On June 7, 2024, the Company executed an agreement of purchase and sale with an unaffiliated third party for the sale of the Fayetteville Property, our sole remaining student property. The Fayetteville Property was sold on July 31, 2024.

In June 2024, we concluded that the Fayetteville Property qualified as discontinued operations as the property met the criteria of held for sale, and the disposal represented a strategic shift in our business as we no longer own or operate student housing communities. As a result, certain items were reclassified as part of discontinued operations for comparative purposes. The amounts in the statement of operations that are included in discontinued operations are summarized in the following table:


	Three Months Ended June 30,					Six Months Ended June 30,
	2025		2024			2025		2024
Revenues:
Leasing and related revenues	$	—	$	1,431,553		$	—	$	2,870,730
Operating expenses:
Property operating expenses		—		617,514			—		1,246,590
Property operating expenses – affiliates		—		126,256			—		252,711
Depreciation		—		304,451			—		660,286
Total operating expenses		—		1,048,221			—		2,159,587
Other expenses:
Interest expense (1)		—		1,151,689			—		2,075,697
Derivative fair value adjustment (2)		—		147,284			—		147,284
Interest expense - debt issuance costs (3)		—		362,966			—		458,054
Total other expenses		—		1,661,939			—		2,681,035
Net loss from discontinued operations		—		(1,278,607	)		—		(1,969,892	)

(1)

Includes interest expense related to the Fayetteville JPM Mortgage Loan, Fayetteville Mortgage Loan, and the KeyBank Bridge Loan that are required to be repaid according to the terms of the loan, in conjunction with the sale of the Fayetteville Property.

(2)

On April 10, 2024, in conjunction with the Fayetteville Mortgage Loan refinance, the Company entered into an interest rate cap agreement with a notional amount of $34.5 million, whereby SOFR was capped at 4.25% through the maturity of the Fayetteville Mortgage Loan, that capped the all in rate at 6.5%. We elected not to

(3)

Includes interest expense - debt issuance costs related to the Fayetteville JPM Mortgage Loan, Fayetteville Mortgage, and the KeyBank Bridge Loan that are required to be repaid according to the terms of the loan, in conjunction with the sale of the Fayetteville Property.

The amounts in the statement of cash flows that are included in discontinued operations are summarized in the following table:


	Six Months Ended June 30,
	2025		2024
Adjustments to reconcile discontinued operating activities:
Depreciation	$	—	$	660,286
Amortization of debt issuance costs		—		170,005
Derivative fair value adjustment		—		147,284
Adjustments to reconcile discontinued operating activities		—		977,575
Increase (decrease) in cash, cash equivalents, and restricted cash from changes in assets and liabilities:
Purchase of interest rate cap		—		(366,000	)
Other assets		—		(170,117	)
Accounts payable and accrued liabilities		—		245,781
Due to affiliates		—		252,711
Net cash provided by discontinued operating activities		—		(37,625	)
Cash flows from discontinued investing activities:
Additions to real estate		—		(193,341	)
Net cash used in discontinued investing activities		—		(193,341	)
Cash flows from discontinued financing activities:
Principal payments of KeyBank Bridge Loans		—		(300,000	)
Proceeds from Fayetteville JPM refinance		—		5,000,000
Debt issuance costs		—		(362,439	)
Net cash used in discontinued financing activities	$	—	$	4,337,561