Strategic Student & Senior Housing Trust, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Strategic Student & Senior Housing Trust, Inc. filed its Q1 2024 10-Q, detailing financial positions and operational dates.</b>

AI Summary

Strategic Student & Senior Housing Trust, Inc. (STSR) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. The company filed a 10-Q for the period ending March 31, 2024. Key dates mentioned include 2016-10-05 for SSSHT Operating Partnership LP and 2018-02-23 for Freddie Mac Utah Loans. The filing references accounting standards updates from 2023. Specific asset types like Furniture, Fixtures and Equipment, Land, and Land Improvements are noted as of March 31, 2024. The company's business address is 10 Terrace Road, Ladera Ranch, CA 92694.

Why It Matters

For investors and stakeholders tracking Strategic Student & Senior Housing Trust, Inc., this filing contains several important signals. This filing provides the latest quarterly financial snapshot for investors and analysts to assess the company's performance and health. The inclusion of specific dates for loans and partnerships offers insight into the company's financing and operational history.

Risk Assessment

Risk Level: low — Strategic Student & Senior Housing Trust, Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant new risks or positive/negative developments.

Analyst Insight

Monitor future filings for updates on loan performance and asset management, particularly concerning the Freddie Mac Utah Loans and JPM Mortgage Loan.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly Report)
• 2024-05-07 — Filing Date (10-Q Submission)
• 10 Terrace Road, Ladera Ranch, CA — Business Address (Company Location)
• MD — State of Incorporation (Company Details)

Key Players & Entities

• Strategic Student & Senior Housing Trust, Inc. (company) — Filer
• 10 Terrace Road, Ladera Ranch, CA 92694 (location) — Business Address
• 2024-03-31 (date) — Period of Report
• 2024-05-07 (date) — Filing Date
• SSSHT Operating Partnership LP (company) — Related Entity
• Freddie Mac Utah Loans (company) — Related Loan
• JPM Mortgage Loan (company) — Related Loan
• KeyBank Bridge Loan (company) — Related Loan

FAQ

Industry Context

The company operates within the real estate sector, specifically focusing on student and senior housing properties.

Regulatory Implications

As a publicly traded entity, the company is subject to SEC regulations and reporting requirements, including the filing of Form 10-Q.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze any disclosed changes in debt or equity structures.
3. Track the company's performance in student and senior housing segments in subsequent reports.

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q
• 2024-05-07: Filing Date — Date the 10-Q was submitted to the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition.)

REIT

Real Estate Investment Trust. (Indicates the company's business structure and investment focus.)

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous year's filings.

Filing Documents

• sssht-20240331.htm (10-Q) — 1519KB
• sssht-ex31_1.htm (EX-31.1) — 14KB
• sssht-ex31_2.htm (EX-31.2) — 14KB
• sssht-ex32_1.htm (EX-32.1) — 8KB
• sssht-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-054306.txt (&nbsp;) — 8078KB
• sssht-20240331.xsd (EX-101.SCH) — 1378KB
• sssht-20240331_htm.xml (XML) — 1370KB

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 40 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 41 Item 6. Exhibits 41 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Form 10-Q of Strategic Student & Senior Housing Trust, Inc. (the "Company"), other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such statements include, in particular, statements about our plans, strategies, and prospects and are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of our performance in future periods. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "seek," "continue," or other similar words. Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate, and beliefs of, and assumptions made by, our management and involve uncertainties that could significantly affect our financial results. Such statements include, but are not limited to: (i) statements about our plans, strategies, initiatives, and prospects; (ii) potential future outbreaks of infectious diseases or other health conce

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

CONSOLIDATED F INANCIAL STATEMENTS

ITEM 1. CONSOLIDATED F INANCIAL STATEMENTS The information furnished in the accompanying unaudited consolidated balance sheets and related consolidated statements of operations, equity and temporary equity, and cash flows reflects all adjustments (consisting of normal and recurring adjustments) that are, in management's opinion, necessary for a fair and consistent presentation of the aforementioned consolidated financial statements. The accompanying consolidated financial statements should be read in conjunction with the notes to our consolidated financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations included in this report on Form 10-Q. The accompanying consolidated financial statements should also be read in conjunction with our consolidated financial statements and notes thereto and Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2023. Our results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results expected for the full year. 4 STRATEGIC STUDENT & SENIOR HOUSING TRUST, INC. AND SUBSIDIARIES CONSOLIDATED BA LANCE SHEETS March 31, 2024 (Unaudited) December 31, 2023 ASSETS Real estate facilities: Land $ 16,908,000 $ 16,908,000 Buildings 199,202,635 199,161,324 Site improvements 3,587,917 3,587,917 Furniture, fixtures and equipment 12,548,889 12,335,591 232,247,441 231,992,832 Accumulated depreciation ( 42,196,030 ) ( 40,556,104 ) 190,051,411 191,436,728 Construction in process 431,585 354,531 Total real estate facilities, net 190,482,996 191,791,259 Cash and cash equivalents 5,785,082 5,591,709 Restricted cash 1,933,202 2,696,750 Other assets, net 1,312,291 1,269,038 Total assets $ 199,513,571 $ 201,348,756 LIABILITIES, TEMPORARY EQUITY,

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) Note 1. Organization Strategic Student & Senior Housing Trust, Inc., a Maryland corporation, was formed on October 4, 2016 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 & Senior Housing Trust, Inc. and each of our subsidiaries. Offering Related On October 4, 2016, our Advisor, as defined below, acquired 111.11 shares of our common stock for $ 1,000 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 $ 100,000,000 in shares of our common stock (the "Primary Private Offering") and 1,000,000 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 $ 1,000,000 . On August 4, 2017, we met such minimum offering requirement. Our Private Offering terminated on March 15, 2018. We raised offering proceeds of approximately $ 91.5 million from the issuance of approximately 10.7 million shares pursuant to the Private Offering. On May 1, 2018, our registration statement on Form S-11 (File No. 333-220646) (the "Registration Statement") was declared effective by the U.S. Securities and Exchange Commission (the "SEC"). The Registration Statement registered up to $ 1.0 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 $ 95,000,000 in shares of common stock for sale pursuant to our distribu

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) 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 September 30, 2023. As of March 31, 2024, we owned one student housing property and four senior housing properties. Our operating partnership, SSSHT Operating Partnership, L.P., a Delaware limited partnership (our "Operating Partnership"), was formed on October 5, 2016 . On October 5, 2016, our Advisor acquired a limited partnership interest in our Operating Partnership for $ 1,000 ( 111.11 partnership units) and we contributed the initial $ 1,000 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 ( 25,447.57 partnership units) in our Operating Partnership for $ 199,000 , resulting in total capital contributions of $ 200,000 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 March 31, 2024, we owned approximately 99.8 % of the common units of limited partnership interest of our Operating Partnership. The remaining approximately 0.2 % 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. Other Corporate History Strategic Asset Management I, LLC (f/k/a SmartStop Asset Management, LLC), a Delaware limited liability company organized in 2013 (our "Sponsor"), was the spon

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