XML 30 R20.htm IDEA: XBRL DOCUMENT v3.23.3
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