Segment Disclosures

12 Months Ended

Dec. 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 table summarizes information for the reportable segments for the years ended December 31, 2022, 2021, and 2020:

	Years ended December 31,
	Student Housing			Senior Housing			Corporate and Other			Total
	2022	2021	2020	2022	2021	2020	2022	2021	2020	2022	2021	2020
Leasing and leasing related revenues	$4,522,789	$8,090,778	$7,391,722	$29,165,124	$25,891,856	$25,848,217	$—	$—	$—	$33,687,913	$33,982,634	$33,239,939
Other revenues	—	—	—	742,921	287,780	305,986	—	—	—	$742,921	$287,780	$305,986
Property operating expenses	(2,657,691)	(4,098,690)	(3,847,661)	(21,562,383)	(19,227,624)	(18,385,825)	—	—	—	$(24,220,074)	$(23,326,314)	$(22,233,486)
Net operating income	1,865,098	3,992,088	3,544,061	8,345,662	6,952,012	7,768,378	—	—	—	10,210,760	10,944,100	11,312,439
Property operating expenses - affiliates	493,302	945,223	944,851	1,943,352	1,887,511	1,887,946	—	—	—	2,436,654	2,832,734	2,832,797
General and administrative	—	—	—	—	—	—	1,718,876	1,278,446	1,508,517	1,718,876	1,278,446	1,508,517
Depreciation	1,831,648	3,236,924	3,343,055	5,567,841	5,422,949	5,289,624	16,399	14,787	14,386	7,415,888	8,674,660	8,647,065
Intangible amortization expense	—	—	—	—	626,332	3,819,600	—	—	—	—	626,332	3,819,600
Interest expense	1,239,001	2,141,400	2,141,400	7,027,518	7,391,611	7,660,201	—	—	—	8,266,519	9,533,011	9,801,601
Interest expense – debt issuance costs	56,556	105,983	105,983	313,859	362,720	453,200	—	—	—	370,415	468,703	559,183
Forgiveness of PPP Loans	—	—	—	—	(1,971,157)	—	—	—	—	—	(1,971,157)	—
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	—	—	—	1,113	(832,336)	(836,729)	(607,721)	(335,839)	86,155	(606,608)	(1,168,175)	(750,574)
Net income (loss)	$8,360,926	$(2,437,442)	$(2,991,228)	$(6,508,021)	$(5,935,618)	$(10,505,464)	$(1,127,554)	$(957,394)	$(1,609,058)	$725,351	$(9,330,454)	$(15,105,750)

The following table summarizes our total assets by segment:

Segments	December 31, 2022		December 31, 2021
Student housing	$	45,184,980	$	85,907,495
Senior housing		155,404,239		156,861,266
Corporate and other		9,864,879		7,551,836
Total assets	$	210,454,098	$	250,320,597