Real Estate Facilities

6 Months Ended

Jun. 30, 2018

Note 3. Real Estate Facilities

The following summarizes the activity in the real estate facilities during the six months ended June 30, 2018:

Real estate facilities
Balance at December 31, 2017	$	98,258,516
Facility acquisitions		73,736,878
Additions - Student		152,275
Balance at June 30, 2018	$	172,147,669
Accumulated depreciation
Balance at December 31, 2017	$	(1,254,849	)
Depreciation expense		(2,374,435	)
Balance at June 30, 2018	$	(3,629,284	)

The following table summarizes the purchase price allocations for our acquisitions during the six months ended June 30, 2018:

Property	Property Type	Acquisition Date	Real Estate Assets		Intangibles		Total⁽¹⁾		2018 Revenue⁽²⁾		2018 Property Operating Income⁽²⁾⁽³⁾
Charleston – UT	Senior	2/23/18	$	12,296,180	$	994,000	$	13,290,180	$	955,902	$	333,136
Cottonwood – UT	Senior	2/23/18		15,353,209		2,020,000		17,373,209		1,286,161		329,967
Wellington – UT	Senior	2/23/18		46,087,489		3,450,000		49,537,489		2,105,016		918,999
Total			$	73,736,878	$	6,464,000	$	80,200,878	$	4,347,079	$	1,582,102

⁽¹⁾	The allocations noted above are based on a determination of the relative fair value of the total cash consideration provided for the property and capitalized acquisition costs.

⁽²⁾	The operating results of the properties acquired above have been included in our consolidated statement of operations since their acquisition date.

⁽³⁾	Property operating income excludes corporate general and administrative expenses, asset management fees, depreciation, amortization, and acquisition expenses.

We incurred acquisition fees to our Advisor related to the above properties of approximately $1.6 million for the six months ended June 30, 2018, which were capitalized into the cost basis of our properties.