Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 09, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Sterling Real Estate Trust | ||
Entity Central Index Key | 1,412,502 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 100,388,281 | ||
Entity Common Stock, Shares Outstanding | 7,690,478 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Real estate investments | $ 594,509 | $ 532,263 |
Cash and cash equivalents | 6,461 | 643 |
Restricted deposits and funded reserves | 6,115 | 6,732 |
Investment in unconsolidated affiliates | 9,022 | 9,081 |
Due from related party | 60 | 109 |
Receivables | 3,428 | 2,953 |
Prepaid expenses | 844 | 1,581 |
Notes receivable | 651 | 600 |
Financing and lease costs, less accumulated amortization of $3,536 in 2015 and $2,985 in 2014 | 4,621 | 3,761 |
Assets held for sale | 1,721 | |
Intangible assets, less accumulated amortization of $7,655 in 2015 and $4,866 in 2014 | 18,184 | 9,222 |
Other assets | 140 | 76 |
Total Assets | 645,756 | 567,021 |
LIABILITIES | ||
Mortgage notes payable | 383,292 | 324,886 |
Lines of credit | 0 | 16,419 |
Special assessments payable | 1,659 | 934 |
Dividends payable | 5,319 | 4,554 |
Due to related party | 440 | 2,500 |
Tenant security deposits payable | 3,763 | 3,113 |
Investment certificates and unsubordinated debt | 200 | 319 |
Unfavorable leases, less accumulated amortization of $803 in 2015 and $572 in 2014 | 2,253 | 806 |
Accounts payable-trade | 819 | 1,486 |
Retainage payable | 6 | 555 |
Liabilities related to assets held for sale | 659 | |
Fair value of interest rate swaps | 219 | 272 |
Deferred insurance proceeds | 69 | 72 |
Accrued expenses and other liabilities | 6,631 | 5,471 |
Total Liabilities | $ 405,329 | $ 361,387 |
COMMITMENTS and CONTINGENCIES - Note 18 | ||
Total liabilities and shareholders' equity | $ 645,756 | $ 567,021 |
SHAREHOLDERS' EQUITY | ||
Noncontrolling interest in operating partnership | 154,810 | 150,594 |
Noncontrolling interest in partially owned properties | 4,537 | |
Beneficial interest | 81,299 | 55,312 |
Accumulated comprehensive income (loss) | (219) | (272) |
Total Shareholders' Equity | $ 240,427 | $ 205,634 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CONSOLIDATED BALANCE SHEETS | ||
Accumulated amortization on financing and lease cost | $ 3,536 | $ 2,985 |
Accumulated amortization on intangible assets | 7,655 | 4,866 |
Accumulated amortization on unfavorable leases | $ 803 | $ 572 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income from rental operations | ||
Real estate rental income | $ 93,330 | $ 68,706 |
Tenant reimbursements | 3,852 | 2,230 |
Total income from rental operations | 97,182 | 70,936 |
Expenses from rental operations | ||
Interest | 16,475 | 12,495 |
Depreciation and amortization | 20,240 | 14,038 |
Real estate taxes | 7,852 | 5,320 |
Property management fees | 9,617 | 6,511 |
Utilities | 7,220 | 5,614 |
Repairs and maintenance | 17,726 | 11,721 |
Insurance | 2,292 | 1,647 |
Loss on lease termination | 58 | |
Loss on impairment of property | 412 | 0 |
Total expenses from rental operations | 81,834 | 57,404 |
Administration of REIT | ||
Administrative expenses | 338 | 281 |
Advisory fees | 2,401 | 1,855 |
Acquisition and disposition expenses | 2,323 | 4,201 |
Trustee fees | 51 | 56 |
Legal and accounting | 534 | 431 |
Total Administration of REIT | 5,647 | 6,824 |
Total expenses | 87,481 | 64,228 |
Income from operations | 9,701 | 6,708 |
Other income (expense) | ||
Equity in income of unconsolidated affiliates | 957 | 1,086 |
Dividend and interest income | 59 | 376 |
Gain on sale of real estate investments | 470 | 69 |
Gain on involuntary conversion | 197 | 398 |
Gain on disposal of marketable securities | 666 | |
Total other income | 1,683 | 2,595 |
Net income | 11,384 | 9,303 |
Net income attributable to noncontrolling interest in operating partnership | 7,684 | 6,715 |
Net income attributable to noncontrolling interest in partially owned properties | (586) | 9 |
Net income attributable to Sterling Real Estate Trust | $ 4,286 | 2,579 |
Loss on extinguishment of debt | $ (18) | |
Net income per common share, basic and diluted | $ 0.59 | $ 0.47 |
Comprehensive income: | ||
Net income | $ 11,384 | $ 9,303 |
Other comprehensive income - change in fair value of interest rate swaps | 53 | 37 |
Comprehensive income | 11,437 | 9,340 |
Comprehensive income attributable to noncontrolling interest | 7,134 | 6,750 |
Comprehensive income attributable to Sterling Real Estate Trust | $ 4,303 | $ 2,590 |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY - USD ($) $ in Thousands | Common Shares | Paid-in Capital | Accumulated Distributions in Excess of Earnings | Total Beneficial Interest | Noncontrolling Interest in Operating Partnership | Noncontrolling Interest in Partially Owned Properties | Accumulated Other Comprehensive Income (Loss) | Total |
Beginning Balance at Dec. 31, 2013 | $ 68,051 | $ (12,075) | $ 55,976 | $ 141,539 | $ (309) | $ 197,206 | ||
Beginning Balance (in shares) at Dec. 31, 2013 | 5,454,000 | |||||||
Shares issued pursuant to trustee compensation plan | 23 | 23 | 23 | |||||
Shares issued pursuant to trustee compensation plan (in shares) | 2,000 | |||||||
Contribution of assets in exchange for the issuance of noncontrolling interest shares | 17,461 | 17,461 | ||||||
Shares/units redeemed | (3,338) | (3,338) | (1,566) | (4,904) | ||||
Shares/units redeemed (in shares) | (238,000) | |||||||
Dividends declared | (4,948) | (4,948) | (12,954) | (17,902) | ||||
Dividends reinvested - stock dividend | 3,238 | 3,238 | 3,238 | |||||
Dividends reinvested - stock dividend (in shares) | 231,000 | |||||||
Issuance of shares under optional purchase plan | 1,892 | 1,892 | 1,892 | |||||
Issuance of shares under optional purchase plan (in shares) | 128,000 | |||||||
UPREIT units converted to REIT common shares | 700 | 700 | (700) | |||||
UPREIT units converted to REIT common shares (in shares) | 47,000 | |||||||
Change in fair value of interest rate swaps | 37 | 37 | ||||||
Distributions paid to consolidated real estate entity noncontrolling interests | (11) | (11) | ||||||
Purchase of subsidary ownership from noncontrolling interest | (810) | (810) | 101 | (709) | ||||
Net income | 2,579 | 2,579 | 6,724 | 9,303 | ||||
Ending balance at Dec. 31, 2014 | 69,756 | (14,444) | 55,312 | 150,594 | (272) | $ 205,634 | ||
Ending balance (in shares) at Dec. 31, 2014 | 5,624,000 | 5,624,000 | ||||||
Issuance of common shares | 25,750 | 25,750 | $ 25,750 | |||||
Issuance of common shares (in shares) | 1,677,000 | |||||||
Shares issued pursuant to trustee compensation plan | 56 | 56 | 56 | |||||
Shares issued pursuant to trustee compensation plan (in shares) | 4,000 | |||||||
Contribution of assets in exchange for the issuance of noncontrolling interest shares | 11,228 | 11,228 | ||||||
Shares/units redeemed | $ (132) | (1,915) | (1,915) | (633) | (2,548) | |||
Dividends declared | (6,885) | (6,885) | (13,976) | (20,861) | ||||
Dividends reinvested - stock dividend | 4,160 | 4,160 | 4,160 | |||||
Dividends reinvested - stock dividend (in shares) | 284,000 | |||||||
Issuance of shares under optional purchase plan | 1,783 | 1,783 | 1,783 | |||||
Issuance of shares under optional purchase plan (in shares) | 116,000 | |||||||
UPREIT units converted to REIT common shares | 87 | 87 | (87) | |||||
UPREIT units converted to REIT common shares (in shares) | 6,000 | |||||||
Syndication costs | (1,335) | (1,335) | (1,335) | |||||
Change in fair value of interest rate swaps | 53 | 53 | ||||||
Contributions from consolidated real estate entity noncontrolling interests | $ 5,123 | 5,123 | ||||||
Net income | 4,286 | 4,286 | 7,684 | (586) | 11,384 | |||
Ending balance at Dec. 31, 2015 | $ 99,677 | $ (18,378) | $ 81,299 | $ 154,810 | $ 4,537 | $ (219) | $ 240,427 | |
Ending balance (in shares) at Dec. 31, 2015 | 7,579,000 | 7,579,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES | ||
Net income | $ 11,384 | $ 9,303 |
Adjustments to reconcile net income to net cash from operating activities | ||
Gain on sale of real estate | (470) | (69) |
Loss on extinguishment of debt | 18 | |
Net gain on investment in marketable securities | (666) | |
Gain on involuntary conversion | (197) | (398) |
Loss on impairment of property | 412 | 0 |
Loss on lease termination | 58 | |
Equity in income of unconsolidated affiliates | (957) | (1,086) |
Distributions of earnings of unconsolidated affiliates | 900 | 1,086 |
Depreciation | 16,466 | 12,116 |
Amortization | 3,742 | 1,897 |
Effects on operating cash flows due to changes in | ||
Restricted deposits - tenant security deposits | (1,169) | (304) |
Restricted deposits - real estate tax and insurance escrows | 330 | 523 |
Due from related party | 49 | (45) |
Receivables | (475) | 199 |
Prepaid expenses | 737 | (372) |
Marketable securities | 666 | |
Other assets | (64) | 23 |
Due to related party | (2,037) | 2,229 |
Tenant security deposits payable | 159 | 244 |
Accounts payable - trade | (815) | 439 |
Accrued expenses and other liabilities | 320 | 2,066 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 28,315 | 27,927 |
INVESTING ACTIVITIES | ||
Purchase of real estate investment properties | (23,480) | (43,932) |
Capital expenditures and tenant improvements | (5,759) | (10,536) |
Proceeds from sale of real estate investments | 1,424 | 625 |
Proceeds from involuntary conversion | 529 | 906 |
Investment in unconsolidated affiliates | (37) | (674) |
Distributions in excess of earnings received from unconsolidated affiliates | 152 | 274 |
Restricted deposits - replacement reserve escrows | 1,456 | (1,367) |
Notes receivable issued | (51) | (600) |
NET CASH USED IN INVESTING ACTIVITIES | (25,766) | (55,304) |
FINANCING ACTIVITIES | ||
Payments for financing and lease costs | (1,938) | (1,668) |
Payments on investment certificates | (319) | (64) |
Reinvested proceeds from investment certificates | 17 | |
Principal payments on special assessments payable | (117) | (35) |
Proceeds from issuance of mortgage notes payable and unsubordinated debt | 36,385 | 24,540 |
Principal payments on mortgage notes payable | (27,160) | (7,898) |
Advances on lines of credit | 16,305 | 29,630 |
Payments on lines of credit | (32,725) | (13,210) |
Proceeds from contributions received from noncontrolling interest - partially owned properties | 5,123 | |
Proceeds from issuance of common shares | 25,750 | |
Proceeds from issuance of shares under optional purchase plan | 1,783 | 1,892 |
Shares/units redeemed | (2,548) | (4,904) |
Dividends/distributions paid | (15,935) | (14,129) |
Payment of syndication costs | (1,335) | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 3,269 | 14,171 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 5,818 | (13,206) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 643 | 13,849 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 6,461 | 643 |
SCHEDULE OF CASH FLOW INFORMATION | ||
Cash paid during the period for interest, net of capitalized interest | 16,249 | 12,395 |
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Dividends reinvested | 4,160 | 3,238 |
Dividends declared and not paid | 1,762 | 1,264 |
UPREIT distributions declared and not paid | 3,557 | 3,290 |
UPREIT units converted to REIT common shares | 87 | 700 |
Stock issued pursuant to trustee compensation plan | 56 | 23 |
Acquisition of assets in exchange for the issuance of noncontrolling interest units in UPREIT | 11,228 | 16,771 |
Contributed assets in real estate venture | 1,316 | |
Purchase of subsidiary ownership from noncontrolling interest in exchange for the issuance of noncontrolling interest units in UPREIT | 810 | |
Increase in land improvements due to increase in special assessments payable | 850 | 172 |
Unrealized gain (loss) on interest rate swaps | 53 | (37) |
Acquisition of assets with new financing | 45,830 | 67,813 |
Acquisition of assets through assumption of debt and liabilities | 2,051 | 2,636 |
Capitalized interest related to construction in progress | 71 | 224 |
Construction in progress with new financing | 3,424 | |
Acquisition of assets with accounts payable | $ 213 | $ 1,066 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2015 | |
ORGANIZATION | |
ORGANIZATION | Note 1 - Organization Sterling Real Estate Trust (“Sterling”, “the Trust” or “the Company”) is a registered, but unincorporated business trust organized in North Dakota in December 2002. Sterling has elected to be taxed as a Real Estate Investment Trust (“REIT”) under Sections 856-860 of the Internal Revenue Code, which requires that 75% of the assets of a REIT must consist of real estate assets and that 75% of its gross income must be derived from real estate. The net income of the REIT is allocated in accordance with the stock ownership in the same fashion as a regular corporation. Sterling previously established an operating partnership (“Sterling Properties, LLLP”) and transferred all of its assets and liabilities to the operating partnership in exchange for general partnership units. As the general partner, Sterling has management responsibility for all activities of the operating partnership. As of December 31, 2015 and 2014 , Sterling owned approximately 33.12% and 27.77% , respectively, of the operating partnership. |
PRINCIPAL ACTIVITY AND SIGNIFIC
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements include the accounts of Sterling and all subsidiaries for which we maintain a controlling interest. The accompanying consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of Sterling , Sterling Properties, LLLP, and wholly-owned limited liability companies. All significant intercompany transactions and balances have been eliminated in consolidation. Additionally, we evaluate the need to consolidate affiliates based on standards set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). In determining whether we have a requirement to consolidate the accounts of an entity, management considers factors such as our ownership interest, our authority to make decisions and contractual and substantive participating rights of the limited partners and shareholders, as well as whether the entity is a variable interest entity (“VIE”) for which we have both: a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and b) the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE. Principal Business Activity Sterling currently owns directly and indirectly, 146 properties. The Trust’s 97 residential properties are located in North Dakota, Minnesota, Missouri and Nebraska and are principally multifamily apartment buildings. The Trust owns 49 commercial properties primarily located in North Dakota with others located in Arkansas, Colorado, Iowa, Louisiana, Michigan, Minnesota, Mississippi, Texas and Wisconsin. The commercial properties include retail, office, industrial, restaurant and medical properties. Presently, the Trust’s mix of properties is 68.0% residential and 32.0% commercial (based on cost) and total $594,509 in real estate investments at December 31, 2015 . Effective January 1, 2016, our focus will be limited to multifamily apartment properties. We currently have no plans with respect to our non-multifamily apartment properties. Residential Property Location No. of Properties Units North Dakota Minnesota Missouri Nebraska Commercial Property Location No. of Properties Sq. Ft North Dakota Arkansas Colorado Iowa Louisiana Michigan Minnesota Mississippi Texas Wisconsin Concentration of Credit Risk Our cash balances are maintained in various bank deposit accounts. The bank deposit amounts in these accounts may exceed federally insured limits at various times throughout the year. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Investments We account for our property acquisitions by allocating the purchase price of a property to the property’s assets based on management’s estimates of fair value. Techniques used to estimate fair value include an appraisal of the property by a certified independent appraiser at the time of acquisition. Significant factors included in the independent appraisal include items such as current rent schedules, occupancy levels, and discount factors. Property valuations are completed primarily using the income capitalization approach, in which anticipated benefits are converted to an indication of current value. The total value allocable to intangible assets acquired, which consists of unamortized lease origination costs, in-place leases and tenant relationships, are allocated based on management’s evaluation of the specific characteristics of each tenant’s lease, our overall relationship with that respective tenant, growth prospects for developing new business with the tenant, the remaining term of the lease and the tenant’s credit quality, among other factors. