Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations

The amounts in the statement of operations that are included in discontinued operations are summarized in the following table:

	Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022
Revenues:
Leasing and related revenues – student	$	3,382,068		$	5,076,260		$	4,374,854
Operating expenses:
Property operating expenses – student		1,656,302			2,679,173			2,576,474
Property operating expenses – affiliates		294,463			500,117			493,302
Depreciation		660,286			1,398,771			1,831,648
Total operating expenses		2,611,051			4,578,061			4,901,424
Other expenses:
Interest expense (1)		2,502,015			3,655,147			2,826,775
Derivative fair value adjustment (2)		147,284			—			—
Interest expense - debt issuance costs (3)		469,901			178,751			228,312
Total other expenses		3,119,200			3,833,898			3,055,087
Loss from discontinued operations		(2,348,183	)		(3,335,699	)		(3,581,657	)
Loss on extinguishment of debt (4)		(286,719	)		—			—
Gain on sale of real estate, net (5)		27,587,961			—			—
Net income (loss) from discontinued operations		24,953,059			(3,335,699	)		(3,581,657	)

(1)Includes interest expense related to the Fayetteville JPM Mortgage Loan, which was repaid in April 2024 in connection with the Fayetteville Mortgage Loan refinance, the Fayetteville Mortgage Loan and the KeyBank Bridge Loans that were required to be repaid according to the terms of such loans, in conjunction with the sale of the Fayetteville property.

(2)On April 10, 2024, in conjunction with the Fayetteville Mortgage Loan refinance, the Company entered into an interest rate cap agreement with a notional amount of $34.5 million, whereby SOFR was capped at 4.25% through the maturity of the Fayetteville Mortgage Loan, that capped the all-in rate at 6.5%. We elected not to designate the interest rate cap as a hedge for GAAP purposes, and changes in the fair value were recorded in discontinued operations. The interest rate cap was settled on July 31, 2024, in conjunction with the sale of the Fayetteville property.

(3)Includes interest expense - debt issuance costs related to the Fayetteville JPM Mortgage Loan, which was repaid in April 2024 in connection with the Fayetteville Mortgage Loan refinance, the Fayetteville Mortgage Loan and the KeyBank Bridge Loans that were required to be repaid according to the terms of such loans, in conjunction with the sale of the Fayetteville property.

(4)Includes the write off of the net debt issuance costs associated with the $34.5 million Fayetteville Mortgage Loan and the $25.4 million KeyBank Bridge Loans in conjunction with the sale of the Fayetteville property in July 2024, along with the loss on the settlement of the interest rate cap.

(5)Relates to the net gain on the sale of the Fayetteville property, which was sold on July 31, 2024.

The amounts in the statement of cash flows that are included in discontinued operations are summarized in the following table:

	Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022
Adjustments to reconcile discontinued operating activities:
Depreciation	$	660,286		$	1,398,771		$	1,831,648
Amortization of debt issuance costs		180,794			178,751			228,312
Derivative fair value adjustment		147,284			—			—
Adjustments to reconcile discontinued operating activities		988,364			1,577,522			2,059,960
Loss on extinguishment of debt		286,719			—			—
Gain on sale of real estate, net		(27,587,961	)		—			—
Increase (decrease) in cash, cash equivalents, and restricted cash from changes in assets and liabilities:
Purchase of interest rate cap		(366,000	)		—			—
Settlement of interest rate cap		181,500			—			—
Other assets		142,242			(11,459	)		10,830
Accounts payable and accrued liabilities		(971,798	)		18,370			227,799
Due to affiliates		294,463			500,117			493,302
Net cash (used in) provided by changes in assets and liabilities related to discontinued operating activities		(719,593	)		507,028			731,931
Cash flows from discontinued investing activities:
Additions to real estate		(213,275	)		(555,913	)		(200,464	)
Net proceeds from sale of real estate		70,863,051			—			—
Net cash provided by (used in) discontinued investing activities		70,649,776			(555,913	)		(200,464	)
Cash flows from discontinued financing activities:
Principal payments of KeyBank Bridge Loans		(350,000	)		(600,000	)		(17,650,000	)
Repayment of Fayetteville JPM Mortgage Loan		(29,500,000	)		—			—
Proceeds from Fayetteville Mortgage Loan		34,500,000			—			—
Repayment of Fayetteville Mortgage Loan		(34,500,000	)		—			—
Repayment of KeyBank Bridge Loan		(25,366,550	)		—			—
Debt issuance costs		(362,439	)		—			—
Net cash used in discontinued financing activities		(55,578,989	)		(600,000	)		(17,650,000	)