Segment Disclosures (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Summary of Reportable Segments

The following tables summarize information for the reportable segments for the three and nine months ended September 30, 2023, and 2022:

	Three Months Ended September 30,
	Student Housing		Senior Housing		Corporate and Other		Total
	2023	2022	2023	2022	2023	2022	2023	2022
Leasing and leasing related revenues	$1,233,249	$1,066,139	$8,201,149	$7,469,824	$—	$—	$9,434,398	$8,535,963
Other revenues	—	—	144,810	209,315	—	—	144,810	209,315
Property operating expenses	(730,252)	(853,253)	(6,073,124)	(5,457,439)	—	—	(6,803,376)	(6,310,692)
Net operating income	502,997	212,886	2,272,835	2,221,700	—	—	2,775,832	2,434,586
Property operating expenses - affiliates	126,616	124,802	499,166	488,945	—	—	625,782	613,747
General and administrative	—	—	—	—	545,394	414,154	545,394	414,154
Depreciation	355,550	458,429	1,419,875	1,385,530	3,512	4,005	1,778,937	1,847,964
Interest expense	309,750	309,750	1,970,456	1,799,152	—	—	2,280,206	2,108,902
Interest expense – debt issuance costs	14,141	14,139	66,073	80,943	—	—	80,214	95,082
Other income (loss)	—	—	—	677	(50,523)	(37,772)	(50,523)	(37,095)
Net income (loss)	$(303,060)	$(694,234)	$(1,682,735)	$(1,533,547)	$(498,383)	$(380,387)	$(2,484,178)	$(2,608,168)
	Nine Months Ended September 30,
	Student Housing		Senior Housing		Corporate and Other		Total
	2023	2022	2023	2022	2023	2022	2023	2022
Leasing and leasing related revenues	$3,636,439	$3,319,345	$23,804,014	$21,556,875	$—	$—	$27,440,453	$24,876,220
Other revenues	—	—	480,906	582,243	—	—	480,906	582,243
Property operating expenses	(1,976,462)	(2,016,757)	(17,525,697)	(15,946,660)	—	—	(19,502,159)	(17,963,417)
Net operating income	1,659,977	1,302,588	6,759,223	6,192,458	—	—	8,419,200	7,495,046
Property operating expenses - affiliates	374,305	369,625	1,485,961	1,452,997	—	—	1,860,266	1,822,622
General and administrative	—	—	—	—	1,796,031	1,193,907	1,796,031	1,193,907
Depreciation	1,044,531	1,371,554	4,255,197	4,139,899	12,974	11,764	5,312,702	5,523,217
Interest expense	929,250	929,251	5,803,401	5,123,304	—	—	6,732,651	6,052,555
Interest expense – debt issuance costs	42,421	42,417	198,216	242,828	—	—	240,637	285,245
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)	1,008	(109,881)	(619,569)	(110,327)	(618,561)
Net income (loss)	$(730,530)	$8,706,076	$(4,983,106)	$(4,767,578)	$(1,699,124)	$(586,102)	$(7,412,760)	$3,352,396

Summary of Total Assets by Segment

The following table summarizes our total assets by segment:

Segments	September 30, 2023		December 31, 2022
Student housing	$	44,738,566	$	45,184,980
Senior housing		153,295,576		155,404,239
Corporate and Other		5,931,945		9,864,879
Total assets	$	203,966,087	$	210,454,098