Years ended December 31,

Student Housing

Senior Housing

Corporate and Other

Total

2023

2022

2021

2023

2022

2021

2023

2022

2021

2023

2022

2021

Leasing and leasing related revenues

$5,076,260

$4,522,789

$8,090,778

$31,998,731

$29,165,124

$25,891,856

$—

$37,074,991

$33,687,913

$33,982,634

Other revenues

—

593,534

742,921

287,780

—

593,534

742,921

287,780

Property operating expenses

(2,679,173)

(2,657,691)

(4,098,690)

(23,550,735)

(21,562,383)

(19,227,624)

—

(26,229,908)

(24,220,074)

(23,326,314)

Net operating income

2,397,087

1,865,098

3,992,088

9,041,530

8,345,662

6,952,012

—

11,438,617

10,210,760

10,944,100

Property operating expenses - affiliates

500,117

493,302

945,223

1,984,186

1,943,352

1,887,511

—

2,484,303

2,436,654

2,832,734

General and administrative

—

2,441,031

1,718,876

1,278,446

2,441,031

1,718,876

1,278,446

Depreciation

1,398,771

1,831,648

3,236,924

5,655,284

5,567,841

5,422,949

16,131

16,399

14,787

7,070,186

7,415,888

8,674,660

Intangible amortization expense

—

626,332

—

626,332

Interest expense

1,239,000

1,239,001

2,141,400

7,784,857

7,027,518

7,391,611

—

9,023,857

8,266,519

9,533,011

Interest expense – debt issuance costs

56,560

56,556

105,983

264,296

313,859

362,720

—

320,856

370,415

468,703

Forgiveness of PPP Loans

—

(1,971,157)

—

(1,971,157)

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)

1,113

(832,336)

(147,185)

(607,721)

(335,839)

(147,631)

(606,608)

(1,168,175)

Net income (loss)

$(797,361)

$8,360,926

$(2,437,442)

$(6,646,647)

$(6,508,021)

$(5,935,618)

$(2,309,977)

$(1,127,554)

$(957,394)

$(9,753,985)

$725,351

$(9,330,454)