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of rents that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above or below market leases are included in lease intangibles, net, in the accompanying balance sheets and are amortized on a straight-line basis as an increase or reduction of rental income over the remaining non-cancelable term of the respective leases. We estimate the in-place lease value for each lease acquired. This fair value estimate is calculated using factors available in third party appraisals or cash flow estimates of the property prepared by our internal analysis. These estimates are based upon cash flow projections for the property, existing leases, and the current economic climate. Our analysis results in three discrete financial items: assets for above market leases, liabilities for below market leases, and assets for the in-place lease value. The calculation of each of these components is performed in tandem to provide a complete intangible asset value. Key factors considered in the calculation of fair value of both real property and intangible assets include the current market rent values, “dark” periods (building in vacant status), direct costs estimated with obtaining a new tenant, discount rates, escalation factors, standard lease terms, and tenant improvement costs. Furniture and fixtures are stated at cost less accumulated depreciation. All costs associated with the development and construction of real estate investments, including acquisition fees and interest, are capitalized as a cost of the property. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for routine maintenance and repairs, which do not add to the value or extend useful lives, are charged to expense as incurred. Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method over the following estimated useful lives: Buildings and improvements 40 years Furniture, fixtures and equipment 5 - 9 years Depreciation expense for the years ended December 31, 2015 and 2014 totaled $16,466 and $12,116 , respectively. The Company’s investment properties are reviewed for potential impairment at the end of each reporting period whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At the end of each reporting period, the Company separately determines whether impairment indicators exist for each property. Examples of situations considered to be impairment indicators include, but are not limited to: · a substantial decline or continued low occupancy rate; · continued difficulty in leasing space; · significant financial troubled tenants; · a change in plan to sell a property prior to the end of its useful life or holding period; · a significant decrease in market price not in line with general market trends; and · any other quantitative or qualitative events or factors deemed significant by the Company’s management or board of trustees. If the presence of one or more impairment indicators as described above is identified at the end of the reporting period or throughout the year with respect to an investment property, the asset is tested for recoverability by comparing its carrying value to the estimated future undiscounted cash flows. An investment property is considered to be impaired when the estimated future undiscounted cash flows are less than its current carrying value. When performing a test for recoverability or estimating the fair value of an impaired investment property, the Company makes complex or subjective assumptions which include, but are not limited to: · projected operating cash flows considering factors such as vacancy rates, rental rates, lease terms, tenant financial strength, demographics, holding period and property location; · projected capital expenditures and lease origination costs; · projected cash flows from the eventual disposition of an operating property using a property specific capitalization rate; · comparable selling prices; and · property specific discount rates for fair value estimates as necessary. To the extent impairment has occurred, the Company will record an impairment charge calculated as the excess of the carrying value of the asset over its fair value for impairment of investment properties. Based on evaluation, management recorded a loss on impairment of property of $412 during the year ended December 31, 2015. There was no impairment losses during the year ended December 31, 2014 . Properties Held for Sale We account for our properties held for sale in accordance with ASC 360, Property, Plant and Equipment (“ASC 360”), which addresses financial accounting and reporting in a period in which a component or group of components of an entity either has been disposed of or is classified as held for sale. In accordance with ASC 360, at such time as a property is held for sale, such property is carried at the lower of (1) its carrying amount or (2) fair value less costs to sell. In addition, a property being held for sale ceases to be depreciated. We classify operating properties as properties held for sale in the period in which all of the following criteria are met: · management, having the authority to approve the action, commits to a plan to sell the asset; · the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; · an active program to locate a buyer and other actions required to complete the plan to sell the asset has been initiated; · the sale of the asset is probable and the transfer of the asset is expected to qualify for recognition as a completed sale within one year; · the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and · given the actions required to complete the plan to sell the asset, it is unlikely that significant changes to the plan would be made or that the plan would be withdrawn. The results of operations of a component of an entity that either has been disposed of or is classified as held-for-sale under the requirements of ASC 360, shall be reported in discontinued operations in accordance with ASC 205, Presentation of Financial Statements (“ASC 205”) if the following condition is met: · represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. There was one property classified as held for sale at December 31, 2015 , and no properties classified as held for sale at December 31, 2014. See Note 19. Construction in Progress The Company capitalizes direct and certain indirect project costs incurred during the development period such as construction, insurance, architectural, legal, interest and other financing costs, and real estate taxes. At such time as the development is considered substantially complete, the capitalization of certain indirect costs such as real estate taxes and interest and financing costs cease and all project-related costs included in construction in process are reclassified to land and building and other improvements. Cash and Cash Equivalents We classify highly liquid investments with a maturity of three months or less when purchased as cash equivalents. Investment in Unconsolidated Affiliates We account for unconsolidated affiliates using the equity method of accounting per guidance established under ASC 323, Investments – Equity Method and Joint Ventures (“ASC 323”). The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for our share of equity in the affiliates’ earnings and distributions. We evaluate the carrying amount of the investments for impairment in accordance with ASC 323. Unconsolidated affiliates are reviewed for potential impairment if the carrying amount of the investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether impairment is other-than-temporary, we consider whether we have the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an affiliate for potential impairment can require our management to exercise significant judgments. No impairment losses were recorded related to the unconsolidated affiliates for the years ended December 31, 2015 and 2014 . We use the equity method to account for investments that qualify as variable interest entities where we are not the primary beneficiary and entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the operations and financial policies of the investee. We will also use the equity method for investments that do not qualify as variable interest entities and do not meet the control requirements for consolidation, as defined in ASC 810. For a joint venture accounted for under the equity method, our share of net earnings and losses is reflected in income when earned and distributions are credited against our investment in the joint venture as received. In determining whether an investment in a limited liability company or tenant in common is a variable interest entity, we consider: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including the necessity of subordinated debt; estimates of future cash flows; our and our partner’s ability to participate in the decision making related to acquisitions, dispositions, budgeting and financing on the entity; and obligation to absorb losses and preferential returns. As of December 31, 2015 , we assessed one of our liability liability company arrangements as a variable interest entity where we were not the primary beneficiary. In addition, four of our tenant in common arrangements do not qualify as variable interest entities and do not meet the control requirements for consolidation, as defined in ASC 810. As of December 31, 2015 and 2014 , the unconsolidated affiliates held total assets of $ 32,296 and $ 32,459 and mortgage notes payable of $ 20,421 and $ 20,803 , respectively. The operating partnership owns a 40.26% interest in a single asset limited liability company which owns a 144 unit residential, multifamily apartment complex in Bismarck, North Dakota. The property is encumbered by a first mortgage with a balance at December 31, 2015 and 2014 of $2,259 and $ 2,323 , respectively. We owed $909 and $ 935 of our respective share of the mortgage loan balance as of December 31, 2015 and 2014 , respectively. The Company is jointly and severally liable for the full mortgage balance. The operating partnership is a 50% owner of Grand Forks Marketplace Retail Center through 100% ownership in a limited liability company. Grand Forks Marketplace Retail Center has approximately 183,000 square feet of commercial space in Grand Forks, North Dakota. The property is encumbered by a non-recourse first mortgage with a balance at December 31, 2015 and 2014 of $ 11,079 and $ 11,260 , respectively. We owed $ 5,540 and $ 5,630 for our respective share of the mortgage loan balance as of December 31, 2015 and 2014 , respectively. The Company is jointly and severally liable for the full mortgage balance. The operating partnership owns a 66.67% interest as tenant in common in an office building with approximately 75,000 square feet of commercial rental space in Fargo, North Dakota. The property is encumbered by a first mortgage with a balance at December 31, 2015 and 2014 of $ 7,083 and $ 7,221 , respectively. We owed $ 4,722 and $ 4,814 for our respective share of the mortgage loan balance on December 31, 2015 and 2014 , respectively. The Company is jointly and severally liable for the full mortgage balance. The operating partnership owns an 82.50% interest as a tenant in common in a 61 unit residential, multifamily apartment complex in Fargo, North Dakota. The property was unencumbered at December 31, 2015 and 2014 , respectively . The operating partnership is a 99% owner of Michigan Street Transit Center, LLC (“Transit Center”) through 100% ownership in a limited liability company. The operating partnership has contributed approximately $644 in cash and $1,316 in property contributions to the Transit Center in May and June 2014, respectively. As of December 31, 2015, the property owned by the Transit Center consisted of land previously occupied by a building and parking ramp in Duluth, Minnesota which were both demolished during 2014. The property was unencumbered at December 31, 2015 and 2014 , respectively . Receivables Receivables consist primarily of amounts due for rent and real estate taxes. The receivables are non-interest bearing. The carrying amount of receivables is reduced by an amount that reflects management’s best estimates of the amounts that will not be collected. As of December 31, 2015 and 2014 , management determined no allowance was necessary for uncollectible receivables. Financing and Lease Costs Financing costs have been capitalized and are being amortized over the life of the financing using the effective interest method. Unamortized financing costs are written off when debt is retired before the maturity date and included in amortization expense at that time. Lease costs incurred in connection with new leases have been capitalized and are being amortized over the life of the lease using the straight-line method. Intangible Assets Lease intangibles are a purchase price allocation recorded on property acquisition. The lease intangibles represent the estimated value of in-place leases, tenant relationships and the value of leases with above or below market lease terms. Lease intangibles are amortized over the term of the related lease. The carrying amount of intangible assets is regularly reviewed for indicators of impairments in value. Impairment is recognized only if the carrying amount of the intangible asset is considered to be unrecoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and the estimated fair value of the asset. Based on the review, management determined no impairment charges were necessary at December 31, 2015 and 2014 . Noncontrolling Interest A noncontrolling interest in a subsidiary (minority interest) is in most cases an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and comprehensive income. Operating Partnership: Interests in the operating partnership held by limited partners are represented by operating partnership units. The operating partnership’s income is allocated to holders of units based upon the ratio of their holdings to the total units outstanding during the period. Capital contributions, distributions, syndication costs, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the operating partnership agreement. Partially Owned Properties: The Company reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interest in partially owned properties in the consolidated statement of operations and comprehensive income. Syndication Costs Syndication costs consist of costs paid to attorneys, accountants, and selling agents, related to the raising of capital. Syndication costs are recorded as a reduction to beneficial and noncontrolling interest. Federal Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code, as amended. A REIT calculates taxable income similar to other domestic corporations, with the major difference being a REIT is entitled to a deduction for dividends paid. A REIT is generally required to distribute each year at least 90% of its taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate tax on such income. REIT shareholders are taxed on REIT distributions of ordinary income in the same manner as they are taxed on other corporate distributions. A summary of the tax characterization of the dividends paid to shareholders of the Company’s common stock for the years ended December 31, 2015 and 2014 follows: Tax Year Ended December 31, Dividend % Dividend % 2015 2015 2014 2014 Tax status Ordinary income $ % $ % Capital Gain % % Return of capital % % $ % $ % We intend to continue to qualify as a REIT and, provided we maintain such status, will not be taxed on the portion of the income that is distributed to shareholders. In addition, we intend to distribute all of our taxable income; therefore, no provisions or liabilities for income taxes have been recorded in the financial statements. Sterling conducts its business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through its Operating Partnership – Sterling Properties, LLLP. The Operating Partnership is organized as a limited liability limited partnership. Income or loss is allocated to the partners in accordance with the provisions of the Internal Revenue Code 704(b) and 704(c). UPREIT status allows non-recognition of gain by an owner of appreciated real estate if that owner contributes the real estate to a partnership in exchange for a partnership interest. The conversion of a partnership interest to shares of beneficial interest in the REIT will be a taxable event to the limited partner. We follow ASC Topic 740, Income Taxes, to recognize, measure, present and disclose in our consolidated financial statements uncertain tax positions that we have taken or expect to take on a tax return. As of December 31, 2015 and 2014 we did not have any liabilities for uncertain tax positions that we believe should be recognized in our consolidated financial statements. We are no longer subject to Federal and State tax examinations by tax authorities for years before 2012. The operating partnership has elected to record related interest and penalties, if any, as income tax expense on the consolidated statements of operations and other comprehensive income. Revenue Recognition We recognize revenue in accordance with ASC Topic 605, Revenue Recognition, (“ASC Topic 605”). ASC Topic 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (1) there is persuasive evidence that an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the seller’s price to the buyer is fixed and determinable; and (4) collectability is reasonably assured. We derive over 95% of our revenues from tenant rents and other tenant-related activities. We lease multifamily units under operating leases with terms of one year or less. Rental income and other property revenues are recorded when due from tenants and recognized monthly as earned pursuant to the terms of the underlying leases. Other property revenues consist primarily of laundry, application and other fees charged to tenants. We lease commercial space primarily under long-term lease agreements. Commercial tenant rents include base rents, expense reimbursements (such as common area maintenance, real estate taxes and utilities), and a straight-line rent adjustment. We record base rents on a straight-line basis. The monthly base rent income according to the terms of our leases is adjusted so that an average monthly rent is recorded for each tenant over the term of its lease. The straight-line rent adjustment increased revenue by $325 and $186 for the years ended December 31, 2015 and 2014 , respectively. The straight-line receivable balance included in receivables on the consolidated balance sheets as of December 31, 2015 and 2014 was $ 2,863 and $ 2,538 , respectively. We receive payments for expense reimbursements from substantially all our multi-tenant commercial tenants throughout the year based on estimates. Differences between estimated recoveries and the final billed amounts, which generally are immaterial, are recognized in the subsequent year. Earnings per Common Share Basic earnings per common share is computed by dividing net income available to common shareholders (the “numerator”) by the weighted average number of common shares outstanding (the “denominator”) during the period. Sterling had no dilutive potential common shares as of December 31, 2015 and 2014 , and therefore, basic earnings per common share was equal to diluted earnings per common share for both periods. For the years ended December 31, 2015 and 2014 , Sterling’s denominators for the basic and diluted earnings per common share were approximately 7,223,000 and 5,507,000 , respectively. Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). In accordance with ASU 2014-08, a discontinued operation represents: (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (ii) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of: (i) a separate major line of business, (ii) a separate major geographic area of operations, (iii) a major equity method investment, or (iv) other major parts of an entity. The standard requires prospective application and will be effective for interim and annual periods beginning on or after December 15, 2014 with early adoption permitted. The standard is not applied to components of an entity that were sold or classified as held for sale prior to the adoption of the standard. We have elected to adopt this standard early, effective January 1, 2014, which primarily has the impact of reflecting gains and losses on the sale of operating properties prospectively within continuing operations, and results in not classifying the operations of such operating properties as discontinued operations in all periods presented. Subsequent to our adoption of ASU 2014-08, the sale of real estate that does not meet the definition of a discontinued operation under the standard will be included in gain on sale of operating properties in our consolidated statements of operations and other comprehensive income. In May 2014, the FASB and International Accounting Standards Board issued their final standard on revenue from contracts with customers, which was issued by the FASB as Accounting Standards Update 2014-09, Revenue from Contracts with Customers , or ASU 2014-09. ASU 2014-09, which establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, supersedes most current GAAP applicable to revenue recognition and converges U.S. and international accounting standards in this area. The core principle of the new guidance is that revenue shall only be recognized when an entity has transferred control of goods or services to a customer and for an amount reflecting the consideration to which the entity expects to be entitled for such exchange. Additionally, lease contracts are specifically excluded form ASU 2014-09. In July 2015, the FASB decided to defer the effective date for annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning on the original effective date of periods beginning after December 15, 2016. Upon adoption, ASU 2014-09 allows for full retrospective adoption applied to all periods presented or modified retrospective adoption with the cumulative effect of initially applying the standard recognized at the date of initial application. We have not yet determined the effect ASU 2014-09 will have on our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"). This amends ASC 810, Consolidation (ASC "810"), to improve targeted areas of consolidation guidance by simplifying the requirements of consolidation and placing more emphasis on risk of loss when determining a controlling financial interest. ASU 2015-02 is effective for the annual period ending after December 15, 2015, and subsequent interim and annual periods with early adoption permitted. The adoption of ASU 2015-02 is not expected to have a material impact on the Company's consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03 “ Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” . The objective of ASU 2015-03 is to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. To simplify presentation of debt issuance costs, the amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. In August 2015, the FASB issued ASU No. 2015-15, Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which clarifies that absent authoritative guidance in ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the staff of the Securities and Exchange Commission would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2015. Early adoption is permitted. The adoption of the standard will result in the reclassification of unamortized debt issuance costs related to the Company’s mortgage notes payable from assets, net to reductions in mortgage notes payable within its consolidated balance sheets as of December 31, 2015 and 2014. Other than this reclassification, the adoption of the standard will not have an impact on the Company’s consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments, which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period, includi |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2015 | |
SEGMENT REPORTING | |
SEGMENT REPORTING | NOTE 3 – segment reporting We report our results in two reportable segments: residential and commercial properties. Our residential properties include multifamily properties. Our commercial properties include retail, office, industrial, restaurant and medical properties. We assess and measure operating results based on net operating income (“NOI”), which we define as total real estate segment revenues less real estate expenses (which consist of real estate taxes, property management fees, utilities, repairs and maintenance, insurance and direct administrative costs). We believe NOI is an important measure of operating performance even though it should not be considered an alternative to net income or cash flow from operating activities. NOI is unaffected by financing, depreciation, amortization, legal and professional fees and certain general and administrative expenses. The accounting policies of each segment are consistent with those described in Note 2 of this report. Segment Revenues and Net Operating Income The revenues and net operating income for the reportable segments (residential and commercial) are summarized as follows for the years ended December 31, 2015 and 2014 , along with reconciliations to the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements. Year ended December 31, 2015 Residential Commercial Total (in thousands) Income from rental operations $ $ $ Expenses from rental operations Net operating income $ $ $ Interest Depreciation and amortization Administration of REIT Loss on impairment of property Other (income)/expense Net income $ Year ended December 31, 2014 Residential Commercial Total (in thousands) Income from rental operations $ $ $ Expenses from rental operations Net operating income $ $ $ Interest Depreciation and amortization Administration of REIT Loss on lease termination Other (income)/expense Net income $ Segment Assets and Accumulated Depreciation As of December 31, 2015 Residential Commercial Total (in thousands) Real estate investments $ $ $ Accumulated depreciation $ $ Cash and cash equivalents Restricted deposits and funded reserves Investment in unconsolidated affiliates Receivables and other assets Financing and lease costs, less accumulated amortization Assets held for sale Intangible assets, less accumulated amortization Total Assets $ As of December 31, 2014 Residential Commercial Total (in thousands) Real estate investments $ $ $ Accumulated depreciation $ $ Cash and cash equivalents Restricted deposits and funded reserves Investment in unconsolidated affiliates Receivables and other assets Financing and lease costs, less accumulated amortization Intangible assets, less accumulated amortization Total Assets $ |
REAL ESTATE INVESTMENTS
REAL ESTATE INVESTMENTS | 12 Months Ended |
Dec. 31, 2015 | |
REAL ESTATE INVESTMENTS | |
REAL ESTATE INVESTMENTS | note 4 – real estate investments As of December 31, 2015 Residential Commercial Total (in thousands) Land and land improvements $ $ $ Building and improvements Furniture, fixtures and equipment Construction in progress — Less accumulated depreciation $ $ $ As of December 31, 2014 Residential Commercial Total (in thousands) Land and land improvements $ $ $ Building and improvements Furniture, fixtures and equipment Construction in progress — Less accumulated depreciation $ $ $ Construction in progress as of December 31, 2015 consists of planning costs associated with phase II and III of a multifamily apartment community under construction in Bismarck, North Dakota. Phase II of the project consists of a clubhouse and six 6-plex two-story townhomes and phase III consists of up to six 4-story apartment buildings with underground parking. Site work has commenced on the clubhouse and one townhome building of Phase II and Phase III of the development is still in the planning stages and construction has not yet commenced. Phase II of the project is estimated to cost $8,033 and is expected to be substantially completed in third quarter 2017. The Company is working with GOLDMARK Development Corporation, a related party, as the general contractor for Phase II. Construction in progress as of December 31, 2014 consisted of costs associated with the development of a new, four building 156 unit multifamily apartment community (phase I) constructed in Bismarck, North Dakota . The project was substantially completed in June 2015. The total project construction costs capitalized were $14,237 . The Company is working with GOLDMARK Development Corporation, a related party, as the general contractor for the project. See Note 16 for additional information. |
RESTRICTED DEPOSITS AND FUNDED
RESTRICTED DEPOSITS AND FUNDED RESERVES | 12 Months Ended |
Dec. 31, 2015 | |
RESTRICTED DEPOSITS AND FUNDED RESERVES | |
RESTRICTED DEPOSITS AND FUNDED RESERVES | NOTE 5 - RESTRICTED DEPOSITS AND FUNDED RESERVES 2015 2014 (in thousands) Tenant security deposits $ $ Real estate tax and insurance escrows Replacement reserves $ $ Tenant Security Deposits We have set aside funds to repay tenant security deposits upon tenant move-out. Real Estate Tax and Insurance Escrows Pursuant to the terms of certain mortgages, we have established and maintain real estate tax escrows and insurance escrows to pay real estate taxes and insurance. We are required to contribute to the account monthly an amount equal to 1/12 of the estimated real estate taxes and insurance premiums. Replacement Reserves Pursuant to the terms of certain mortgages, we have established and maintain several replacement reserve accounts. We make monthly deposits into the replacement reserve accounts to be used for repairs and replacements on the property. Certain replacement reserve accounts require authorization from the mortgage company for withdrawals. |
NOTES RECEIVABLE
NOTES RECEIVABLE | 12 Months Ended |
Dec. 31, 2015 | |
NOTES RECEIVABLE | |
NOTES RECEIVABLE | NOTE 6 – NOTES RECEIVABLE Notes receivable primarily consisted of a $600 note to an unaffiliated party to provide working capital and for improvements on a residential property bearing interest at a rate of 6.5% and is personally guaranteed by the owner. Accrued interest is due monthly beginning in October 2014 until the note is paid in full. The principal plus accrued interest will be due and payable on the earlier of: 1) within ninety days of the lender’s demand, which demand may be made at any time after June 1, 2015, or 2) August 31, 2016. |
LEASE INTANGIBLES
LEASE INTANGIBLES | 12 Months Ended |
Dec. 31, 2015 | |
LEASE INTANGIBLES | |
LEASE INTANGIBLES | NOTE 7 - Lease intangibles The following table summarizes the net value of other intangible assets and liabilities and the accumulated amortization for each class of intangible: Lease Accumulated Lease As of December 31, 2015 Intangibles Amortization Intangibles, net Intangible Assets (in thousands) In-place leases $ $ $ Above-market leases $ $ $ Intangible Liabilities Below-market leases $ $ $ Lease Accumulated Lease As of December 31, 2014 Intangibles Amortization Intangibles, net Intangible Assets (in thousands) In-place leases $ $ $ Above-market leases $ $ $ Intangible Liabilities Below-market leases $ $ $ The estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows: Intangible Intangible Years ending December 31, Assets Liabilities (in thousands) 2016 $ $ 2017 2018 2019 2020 Thereafter $ $ The weighted average amortization period for the intangible assets (in-place leases, above-market leases) and intangible liabilities (below-market leases) acquired as of December 31, 2015 was 4.9 years . |
LINES OF CREDIT
LINES OF CREDIT | 12 Months Ended |
Dec. 31, 2015 | |
LINES OF CREDIT | |
LINES OF CREDIT | NOTE 8 – LINES OF CREDIT We have a $27,000 variable rate ( 1-month LIBOR plus 2.25% ) line of credit agreement with Wells Fargo Bank, which expires in June 2018 ; and a $6,315 variable rate ( prime rate less 0.5% ) line of credit agreement with Bremer Bank, which expires November 2019 . The lines of credit are secured by properties in Duluth, Minnesota; Minneapolis/St. Paul, Minnesota; Austin, Texas; Mandan, North Dakota; Fargo, North Dakota; Edina, Minnesota; St. Cloud, Minnesota; Moorhead, Minnesota; and Grand Forks, North Dakota. We also have a $2,000 variable rate ( prime rate less 0.5%) unsecured line of credit agreement with Bremer Bank, which expires October 2016 ; and a $3,000 variable rate (prime rate) unsecured line of credit agreement with Bell State Bank & Trust, which expires December 2016 . At December 31, 2015 , there was no balance outstanding on the lines of credit, leaving $37,015 available and unused under the agreements. Certain of the variable lines of credit have limits on availability based on collateral specific critieria. Certain line of credit agreements include covenants that, in part, impose maintenance of certain debt service coverage and debt to net worth ratios. As a result of the December 19, 2014 suburban Minneapolis, Minnesota portfolio acquisition the Company was out of compliance with Bremer’s post distribution debt service coverage ratio requirement on a consolidated basis on secured line of credit as of December 31, 2014. A waiver was received from the lender. As of December 31, 2015 , four residential properties were out of compliance with Bremer’s debt service coverage ratio requirement on an individual property basis. A waiver was received from the lender. |
MORTGAGE NOTES PAYABLE
MORTGAGE NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2015 | |
MORTGAGE NOTES PAYABLE | |
