Segment Disclosures

9 Months Ended

Sep. 30, 2018

Note 7. 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 nine months ended September 30, 2018:

	Student Housing			Senior Housing			Corporate and Other			Total
Leasing and leasing related revenues	$	6,415,533		$	7,319,345		—			$	13,734,878
Other revenues	—				1,177,484		—				1,177,484
Property operating expenses		(3,106,101	)		(5,456,860	)	—				(8,562,961	)
Net operating income		3,309,432			3,039,969			-			6,349,401
Property operating expenses - affiliates		441,782			424,474		—				866,256
General and administrative	—			—				1,330,307			1,330,307
Depreciation		2,432,839			1,497,267			4,307			3,934,413
Intangible amortization expense		3,743,640			2,567,736		—				6,311,376
Acquisition expenses – affiliates	—				148,736		—				148,736
Other property acquisition expenses	—				304,483		—				304,483
Interest expense		1,606,050			2,504,035		—				4,110,085
Interest expense – debt issuance costs		51,094			489,310		—				540,404
Other	—				64,699			(696	)		64,003
Net loss	$	(4,965,973	)	$	(4,960,771	)	$	(1,333,918	)	$	(11,260,662	)

The following table summarizes our total assets by segment:

Segments	September 30, 2018
Student housing	$	96,670,106
Senior housing		172,221,432
Corporate and Other		8,500,811
Total assets	$	277,392,349