2021 Form 10-K Financial Statement

#000095017022004296 Filed on March 22, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $34.27M $33.55M
YoY Change 2.16% -0.67%
Cost Of Revenue $23.33M $22.23M
YoY Change 4.92% 6.35%
Gross Profit $10.94M $11.31M
YoY Change -3.26% -12.08%
Gross Profit Margin 31.93% 33.72%
Selling, General & Admin $1.278M $1.509M
YoY Change -15.25%
% of Gross Profit 11.68% 13.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.675M $8.647M
YoY Change 0.32% 6.88%
% of Gross Profit 79.26% 76.44%
Operating Expenses $10.58M $13.98M
YoY Change -24.3%
Operating Profit -$2.468M -$5.496M
YoY Change -55.09% -27.8%
Interest Expense -$9.533M -$9.802M
YoY Change -2.74%
% of Operating Profit
Other Income/Expense, Net $1.168M $750.6K
YoY Change 55.64% -4890.49%
Pretax Income $10.50M $16.20M
YoY Change -35.19%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings -$9.330M -$15.11M
YoY Change -38.23% -18.69%
Net Earnings / Revenue -27.23% -45.03%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.80 -$1.24
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.846M $7.642M
YoY Change 2.68%
Cash & Equivalents $7.846M $7.642M $7.642M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $7.846M $7.642M
YoY Change 2.68%
LONG-TERM ASSETS
Property, Plant & Equipment $238.6M $246.2M
YoY Change -3.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.038M $1.811M
YoY Change 12.53%
Total Long-Term Assets $242.5M $251.9M
YoY Change -3.74%
TOTAL ASSETS
Total Short-Term Assets $7.846M $7.642M
Total Long-Term Assets $242.5M $251.9M
Total Assets $250.3M $259.5M $259.5M
YoY Change -3.55% -4.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.488M $3.689M
YoY Change -5.45%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.43M $15.82M
YoY Change 22.8%
LONG-TERM LIABILITIES
Long-Term Debt $204.5M $206.8M
YoY Change -1.14%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $204.5M $206.8M
YoY Change -1.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.43M $15.82M
Total Long-Term Liabilities $204.5M $206.8M
Total Liabilities $222.8M $222.7M $221.6M
YoY Change 0.56% -0.02%
SHAREHOLDERS EQUITY
Retained Earnings -$58.03M
YoY Change 38.72%
Common Stock $97.68M
YoY Change 4.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.51M $22.46M $37.96M
YoY Change
Total Liabilities & Shareholders Equity $250.3M $259.5M $259.5M
YoY Change -3.55% -4.96%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income -$9.330M -$15.11M
YoY Change -38.23% -18.69%
Depreciation, Depletion And Amortization $8.675M $8.647M
YoY Change 0.32% 6.88%
Cash From Operating Activities $718.6K -$394.2K
YoY Change -282.27% -123.33%
INVESTING ACTIVITIES
Capital Expenditures $1.106M $1.458M
YoY Change -24.13%
Acquisitions
YoY Change
Other Investing Activities $1.681M $433.0K
YoY Change 288.12%
Cash From Investing Activities $574.5K -$1.025M
YoY Change -156.05% -91.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$3.283M
YoY Change -71.12%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -861.5K -194.4K
YoY Change 343.07% -102.04%
NET CHANGE
Cash From Operating Activities 718.6K -394.2K
Cash From Investing Activities 574.5K -1.025M
Cash From Financing Activities -861.5K -194.4K
Net Change In Cash 431.6K -1.614M
YoY Change -126.75% 683.46%
FREE CASH FLOW
Cash From Operating Activities $718.6K -$394.2K
Capital Expenditures $1.106M $1.458M
Free Cash Flow -$387.6K -$1.852M
YoY Change -79.07%

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CY2020 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2019 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2020 us-gaap Increase Decrease In Due To Affiliates
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CY2019 us-gaap Increase Decrease In Due To Affiliates
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
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CY2019 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Payments For Capital Improvements
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CY2020 us-gaap Payments For Capital Improvements
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CY2019 us-gaap Payments For Capital Improvements
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CY2019 us-gaap Payments To Acquire Life Insurance Policies
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CY2021 us-gaap Proceeds From Life Insurance Policies
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CY2020 us-gaap Proceeds From Life Insurance Policies
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CY2019 us-gaap Proceeds From Life Insurance Policies
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CY2021 us-gaap Proceeds From Sale Of Equity Method Investments
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Repayments Of Debt
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CY2020 us-gaap Repayments Of Debt
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CY2019 us-gaap Repayments Of Debt
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CY2021 us-gaap Repayments Of Secured Debt
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CY2020 us-gaap Repayments Of Secured Debt
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CY2021 us-gaap Payments Of Debt Issuance Costs
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CY2020 us-gaap Payments Of Debt Issuance Costs
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CY2019 us-gaap Payments Of Debt Issuance Costs
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CY2020 us-gaap Proceeds From Issuance Of Common Stock
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CY2019 us-gaap Proceeds From Issuance Of Common Stock
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CY2020 us-gaap Payments Of Stock Issuance Costs
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CY2019 us-gaap Payments Of Stock Issuance Costs
