Real Estate Facilities (Tables)

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

Summary of Activity in Real Estate Facilities

The following summarizes the activity in the real estate facilities during the years ended December 31, 2018 and 2017:

Real estate facilities
Balance at December 31, 2016	$	—
Facility acquisitions		98,224,000
Additions - Student		34,516
Balance at December 31, 2017		98,258,516
Facility acquisitions		157,090,441
Additions - Student		334,925
Additions - Senior		358,721
Balance at December 31, 2018	$	256,042,603
Accumulated depreciation
Balance at December 31, 2016	$	—
Depreciation expense		(1,254,849	)
Balance at December 31, 2017		(1,254,849	)
Depreciation expense		(5,898,283	)
Balance at December 31, 2018	$	(7,153,132	)

Activity in real estate facilities during 2018 was as follows:

	2018
Real estate facilities
Balance at beginning of year	$	98,258,516
Facility acquisitions		157,090,441
Additions - Student		334,925
Additions - Senior		358,721
Balance at end of year	$	256,042,603
Accumulated depreciation
Balance at beginning of year	$	(1,254,849	)
Depreciation expense		(5,898,283	)
Balance at end of year	$	(7,153,132	)
Construction in process
Balance at beginning of year	$	—
Net additions and assets placed into service		2,333,331
Balance at end of year	$	2,333,331
Real estate facilities, net	$	251,222,802

Summary of Purchase Price Allocations for Acquisitions

The following table summarizes the purchase price allocations for our acquisitions during the year ended December 31, 2018:

Property	Property Type	Acquisition Date	Real Estate Assets		Intangibles		Total(1)		2018 Revenue(2)		2018 Property Operating Income(3)
Charleston – UT	Senior	2/23/18	$	12,296,180	$	994,000	$	13,290,180	$	2,226,530	$	687,394
Cottonwood Creek – UT	Senior	2/23/18		15,353,209		2,020,000		17,373,209		3,024,914		577,834
Wellington – UT	Senior	2/23/18		46,087,489		3,450,000		49,537,489		5,092,177		2,125,467
Courtyard – OR	Senior	8/31/18		83,353,563		9,549,000		92,902,563		4,606,775		2,025,028
Total			$	157,090,441	$	16,013,000	$	173,103,441	$	14,950,396	$	5,415,723

⁽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, property management oversight fees, depreciation, amortization, and acquisition expenses.

The following table summarizes the purchase price allocations for our acquisitions during the year ended December 31, 2017:

Property	Property Type	Acquisition Date	Real Estate Assets		Intangibles		Total(1)		2017 Revenue(2)		2017 Property Operating Income(3)
Fayetteville – AR	Student	6/28/17	$	53,380,000	$	3,620,000	$	57,000,000	$	2,584,491	$	1,485,077
Tallahassee – FL	Student	9/28/17		44,844,000		2,656,000		47,500,000		1,066,840		830,086
Total			$	98,224,000	$	6,276,000	$	104,500,000	$	3,651,331	$	2,315,163

⁽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, property management oversight fees, depreciation, amortization, and acquisition expenses.