v3.26.1
Segment Disclosures
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Disclosures

Note 6. Segment Disclosures

We operate in one reportable business segment, senior housing. Our senior housing operations consist of our wholly-owned senior housing properties, primarily consisting of month-to-month rental revenue and related ancillary revenue that these senior housing properties produce.

The chief operating decision maker (“CODM”) is our chief executive officer. Our CODM and other management regularly evaluate performance based upon net income (loss) from continuing operations. Our CODM uses net income (loss) when making decisions about allocating capital and personnel. On a monthly and quarterly basis, our CODM considers budget-to-actual and period-to-period variances when evaluating company and property performance.

Reportable segment asset information is not provided to the CODM as the CODM does not use segment asset information to evaluate the business and allocate resources. For all periods presented, substantially all of the Company's real estate assets, intangible assets, other assets, accounts payable and accrued liabilities, and debt are associated with the senior housing.

 

The following table summarizes information for the reportable segment for the three and six months ended June 30, 2026 and 2025:

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Leasing and related revenues

$

10,313,336

 

 

$

9,324,977

 

 

$

20,536,926

 

 

$

18,365,157

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

 

 

 

 

 

 

 

 

 

 

Payroll and administrative

 

4,305,085

 

 

 

4,057,430

 

 

 

8,470,614

 

 

 

7,881,791

 

Food and related items

 

504,388

 

 

 

514,111

 

 

 

1,008,774

 

 

 

1,007,011

 

Third-party property management fees

 

500,243

 

 

 

455,166

 

 

 

996,711

 

 

 

896,465

 

Utilities

 

401,934

 

 

 

387,477

 

 

 

841,222

 

 

 

839,846

 

Repairs and maintenance

 

297,966

 

 

 

240,606

 

 

 

559,397

 

 

 

500,519

 

Property taxes

 

267,474

 

 

 

256,533

 

 

 

534,932

 

 

 

513,062

 

Other direct property costs (1)

 

796,325

 

 

 

523,842

 

 

 

1,549,033

 

 

 

1,126,020

 

Total property operating expenses

 

7,073,415

 

 

 

6,435,165

 

 

 

13,960,683

 

 

 

12,764,714

 

Other operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses – affiliates

 

528,649

 

 

 

513,609

 

 

 

1,055,651

 

 

 

1,023,306

 

General and administrative

 

1,890,397

 

 

 

541,728

 

 

 

2,291,823

 

 

 

1,067,116

 

Depreciation

 

1,464,360

 

 

 

1,379,295

 

 

 

2,922,967

 

 

 

2,742,229

 

Total other operating expenses

 

3,883,406

 

 

 

2,434,632

 

 

 

6,270,441

 

 

 

4,832,651

 

Income (loss) from operations

 

(643,485

)

 

 

455,180

 

 

 

305,802

 

 

 

767,792

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(1,273,710

)

 

 

(1,297,330

)

 

 

(2,539,747

)

 

 

(2,586,221

)

Interest expense – debt issuance costs

 

(35,511

)

 

 

(35,526

)

 

 

(71,037

)

 

 

(71,050

)

Other income

 

12,293

 

 

 

135,686

 

 

 

62,261

 

 

 

105,397

 

Net loss

$

(1,940,413

)

 

$

(741,990

)

 

$

(2,242,721

)

 

$

(1,784,082

)
(1)
Primarily includes property insurance, advertising expense, and other miscellaneous direct property costs.