Segment Disclosures

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Disclosures

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, 2021 and 2020:

	Three Months Ended March 31,
	Student Housing						Senior Housing						Corporate and Other						Total
	2021			2020			2021			2020			2021			2020			2021			2020
Leasing and leasing related revenues	$	2,021,487		$	1,834,471		$	6,183,193		$	6,729,599		$	—		$	—		$	8,204,680		$	8,564,070
Other revenues	—			—				39,080			169,529		—			—				39,080			169,529
Property operating expenses		(998,385	)		(955,454	)		(4,478,156	)		(4,564,294	)	—			—				(5,476,541	)		(5,519,748	)
Net operating income		1,023,102			879,017			1,744,117			2,334,834			—			—			2,767,219			3,213,851
Property operating expenses - affiliates		235,801			237,098			466,991			477,154		—			—				702,792			714,252
General and administrative	—			—			—			—				307,197			465,477			307,197			465,477
Depreciation		842,088			832,565			1,345,523			1,321,449			2,401			3,596			2,190,012			2,157,610
Intangible amortization expense		—			-			626,332			954,900		—			—				626,332			954,900
Interest expense		535,350			535,350			1,825,809			2,026,037		—			—				2,361,159			2,561,387
Interest expense – debt issuance costs		26,496			26,496			96,844			93,455		—			—				123,340			119,950
Other		-			-			-			-			21,406			53,011			21,406			53,011
Net loss	$	(616,633	)	$	(752,492	)	$	(2,617,382	)	$	(2,538,161	)	$	(331,004	)	$	(522,084	)	$	(3,565,019	)	$	(3,812,736	)

The following table summarizes our total assets by segment:

Segments	March 31, 2021		December 31, 2020
Student housing	$	88,195,092	$	88,740,898
Senior housing		161,155,670		162,477,624
Corporate and Other		7,562,209		8,321,205
Total assets	$	256,912,971	$	259,539,727