Segment Disclosures

3 Months Ended

Mar. 31, 2023

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, 2023, and 2022:

	Three Months Ended March 31,
	Student Housing		Senior Housing		Corporate and Other		Total
	2023	2022	2023	2022	2023	2022	2023	2022
Leasing and leasing related revenues	$1,216,951	$1,197,910	$7,667,921	$6,793,446	$—	$—	$8,884,872	$7,991,356
Other revenues	—	—	215,924	165,116	—	—	215,924	165,116
Property operating expenses	(650,403)	(627,907)	(5,738,543)	(5,213,193)	—	—	(6,388,946)	(5,841,100)
Net operating income	566,548	570,003	2,145,302	1,745,369	—	—	2,711,850	2,315,372
Property operating expenses - affiliates	124,096	122,381	491,768	477,976	—	—	615,864	600,357
General and administrative	—	—	—	—	501,758	374,003	501,758	374,003
Depreciation	344,240	455,747	1,436,671	1,371,383	5,357	3,880	1,786,268	1,831,010
Interest expense	309,750	309,751	1,899,200	1,643,757	—	—	2,208,950	1,953,508
Interest expense – debt issuance costs	14,140	14,139	66,074	80,942	—	—	80,214	95,081
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)	—	—	(445)	80	(509)	(569,548)	(954)	(569,468)
Net income (loss)	$(225,678)	$9,784,320	$(1,747,966)	$(1,828,769)	$(506,606)	$191,665	$(2,480,250)	$8,147,216

The following table summarizes our total assets by segment:

Segments	March 31, 2023		December 31, 2022
Student housing	$	44,732,144	$	45,184,980
Senior housing		155,366,875		155,404,239
Corporate and Other		7,731,012		9,864,879
Total assets	$	207,830,031	$	210,454,098