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CY2020 sssht Proceeds From Reimbursement Of Offering Costs By Advisor
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CY2019 sssht Proceeds From Reimbursement Of Offering Costs By Advisor
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CY2020 us-gaap Payments For Repurchase Of Common Stock
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CY2019 us-gaap Payments For Repurchase Of Common Stock
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CY2020 us-gaap Payments Of Dividends Common Stock
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CY2019 us-gaap Payments Of Dividends Common Stock
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CY2020 sssht Payments Of Distribution To Unitholder In Operating Partnership
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CY2019 sssht Payments Of Distribution To Unitholder In Operating Partnership
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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11066645
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CY2019 sssht Non Cash Transactions Additions To Private Offering Costs Included In Accounts Payable And Accrued Liabilities
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23720
CY2021 sssht Non Cash Transactions Additions To Real Estate In Accounts Payable And Accrued Liabilities
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5347
CY2020 sssht Non Cash Transactions Additions To Real Estate In Accounts Payable And Accrued Liabilities
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CY2019 sssht Non Cash Transactions Additions To Real Estate In Accounts Payable And Accrued Liabilities
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CY2019 sssht Non Cash Transactions Proceeds From Issuance Of Common Stock Previously In Accounts Payable And Accrued Liabilities
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CY2020 sssht Noncash Transactions Offering Costs Included In Accounts Payable And Accrued Liabilities Or Due To Affiliates
NoncashTransactionsOfferingCostsIncludedInAccountsPayableAndAccruedLiabilitiesOrDueToAffiliates
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CY2019 sssht Noncash Transactions Offering Costs Included In Accounts Payable And Accrued Liabilities Or Due To Affiliates
NoncashTransactionsOfferingCostsIncludedInAccountsPayableAndAccruedLiabilitiesOrDueToAffiliates
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CY2020 sssht Noncash Transactions Adjustment To Offering Costs Included In Due To Affiliates
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-1097364
CY2021 sssht Non Cash Transactions Distribution Payable
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CY2020 sssht Non Cash Transactions Distribution Payable
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CY2019 sssht Non Cash Transactions Distribution Payable
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CY2019 sssht Non Cash Transactions Redemption Of Common Stock Included In Accounts Payable And Accrued Liabilities
NonCashTransactionsRedemptionOfCommonStockIncludedInAccountsPayableAndAccruedLiabilities
30392
CY2020 sssht Common Stock Issued For Dividend Re Investment Plan
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CY2019 sssht Common Stock Issued For Dividend Re Investment Plan
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CY2021 us-gaap Nature Of Operations
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Note 1. Organization</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Strategic Student &amp; Senior Housing Trust, Inc., a Maryland corporation, was formed on </span><span style="font-size:10.0pt;font-family:Times New Roman;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">October 4, 2016</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> under the Maryland General Corporation Law for the purpose of engaging in the business of investing in student housing and senior housing real estate investments. The Company’s year-end is December 31. As used in these consolidated financial statements, “we,” “us,” “our,” and “Company” refer to Strategic Student &amp; Senior Housing Trust, Inc. and each of our subsidiaries.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Offering Related</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">On October 4, 2016, our Advisor, as defined below, acquired </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">111.11</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> shares of our common stock for $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">1,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> and became our initial stockholder. On January 27, 2017, pursuant to a confidential private placement memorandum (the “Private Placement Memorandum”), we commenced a private offering of up to $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">100,000,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> in shares of our common stock (the “Primary Private Offering”) and </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">1,000,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> shares of common stock pursuant to our distribution reinvestment plan (collectively, the “Private Offering” and together with the Public Offering described below, the “Offerings”). The Private Offering required a minimum offering amount of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">1,000,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">. On August 4, 2017, we met such minimum offering requirement. Our Private Offering terminated on March 15, 2018. We raised offering proceeds of approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">93</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million from the issuance of approximately </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">10.8</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million shares pursuant to the Private Offering.