(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☐☒ No ☒☐

Indicate by check mark whether the registrant has submitted electronically ~~and posted on its corporate Web site, if any,~~ every Interactive Data File required to be submitted ~~and posted~~ pursuant to Rule 405 of RegulationS-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit ~~and post~~ such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial ~~account~~accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~June 6, 2018,~~May 11, 2020, there were approximately ~~10.8~~11.6 million outstanding shares of Class A common stock, noapproximately 0.1 million outstanding shares of Class T common stock, ~~and no~~approximately 0.1 million outstanding shares of Class W common stock, approximately 1.1 million outstanding shares of Class Y common stock, and approximately 0.2 million outstanding shares of Class Z common stock of the registrant.

Certain statements contained in this Form10-Q of Strategic Student & Senior Housing Trust, Inc., 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. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this report is filed with the Securities and Exchange Commission. We cannot guarantee the accuracy of any such forward-looking statements contained in this Form10-Q, and we do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Any such forward-looking statements are subject to risks, uncertainties, and other factors and are based on a number of assumptions involving judgments with respect to, among other things, future economic, competitive, and market conditions, ~~all~~including without limitation changes in the political and economic climate, economic conditions and fiscal imbalances in the United States, and other major developments, including wars, natural disasters, epidemics and pandemics, including the outbreak of ~~which are~~novel coronavirus (COVID-19), military actions, and terrorist attacks. The occurrence or severity of any such event or circumstance is difficult or impossible to predict accurately. To the extent that our assumptions differ from actual results, our ability to meet such forward-looking statements, including our ability to generate positive cash flow from operations and provide distributions to stockholders, and our ability to find suitable investment properties, may be significantly hindered. See the risk factors identified in the “Risk Factors” section of our ~~Registration Statement~~Annual Report on Form~~S-11~~ ~~(SEC RegistrationNo. 333-220646),~~ 10-K for the year ended December 31, 2019, as filed with the Securities and Exchange Commission, as supplemented by the risk factors included in Part II, Item 1A of this Form10-Q, for a discussion of some, although not all, of the risks and uncertainties that could cause actual results to differ materially from those presented in our forward-looking statements.

The information furnished in the accompanying unaudited consolidated balance sheets and related consolidated statements of operations, 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 Form10-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 ~~Registration Statement~~Annual Report on Form~~S-11~~ ~~(SEC RegistrationNo. 333-220646).~~ 10-K for the year ended December 31, 2019. Our results of operations for the three months ended March 31, ~~2018~~2020 are not necessarily indicative of the operating results expected for the full year.


	March 31, 2018 (Unaudited)			December 31, 2017			March 31, 2020 (Unaudited)			December 31, 2019
ASSETS
Real estate facilities:
Land	$	14,992,000		$	8,683,000		$	20,688,000		$	20,688,000
Buildings		147,241,878			83,026,000			233,037,288			232,934,499
Site improvements		2,576,000			1,511,000			4,259,917			4,259,917
Furniture, fixtures and equipment		7,277,765			5,038,516			11,000,669			10,858,329
								268,985,874			268,740,745
		172,087,643			98,258,516
Accumulated depreciation		(2,274,719	)		(1,254,849	)		(17,401,443	)		(15,243,833	)
								251,584,431			253,496,912
Construction in process								129,266			198,222
Real estate facilities, net		169,812,924			97,003,667			251,713,697			253,695,134
Cash and cash equivalents		9,417,351			10,371,998			8,840,376			7,511,103
Restricted cash		247,909			—			1,073,879			3,555,542
Other assets		3,798,895			4,006,881			3,694,126			3,870,696
Intangible assets, net		8,234,032			3,743,640			3,491,032			4,445,932

Total assets	$	191,511,111		$	115,126,186		$	268,813,110		$	273,078,407

LIABILITIES AND EQUITY
Debt, net	$	116,590,397		$	52,299,638		$	206,148,381		$	208,418,809
Accounts payable and accrued liabilities		2,435,870			1,556,415			3,719,708			4,215,397
Due to affiliates		718,333			246,958			8,742,939			8,118,348
Distributions payable		551,062			463,848			2,244,988			1,965,244

Total liabilities		120,295,662			54,566,859			220,856,016			222,717,798

Commitments and contingencies (Note 9)
Commitments and contingencies (Note 8)
Redeemable common stock		835,112			303,844			5,349,468			4,723,961

Preferred equity in our Operating Partnership								10,146,187			10,142,303
Equity:
Strategic Student & Senior Housing Trust, Inc. equity:
Preferred stock, $0.001 par value; 200,000,000 shares authorized; none issued and outstanding at March 31, 2018 and December 31, 2017		—			—
Common stock, $0.001 par value; 700,000,000 shares authorized; 10,742,658 and 8,948,551 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively		10,743			8,948
Preferred stock, $0.001 par value; 200,000,000 shares authorized; NaN issued and outstanding at March 31, 2020 and December 31, 2019								—			—
Class A Common stock, $0.001 par value; 245,000,000 shares authorized; 11,622,807 and 11,565,901 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively								11,622			11,566
Class T Common stock, $0.001 par value; 115,000,000 shares authorized; 77,598 and 76,991 issued and outstanding at March 31, 2020 and December 31, 2019, respectively								78			77
Class W Common stock, $0.001 par value; 70,000,000 shares authorized; 85,548 and 85,198 issued and outstanding at March 31, 2020 and December 31, 2019, respectively								87			86
Class Y Common stock, $0.001 par value; 200,000,000 shares authorized; 1,123,349 and 768,611 issued and outstanding at March 31, 2020 and December 31, 2019, respectively								1,122			768
Class Z Common stock, $0.001 par value; 70,000,000 shares authorized; 166,494 and 159,070 issued and outstanding at March 31, 2020 and December 31, 2019, respectively								167			159
Additionalpaid-in capital		83,142,230			68,799,264			96,614,981			93,609,304
Distributions		(2,862,330	)		(1,379,950	)		(17,197,451	)		(15,238,571	)
Accumulated deficit		(8,960,290	)		(6,233,945	)		(45,905,207	)		(41,837,130	)

Total Strategic Student & Senior Housing Trust, Inc. equity		71,330,353			61,194,317			33,525,399			36,546,259

Noncontrolling interests in our Operating Partnership		(950,016	)		(938,834	)		(1,063,960	)		(1,051,914	)

Total equity		70,380,337			60,255,483			32,461,439			35,494,345

Total liabilities and equity	$	191,511,111		$	115,126,186		$	268,813,110		$	273,078,407

	Common Stock
	Class A						Class T				Class W				Class Y				Class Z
	Number of Shares			Common Stock Par Value			Number of Shares		Common Stock Par Value		Number of Shares		Common Stock Par Value		Number of Shares		Common Stock Par Value		Number of Shares		Common Stock Par Value		Additional Paid-in Capital			Distributions			Accumulated Deficit			Total Strategic Student & Senior Housing Trust, Inc. Equity			Noncontrolling Interests in our Operating Partnership			Total Equity			Preferred Equity in our Operating Partnership			Redeemable Common Stock
Balance as of December 31, 2018		11,122,135		$	11,122			36,299	$	36		43,996	$	44		—	$	—		—	$	—	$	83,533,060		$	(7,981,638	)	$	(22,263,678	)	$	53,298,946		$	(994,023	)	$	52,304,923		$	10,095,708		$	2,659,654
Gross proceeds from issuance of common stock		159,655			160			15,500		16		22,872		23		—		—		—		—		1,993,183			—			—			1,993,382			—			1,993,382			—			—
Offering costs		—			—			—		—		—		—		—		—		—		—		(425,357	)		—			—			(425,357	)		—			(425,357	)		—			—
Reimbursement of offering costs by Advisor		—			—			—		—		—		—		—		—		—		—		6,470			—			—			6,470			—			6,470			—			—
Changes to redeemable common stock		—			—			—		—		—		—		—		—		—		—		(565,651	)		—			—			(565,651	)		—			(565,651	)		—			565,651
Redemptions of common stock		—			—			—		—		—		—		—		—		—		—		—			—			—			—			—			—			—			(48,600	)
Distributions		—			—			—		—		—		—		—		—		—		—		—			(1,726,681	)		—			(1,726,681	)		—			(1,726,681	)		—			—
Distributions to noncontrolling interests		—			—			—		—		—		—		—		—		—		—		—			—			—			—			(2,690	)		(2,690	)		—			—
Distributions to preferred unitholders in our Operating Partnership		—			—			—		—		—		—		—		—		—		—		—			—			—			—			—			—			(238,240	)		—
Issuance of shares for distribution reinvestment plan		57,271			57			220		—		184		—		—		—		—		—		565,594			—			—			565,651			—			565,651			—			—
Stock based compensation expense		—			—			—		—		—		—		—		—		—		—		4,406			—			—			4,406			—			4,406			—			—
Net loss attributable to Strategic Student & Senior Housing Trust, Inc.		—			—			—		—		—		—		—		—		—		—		—			—			(4,740,781	)		(4,740,781	)		—			(4,740,781	)		238,240			—
Net loss attributable to the noncontrolling interests		—			—			—		—		—		—		—		—		—		—		—			—			—			—			(9,517	)		(9,517	)		—			—
Accretion of non-cash preferred equity issuance costs		—			—			—		—		—		—		—		—		—		—		—			—			—			—			—			—			11,649			—
Balance as of March 31, 2019		11,339,061		$	11,339			52,019	$	52		67,052	$	67		—	$	—		—	$	—	$	85,111,705		$	(9,708,319	)	$	(27,004,459	)	$	48,410,385		$	(1,006,230	)	$	47,404,155		$	10,107,357		$	3,176,705
Balance as of December 31, 2019		11,565,901		$	11,566			76,991	$	77		85,198	$	86		768,611	$	768		159,070	$	159	$	93,609,304		$	(15,238,571	)	$	(41,837,130	)	$	36,546,259		$	(1,051,914	)	$	35,494,345		$	10,142,303		$	4,723,961
Gross proceeds from issuance of common stock		—			—			—		—		—		—		349,320		349		6,989		7		3,313,317			—			—			3,313,673			—			3,313,673			—			—
Offering costs		—			—			—		—		—		—		—		—		—		—		(559,004	)		—			—			(559,004	)		—			(559,004	)		—			—
Reimbursement of offering costs by Advisor		—			—			—		—		—		—		—		—		—		—		245,557			—			—			245,557			—			245,557			—			—
Changes to redeemable common stock		—			—			—		—		—		—		—		—		—		—		(625,507	)		—			—			(625,507	)		—			(625,507	)		—			625,507
Redemptions of common stock		(3,544	)		(4	)		—		—		—		—		—		—		—		—		—			—			—			(4	)		—			(4	)		—			—
Distributions		—			—			—		—		—		—		—		—		—		—		—			(1,958,880	)		—			(1,958,880	)		—			(1,958,880	)		—			—
Distributions to noncontrolling interests		—			—			—		—		—		—		—		—		—		—		—			—			—			—			(3,950	)		(3,950	)		—			—
Distributions to preferred unitholders in our Operating Partnership		—			—			—		—		—		—		—		—		—		—		—			—			—			—			—			—			(259,553	)		—
Issuance of shares for distribution reinvestment plan		60,450			60			607		1		350		1		5,418		5		435		1		625,439			—			—			625,507			—			625,507			—			—
Stock based compensation expense		—			—			—		—		—		—		—		—		—		—		5,875			—			—			5,875			—			5,875			—			—
Net loss attributable to Strategic Student & Senior Housing Trust, Inc.		—			—			—		—		—		—		—		—		—		��		—			—			(4,068,077	)		(4,068,077	)		—			(4,068,077	)		259,553			—
Net loss attributable to the noncontrolling interests		—			—			—		—		—		—		—		—		—		—		—			—			—			—			(8,096	)		(8,096	)		—			—
Accretion of non-cash preferred equity issuance costs		—			—			—		—		—		—		—		—		—		—		—			—			—			—			—			—			3,884			—
Balance as of March 31, 2020		11,622,807		$	11,622			77,598	$	78		85,548	$	87		1,123,349	$	1,122		166,494	$	167	$	96,614,981		$	(17,197,451	)	$	(45,905,207	)	$	33,525,399		$	(1,063,960	)	$	32,461,439		$	10,146,187		$	5,349,468

	Three Months Ended March 31,
	2020			2019
Cash flows from operating activities:
Net loss	$	(3,812,736	)	$	(4,500,409	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization		3,112,510			3,819,842
Amortization of debt issuance costs		119,950			197,573
Stock based compensation expense related to issuance of restricted stock		5,875			4,406
Increase (decrease) in cash, cash equivalents, and restricted cash from changes in assets and liabilities:
Other assets		171,631			188,449
Accounts payable and accrued liabilities		(552,774	)		146,034
Due to affiliates		495,291			959,064
Net cash (used in) provided by operating activities		(460,253	)		814,959
Cash flows from investing activities:
Additions to real estate		(403,682	)		(2,613,127	)
Net cash used in investing activities		(403,682	)		(2,613,127	)
Cash flows from financing activities:
Proceeds from issuance of KeyBank Bridge Loans		—			1,980,368
Principal payments of KeyBank Bridge Loans		(2,099,934	)		—
Scheduled principal payments of mortgage loans		(49,144	)		—
Debt issuance costs		(260,083	)		(70,496	)
Gross proceeds from issuance of common stock		3,313,677			1,915,068
Redemptions of common stock		(30,392	)		(15,300	)
Offering costs		(91,004	)		(173,112	)
Reimbursement of offering costs by Advisor		245,557			—
Distributions paid to common stockholders		(1,313,182	)		(1,151,951	)
Distributions paid to Operating Partnership unitholders		(3,950	)		(2,690	)
Net cash (used in) provided by financing activities		(288,455	)		2,481,887
Net change in cash, cash equivalents, and restricted cash		(1,152,390	)		683,719
Cash, cash equivalents, and restricted cash, beginning of period		11,066,645			11,272,611
Cash, cash equivalents, and restricted cash, end of period	$	9,914,255		$	11,956,330
Supplemental disclosures and non-cash transactions:
Cash paid for interest	$	2,590,475		$	2,573,761
Interest capitalized	$	—		$	30,029
Additions to debt issuance costs included in accounts payable and accrued liabilities	$	—		$	135,000
Additions to real estate facilities included in accounts payable and accrued liabilities	$	63,916		$	805,263
Proceeds from issuance of common stock previously in accounts payable and accrued liabilities	$	—		$	73,900
Offering costs included in accounts payable and accrued liabilities or due to affiliates	$	478,776		$	241,360
Distributions payable	$	935,479		$	837,693
Redemptions of common stock included in accounts payable and accrued liabilities	$	—		$	48,600
Issuance of shares pursuant to distribution reinvestment plan	$	625,507		$	565,651

Strategic Student & Senior Housing Trust, Inc., a Maryland corporation, ~~(the “Company”),~~ 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’syear-end is December 31. As used in these consolidated financial statements, “we,” “us,” “our,” and ~~“our”~~“Company” refer to Strategic Student & Senior Housing Trust, Inc. and each of our subsidiaries.

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. Pursuant to our First Articles of Amendment and Restatement, filed on January 30, 2017, we authorized 700,000,000 shares of common stock with a par value of $0.001 and 200,000,000 shares of preferred stock with a par value of $0.001. On May 1, 2018, in connection with our Public Offering, defined below, we filed articles of amendment to our Charter (the “Articles of Amendment”) and articles supplementary to our Charter (the “Articles Supplementary”). Following the filing of the Articles of Amendment and the Articles Supplementary, our authorized common stock is now 315,000,000 shares designated as Class A shares, 315,000,000 shares designated as Class T shares, and 70,000,000 shares designated as Class W shares. Additionally, on May 1, 2018 all of our then existing shares of common stock became Class A shares. On May 1, 2018 (the “Effective Date”), the Securities and Exchange Commission (“SEC”) declared our registration statement effective to offer a maximum of $1,000,000,000 in shares of common stock for sale to the public (the “Primary Offering”) and $95,000,000 in shares of common stock for sale pursuant to our distribution reinvestment plan (collectively, the “Public Offering”).

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, the “Offerings”). The Private Offering required a minimum offering amount of $1,000,000. On August 4, 2017, we met such minimum offering requirement. ~~As of March 31, 2018, we had sold approximately 10.7 million shares of our common stock for gross offering proceeds of approximately $91.9 million in the Private Offering.~~ Our Private Offering terminated on March 15, 2018. We raised offering proceeds of approximately $93 million from the issuance of approximately 10.8 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 Securities and Exchange Commission (“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 distribution reinvestment plan (together with the Primary Offering, the “Public Offering”). 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.

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 shares (Class Y common stock and Class Z common stock) 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 $700 million in shares) and Class Z shares (up to $300 million in shares) in our Primary Offering at a price of $9.30 per share and are offering 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 $9.30 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.

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.

As of March 31, 2020, prior to suspension of our Primary Offering, we had sold approximately 362,000 Class A shares, approximately 70,000 Class T shares, approximately 83,000 Class W shares, approximately 1.1 million Class Y shares, and approximately 165,000 Class Z shares for gross offering proceeds of approximately $17.1 million in our Primary Offering.

While the Company was formed on October 4, 2016, no formal operations commenced until ~~the~~our acquisition of ~~our~~a property in Fayetteville, Arkansas (the “Fayetteville Property”) on June 28, 2017 and, therefore, there were no revenues or expenses prior thereto. We intend to invest the net proceeds from the Offerings primarily in income-producing student housing and senior housing properties and related real estate investments located in the United States. We may also purchase growth-oriented student housing and senior housing real estate assets. As of March 31, ~~2018,~~2020, we owned ~~two~~(i) 2 student housing properties, (ii) 4 senior housing properties, (iii) an approximately 2.6% beneficial interest in Reno Student Housing, DST, a Delaware Statutory Trust (DST) that owns a student housing property (“Reno Student Housing”), and (iv) an approximately 1.4% beneficial interest in Power 5 Conference Student Housing I, DST, a DST that owns ~~another~~2 student housing ~~property and three senior housing properties.~~properties (“Power 5 Conference Student Housing”).

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 agreed to acquire a limited partnership interest in our Operating Partnership for $1,000 (111.11 partnership units) and we agreed to contribute 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 the student housing and senior housing properties that we acquire. As of March 31, 2020, 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.

SmartStop Asset Management, LLC, a Delaware limited liability company organized in 2013 (our “Sponsor”), is the sponsor of our Public ~~Offering of shares of our common stock.~~Offering. Our Sponsor is a company primarily focused on providing 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 ~~March 31, 2018~~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 97.5% of the economic interests (and 100% of the voting membership interests) of our Advisor and owns 100% of our Property Manager, each as defined below.

We have no0 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 aday-to-day basis and identifying and making acquisitions and investments on our behalf under the terms of ~~an advisory agreement we entered~~

~~into with our Advisor on January 27, 2017 (our “Private Offering~~the Advisory Agreement”) which, in connection with our Public Offering, we amended and restated on May 1, 2018 (our “Advisory Agreement”). The majority of the officers of our Advisor are also officers of us and our Sponsor,Agreement, as ~~well as Strategic Storage Trust II, Inc., Strategic Storage Growth Trust, Inc., and Strategic Storage Trust IV, Inc., each of which are publicnon-traded~~ ~~REITs also sponsored by our Sponsor that are focused on investing in self storage properties.~~defined elsewhere herein. Please see Note 7 – Related Party Transactions for additional detail.

SSSHT Property Management, LLC, a Delaware limited liability company (our “Property Manager”), was formed on October 3, 2016. Our Property Manager derives substantially all of its income from the property management oversight services it performs for us. We expect that we will enter into property management agreements directly with third party property managers and that our Property Manager will provide oversight services with respect to such third party property managers. Please see Note 87 – Related Party Transactions for additional detail.

~~The Fayetteville Property and our property in Tallahassee, Florida (the “Tallahassee Property”)~~Our student housing properties are managed by ~~Asset Campus Housing (“ACH”),~~ a third-party student housing property manager. ~~The three~~Our senior housing properties are managed by ~~MSL Community Management LLC, an affiliate of MBK Senior Living LLC (“MBK”).~~third-party senior living operators. Please see Note 98 – Commitments and Contingencies for additional detail.

Our dealer manager is Select Capital Corporation, a California corporation (our “Dealer Manager”). On January 27, 2017, we executed a dealer manager agreement (as amended, the “Private Offering Dealer Manager Agreement”) with our Dealer Manager with respect to the Private Offering. The Private Offering Dealer Manager Agreement terminated at the closing of our Private Offering. We executed a similar dealer manager agreement (the “Dealer Manager Agreement”) with our Dealer Manager with respect to the Public Offering on May 1, 2018. Our Dealer Manager was responsible for marketing our shares offered pursuant to our Primary Private Offering and is now similarly responsible for our Primary Offering. Our Sponsor owns, through a wholly-owned limited liability company, a 15%non-voting equity interest in our Dealer Manager. Affiliates of our Dealer Manager own a 2.5%non-voting membership interest in our Advisor, which they acquired on January 1, 2018. Our Dealer Manager is responsible for marketing our shares offered pursuant to our offerings. Please see Note 7 – Related Party Transactions for additional detail. On April 17, 2020, in accordance with provisions of the Dealer Manager Agreement, we provided a 60-day termination notice to our Dealer Manager. See Note 9 – Subsequent Events.

