Real Estate Facilities

3 Months Ended

Mar. 31, 2023

Note 3. Real Estate Facilities

The following summarizes the activity in the real estate facilities during the three months ended March 31, 2023:


Real estate facilities
Balance at December 31, 2022	$	228,006,554
Additions - Student		15,248
Additions - Senior		232,573
Balance at March 31, 2023	$	228,254,375
Accumulated depreciation
Balance at December 31, 2022	$	(33,485,918	)
Depreciation expense		(1,786,268	)
Balance at March 31, 2023	$	(35,272,186	)

Real Estate Disposition

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 March 31, 2023 and 2022, revenues totaling none and approximately $0.1 million, respectively, are included in "Leasing and related revenues - student". Expenses totaling none and approximately $0.1 million are included in "Property operating expenses - student" for the three months ended March 31, 2023 and 2022, 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.