Segment Disclosures

3 Months Ended

Mar. 31, 2019

Note 6. 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 three months ended March 31, 2019 and 2018:

	Three Months Ended March 31,
	Student Housing						Senior Housing						Corporate and Other						Total
	2019			2018			2019			2018			2019			2018			2019			2018
Leasing and leasing related revenues	$	2,023,952		$	2,293,714		$	6,204,954		$	1,101,448		$	—		$	—		$	8,228,906		$	3,395,162
Other revenues		—			—			152,422			166,274		—			—				152,422			166,274
Property operating expenses		(985,000	)		(923,181	)		(4,013,440	)		(734,711	)	—			—				(4,998,440	)		(1,657,892	)
Net operating income		1,038,952			1,370,533			2,343,936			533,011			—			—			3,382,888			1,903,544
Property operating expenses - affiliates		238,249			86,182			452,678			25,500		—			—				690,927			111,682
General and administrative	—				—		—			—				608,205			337,082			608,205			337,082
Depreciation		823,049			808,228			1,156,782			211,642			2,938		—				1,982,769			1,019,870
Intangible amortization expense		—			1,615,800			1,837,073			357,808		—			—				1,837,073			1,973,608
Acquisition expenses – affiliates	—				—			—			55,974		—			—				—			55,974
Other property acquisition expenses	—				—			—			164,927		—			—				—			164,927
Interest expense		535,350			535,350			2,050,247			367,832		—			—				2,585,597			903,182
Interest expense – debt issuance costs		26,496			17,031			171,077			61,506		—			—				197,573			78,537
Other		(2,001	)		—			962		—				(17,808	)		(7,698	)		(18,847	)		(7,698	)
Net loss	$	(582,191	)	$	(1,692,058	)	$	(3,324,883	)	$	(712,178	)	$	(593,335	)	$	(329,384	)	$	(4,500,409	)	$	(2,733,620	)

The following table summarizes our total assets by segment:

Segments	March 31, 2019		December 31, 2018
Student housing	$	93,836,300	$	94,593,010
Senior housing		173,070,367		174,210,522
Corporate and Other		9,973,728		9,166,083
Total assets	$	276,880,395	$	277,969,615