Our Sponsor owns 100% 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. ~~Our~~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 may retain and supervise third party vendors in its efforts to administer certain services.~~Agent.

As we accept subscriptions for shares of our common stock, ~~in our Offerings,~~ we transfer all of the net offering proceeds to our Operating Partnership as capital contributions in exchange for additional limited partnership units ~~of interest~~ in our Operating Partnership. However, we will be deemed to have made capital contributions in the amount of gross proceeds received from investors, and our Operating Partnership will be 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 ~~which was amended in connection with the Public Offering~~ (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.

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC.

Our financial statements, and the financial statements of our Operating Partnership, including its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. The portion of these consolidated entities not wholly-owned by us is presented as noncontrolling ~~interest.~~interests. All significant intercompany accounts and transactions have been eliminated in consolidation.

Current accounting guidance provides a framework for identifying a variable interest entity (“VIE”) and determining when a company should include the assets, liabilities, noncontrolling interests, and results of activities of a VIE in its consolidated financial statements. In general, a VIE is an entity or other legal structure used to conduct activities or hold assets that either (1) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (2) has a group of equity owners that are unable to make significant decisions about its activities, or (3) has a group of equity owners that do not have the obligation to absorb losses or the right to receive returns generated by its operations. Generally, a VIE should be consolidated if a party with an ownership, contractual, or other financial interest in the VIE (a variable interest holder) has the power to direct the VIE’s most significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. A variable interest holder that consolidates the VIE is called the primary beneficiary. Upon consolidation, the primary beneficiary generally must initially record all of the VIE’s assets, liabilities, and noncontrolling interest at fair value and subsequently account for the VIE as if it were consolidated based on majority voting interest. Our Operating Partnership is deemed to be a VIE and is consolidated by the Company as the primary beneficiary.

As of March 31, ~~2018,~~2020, we had not entered into other contracts/interests that would be deemed to be variable interests in a VIE other than ~~one investment~~two investments of an approximately 2.6% and 1.4% of beneficial ~~interest~~interests in ~~a DST~~two DSTs that ~~owns another~~own student housing ~~property,~~properties, which isare accounted for under the equity method of ~~accounting (see~~accounting. Please see Note 87 – Related Party ~~Transactions).~~Transactions for additional detail. Other than the aforementioned equity method ~~investment,~~investments, we do not currently have any relationships with unconsolidated entities or financial partnerships.

We account for the noncontrolling interest in our Operating Partnership in accordance with the related accounting guidance. Due to our control through our general partnership interest in our Operating Partnership and the limited rights of the limited partners, our Operating Partnership, including its wholly-owned subsidiaries, is consolidated by the Company and the limited partner interest is reflected as a noncontrolling interest in the accompanying consolidated balance sheets. The noncontrolling interest shall be attributed its share of income and losses, even if that attribution results in a deficit noncontrolling interest balance.

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.

We consider all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents.

We may maintain cash and cash equivalents in financial institutions in excess of insured limits, but believe this risk will be mitigated by only investing in or through high quality financial institutions.

Restricted cash consists primarily of impound reserve accounts for property taxes, insurance, and ~~insurance~~construction reserves in connection with the requirements of certain of our loan agreements.

We account for acquisitions in accordance with GAAP which requires that we allocate the purchase price of a property to the tangible and intangible assets acquired and the liabilities assumed based on their relative fair values. This guidance ~~require~~requires us to make significant estimates and assumptions, including fair value estimates, which requires the use of significant unobservable inputs as of the acquisition date.

The value of the tangible assets, consisting of land and buildings, is determined as if vacant. Substantially all of the leases in place at acquired properties are at market rates, as the majority of the leases are one year or less. We also consider whetherin-place, market leases represent an intangible asset. ~~We recorded approximately $6.5 million and approximately $6.3 million in intangible assets to recognize the value ofin-place~~ ~~leases related to our acquisitions during the three months ended March 31, 2018 and the year ended December 31, 2017, respectively.~~ We do not expect to have intangible assets for the value of tenant relationships.

Acquisitions of portfolios of properties are allocated to the individual properties based upon an income approach or a cash flow analysis using appropriate risk adjusted capitalization rates which take into account the relative size, age, and location of the individual property along with current and projected occupancy and rental rate levels or appraised values,
if available.

~~In January 2017, the FASB issued Accounting Standards Update2017-01,~~ ~~“Business Combinations (Topic 805): Clarifying the Definition of a Business” (“ASU2017-01”).~~ ~~ASU2017-01~~ clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework provides guidance for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business, as defined under current GAAP, are accounted for as asset acquisitions. ~~We adopted this ASU on January 1, 2018. We expect that acquisitions of real estate orin-substance~~ real estate will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. As a result,Accordingly, once an acquisition is deemed probable, transaction costs ~~will now be~~are capitalized rather than expensed. During the three months ended March 31, 2018, we acquired three properties that did not meet the revised definition of a business, and we capitalized approximately $1.7 million of acquisition-related transaction costs that would have otherwise been expensed under the guidance in effect prior to January 1, 2018.

During the three months ended March 31, ~~2018~~2020 and 2019, we ~~expensed approximately $0.2 million of~~did not acquire any properties or incur any acquisition-related transaction ~~costs that did not meet our capitalization criteria.~~costs.

Management monitors events and changes in circumstances that could indicate that the carrying amounts of our long-lived assets, including any that may be held through joint ventures, may not be recoverable. When indicators of potential impairment are present that indicate that the carrying amounts of the assets may not be recoverable, we will assess the recoverability of the assets by determining whether the carrying value of the long-lived assets will be recovered through the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying value, we will adjust the value of the long-lived assets to the fair value and recognize an impairment loss.

~~In May 2014, the FASB issued ASU2014-09~~ ~~“Revenue from Contracts with Customers” (“ASU2014-09”)~~ ~~as ASC Topic 606. The objective of ASU2014-09~~ is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and superseded most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU~~2014-09~~ ~~applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. We adopted ASU2014-09~~ ~~on January 1, 2018 using the modified retrospective approach and its adoption did not have a material impact on our consolidated financial statements.~~

Our student housing properties are typically leased by the bed with fixed terms on an individual lease ~~liability~~ basis, often with parental guarantees. Substantially all of our leases coincide with each university’s particular academic year but generally

commence in August and terminate in July. We bill residents on a monthly basis, which is generally due at the beginning of the month. Residents have access to their units along with the ~~properties~~property’s respective amenities (i.e. study rooms, exercise facilities, common areas, etc.). The units are generally fully equipped (i.e. kitchen facilities, washer/dryer, etc.). We do not provide any food or other similar services.

Our senior housing properties are generally leased by the unit, pursuant to a resident lease agreement with fixed terms. Such agreements generally have an initial term of no more than 12 months, but are cancellable with 30 days’ notice. Included in the base monthly lease fee are standard items (i.e. living accommodations, food services, activity programs, concierge services, care services, etc.). We bill on a monthly basis, which is generally due at the beginning of the month.

Additionally, at our senior housing properties our managers provide certain ancillary services to residents that are not contemplated in the lease agreement with each resident (primarily ~~care services~~community fees and to a lesser extent guest meals, etc.). These services are provided and paid for in addition to the standard items included in each resident lease. Such items are billed on a monthly basis and are generally due at the beginning of the month.

The majority of our revenues are derived from lease and lease related revenues, and the majority of such revenue is not subject to the revenue recognition guidance ~~in ASU2014-09,~~ ~~as these~~(“ASC Topic 606”) under GAAP. The revenues derived from our leases are accounted for pursuant to ~~lease~~ASU 2016-02, “Leases (ASC Topic 842).” ASU 2016-02 does not fundamentally change lessor accounting; however, some changes have been made to lessor accounting ~~guidance. Such revenues include:~~

~~In estimating the collectability of our accounts receivable, we analyze the aging of resident receivables, historical bad debts, and current economic trends.~~tenant.

Real estate properties are recorded based upon relative fair values as of the date of acquisition. We capitalize costs incurred to renovate and improve ~~properties.~~properties, including interest and property taxes incurred during the construction period. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use. The costs of ordinary repairs and maintenance are charged to operations when incurred.

Our management is required to make subjective assessments as to the useful lives of our depreciable assets. We consider the period of future benefit of the asset to determine the appropriate useful lives.

Depreciation of our real property assets is charged to expense on a straight-line basis over the ~~expected~~ estimated useful lives as follows:

Furniture, fixtures and equipment are depreciated on a straight-line basis over the estimated useful lives generally ranging from 3 to 7 years.

We allocate a portion of our real estate purchase price toin-place ~~leases, as applicable.~~ leases. We are amortizingin-place lease intangibles on a straight-line basis over the estimated future benefit period. As of March 31, ~~2018,~~2020 and December 31, 2019, the gross amount allocated toin-place leases was approximately ~~$12.7~~$22.3 million and accumulated amortization ofin-place lease intangibles totaled approximately ~~$4.5 million.~~$18.8 and $17.8 million, respectively.

The total additional estimated future amortization expense of intangible assets recognized as of March 31, ~~2018~~2020 will be approximately ~~$4.7~~$2.9 million, and ~~$3.5~~$0.6 million for the years ending ~~December 31, 2018~~2020 and ~~2019,~~2021, respectively.

The net carrying value of costs incurred in connection with obtainingnon-revolving financing are presented on the consolidated balance sheets as a deduction from the related debt and such amounts totaled approximately ~~$1.8~~$1.9 million as of March 31, ~~2018~~2020 and approximately ~~$0.7~~$1.8 million as of December 31, ~~2017.~~2019.

Our Advisor ~~funded our~~may fund organization and offering costs on our ~~behalf prior to the commencement of our formal operations on June 28, 2017 when we acquired the Fayetteville Property.~~behalf. We are ~~now obligated~~required to reimburse our Advisor for such organization and offering costs; provided, however, our Advisor ~~will~~funded, and was not reimbursed for 1.0% of the gross offering proceeds from the sale of Class W shares towards payment of organization and offering expenses, which we recognized as a capital contribution from our Advisor. Additionally, our Advisor has also agreed to fund, and will not be reimbursed for 1.0% of the gross offering proceeds from the sale of Class WY shares and Class Z shares sold in our Public Offering, which we ~~will~~ recognize as a capital contribution from our Advisor. Such organization and offering costs funded by our Advisor were recognized as a liability when we had a present responsibility to reimburse our Advisor upon the commencement of formal operations, which occurred on June 28, 2017.

Our Advisor must reimburse us within 60 days after the end of the month in which the Public Offering terminates to the extent ~~we paid or reimbursed~~ organization and offering ~~costs (excluding sales commissions, dealer manager fees, stockholder servicing fees~~expenses incurred in good faith in connection with the sale of Class Y shares and ~~dealer manager servicing fees) in excess of 3.5%~~Class Z shares exceed the 1.0% estimate being funded by the Advisor. Conversely, we must reimburse our Advisor within 60 days after the end of the ~~gross~~month in which the Public Offering terminates to the extent such organization and offering ~~proceeds from~~expenses are less than the ~~Primary Offering.~~1.0% estimate being funded by the Advisor. If at any point in time we determine that the ~~total~~ organization and offering costs incurred in connection with the sale of Class Y shares and Class Z shares are expected to exceed ~~3.5%~~1.0% of the gross proceeds anticipated to be received from the ~~Primary Offering,~~sale of such shares, we will recognize such excess as a receivable from our Advisor and a corresponding capital contribution from our Advisor. If we determine that the organization and offering costs incurred in connection with the sale of Class Y shares and Class Z shares are expected to be less than 1.0% of the gross proceeds anticipated to be received from the sale of such shares, we will recognize such difference as a payable to our Advisor and a reduction of additional paid-in capital. Offering costs associated with the ~~Private~~Primary Offering are recorded as an offset to additionalpaid-in capital, and organization costs are recorded in general and administrative expenses. ~~Offering costs associated with the Public Offering of approximately $1.3 million have been initially capitalized to other assets, and will be recorded as an offset to additionalpaid-in~~ ~~capital as gross proceeds are raised under our Public Offering.~~

In connection with our Primary Private Offering, our Dealer Manager received a sales commission of up to 6.0% of gross proceeds from sales in the Primary Private Offering and a dealer manager fee equal to up to 3.0% of gross proceeds from sales in the Primary Private Offering under the terms of the Private Offering Dealer Manager Agreement; provided, however, for all shares sold pursuant to our Primary Private Offering through November 15, 2017 (the “Discount Termination Date”), dealer manager fees were reduced to an amount of up to 2.0% of gross proceeds from sales in the Primary Private Offering.14

In connection with our Primary Offering, our Dealer Manager ~~will~~may receive aan upfront sales commission ~~of up to 6.0% of gross proceeds from sales of Class A shares~~ and ~~up to 3.0% of gross proceeds from the sales of Class T shares in the Primary Offering and a~~ dealer manager fee ~~of up to 3.0% of gross proceeds from sales of both Class A shares and Class T shares in~~based upon the ~~Primary Offering~~share class sold under the terms of the Dealer Manager ~~Agreement.~~Agreement, which are recorded as a reduction to additional paid-in capital as an offering cost. Our ~~Dealer Manager does not receive an~~Advisor agreed to fund the payment of the upfront

3.0% sales commission orand the upfront 3.0% dealer manager fee ~~from sales~~for the sale of Class W shares in the Primary Offering. In addition, our Dealer Manager receives an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 1% of the purchase price per share of the Class TY shares sold in the Primary ~~Offering.~~Offering, which we recognize as a capital contribution from our Advisor. Our Dealer Manager also receives an ongoing dealer manager servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 0.5% of the purchase price per share of the Class W shares sold in the Primary Offering. We willAdvisor may cease paying ~~the stockholder servicing fee with respect to the Class T shares sold~~such amounts in ~~our Primary Offering at the earlier of (i) the date~~its sole discretion after we list our shares on a national securities exchange, merge or consolidate with or into another entity, or sell or dispose of all or substantially all of our assets, (ii) the date at which the aggregate underwriting compensation from all sources equals 10% of thehave raised $250 million in gross offering proceeds from the sale of Class AY shares ~~Class T shares and Class W shares in our~~pursuant to the Primary Offering, ~~(excluding proceeds from sales pursuant to our Distribution Reinvestment Plan,~~ as ~~defined below), which calculation shall be made by us with the assistance of~~described in more detail in Note 7 – Related Party Transactions.

In addition, our Dealer Manager ~~commencing after the termination~~may also receive an ongoing stockholder servicing fee and ongoing dealer manager fee for certain classes of our ~~Primary Offering, (iii) with respect~~common stock, subject to ~~a particular Class T share, the third anniversary of the issuance of the share, and (iv) the date that such Class T share is redeemed or is no longer outstanding.~~certain limitations. We will cease paying the dealer manager servicing fee with respect to the Class W shares sold in our Primary Offering at the earlier of (i) the date we list our shares on a national securities exchange, merge or consolidate with or into another entity, or sell or dispose of all or substantially all of our assets, (ii) the date at which the aggregate underwriting compensation from all sources equals 10% of the gross proceeds from the sale of Class A shares, Class T shares and Class W shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our Distribution Reinvestment Plan, as defined below), which calculation shall be made by us with the assistance of our Dealer Manager commencing after the termination of our Primary Offering, (iii) the end of the month in which the aggregate dealer manager servicing fees paid in our Primary Offering with respect to Class W shares equals 9.0% of the gross proceeds from the sale of Class W shares in our Primary Offering (excluding proceeds from sales pursuant to our Distribution Reinvestment Plan, as defined below), which calculation shall be made by us with the assistance of our Dealer Manager commencing after the termination of our Primary Offering, and (iv) the date that such Class W share is redeemed or is no longer outstanding. We will record a liability within Due to Affiliates ~~for the future estimated stockholder and dealer manager servicing fees~~ and a reduction to additionalpaid-in capital at the time of sale of the Class T, Class W, Class Y, and Class WZ shares ~~as an offering cost.~~for the future estimated ongoing stockholder and dealer manager servicing fees. Please see Note 7 – Related Party Transactions – Dealer Manager Agreements for additional details about such commissions and fees.

In connection with the Private Offering, we adopted a share redemption program (the “Private Offering Share Redemption Program”) that enabled stockholders to sell their shares to us in limited circumstances, and in connection with the Public Offering, we amended the Private Offering Share Redemption Program (the “Share Redemption Program”)~~, each as described in more detail in~~. On March 30, 2020, our board of directors approved the suspension of our Share Redemption Program. Please see Note 98 – Commitments and Contingencies – Share Redemption ~~Program.~~Program for additional details.

In general, we record amounts that are redeemable under the ~~applicable share redemption program~~Share Redemption Program as redeemable common stock in the accompanying consolidated balance sheets since the shares are redeemable at the option of the holder and therefore their redemption is outside our control. The maximum amount redeemable under the ~~applicable share redemption program~~Share Redemption Program will be limited to the number of shares we could repurchase with the amount of the net proceeds from the sale of shares under the ~~distribution reinvestment plans.~~Distribution Reinvestment Plan. However, accounting guidance states that determinable amounts that can become redeemable should be presented as redeemable when such amount is known. Therefore, the net proceeds from the ~~distribution reinvestment plans~~Distribution Reinvestment Plan are considered to be temporary equity and are presented as redeemable common stock in our consolidated balance sheets. In addition, current accounting guidance requires, among other things, that financial instruments that represent a mandatory obligation of us to repurchase shares be classified as liabilities and reported at settlement value. Our redeemable common stock is contingently redeemable at the option of the holder. When we determine we have a mandatory obligation to repurchase shares under the ~~applicable share redemption program,~~Share Redemption Program, we ~~will~~ reclassify such obligations from temporary equity to a liability based upon their respective settlement values.

The accounting standard for fair value measurements and disclosures defines fair value, establishes a framework for measuring fair value, and provides for expanded disclosure about fair value measurements. Fair value is defined by the accounting standard for fair value measurements and disclosures as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels. The following summarizes the three levels of inputs and hierarchy of fair value we ~~will~~ use when measuring fair value:

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level that is significant to the fair value measurement in its entirety.

The accounting guidance for fair value measurements and disclosures provides a framework for measuring fair value and establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. In determining fair value, we will utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as consider counterparty credit risk in our assessment of fair value. Considerable judgment will be necessary to interpret Level 2 and 3 inputs in determining fair value of our financial andnon-financial assets and liabilities. Accordingly, there can be no assurance that the fair values we will present will be indicative of amounts that may ultimately be realized upon sale or other disposition of these assets.

Financial andnon-financial assets and liabilities measured at fair value on anon-recurring basis in our consolidated financial statements consist of real estate and related liabilities assumed related to our acquisitions. The fair values of these assets and liabilities were determined as of the acquisition dates using widely accepted valuation techniques, including (i) discounted cash flow analysis, which considers, among other things, leasing assumptions, growth rates, discount rates and terminal capitalization rates, (ii) income capitalization approach, which considers prevailing market capitalization rates, and (iii) comparable sales activity. In general, we consider multiple valuation techniques when measuring fair values. However, in certain circumstances, a single valuation technique may be appropriate. All of the fair values of the assets and liabilities as of the acquisition dates were derived using Level 3 inputs.

The carrying amounts of cash and cash equivalents, accounts receivable, other assets, variable-rate debt, accounts payable and accrued liabilities, distributions payable and amounts due to affiliates ~~will~~ approximate fair value because of the relatively short-term nature of these instruments.

The table below summarizes our fixed rate debt payable at March 31, ~~2018.~~2020. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate notes payable was estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts we would realize in a current market exchange.

To comply with GAAP, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of derivative contracts for the effect of nonperformance risk, we will consider the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

We ~~intend to make~~made an election to be taxed as a Real Estate Investment Trust (“REIT”), under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2017. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to currently distribute at least 90% of the REIT’s ordinary taxable income to stockholders. As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our ~~stockholders.~~stockholders, other than taxable income earned by our TRS. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the IRS grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we believe that we ~~will be~~are organized and operate in such a manner as to qualify for treatment as a REIT and intend to operate in the foreseeable future in such a manner that we will remain qualified as a REIT for federal income tax purposes.

Even if we continue to qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property, and federal income and excise taxes on our undistributed income.

We filed an election to treat our TRS as a taxable REIT subsidiary. In general, the TRS ~~may perform~~performs additional services for our residents and generally ~~may engage~~engages in any real estate ornon-real estate related business. We also utilize our TRS in connection with any structuring of our senior housing properties under the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”). Under the RIDEA structure, athe senior housing ~~property~~properties that we own isare leased by ~~the~~a property owning entity to a subsidiary of our TRS. That TRS subsidiary then directly engages an “eligible independent contractor” to manage and operate the property. Currently, all of our senior housing properties utilize the RIDEA structure.

The TRS is subject to corporate federal and state income tax. The TRS follows accounting guidance which requires the use of the asset and liability method. Deferred income taxes will represent the tax effect of future differences between the book and tax bases of assets and liabilities.