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">On May 1, 2018, our registration statement on Form S-11 (File No. 333-220646) (the “Registration Statement”) was declared effective by the Securities and Exchange Commission (“SEC”). The Registration Statement registered up to $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">1.0</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> billion in shares of common stock for sale to the public (the “Primary Offering”) consisting of three classes of shares — Class A shares, Class T shares, and Class W shares— and up to $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">95,000,000</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> in shares of common stock for sale pursuant to our distribution reinvestment plan (together with the Primary Offering, the “Public Offering”).</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> Concurrently with our Registration Statement being declared effective, we filed articles of amendment to our charter and articles supplementary to our charter. As a result, all shares issued in our Private Offering were redesignated as Class A shares and the authorized shares were reclassified among Class A shares and two new classes of shares, Class T shares and Class W shares.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">On June 21, 2019, we suspended the sale of Class A shares, Class T shares, and Class W shares in the Primary Offering and filed a post-effective amendment to our Registration Statement to register two new classes of common stock (Class Y and Class Z) with the SEC. On July 10, 2019, the amendment to our Registration Statement was declared effective by the SEC. Also on July 10, 2019, we filed articles supplementary to our charter which reclassified certain authorized and unissued shares of our common stock into Class Y shares and Class Z shares. Effective as of July 10, 2019, we began offering Class Y shares (up to $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">700</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million in shares) and Class Z shares (up to $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">300</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million in shares) in our Primary Offering at a price of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">9.30</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> per share and offered Class A shares, Class T shares, Class W shares, Class Y shares, and Class Z shares pursuant to our distribution reinvestment plan at a price of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">9.30</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> per share. The Class Y shares and Class Z shares have similar voting rights and rights upon liquidation to the Class A shares, Class T shares, and Class W shares, although distributions are expected to differ because of the stockholder servicing fee associated with the Class Y shares and the dealer manager servicing fee associated with the Class Z shares.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">On March 30, 2020, our board of directors approved the suspension of the Primary Offering based upon various factors, including the uncertainty relating to the novel coronavirus (“COVID-19”) pandemic and its potential impact on us and our overall financial results. Our board of directors also approved the suspension of our share redemption program (see Note 8 – Commitments and Contingencies for additional detail) and the suspension of distributions to our stockholders both of which remained suspended as of December 31, 2021. The termination of our Primary Offering occurred on May 1, 2021. </span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Primarily as a result of the termination of our Primary Offering, we currently do not have the equity capital needed to acquire additional properties at this time and we are focusing our efforts on managing our existing properties. Subsequent to March 31, 2020, </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">no</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> sales were made pursuant to the Primary Offering. As of December 31, 2021, we had</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> sold approximately </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">362,000</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> Class A shares, approximately </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">70,000</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> Class T shares, approximately </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">83,000</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> Class W shares, approximately </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">1.1</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million Class Y shares, and approximately </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">165,000</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> Class Z shares for gross offering proceeds of approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">17.1</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million in our Primary Offering.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">On March 17, 2022, our board of directors, upon recommendation of our nominating and corporate governance committee, approved an estimated value per share of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">6.08</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> for our Class A shares, Class T shares, Class W shares, Class Y shares, and Class Z shares based on the estimated value of our assets less the estimated value of our liabilities, or net asset value, divided by the number of shares outstanding on an adjusted fully diluted basis, calculated as of December 31, 2021.