance at March 31, 2022	$	226,295,003
Accumulated depreciation
Balance at December 31, 2021	$	(26,070,030	)
Depreciation expense		(1,831,010	)
Balance at March 31, 2022	$	(27,901,040	)

Real Estate Disposition and Held for Sale

The results of operations for the Tallahassee student housing property, which was classified as held for sale as of December 31, 2021, is included in continuing operations on the Company's consolidated statements of operations. For the three months ended March 31, 2022 and 2021, revenues totaling approximately $0.1 million, and $1.0 million, respectively, are included in "Leasing and related revenues - student". Expenses totaling approximately $0.1 million and $0.4 million are included in "Property operating expenses - student" for the three months ended March 31, 2022 and 2021, respectively.

On January 6, 2022, we completed the sale of the Tallahassee property, to an unaffiliated third party. The sale price for the Tallahassee Property was $50 million in cash plus the amount of any yield maintenance fees owed by the Company upon repayment of the Tallahassee Nationwide mortgage loan. In connection with the sale a $0.25 million disposition fee that was paid to our Sponsor in accordance with our Second AA Amendment. The mortgage loan encumbering the Tallahassee property of approximately $23.5 million and yield maintenance fees of approximately $1.9 million were paid at close. The yield maintenance fees are included in "loss on extinguishment of debt" in the accompanying consolidated statements of operations.