Our real estate portfolio is comprised of ~~two~~2 reportable segments: (i) student housing and (ii) senior housing. ~~See~~Please see Note 76 – Segment ~~Disclosures.~~

~~In February 2016, the FASB issued ASU2016-02,~~ ~~“Leases (Topic 842)”, which amends the guidance on accounting~~Disclosures for ~~leases. Under ASU2016-02,~~ lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease; and (2) a~~right-of-use~~ ~~asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under ASU2016-02,~~ ~~lessor accounting is largely unchanged. The FASB also issued an Exposure Draft on January 5, 2018 proposing to amend ASU2016-02,~~ ~~which would provide lessors with a practical expedient, by class of underlying assets, to not separatenon-lease~~ ~~components from the related lease components and, instead, to account for those components as a single lease component, if certain criteria are met. ASU2016-02~~ ~~also includes extensive amendments to the disclosure requirements. ASU2016-02~~ ~~is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted for financial statements that have not yet been made available for issuance. ASU2016-02~~ requires a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, although the Exposure Draft also proposes a second adoption methodology which would allow recognition as of the beginning of the year of adoption. While we continue to evaluate the standard, based upon our assessment to date, we do not anticipate the adoption of this standard will have a material impact on our consolidated financial statements. We expect to utilize the practical expedients proposed in the Exposure Draft as part of our adoption of ASU~~2016-02.~~additional detail.

The following summarizes the activity in the real estate facilities during the three months ended March 31, ~~2018:~~

~~The following table summarizes the purchase price allocations for our acquisitions during the three months ended March 31, 2018:~~

We incurred acquisition fees to our Advisor related to the above properties of approximately $1.6 million for the three months ended March 31, 2018, which were capitalized into the cost basis of our properties.

The ~~table set forth below summarizes, on a pro forma basis, the combined results of operations of the Company for the three months ended March 31, 2018 and 2017. Such presentation reflects the~~ Company’s ~~acquisitions that occurred during 2018 and 2017, which met the GAAP definition of a business in effect at that time,~~outstanding debt is summarized as if the acquisitions were completed as of January 1, 2017. However, for acquisitions of properties that were not operational as of this date, the pro forma information includes these acquisitions as of the date that formal operations began. As none of the Company’s acquisitions that were completed during the three months ended March 31, 2018 met the revised definition of a business, no adjustments for these acquisitions have been reflected in the pro forma information below. This pro forma information does not purport to represent what our actual consolidated results of operations would have been for the periods indicated, nor does it purport to predict the results of operations for future periods.follows:

~~The pro forma consolidated financial information for the three months ended March 31, 2018 and 2017 was not adjusted to exclude any acquisition related expenses.~~

On June 28, 2017, we, through our Operating Partnership and a property-owning special purpose entity (the “JPM Borrower”) wholly-owned by our Operating Partnership, entered into a $29.5 million mortgage loan (the “JPM Mortgage Loan”) with Insurance Strategy Funding IX, LLC (the “JPM Lender”) for the purpose of funding a portion of the purchase price for the Fayetteville Property.

The JPM Mortgage Loan has a term of seven years and requires payments of interest only for such period, with the principal balance due upon maturity (July 1, 2024). The JPM Mortgage Loan bears interest at a fixed rate of 4.20%. The JPM Mortgage Loan may be prepaid at any time, upon 30 days’ written notice, in whole but not in part, subject to payment of a prepayment penalty. If the prepayment occurs during the last 90 days of the term of the loan, no prepayment penalty will
be required.

We and H. Michael Schwartz, our Chief Executive Officer (our “CEO”), serve asnon-recourse guarantors pursuant to the terms and conditions of the JPM Mortgage Loan. Thenon-recourse guaranty of our CEO will expire, upon request, and be of no further force and effect at such time as we have: (1) a net worth (as defined in the agreement) equal to or greater than $40 million; and (2) liquidity (as defined in the agreement) equal to or greater than $3 million. Once thenon-recourse guaranty of our CEO expires, the net worth and liquidity standards under the JPM Mortgage Loan will be ongoing for the remainder of the term of the JPM Mortgage Loan.

The JPM Mortgage Loan contains a number of other customary terms and covenants. The JPM Borrower maintains separate books and records and its separate assets and credit (including the Fayetteville Property) are not available to pay our other debts.

On September 28, 2017, we, through a property-owning special purpose entity (the “Nationwide Borrower”) wholly-owned by our Operating Partnership, entered into a $23.5 million loan (the “Nationwide Loan”) with Nationwide Life Insurance Company (“Nationwide”) for the purpose of funding a portion of the purchase price for the Tallahassee Property. The Nationwide Loan is secured by a first mortgage on the Tallahassee Property. The Nationwide Loan matures on October 1, 2024 and requires payments of interest only for such period, with the principal balance due upon maturity.

The Nationwide Loan bears interest at a fixed rate of 3.84%. The Nationwide Loan may be prepaid at any time, upon 30 days’ prior written notice, in whole but not in part, subject to payment of a prepayment penalty. If the prepayment occurs during the last ~~three~~six months of the term of the loan, no prepayment penalty will be required.

We ~~and an entity controlled by our CEO originally served~~serve asnon-recourse ~~guarantors~~ guarantor pursuant to the terms and conditions of the Nationwide Loan. ~~Thenon-recourse~~ ~~guaranty of the entity controlled by our CEO expired as of April 2018.~~

The Nationwide Loan contains a number of other customary terms and covenants. The Nationwide Borrower maintains separate books and records and its separate assets and credit (including the Tallahassee Property) are not available to pay our other debts.

On February 23, 2018, we, through ~~three~~3 property-owning special purpose entities wholly-owned by us (the “Freddie Mac Borrowers”), entered into ~~three~~3 separate mortgage loans for an aggregate amount of $46.9 million (the “Freddie Mac Utah Loans”) with KeyBank National Association as a Freddie Mac Multifamily Approved Seller/Servicer (the “Freddie Mac Lender”) for the purpose of funding a portion of the aggregate purchase price for the ~~Salt Lake Properties.~~three properties: Wellington, Cottonwood Creek, and Charleston we acquired.

The Freddie Mac Utah Loans have a term of 10 years, with the first two years being interest only and a30-year amortization schedule thereafter, and bear interest at a fixed rate of 5.06%. The Freddie Mac Utah Loans are cross-collateralized and cross-defaulted with each other such that a default under one loan would cause a default under the other Freddie Mac Utah Loans.

The loans also contain a number of other customary representations, warranties, borrowing conditions, events of default, affirmative, negative and financial covenants, reserve requirements and other agreements, such as restrictions on our ability to prepay or defease the loans. The Freddie Mac Borrowers maintain separate books and records and their separate assets and credit (including the ~~Salt Lake Properties)~~Wellington, Cottonwood Creek, and Charleston properties) are not available to pay our other debts.

Each Freddie Mac Utah Loan is secured under a multifamily deed of trust, assignment of rents and security agreement from the respective Freddie Mac Borrower in favor of the Freddie Mac Lender, granting a first priority mortgage on the respective property in favor of the Freddie Mac Lender.

We serve asnon-recourse guarantors pursuant to the terms and conditions of the Freddie Mac Utah Loans. During the term of the Freddie Mac Utah Loans, we are required to maintain a net worth equal to or greater than $15 million and an initial liquidity requirement equal to or greater than $4.8 million. Once the ~~Second Amended KeyBank~~Utah Bridge Loan (defined below) is paid in full, the liquidity requirement will be reduced to $3 million.

On August 31, 2018, we, through a property-owning special purpose entity (the “Freddie Mac Courtyard Borrower”) wholly owned by our Operating Partnership, entered into a mortgage loan of $63.2 million (the “Freddie Mac Courtyard Loan”) with KeyBank as a Freddie Mac Lender for the purpose of funding a portion of the purchase price of the senior housing property (the “Courtyard Property”) we acquired.

The Freddie Mac Courtyard Loan has a term of 10 years, with the first four years being interest only and a 30-year amortization schedule thereafter, and bears interest at a fixed rate of 4.86%. The Freddie Mac Courtyard Loan contains a number of customary representations, warranties, borrowing conditions, events of default, affirmative, negative and financial covenants, reserve requirements and other agreements, such as restrictions on our ability to prepay or defease the loans.

The Freddie Mac Courtyard Borrower maintains separate books and records and its separate assets and credit (including the Courtyard Property) is not available to pay our other debts.

The Freddie Mac Courtyard Loan is secured under a multifamily deed of trust, assignment of rents and security agreement from the Freddie Mac Courtyard Borrower in favor of the Freddie Mac Lender, granting a first priority mortgage in favor of the Freddie Mac Lender.

We serve as non-recourse guarantors pursuant to the terms and conditions of the Freddie Mac Courtyard Loan. During the term of the Freddie Mac Courtyard Loan, we are required to maintain a net worth equal to or greater than $18.96 million and an initial liquidity requirement equal to or greater than $6.32 million. Once the Courtyard Bridge Loans are paid in full and the Memory Care Expansion (each defined further below) is complete, the liquidity requirement will be reduced to $4.8 million. We are able to reduce each of the foregoing liquidity requirements by an additional amount equal to the amount of the 12-month trailing cash flows of all our properties, up to a maximum reduction of $1.5 million.

~~On June 28, 2017,~~Beginning with our acquisition of the Fayetteville Property, we have entered into various loans with KeyBank National Association (“KeyBank”) in order to fund a portion of the purchase price for our acquisitions. Such loans are in addition to the particular mortgage loan used to acquire the property, and such loans are with us, through our Operating Partnership, along with our CEO and an entity controlled by him (the “Initial KeyBank Bridge Borrowers”). As described below, on March 29, 2019, our Sponsor was added as an additional borrower under the Utah Bridge Loan and the Courtyard Bridge Loans (collectively with the Initial KeyBank Bridge Borrowers, the “KeyBank Bridge Borrowers”)~~, entered into~~. See below for a ~~bridge loan~~description of the various loans with KeyBank ~~National Association (“KeyBank”) in an amount of approximately $22.3 million~~ (the “KeyBank Bridge ~~Loan”~~Loans”) ~~for the purpose of funding a portion of the purchase price for the Fayetteville Property. The KeyBank~~.

Utah Bridge Loan ~~had a variable interest rate, which was based on1-month~~ ~~Libor plus 400 basis points, resulting in an initial interest rate of approximately 5.23%. On September 5, 2017, we paid off the KeyBank Bridge Loan with proceeds from our Private Offering.~~

On September 28, 2017, the KeyBank Bridge Borrowers and KeyBank entered into an amended and restated credit agreement for the KeyBank Bridge Loan (the “Amended KeyBank Bridge Loan”) in which the KeyBank Bridge Borrowers borrowed $17.6 million for the purpose of funding a portion of the purchase price for the Tallahassee Property. The Amended KeyBank Bridge Loan had a variable interest rate, which was based on~~1-month~~ ~~Libor plus 400 basis points, resulting in an initial interest rate of approximately 5.24%. On November 15, 2017, we paid off the Amended KeyBank Bridge Loan with proceeds from our Private Offering.~~

On February 23, 2018, the Initial KeyBank Bridge Borrowers and KeyBank entered into a second amended and restated credit agreement ~~for the KeyBank Bridge Loan~~ (the ~~“Second Amended KeyBank~~“Utah Bridge Loan”) in which the Initial KeyBank Bridge Borrowers borrowed $24.5 million for the purpose of funding a portion of the aggregate purchase price for the ~~Salt Lake Properties. As~~Wellington, Cottonwood Creek, and Charleston properties. We have guaranteed full repayment of ~~March 31, 2018, this loan had an outstanding balance of approximately $18.5 million.~~the Utah Bridge Loan.

The ~~Second Amended KeyBank~~Utah Bridge Loan ~~matures~~was scheduled to mature on February 23, 2019, ~~which may be~~but was extended, based on its terms to August 23, 2019 ~~as long as we pay~~upon the payment of a fee equal to 0.50% of the outstanding principal balance of the loan at the time of the extension. On March 29, 2019, we amended the Utah Bridge Loan such ~~extension~~that (i) the loan maturity date was extended to April 30, 2020, (ii) our Sponsor became an additional borrower, (iii) the collateral was amended to include a pledge of equity interests owned by subsidiaries of our Sponsor in certain entities, as set forth in separate pledge agreements and (iii) certain of the covenants and restrictions were revised accordingly. On February 27, 2020, we amended the Utah Bridge Loan such that the loan maturity date was further extended to April 30, 2021 and certain ~~other terms~~of the covenants were revised accordingly. If the KeyBank Bridge Borrowers are ~~met, such~~unable to satisfy the Utah Bridge Loan through the required payments or to refinance the loan prior to maturity, the Company would be obligated to repay the Utah Bridge Loan pursuant to its guaranty. If the Company was unable to satisfy its guaranty, KeyBank would have the right to foreclose on the collateral securing the Utah Bridge Loan, as ~~there has not been an event of default.~~ discussed below.

The ~~Second Amended KeyBank~~Utah Bridge Loan bears interest at a rate of1-month Libor plus 400 basis points, resulting in an ~~initial~~ interest rate of approximately ~~5.61%~~4.98% as of March 31, 2020. As amended, the Utah Bridge Loan is secured by (i) a pledge of certain equity interests held by an entity controlled by our Chief Executive Officer; (ii) a pledge of distributions and other rights with respect to the equity interests in the subsidiaries that have a fee or leasehold interest in the Wellington, Cottonwood Creek, and Charleston properties; (iii) a pledge of the proceeds from the issuance of equity interests in us and our Operating Partnership to the extent constituting collateral, including net proceeds from our Primary Offering; (iv) a pledge of the bank account in which such equity interest proceeds will be deposited; and (v) a pledge of distributions received by an affiliate of our Sponsor; (vi) additional collateral, as described below under the heading “Courtyard Bridge Loans,” below; and (vii) a pledge of equity interests owned by subsidiaries of our Sponsor in certain entities (the “Utah Collateral”).

The KeyBank Bridge Borrowers are required to apply 100% of the net proceeds from certain capital events, as defined in the ~~Second Amended KeyBank~~Utah Bridge Loan, and we are required to apply the net proceeds from the issuance of equity interests in us, including the net proceeds from ~~the Offerings,~~our Primary Offering, to the repayment of the ~~Second Amended KeyBank~~Utah Bridge Loan. Unless KeyBank otherwise consents, we are required to defer payment of certain fees that would otherwise be due to our Advisor and Sponsor until the ~~Second Amended KeyBank~~Utah Bridge Loan is no longer ~~outstanding, such as acquisition fees incurred in connection with the acquisition~~outstanding. As of ~~the Salt Lake Properties.~~March 31, 2020, KeyBank consented to ~~us paying $1.2~~our retention of approximately $7.1 million of net equity offering proceeds that otherwise would have been required to pay down the Utah Bridge Loan. Additionally, pursuant to the amendment to the Utah Bridge Loan, we are restricted from paying distributions on the Preferred Units or redeeming such ~~fees, and we made such payment as of March 31, 2018.~~Preferred Units until certain requirements on the debt are met. Please see Note 5 – Preferred Equity in our Operating Partnership for detail regarding the Preferred Units. The ~~Second Amended KeyBank~~Utah Bridge Loan imposes certain covenant requirements on us and the other parties, ~~to the Second Amended KeyBank Bridge Loan,~~ which, if breached, could result in default under the ~~Second Amended~~Utah Bridge Loan. As of March 31, 2020, we were in compliance with the covenant requirements of the Utah Bridge Loan.

Concurrent with our entry into the Freddie Mac Courtyard Loan, the Initial KeyBank Bridge ~~Loan.~~Borrowers and KeyBank entered into a first credit agreement supplement and amendment (the “Courtyard Bridge Loans”) to the Utah Bridge Loan in order to add additional tranches. Accordingly, each of the Courtyard Bridge Loans and the Utah Bridge Loan are separate loans with separate maturity dates, but they are secured by the same pool of collateral and subject to the same general restrictions, each as described above under the heading “Utah Bridge Loan” and immediately below.

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~Pursuant to the terms of the Courtyard Bridge Loans, the Utah Bridge Loan was amended to add two additional tranches: (i) an initial loan of $27 million (the “Courtyard Initial Loan”) and (ii) a delayed draw commitment of up to $14 million (the “Courtyard Delayed Draw Commitment”). The KeyBank Bridge Borrowers utilized the Courtyard Initial Loan for the purpose of funding a portion of the purchase price for the Courtyard Property. The Courtyard Property contained developable land which was developed for an additional 23 units of memory care (the “Memory Care Expansion”). The Courtyard Delayed Draw Commitment was primarily used to fund the costs and expenses associated with the Memory Care Expansion.

On November 4, 2019, we completed construction of the Memory Care Expansion. As of March 31, ~~2018~~2020, there is approximately $12.5 million outstanding on the Courtyard Delayed Draw Commitment.

The Courtyard Bridge Loans, similar to the Utah Bridge Loan, bear interest at a rate of 1-month Libor plus 400 basis points which totaled approximately 4.98% as of March 31, 2020.

Pursuant to the Courtyard Bridge Loans, the security for the Utah Bridge Loan was amended such that both loans are secured by the same pool of collateral, which now includes a pledge of distributions and other rights with respect to the equity interests in the subsidiaries that have a fee or leasehold interest in the Courtyard Property. In addition, and as described above under the heading “Utah Bridge Loan,” on March 29, 2019, we executed an amendment such that (i) our Sponsor became an additional borrower, (iii) the collateral was amended such that it is additionally comprised of a pledge of equity interests owned by subsidiaries of our Sponsor in certain entities, as set forth in separate pledge agreements and (iii) certain of the covenants and restrictions were revised accordingly. Upon the repayment of the Utah Bridge Loan, the KeyBank Bridge Borrowers must continue to apply 100% of the net proceeds from certain capital events and we are required to apply the net proceeds from the issuance of equity interests in us, including the net proceeds from our Primary Offering, to the outstanding KeyBank Bridge Loans. Unless KeyBank otherwise consents, until the Courtyard Bridge Loans are repaid, we are required to defer payment of (i) acquisition fees otherwise payable to our Advisor and Sponsor in connection with the acquisition of the Courtyard Property and (ii) in the event of a default, asset management fees otherwise payable to our Advisor and Sponsor with respect to the Courtyard Property. The Courtyard Bridge Loans impose certain covenant requirements on us and the other parties to the Courtyard Bridge Loans, which, if breached, could result in an event of default under the Courtyard Bridge Loans. As of March 31, 2020, we were in compliance with the covenant requirements of the Courtyard Bridge Loans. In connection with the foregoing, we also amended the previously executed note with KeyBank in order to evidence the Courtyard Bridge Loans, and we also entered into an Omnibus Amendment and Reaffirmation of Loan Documents, as amended on March 29, 2019 (the “Omnibus Amendment”). As a result of the Omnibus Amendment, we continue to serve as a guarantor pursuant to the terms and conditions of the Utah Bridge Loan and the Courtyard Bridge Loans.

The following table presents the future principal payment requirements on outstanding secured and unsecured debt as of March 31, ~~2018:~~2020:

The KeyBank Bridge Loans have a maturity date of April 30, 2021 and contain certain financial covenants. As of March 31, 2020, we were in compliance with such financial covenants. However, as a result of the suspension of our Primary Offering and the potential adverse financial impact to our properties due to the COVID-19 pandemic, we anticipate we may not be in compliance with certain financial covenants in future periods. Additionally, if our Primary Offering is not resumed or the proceeds from the Primary Offering, if and when resumed, are insufficient, we may not be able to satisfy the KeyBank Bridge Loans by the maturity date through the required payments. If the KeyBank Bridge Borrowers are unable to satisfy the KeyBank Bridge Loans through the required payments or to refinance the loan prior to maturity, the Company would be obligated to repay the KeyBank Bridge Loans pursuant to its guaranty. If the Company was unable to satisfy its guaranty, KeyBank would have the right to foreclose on the collateral securing the KeyBank Bridge Loans, as discussed above.

If necessary, we will request that our lender (KeyBank) grant covenant relief, as well as extend the maturity date of the loans. If we are unable to obtain covenant relief or extend the maturity date of the loans, we plan to seek other sources of financing with a different lender. Alternatively, we could also sell one or more of the properties we currently own to generate proceeds that could be used to satisfy these loans.

On June 28, 2017, we and our Operating Partnership entered into a Series A Cumulative Redeemable Preferred Unit Purchase Agreement (the “Unit Purchase Agreement”) with SAM Preferred Investor, LLC (the “Preferred Investor”), a wholly-owned subsidiary of our Sponsor. Pursuant to the Unit Purchase Agreement, as amended, the Operating Partnership agreed to issue Preferred Units to the Preferred Investor in connection with preferred equity investments by the Preferred Investor of up to $12 million (the “Investment”), which amount may be invested in one or more tranches, tosuch amounts may only be used ~~solely in connection with~~for (i) the ~~investments in the Fayetteville Property~~acquisition of any student housing and ~~the Tallahassee Property~~senior housing property, (ii) repayment of indebtedness and ~~expenses incurred by the Preferred Investor in connection with the Investment,~~(iii) working capital and general corporate purposes, in exchange for up to 480,000 preferred units of limited partnership interests in our Operating Partnership (“Preferred Units”), each having a liquidation preference of $25.00 per Preferred Unit (the “Liquidation Amount”), plus all accumulated and unpaid distributions.