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">As of December 31, 2021, we owned (i) </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">two</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> student housing properties (one of which was held for sale), (ii) </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">four</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> senior housing properties, and (iii) an approximately </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">1.4</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">% beneficial interest in Power 5 Conference Student Housing I, DST, a DST that owns </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">two</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> student </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">housing properties (“Power 5 Conference Student Housing”). Subsequent to December 31, 2021, we sold the Tallahassee student</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">housing </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">property to an unaffiliated third party, and Power 5 Conference Student Housing sold the two student housing assets that the DST owned. Please see Note 9 – Subsequent Events for additional details regarding these sales.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Our operating partnership, SSSHT Operating Partnership, L.P., a Delaware limited partnership (our “Operating Partnership”), was formed on </span><span style="font-size:10.0pt;font-family:Times New Roman;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">October 5, 2016</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">. On October 5, 2016, our Advisor acquired a limited partnership interest in our Operating Partnership for $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">1,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> (</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">111.11</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> partnership units) and we contributed the initial $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">1,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> capital contribution to our Operating Partnership in exchange for the general partner interest. In addition, on September 28, 2017, our Advisor acquired additional limited partnership interests (</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">25,447.57</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> partnership units) in our Operating Partnership for $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">199,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">, resulting in total capital contributions of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">200,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> by our Advisor in our Operating Partnership. Our Operating Partnership owns, directly or indirectly through one or more special purpose entities, all of our student housing and senior housing properties. As of December 31, 2021, we owned approximately </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">99.8</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">% of the common units of limited partnership interest of our Operating Partnership. The remaining approximately </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">0.2</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">% of the common units are owned by our Advisor. We will conduct certain activities directly or indirectly through our taxable REIT subsidiary, SSSHT TRS, Inc., a Delaware corporation (the “TRS”) which was formed on October 6, 2016, and is a wholly owned subsidiary of our Operating Partnership. See Note 5 – Preferred Equity in our Operating Partnership.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Other Corporate History</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">SmartStop Asset Management, LLC, a Delaware limited liability company organized in 2013 (our “Sponsor”), was the sponsor of our Offerings. Our Sponsor provides real estate advisory, asset management, and property management services. In June 2019, our Sponsor entered into a series of transactions with SmartStop Self Storage REIT, Inc. (f/k/a Strategic Storage Trust II, Inc.) (“SmartStop”) in which SmartStop acquired the self storage advisory, asset management, property management, investment management, and certain joint venture interests of our Sponsor. As a result of the transactions, our Sponsor and its subsidiaries own limited partnership units in the operating partnership of SmartStop, and our Sponsor is now focused primarily on student and senior housing. Our Sponsor owns approximately </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">97.5</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">% of the economic interests (and </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">100</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">% of the voting membership interests) of our Advisor and owns </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">100</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">% of our Property Manager, each as defined below. <br/></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">We have </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">no</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> employees. Our advisor is SSSHT Advisor, LLC, a Delaware limited liability company (our “Advisor”) which was formed on October 3, 2016. The majority of the officers of our Advisor are also officers of us and our