SSSHT discloses 81% LTV, bridge loan maturity in April 2022, cash shortfall

Strategic Student & Senior Housing Trust, Inc.

Senior occupancy rose 330 bps to 80.5% in Q2, but NOI was ~$100k below Q2 2020.
PPP loans of $1.95M forgiven; student pre-leasing at 96.3% (Fayetteville) and 100% (Tallahassee).
Loan-to-value ratio of 81% as of June 30; $44M bridge loans mature April 2022.
Lender requires $1.8M increase in restricted cash reserves by Jan 1, 2022; company lacks cash.
Delta variant causing breakthrough infections; all options including asset sales or recapitalization considered.

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