In addition to the Unit Purchase Agreement, we and our Operating Partnership entered into a Second Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Second Amended and Restated Limited Partnership Agreement”) and Amendment No. 1 to the Second and Amended and Restated Limited Partnership Agreement (the “Amendment”). The Second Amended and Restated Limited Partnership Agreement ~~authorizes~~authorized the issuance of additional classes of units of limited partnership interest in the Operating Partnership and sets forth other necessary corresponding changes. All other terms of the Second Amended and Restated Limited Partnership Agreement remained substantially the same. ~~On June 28, 2017, the Preferred Investor invested approximately $5.65 million~~Such terms continue to be included in the ~~first tranche of its Investment in our Operating~~Third Amended and Restated Limited Partnership all of which was used to fund a portion of the purchase price for the acquisition of the Fayetteville Property. The Preferred Investor received 226,000 Preferred Units in our Operating Partnership. In addition, pursuant to the terms of the Unit Purchase Agreement, ~~our Operating Partnership issued to the Preferred Investor an additional 2,260 Preferred Units, or 1.0% of the amount of the first tranche of the Investment.~~

Our Sponsor previously funded approximately $1.01 million in acquisition and loan deposits related to the acquisition of the Tallahassee Property (the “Previously Funded Amounts”). On September 28, 2017, the Previously Funded Amounts were converted into Preferred Units in our Operating Partnership. Accordingly, the Preferred Investor received an additional 40,220 Preferred Units. In addition, pursuant to the terms of the Unit Purchase Agreement, our Operating Partnership issued to the Preferred Investor an additional approximately 402 Preferred Units, or 1% of the Previously Funded Amounts.as amended.

The holders of Preferred Units ~~received~~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, ~~accrued~~accrue at the Pay Rate. Per the terms of the Amended KeyBank Bridge Loan, while the Amended KeyBank Bridge Loan was outstanding the distributions were deferred in accordance with the terms of the Unit Purchase Agreement and the Amendment. The preferred units of limited partnership interests in our Operating Partnership ~~ranked~~rank senior to all classes or series of partnership interests in our Operating Partnership and therefore, any cash we ~~had~~have to pay distributions ~~were~~otherwise may be used to pay distributions to the holder of such preferred units first.

The Preferred Units ~~were~~are redeemable by our Operating Partnership, in whole or in part, at the option of our Operating Partnership at any time. Pursuant to the amendment of the KeyBank Bridge Loans on February 27, 2020, we are currently restricted from paying distributions on the Preferred Units or redeeming such Preferred Units until the KeyBank Bridge Loans are repaid. The redemption price (“Redemption Price”) for the Preferred Units ~~was~~is equal to the sum of the Liquidation Amount plus all accumulated and unpaid distributions thereon to the date of redemption.

~~On December 5, 2017, we completed~~The Preferred Investor has not made any additional investments in the ~~redemption of the Preferred Units with net proceeds from our Private Offering.~~

On2020 or in the year ended December 31, 2019. As of March ~~7, 2018, the Unit Purchase Agreement was amended to expand the use~~31, 2020 and December 31, 2019, approximately $10.2 million of proceeds, such that amounts could be used for (i) the acquisition of any student housing and senior housing property, (ii) repayment of indebtedness and (iii) working capital and general corporate purposes. No Preferred Units were outstanding ~~as of March 31, 2018.~~and accrued distributions payable on the Preferred Units totaled approximately $1.6 million and $1.3 million, respectively.

We operate in ~~two~~2 reportable business segments: (i) student housing and (ii) senior housing.

Management evaluates performance based upon property net operating income (“NOI”). NOI is defined as leasing and related revenues, less property level operating expenses.

The following table summarizes information for the reportable segments for the three months ended March 31, ~~2018:~~2020 and 2019:

													Three Months Ended March 31,
													Student Housing						Senior Housing						Corporate and Other						Total
	Student Housing			Senior Housing			Corporate and Other			Total			2020			2019			2020			2019			2020			2019			2020			2019
Leasing and leasing related revenues	$	2,293,714		$	1,101,448		$	—		$	3,395,162		$	1,834,471		$	2,023,952		$	6,729,599		$	6,204,954		$	—		$	—		$	8,564,070		$	8,228,906
Other revenues		—			166,274			—			166,274		—				—			169,529			152,422		—			—				169,529			152,422
Property operating expenses		(923,181	)		(734,711	)		—			(1,657,892	)		(955,454	)		(985,000	)		(4,564,294	)		(4,013,440	)	—			—				(5,519,748	)		(4,998,440	)

Net operating income		1,370,533			533,011			—			1,903,544			879,017			1,038,952			2,334,834			2,343,936			—			—			3,213,851			3,382,888
Property operating expenses - affiliates		86,182			25,500			—			111,682			237,098			238,249			477,154			452,678		—			—				714,252			690,927
General and administrative		—			—			337,082			337,082		—			—			—			—				465,477			608,205			465,477			608,205
Depreciation		808,228			211,642			—			1,019,870			832,565			823,049			1,321,449			1,156,782			3,596			2,938			2,157,610			1,982,769
Intangible amortization expense		1,615,800			357,808			—			1,973,608			—			—			954,900			1,837,073		—			—				954,900			1,837,073
Acquisition expenses – affiliates		—			55,974			—			55,974
Other property acquisition expenses		—			164,927			—			164,927
Interest expense		535,350			367,832			—			903,182			535,350			535,350			2,026,037			2,050,247		—			—				2,561,387			2,585,597
Interest expense – debt issuance costs		17,031			61,506			—			78,537			26,496			26,496			93,454			171,077		—			—				119,950			197,573
Other		—			—			(7,698	)		(7,698	)	—				(2,001	)		370			962			52,641			(17,808	)		53,011			(18,847	)

Net loss	$	(1,692,058	)	$	(712,178	)	$	(329,384	)	$	(2,733,620	)	$	(752,492	)	$	(582,191	)	$	(2,538,530	)	$	(3,324,883	)	$	(521,714	)	$	(593,335	)	$	(3,812,736	)	$	(4,500,409	)

~~Our~~On January 27, 2017, in connection with the Private Offering, we entered into an advisory agreement with our Advisor (the “Private Offering Advisory ~~Agreement~~Agreement”) and a dealer manager agreement with our ~~Private~~Dealer Manager (the “Private Offering Dealer Manager ~~Agreement~~Agreement”) which entitled our Advisor and our Dealer Manager to specified fees upon the provision of certain services with regard to the Private Offering and investment of funds in real estate properties, among other services, as well as reimbursement for organization and offering costs incurred by our Advisor on our behalf and reimbursement of certain costs and expenses incurred by our Advisor in providing services to us. In connection with our Public Offering, we entered into an amended and restated advisory agreement (as amended, the “Advisory Agreement”) and a new dealer manager agreement (as amended, the “Dealer Manager Agreement”). On April 17, 2020, in accordance with provisions of the Dealer Manager Agreement, we provided a 60-day termination notice to our Dealer Manager. See Note 9 – Subsequent Events.

~~Additionally, the~~The Advisory Agreement, Dealer Manager Agreement, and transfer agent agreement (the “Transfer Agent Agreement”) executed in connection with the Public Offering, entitle our Advisor, our Dealer Manager and our Transfer Agent to specified fees upon the provision of certain services with regard to the Public Offering and investment of funds in real estate properties, among other services, as well as reimbursement for organizational and offering costs incurred by our Advisor on our behalf and reimbursement of certain costs and expenses incurred by our Advisor and our Transfer Agent in providing services to us.

Organization and offering costs of the ~~Private~~Public Offering may be paid by our Advisor on our behalf and will be reimbursed to our ~~Advisor.~~Advisor from the proceeds of our Primary Offering, provided, however, that our Advisor agreed to fund, and will not be reimbursed for, 1.0% of the gross offering proceeds from the sale of Class W shares. Our Advisor has also agreed to fund, and will not be reimbursed for, 1.0% of the gross offering proceeds from the sale of Class Y shares and Class Z shares, provided, however, that our Advisor may cease paying such amounts in its sole discretion, as described in more detail below. Organization and offering costs consist of all expenses (other than sales commissions, ~~and the~~ dealer manager ~~fee)~~fees, stockholder servicing fees, and dealer manager servicing fees) to be paid by us in connection with the ~~Private~~Public Offering, including our legal, accounting, printing, mailing and filing fees ~~charges of our escrow account holder~~ and other accountable organization and offering expenses, including, but not limited to, (i) amounts to reimburse our Advisor for all marketing related costs and expenses such as salaries and direct expenses of employees of our Advisor and its affiliates in connection with registering and marketing our shares; (ii) technology costs associated with the ~~Private~~Public Offering; (iii) our costs of conducting our training and education meetings; (iv) our costs of attending retail seminars conducted by participating broker-dealers; and (v) payment or reimbursement of bona fide due diligence expenses. We ~~have and will continue to incur~~also incurred similar organization and offering costs in connection with ~~the Public~~our Primary Private Offering. ~~Pursuant to the Advisory Agreement, our~~Our Advisor ~~will be required to~~must reimburse us within 60 days after the end of the month in which the Public Offering terminates to the extent ~~we paid or reimbursed~~ organization and offering ~~costs (excluding sales commissions, dealer manager fees, stockholder servicing fees, and dealer manager servicing fees)~~expenses incurred in excess of 3.5% of the gross offering proceeds from the Primary Offering. Organization and offering costs of the Public Offering may be paid by our Advisor on our behalf and will be reimbursed to our Advisor from the proceeds of our Primary Offering; provided, however, that our Advisor will fund, and will not be reimbursed for, 1.0% of the gross offering proceeds fromgood faith in connection with the sale of Class ~~W shares.~~Y shares and Class Z shares exceed the 1.0% estimate being funded by the Advisor. Conversely, we must reimburse our Advisor within 60 days after the end of the month in which the Public Offering terminates to the extent such organization and offering expenses are less than the 1.0% estimate being funded by the Advisor.

We do not have any employees. Our Advisor is primarily responsible for managing our business affairs and carrying out the directives of our board of directors. Our Advisor receives various fees and expenses under the terms of our Advisory Agreement. As discussed above, we are required to reimburse our Advisor for certain organization and offering costs from the Offerings; provided, however, pursuant to the Advisory Agreement, our Advisor ~~will fund,~~funded, and ~~will~~was not be reimbursed for, 1.0% of the gross offering proceeds from the sale of Class W shares in the Primary Offering, and additionally has also agreed to fund, and will not be ~~required to reimburse us within 60 days after the end of the month in which the Public Offering terminates to the extent we paid or~~ reimbursed ~~organization and offering costs (excluding sales commissions, dealer manager fees, stockholder servicing fees, and dealer manager servicing fees) in excess of 3.5%~~for, 1.0% of the gross offering proceeds from the ~~Primary Offering.~~sale of Class Y shares and Class Z shares, provided, however, that our Advisor may cease paying such amounts in its sole discretion, as described in more detail below.

The Advisory Agreement also requires our Advisor to reimburse us to the extent that offering expenses, including sales commissions, dealer manager fees, stockholder servicing fees and dealer manager servicing fees, are in excess of 15% of gross proceeds from the Primary Offering.

Our Advisor was due acquisition fees pursuant to the Private Offering Advisory Agreement equal to 2% of the contract purchase price of each property we acquired while such agreement was in effect. ~~Pursuant~~Prior to the amendment of the Advisory Agreement on September 6, 2018 (the “AA Amendment”), our Advisor ~~will receive~~received acquisition fees equal to 1.75% of the contract purchase price of each property we ~~acquire.~~ acquired. The AA Amendment eliminated such acquisition fees. On July 10, 2019, we entered into another amendment to the Advisory Agreement (the “Second AA Amendment”). Pursuant to the Second AA Amendment, our Advisor may be entitled to an acquisition fee (the “Contingent Acquisition Fee”) with respect to acquisitions made subsequent to July 10, 2019, subject to us satisfying certain stockholder return thresholds or if the Advisory Agreement is terminated for any reason other than our Advisor’s fraud, willful misconduct or gross negligence before July 10, 2029. After we pay stockholders total distributions equal to their invested capital, plus a 6% cumulative, non-compounded annual return on invested capital, we will pay our Advisor a contingent acquisition fee equal to 1% of the Contract Purchase Price (as defined in the Second AA Amendment) of each property or other real estate investment we acquire after July 10, 2019; and after we pay stockholders total distributions equal to their invested capital, plus a 13% cumulative, non-compounded annual return on invested capital, we will pay our Advisor an additional contingent acquisition fee equal to 2% of the Contract Purchase Price of each property or other real estate investment we acquire after July 10, 2019. Our Advisor received reimbursement of any acquisition expenses our Advisor incurred pursuant to the Private Offering Advisory Agreement, which continues under the Advisory Agreement.

Our Advisor was entitled to receive a monthly asset management fee equal to 0.05417% (which is one twelfth of 0.65%) of our aggregate asset value, pursuant to the Private Offering Advisory Agreement. Pursuant to the Advisory Agreement, ~~our Advisor,~~ effective May 1, 2018, our Advisor is also entitled to receive a monthly asset management fee. This fee was initially equal to 0.05208% (which is one twelfth of 0.625%) of our average invested assets, as defined by the Advisory ~~Agreement.~~ Agreement, but the AA Amendment later increased this fee to 0.66667% (which is one twelfth of 0.8%) of our average invested assets.

Pursuant to the Private Offering Advisory Agreement, our Advisor was due a financing fee of up to 0.5% of the borrowed amount of a loan for arranging for financing in connection with the acquisition, development or repositioning of our properties. Our Advisor will not receive financing fees pursuant to the Advisory Agreement.

~~Under our Private Offering Advisory Agreement,~~Pursuant to the Second AA Amendment, our Advisor ~~would have been due~~may be entitled to disposition fees generally equal to 3%the lesser of (a) 1% of the ~~contract sales price~~Contract Sales Price or (b) 50% of each property sold inclusive of any real estate commissions paid to third party real estate brokers. However, no such disposition fees were paid, as we have not sold any properties. Moreover, we will not owe our Advisor any disposition fees going forward, as no such fees will be due under the ~~Advisory Agreement.~~Competitive Real Estate Commission (as defined in the Second AA Amendment).

Our Advisor may also be entitled to various subordinated distributions under our operating partnership agreement if we (1) list our shares of common stock on a national exchange, (2) do not renew or terminate the Advisory Agreement, (3) liquidate our portfolio or (4) effect a merger or other corporate reorganization.

The Private Offering Advisory Agreement and Advisory Agreement provide for reimbursement of our Advisor’s direct and indirect costs of providing administrative and management services to us. Beginning four fiscal quarters after commencement of the Public Offering, pursuant to our Advisory Agreement, our Advisor will be required to pay or reimburse us the amount by which our aggregate annual operating expenses, as defined, exceed the greater of 2% of our

average invested assets or 25% of our net income, as defined, unless a majority of our independent directors determine that such excess expenses were justified based on unusual andnon-recurring factors. For any fiscal quarter for which total operating expenses for the 12 months then ended exceed the limitation, we will disclose this fact in our next quarterly report or within 60 days of the end of that quarter and send a written disclosure of this fact to our stockholders. In each case the disclosure will include an explanation of the factors that the independent directors considered in arriving at the conclusion that the excess expenses were justified. As of March 31, 2020, our aggregate annual operating expenses, as defined, did not exceed the thresholds described above.

Concurrent with the execution of the Second AA Amendment (as described above), we entered into an Advisor Funding Agreement (the “Advisor Funding Agreement”) by and among us, our Operating Partnership, our Advisor and our Sponsor, pursuant to which our Advisor has agreed to fund the payment of the upfront 3% sales commission for the sale of Class Y shares, the upfront 3% dealer manager fee for the sale of Class Y shares, and the estimated 1% organization and offering expenses for the sale of the Class Y shares and Class Z shares in the Primary Offering. Our Advisor’s obligation to fund the upfront sales commissions, upfront dealer manager fees, and organization and offering expenses is expressly limited to us raising $250 million in gross offering proceeds from the sale of Class Y shares pursuant to the Primary Offering. Our Advisor may terminate the Advisor Funding Agreement at any time in its sole discretion after we have raised $250 million in gross offering proceeds from the sale of Class Y shares pursuant to the Primary Offering. At the termination of the Primary Offering, our Advisor will be required to reimburse us if the organization and offering expenses exceed the 1% estimate being funded by our Advisor. Conversely, we must reimburse our Advisor to the extent the organization and offering expenses are less than the 1% estimate being funded by our Advisor. As of March 31, 2020, prior to the suspension of our Primary Offering, we have raised approximately $11.9 million in gross offering proceeds from the sale of Class Y and Z shares, and have received funding from our Advisor of approximately $0.8 million for the payment of sales commissions and dealer manager fees for the sale of Class Y shares, and organization and offering expenses for the sale of Class Y and Z shares.

In connection with our ~~Primary Private~~Public Offering, our Dealer Manager received a sales commission of up to 6.0% of gross proceeds from sales ~~in the Primary Private Offering~~of Class A shares and ~~a dealer manager fee equal to~~ up to 3.0% of gross proceeds from sales in the Primary Private Offering under the terms of the Private Offering Dealer Manager Agreement; provided, however, for all shares sold pursuant to our Primary Private Offering through the Discount Termination Date, dealer manager fees were reduced to an amount of up 2.0% of gross proceeds from sales in the Primary Private Offering.

~~In connection with our Public Offering, our Dealer Manager receives a sales commission of up to 6.0% of gross proceeds from sales of Class A Shares and up to 3%~~ of gross proceeds from the sales of Class T ~~Shares~~shares in the Primary Offering and a dealer manager fee of up to 3.0% of gross proceeds from sales of both Class A and Class T ~~Shares~~shares in the Primary Offering under the terms of the Dealer Manager Agreement. Our Dealer Manager ~~does~~did not receive an upfront sales commission or dealer manager fee from sales of Class W shares in the Primary Offering.

As of June 21, 2019, we ceased offering Class A shares, Class T shares and Class W shares in our Primary Offering, and on July 10, 2019, we commenced offering Class Y shares and Class Z shares. On March 30, 2020, our board of directors approved the suspension of our Primary Offering. Pursuant to the Dealer Manager Agreement, we pay our Dealer Manager upfront sales commissions in the amount of 3.0% of the gross proceeds of the Class Y shares sold and dealer manager fees in the amount of 3.0% of the gross proceeds of the Class Y shares sold in the primary portion of the offering.However, as described above, our Advisor has agreed to fund the payment of all upfront sales commissions and dealer manager fees on Class Y shares sold, subject to certain limitations. In addition, our Dealer Manager ~~will receive~~receives an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 1% of the purchase price per share of the

Class T shares and Class Y shares sold in the Primary Offering. Our Dealer Manager will also receive an ongoing dealer manager servicing fee that is payable monthly and accrues daily in an amount equal to 1/365th of 0.5% of the purchase price per share of the Class W shares and Class Z shares sold in the Primary Offering.

We will cease paying the stockholder servicing fee with respect to the Class T shares and Class Y shares sold in the Primary Offering at the earlier of (i) the date we list our shares on a national securities exchange, merge or consolidate with or into another entity, or sell or dispose of all or substantially all of our assets, (ii) the date at which the aggregate underwriting compensation from all sources equals 10% of the gross proceeds from the sale of Class A shares, Class T shares, Class W shares, Class Y shares, and Class WZ shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our Distribution Reinvestment Plan), which calculation shall be made by the Company with the assistance of our Dealer Manager commencing after the termination of our Primary Offering; (iii) with respect to a particular Class T share and Class Y share, the third anniversary of the issuance of the share; and (iv) the date that such Class T share or Class Y share is redeemed or is no longer outstanding. We will cease paying the dealer manager servicing fee with respect to the Class W shares and Class Z shares sold in the Primary Offering at the earlier of (i) the date we list our shares on a national securities exchange, merge or consolidate with or into another entity, or sell or dispose of all or substantially all of our assets, (ii) the date at which the aggregate underwriting compensation from all sources equals 10% of the gross proceeds from the sale of Class A shares, Class T shares, Class W shares, Class Y shares, and Class WZ shares in our Primary Offering (i.e., excluding proceeds from sales pursuant to our Distribution Reinvestment Plan), which calculation shall be made by the Company with the assistance of our Dealer Manager commencing after the termination of our Primary Offering; (iii) the end of the month in which the aggregate dealer manager servicing fees paid in our Primary Offering with respect to Class W shares or Class Z shares equals 9.0% of the gross proceeds from the sale of Class W shares or Class Z shares, respectively, in our Primary Offering (i.e., excluding proceeds from sales pursuant to our Distribution Reinvestment Plan), which calculation shall be made by us with the assistance of our Dealer Manager commencing after the termination of our Primary Offering, and (iv) the date that such Class W share or Class Z share is redeemed or is no longer outstanding.