Sponsor. Our Advisor is responsible for managing our affairs on a day-to-day basis and identifying and making acquisitions and investments on our behalf under the terms of the Advisory Agreement, as defined elsewhere herein. Please see Note 7 – Related Party Transactions for additional detail. <br/></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">SSSHT Property Management, LLC, a Delaware limited liability company (our “Property Manager”), was formed on </span><span style="font-size:10.0pt;font-family:Times New Roman;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">October 3, 2016</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">. Our Property Manager derives substantially all of its income from the property management oversight services it performs for us. We have entered into property management agreements directly with third party property managers and our Property Manager provides oversight services with respect to such third party property managers. Please see Note 7 – Related Party Transactions for additional detail. <br/><br/>Our student housing properties are managed by a third-party student housing property manager. Our senior housing properties are managed by third-party senior living operators. Please see Note 8 – Commitments and Contingencies for additional detail. <br/></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Our dealer manager was Select Capital Corporation, a California corporation (our “Former Dealer Manager”). We terminated the Dealer Management Agreement on </span><span style="font-size:10.0pt;font-family:Times New Roman;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">June 16, 2020</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> in accordance with its provisions. Our Former Dealer Manager was responsible for marketing our shares offered pursuant to our offerings. Our Sponsor owns, through a wholly-owned limited liability company, a </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">15</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">% non-voting equity interest in our Former Dealer Manager. Affiliates of our Former Dealer Manager own a </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">2.5</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">% non-voting membership interest in our Advisor, which they acquired on January 1, 2018. Please see Note 7 – Related Party Transactions for additional detail. <br/></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Our Sponsor owns </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">100</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">% of the membership interests of Strategic Transfer Agent Services, LLC, our transfer agent (our “Transfer Agent”). Our Transfer Agent provides transfer agent and registrar services to us that are substantially similar to what a third party transfer agent would provide in the ordinary course of performing its functions as a transfer agent. Please see Note 7 – Related Party Transactions for additional detail. Prior to May 1, 2018, our Advisor provided services on our behalf similar to those provided by our Transfer Agent.<br/></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">As we accepted subscriptions for shares of our common stock, we transferred all of the net offering proceeds to our Operating Partnership as capital contributions in exchange for additional limited partnership units in our Operating Partnership. However, we were deemed to have made capital contributions in the amount of gross proceeds received from investors, and our Operating Partnership was deemed to have simultaneously paid the sales commissions and other costs associated with the Offering. In addition, our Operating Partnership is structured to make distributions with respect to limited partnership units that are equivalent to the distributions we make to stockholders. Finally, a limited partner in our Operating Partnership may later exchange his or her limited partnership units in our Operating Partnership for shares of our common stock at any time after one year following the date of issuance of their limited partnership units, subject to certain restrictions outlined in the limited partnership agreement of our Operating Partnership (the “Operating Partnership Agreement”). Our Advisor is prohibited from exchanging or otherwise transferring its limited partnership units so long as it is acting as our Advisor pursuant to our Advisory Agreement. <br/></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">COVID-19</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"><br/></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:7.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The global economy has continued to be adversely impacted by the COVID-19 pandemic, including in the United States and in the markets in which we operate. For the years ended December 31, 2021 and 2020, we have continued to experience lower occupancy at our senior housing properties, which has adversely impacted our leasing and related revenues. Additionally, we have incurred incremental expenses related to COVID-19, including enhanced sanitization, acquisition of personal protective equipment, and additional labor costs at our senior housing properties. The extent and duration to which our operations’ cash flows, financial condition and liquidity will be impacted is highly uncertain and cannot be predicted.</span></p>
CY2021 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2016-10-04
CY2021 sssht Number Of Student Housing Properties
NumberOfStudentHousingProperties
2
CY2021 sssht Number Of Senior Housing Properties
NumberOfSeniorHousingProperties
4
CY2021Q4 sssht Number Of Employees
NumberOfEmployees
0
