Strategic Student & Senior Housing Trust Reports Continued Losses in Q3

After exiting student housing, the REIT now centers operations on four senior housing assets amid liquidity constraints.

November 13, 2025

Strategic Shift to Senior Housing Defines Q3 Results

Strategic Student & Senior Housing Trust has completed its transition out of student housing. Following the sale of its Fayetteville property in July 2024, the company is now focused exclusively on senior living communities. Its Q3 2025 report shows a business that’s narrowed its scope, stabilized occupancy, and is working to manage ongoing financial pressure.

Fayetteville Exit Reshapes the Portfolio

The Fayetteville property was sold for $72.25 million, with the proceeds used to pay off over $59 million in associated debt, including two bridge loans and a mortgage. With the deal closed, the company has fully exited the student housing space. That move leaves it with a portfolio of four senior housing properties in Utah and Oregon.

These four communities—Wellington, Cottonwood Creek, Charleston, and Courtyard—are performing consistently. Average occupancy across the portfolio stood at 95.9% as of September 30, and average monthly revenue per unit came in at $5,492. The company is now focused on managing these assets without plans to acquire new properties in the near term.

Revenue Steady, But Financing Costs Continue to Weigh

Revenue for the quarter rose slightly year-over-year, reaching $9.6 million, up from $8.9 million in Q3 2024. Operating expenses also climbed, driven by property-level costs and continued inflationary pressures in labor and services. Interest expenses remained a significant drag on performance, totaling $1.3 million for the quarter.

After expenses, the company reported a net loss of $1.28 million attributable to common stockholders. For the year to date, the loss stands at $3.79 million. While those numbers reflect ongoing headwinds, operating income before financing costs and depreciation was positive, supported by stable rental income.

Tighter Balance Sheet, Stable Liquidity

As of September 30, total assets stood at $154.9 million, down slightly from $158 million at the end of 2024. The decrease reflects depreciation and limited reinvestment activity. Cash and cash equivalents were $9.8 million, with an additional $1.8 million in restricted cash. The company held $102.8 million in debt, with no variable-rate exposure.

Equity attributable to the company decreased to $10.8 million, from $14.5 million at year-end. That shift reflects the accumulated loss for the year, as well as ongoing distributions to preferred equity holders, which totaled $1.1 million for the nine-month period.

Limited Capital Activity, Operational Focus Ahead

With the public equity offering terminated and the distribution reinvestment plan still suspended, the company has paused capital-raising efforts. Distributions and share redemptions remain on hold. An updated estimated NAV of $6.35 per share, approved in January 2025, provides a current reference point for share valuation.

Earlier this year, the company also transitioned to a new transfer agent. The change was finalized in January, with a one-time $50,000 transition fee paid to the outgoing provider.

Positioned for Stability, with No Near-Term Expansion

Strategic Student & Senior Housing Trust now operates with a leaner structure and a singular focus: managing its four senior housing assets. While near-term growth isn’t on the table, occupancy remains strong, and the company is working to stabilize earnings. With debt service obligations largely fixed, future performance will depend on how well it manages operating expenses and maintains tenant satisfaction across its communities.