In connection with our Public Offering, our Dealer Manager will enter into participating dealer agreements with certain other broker-dealers which will authorize them to sell our shares. Upon sale of our shares by such broker-dealers, our Dealer Manager willre-allow all of the sales commissions paid in connection with sales made by these broker-dealers. Our Dealer Manager may alsore-allow to these broker-dealers a portion of their dealer manager fee as marketing fees, reimbursement of certain costs and expenses of attending training and education meetings sponsored by our Dealer Manager, payment of attendance fees required for employees of our Dealer Manager or other affiliates to attend retail seminars and public seminars sponsored by these broker-dealers, or to defray other distribution-related expenses. Our Dealer Manager will also receive reimbursement of bona fide due diligence expenses; however, to the extent these due diligence expenses cannot be justified, any excess over actual due diligence expenses will be considered underwriting compensation subject to a 10% FINRA limitation and, when aggregated with all othernon-accountable expenses in connection with our Public Offering, may not exceed 3% of gross offering proceeds from sales in the Public Offering.

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~On April 17, 2020, in accordance with provisions of the Dealer Manager Agreement, we provided a 60-day termination notice to our Dealer Manager. See Note 9 – Subsequent Events.

Our Sponsor owns, through a wholly-owned limited liability company, a 15%non-voting equity interest in our Dealer Manager. Affiliates of our Dealer Manager own a 2.5%non-voting membership interest in our Advisor, which they acquired on January 1, 2018.

Our Sponsor ~~owns 100% of~~is the ~~membership interests~~owner and manager of our Transfer ~~Agent. Pursuant to~~Agent, which is a registered transfer agent with the SEC. Effective in May 2018, our Transfer Agent Agreement, our Transfer Agent provides transfer agent and registrar services to us. These services are substantially similar to what a third party transfer agent would provide in the ordinary course of performing its functions as a transfer agent, including, but not limited to: processingprocesses subscription agreements ~~providing~~and certain other forms directly, as well as provides customer service to our ~~stockholders,~~stockholders. These services include, among other things, processing payment of any sales commission and dealer manager fees associated with a particular purchase, as well as processing the distributions and any servicing fees with respect to our ~~shares and issuing regular reports to~~shares. Additionally, our ~~stockholders. Our~~ Transfer Agent may retain and supervise third party vendors in its efforts to administer certain services. We ~~expect~~believe that our Transfer Agent, ~~will conduct~~through its knowledge and understanding of the direct participation program industry which includes non-traded REITs, is particularly suited to provide us with Transfer Agent and registrar services. Our Transfer Agent also conducts transfer ~~agency,~~agent and registrar ~~and supervisory~~ services for ~~us and~~ othernon-traded REITs sponsored by our Sponsor.

It is the duty of our board of directors to evaluate the performance of our Transfer Agent. Fees paid to our Transfer Agent are based on a fixed quarterly fee, one-time account setup fees and monthly open account fees. In addition, we will reimburse our Transfer Agent for all reasonable expenses or other changes incurred by it in connection with the provision of its services to us, and we will pay our Transfer Agent fees for any additional services we may request from time to time, in accordance with its rates then in effect. Upon the request of our Transfer Agent, we may also advance payment for substantial reasonable out-of-pocket expenditures to be incurred by it.

The initial term of the Transfer Agent Agreement is three years, which term will be automatically renewed for one year successive terms, but either party may terminate the Transfer Agent Agreement upon 90 days’ prior written notice. In the event that we terminate the Transfer Agent Agreement, other than for cause, we will pay our Transfer Agent all amounts that would have otherwise accrued during the remaining term of the Transfer Agent Agreement; provided, however, that when calculating the remaining months in the term for such purposes, such term is deemed to be a 12 month period starting from the date of the most recent annual anniversary date.

~~We agreed to pay our Transfer Agent aone-time~~ setup fee of $50,000 in connection with the execution of the Transfer Agent Agreement on May 1, 2018. In addition, we will pay our Transfer Agent the following fees: (i) a fixed quarterly fee of $8,000, (ii) a~~one-time~~ account setup fee of $30 per account and (iii) a monthly fee of $3.10 per open account per month. The fees we pay our transfer agent are fixed for the first 12 months of the Transfer Agent Agreement and are then subject to annual adjustment as mutually agreed upon by the parties. In addition, we expect to reimburse our Transfer Agent for all reasonable expenses or other changes incurred by it in connection with the provision of its services to us, and we expect to pay our Transfer Agent fees for any additional services we may request from time to time, in accordance with its rates then in effect. Upon the request of our Transfer Agent, we may also advance payment for substantial reasonable~~out-of-pocket~~ ~~expenditures to be incurred by it.~~

Pursuant to our Advisory Agreement, our Advisor is responsible for overseeing any third party property managers or operators and may delegate such responsibility to its affiliates. Our Advisor ~~will assign~~has assigned such oversight responsibilities to our Property Manager. Currently, we expect to rely on third party property managers and senior living operators to manage and operate our properties. We ~~will~~ pay our Property Manager an oversight fee equal to 1% of the gross revenues attributable to such properties; provided, however, that our Property Manager will receive an oversight fee equal to 1.5% of the gross revenues attributable to any senior housing property other than such properties that are leased to third party tenants undertriple-net or similar lease structures. In the event any of our properties are managed directly by our Property Manager, we will pay our Property Manager a property management fee that is approved by a majority of our board of directors, including a majority of our independent directors not otherwise interested in such transaction, as being fair and reasonable to us and on terms and conditions not less favorable to us than those available from unaffiliated third parties, which we generally expect to be 3% of gross revenues of the applicable property for student housing properties and 5% of gross revenues of the applicable property for senior housing properties.parties.

Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the year ended December 31, ~~2017~~2019 and the three months ended March 31, ~~2018,~~2020, as well as any related amounts payable as of December 31, ~~2017~~2019 and March 31, ~~2018:~~

Please see Note 54 – Debt and Note 65 – Preferred Equity in our Operating Partnership for detail regarding additional related party transactions.

On October 20, 2017, we completed an investment in a private placement offering by Reno Student Housing, DST (“Reno Student Housing”) using proceeds from our Private Offering of approximately $1.03 million for an approximately 2.6% beneficial ~~interest .~~interest. Reno Student Housing is a Delaware statutory trust and an affiliate of our Sponsor. Reno Student Housing owns a student housing property located in Reno, Nevada (the “Reno Property”). We have determined that Reno Student Housing is a VIE of which we are not the primary beneficiary, as we do not have the power to direct the most significant activities of the entity nor do we have the obligation to absorb losses or the rights to receive benefits of the entity that could be significant to the entity. As such, our investment in Reno Student Housing is accounted for under the equity method of accounting.

In October 2018, we completed an investment of approximately $0.8 million in a private placement offering by Power 5 Conference Student Housing I, DST (“Power 5 Conference Student Housing”) using proceeds from the issuance of Preferred Units in our Operating Partnership for an approximately 1.4% beneficial interest. Power 5 Conference Student Housing is a Delaware statutory trust and an affiliate of our Sponsor. Power 5 Conference Student Housing owns two student housing properties located in Ann Arbor, Michigan and Columbia, South Carolina. We have determined that Power 5 Conference Student Housing is a VIE of which we are not the primary beneficiary, as we do not have the power to direct the most significant activities of the entity nor do we have the obligation to absorb losses or the rights to receive benefits of the entity that could be significant to the entity. As such, our investment in Power 5 Conference Student Housing is accounted for under the equity method of accounting.

~~The Fayetteville Property and the Tallahassee Property~~Our student housing properties are managed by ~~Asset Campus Housing,~~ a third-party student housing manager. Pursuant to our property management agreements, ~~with ACH,~~ we pay a monthly management fee, ~~equal to the greater of $6,000 or 3% of the gross monthly collections,~~ plus reimbursement of amounts reasonably incurred ~~by ACH~~ in managing the properties, such as employee compensation, marketing costs and certain third-party administrative costs. ~~We also~~In certain instances we may pay ~~ACH~~ a construction management fee for certain construction management ~~services equal to (i) 5% of the construction costs between $10,000 and $100,000 and (ii) 4% of the construction costs in excess of $100,000.~~services. The property management agreements have a one year term and automatically renew for successive one year periods thereafter, unless we or ~~ACH~~the third-party student housing manager provides prior written notice at least 30 days prior to the expiration of the term. The agreements are also subject to other customary termination provisions.

Our senior housing properties isare managed by ~~MBK, a~~ third-party senior living ~~operator.~~operators. Pursuant to ~~our~~the respective property management agreements ~~with MBK,~~ we pay a monthly management fee ~~equal to 5% of the gross receipts~~ plus reimbursement of amounts reasonably incurred ~~by MBK~~ in managing the properties, such as employee compensation, marketing costs and certain third-party administrative costs. ~~We also~~In certain instances we may pay ~~MBK~~ a construction management fee for certain construction management ~~services equal~~services. Additionally, such operators may be entitled to ~~(i) 5%~~a performance based incentive fee, based on the performance of the ~~construction costs between $10,000 and $100,000 and (ii) 4% of the construction costs in excess of $100,000.~~property. The property management agreements have aan original term of three to five ~~year term~~years and automatically renew for successive one year periods thereafter, unless we or ~~MBK~~the operator provide prior written notice at least 180 days prior to the expiration of the term. The agreements are also subject to customary termination provisions including a termination ~~fees~~fee if the agreement is terminated ~~early.~~in certain circumstances.

~~In addition, we and MBK are parties to an agreement, whereby MBK is potentially entitled to a performance based incentive fee. This agreement is also subject to customary termination provisions.~~

We adopted a distribution reinvestment plan in connection with the Private Offering (the “Private Offering Distribution Reinvestment Plan”) that allowed our stockholders to have distributions otherwise distributable to them invested in additional shares of our common stock. WeOn May 1, 2018, we amended and restated the Private Offering Distribution Reinvestment Plan in connection with the Public Offering ~~(the “Distribution Reinvestment Plan”) on May 1, 2018. As of March 31, 2018,~~to establish the purchase price per share under the ~~Private Offering Distribution Reinvestment Plan was 95% of the then-current offering price~~distribution reinvestment plan of our Class A, Class T, and Class W shares. On June 21, 2019, our board of directors further amended and restated the distribution reinvestment plan (the “Distribution Reinvestment Plan”), effective as of July 13, 2019, to include, as eligible participants, stockholders holding Class Y shares inof our common stock and stockholders holding Class Z shares of our common stock, and to state that the ~~Primary Private Offering. The~~ purchase price ~~per share under~~for shares pursuant to the Distribution Reinvestment Plan shall be $9.30 per share for ~~each class~~all classes of ~~shares is as follows; (i) $9.81 for Class A shares, (ii) $9.50 for Class T shares and (iii) $9.40 for Class W~~ shares. NoNaN sales commissions or dealer manager fees are paid ~~on shares sold through either~~with respect to the ~~Private Offering Distribution Reinvestment Plan or the Distribution Reinvestment Plan.~~sale of such shares. We may amend or terminate the Distribution Reinvestment Plan for any reason at any time upon 10 days’ prior written notice to stockholders. On March 30, 2020, our board of directors approved the suspension of our distributions; during such suspension, 0 distributions will be reinvested pursuant to the Distribution Reinvestment Plan.

InWe established a share redemption program in connection with the Private Offering ~~we adopted the~~(the “Private Offering Share Redemption Program” ~~that~~) which enabled stockholders to sell their shares to us in limited circumstances. In connection with the Public Offering, we amended the Private Offering Share Redemption Program (as further amended, the “Share Redemption Program”). Our board of directors may amend, suspend or terminate the Share Redemption Program with 30 days’ notice to our stockholders. We may provide this notice by including such ~~amended~~information in a Current Report on Form 8-K or in our annual or quarterly reports, all publicly filed with the SEC, or by a separate mailing to our stockholders. In order to preserve cash in light of the uncertainty relating to COVID-19 and its potential impact on our overall financial results, we were not able to honor any redemption requests made for the quarter ended March 31, 2020, during which we received redemption requests for approximately $210,000 (approximately 25,700 shares). Also, on March 30, 2020, our board of directors approved the suspension of our share redemption program, ~~now being referred to as~~effective May 3, 2020.

There are several restrictions under the Share Redemption Program. Stockholders generally have to hold shares for one year before submitting a redemption request; however, we may waive theone-year holding period in the event of the death, disability or bankruptcy of a stockholder. The number of shares eligible to be redeemed pursuant to the Share Redemption Program is limited as follows: 1) during any calendar year, we will not redeem in excess of 5% of the weighted average number of shares outstanding during the prior calendar year; and 2) funding for the redemption of shares will be limited to the amount of net proceeds we receive from the sale of shares under our ~~Private Offering~~ Distribution Reinvestment Plan.

~~Our board of directors may amend, suspend or terminate the Share Redemption Program with 30 days’ notice to our stockholders.~~ We may ~~provide this notice by including~~redeem the shares of stock presented for redemption for cash to the extent that such ~~information in a Current Report on Form8-K~~ ~~or in our annual or quarterly reports, all publicly filed~~requests comply with the ~~SEC, or by a separate mailing~~foregoing terms of our share redemption program and we have sufficient funds available to ~~our stockholders.~~fund such redemption. We are not obligated to redeem shares under the share redemption program.

The redemption price per share for shares redeemed pursuant to the Share Redemption Program will depend upon the class of shares purchased and whether such shares were sold in the Private Offering or in the Public Offering until our board of directors approves an estimated net asset value per share:

~~Private Offering~~Class A Shares, Class Y Shares, and Class Z Shares: The redemption price per share for Class A shares, ~~sold in the Private Offering~~Class Y shares, and Class Z shares will initially depend on the length of time the stockholder has held such shares as follows:

As long as we are engaged in an offering, the Redemption Amount shall be the lesser of the amount an investor paid for their shares or the price per share in the current ~~offering.~~offering, as applicable. If we are no longer engaged in an offering, the Redemption Amount will be determined by our board of directors. In addition, any such shares redeemed in connection with the death or a qualifying disability of a stockholder (but not due to bankruptcy or commitment to a long-term care facility) may be redeemed at a redemption price equal to the price actually paid for the shares, and only if we are notified of the redemption request within one year of the death or qualifying disability. Beginning July 10, 2020, if the redemption plan is reinstated, the redemption price per share for Class A shares purchased in the Primary Offering (and associated DRP shares) shall be equal to the amount paid for such shares.

~~Public Offering~~Class T Shares and Class W Shares: The redemption price per share for Class T shares ~~purchased in the Public Offering is~~and Class W shares will initially be equal to the net investment amount of ~~our~~such shares, which will be based on the “amount available for investment” percentage shown in the estimated use of proceeds table in our prospectus. For each class of shares, this amount will equal the then-current offering price of the shares, less the associated sales commissions, dealer manager fee and estimated organization and offering expenses not reimbursed by our Advisor.

Once our board of directors approves an estimated net asset value per share, as published from time to time in an Annual Report on Form10-K, a Quarterly Report on Form10-Q and/or a Current Report on Form8-K publicly filed with the SEC, the redemption price per share of a given class of shares purchased in either the Private Offering or the Public Offering shall then be equal to the then-current estimated net asset value per share for such class of shares.

There will be several limitations on our ability to redeem shares under the Share Redemption Program including, but not limited to:

For the ~~three months ended March 31, 2018 and~~ year ended December 31, ~~2017,~~2019 we ~~did not receive any~~received redemption requests for ~~redemption.~~approximately $288,000 (approximately 37,000 shares) of which approximately $258,000 (approximately 33,500 shares) were fulfilled during the year ended December 31, 2019, with the remaining $30,000 (approximately 3,500 shares) fulfilled in January 2020.

The limited partners of our Operating Partnership will have the right to cause our Operating Partnership to redeem their limited partnership units for cash equal to the value of an equivalent number of our shares, or, at our option, we may redeem their limited partnership units by issuing ~~one~~1 share of our common stock for each limited partnership unit redeemed. These rights may not be exercised under certain circumstances that could cause us to lose our REIT election. Furthermore, limited partners may exercise their redemption rights only after their limited partnership units have been outstanding for one year. Our Advisor is prohibited from exchanging or otherwise transferring its limited partnership units so long as it is acting as our advisor pursuant to the Advisory Agreement.

From time to time, we are party to legal proceedings that arise in the ordinary course of our business. We are not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on our results of operations or financial condition, nor are we aware of any such legal proceedings contemplated by governmental authorities.

On March 6, 2018, our board of directors declared a daily distribution rate for the second quarter of 2018 of $0.0016980822 per day per share on the outstanding shares of common stock payable to stockholders of record as shown on our books at the close of business on each day during the period, commencing on April 1, 2018 and continuing on each day thereafter through and including June 30, 2018. Such distributions payable to each stockholder of record during a month will be paid the following month.

~~As a result~~On April 17, 2020, in accordance with provisions of the ~~redesignation~~Dealer Manager Agreement, we provided a 60-day termination notice to our Dealer Manager.

On March 11, 2020, the World Health Organization classified the COVID-19 global health crisis as a pandemic. Subsequent to March 31, 2020, the global economy has continued to be severely impacted by the COVID-19 pandemic. We have implemented actions to protect our residents, as well as to maintain our financial health and liquidity and are actively monitoring the impact of the pandemic on our ~~outstanding shares~~business. While the effects of ~~common stock to Class A shares on May 1, 2018,~~ the ~~previously declared daily distribution rate~~COVID-19 pandemic did not significantly impact our operating results for the three months ended March 31, 2020, we anticipate our business and results of ~~$0.0016980822 per day per share now applies to all stockholders of Class A shares. In addition, on May 1, 2018, our board of directors declared a daily distribution rate for~~operations will be negatively impacted in the second quarter of ~~2018 of $0.0016980822 per day per share on the outstanding shares of both Class T~~2020. The extent and ~~Class W common stock payable~~duration to ~~stockholders of record of such shares as shown on~~which our books at the close of business on each day during the period, commencing on May 1, 2018 and continuing on each day thereafter through and including June 30, 2018. Such distributions payable to each stockholder of record during a monthoperations will be ~~paid the following month. In connection with this distribution, for the stockholders of Class T shares, after the stockholder servicing fee~~impacted is ~~paid, approximately $0.00142 per day will~~currently uncertain and cannot be paid per Class T share and for the stockholders of Class W shares, after the dealer manager servicing fee is paid, approximately $0.00144 per day will be paid per Class W share. Such distributions payable to each stockholder of record will be paid the following month.accurately estimated.

~~On June 5, 2018, one of our subsidiaries executed~~As previously disclosed in Note 4 - Debt, we, through a purchase agreement with unaffiliated third parties, for the acquisition of a 284-unit senior housing property located in Portland, Oregon for a purchase price of $92 million. The property, known as Courtyard at Mt. Tabor, is comprised of independent living (199-units)property-owning special purpose entity wholly-owned by us that owns Cottonwood Creek (the “Cottonwood Borrower”), assisted living (73-units) and memory care (12-units). The property also contains developable land intended to be developed for an additional 23-units of memory care. We expect to fund approximately 70% of the acquisition withentered into a mortgage loan in the principal amount of ~~approximately $63.2 million from~~$9,337,000 (the “Freddie Mac Loan”) with KeyBank National Association as a Freddie Mac Multifamily Approved Seller/Servicer (the “Freddie Mac ~~Portland Loan”~~Lender”) ~~and to fund~~for the ~~remaining~~purpose of funding a portion ~~with any combination~~ of ~~net proceeds from our Primary Offering, a bridge loan, an Investment~~the purchase price for Cottonwood Creek.

Operations at Cottonwood Creek have been negatively impacted by the ~~Preferred Investor and/or other equity or debt financing from third parties or affiliates. The closing~~ongoing global COVID-19 pandemic. In light of these conditions, on May 12, 2020, the ~~property is anticipated to occur on August 31, 2018 but is subject to two 30-day extensions at our option. We funded~~Cottonwood Borrower entered into a forbearance agreement (the “Forbearance Agreement”) with Midland Loan Services, a division of PNC Bank National Association, and KeyBank National Association (each a “Servicer” and collectively, the ~~initial earnest money deposit of $0.5 million with an equity investment from our Preferred Investor~~“Servicers”) in our Preferred Units. There can be no assurance that we will be able to obtain the Freddie Mac Portland Loan, a bridge loan, the Investment or other equity or debt financing at or prior to the time of closing. In addition, we anticipate that the construction of the~~23-unit~~ memory care facility, which is expected to be completed post-closing, will cost approximately $9.0 million and will be funded using any combination of net proceeds from our Primary Offering, a bridge loan, an Investment by the Preferred Investor and/or other equity or debt financing from third parties or affiliates.

