Real Estate Facilities

12 Months Ended

Dec. 31, 2023

Note 3. Real Estate Facilities

The following summarizes the activity in the real estate facilities, excluding construction in process, during the years ended December 31, 2023 and 2022:


Real estate facilities
Balance at December 31, 2021	$	226,034,316
Additions - Student		211,583
Additions - Senior		1,760,655
Balance at December 31, 2022		228,006,554
Additions - Student		506,733
Additions - Senior		3,479,545
Balance at December 31, 2023	$	231,992,832

Accumulated depreciation
Balance at December 31, 2021	$	(26,070,030	)
Depreciation expense		(7,415,888	)
Balance at December 31, 2022		(33,485,918	)
Depreciation expense		(7,070,186	)
Balance at December 31, 2023	$	(40,556,104	)

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 the years ended December 31, 2023, 2022, and 2021, revenues totaling approximately none, $0.2 million and $4.1 million, respectively, are included in "Leasing and related revenues - student". Expenses totaling approximately none, $0.1 million, and $1.7 million are included in "Property operating expenses - student" for each of the years ended December 31, 2023, 2022, and 2021, 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 for the year ended December 31, 2022.