Segment Disclosures

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023, and 2022:

	Three Months Ended June 30,
	Student Housing		Senior Housing		Corporate and Other		Total
	2023	2022	2023	2022	2023	2022	2023	2022
Leasing and leasing related revenues	$1,186,238	$1,055,296	$7,934,945	$7,293,605	$—	$—	$9,121,183	$8,348,901
Other revenues	—	—	120,172	207,812	—	—	120,172	207,812
Property operating expenses	(595,807)	(535,597)	(5,714,029)	(5,276,026)	—	—	(6,309,836)	(5,811,623)
Net operating income	590,431	519,699	2,341,088	2,225,391	—	—	2,931,519	2,745,090
Property operating expenses - affiliates	123,593	122,442	495,027	486,074	—	—	618,620	608,516
General and administrative	—	—	—	—	748,887	405,756	748,887	405,756
Depreciation	344,741	457,378	1,398,651	1,382,986	4,105	3,880	1,747,497	1,844,244
Interest expense	309,750	309,750	1,933,745	1,680,395	—	—	2,243,495	1,990,145
Interest expense – debt issuance costs	14,140	14,139	66,074	80,943	—	—	80,214	95,082
Other income (loss)	—	—	—	251	(58,861)	(12,252)	(58,861)	(12,001)
Net income (loss)	$(201,793)	$(384,010)	$(1,552,409)	$(1,405,258)	$(694,131)	$(397,384)	$(2,448,333)	$(2,186,652)
	Six Months Ended June 30,
	Student Housing		Senior Housing		Corporate and Other		Total
	2023	2022	2023	2022	2023	2022	2023	2022
Leasing and leasing related revenues	$2,403,189	$2,253,206	$15,602,866	$14,087,051	$—	$—	$18,006,055	$16,340,257
Other revenues	—	—	336,096	372,928	—	—	336,096	372,928
Property operating expenses	(1,246,210)	(1,163,505)	(11,452,572)	(10,489,220)	—	—	(12,698,782)	(11,652,725)
Net operating income	1,156,979	1,089,701	4,486,390	3,970,759	—	—	5,643,369	5,060,460
Property operating expenses - affiliates	247,689	244,823	986,795	964,052	—	—	1,234,484	1,208,875
General and administrative	—	—	—	—	1,250,637	779,757	1,250,637	779,757
Depreciation	688,981	913,125	2,835,322	2,754,369	9,462	7,759	3,533,765	3,675,253
Interest expense	619,500	619,501	3,832,945	3,324,152	—	—	4,452,445	3,943,653
Interest expense – debt issuance costs	28,280	28,278	132,148	161,885	—	—	160,428	190,163
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)	—	—	(446)	331	(59,362)	(581,800)	(59,808)	(581,469)
Net income (loss)	$(427,471)	$9,400,309	$(3,300,374)	$(3,234,030)	$(1,200,737)	$(205,716)	$(4,928,582)	$5,960,563

The following table summarizes our total assets by segment:

Segments	June 30, 2023		December 31, 2022
Student housing	$	45,002,121	$	45,184,980
Senior housing		153,959,234		155,404,239
Corporate and Other		6,866,607		9,864,879
Total assets	$	205,827,962	$	210,454,098