In connection with the Freddie Mac ~~Portland Loan, we~~Loan. Pursuant to the Forbearance Agreement, the Servicers have ~~signed~~agreed to a ~~loan application agreement, which required an application deposit~~forbearance of ~~approximately $0.1 million.~~three (3) consecutive monthly installments of principal, interest, and certain deposits otherwise due (the “Forbearance Period Total”), effective with the monthly installment due on May 1, 2020. The ~~initial application deposit~~Forbearance Period Total will be ~~used to pay for various fees and expenses during~~repaid without additional interest or prepayment premiums in no more than twelve (12) equal monthly installments, remitted together with each regularly scheduled monthly installment commencing with the ~~loan process. We also expect to have~~first (1st) monthly installment due after the ~~ability to post an index lock deposit equal to 2%~~end of the ~~loan amount, or approximately $1.3 million. If we elect~~Forbearance Period (the “Repayment Period”). The Forbearance Agreement may be terminated by the Freddie Mac Lender if the Cottonwood Borrower fails to ~~proceed with~~meet certain conditions set forth in the purchase of the property and enter into an index lock, and then subsequently fail to complete the acquisition of the property, we may forfeit at least $2.4 million in earnest money, deposits and fees.Forbearance Agreement.

~~As of June 6, 2018, we have not received any offering proceeds from the sale of Class A, T, or W shares in our Primary Offering.~~31

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our financial statements and notes thereto contained elsewhere in this report, as well as with our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our ~~Registration Statement~~Annual Report on Form~~S-11~~ ~~(SEC RegistrationNo. 333-220646).~~ 10-K for the year ended December 31, 2019. See also “Cautionary Note Regarding Forward Looking Statements” preceding Part I.

Strategic Student & Senior Housing Trust, Inc. was formed on October 4, 2016 and commenced formal operations on June 28, 2017, as discussed below. We were formed under the MGCL for the purpose of engaging in the business of investing in student housing and senior housing properties and related real estate investments. We ~~intend to elect~~elected to be treated as a REIT under the Internal Revenue Code for federal income tax purposes beginning with our taxable year ended December 31, 2017.

On January 27, 2017, pursuant to a confidential 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 (together with the Primary Private Offering, the “Private Offering”). The Private Offering required a minimum offering amount of $1,000,000, which we met on August 4, 2017. Our Private Offering terminated on March 15, 2018. We raised offering proceeds of approximately $93 million from the issuance of approximately 10.8 million shares pursuant to the Private Offering. Please see the Notes to the Consolidated Financial Statements contained elsewhere in this report for additional information. ~~As of March 31, 2018, we had received approximately $91.9 million in offering proceeds from the sale of our common stock pursuant to the Primary Private Offering.~~ Upon the commencement of our Public Offering, discussed below, and the filing of the articles of amendment to our charter, all outstanding common stock was redesignated as Class A common stock.

On May 1, 2018, we commenced a public offering of a maximum of $1.0 billion in common shares for sale to the public (the “Primary Offering”) and $95.0 million in common shares for sale pursuant to our distribution reinvestment plan (together with the Primary Offering, the “Public Offering,” and collectively with the Private Offering, the “Offerings”), consisting of three classes of shares: Class A shares for $10.33 per share (up to $450 million in shares), Class T shares for $10.00 per share (up to $450 million in shares), and Class W shares for $9.40 per share (up to $100 million in shares).

On March 30, 2020, our board of directors approved the suspension of the Primary Offering based upon various factors, including the uncertainty relating to 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.

As of March 31, ~~2018,~~2020, prior to suspension of our Primary Offering, we had ~~not~~ sold ~~any~~approximately 362,000 Class A shares, approximately 70,000 Class T shares, approximately 83,000 Class W shares, approximately 1.1 million Class Y shares, and approximately 165,000 Class Z shares for gross offering proceeds of approximately $17.1 million in ~~the Public Offering.~~our Primary Offering.

As of March 31, ~~2018,~~2020 we owned (i) two student housing properties, (ii) four senior housing properties, (iii) an approximately 2.6% beneficial interest in ~~a DST that owns another student housing property~~Reno Student Housing, and ~~three senior housing properties.~~(iv) an approximately 1.4% beneficial interest in Power 5 Conference Student Housing.

As of March 31, ~~2018,~~2020, our student housing property portfolio was comprised as follows:

On February 23, 2018, we purchased our first three senior housing properties, which are located near Salt Lake City, Utah and are known as The Wellington, Cottonwood Creek and The Charleston (collectively, the “Salt Lake Properties”). As of March 31, ~~2018,~~2020, our senior housing property portfolio was comprised as follows:

We have established accounting policies which conform to generally accepted accounting principles (“GAAP”). Preparing consolidated financial statements in conformity with GAAP requires management to use judgment in the application of accounting policies, including making estimates and assumptions. Following is a discussion of the estimates and assumptions used in setting accounting policies that we consider critical in the presentation of our consolidated financial statements. Many estimates and assumptions involved in the application of GAAP may have a material impact on our financial condition or operating performance, or on the comparability of such information to amounts reported for other periods, because of the subjectivity and judgment required to account for highly uncertain items or the susceptibility of such items to change. These estimates and assumptions affect our reported amounts of assets and liabilities, our disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and our reported amounts of revenues and expenses during the periods covered by the consolidated financial statements contained elsewhere in this report. If management’s judgment or interpretation of the facts and circumstances relating to various transactions had been different, it is possible that different accounting policies would have been applied or different amounts of assets, liabilities, revenues and expenses would have been recorded, thus resulting in a materially different presentation of the consolidated financial statements or materially different amounts being reported in the consolidated financial statements. Additionally, other companies may use different estimates and assumptions that may impact the comparability of our consolidated financial condition and results of operations to those companies.

We believe that our critical accounting policies include the following: real estate purchase price allocations; the evaluation of whether any of our long-lived assets have been impaired; the determination of the useful lives of our long-lived assets; and the evaluation of the consolidation of our interests in joint ventures. The following discussion of these policies supplements, but does not supplant the description of our significant accounting policies, as contained in Note 2 of the Notes to the Consolidated Financial Statements contained elsewhere in this report, and is intended to present our analysis of the uncertainties involved in arriving upon and applying each policy.

We account for acquisitions in accordance with GAAP which requires that we allocate the purchase price of a property to the tangible and intangible assets acquired and the liabilities assumed based on their relative fair values. This guidance requires us to make significant estimates and assumptions, including fair value estimates, which requires the use of significant unobservable inputs as of the acquisition date.

The value of the tangible assets, consisting of land and buildings, is determined as if vacant. Because we believe that substantially all of the leases in place at properties we will acquire will be at market rates, as the majority of the leases are one year or less, we do not expect to allocate any portion of the purchase prices to above or below market leases.

Our allocations of purchase prices could result in a materially different presentation of the consolidated financial statements or materially different amounts being reported in the consolidated financial statements, as such allocations may vary dramatically based on the estimates and assumptions we use.

The majority of our assets, other than cash and cash equivalents, ~~and~~ restricted cash, and other assets consist of long-lived real estate assets as well as intangible assets related to our acquisitions. We will evaluate such assets for impairment based on events and changes in circumstances that may arise in the future and that may impact the carrying amounts of our long-lived assets. When indicators of potential impairment are present, we will assess the recoverability of the particular asset by determining whether the carrying value of the asset will be recovered, through an evaluation of the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. This evaluation is based on a number of estimates and assumptions. Based on this evaluation, if the expected undiscounted future cash flows do not exceed the carrying value, we will adjust the value of the long-lived asset and recognize an impairment loss. Our evaluation of the impairment of long-lived assets could result in a materially different presentation of the consolidated financial statements or materially different amounts being reported in the consolidated financial statements, as the amount of impairment loss recognized, if any, may vary based on the estimates and assumptions we use.

We assess the useful lives of the assets underlying our properties based upon a subjective determination of the period of future benefit for each asset. We record depreciation expense with respect to these assets based upon the estimated useful lives we determine. Our determinations of the useful lives of the assets could result in a materially different presentation of the consolidated financial statements or materially different amounts being reported in the consolidated financial statements, as such determinations, and the corresponding amount of depreciation expense, may vary dramatically based on the estimates and assumptions we use.

We will evaluate the consolidation of our investments in joint ventures in accordance with relevant accounting guidance. This evaluation requires us to determine whether we have a controlling interest in a joint venture through a means other than voting rights, and, if so, such joint venture may be required to be consolidated in our consolidated financial statements. Our evaluation of our joint ventures under such accounting guidance could result in a materially different presentation of the consolidated financial statements or materially different amounts being reported in the consolidated financial statements, as the joint venture entities included in our consolidated financial statements may vary based on the estimates and assumptions we use.

We ~~intend to make~~made an election to be taxed as a REIT, under Sections 856 through 860 of the Code, commencing with our taxable year ended December 31, 2017. To continue to qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to currently distribute at least 90% of the REIT’s ordinary taxable income to stockholders. As a REIT, we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the IRS grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we believe that we are organized and operate in such a manner as to qualify for treatment as a REIT and intend to operate in the foreseeable future in such a manner that we will remain qualified as a REIT for federal income tax purposes.

As of March 31, ~~2018,~~2020, we have derived revenues principally from rents and related fees received from residents of our student housing and senior housing properties and to a lesser extent from other services provided at our senior housing properties. Our operating results depend significantly on our ability to ~~successfully acquire additional student housing and senior housing properties,~~ retain our existing residents and lease our available units to new residents, while maintaining and, where possible, increasing rates. Additionally, our operating results depend on our residents making their required payments to us.

Competition in the markets in which we operate is significant and affects the occupancy levels, rental rates, rental revenues, fees and operating expenses of our student housing and senior housing properties. Development of any new student housing or senior housing properties would intensify competition in the markets in which we operate and could negatively impact our results.

On June 28, 2017, we purchased the Fayetteville Property and commenced formal operations. On September 28, 2017, we purchased our second property, the Tallahassee Property. On February 23, 2018, we purchased our first three senior housing ~~properties,~~properties: the ~~Salt Lake Properties.~~Wellington, Cottonwood Creek, and Charleston properties. On August 31, 2018, we purchased our fourth senior housing property, the Courtyard Property. Operating results in future periods will depend on the results of operations of these properties and additional student housing and senior housing properties that we may acquire.

AsOn March 11, 2020, the World Health Organization declared COVID-19, a respiratory illness caused by the novel coronavirus, a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. The COVID-19 pandemic has caused state and local governments to institute quarantines, "shelter in place" rules and restrictions on travel, the types of business that may continue to operate, and/or the types of construction projects that may continue. We have implemented precautionary and protective measures intended to help ensure the well-being of our residents and staff at our student and senior housing properties.

At our student housing properties, all community events and in-person property tours have been suspended. Additionally, the universities themselves have cancelled in-person classes and have commenced online classes to support social distancing. This has resulted in a portion of our residents returning home to continue their online learning. If the universities extend online-only classes to the fall 2020 semester, we ~~did not acquire~~anticipate the occupancy of our ~~first~~student housing properties will be materially and adversely affected.

At our senior housing properties, we have limited visitors to our properties to essential visitors, which includes employees, care providers and medical personnel. Also, in-person prospective resident property ~~and commence formal operations until June 2017, a comparison between the three months ended March 31, 2018~~tours have also been suspended during this time. The protective measures implemented at our properties and the ~~three months ended March 31, 2017 would~~local government “stay at home” mandates have limited our ability to accept new residents, as well as influencing care givers and prospective residents to delay move-ins to our properties when there is not ~~be meaningful.~~a medical necessity. As a result, ~~these results~~we have begun to experience a decline in occupancy at our senior housing properties.

The effects of ~~operations are described solely with respect to~~ the ~~three months ended March 31, 2018. We expect revenues and expenses to increase in future periods as we acquire additional properties, as well as from recognizing full period~~COVID-19 pandemic did not significantly impact our operating results ~~for the three senior housing properties acquired on February 23, 2018.~~

~~Our results of operations~~ for the three months ended March 31, ~~2018 are not indicative of those expected in future periods as~~2020. However, we expect ~~that~~the COVID-19 outbreak will materially affect our financial condition and results of operations in the second quarter of 2020, including but not limited to, our occupancy, leasing and related revenues, and additional expenses, which may include enhanced sanitization, acquisition of personal protective equipment, and hero pay (additional labor costs for certain employees) at our senior housing properties. We continue to monitor and communicate

with our residents at our student and senior housing properties to assess their needs and ability to pay rent. We currently expect rent payment deferrals and incremental bad debt expense from our residents could have a potentially material impact on our leasing revenue ~~operating expenses, depreciation expense, amortization expense, acquisition expense~~ and ~~interest expense will each increase in future periods as a result~~cash collections. The full magnitude of ~~recognizing a full period~~the pandemic and its ultimate effect on our results of ~~operating results~~operations, cash flows, financial condition, and liquidity for ~~acquisitions completed during~~ the ~~three months ended~~year ending December 31, 2020, is uncertain at this time.

Comparison of Operating Results for the Three Months Ended March 31, ~~2018~~2020 and ~~anticipated future acquisitions.~~2019

Leasing and related revenues –- student for the three months ended March 31, ~~2018~~2020 were approximately ~~$2.3~~$1.8 million, as compared approximately $2.0 million for the three months ended March 31, 2019, a decrease of approximately $0.2 million. ~~We expect such revenues~~The decrease is primarily attributable to ~~increase~~a decrease in ~~future periods commensurate with~~rental rates at our ~~future student housing acquisition activity.~~properties.

Leasing and related revenues –- senior for the three months ended March 31, ~~2018~~2020 were approximately ~~$1.3 million. We expect such revenues primarily~~$6.9 million, as compared to increase in future periods commensurate with our future senior housing acquisition activity, as well as from recognizing full period operating results for senior housing acquisitions completed during the three months ended March 31, 2018.

~~Property operating expenses – student~~$6.4 million for the three months ended March 31, ~~2018~~2019, an increase of approximately $0.5 million. The increase is primarily attributable to an increase in occupancy at our properties.

Property operating expenses - student were approximately ~~$0.9 million.~~$1.0 million for the three months ended March 31, 2020 and 2019. Such ~~property operating~~ expenses ~~includes~~include the cost to operate our student housing properties including payroll, utilities, insurance, real estate taxes, repairs and maintenance, marketing, and ~~marketing. These~~third-party property operating expenses are attributable to our two student housing properties that we own. We expect such property operating expenses to increase in future periods commensurate with our future acquisition activity.management fees.

Property operating expenses –- senior for the three months ended March 31, ~~2018~~2020 were approximately ~~$0.7~~$4.6 million, as compared to $4.0 million for the three months ended March 31, 2019, an increase of approximately $0.6 million. Such property operating expenses include the cost to operate our senior housing properties including payroll, food service costs, utilities, insurance, real estate taxes, repairs and maintenance, marketing, and ~~marketing. These~~third-party property ~~operating expenses are~~management fees. The increase is primarily attributable to ~~our three senior housing properties that we own. We expect such property operating expenses to~~an increase in ~~future periods commensurate with~~occupancy at our ~~future acquisition activity,~~properties, as well as ~~from recognizing full period operating results for acquisitions completed during~~ the ~~three months ended March 31, 2018.~~

Property operating expenses –- affiliates were approximately $0.7 million for the three months ended March 31, ~~2018 were approximately $112,000.~~2020 and 2019. Property operating expenses –- affiliates consists ~~solely~~ of asset management and property management oversight fees ~~paid~~due to our advisor and does not include approximately $112,000 of asset management fees that were permanently waived. The property operating expenses – affiliates are attributable to our two student housing properties and three senior housing properties that we own. We expect property operating expenses – affiliates to increase in future periods commensurate with our future acquisition activity.Advisor.

General and administrative expenses for the three months ended March 31, ~~2018~~2020 were approximately ~~$0.3~~$0.5 million, as compared to approximately $0.6 million for the three months ended March 31, 2019, a decrease of approximately $0.1 million. General and administrative expenses consist primarily of legal expenses, directors’ and officers’ insurance expense, transfer agent expenses, an allocation of a portion of payroll related costs attributable to our ~~advisor~~Advisor and its affiliates, and accounting expenses. The decrease was primarily due to a lower allocation of payroll from our Sponsor. We expect general and administrative expenses to ~~increase~~fluctuate in ~~the~~ future asperiods commensurate with our operational ~~activity increases.~~activity.

Depreciation and intangible amortization expenses for the three months ended March 31, ~~2018~~2020 were approximately ~~$3.0~~$3.1 million, as compared to depreciation and intangible amortization expenses for the three months ended March 31, 2019 of approximately of $3.8 million, a decrease of approximately $0.7 million. Depreciation expense consists primarily of depreciation on the buildings, site improvements, and furniture, fixtures and equipment at our properties. Intangible amortization expense consists of the amortization of intangible assets, which is comprised of in-place lease assets resulting from our ~~two student housing properties and three~~property acquisitions. The decrease is primarily attributable to intangible amortization related to our senior housing properties ~~that we own.~~

~~Acquisition expenses – affiliates for the three months ended March 31,~~acquired in February 2018, ~~were approximately $56,000. These acquisition expenses primarily relate to costs related to student housing and senior housing properties~~ which were ~~acquired~~fully amortized in ~~the current period or may be acquired in future periods and such costs did not meet our capitalization criteria.~~2019.

Other acquisition expenses for the three months ended March 31, 2018 were approximately $0.2 million. These other acquisition expenses include pursuit costs incurred by third parties. These other acquisition expenses primarily relate to pursuit costs for student housing and senior housing properties which were acquired in the current period or may be acquired in future periods and such costs did not meet our capitalization criteria.

Interest expense for the three months ended March 31, ~~2018~~2020 and 2019 was approximately ~~$0.9~~$2.6 million. Interest expense ~~consists of interest incurred on~~relates to debt ~~related~~financings used to ~~the acquisition of~~acquire our two student housing properties and four senior housing properties. We expect interest expense to ~~increase~~fluctuate in future periods commensurate with our future debt level.

Interest expense –- debt issuance costs for each of the three months ended March 31, 2020 was approximately $0.1 million, as compared to interest expense - debt issuance costs for the three months ended March 31, ~~2018 was~~2019 of approximately ~~$79,000.~~$0.2 million, a decrease of approximately $0.1 million. Interest expense –- debt issuance costs reflects the amortization of ~~fees~~costs incurred in connection with obtaining debt related to the acquisition of our properties. We expect interest expense –- debt issuance costs to ~~increase~~fluctuate commensurate with our future financing activity.

Below is information regarding our cash flows for operating, investing and financing activities for the three months ended March 31, ~~2018:~~2020 and 2019, is as follows:

Cash flows provided by and used in operating activities for the three months ended March 31, ~~2018~~2020 and 2019 were approximately ~~$0.5~~($0.5 million) and $0.8 million, ~~which is~~respectively, a change of approximately $1.3 million. The decrease in cash provided by (used in) operating activities was primarily the result of reduction in working capital of approximately $1.2 million and our additional net loss, ~~during the period,~~ excluding depreciation and ~~amortization.~~amortization of approximately $0.1 million during the three months ended March 31, 2020.

Cash flows used in investing activities for the three months ended March 31, ~~2018~~2020 and 2019 were approximately ~~$78.9~~$0.4 million ~~which~~and $2.6 million, respectively, a change of approximately $2.2 million. The decrease in cash used in investing activities is primarily the result of ~~the~~a decrease in cash ~~paid~~used for the ~~acquisitions of our three senior housing properties.~~additions to real estate.

Cash flows provided by and used in financing activities for the three months ended March 31, ~~2018~~2020 and 2019 were approximately ~~$77.7~~($0.3 million) and $2.5 million, ~~which~~respectively, a change of approximately $2.8 million. The decrease in cash provided by financing activities is primarily the result of a decrease in net debt inflows of approximately ~~$64.5~~$4.3 million, ~~and~~increased cash distributions of approximately ~~$14.1~~$0.2 million, ~~from the~~offset by an increase in net proceeds ~~from~~related to the issuance of common ~~stock.~~stock of approximately $1.7 million.

Our Advisor funded and was responsible for our organization and offering costs on our behalf, prior to the commencement of our formal operations on June 28, 2017 when we acquired the Fayetteville Property. Currently, we generally expect that we will meet our short-term operating liquidity requirements from the combination of our cash on hand, proceeds from ~~our Offerings,~~net cash provided by property operations, proceeds from secured or unsecured financing from banks or other lenders, ~~net cash provided by property operations~~forbearance on our mortgage loans, issuance of preferred units in our Operating Partnership, and advances from our Advisor, which will be repaid, without interest, as funds are available after meeting our current liquidity requirements, subject to the limitations on reimbursement set forth in our Advisory Agreement.

We believe we have access to adequate resources to meet the needs of our existing operations, mandatory capital expenditures, and working capital, to the extent not funded by cash provided by operating activities. However, we expect the COVID-19 pandemic to adversely impact our future operating cash flows due to reductions of our occupancy and leasing revenue, ability to collect rent, and additional expenditures to protect our residents and staff at our properties.