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.1020833333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.1020833333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management will adjust such estimates when facts and circumstances dictate. Actual results could materially differ from those estimates. The most significant estimates made include the allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed at relative fair value, the determination if certain entities should be consolidated, the evaluation of potential impairment of long-lived assets, and the estimated useful lives of real estate assets and intangibles.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
CY2021 sssht Lease Cancellation Notice Period
LeaseCancellationNoticePeriod
P30D
CY2021Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
70000.00
CY2020Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
80000.00
CY2021 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
0
CY2020 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
0
CY2021 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
0
CY2020 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
0
CY2021 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2020 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2021 us-gaap Advertising Expense
AdvertisingExpense
900000
CY2020 us-gaap Advertising Expense
AdvertisingExpense
700000
CY2019 us-gaap Advertising Expense
AdvertisingExpense
800000
CY2021 sssht Other Income Related To Stimulus Grants
OtherIncomeRelatedToStimulusGrants
800000
CY2020 sssht Other Income Related To Stimulus Grants
OtherIncomeRelatedToStimulusGrants
800000
CY2020 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2021Q4 sssht Deferred Tax Liabilities Depreciation And Other Temporary Book To Tax Differences
DeferredTaxLiabilitiesDepreciationAndOtherTemporaryBookToTaxDifferences
300000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
3900000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2400000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1400000
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1700000
CY2021Q4 sssht Maximum Offering Costs As Percentage Of Gross Offering Proceeds
MaximumOfferingCostsAsPercentageOfGrossOfferingProceeds
0.010
CY2021 sssht Maximum Period For Reimbursement Of Offering Expenses
MaximumPeriodForReimbursementOfOfferingExpenses
P60D
CY2019Q2 sssht Common Stock One Time Dividend Issued Day Month And Year
CommonStockOneTimeDividendIssuedDayMonthAndYear
2019-07-10
CY2021 sssht Minimum Percentage Of Ordinary Taxable Income To Be Distributed To Stockholders
MinimumPercentageOfOrdinaryTaxableIncomeToBeDistributedToStockholders
0.90
CY2020Q4 sssht Deferred Tax Liabilities Depreciation And Other Temporary Book To Tax Differences
DeferredTaxLiabilitiesDepreciationAndOtherTemporaryBookToTaxDifferences
300000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
3600000
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
2100000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2019Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
268740745
CY2020Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
270002163
CY2021 sssht Real Estate Reclassified To Held For Sale
RealEstateReclassifiedToHeldForSale
45049915
CY2021Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
226034316
CY2019Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
15243833
CY2020 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
8647065
CY2020Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
23890898
CY2021 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
8674660
CY2021 sssht Accumulated Depreciation Reclassified To Held For Sale
AccumulatedDepreciationReclassifiedToHeldForSale
6495528
CY2021Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
26070030
CY2021Q4 sssht Deferred Finance Costs Excluding Held For Sale
DeferredFinanceCostsExcludingHeldForSale
1292034
CY2020Q4 sssht Deferred Finance Costs Excluding Held For Sale
DeferredFinanceCostsExcludingHeldForSale
1724792
CY2021Q4 sssht Debt Instrument Carrying Amount Excluding Real Estate Held For Sale
DebtInstrumentCarryingAmountExcludingRealEstateHeldForSale
181125866
CY2020Q4 sssht Debt Instrument Carrying Amount Excluding Real Estate Held For Sale
DebtInstrumentCarryingAmountExcludingRealEstateHeldForSale
206839694
CY2021Q4 sssht Deferred Finance Costs On Held For Sale
DeferredFinanceCostsOnHeldForSale
135513
CY2021Q4 sssht Debt On Real Estate Held For Sale
DebtOnRealEstateHeldForSale
23364487
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
204490353
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
206839694
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
1368205
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
44415391
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
54713629
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1799440
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
1900615
CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
101720620
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
205917900
CY2019 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-15668
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1427547
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
204490353
CY2021 sssht Preferred Units Distribution Description
PreferredUnitsDistributionDescription
The holders of Preferred Units accrue distributions at a rate of 9.0% per annum (the “Pay Rate”), payable monthly and calculated on an actual/360 day basis. Accumulated but unpaid distributions, if any, accrue at the Pay Rate. The preferred units of limited partnership interests in our Operating Partnership rank senior to all classes or series of partnership interests in our Operating Partnership and therefore, any cash we have to pay distributions otherwise may be used to pay distributions to the holder of such preferred units first.
