Strategic Student & Senior Housing Trust, Inc. reported significant financial developments for the nine months ended September 30, 2024, reflecting a strategic shift in its operations. The company sold its sole remaining student housing property, the Fayetteville property, for $72.25 million on July 31, 2024, marking its exit from the student housing sector. This sale resulted in a gain on the sale of real estate of approximately $27.6 million for the quarter and $27.6 million for the nine-month period.
Leasing and related revenues from senior housing properties increased to $25.9 million for the nine months ended September 30, 2024, compared to $24.3 million for the same period in 2023, driven by higher occupancy rates and rental rates. For the third quarter of 2024, revenues were approximately $8.9 million, up from $8.3 million in Q3 2023. However, property operating expenses also rose, totaling $19.0 million for the nine months ended September 30, 2024, compared to $17.5 million in the prior year, primarily due to increased payroll costs and inflationary pressures.
The company reported a net income of $20.6 million for the nine months ended September 30, 2024, a significant turnaround from a net loss of $7.4 million in the same period of 2023. Net income attributable to common stockholders for the third quarter was approximately $25.4 million, compared to a net loss of $2.8 million in Q3 2023. The net income per Class A share for Q3 2024 was $1.94, a substantial improvement from a loss of $0.22 per share in the prior year.
As of September 30, 2024, the company had total cash and cash equivalents of approximately $13.8 million, up from $5.6 million at the end of 2023. Total debt decreased to approximately $104.5 million from $160.9 million at the end of 2023, reflecting the repayment of loans associated with the Fayetteville property sale. The accumulated deficit improved to approximately $60.6 million from $80.1 million at the end of 2023.
The company has suspended distributions since March 30, 2020, due to the impact of COVID-19 and has no current plans to acquire additional properties. As of September 30, 2024, it owned four senior housing properties and continues to focus on this segment moving forward.
About Strategic Student & Senior Housing Trust, Inc.
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