OnIn order to retain cash and preserve financial flexibility in light of the impact that COVID-19 could have on our business and the uncertainty as to the ultimate severity, duration, and effects of the outbreak, on March ~~6, 2018,~~30, 2020, our board of directors ~~authorized a daily distribution rate for~~approved the ~~second quarter~~suspension of ~~2018 of $0.0016980822 per day per share on the outstanding shares of common stock payable~~all distributions to ~~stockholders of record of such shares as shown on~~ our books as of the close of business on each day during the period, commencing on April 1, 2018 and continuing on each day thereafter through and including June 30, 2018. As a result of the redesignation of our outstanding shares of common stock to Class A shares on May 1, 2018, the previously declared daily distribution rate of $0.0016980822 per day per share now applies to all stockholders of Class A shares. In addition, on May 1, 2018, our board of directors declared a daily distribution rate for the second quarter of 2018 of $0.0016980822 per day per share on the outstanding shares of Class T and Class W common stock payable to stockholders of record of such shares as shown on our books at the close of business on each day during the period, commencing on May 1, 2018 and continuing on each day thereafter through and including June 30, 2018. In connection with this distribution, for the stockholders of Class T shares, after the stockholder servicing fee is paid, approximately $0.00142 per day will be paid per Class T share and for the stockholders of Class W shares, after the dealer manager servicing fee is paid, approximately $0.00144 per day will be paid per Class W share. Such distributions payable to each stockholder of record will be paid the following month.stockholders.

~~Currently,~~Historically, we ~~are making~~have made distributions to our stockholders using a combination of cash flows from operations and the proceeds from the ~~Private~~Public Offering in anticipation of additional future cash flow. As such, this reduces the amount of capital we ~~will~~ ultimately ~~invest~~invested in properties. Because substantially all of our operations are performed indirectly through our Operating Partnership, our ability to pay distributions depends in large part on our Operating Partnership’s ability to pay distributions to its partners, including to us. In the event we do not have enough cash from operations to fund cash distributions, we may borrow, issue additional securities or sell assets in order to fund the distributions or make the distributions out of net proceeds from ~~the Offerings.~~our Public Offering, if any. Though we ~~presently intend to pay~~have previously only paid cash distributions and ~~potentially~~may pay stock distributions in the future, we are authorized by our charter to payin-kind distributions of readily marketable securities, distributions of beneficial interests in a liquidating trust established for our dissolution and the liquidation of our assets in accordance with the terms of the charter or distributions that meet all of the following conditions: (a) our board of directors advises each stockholder of the risks associated with direct ownership of the property; (b) our board of directors offers each stockholder the election of receiving suchin-kind distributions; and(c) in-kind distributions are only made to those stockholders who accept such offer.

~~During~~If our Public Offering is resumed, we may raise capital more quickly than we acquire income-producing assets and, as a result, we may not be able to pay distributions from our cash flows from operations, in which case distributions may be paid in part from debt financing or from proceeds from ~~the Offerings.~~our Public Offering, if any. The payment of distributions from sources other than cash flows from operations may reduce the amount of proceeds available for investment and operations or cause us to incur additional interest expense as a result of borrowed funds.

Over the long-term and assuming we resume our Public Offering, we would expect that a greater percentage of our distributions ~~will~~would be paid from cash flows from operations. However, our operating performance cannot be accurately predicted and may deteriorate in the future due to numerous factors, including epidemics and pandemics, including the outbreak of COVID-19, our ability to raise and invest capital at favorable yields, the financial performance of our investments in the current real estate and financial environment and the types and mix of investment in our portfolio. As a result, future distributions declared and paid, if any, may exceed cash flow from operations.

Distributions are paid to our stockholders based on the record date selected by our board of directors. ~~We currently pay~~Prior to the suspension of our distributions, we paid distributions monthly based on daily declaration and record dates so that investors may be entitled to distributions immediately upon purchasing our shares. ~~We expect to continue to regularly pay distributions unless our results of operations, our general financial condition, general economic conditions, or other factors inhibit us from doing so.~~ Distributions are authorized at the discretion of our board of directors, which are directed, in substantial part, by its obligation to cause us to comply with the REIT requirements of the Code. Our board of directors may increase, decrease or eliminate the distribution rate that is being paid at any time. Distributions are made on all classes of our common stock at the same time. The per share amount of distributions on Class A shares, Class T shares, Class W shares, Class Y shares and Class WZ shares will likely differ because of different allocations of class-specific expenses. Specifically, distributions on Class T shares, Class W shares, Class Y shares, and Class WZ shares will likely be lower than distributions on Class A shares because Class T ~~Shares~~shares and Class Y shares are subject to ongoing stockholder servicing fees and Class W shares and Class Z shares are subject to ongoing dealer manager servicing fees. The funds we receive from operations that are available for distribution may be affected by a number of factors, including the following:

The following shows our distributions and the sources of such distributions for ~~the~~ three months ended March 31, ~~2018.~~2020 and 2019.

We did not commence paying distributions until September 2017. From our inception through March 31, ~~2018,~~2020, we paid cumulative distributions of approximately ~~$2.9~~$16.8 million including approximately $0.2 million related to our preferred unitholders, as compared to cumulative net loss attributable to our common stockholders of approximately ~~$9.0~~$45.9 million which includes acquisition related expenses of approximately ~~$3.1~~$3.4 million andnon-cash depreciation and amortization of approximately ~~$6.8~~$36.2 million.

For the three months ended March 31, ~~2018,~~2020, we paid total distributions of approximately ~~$1.4~~$1.9 million, as compared to net loss attributable to our common stockholders of approximately ~~$2.7~~$4.1 million. Net loss attributable to our common stockholders for the three months ended March 31, ~~2018~~2020 includesnon-cash depreciation and amortization of approximately ~~$3.0 million, and acquisition related expenses of approximately $0.2~~$3.1 million.

We must distribute to our stockholders at least 90% of our taxable income each year in order to meet the requirements for being treated as a REIT under the Code. Our directors may authorize distributions in excess of this percentage as they deem appropriate. Because we may receive income from interest or rents at various times during our fiscal year, distributions may not reflect our income earned in that particular distribution period, but may be made in anticipation of cash flow that we expect to receive during a later period and may be made in advance of actual receipt of funds in an attempt to make distributions relatively uniform. To allow for such differences in timing between the receipt of income and the payment of expenses, and the effect of required debt payments, among other things, we could be required to borrow funds from third parties on a short-term basis, issue new securities, or sell assets to meet the distribution requirements that are necessary to achieve the tax benefits associated with qualifying as a REIT. We are not prohibited from undertaking such activities by our charter, bylaws or investment policies, and we may use an unlimited amount from any source to pay our distributions. These methods of obtaining funding could affect future distributions by increasing operating costs and decreasing available cash, which could reduce the value of our stockholders’ investment in our shares. In addition, such distributions may constitute a return of investors’ capital. In the future, we may decide to make stock distributions or to make distributions using a combination of stock and cash in order to meet the REIT distribution requirements under the Code or otherwise.

We have not been able to and may not be able to pay distributions, solely from our cash flows from operations, in which case distributions may be paid in part from debt financing or from proceeds from the issuance of common stock in our Primary Offering, if our Primary Offering is resumed in the ~~Offerings.~~future. The payment of distributions from sources other than cash flows from operations may reduce the amount of proceeds available for investment and operations or cause us to incur additional interest expense as a result of borrowed funds.

As of March 31, ~~2018,~~2020, our total indebtedness was approximately ~~$118.4~~$208.1 million, which included approximately ~~$99.9~~$163.1 million in fixed rate debt and ~~$18.5~~$45.0 million in variable rate ~~debt.~~debt (the KeyBank Bridge Loans). See Note 54 of the Notes to the Consolidated Financial Statements for more information about our indebtedness.

On a long-term basis, our principal demands for funds will be for ~~property acquisitions, either directly or through entity interests,~~the payment of interest and principal on our outstanding indebtedness, for the payment of operating expenses and distributions, if resumed in the future, and for ~~the payment of interest on our outstanding indebtedness,~~property acquisitions, either directly or through entity interests, if any.

Long-term potential future sources of capital include proceeds from our Public Offering, if our Primary Offering is resumed in the future, secured or unsecured financings from banks or other lenders, issuance of equity instruments and undistributed funds from operations. To the extent we are not able to secure requisite financing in the form of a credit facility or other debt, we will be dependent upon proceeds from the issuance of equity securities, if our Primary Offering is resumed in the future, and cash flows from operating activities in order to meet our long-term liquidity requirements and to fund our ~~distributions.~~distributions, if any.

The following table summarizes our contractual obligations as of March 31, ~~2018:~~2020:

Our ~~investment~~investments in a private placement ~~offering~~offerings by Reno Student Housing, DST isand Power 5 Conference Student Housing I, DST are accounted for under the equity method of accounting. For more information please see Note 87 of the Notes to the Consolidated Financial Statements contained in this report. Other than that, we do not have any relationships with unconsolidated entities or financial partnerships. Such entities are often referred to as structured finance or special purposes entities, which typically are established for the purpose of facilitatingoff-balance sheet arrangements or other contractually narrow or limited purposes. Further, we have not guaranteed any obligations of unconsolidated entities nor do we have any commitments or intent to provide funding to any such entities.

Please see Note 119 of the Notes to the Consolidated Financial Statements contained ~~elsewhere~~ in this report.

Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. In pursuing our business plan, we expect that the primary market risk to which we will be exposed is interest rate risk. We may be exposed to the effects of interest rate changes primarily as a result of borrowings used to maintain liquidity and fund acquisition, expansion, and financing of our real estate investment portfolio and operations. Our interest rate risk management objectives is to limit the impact of interest rate changes on earnings and cash flows and to lower overall borrowing costs. To achieve our objectives, we may borrow at fixed rates or variable rates. We may also enter into derivative financial instruments such as interest rate swaps and caps in order to mitigate our interest rate risk on a related financial instrument. We will not enter into derivative or interest rate transactions for speculative purposes.

As of March 31, ~~2018,~~2020, our debt consisted of approximately ~~$118~~$208.1 million, which included approximately ~~$100~~$163.1 million in fixed rate debt and ~~$18~~$45.0 million in variable rate debt. Our debt instruments were entered into for other than trading purposes. Changes in interest rates have different impacts on fixed and variable debt. A change in interest rates on fixed rate debt impacts its fair value but has no impact on interest incurred or cash flows. A change in interest rates on the variable debt could impact the interest incurred and cash flows and its fair value. If the underlying rate of the related index on our variable rate debt were to increase or decrease by 100 basis points, the increase or decrease in interest would increase or decrease future earnings and cash flows by approximately ~~$0.2~~$0.4 million annually.

The following table summarizes annual debt maturities and average interest rates on our outstanding debt as of March 31, ~~2018:~~2020:

As of the end of the period covered by this report, management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by this report to ensure that information required to be disclosed in the reports we file and submit under the Exchange Act is recorded, processed, summarized and reported as and when required. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file and submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

There have been no changes in our internal control over financial reporting that occurred during the quarter ended March 31, ~~2018~~2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

The following should be read in conjunction with the risk factors set forth in the “Risk Factors” section of our ~~Registration Statement~~Annual Report on Form~~S-11~~ ~~(SEC RegistrationNo. 333-220646).~~ 10-K for the year ended December 31, 2019.

We have incurred a net loss to date, have an accumulated deficit and our operations may not be profitable in ~~2018.~~2020.

We incurred a net loss attributable to common stockholders of approximately ~~$2.7~~$4.1 million for the three months ended March 31, ~~2018.~~2020. Our accumulated deficit was approximately ~~$9.0~~$45.9 million as of March 31, ~~2018.~~2020. Given that we ~~are still early in~~have suspended our ~~fundraising and acquisition stage,~~primary offering, our operations ~~will~~may not be profitable in ~~2018.~~2020.

Our board of directors recently suspended our share redemption program, and even if stockholders are able to have their shares redeemed, our stockholders may not be able to recover the amount of their investment in our shares.

In March 2020, our board of directors determined to suspend our share redemption program with respect to our common stockholders, effective as of May 3, 2020.

If our share redemption program is reinstated or our stockholders are otherwise able to have their shares redeemed, stockholders should be fully aware that our share redemption program contains significant restrictions and limitations. Further, our board of directors may limit, suspend, terminate or amend any provision of the share redemption program upon 30 days’ notice. Redemptions of shares, when requested, will generally be made quarterly to the extent we have sufficient funds available to us to fund such redemptions. During any calendar year, we will not redeem in excess of 5% of the weighted average number of shares outstanding during the prior calendar year and redemptions will be funded solely from proceeds from our distribution reinvestment plan. We are not obligated to redeem shares under our share redemption program. Therefore, in making a decision to purchase our shares, our stockholders should not assume that they will be able to sell any of their shares back to us pursuant to our share redemption program at any time or at all.

Until we establish a net asset value per share, the purchase price for shares purchased under our share redemption program will depend on the class of shares purchased and whether such shares were purchased in our private offering or in our public offering, among other factors, and under most circumstances will be less than the amount paid for such shares. Accordingly, our stockholders may receive less by selling their shares back to us than our stockholders would receive if our investments were sold for their estimated values and such proceeds were distributed in our liquidation

We have paid, and may continue to pay, distributions from sources other than cash flow from operations, which may include borrowings or the net proceeds of our offerings (which may constitute a return of capital); therefore, we will have fewer funds available for the acquisition of properties, and our stockholders ’ overall return may be reduced. Therefore, it is likely that some or all of the distributions that we make will represent a return of capital to our stockholders, at least in the first few years of operation.

In the event we do not have enough cash from operations to fund our distributions, we may borrow, issue additional securities, or sell assets in order to fund the distributions or make the distributions out of net proceeds from our Offerings (which may constitute a return of capital). Therefore, it is likely that some or all of the distributions that we make will represent a return of capital to our stockholders, at least in the first few years of operation. For the year ended December 31, 2017, we funded 73.8% of our distributions using proceeds from our Primary Private Offering and 26.2% using proceeds from our distribution reinvestment plan. For the year ended December 31, 2018, we funded 12.9% of our distributions using cash flows from operations, 50.6% using proceeds from the Primary Private Offering and Primary Offering and 36.5% using proceeds from our distribution reinvestment plan. For the year ended December 31, 2019, we funded 23.4% of our distributions using cash flows from operations, 43.9% using proceeds from the Primary Offering and 32.7% using proceeds from our distribution reinvestment plan. For the three months ended March 31, 2020, we funded 67.8% of our distributions using proceeds from the Primary Offering and 32.2% using proceeds from our distribution reinvestment plan. We are not prohibited from undertaking such activities by our charter, bylaws, or investment policies, and we may use an unlimited amount from any source to pay our distributions. Payment of distributions in excess of earnings may have a dilutive effect on the value of our shares. If we pay distributions from sources other than cash flow from operations, we will have fewer funds available for acquiring properties, which may reduce our stockholders’ overall returns. Additionally, to the extent distributions exceed cash flow from operations, a stockholder’s basis in our stock may be reduced and, to the extent distributions exceed a stockholder’s basis, the stockholder may recognize a capital gain.

Demand for our student housing properties will be influenced by the continued operations of the college campuses in close proximity to our properties, and changes in such operations could negatively impact our revenues and results of operations.

Demand for our student housing properties is closely correlated to enrollment at the colleges and universities served by our properties. If such colleges and universities were to substantially decrease enrollment or cease operations, leasing demand could be negatively affected. Enrollment at these institutions is subject to many factors outside of our control, including the reputation and ranking of the institution, and also broader economic factors. For example, the ongoing COVID-19 outbreak has caused many colleges and universities to move all classes to online or distance learning, which could make proximity to campus less of a concern for students. The colleges and universities our properties serve have canceled in-person classes and many students have elected to return to their permanent residences for the remainder of the spring term and in some cases for the summer term. Also, many governmental entities have imposed a wide range of restrictions on physical movement to limit the spread of COVID-19. While our properties remain open, as a result of these actions, we have experienced significant decreases in students physically occupying their units at many of our properties. In addition, we have closed our on-site offices to walk-in traffic and transitioned property tours to virtual experiences. Should the colleges and universities that our student housing properties serve fail to resume in-person classes for the upcoming 2020/2021 academic year, we would experience further adverse effects which could negatively impact our revenues and results of operations from our student housing properties.

The exhibits required to be filed with this report are set forth on the Exhibit Index hereto and incorporated by reference herein.

The following exhibits are included in this report onForm 10-Q for the period ended March 31, ~~2018~~2020 (and are numbered in accordance with Item 601 ofRegulation S-K).

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
None	None	None


				~~Page~~ ~~No.~~
		~~Cautionary Note Regarding Forward-Looking Statements~~			3

~~PART I.~~		~~FINANCIAL INFORMATION~~				Page No.
	Cautionary Note Regarding Forward-Looking Statements	3
~~Item 1.~~
PART I.	FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements:			4

		Consolidated Balance Sheets as of March 31, ~~2018~~2020 (unaudited) and December 31, ~~2017~~2019			5

		Consolidated Statements of Operations for the Three Months Ended March 31, ~~2018~~2020 and ~~2017~~2019 (unaudited)			6

		Consolidated ~~Statement~~Statements of Equity for the Three Months Ended March 31, ~~2018~~2020 and 2019 (unaudited)			7

		Consolidated Statements of Cash Flows for the Three Months Ended March 31, ~~2018~~2020 and ~~2017~~2019 (unaudited)			8

		Notes to Consolidated Financial Statements (unaudited)			9

Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations			30	32

Item 3.		Quantitative and Qualitative Disclosures About Market Risk			38	41

Item 4.		Controls and Procedures	41

PART II.	OTHER INFORMATION			39

~~PART II.~~	Item 1.	~~OTHER INFORMATION~~Legal Proceedings				42

Item 1.	1A.	~~Legal Proceedings~~Risk Factors			40	42

Item ~~1A.~~	2.	~~Risk Factors~~			40

~~Item 2.~~		Unregistered Sales of Equity Securities and Use of Proceeds			40	43

Item 3.		Defaults Upon Senior Securities			40	44

Item 4.		Mine Safety Disclosures			40	44

Item 5.		Other Information			41	44

Item 6.		Exhibits			41	44


Description		Standard Depreciable Life
Land		Not Depreciated
Buildings		~~35 to~~ 40 years
Site Improvements		7 to 10 years


	March 31, 2018
	Fair Value		Carrying Value⁽¹⁾
Fixed Rate Secured Debt	$	99,156,000	$	98,761,267


	Three Months Ended March 31,					Three Months Ended March 31,
	2018			2017		2020			2019
Revenues:
Leasing and related revenues – student	$	2,293,714		$	—	$	1,834,471		$	2,023,952
Leasing and related revenues – senior		1,267,722					6,899,128			6,357,376

Total revenues		3,561,436			—		8,733,599			8,381,328

Operating expenses:
Property operating expenses – student		923,181			—		955,454			985,000
Property operating expenses – senior		734,711					4,564,294			4,013,440
Property operating expenses – affiliates		111,682			—		714,252			690,927
General and administrative		337,082			—		465,477			608,205
Depreciation		1,019,870			—		2,157,610			1,982,769
Intangible amortization expense		1,973,608			—		954,900			1,837,073
Acquisition expenses – affiliates		55,974			—
Other property acquisition expenses		164,927			—

Total operating expenses		5,321,035			—		9,811,987			10,117,414

Operating loss		(1,759,599	)		—		(1,078,388	)		(1,736,086	)
Other income (expense):
Interest expense		(903,182	)		—		(2,561,387	)		(2,585,597	)
Interest expense – debt issuance costs		(78,537	)		—		(119,950	)		(197,573	)
Other		7,698			—		(53,011	)		18,847

Net loss		(2,733,620	)		—		(3,812,736	)		(4,500,409	)
Less: Distributions to preferred unitholders in our Operating Partnership							(259,553	)		(238,240	)
Less: Accretion of preferred equity costs							(3,884	)		(11,649	)
Net loss attributable to the noncontrolling interests in our Operating Partnership		7,275			—		8,096			9,517

Net loss attributable to Strategic Student & Senior Housing Trust, Inc. common stockholders	$	(2,726,345	)	$	—	$	(4,068,077	)	$	(4,740,781	)

Net loss per common stock share – basic and diluted	$	(0.28	)	$	—

Weighted average common stock shares outstanding – basic and diluted		9,705,067			111

Net loss per Class A share – basic and diluted						$	(0.32	)	$	(0.42	)
Net loss per Class T share – basic and diluted						$	(0.32	)	$	(0.42	)
Net loss per Class W share – basic and diluted						$	(0.32	)	$	(0.42	)
Net loss per Class Y share – basic and diluted						$	(0.32	)	$	—
Net loss per Class Z share – basic and diluted						$	(0.32	)	$	—
Weighted average Class A shares outstanding – basic and diluted							11,586,922			11,211,762
Weighted average Class T shares outstanding – basic and diluted							77,306			39,480
Weighted average Class W shares outstanding – basic and diluted							85,379			62,657
Weighted average Class Y shares outstanding – basic and diluted							969,848			—
Weighted average Class Z shares outstanding – basic and diluted							162,930			—