CY2021 sssht Preferred Units Distribution Description Rate
PreferredUnitsDistributionDescriptionRate
0.090
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2021 us-gaap Cost Of Revenue
CostOfRevenue
23326314
CY2020 us-gaap Cost Of Revenue
CostOfRevenue
22233486
CY2019 us-gaap Cost Of Revenue
CostOfRevenue
20906025
CY2021 sssht Operating Income Loss By Segment
OperatingIncomeLossBySegment
10944100
CY2020 sssht Operating Income Loss By Segment
OperatingIncomeLossBySegment
11312439
CY2019 sssht Operating Income Loss By Segment
OperatingIncomeLossBySegment
12866036
CY2021 us-gaap Affiliate Costs
AffiliateCosts
2832734
CY2020 us-gaap Affiliate Costs
AffiliateCosts
2832797
CY2019 us-gaap Affiliate Costs
AffiliateCosts
2774621
CY2021 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1278446
CY2020 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1508517
CY2019 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2328994
CY2021 us-gaap Depreciation
Depreciation
8674660
CY2020 us-gaap Depreciation
Depreciation
8647065
CY2019 us-gaap Depreciation
Depreciation
8090701
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
626332
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3819600
CY2019 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7283174
CY2021 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
9533011
CY2020 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
9801601
CY2019 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
10222569
CY2021 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
468703
CY2020 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
559183
CY2019 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
728601
CY2021 sssht Forgiveness Of Pay Check Protection Program Loans
ForgivenessOfPayCheckProtectionProgramLoans
1971157
CY2021 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1168175
CY2020 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
750574
CY2021 us-gaap Profit Loss
ProfitLoss
-9330454
CY2020 us-gaap Profit Loss
ProfitLoss
-15105750
CY2019 us-gaap Profit Loss
ProfitLoss
-18578292
CY2020Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Number Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsNumberOfShares
37500
CY2021Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount
SharesSubjectToMandatoryRedemptionSettlementTermsAmount
0
CY2020Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount
SharesSubjectToMandatoryRedemptionSettlementTermsAmount
310000
CY2021Q4 us-gaap Assets
Assets
250320597
CY2020Q4 us-gaap Assets
Assets
259539727
CY2020Q2 sssht Dealer Manager Agreement Termination Notice Period
DealerManagerAgreementTerminationNoticePeriod
P60D
CY2020Q2 sssht Dealer Manager Agreement Termination Date
DealerManagerAgreementTerminationDate
2020-06-16
CY2021Q4 sssht Acquisition Fee As Percentage Of Contract Purchase Price
AcquisitionFeeAsPercentageOfContractPurchasePrice
0.02
CY2021 sssht Advisory Agreement Asset Management Fee Percentage
AdvisoryAgreementAssetManagementFeePercentage
0.0005417
CY2021 sssht Monthly Assets Management Fees One Twelfth Of Less Than One Percentage Of Assets Value Exceed Specific Value
MonthlyAssetsManagementFeesOneTwelfthOfLessThanOnePercentageOfAssetsValueExceedSpecificValue
one twelfth of 0.65%
CY2021 sssht Public Offering Termination Date
PublicOfferingTerminationDate
2021-05-01
CY2020Q2 sssht Dealer Manager Agreement Termination Notice Period
DealerManagerAgreementTerminationNoticePeriod
P60D
CY2020Q2 sssht Dealer Manager Agreement Termination Date
DealerManagerAgreementTerminationDate
2020-06-16
CY2020 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
3742760
CY2020 sssht Related Party Transaction Cash Paid
RelatedPartyTransactionCashPaid
1720311
CY2020 sssht Related Party Transaction Adjustment
RelatedPartyTransactionAdjustment
-1097364
CY2020Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
9043433
CY2021 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
3287266
CY2021 sssht Related Party Transaction Cash Paid
RelatedPartyTransactionCashPaid
650000
CY2019Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount
