Segment Disclosures

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Disclosures

Note 6. Segment Disclosures

We operate in two reportable business segments: (i) student housing and (ii) senior housing.

Management evaluates performance based upon property net operating income (“NOI”). NOI is defined as leasing and related revenues, less property level operating expenses.

The following table summarizes information for the reportable segments for the three months ended March 31, 2024, and 2023:

	Three Months Ended March 31,
	Student Housing		Senior Housing		Corporate and Other		Total
	2024	2023	2024	2023	2024	2023	2024	2023
Leasing and leasing related revenues	$1,439,177	$1,216,951	$8,276,960	$7,667,921	$—	$—	$9,716,137	$8,884,872
Other revenues	—	—	99,050	215,924	—	—	99,050	215,924
Property operating expenses	(629,075)	(650,403)	(6,257,400)	(5,738,543)	—	—	(6,886,475)	(6,388,946)
Net operating income	810,102	566,548	2,118,610	2,145,302	—	—	2,928,712	2,711,850
Property operating expenses - affiliates	126,455	124,096	499,393	491,768	—	—	625,848	615,864
General and administrative	—	—	—	—	432,925	501,758	432,925	501,758
Depreciation	355,836	344,240	1,318,929	1,436,671	3,070	5,357	1,677,835	1,786,268
Interest expense	309,750	309,750	1,939,541	1,899,200	—	—	2,249,291	2,208,950
Interest expense – debt issuance costs	14,144	14,140	116,469	66,074	—	—	130,613	80,214
Other income (loss)	—	—	—	(445)	34,863	(509)	34,863	(954)
Net income (loss)	$3,917	$(225,678)	$(1,755,722)	$(1,747,966)	$(470,858)	$(506,606)	$(2,222,663)	$(2,480,250)

The following table summarizes our total assets by segment:

Segments	March 31, 2024		December 31, 2023
Student housing	$	44,160,194	$	44,362,665
Senior housing		151,206,662		152,114,545
Corporate and Other		4,146,715		4,871,546
Total assets	$	199,513,571	$	201,348,756