MORTGAGE NOTES PAYABLE | NOTE 9 - MORTGAGE NOTES PAYABLE The following table summarizes the Company’s mortgage notes payable. Principal Balance At December 31, December 31, 2015 2014 (in thousands) Fixed rate mortgage notes payable (a) $ $ Variable rate construction loan (b) - Mortgage notes payable $ $ (a) Includes $3,158 and $3,254 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2015 and 2014 , respectively. (b) The variable rate construction loan bears interest at a floating rate of London Interbank Offered Rate (LIBOR) plus 2.50% . Mortgage loan payables, net were $ 383,292 and $ 324,886 as of December 31, 2015 and 2014 , respectively. As of December 31, 2015 , we had 108 fixed rate and no variable rate mortgage loans with effective interest rates ranging from 2.57% to 7.65% per annum and a weighted average effective interest rate of 4.53% per annum. As of December 31, 2014 , we had 90 fixed rate and 1 variable rate mortgage loans with effective interest rates ranging from 2.57% to 7.65% per annum, and a weighted average effective interest rate of 4.70% per annum. As of December 31, 2014 , we had $ 318,554 of fixed rate debt, or 98.05% of mortgage loan payables, at a weighted average interest rate of 4.74% per annum and $ 6,332 of variable rate debt, or 1.95% of mortgage loan payables, net at a weighted average effective interest rate of 2.66% per annum. The majority of the Company’s mortgages payable require monthly payments of principal and interest. Certain mortgages require reserves for real estate taxes and certain other costs. Mortgages are secured by the respective properties, assignment of rents, business assets, deeds to secure debt, deeds of trust and/or cash deposits with the lender. Certain mortgage note agreements include covenants that, in part, impose maintenance of certain debt service coverage and debt to worth ratios. As a result of the December 19, 2014 suburban Minneapolis, Minnesota portfolio acquisition, as of December 31, 2014 the Company was out of compliance with the lender’s post distribution debt service coverage ratio requirement on a consolidated basis. In addition, two loans on residential properties were out of compliance at year-end due to unit renovation repair and maintenance costs. One loan is secured by a property located in Fargo, North Dakota with an outstanding balance of $295 and the other loan is secured by properties located in Fargo, North Dakota with an outstanding balance of $3,446 at December 31, 2014 . The loans were out of compliance with the lender’s debt service coverage ratio requirement as of December 31, 2014. Waivers were received from the lenders. As of December 31, 2015 , three loans on residential properties and two loans on commercial properties were out of compliance due to various unit renovation and parking lot repair and maintenance costs. The loans were secured by properties located in Fargo and Bismarck, North Dakota with a total outstanding balance of $9,650 at December 31, 2015. Waivers have been received from the lenders. We are required to make the following principal payments on our outstanding mortgage notes payable for each of the five succeeding fiscal years and thereafter as follows: Years ending December 31, Amount (in thousands) 2016 $ 2017 2018 2019 2020 Thereafter Total payments $ |
HEDGING ACTIVITIES
HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2015 | |
HEDGING ACTIVITIES | |
HEDGING ACTIVITIES | NOTE 10 – HEDGING ACTIVITIES As part of our interest rate risk management strategy, we have used derivative instruments to minimize significant unanticipated earnings fluctuations that may arise from rising variable interest rate costs associated with existing borrowings. To meet these objectives, we have entered into interest rate swaps in the notional amount of $1,294 and $2,450 to provide a fixed rate of 7.25% and 2.57% , respectively. The swaps mature in April 2020 and December 2017 , respectively. The swaps were issued at approximate market terms and thus no fair value adjustment was recorded at inception. The carrying amount of the swaps have been adjusted to their fair values at the end of the quarter, which because of changes in forecasted levels of LIBOR, resulted in reporting a liability for the fair value of the future net payments forecasted under the swaps. The interest rate swaps are accounted for as effective hedges in accordance with ASC 815-20 whereby they are recorded at fair value and changes in fair value are recorded to comprehensive income. As of December 31, 2015 and 2014 , we have recorded a liability and accumulated other comprehensive loss of $ 219 and $ 272 , respectively. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended |
Dec. 31, 2015 | |
FAIR VALUE MEASUREMENT | |
FAIR VALUE MEASUREMENT | NOTE 11 - FAIR VALUE MEASUREMENT The following table presents the carrying value and estimated fair value of the Company’s financial instruments: December 31, 2015 December 31, 2014 Carrying Carrying Value Fair Value Value Fair Value (in thousands) Financial liabilities: Mortgage notes payable $ $ $ $ Fair value of interest rate swaps $ $ $ $ The carrying values shown in the table are included in the consolidated balance sheets under the indicated captions. ASC 820-10 established a three-level valuation hierarchy for fair value measurement. Management uses these valuation techniques to establish the fair value of the assets at the measurement date. These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect management’s assumptions. These two types of inputs create the following fair value hierarchy: · Level 1 – Quoted prices for identical instruments in active markets; · Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose significant inputs are observable; · Level 3 – Instruments whose significant inputs are unobservable. The guidance requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Recurring Fair Value Measurements The following table presents the Company’s financial instruments, which are measured at fair value on a recurring basis, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. Level 1 Level 2 Level 3 Total (in thousands) December 31, 2015 Fair value of interest rate swaps $ — $ $ — $ December 31, 2014 Fair value of interest rate swaps $ — $ $ — $ Fair value of interest rate swaps: The fair value of interest rate swaps is determined using a discounted cash flow analysis on the expected future cash flows of the derivative. This analysis utilizes observable market data including forward yield curves and implied volatilities to determine the market’s expectation of the future cash flows of the variable component. The fixed and variable components of the derivative are then discounted using calculated discount factors developed based on the LIBOR swap rate and are aggregated to arrive at a single valuation for the period. The Company also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2015 and 2014 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation. As a result, the Company has determined that its derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements. The Company’s derivative instruments are further described in Note 10. Nonrecurring Fair Value Measurements As discussed in Note 2, the Company recorded an impairment charge during the year ended December 31, 2015 to write the carrying value down to estimated fair value for certain investment properties after determining their carrying value exceeded the projected undiscounted cash flows based upon the estimated holding period for such assets. Estimated fair value is determined by the Company utilizing the discounted cash flow models, third-party broker valuation estimates, appraisals, bona fide purchase offers or the expected sales price from an executed sales agreement. Capitalization and discount rates utilized within discounted cash flows models are based upon observable rates that the Company believes to be within a reasonable range of current market rates for the property. Investment properties measured at fair value on a nonrecurring basis at December 31, 2015 and 2014, respectively, aggregated by the level within the fair value hierarchy in which those measurements fall are as follows: Provision for Impairment of Investment Level 1 Level 2 Level 3 Total Properties (in thousands) December 31, 2015 Real estate investments (a) $ — $ — $ $ $ December 31, 2014 Real estate investments $ — $ — $ — $ — $ — (a) Includes an impairment charge recorded on certain investment properties during the year ended December 31, 2015, based upon a discounted cash flow model. Fair Value Disclosures The following table presents the Company’s financial assets and liabilities, which are measured at fair value for disclosure purposes, by the level in the fair value hierarchy within which they fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. Level 1 Level 2 Level 3 Total (in thousands) December 31, 2015 Mortgage notes payable $ — $ — $ $ December 31, 2014 Mortgage notes payable $ — $ — $ $ Mortgage notes payable: The Company estimates the fair value of its mortgage notes payable by discounting the future cash flows of each instrument at rates currently offered to the Company for similar debt instruments of comparable maturities by the Company’s lenders. Judgment is used in determining the appropriate rate for each of the Company’s individual mortgages and notes payable based upon the specific terms of the agreement, including the term to maturity, the quality and nature of the underlying property and its leverage ratio. The rates used range from 3.97% to 4.05% and from 3.94% to 4.41% at December 31, 2015 and 2014 , respectively. The fair value of the Company’s matured mortgage notes payable were determined to be equal to the carrying value of the properties because there is no market for similar debt instruments and the properties’ carrying value was determined to be the best estimate of fair value as of December 31, 2015 . The Company’s mortgage notes payable are further described in Note 9. |
NONCONTROLLING INTEREST OF UNIT
NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP | 12 Months Ended |
Dec. 31, 2015 | |
NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP | |
NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP | NOTE 12 – NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP As of December 31, 2015 and 2014 , outstanding limited partnership units totaled 15,300,000 and 14,621,000 respectively. As of December 31, 2015 and 2014 , the operating partnership declared distributions of $ 3,557 and $ 3,290 respectively, to limited partners paid in January 2016 and 2015, respectively. Distributions per unit were $ 0.9300 and $ 0.9000 during the years ended December 31, 2015 and 2014 , respectively. During the year ended December 31, 2015 , Sterling exchanged 6,000 common shares for 6,000 limited partnership units held by limited partners, pursuant to redemption requests. The aggregate value of these transactions was $87 . During the year ended December 31, 2014 , Sterling exchanged 47,000 common shares for 47,000 limited partnership units held by limited partners, pursuant to redemption requests. The aggregate value of these transactions was $700 . At the sole and absolute discretion of the limited partnership, and so long as a Redemption Plan exists, Limited Partners may request the operating partnership redeem their limited partnership units. The operating partnership may choose to offer the Limited Partner: (i) cash for the redemption or, at the request of the Limited Partner, (2) offer shares in lieu of cash for the redemption on a basis of one limited partnership unit for one Sterling common share (the “Exchange Request”). The Exchange Request shall be exercised pursuant to a Notice of Exchange. If the issuance of Sterling common shares pursuant to an Exchange Request will cause the shareholder to exceed the ownership limitations, among other reasons, payment will be made to the Limited Partner in cash. No Limited Partner may exercise an Exchange Request more than twice during any calendar year, and Exchange Requests may not be made for less than 1,000 limited partnership units. If a Limited Partner owns less than 1,000 limited partnership units, all of the limited partnership units held by the Limited Partner must be exchanged pursuant to the Exchange Request. |
REDEMPTION PLANS
REDEMPTION PLANS | 12 Months Ended |
Dec. 31, 2015 | |
REDEMPTION PLANS | |
REDEMPTION PLANS | NOTE 13 – REDEMPTION PLANS Our Board of Trustees has approved redemption plans that enable our shareholders to sell their common shares and the partners of our operating partnership to sell their limited partnership units to us, after they have held the securities for at least one year and subject to other conditions and limitations described in the plans. Our redemption plans currently provide that the maximum amount that can be redeemed under the plan is $30,000 worth of securities. Currently, the fixed redemption price is $14.50 per share or unit under the plans which price became effective February 1, 2015. We may redeem securities under the plans provided the aggregate total has not been exceeded if we have sufficient funds to do so. The plans will terminate in the event the shares become listed on any national securities exchange, the subject of bona fide quotes on any inter-dealer quotation system or electronic communications network or are the subject of bona fide quotes in the pink sheets. Additionally, the Board, in its sole discretion, may terminate, amend or suspend the redemption plans, either or both of them, if it determines to do so in its sole discretion. During the years ended December 31, 2015 and 2014 , the Company redeemed 132,000 and 238,000 common shares valued at $ 1,915 and $ 3,338 , respectively. In addition, during the years ended December 31, 2015 and 2014 , the Company redeemed 44,000 and 112,000 units valued at $ 633 and $ 1,566 , respectively. |
BENEFICIAL INTEREST
BENEFICIAL INTEREST | 12 Months Ended |
Dec. 31, 2015 | |
BENEFICIAL INTEREST | |
BENEFICIAL INTEREST | NOTE 14 – BENEFICIAL INTEREST We are authorized to issue 100,000,000 common shares of beneficial interest with $0.01 par value and 50,000,000 preferred shares with $0.01 par value, which collectively represent the beneficial interest of Sterling. As of December 31, 2015 and 2014 , there were 7,579,000 and 5,624,000 common shares outstanding. We had no preferred shares outstanding as of either date. Dividends paid to holders of common shares were $ 0.9300 per share and $ 0.9000 per share for the years ended December 31, 2015 and 2014 , respectively. |
DIVIDEND REINVESTMENT PLAN
DIVIDEND REINVESTMENT PLAN | 12 Months Ended |
Dec. 31, 2015 | |
DIVIDEND REINVESTMENT PLAN | |
DIVIDEND REINVESTMENT PLAN | NOTE 15 – DIVIDEND REINVESTMENT PLAN Our Board of Trustees approved a dividend reinvestment plan to provide existing holders of our common shares with a convenient method to purchase additional common shares without payment of brokerage commissions, fees or service charges. On July 20, 2012, we registered with the Securities Exchange Commission 2,000,000 common shares to be issued under the plan on Form S-3D, which automatically became effective on July 20, 2012. Under this plan, eligible shareholders may elect to have all or a portion (but not less than 25%) of the cash dividends they receive automatically reinvested in our common shares. If an eligible shareholder elects to reinvest cash dividends under the plan, the shareholder may also make additional optional cash purchases of our common shares, not to exceed $5 per fiscal quarter without our prior approval. The purchase price per common share under the plan equals 95% of the estimated value per common share for dividend reinvestments and equals 100% of the estimated value per common share for additional optional cash purchases, as determined by our Board of Trustees. The estimated value per common share was $ 15.50 and $ 15.00 at December 31, 2015 and 2014 , respectively. See discussion of determination of estimated value in Note 20. Therefore, the purchase price per common share for dividend reinvestments was $ 14.725 and $ 14.25 and for additional optional cash purchases was $ 15.50 and $ 15.00 at December 31, 2015 and 2014 , respectively. The Board, in its sole discretion, may amend, suspend or terminate the plan at any time, without the consent of shareholders, upon a ten day notice to participants. In the year ended December 31, 2015 , 284,000 shares were issued pursuant to dividend reinvestments and 116,000 shares were issued pursuant to additional optional cash purchases under the plan. In the year ended December 31, 2014 , 231,000 shares were issued pursuant to dividend reinvestments and 128,000 shares were issued pursuant to additional optional cash purchases under the plan. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 16 – RELATED PARTY TRANSACTIONS Property Management Fee During the years ended December 31, 2015 and 2014 , we paid property management fees to GOLDMARK Property Management in an amount equal to 5% of rents of the properties managed. GOLDMARK Property Management is owned in part by Kenneth Regan and James Wieland. For the years ended December 31, 2015 and 2014 , we paid management fees of $9,304 and $6,439 , respectively, to GOLDMARK Property Management. Board of Trustee Fees We incurred Trustee fees of $ 51 and $ 56 during the years ended December 31, 2015 and 2014 , respectively. As of December 31, 2015 , and 2014 we owed our Trustees $ 27 and $ 32 for unpaid board of trustee fees, respectively. There is no cash retainer paid to Trustees. Instead, we pay Trustees specific amounts for meetings attended. In March 2014, our Board revised the Trustee Compensation Plan effective January 1, 2014. The plan provides: Board Chairman – Board Meeting 105 shares/meeting Trustee – Board Meeting 75 shares/meeting Committee Chair – Committee Meeting 30 shares/meeting Trustee – Committee Meeting 30 shares/meeting Common shares earned in accordance with the plan are calculated on an annual basis. Shares earned pursuant to the Trustee Compensation Plan are issued on or about July 15 for Trustees’ prior year of service. Non-independent Trustees are not be compensated for their service on the Board or Committees. Advisory Agreement We are an externally managed trust and as such, although we have a Board of Trustees and executive officers responsible for our management, we have no paid employees. The following is a brief description of the current fees and compensation that may be received by the Advisor under the Advisory Agreement, which must be renewed on an annual basis and approved by a majority of the independent trustees. The Advisory Agreement was approved by the Board of Trustees (including all the independent Trustees) on March 27, 2015, effective January 1, 2015. Management Fee : 0.35% of our total assets (before depreciation and amortization), annually. Total assets are our gross assets (before depreciation and amortization) as reflected on our consolidated financial statements, taken as of the end of the fiscal quarter last preceding the date of computation. The management fee will be payable monthly in cash or our common shares, at the option of the Advisor, not to exceed one-twelfth of 0.35% of the total assets as of the last day of the immediately preceding month. The management fee calculation is subject to quarterly and annual reconciliations. The management fee may be deferred at the option of the Advisor, without interest. Acquisition Fee : For its services in investigating and negotiating acquisitions of investments for us, the Advisor receives an acquisition fee of 2.5% of the purchase price of each property acquired, capped at $375 per acquisition. The total of all acquisition fees and acquisition expenses cannot exceed 6% of the purchase price of the investment, unless approved by a majority of the trustees, including a majority of the independent trustees, if they determine the transaction to be commercially competitive, fair and reasonable to us. Disposition Fee : For its services in the effort to sell any investment for us, the Advisor receives a disposition fee of 2.5% of the sales price of each property disposition, capped at $375 per disposition. Financing Fee : 0.25% of all amounts made available to us pursuant to any loan, refinance (excluding rate and/or term modifications of an existing loan with the same lender), line of credit or other credit facility. Development Fee : Based on regressive sliding scale (starting at 5% and declining to 3%) of total project costs, excluding cost of land, for development services requested by us. Total Cost Fee Range of Fee Formula 0 – 10M % 0 – .5M 0M – 5.0% x (TC – 0M) 10M - 20M % .5 M – .95M .50M – 4.5% x (TC – 10M) 20M – 30M % .95 M – 1.35M .95M – 4.0% x (TC – 20M) 30M – 40M % 1.35 M – 1.70M 1.35M – 3.5% x (TC – 30M) 40M – 50M % 1.70 M – 2.00M 1.70M – 3.0% x (TC – 40M) TC = Total Project Cost Management Fees During the years ended December 31, 2015 and 2014 , we incurred advisory management fees of $ 2,401 and $ 1,855 with Sterling Management, LLC, our Advisor. As of December 31, 2015 and 2014 , we owed our Advisor $ 214 and $ 342 , respectively, for unpaid advisory management fees. These fees cover the office facilities, equipment, supplies, and staff required to manage our day-to-day operations. Acquisition Fees During the years ended December 31, 2015 and 2014 , we incurred acquisition fees of $ 1,128 and $ 2,628 , respectively, with our Advisor. There were no acquisition fees owed to our Advisor as of December 31, 2015 . As of December 31, 2014 , we owed our Advisor $ 1,875 for unpaid acquisition fees . Financing Fees During the years ended December 31, 2015 and 2014 , we incurred financing fees of $ 270 and $ 269 with our Advisor for loan financing and refinancing activities. As of December 31, 2015 and 2014 , we owed our Advisor $23 and $214 for unpaid financing fees, respectively . Disposition Fees During the years ended December 31, 2015 and 2014 , we incurred disposition fees of $ 36 and $ 16 with our Advisor. See Note 19. There were no disposition fees owed to our Advisor as of December 31, 2015 and 2014 , respectively. Development Fees During the years ended December 31, 2015 and 2014 , we incurred $ 336 and $ 358 in development fees with our Advisor. As of December 31, 2015 and 2014 , we owed our Advisor $ 69 and $ 36 for unpaid development fees as part of a 10% hold back, respectively. Operating Partnership Units Issued in Connection with Acquisitions During the year ended December 31, 2015, we issued directly or indirectly, 242,000 operating partnership (OP) units to entities affiliated with Messrs. Regan, Wieland, two of our trustees, in connection with the acquisition of various properties. The aggregate value of these units was $3,754 . During the year ended December 31, 2014, we issued directly or indirectly, 644,000 operating partnership (OP) units to entities affiliated with Messrs. Regan, Wieland, Furness, three of our trustees, in connection with the acquisition of various properties. The aggregate value of these units was $9,118 . Commissions During the years ended December 31, 2015 and 2014 , we incurred real estate commissions of $ 1,033 and $ 1,408 , respectively, owed to GOLDMARK SCHLOSSMAN Commercial Real Estate Services, Inc., which is controlled by Messrs. Regan and Wieland. There were no outstanding commissions owed as of December 31, 2015 . As of December 31, 2014 , we owed commissions of $ 750 . During the year ended December 31, 2015 , we incurred brokerage fees of $931 to a broker-dealer benefiting Dale Lian, a shareholder of Sterling and a member of our Advisor. Brokerage fees were based on 7% of the purchase price of Sterling common shares sold. There were no outstanding brokerage fees owed to Dale Lian or entities benefiting Dale Lian as of December 31, 2015 . We did not incur any brokerage fees to Dale Lian or entities benefiting Dale Lian in 2014 . During the year ended December 31, 2015 , we incurred brokerage fees of $ 348 to a broker-dealer benefiting James Echtenkamp, a shareholder of Sterling and a member of our Advisor. Brokerage fees were based on 7% of the purchase price of Sterling common shares sold. There were no outstanding brokerage fees owed to James Echtenkamp or entities benefiting James Echtenkamp as of December 31, 2015 . We did not incur any brokerage fees to James Echtenkamp or entities benefiting James Echtenkamp in 2014 . Rental Income During the years ended December 31, 2015 and 2014 , we received rental income of $ 215 and $ 179 , respectively, under an operating lease agreement with GOLDMARK Property Management. During the years ended December 31, 2015 and 2014 , we received rental income of $ 51 and $ 50 , respectively, under an operating lease agreement with GOLDMARK SCHLOSSMAN Commercial Real Estate Services, Inc. During the years ended December 31, 2015 and 2014 , we received rental income of $ 43 and $ 42 , respectively, under operating lease agreements with our Advisor. Construction Costs As of December 31, 2015 , since the project’s inception, we incurred costs related to the construction of a 156 unit apartment community (Phase I) in Bismarck, North Dakota of $ 14,147 to GOLDMARK Development. There was no retainage owed to GOLDMARK Development as of December 31, 2015 . As of December 31, 2014 , we owed GOLDMARK Development $ 555 for retainage. In addition, there were no unpaid construction fees owed to GOLDMARK Development as of December 31, 2015. As of December 31, 2014 we owed GOLDMARK Development $ 477 for unpaid construction fees. As of December 31, 2015, we incurred costs of $117 related to the construction of Phase II of the Bismarck, North Dakota development project which consists of a clubhouse and six 6-plex two-story townhomes to GOLDMARK Development. As of December 31, 2015, we owed GOLDMARK Development $107 for construction fees and $6 for retainage. |
RENTALS UNDER OPERATING LEASES
RENTALS UNDER OPERATING LEASES / RENTAL INCOME | 12 Months Ended |
Dec. 31, 2015 | |
RENTALS UNDER OPERATING LEASES / RENTAL INCOME | |
RENTALS UNDER OPERATING LEASES / RENTAL INCOME | NOTE 17 - RENTALS UNDER OPERATING LEASES / RENTAL INCOME Residential apartment units are rented to individual tenants with lease terms of one year or less. Gross revenues from residential rentals totaled $ 75,914 and $53,499 for the years ended December 31, 2015 and 2014 , respectively. Commercial properties are leased to tenants under terms expiring at various dates through 2034 . Lease terms often include renewal options. For the years ended December 31, 2015 and 2014 , gross revenues from commercial property rentals, including CAM income (common area maintenance) of $3,852 and $2,230 , respectively, totaled $ 21,268 and $17,437 , respectively. Commercial space is rented under long-term agreements. Minimum future rentals on non-cancelable operating leases as of December 31, 2015 are as follows: Years ending December 31, Amount (in thousands) 2016 $ 2017 2018 2019 2020 Thereafter $ |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 18 - COMMITMENTS AND CONTINGENCIES Environmental Matters Federal law (and the laws of some states in which we own or may acquire properties) imposes liability on a landowner for the presence on the premises of hazardous substances or wastes (as defined by present and future federal and state laws and regulations). This liability is without regard to fault or knowledge of the presence of such substances and may be imposed jointly and severally upon all succeeding landowners. If such hazardous substance is discovered on a property acquired by us, we could incur liability for the removal of the substances and the cleanup of the property. There can be no assurance that we would have effective remedies against prior owners of the property. In addition, we may be liable to tenants and may find it difficult or impossible to sell the property either prior to or following such a cleanup. Risk of Uninsured Property Losses We maintain property damage, fire loss, and liability insurance. However, there are certain types of losses (generally of a catastrophic nature) which may be either uninsurable or not economically insurable. Such excluded risks may include war, earthquakes, tornados, certain environmental hazards, and floods. Should such events occur, (i) we might suffer a loss of capital invested, (ii) tenants may suffer losses and may be unable to pay rent for the spaces, and (iii) we may suffer a loss of profits which might be anticipated from one or more properties. Litigation The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of such matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material effect on the financial statements of the Company. |
DISPOSITIONS
DISPOSITIONS | 12 Months Ended |
Dec. 31, 2015 | |
DISPOSITIONS | |
DISPOSITIONS | NOTE 19 – DISPOSITIONS During the year ended December 31, 2015 , the operating partnership sold 3.38 acres of development land in Fargo, North Dakota for approximately $1,424 and recognized a gain of $470 . During the year ended December 31, 2014 the operating partnership sold a 14,736 square foot office property in Norfolk, Nebraska for approximately $625 and recognized a gain of approximately $69 . During December 2015, the Company received a notice from a tenant to exercise a purchase option for a medical property located in Eau Claire, Wisconsin. This property qualified for held for sale accounting treatment upon meeting all applicable GAAP criteria on or prior to December 31, 2015, at which time depreciation and amortization ceased. As such, the assets and liabilities associated with this property are separately classified as held for sale in the consolidated balance sheets as of December 31, 2015. The following table presents the assets and liabilities associated with the investment properties held for sale: December 31, December 31, 2015 2014 (in thousands) ASSETS Real estate investments $ $ — Receivables — Total Assets $ $ — LIABILITIES Mortgage notes payable $ $ — Accrued expenses and other liabilities — Total Liabilities $ $ — |
BUSINESS COMBINATIONS AND ACQUI
BUSINESS COMBINATIONS AND ACQUISITIONS | 12 Months Ended |
Dec. 31, 2015 | |
BUSINESS COMBINATIONS AND ACQUISITIONS | |
BUSINESS COMBINATIONS AND ACQUISITIONS | NOTE 20 – BUSINESS COMBINATIONS AND ACQUISITIONS The Company closed on the following acquisitions during the year ended December 31, 2015: Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price Prorata Acquisition Price 1/13/15 Valley Homes Duplexes Grand Forks, ND Duplex complex 24 units $ $ 1/28/15 Titan Machinery Bismarck, ND Implement dealership 22,293 sq. ft. 2/3/15 Quail Creek Springfield, MO Apartment complex 164 units 5/13/15 Parkview Arms Bismarck, ND Apartment complex 62 units 6/16/15 Development land Mankato, MN Land 1.13 acres 7/20/15 Development land Fargo, ND Land 1.95 acres 8/4/15 Huntington Fargo, ND Apartment complex 10 units 8/4/15 Summerfield Fargo, ND Apartment complex 18 units 8/13/15 Northland Plaza Bloomington, MN Office building 296,967 sq. ft. 9/1/15 Columbine Apartments Grand Forks, ND Apartment complex 12 units 10/1/15 Summit Point Fargo, ND Apartment complex 87 units $ $ Total consideration given for acquisitions through December 31, 2015 was completed through issuing approximately 729,000 limited partnership units of the operating partnership valued at $15.00 and $15.50 per unit for an aggregate consideration of approximately $ 11,228 , new loans of $ 45,830 , assumed loans of $719 and assumed liabilities of $ 1,329 and cash of $23,480 . The value of units issued in exchange for property is determined through a value established annually by our Board of Trustees, and reflects the fair value at the time of issuance. Included in the Company’s condensed consolidated statements of operations and other comprehensive income are the results of operations from Northland Plaza, which was acquired and accounted for as a business combination, consisting of $3,163 in revenues and $2,356 in net loss attributable to Sterling Real Estate Trust from the date of acquisition (August 13, 2015) through December 31, 2015. The Company closed on the following acquisitions during the year ended December 31, 2014: Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price Prorata Acquisition Price 1/2/14 Barrett Arms Apartments Crookston, MN Apartment complex 24 units $ $ 1/2/14 Chandler 1802 Grand Forks, ND Apartment complex 24 units 1/2/14 Echo Manor Apartments Hutchinson, MN Apartment complex 30 units 1/2/14 Westcourt Apartments Fargo, ND Apartment complex 64 units 5/1/14 Eagle Run Apartments (1) West Fargo, ND Apartment complex 144 units 6/9/14 Griffin Court Apartments Moorhead, MN Apartment complex 128 units 6/30/14 Parkwest Gardens Apartments West Fargo, ND Apartment complex 142 units 8/7/14 Dakota Manor Apartments Fargo, ND Apartment complex 54 units 10/1/14 Twin Oaks Hutchinson, MN Apartment complex 80 units 10/23/14 Development land Bismarck, ND Land 16 acres 12/19/14 Brighton Village Apartments New Brighton, MN Apartment complex 240 units 12/19/14 Georgetown on the River Fridley, MN Apartment complex 462 units 12/19/14 Maplewood Apartments Maplewood, MN Apartment complex 240 units 12/19/14 Robinwood Apartments Coon Rapids, MN Apartment complex 120 units 12/19/14 Rosedale Estates North Roseville, MN Apartment complex 180 units 12/19/14 Rosedale Estates South Roseville, MN Apartment complex 180 units 12/19/14 Valley View Golden Valley, MN Apartment complex 72 units $ $ (1) Assumed loan presented as consideration given, however, previously consolidated the single asset LLP due to controlling financial interest. Total consideration given for acquisitions through December 31, 2014 was completed through issuing approximately 1,233,000 limited partnership units of the operating partnership valued at $14.00 per unit and $15.00 per unit for an aggregate consideration of approximately $ 17,461 , assumed loans of $ 2,636 , assumed liabilities and deferred maintenance of $1,362 , new loans of $67,477 and cash of $ 44,054 . The value of units issued in exchange for property is determined through a value established annually by our Board of Trustees, and reflects the fair value at the time of issuance. The following table summarizes the acquisition date fair values, before prorations, the Company recorded in conjunction with the acquisitions discussed above: 2015 2014 Land, building, tenant improvements and FF&E $ $ Acquired lease intangible assets - Acquired lease intangible liabilities - Mortgages notes payable assumed Other liabilities Net assets acquired Equity/limited partnership unit consideration New loans Net cash