SharesSubjectToMandatoryRedemptionSettlementTermsAmount
288000
CY2019Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Number Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsNumberOfShares
37000
CY2021Q4 srt Real Estate And Accumulated Depreciation Amount Of Encumbrances
RealEstateAndAccumulatedDepreciationAmountOfEncumbrances
163105000
CY2021Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
20688000
CY2021Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
234626441
CY2021Q4 sssht Real Estate Initial At Carrying Value
RealEstateInitialAtCarryingValue
255314441
CY2021Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Improvements
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionImprovements
15725817
CY2021Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
20688000
CY2021Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
250352258
CY2021Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
271040258
CY2021Q4 sssht Real Estate Accumulated Depreciation Including Held For Sale
RealEstateAccumulatedDepreciationIncludingHeldForSale
32515175
CY2021Q4 srt Real Estate Federal Income Tax Basis
RealEstateFederalIncomeTaxBasis
305139396
CY2020Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
270002163
CY2019Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
268740745
CY2018Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
256042603
CY2021 sssht Real Estate Reclassified To Held For Sale
RealEstateReclassifiedToHeldForSale
45049915
CY2021Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
226034316
CY2020Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
270002163
CY2019Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
268740745
CY2020Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
23890898
CY2019Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
15243833
CY2018Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
7153132
CY2021 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
8674660
CY2020 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
8647065
CY2019 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
8090701
CY2021 sssht Accumulated Depreciation Reclassified To Held For Sale
AccumulatedDepreciationReclassifiedToHeldForSale
6495528
CY2021Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
26070030
CY2020Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
23890898
CY2019Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
15243833
CY2020Q4 us-gaap Development In Process
DevelopmentInProcess
103413
CY2019Q4 us-gaap Development In Process
DevelopmentInProcess
198222
CY2018Q4 us-gaap Development In Process
DevelopmentInProcess
2333331
CY2021 sssht Development In Process Additions
DevelopmentInProcessAdditions
1060207
CY2020 sssht Development In Process Additions
DevelopmentInProcessAdditions
1166609
CY2019 sssht Development In Process Additions
DevelopmentInProcessAdditions
10563033
CY2021 sssht Development In Process Assets Placed Into Service
DevelopmentInProcessAssetsPlacedIntoService
1082068
CY2020 sssht Development In Process Assets Placed Into Service
DevelopmentInProcessAssetsPlacedIntoService
1261418
CY2019 sssht Development In Process Assets Placed Into Service
DevelopmentInProcessAssetsPlacedIntoService
12698142
CY2021Q4 us-gaap Development In Process
DevelopmentInProcess
81552
CY2020Q4 us-gaap Development In Process
DevelopmentInProcess
103413
CY2019Q4 us-gaap Development In Process
DevelopmentInProcess
198222
CY2021Q4 sssht Real Estate Investment Property Real Estate Held For Sale Net
RealEstateInvestmentPropertyRealEstateHeldForSaleNet
38554387
CY2021Q4 sssht Real Estate Investment Property Net Excluding Real Estate Held For Sale
RealEstateInvestmentPropertyNetExcludingRealEstateHeldForSale
200045838
CY2020Q4 sssht Real Estate Investment Property Net Excluding Real Estate Held For Sale
RealEstateInvestmentPropertyNetExcludingRealEstateHeldForSale
246214678
CY2019Q4 sssht Real Estate Investment Property Net Excluding Real Estate Held For Sale
RealEstateInvestmentPropertyNetExcludingRealEstateHeldForSale
253695134

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