Real Estate Facilities

9 Months Ended

Sep. 30, 2023

Note 3. Real Estate Facilities

The following summarizes the activity in the real estate facilities during the nine months ended September 30, 2023:


Real estate facilities
Balance at December 31, 2022	$	228,006,554
Additions - Student		426,723
Additions - Senior		3,127,090
Balance at September 30, 2023	$	231,560,367
Accumulated depreciation
Balance at December 31, 2022	$	(33,485,918	)
Depreciation expense		(5,312,702	)
Balance at September 30, 2023	$	(38,798,620	)

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. The Tallahassee property was sold on January 6, 2022. For each of the three months ended September 30, 2023 and 2022, no revenues are included in "Leasing and related revenues - student" and no expenses are included in "Property operating expenses - student". For the nine months ended September 30, 2023 and 2022, revenues totaling none and $0.2 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 nine months ended September 30, 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.