Real Estate Facilities and Real Estate Held for Sale

9 Months Ended

Sep. 30, 2024

Real Estate Facilities and Real Estate Held for Sale

Note 4. Real Estate Facilities and Real Estate Held for Sale

The following summarizes the activity in the real estate facilities during the nine months ended September 30, 2024:


Real estate facilities
Balance at December 31, 2023	$	177,122,910
Additions - Senior		719,032
Balance at September 30, 2024	$	177,841,942
Accumulated depreciation
Balance at December 31, 2023	$	(29,412,671	)
Depreciation expense included in continuing operations		(3,960,624	)
Balance at September 30, 2024	$	(33,373,295	)

The following summarizes the real estate reclassified as held for sale:


	September 30, 2024 (1)		December 31, 2023
Real estate reclassified as held for sale
Land	$	—	$	4,903,000
Buildings		—		45,888,288
Site improvements		—		839,000
Furniture, fixtures and equipment		—		3,239,635
		—		54,869,923
Accumulated depreciation		—		(11,143,433	)
		—		43,726,490
Construction in process		—		51,033
Total real estate held for sale, net	$	—	$	43,777,523

(1)

On June 7, 2024, the Company executed an agreement of purchase and sale with an unaffiliated third party for the sale of our sole remaining student property located in Fayetteville, Arkansas (“Fayetteville property”). The Fayetteville property was sold on July 31, 2024.