Real Estate Facilities and Real Estate Held for Sale

6 Months Ended

Jun. 30, 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 six months ended June 30, 2022:


Real estate facilities
Balance at December 31, 2021	$	226,034,316
Additions - Student		60,632
Additions - Senior		398,975
Balance at June 30, 2022	$	226,493,923
Accumulated depreciation
Balance at December 31, 2021	$	(26,070,030	)
Depreciation expense		(3,675,253	)
Balance at June 30, 2022	$	(29,745,283	)

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 June 30, 2022 and 2021, revenues totaling approximately none, and $1.0 million, respectively, are included in "Leasing and related revenues - student". For the six months ended June 30, 2022 and 2021, revenues totaling approximately $0.1 million, and $2.0 million, respectively, are included in "Leasing and related revenues - student". Expenses totaling approximately none and $0.4 million are included in "Property operating expenses - student" for the three months ended June 30, 2022 and 2021, respectively. Expenses totaling approximately $0.1 million and $0.8 million are included in "Property operating expenses - student" for the six months ended June 30, 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 was paid to our Sponsor in accordance with our Second AA Amendment (as defined below). 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.