consideration $ $ Estimated Value of Units/Shares The Board of Trustees determined an estimate of fair value for the trust shares in 2015 and 2014. In addition, the Board of Trustees, acting as general partner for the operating partnership, determined an estimate of fair value for the limited partnership units in 2015 and 2014. In determining this value, the Board relied upon its experience with, and knowledge about, our real estate portfolio and debt obligations. The Board also relied on valuation methodologies that are commonly used in the real estate industry. The methodology used by our board to determine this value was based on the value of our real estate investments, cash and other assets and debt and other liabilities as of a date certain. Based on the results of the methodologies, the Board determined the fair value of the shares and limited partnership units to be $14.00 per share/unit for the first three months of 2014 through March 27, 2014. The Board determined the fair value of the shares and limited partnership units to be $15.00 per share/unit effective March 28, 2014. The Board determined the fair value of the shares and limited partnership units to be $15.50 per share/unit effective February 1, 2015. As with any valuation methodology, the methodologies utilized by the Board in reaching an estimate of the value of the shares and limited partnership units are based upon a number of estimates, assumptions, judgments or opinions that may, or may not, prove to be correct. The use of different estimates, assumptions, judgments, or opinions would likely have resulted in significantly different estimates of the value of the shares and limited partnership units. In addition, the Board’s estimate of share and limited partnership unit value is not based on the fair values of our real estate, as determined by GAAP, as our book value for most real estate is based on the amortized cost of the property, subject to certain adjustments. Furthermore, in reaching an estimate of the value of the shares and limited partnership units, the Board did not include a liquidity discount in order to reflect the fact that the shares and limited partnership units are not currently traded on a national securities exchange; a discount for debt that may include a prepayment obligation or a provision precluding assumption of the debt by a third party; or the costs that are likely to be incurred in connection with an appropriate exit strategy, whether that strategy might be a listing of the limited partnership units or Sterling common shares on a national securities exchange or a merger or sale of our portfolio. Condensed Pro Forma Financial Information The following unaudited condensed pro forma financial information is presented as if the Northland Plaza acquisition was completed as of January 1, 2014. These pro forma results are for comparative purposes only and are not necessarily indicative of what the actual results of operations of the Company would have been had the acquisition occurred at the beginning of the period presented, nor are they necessarily indicative of future operating results. The unaudited condensed pro forma financial information is as follows: Year Ended December 31, 2015 2014 (in thousands, except per share data) Total revenues $ $ Net income $ $ Net income attributable to Sterling Real Estate Trust $ $ Earnings per common share, basic and diluted Net income per common share attributable to Sterling Real Estate Trust $ $ Weighted average number of common shares outstanding - basic |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 21 - SUBSEQUENT EVENTS On January 15, 2016, we paid a dividend or distribution of $0.2325 per share on our common shares of beneficial interest, to common shareholders and limited unit holders of record on December 31, 2015. Pursuant to the purchase agreement dated November 6, 2015, in January 2016, the operating partnership purchased a 19,595 square foot implement dealership in North Platte, Nebraska for approximately $1,769 . The purchase price was financed with cash. In February 2016, the operating partnership purchased a 72 unit apartment and 8 unit townhome complex in Grand Forks, North Dakota for approximately $5,050 . The purchase price was financed with the issuance of limited partnership units and cash. Pursuant to the purchase agreement dated December 28, 2015, in February 2016, the operating partnership purchased a 25,817 square foot office building in White Bear Lake, Minnesota for approximately $4,000 . The purchase price was financed with the issuance of limited partnership units and cash. In March 2016, the operating partnership purchased a 20 unit apartment complex in Bismarck, North Dakota for approximately $1,550 . The purchase price was financed with the issuance of limited partnership units and cash. In March 2016, the operating partnership purchased a 20 unit apartment complex in Bismarck, North Dakota for approximately $1,550 . The purchase price was financed with the issuance of limited partnership units and cash. Pending acquisitions and dispositions are subject to numerous conditions and contingencies and there are no assurances that the transactions will be completed. We have evaluated subsequent events through the date of this filing. We are not aware of any other subsequent events which would require recognition or disclosure in the consolidated financial statements. |
PRINCIPAL ACTIVITY AND SIGNIF28
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Sterling and all subsidiaries for which we maintain a controlling interest. The accompanying consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Sterling , Sterling Properties, LLLP, and wholly-owned limited liability companies. All significant intercompany transactions and balances have been eliminated in consolidation. Additionally, we evaluate the need to consolidate affiliates based on standards set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). In determining whether we have a requirement to consolidate the accounts of an entity, management considers factors such as our ownership interest, our authority to make decisions and contractual and substantive participating rights of the limited partners and shareholders, as well as whether the entity is a variable interest entity (“VIE”) for which we have both: a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and b) the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE. |
Principal Business Activity | Principal Business Activity Sterling currently owns directly and indirectly, 146 properties. The Trust’s 97 residential properties are located in North Dakota, Minnesota, Missouri and Nebraska and are principally multifamily apartment buildings. The Trust owns 49 commercial properties primarily located in North Dakota with others located in Arkansas, Colorado, Iowa, Louisiana, Michigan, Minnesota, Mississippi, Texas and Wisconsin. The commercial properties include retail, office, industrial, restaurant and medical properties. Presently, the Trust’s mix of properties is 68.0% residential and 32.0% commercial (based on cost) and total $594,509 in real estate investments at December 31, 2015 . Effective January 1, 2016, our focus will be limited to multifamily apartment properties. We currently have no plans with respect to our non-multifamily apartment properties. Residential Property Location No. of Properties Units North Dakota Minnesota Missouri Nebraska Commercial Property Location No. of Properties Sq. Ft North Dakota Arkansas Colorado Iowa Louisiana Michigan Minnesota Mississippi Texas Wisconsin |
Concentration of Credit Risk | Concentration of Credit Risk Our cash balances are maintained in various bank deposit accounts. The bank deposit amounts in these accounts may exceed federally insured limits at various times throughout the year. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Real Estate Investments | Real Estate Investments We account for our property acquisitions by allocating the purchase price of a property to the property’s assets based on management’s estimates of fair value. Techniques used to estimate fair value include an appraisal of the property by a certified independent appraiser at the time of acquisition. Significant factors included in the independent appraisal include items such as current rent schedules, occupancy levels, and discount factors. Property valuations are completed primarily using the income capitalization approach, in which anticipated benefits are converted to an indication of current value. The total value allocable to intangible assets acquired, which consists of unamortized lease origination costs, in-place leases and tenant relationships, are allocated based on management’s evaluation of the specific characteristics of each tenant’s lease, our overall relationship with that respective tenant, growth prospects for developing new business with the tenant, the remaining term of the lease and the tenant’s credit quality, among other factors. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of rents that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above or below market leases are included in lease intangibles, net, in the accompanying balance sheets and are amortized on a straight-line basis as an increase or reduction of rental income over the remaining non-cancelable term of the respective leases. We estimate the in-place lease value for each lease acquired. This fair value estimate is calculated using factors available in third party appraisals or cash flow estimates of the property prepared by our internal analysis. These estimates are based upon cash flow projections for the property, existing leases, and the current economic climate. Our analysis results in three discrete financial items: assets for above market leases, liabilities for below market leases, and assets for the in-place lease value. The calculation of each of these components is performed in tandem to provide a complete intangible asset value. Key factors considered in the calculation of fair value of both real property and intangible assets include the current market rent values, “dark” periods (building in vacant status), direct costs estimated with obtaining a new tenant, discount rates, escalation factors, standard lease terms, and tenant improvement costs. Furniture and fixtures are stated at cost less accumulated depreciation. All costs associated with the development and construction of real estate investments, including acquisition fees and interest, are capitalized as a cost of the property. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for routine maintenance and repairs, which do not add to the value or extend useful lives, are charged to expense as incurred. Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method over the following estimated useful lives: Buildings and improvements 40 years Furniture, fixtures and equipment 5 - 9 years Depreciation expense for the years ended December 31, 2015 and 2014 totaled $16,466 and $12,116 , respectively. The Company’s investment properties are reviewed for potential impairment at the end of each reporting period whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At the end of each reporting period, the Company separately determines whether impairment indicators exist for each property. Examples of situations considered to be impairment indicators include, but are not limited to: · a substantial decline or continued low occupancy rate; · continued difficulty in leasing space; · significant financial troubled tenants; · a change in plan to sell a property prior to the end of its useful life or holding period; · a significant decrease in market price not in line with general market trends; and · any other quantitative or qualitative events or factors deemed significant by the Company’s management or board of trustees. If the presence of one or more impairment indicators as described above is identified at the end of the reporting period or throughout the year with respect to an investment property, the asset is tested for recoverability by comparing its carrying value to the estimated future undiscounted cash flows. An investment property is considered to be impaired when the estimated future undiscounted cash flows are less than its current carrying value. When performing a test for recoverability or estimating the fair value of an impaired investment property, the Company makes complex or subjective assumptions which include, but are not limited to: · projected operating cash flows considering factors such as vacancy rates, rental rates, lease terms, tenant financial strength, demographics, holding period and property location; · projected capital expenditures and lease origination costs; · projected cash flows from the eventual disposition of an operating property using a property specific capitalization rate; · comparable selling prices; and · property specific discount rates for fair value estimates as necessary. To the extent impairment has occurred, the Company will record an impairment charge calculated as the excess of the carrying value of the asset over its fair value for impairment of investment properties. Based on evaluation, management recorded a loss on impairment of property of $412 during the year ended December 31, 2015. There was no impairment losses during the year ended December 31, 2014 . |
Properties Held for Sale | Properties Held for Sale We account for our properties held for sale in accordance with ASC 360, Property, Plant and Equipment (“ASC 360”), which addresses financial accounting and reporting in a period in which a component or group of components of an entity either has been disposed of or is classified as held for sale. In accordance with ASC 360, at such time as a property is held for sale, such property is carried at the lower of (1) its carrying amount or (2) fair value less costs to sell. In addition, a property being held for sale ceases to be depreciated. We classify operating properties as properties held for sale in the period in which all of the following criteria are met: · management, having the authority to approve the action, commits to a plan to sell the asset; · the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; · an active program to locate a buyer and other actions required to complete the plan to sell the asset has been initiated; · the sale of the asset is probable and the transfer of the asset is expected to qualify for recognition as a completed sale within one year; · the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and · given the actions required to complete the plan to sell the asset, it is unlikely that significant changes to the plan would be made or that the plan would be withdrawn. The results of operations of a component of an entity that either has been disposed of or is classified as held-for-sale under the requirements of ASC 360, shall be reported in discontinued operations in accordance with ASC 205, Presentation of Financial Statements (“ASC 205”) if the following condition is met: · represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. There was one property classified as held for sale at December 31, 2015 , and no properties classified as held for sale at December 31, 2014. See Note 19. |
Construction in progress | Construction in Progress The Company capitalizes direct and certain indirect project costs incurred during the development period such as construction, insurance, architectural, legal, interest and other financing costs, and real estate taxes. At such time as the development is considered substantially complete, the capitalization of certain indirect costs such as real estate taxes and interest and financing costs cease and all project-related costs included in construction in process are reclassified to land and building and other improvements. |
Cash and Cash Equivalents | Cash and Cash Equivalents We classify highly liquid investments with a maturity of three months or less when purchased as cash equivalents. |
