Three Months Ended March 31,

Student Housing

Senior Housing

Corporate and Other

Total

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