Real Estate Facilities and Real Estate Held for Sale

12 Months Ended

Dec. 31, 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, excluding construction in process, during the years ended December 31, 2024 and 2023:


Real estate facilities
Balance at December 31, 2022	$	173,643,365
Additions - Senior		3,479,545
Balance at December 31, 2023		177,122,910
Additions - Senior		1,277,907
Balance at December 31, 2024	$	178,400,817

Accumulated depreciation
Balance at December 31, 2022	$	(23,741,256	)
Depreciation expense included in continuing operations		(5,671,415	)
Balance at December 31, 2023		(29,412,671	)
Depreciation expense included in continuing operations		(5,314,977	)
Balance at December 31, 2024	$	(34,727,648	)

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


	December 31, 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.