Investment in Unconsolidated Affiliates | Investment in Unconsolidated Affiliates We account for unconsolidated affiliates using the equity method of accounting per guidance established under ASC 323, Investments – Equity Method and Joint Ventures (“ASC 323”). The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for our share of equity in the affiliates’ earnings and distributions. We evaluate the carrying amount of the investments for impairment in accordance with ASC 323. Unconsolidated affiliates are reviewed for potential impairment if the carrying amount of the investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether impairment is other-than-temporary, we consider whether we have the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an affiliate for potential impairment can require our management to exercise significant judgments. No impairment losses were recorded related to the unconsolidated affiliates for the years ended December 31, 2015 and 2014 . We use the equity method to account for investments that qualify as variable interest entities where we are not the primary beneficiary and entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the operations and financial policies of the investee. We will also use the equity method for investments that do not qualify as variable interest entities and do not meet the control requirements for consolidation, as defined in ASC 810. For a joint venture accounted for under the equity method, our share of net earnings and losses is reflected in income when earned and distributions are credited against our investment in the joint venture as received. In determining whether an investment in a limited liability company or tenant in common is a variable interest entity, we consider: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including the necessity of subordinated debt; estimates of future cash flows; our and our partner’s ability to participate in the decision making related to acquisitions, dispositions, budgeting and financing on the entity; and obligation to absorb losses and preferential returns. As of December 31, 2015 , we assessed one of our liability liability company arrangements as a variable interest entity where we were not the primary beneficiary. In addition, four of our tenant in common arrangements do not qualify as variable interest entities and do not meet the control requirements for consolidation, as defined in ASC 810. As of December 31, 2015 and 2014 , the unconsolidated affiliates held total assets of $ 32,296 and $ 32,459 and mortgage notes payable of $ 20,421 and $ 20,803 , respectively. The operating partnership owns a 40.26% interest in a single asset limited liability company which owns a 144 unit residential, multifamily apartment complex in Bismarck, North Dakota. The property is encumbered by a first mortgage with a balance at December 31, 2015 and 2014 of $2,259 and $ 2,323 , respectively. We owed $909 and $ 935 of our respective share of the mortgage loan balance as of December 31, 2015 and 2014 , respectively. The Company is jointly and severally liable for the full mortgage balance. The operating partnership is a 50% owner of Grand Forks Marketplace Retail Center through 100% ownership in a limited liability company. Grand Forks Marketplace Retail Center has approximately 183,000 square feet of commercial space in Grand Forks, North Dakota. The property is encumbered by a non-recourse first mortgage with a balance at December 31, 2015 and 2014 of $ 11,079 and $ 11,260 , respectively. We owed $ 5,540 and $ 5,630 for our respective share of the mortgage loan balance as of December 31, 2015 and 2014 , respectively. The Company is jointly and severally liable for the full mortgage balance. The operating partnership owns a 66.67% interest as tenant in common in an office building with approximately 75,000 square feet of commercial rental space in Fargo, North Dakota. The property is encumbered by a first mortgage with a balance at December 31, 2015 and 2014 of $ 7,083 and $ 7,221 , respectively. We owed $ 4,722 and $ 4,814 for our respective share of the mortgage loan balance on December 31, 2015 and 2014 , respectively. The Company is jointly and severally liable for the full mortgage balance. The operating partnership owns an 82.50% interest as a tenant in common in a 61 unit residential, multifamily apartment complex in Fargo, North Dakota. The property was unencumbered at December 31, 2015 and 2014 , respectively . The operating partnership is a 99% owner of Michigan Street Transit Center, LLC (“Transit Center”) through 100% ownership in a limited liability company. The operating partnership has contributed approximately $644 in cash and $1,316 in property contributions to the Transit Center in May and June 2014, respectively. As of December 31, 2015, the property owned by the Transit Center consisted of land previously occupied by a building and parking ramp in Duluth, Minnesota which were both demolished during 2014. The property was unencumbered at December 31, 2015 and 2014 , respectively . |
Receivables | Receivables Receivables consist primarily of amounts due for rent and real estate taxes. The receivables are non-interest bearing. The carrying amount of receivables is reduced by an amount that reflects management’s best estimates of the amounts that will not be collected. As of December 31, 2015 and 2014 , management determined no allowance was necessary for uncollectible receivables. |
Financing and Lease Costs | Financing and Lease Costs Financing costs have been capitalized and are being amortized over the life of the financing using the effective interest method. Unamortized financing costs are written off when debt is retired before the maturity date and included in amortization expense at that time. Lease costs incurred in connection with new leases have been capitalized and are being amortized over the life of the lease using the straight-line method. |
Intangible Assets | Intangible Assets Lease intangibles are a purchase price allocation recorded on property acquisition. The lease intangibles represent the estimated value of in-place leases, tenant relationships and the value of leases with above or below market lease terms. Lease intangibles are amortized over the term of the related lease. The carrying amount of intangible assets is regularly reviewed for indicators of impairments in value. Impairment is recognized only if the carrying amount of the intangible asset is considered to be unrecoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and the estimated fair value of the asset. Based on the review, management determined no impairment charges were necessary at December 31, 2015 and 2014 . |
Noncontrolling Interest | Noncontrolling Interest A noncontrolling interest in a subsidiary (minority interest) is in most cases an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and comprehensive income. Operating Partnership: Interests in the operating partnership held by limited partners are represented by operating partnership units. The operating partnership’s income is allocated to holders of units based upon the ratio of their holdings to the total units outstanding during the period. Capital contributions, distributions, syndication costs, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the operating partnership agreement. Partially Owned Properties: The Company reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interest in partially owned properties in the consolidated statement of operations and comprehensive income. |
Syndication Costs | Syndication Costs Syndication costs consist of costs paid to attorneys, accountants, and selling agents, related to the raising of capital. Syndication costs are recorded as a reduction to beneficial and noncontrolling interest. |
Federal Income Taxes | Federal Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code, as amended. A REIT calculates taxable income similar to other domestic corporations, with the major difference being a REIT is entitled to a deduction for dividends paid. A REIT is generally required to distribute each year at least 90% of its taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate tax on such income. REIT shareholders are taxed on REIT distributions of ordinary income in the same manner as they are taxed on other corporate distributions. A summary of the tax characterization of the dividends paid to shareholders of the Company’s common stock for the years ended December 31, 2015 and 2014 follows: Tax Year Ended December 31, Dividend % Dividend % 2015 2015 2014 2014 Tax status Ordinary income $ % $ % Capital Gain % % Return of capital % % $ % $ % We intend to continue to qualify as a REIT and, provided we maintain such status, will not be taxed on the portion of the income that is distributed to shareholders. In addition, we intend to distribute all of our taxable income; therefore, no provisions or liabilities for income taxes have been recorded in the financial statements. Sterling conducts its business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through its Operating Partnership – Sterling Properties, LLLP. The Operating Partnership is organized as a limited liability limited partnership. Income or loss is allocated to the partners in accordance with the provisions of the Internal Revenue Code 704(b) and 704(c). UPREIT status allows non-recognition of gain by an owner of appreciated real estate if that owner contributes the real estate to a partnership in exchange for a partnership interest. The conversion of a partnership interest to shares of beneficial interest in the REIT will be a taxable event to the limited partner. We follow ASC Topic 740, Income Taxes, to recognize, measure, present and disclose in our consolidated financial statements uncertain tax positions that we have taken or expect to take on a tax return. As of December 31, 2015 and 2014 we did not have any liabilities for uncertain tax positions that we believe should be recognized in our consolidated financial statements. We are no longer subject to Federal and State tax examinations by tax authorities for years before 2012. The operating partnership has elected to record related interest and penalties, if any, as income tax expense on the consolidated statements of operations and other comprehensive income. |
Revenue Recognition | Revenue Recognition We recognize revenue in accordance with ASC Topic 605, Revenue Recognition, (“ASC Topic 605”). ASC Topic 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (1) there is persuasive evidence that an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the seller’s price to the buyer is fixed and determinable; and (4) collectability is reasonably assured. We derive over 95% of our revenues from tenant rents and other tenant-related activities. We lease multifamily units under operating leases with terms of one year or less. Rental income and other property revenues are recorded when due from tenants and recognized monthly as earned pursuant to the terms of the underlying leases. Other property revenues consist primarily of laundry, application and other fees charged to tenants. We lease commercial space primarily under long-term lease agreements. Commercial tenant rents include base rents, expense reimbursements (such as common area maintenance, real estate taxes and utilities), and a straight-line rent adjustment. We record base rents on a straight-line basis. The monthly base rent income according to the terms of our leases is adjusted so that an average monthly rent is recorded for each tenant over the term of its lease. The straight-line rent adjustment increased revenue by $325 and $186 for the years ended December 31, 2015 and 2014 , respectively. The straight-line receivable balance included in receivables on the consolidated balance sheets as of December 31, 2015 and 2014 was $ 2,863 and $ 2,538 , respectively. We receive payments for expense reimbursements from substantially all our multi-tenant commercial tenants throughout the year based on estimates. Differences between estimated recoveries and the final billed amounts, which generally are immaterial, are recognized in the subsequent year. |
Earnings per Common Share | Earnings per Common Share Basic earnings per common share is computed by dividing net income available to common shareholders (the “numerator”) by the weighted average number of common shares outstanding (the “denominator”) during the period. Sterling had no dilutive potential common shares as of December 31, 2015 and 2014 , and therefore, basic earnings per common share was equal to diluted earnings per common share for both periods. For the years ended December 31, 2015 and 2014 , Sterling’s denominators for the basic and diluted earnings per common share were approximately 7,223,000 and 5,507,000 , respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). In accordance with ASU 2014-08, a discontinued operation represents: (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (ii) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of: (i) a separate major line of business, (ii) a separate major geographic area of operations, (iii) a major equity method investment, or (iv) other major parts of an entity. The standard requires prospective application and will be effective for interim and annual periods beginning on or after December 15, 2014 with early adoption permitted. The standard is not applied to components of an entity that were sold or classified as held for sale prior to the adoption of the standard. We have elected to adopt this standard early, effective January 1, 2014, which primarily has the impact of reflecting gains and losses on the sale of operating properties prospectively within continuing operations, and results in not classifying the operations of such operating properties as discontinued operations in all periods presented. Subsequent to our adoption of ASU 2014-08, the sale of real estate that does not meet the definition of a discontinued operation under the standard will be included in gain on sale of operating properties in our consolidated statements of operations and other comprehensive income. In May 2014, the FASB and International Accounting Standards Board issued their final standard on revenue from contracts with customers, which was issued by the FASB as Accounting Standards Update 2014-09, Revenue from Contracts with Customers , or ASU 2014-09. ASU 2014-09, which establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers, supersedes most current GAAP applicable to revenue recognition and converges U.S. and international accounting standards in this area. The core principle of the new guidance is that revenue shall only be recognized when an entity has transferred control of goods or services to a customer and for an amount reflecting the consideration to which the entity expects to be entitled for such exchange. Additionally, lease contracts are specifically excluded form ASU 2014-09. In July 2015, the FASB decided to defer the effective date for annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning on the original effective date of periods beginning after December 15, 2016. Upon adoption, ASU 2014-09 allows for full retrospective adoption applied to all periods presented or modified retrospective adoption with the cumulative effect of initially applying the standard recognized at the date of initial application. We have not yet determined the effect ASU 2014-09 will have on our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"). This amends ASC 810, Consolidation (ASC "810"), to improve targeted areas of consolidation guidance by simplifying the requirements of consolidation and placing more emphasis on risk of loss when determining a controlling financial interest. ASU 2015-02 is effective for the annual period ending after December 15, 2015, and subsequent interim and annual periods with early adoption permitted. The adoption of ASU 2015-02 is not expected to have a material impact on the Company's consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03 “ Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” . The objective of ASU 2015-03 is to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. To simplify presentation of debt issuance costs, the amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. In August 2015, the FASB issued ASU No. 2015-15, Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which clarifies that absent authoritative guidance in ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the staff of the Securities and Exchange Commission would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This ASU is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2015. Early adoption is permitted. The adoption of the standard will result in the reclassification of unamortized debt issuance costs related to the Company’s mortgage notes payable from assets, net to reductions in mortgage notes payable within its consolidated balance sheets as of December 31, 2015 and 2014. Other than this reclassification, the adoption of the standard will not have an impact on the Company’s consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments, which requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period, including the cumulative effect of changes in depreciation, amortization, or other income effects, in the reporting period in which the adjustment amounts are determined. Previously, acquirers were required to recognize these adjustments retrospectively. The standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those years, with early adoption permitted. The standard will be applied on a prospective basis. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The guidance requires that lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU also will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. The standard will take effect for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018 with earlier application permitted. The Company is still evaluating the impact of ASU No. 2016-02 on its financial position and results of operations. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying Consolidated Financial Statements. |
