Real Estate Facilities and Real Estate Held for Sale

12 Months Ended

Dec. 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 facilities during the years ended December 31, 2022 and 2021:


Real estate facilities
Balance at December 31, 2020	$	270,002,163
Additions - Student		203,195
Additions - Senior		878,873
Real estate reclassified to held for sale		(45,049,915	)
Balance at December 31, 2021		226,034,316
Additions - Student		211,583
Additions - Senior		1,760,655
Balance at December 31, 2022	$	228,006,554

Accumulated depreciation
Balance at December 31, 2020	$	(23,890,898	)
Depreciation expense		(8,674,660	)
Accumulated depreciation reclassified to held for sale		6,495,528
Balance at December 31, 2021		(26,070,030	)
Depreciation expense		(7,415,888	)
Balance at December 31, 2022	$	(33,485,918	)

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 years ended December 31, 2022, 2021 and 2020, revenues totaling approximately $0.2 million, $4.1 million, and $3.6 million, respectively, are included in "Leasing and related revenues - student". Expenses totaling approximately $0.1 million, $1.7 million, and $1.7 million are included in "Property operating expenses - student" for each of the years ended December 31, 2022, 2021, and 2020, 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.