Strategic Student & Senior Housing Trust, Inc.

What they do

STSR was formed in October 2016 to invest in student and senior housing real estate and elected REIT tax status for the year ended December 31, 2017. As of June 30, 2026 it owned four senior housing properties totaling 604 units, all acquired in 2018: Wellington, Cottonwood Creek and Charleston in Utah, and Courtyard in Portland, Oregon. It sold its sole remaining student property in 2024, so operations today are entirely senior housing.

Revenue drivers

• Senior housing rental revenue — All revenue comes from rents at the four owned senior housing properties, 604 units at 95.9% blended occupancy as of June 30, 2026; quarterly revenue has risen from $9.6M in Q3 2025 to $10.3M in Q2 2026.
• Courtyard, Portland, Oregon — The largest property by unit count at 309 units, with average monthly revenue per unit of $6,305 and 98.4% occupancy as of June 30, 2026.
• Wellington and Cottonwood Creek, Millcreek, Utah — 119 units at $5,943 average monthly revenue per unit and 98.7% occupancy, and 112 units at $4,904 with 90.9% occupancy, respectively.
• Charleston, Cedar Hills, Utah — The smallest property at 64 units, with $5,903 average monthly revenue per unit and the portfolio's lowest occupancy at 86.9% as of June 30, 2026.

Recent performance

Annual revenue was $37.7M in 2025, up from $34.9M in 2024 and $32.6M in 2023, but net income swung to a $5.8M loss in 2025 from $17.8M of income in 2024. Operating cash flow was $3.2M in 2025 after negative $5.3M in 2024. Quarterly revenue has grown sequentially through the first half of 2026, reaching $10.3M for the quarter ended June 30, 2026. At June 30, 2026 the company reported total assets of $151.0M, total liabilities of $130.8M, long-term debt of $101.5M and shareholder equity of just $5.8M.

Strategy

With its primary offering terminated on May 1, 2021 and no equity capital to acquire additional properties, management states it is focused on managing the existing four senior housing properties. The primary offering, distribution reinvestment plan, share redemption program and monthly distributions were all suspended in March 2020 and remained suspended as of December 31, 2025. On January 16, 2026 the board approved an estimated value per share of $6.37 for all share classes, based on net asset value as of September 30, 2025. No new acquisitions are planned.

Risks

• Persistent losses and accumulated deficit — The company reported a $4.3M net loss from continuing operations for 2025 and an accumulated deficit of approximately $68.1M as of December 31, 2025, and states operations will likely not be profitable in 2026.
• No access to equity capital — Following suspension and termination of the public offering, the company states it lacks the equity capital needed to acquire additional properties and has no plans to do so.
• Suspended redemption program — The share redemption program has been suspended since May 2020 and carries restrictions including a 5% annual cap on shares redeemed, meaning stockholders may not be able to recover their investment.
• Leverage against thin equity — Long-term debt of $101.5M against total assets of $151.0M and shareholder equity of only $5.8M at June 30, 2026 leaves limited cushion.

Outlook

Management does not expect the company to be profitable in 2026 and has no plans to acquire additional properties given the absence of equity capital. The stated focus is managing the four existing senior housing properties. The board's January 2026 estimated value per share of $6.37, calculated as of September 30, 2025, is the most recent public valuation reference.