	Common Stock													Total Strategic
	Number of Shares		Common Stock Par Value		Additional Paid-in Capital			Distributions			Accumulated Deficit			Student & Senior Housing Trust, Inc. Equity			Noncontrolling Interests in our Operating Partnership			Total Equity			Redeemable Common Stock
Balance as of December 31, 2017		8,948,551	$	8,948	$	68,799,264		$	(1,379,950	)	$	(6,233,945	)	$	61,194,317		$	(938,834	)	$	60,255,483		$	303,844
Gross proceeds from issuance of common stock		1,733,591		1,734		15,738,296			—			—			15,740,030			—			15,740,030			—
Offering costs		—		—		(1,395,269	)		—			—			(1,395,269	)		—			(1,395,269	)		—
Changes to redeemable common stock		—		—		(531,268	)		—			—			(531,268	)		—			(531,268	)		531,268
Distributions		—		—		—			(1,482,380	)		—			(1,482,380	)		—			(1,482,380	)		—
Distributions to noncontrolling interests		—		—		—			—			—			—			(3,907	)		(3,907	)		—
Issuance of shares for distribution reinvestment plan		60,516		61		531,207			—			—			531,268			—			531,268			—
Net loss attributable to Strategic Student & Senior Housing Trust, Inc.		—		—		—			—			(2,726,345	)		(2,726,345	)		—			(2,726,345	)		—
Net loss attributable to the noncontrolling interests		—		—		—			—			—			—			(7,275	)		(7,275	)		—

Balance as of March 31, 2018		10,742,658	$	10,743	$	83,142,230		$	(2,862,330	)	$	(8,960,290	)	$	71,330,353		$	(950,016	)	$	70,380,337		$	835,112


Real estate facilities
Balance at December 31, 2017	$	98,258,516
Facility acquisitions		73,736,878
Additions		92,249

Balance at March 31, 2018	$	172,087,643

Accumulated depreciation
Balance at December 31, 2017	$	(1,254,849	)
Depreciation expense		(1,019,870	)

Balance at March 31, 2018	$	(2,274,719	)

Real estate facilities
Balance at December 31, 2019	$	268,740,745
Additions - Student		10,063
Additions - Senior		235,066
Balance at March 31, 2020	$	268,985,874
Accumulated depreciation
Balance at December 31, 2019	$	(15,243,833	)
Depreciation expense		(2,157,610	)
Balance at March 31, 2020	$	(17,401,443	)


Property	Property Type		Acquisition Date		Real Estate Assets		Intangibles		Total⁽¹⁾		2018 Revenue⁽²⁾		2018 Property Operating Income⁽³⁾
Charleston – UT		Senior		2/23/18	$	12,296,180	$	994,000	$	13,290,180	$	276,472	$	111,663
Cottonwood – UT		Senior		2/23/18		15,353,209		2,020,000		17,373,209		379,330		131,301
Wellington – UT		Senior		2/23/18		46,087,489		3,450,000		49,537,489		611,920		290,048

Total					$	73,736,878	$	6,464,000	$	80,200,878	$	1,267,722	$	533,012


	Three months ended March 31, 2018			Three months ended March 31, 2017
Pro forma revenue	$	3,561,436		$	1,056,148
Pro forma operating expenses		(4,775,036	)		(1,843,714	)
Pro forma net loss attributable to common stockholders	$	(2,181,799	)	$	(825,055	)

Encumbered Property	March 31, 2020			December 31, 2019			Interest Rate			Maturity Date
Fayetteville JPM mortgage loan ⁽¹⁾	$	29,500,000		$	29,500,000			4.20	%	7/1/2024
Tallahassee Nationwide mortgage loan ⁽¹⁾		23,500,000			23,500,000			3.84	%	10/1/2024
Utah Freddie Mac mortgage loans ⁽²⁾		46,855,856			46,905,000			5.06	%	2/23/2028
Courtyard Freddie Mac mortgage loan ⁽³⁾		63,200,000			63,200,000			4.86	%	9/1/2028
Utah Bridge Loan ⁽⁴⁾		5,535,595			7,635,529			4.98	%	4/30/2021
Courtyard Initial Bridge Loan ⁽⁴⁾		27,000,000			27,000,000			4.98	%	4/30/2021
Courtyard Delayed Draw Commitment ⁽⁴⁾		12,480,955			12,480,955			4.98	%	4/30/2021
Debt issuance costs, net		(1,924,025	)		(1,802,675	)
Total debt	$	206,148,381		$	208,418,809


2018	$	—
2019		18,473,407
2020		527,944		$	478,801
2021		679,120			45,695,669
2022		714,791			1,011,295
2023 and thereafter		97,983,145

2023					1,680,592
2024					54,751,707
2025 and thereafter					104,454,342
Total payments		118,378,407			208,072,406
Non-revolving debt issuance costs, net		(1,788,010	)		(1,924,025	)

Total	$	116,590,397		$	206,148,381


Segments	March 31, 2018		March 31, 2020		December 31, 2019
Student housing	$	99,886,868	$	91,017,586	$	92,162,808
Senior housing		80,841,349		167,516,183		172,487,550
Corporate and Other		10,782,894		10,279,341		8,428,049

Total assets	$	191,511,111	$	268,813,110	$	273,078,407


	Year Ended December 31, 2017						Three Months Ended March 31, 2018						Year Ended December 31, 2019						Three Months Ended March 31, 2020
	Incurred		Paid		Payable		Incurred		Paid		Payable		Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Operating expenses (including organizational costs)	$	394,654	$	271,229	$	123,425	$	179,206	$	302,631	$	—	$	1,285,248	$	859,028	$	797,606	$	210,180	$	463,057	$	544,729
Transfer Agent expenses														88,973		—		138,446		28,612		—		167,058
Asset management fees⁽¹⁾		135,163		93,492		41,671		111,682		153,353		—		2,302,206		—		3,384,728		592,502		—		3,977,230
Acquisition expenses		2,310,020		2,310,020		—		55,974		55,974		—
Property management oversight fees														470,572		—		670,859		121,750		—		792,609
Capitalized
Debt issuance costs		499,382		465,500		33,882		357,025		67,290		323,617
Acquisition expenses		—		—		—		1,570,000		1,200,000		370,000		—		—		1,980,000		—		—		1,980,000
AdditionalPaid-in Capital
Selling commissions		3,947,269		3,915,109		32,160		806,713		823,333		15,540		344,424		336,924		7,500		97,460		104,960		—
Dealer Manager fees		1,490,524		1,474,704		15,820		443,820		450,464		9,176		296,419		288,919		7,500		97,460		104,960		—
Stockholder servicing fees and dealer manager servicing fees⁽¹⁾														389,820		19,625		417,141		110,810		24,578		503,373
Offering costs		508,350		508,350		—		114,342		114,342		—		207,516		—		714,568		63,372		-		777,940

Total	$	9,285,362	$	9,038,404	$	246,958	$	3,638,762	$	3,167,387	$	718,333	$	5,385,178	$	1,504,496	$	8,118,348	$	1,322,146	$	697,555	$	8,742,939


Number Years Held		Redemption Price
Less than 1		No Redemption Allowed
More than 1 but less than 2		90.0% of the Redemption Amount (as defined below)
More than 2 but less than 3		92.5% of the Redemption Amount
More than 3 but less than 4		95.0% of the Redemption Amount
More than 4		100% of the Redemption Amount


Property	Date Acquired	Date Completed	Primary University Served	Average Monthly Revenue / Bed⁽¹⁾		# of Units		# of Beds		Occupancy%⁽²⁾			Date Acquired	Date Completed	Primary University Served	Average Monthly Revenue / Bed⁽¹⁾		# of Units		# of Beds		Occupancy%⁽²⁾
Fayetteville	June 28, 2017	August 2016	University of Arkansas	$	684		198		592		95.6	%	June 28, 2017	August 2016	University of Arkansas	$	624		198		589		77.8	%
Tallahassee	September 28, 2017	August 2017	Florida State University		783		125		434		99.3	%	September 28, 2017	August 2017	Florida State University		751		125		434		93.1	%

Total				$	727		323		1,026		97.2	%				$	683		323		1,023		84.3	%


Property		Date Acquired		Year Built		Address	Average Monthly Revenue / Unit⁽¹⁾		# of Units		Occupancy%⁽²⁾				Date Acquired	Year Built	City, State	Average Monthly Revenue / Unit⁽¹⁾		# of Units		Occupancy%⁽²⁾⁽³⁾
The Wellington			February 23, 2018		1999	4522 South 1300 East, Mill Creek, Utah	$	4,720		119		92.4	%
Wellington															February 23, 2018	1999	Millcreek, Utah	$	4,779		119		98.3	%
Cottonwood Creek			February 23, 2018		1982	1245 East Murray Holladay Road, Mill Creek, Utah		3,632		112		77.7	%		February 23, 2018	1982	Millcreek, Utah		3,627		112		80.4	%
The Charleston at Cedar Hills			February 23, 2018		2005	10020 North 4600 West, Cedar Hills, Utah		3,880		64		92.2	%

Charleston															February 23, 2018	2005	Cedar Hills, Utah		3,941		64		92.2	%
Courtyard															August 31, 2018	1992-2019	Portland, Oregon		4,450		309		87.1	%
Total	Total						$	4,157		295		86.8	%	Total				$	4,325		604		88.6	%

	Three Months Ended
	March 31, 2020			March 31, 2019			Change
Net cash flow provided by (used in):
Operating activities	$	(460,253	)	$	814,959		$	(1,275,212	)
Investing activities		(403,682	)		(2,613,127	)		2,209,445
Financing activities		(288,455	)		2,481,887			(2,770,342	)


	Three Months Ended March 31, 2018
Net cash flow provided by (used in):
Operating activities	$	483,997
Investing activities		(78,923,127	)
Financing activities		77,732,392

					Three Months Ended
	Three Months Ended March 31, 2018				March 31, 2020				March 31, 2019
Distributions paid in cash — common stockholders	$	867,806			$	1,313,182			$	1,151,951
Distributions paid in cash — Operating Partnership unitholders						3,950				2,690
Distributions reinvested		531,268				625,507				565,651

Total distributions	$	1,399,074			$	1,942,639			$	1,720,292

Source of distributions
Cash flows provided by operations	$	483,997	34.6	%	$	—	0.0	%	$	814,959	47.1	%
Proceeds from our Private Offering		383,809	27.4	%
Proceeds from our offerings						1,317,132	67.8	%		339,682	20.0	%
Offering proceeds from distribution reinvestment plan		531,268	38.0	%		625,507	32.2	%		565,651	32.9	%

Total sources	$	1,399,074	100.0	%	$	1,942,639	100.0	%	$	1,720,292	100.0	%


	Payments due by period:										Payments due by period:
	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years		Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Debt interest⁽¹⁾	$	37,158,126	$	3,419,059	$	9,091,968	$	9,646,544	$	15,000,555	$	55,184,119	$	7,435,269	$	15,946,521	$	14,281,533	$	17,520,796
Debt principal⁽¹⁾		99,905,000		—		527,944		1,393,911		97,983,145		208,072,406		478,801		46,706,964		56,432,299		104,454,342

Total contractual obligations	$	137,063,126	$	3,419,059	$	9,619,912	$	11,040,455	$	112,983,700	$	263,256,525	$	7,914,070	$	62,653,485	$	70,713,832	$	121,975,138


	Year Ending December 31,
	2018			2019			2020			2021			2022			Thereafter			Total
Fixed rate debt	$	—		$	—		$	527,944		$	679,120		$	714,791		$	97,983,145		$	99,905,000
Average interest rate		4.52	%		4.52	%		4.52	%		4.52	%		4.52	%		4.52	%		4.52	%
Variable rate debt	$	—		$	18,473,407			—			—			—		$	—		$	18,473,407
Average interest rate⁽¹⁾		5.87	%		5.87	%		—			—			—			—			5.87	%

For the Month Ended	Total Number of Shares Redeemed		Average Price Paid per Share		Total Number of Shares Redeemed as Part of Publicly Announced Plans or Programs		Maximum Number (or Approximate Dollar Value) of Shares (or Units) That May Yet to be Purchased Under the Plans or Programs
January 31, 2020		3,544	$	8.58		3,544		584,058
February 29, 2020	—		—		—			584,058
March 31, 2020	—		—		—			584,058


~~Exhibit~~ ~~No.~~		~~Description~~

~~1.1~~ Exhibit No.	Description

3.1	~~Dealer Manager Agreement~~Amended and ~~Participating Dealer Agreement,~~Restated Bylaws of Strategic Student & Senior Housing Trust, Inc., incorporated by reference to Exhibit ~~1.1~~3.3 to ~~the~~Pre-Effective Amendment No. 3 to the Company’s Registration Statement on FormS-11, filed on April 26, 2018, Commission FileNo. 333-220646

~~3.1~~ 3.2		~~First~~Second Articles of Amendment and Restatement of Strategic Student & Senior Housing Trust, Inc., incorporated by reference to Exhibit 3.1 to the Company’s ~~Registration Statement on~~ Form~~S-11,~~ 8-K, filed on ~~September 27, 2017,~~June 15, 2018, Commission FileNo. 333-220646

~~3.2~~ 3.3		Articles of Amendment to ~~the First~~Second Articles of Amendment and Restatement of Strategic Student & Senior Housing Trust, Inc., incorporated by reference to Exhibit 3.2 to the Company’s ~~Registration Statement on~~ Form~~S-11,~~ 8-K, filed on ~~September 27, 2017,~~June 15, 2018, Commission FileNo. 333-220646

~~3.3~~ 3.4		~~Amended~~SecondArticles of Amendment to Second Articles of Amendment and ~~Restated Bylaws~~Restatement of Strategic Student & Senior Housing Trust, Inc., incorporated by reference to Exhibit ~~3.3 toPre-Effective~~ ~~Amendment No. 3~~3.1 to the Company’s ~~Registration Statement on~~ Form~~S-11,~~ 8-K, filed on ~~April 26, 2018,~~June 14, 2019, Commission FileNo. 333-220646

~~3.4~~ 3.5		Articles Supplementary to Second Articles of Amendment and Restatement of Strategic Student & Senior Housing Trust, Inc., incorporated by reference to Exhibit ~~3.4~~3.1 to~~Pre-Effective~~ Post-Effective Amendment No. 34 to the Company’s Registration Statement on FormS-11, filed on ~~April 26, 2018,~~July 10, 2019, Commission FileNo. 333-220646

~~3.5~~ 4.1		~~Articles Supplementary of Strategic Student & Senior Housing Trust, Inc., incorporated by reference to Exhibit 3.5 toPre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~3.6~~		~~Articles of Amendment of Strategic Student & Senior Housing Trust, Inc., incorporated by reference to Exhibit 3.6 toPre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~4.1~~		Form of Subscription Agreement and Subscription Agreement Signature Page (included as Appendix A to prospectus), incorporated by reference to ~~Exhibit 4.1 toPre-Effective~~ ~~Amendment No. 3 to~~ the Company’s ~~Registration Statement on FormS-11,~~ ~~filed on April 26, 2018,~~prospectusdated July 10, 2019, Commission FileNo. 333-220646

~~10.1~~		~~Third Amended and Restated Limited Partnership Agreement of SSSHT Operating Partnership, L.P., incorporated by reference to Exhibit 10.1 toPre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~10.2~~		~~Amended and Restated Advisory Agreement, incorporated by reference to Exhibit 10.2 toPre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~10.3~~		~~Strategic Student & Senior Housing Trust, Inc. Amended and Restated Distribution Reinvestment Plan (included as Appendix B to prospectus), incorporated by reference to Exhibit 10.3 toPre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~10.4~~		~~Amendment No. 1 to Series A Cumulative Redeemable Preferred Unit Purchase Agreement, dated March 7, 2018, incorporated by reference to Exhibit 10.14 toPre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~10.5~~		~~Multifamily Loan and Security Agreement, between SSSHT PropCo 4522 S 1300 E, LLC and KeyBank National Association, dated February 23, 2018, incorporated by reference to Exhibit 10.15 toPre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~


~~Exhibit~~ ~~No.~~		~~Description~~

~~10.6~~		Multifamily Deed of Trust, Assignment of Rents and Security Agreement, between SSSHT PropCo 4522 S 1300 E, LLC and KeyBank National Association, dated February 23, 2018, incorporated by reference to Exhibit 10.16 to~~Pre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~10.7~~		~~Guaranty, by Strategic Student & Senior Housing Trust, Inc. for the benefit of KeyBank National Association, dated February 23, 2018, incorporated by reference to Exhibit 10.17 toPre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~10.8~~		Multifamily Note, Fixed Rate Defeasance, in the original principal amount of $28,709,000, by SSSHT PropCo 4522 S 1300 E, LLC in favor of KeyBank National Association, dated February 23, 2018, incorporated by reference to Exhibit 10.18 to~~Pre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~10.9~~		~~Multifamily Loan and Security Agreement, between SSSHT PropCo 1245 E Murray Holladay Road, LLC and KeyBank National Association, dated February 23, 2018, incorporated by reference to Exhibit 10.19 toPre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~10.10~~		Multifamily Deed of Trust, Assignment of Rents and Security Agreement, between SSSHT PropCo 1245 E Murray Holladay Road, LLC and KeyBank National Association, dated February 23, 2018, incorporated by reference to Exhibit 10.20 to~~Pre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~10.11~~		~~Guaranty, by Strategic Student & Senior Housing Trust, Inc. for the benefit of KeyBank National Association, dated February 23, 2018, incorporated by reference to Exhibit 10.21 toPre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~10.12~~		Multifamily Note, Fixed Rate Defeasance, in the original principal amount of $9,337,000, by SSSHT PropCo 1245 E Murray Holladay Road, LLC in favor of KeyBank National Association, dated February 23, 2018, incorporated by reference to Exhibit 10.22 to~~Pre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~10.13~~		~~Multifamily Loan and Security Agreement, between SSSHT PropCo 10020 N 4600 W Street, LLC and KeyBank National Association, dated February 23, 2018, incorporated by reference to Exhibit 10.23 toPre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~10.14~~		Multifamily Deed of Trust, Assignment of Rents and Security Agreement, between SSSHT PropCo 10020 N 4600 W Street, LLC and KeyBank National Association, dated February 23, 2018, incorporated by reference to Exhibit 10.24 to~~Pre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~10.15~~		~~Guaranty, by Strategic Student & Senior Housing Trust, Inc. for the benefit of KeyBank National Association, dated February 23, 2018, incorporated by reference to Exhibit 10.25 toPre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~10.16~~		Multifamily Note, Fixed Rate Defeasance, in the original principal amount of $8,859,000, by SSSHT PropCo 10020 N 4600 W Street, LLC in favor of KeyBank National Association, dated February 23, 2018, incorporated by reference to Exhibit 10.26 to~~Pre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~10.17~~		Cross-Collateralization Agreement, by and among SSSHT PropCo 4522 S 1300 E, LLC, SSSHT PropCo 1245 E Murray Holladay Road, LLC, SSSHT PropCo 10020 N 4600 W Street, LLC and KeyBank National Association, dated February 23, 2018, incorporated by reference to Exhibit 10.27 to~~Pre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~


~~Exhibit~~ ~~No.~~		~~Description~~
10.1
~~10.18~~		Fourth Amendment to Second Amended and Restated Credit Agreement, by and among SSSHT Operating Partnership, L.P., H. Michael Schwartz, ~~and~~ Noble PPS, LLC, and SmartStop Asset Management, LLC, as borrower, and KeyBank National Association, as lender, dated February ~~23, 2018,~~27, 2020 incorporated by reference to Exhibit ~~10.28 toPre-Effective~~ ~~Amendment No. 3~~10.1 to the Company’s ~~Registration Statement on~~ Form~~S-11,~~ 8-K, filed on ~~April 26, 2018,~~March 4, 2020, Commission FileNo. 333-220646

~~10.19~~ 31.1*		Promissory Note, in the original principal amount of $24,500,000, by SSSHT Operating Partnership, L.P., H. Michael Schwartz and Noble PPS, LLC in favor of KeyBank National Association, dated February 23, 2018, incorporated by reference to Exhibit 10.29 to~~Pre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

~~10.20~~		Second Amended and Restated Guaranty Agreement, by Strategic Student & Senior Housing Trust, Inc. for the benefit of KeyBank National Association, dated February 23, 2018, incorporated by reference to Exhibit 10.30 to~~Pre-Effective~~ ~~Amendment No. 3 to the Company’s Registration Statement on FormS-11,~~ ~~filed on April 26, 2018, Commission FileNo. 333-220646~~

31.1*		Certification of Principal Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2*		Certification of Principal Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1*		Certification of Principal Executive Officer, pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002

32.2*		Certification of Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002

101*		The following Strategic Student & Senior Housing Trust, Inc. financial information for the Three Months Ended March 31, ~~2018,~~2020, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated ~~Statement~~Statements of Equity, (iv) Consolidated Statements of Cash Flows and (v) the Notes to Consolidated Financial Statements.The instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.

104*	The cover page from the Strategic Student & Senior Housing Trust, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, has been formatted in Inline XBRL.


	STRATEGIC STUDENT & SENIOR HOUSING TRUST, INC.
		(Registrant)

Dated: ~~June 8, 2018~~May 14, 2020	By:		/s/ Michael ~~O. Terjung~~A. Crear
			Michael ~~O. Terjung~~A. Crear
			Chief Financial Officer and Treasurer
			(Principal Financial and Accounting Officer)

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