PRINCIPAL ACTIVITY AND SIGNIF29
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of Types of Real Estate Properties by Location | Residential Property Location No. of Properties Units North Dakota Minnesota Missouri Nebraska Commercial Property Location No. of Properties Sq. Ft North Dakota Arkansas Colorado Iowa Louisiana Michigan Minnesota Mississippi Texas Wisconsin |
Summary of Estimated Useful Life | Buildings and improvements 40 years Furniture, fixtures and equipment 5 - 9 years |
Schedule of Tax Status | Tax Year Ended December 31, Dividend % Dividend % 2015 2015 2014 2014 Tax status Ordinary income $ % $ % Capital Gain % % Return of capital % % $ % $ % |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SEGMENT REPORTING | |
Summary of Segment Revenues and Net Operating Income | Year ended December 31, 2015 Residential Commercial Total (in thousands) Income from rental operations $ $ $ Expenses from rental operations Net operating income $ $ $ Interest Depreciation and amortization Administration of REIT Loss on impairment of property Other (income)/expense Net income $ Year ended December 31, 2014 Residential Commercial Total (in thousands) Income from rental operations $ $ $ Expenses from rental operations Net operating income $ $ $ Interest Depreciation and amortization Administration of REIT Loss on lease termination Other (income)/expense Net income $ |
Summary of Segment Assets and Accumulated Depreciation | As of December 31, 2015 Residential Commercial Total (in thousands) Real estate investments $ $ $ Accumulated depreciation $ $ Cash and cash equivalents Restricted deposits and funded reserves Investment in unconsolidated affiliates Receivables and other assets Financing and lease costs, less accumulated amortization Assets held for sale Intangible assets, less accumulated amortization Total Assets $ As of December 31, 2014 Residential Commercial Total (in thousands) Real estate investments $ $ $ Accumulated depreciation $ $ Cash and cash equivalents Restricted deposits and funded reserves Investment in unconsolidated affiliates Receivables and other assets Financing and lease costs, less accumulated amortization Intangible assets, less accumulated amortization Total Assets $ |
REAL ESTATE INVESTMENTS (Tables
REAL ESTATE INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
REAL ESTATE INVESTMENTS | |
Summary of Real Estate Investments Included in Assets | As of December 31, 2015 Residential Commercial Total (in thousands) Land and land improvements $ $ $ Building and improvements Furniture, fixtures and equipment Construction in progress — Less accumulated depreciation $ $ $ As of December 31, 2014 Residential Commercial Total (in thousands) Land and land improvements $ $ $ Building and improvements Furniture, fixtures and equipment Construction in progress — Less accumulated depreciation $ $ $ |
RESTRICTED DEPOSITS AND FUNDE32
RESTRICTED DEPOSITS AND FUNDED RESERVES (Tables) - 10K | 12 Months Ended |
Dec. 31, 2015 | |
RESTRICTED DEPOSITS AND FUNDED RESERVES | |
Schedule of restricted deposits and funded reserves | 2015 2014 (in thousands) Tenant security deposits $ $ Real estate tax and insurance escrows Replacement reserves $ $ |
LEASE INTANGIBLES (Tables)
LEASE INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
LEASE INTANGIBLES | |
Schedule of Intangible Assets and Liabilities and Accumulated Amortization | Lease Accumulated Lease As of December 31, 2015 Intangibles Amortization Intangibles, net Intangible Assets (in thousands) In-place leases $ $ $ Above-market leases $ $ $ Intangible Liabilities Below-market leases $ $ $ Lease Accumulated Lease As of December 31, 2014 Intangibles Amortization Intangibles, net Intangible Assets (in thousands) In-place leases $ $ $ Above-market leases $ $ $ Intangible Liabilities Below-market leases $ $ $ |
Schedule of Estimated Aggregate Amortization Expense | Intangible Intangible Years ending December 31, Assets Liabilities (in thousands) 2016 $ $ 2017 2018 2019 2020 Thereafter $ $ |
MORTGAGE NOTES PAYABLE (Tables)
MORTGAGE NOTES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
MORTGAGE NOTES PAYABLE | |
Schedule of Mortgage Notes Payable | Principal Balance At December 31, December 31, 2015 2014 (in thousands) Fixed rate mortgage notes payable (a) $ $ Variable rate construction loan (b) - Mortgage notes payable $ $ (a) Includes $3,158 and $3,254 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2015 and 2014 , respectively. (b) The variable rate construction loan bears interest at a floating rate of London Interbank Offered Rate (LIBOR) plus 2.50% . |
Scheduled Maturities of Mortgage Notes Payable | Years ending December 31, Amount (in thousands) 2016 $ 2017 2018 2019 2020 Thereafter Total payments $ |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
FAIR VALUE MEASUREMENT | |
Carrying Value and Estimated Fair Value of Company's Financial Instruments | December 31, 2015 December 31, 2014 Carrying Carrying Value Fair Value Value Fair Value (in thousands) Financial liabilities: Mortgage notes payable $ $ $ $ Fair value of interest rate swaps $ $ $ $ |
Schedule of Fair Value of Assets on Recurring Basis | Level 1 Level 2 Level 3 Total (in thousands) December 31, 2015 Fair value of interest rate swaps $ — $ $ — $ December 31, 2014 Fair value of interest rate swaps $ — $ $ — $ |
Schedule of Fair Value of Assets on Nonrecurring Basis | Provision for Impairment of Investment Level 1 Level 2 Level 3 Total Properties (in thousands) December 31, 2015 Real estate investments (a) $ — $ — $ $ $ December 31, 2014 Real estate investments $ — $ — $ — $ — $ — |
Fair Value of Company's Financial Assets and Liabilities | Level 1 Level 2 Level 3 Total (in thousands) December 31, 2015 Mortgage notes payable $ — $ — $ $ December 31, 2014 Mortgage notes payable $ — $ — $ $ |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
RELATED PARTY TRANSACTIONS | |
Summary of Compensation Plan | Board Chairman – Board Meeting 105 shares/meeting Trustee – Board Meeting 75 shares/meeting Committee Chair – Committee Meeting 30 shares/meeting Trustee – Committee Meeting 30 shares/meeting |
Summary of Total Project Cost | Total Cost Fee Range of Fee Formula 0 – 10M % 0 – .5M 0M – 5.0% x (TC – 0M) 10M - 20M % .5 M – .95M .50M – 4.5% x (TC – 10M) 20M – 30M % .95 M – 1.35M .95M – 4.0% x (TC – 20M) 30M – 40M % 1.35 M – 1.70M 1.35M – 3.5% x (TC – 30M) 40M – 50M % 1.70 M – 2.00M 1.70M – 3.0% x (TC – 40M) |
RENTALS UNDER OPERATING LEASE37
RENTALS UNDER OPERATING LEASES / RENTAL INCOME (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
RENTALS UNDER OPERATING LEASES / RENTAL INCOME | |
Summary of minimum future rentals on non-cancelable operating leases | Years ending December 31, Amount (in thousands) 2016 $ 2017 2018 2019 2020 Thereafter $ |
DISPOSITIONS (Tables)
DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
DISPOSITIONS | |
Schedule of assets and liabilities associated with the investment properties held for sale | December 31, December 31, 2015 2014 (in thousands) ASSETS Real estate investments $ $ — Receivables — Total Assets $ $ — LIABILITIES Mortgage notes payable $ $ — Accrued expenses and other liabilities — Total Liabilities $ $ — |
BUSINESS COMBINATIONS AND ACQ39
BUSINESS COMBINATIONS AND ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of fair value of assets acquired and liabilities assumed | 2015 2014 Land, building, tenant improvements and FF&E $ $ Acquired lease intangible assets - Acquired lease intangible liabilities - Mortgages notes payable assumed Other liabilities Net assets acquired Equity/limited partnership unit consideration New loans Net cash consideration $ $ |
Schedule of unaudited condensed pro forma financial information | Year Ended December 31, 2015 2014 (in thousands, except per share data) Total revenues $ $ Net income $ $ Net income attributable to Sterling Real Estate Trust $ $ Earnings per common share, basic and diluted Net income per common share attributable to Sterling Real Estate Trust $ $ Weighted average number of common shares outstanding - basic |
Real Estate Property Acquisitions 2015 | |
Schedule of acquisitions | Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price Prorata Acquisition Price 1/13/15 Valley Homes Duplexes Grand Forks, ND Duplex complex 24 units $ $ 1/28/15 Titan Machinery Bismarck, ND Implement dealership 22,293 sq. ft. 2/3/15 Quail Creek Springfield, MO Apartment complex 164 units 5/13/15 Parkview Arms Bismarck, ND Apartment complex 62 units 6/16/15 Development land Mankato, MN Land 1.13 acres 7/20/15 Development land Fargo, ND Land 1.95 acres 8/4/15 Huntington Fargo, ND Apartment complex 10 units 8/4/15 Summerfield Fargo, ND Apartment complex 18 units 8/13/15 Northland Plaza Bloomington, MN Office building 296,967 sq. ft. 9/1/15 Columbine Apartments Grand Forks, ND Apartment complex 12 units 10/1/15 Summit Point Fargo, ND Apartment complex 87 units $ $ |
Real Estate Property Acquisitions 2014 | |
Schedule of acquisitions | Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price Prorata Acquisition Price 1/2/14 Barrett Arms Apartments Crookston, MN Apartment complex 24 units $ $ 1/2/14 Chandler 1802 Grand Forks, ND Apartment complex 24 units 1/2/14 Echo Manor Apartments Hutchinson, MN Apartment complex 30 units 1/2/14 Westcourt Apartments Fargo, ND Apartment complex 64 units 5/1/14 Eagle Run Apartments (1) West Fargo, ND Apartment complex 144 units 6/9/14 Griffin Court Apartments Moorhead, MN Apartment complex 128 units 6/30/14 Parkwest Gardens Apartments West Fargo, ND Apartment complex 142 units 8/7/14 Dakota Manor Apartments Fargo, ND Apartment complex 54 units 10/1/14 Twin Oaks Hutchinson, MN Apartment complex 80 units 10/23/14 Development land Bismarck, ND Land 16 acres 12/19/14 Brighton Village Apartments New Brighton, MN Apartment complex 240 units 12/19/14 Georgetown on the River Fridley, MN Apartment complex 462 units 12/19/14 Maplewood Apartments Maplewood, MN Apartment complex 240 units 12/19/14 Robinwood Apartments Coon Rapids, MN Apartment complex 120 units 12/19/14 Rosedale Estates North Roseville, MN Apartment complex 180 units 12/19/14 Rosedale Estates South Roseville, MN Apartment complex 180 units 12/19/14 Valley View Golden Valley, MN Apartment complex 72 units $ $ (1) Assumed loan presented as consideration given, however, previously consolidated the single asset LLP due to controlling financial interest. |
Organization - Additional Infor
Organization - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Properties [Line Items] | ||
Ownership in operating partnership | 33.12% | 27.77% |
Real Estate | ||
Real Estate Properties [Line Items] | ||
Percentage of total assets that must consist of real estate assets per the Internal Revenue Code election to be treated as REIT | 75.00% | |
Percentage of total gross income that must be derived from real estate per the Internal Revenue Code election to be treated as REIT | 75.00% |
Principal Activity and Signif41
Principal Activity and Significant Accounting Policies - Consolidated VIEs (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | |||
Real estate investments | $ 594,509 | $ 532,263 | |
Cash and cash equivalents | 6,461 | 643 | $ 13,849 |
Restricted deposits and funded reserves | 6,115 | 6,732 | |
Receivables | 3,428 | 2,953 | |
Prepaid expenses | 844 | 1,581 | |
Financing and lease costs, less accumulated amortization of $17 in 2015 | 4,621 | 3,761 | |
Intangible assets, less accumulated amortization of $694 in 2015 | 18,184 | 9,222 | |
Total Assets | 645,756 | 567,021 | |
LIABILITIES | |||
Mortgage notes payable | 383,292 | 324,886 | |
Special assessments payable | 1,659 | 934 | |
Tenant security deposits payable | 3,763 | 3,113 | |
Unfavorable leases, less accumulated amortization of $42 in 2015 | 2,253 | 806 | |
Accounts payable-trade | 819 | 1,486 | |
Accrued expenses and other liabilities | 6,631 | 5,471 | |
Total Liabilities | $ 405,329 | $ 361,387 |
Principal Activity and Signif42
Principal Activity and Significant Accounting Policies - Principal Business Activity (Detail) $ in Thousands | Dec. 31, 2015USD ($)ft²propertyitem | Dec. 31, 2014USD ($) |
Principal Business Activity | ||
Real Estate Investment Property Net | $ | $ 594,509 | $ 532,263 |
No. of properties | 146 | |
Residential Property | ||
Principal Business Activity | ||
Percentage of residential property out of the trust properties | 68.00% | |
No. of properties | 97 | |
Units | item | 8,520 | |
Residential Property | North Dakota | ||
Principal Business Activity | ||
No. of properties | 78 | |
Units | item | 5,013 | |
Residential Property | Minnesota | ||
Principal Business Activity | ||
No. of properties | 16 | |
Units | item | 3,027 | |
Residential Property | Missouri | ||
Principal Business Activity | ||
No. of properties | 1 | |
Area of commercial property | ft² | 164 | |
Residential Property | Nebraska | ||
Principal Business Activity | ||
No. of properties | 2 | |
Units | item | 316 | |
Commercial Property | ||
Principal Business Activity | ||
Percentage of commercial property out of the trust properties | 32.00% | |
No. of properties | 49 | |
Area of commercial property | ft² | 1,688,802 | |
Commercial Property | North Dakota | ||
Principal Business Activity | ||
No. of properties | 21 | |
Area of commercial property | ft² | 832,908 | |
Commercial Property | Arkansas | ||
Principal Business Activity | ||
No. of properties | 2 | |
Area of commercial property | ft² | 29,370 | |
Commercial Property | Colorado | ||
Principal Business Activity | ||
No. of properties | 1 | |
Area of commercial property | ft² | 13,390 | |
Commercial Property | Iowa | ||
Principal Business Activity | ||
No. of properties | 1 | |
Area of commercial property | ft² | 32,532 | |
Commercial Property | Louisiana | ||
Principal Business Activity | ||
No. of properties | 1 | |
Area of commercial property | ft² | 14,560 | |
Commercial Property | Michigan | ||
Principal Business Activity | ||
No. of properties | 1 | |
Area of commercial property | ft² | 11,737 | |
Commercial Property | Minnesota | ||
Principal Business Activity | ||
No. of properties | 14 | |
Area of commercial property | ft² | 657,273 | |
Commercial Property | Mississippi | ||
Principal Business Activity | ||
No. of properties | 1 | |
Area of commercial property | ft² | 14,820 | |
Commercial Property | Texas | ||
Principal Business Activity | ||
No. of properties | 1 | |
Area of commercial property | ft² | 7,296 | |
Commercial Property | Wisconsin | ||
Principal Business Activity | ||
No. of properties | 6 | |
Area of commercial property | ft² | 74,916 |
Principal Activity and Signif43
Principal Activity and Significant Accounting Policies - Real Estate Investments and Other (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Investments | ||
Depreciation expense | $ 16,466 | $ 12,116 |
Loss on impairment of property | $ 412 | $ 0 |
Building and improvements | ||
Real Estate Investments | ||
Estimated useful life | 40 years | |
Furniture, fixtures and equipment | Minimum | ||
Real Estate Investments | ||
Estimated useful life | 5 years | |
Furniture, fixtures and equipment | Maximum | ||
Real Estate Investments | ||
Estimated useful life | 9 years |
Principal Activity and Signif44
Principal Activity and Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)ft²propertyentityitemshares | Dec. 31, 2014USD ($)shares | |
Real Estate Properties [Line Items] | ||
No. of properties | property | 146 | |
Impairment losses related to the unconsolidated affiliates | $ 0 | $ 0 |
Percentage of interest | 100.00% | |
Cash contribution | $ 644 | |
Property contribution | $ 1,316 | |
Number of limited liability companies assessed as variable interest entity in which Company is not the primary beneficiary | entity | 1 | |
Number of investments in tenant in common that do not qualify as variable interest entities and do not meet the control requirements for consolidation | item | 4 | |
Total Assets held by unconsolidated affiliates | $ 32,296 | 32,459 |
Mortgage notes held by unconsolidated affiliates | 20,421 | 20,803 |
Total Assets | 594,509 | 532,263 |
Allowance for uncollectible receivables | 0 | 0 |
Impairment of intangible assets | $ 0 | 0 |
Taxable income to be distributed | 90.00% | |
Retainable taxable income | 10.00% | |
Provisions or liabilities for income taxes | $ 0 | |
Revenue from tenant rents and related activities | 95.00% | |
Term of lease | 1 year | |
Increase in revenue due to straight - line adjustment | $ 325 | 186 |
Straight - line Receivable | $ 2,863 | $ 2,538 |
Denominators for the basic and diluted earnings per common share | shares | 7,223,000 | 5,507,000 |
Operating Partnership | ||
Real Estate Properties [Line Items] | ||
Percentage of interest | 82.50% | |
Commercial Property | ||
Real Estate Properties [Line Items] | ||
No. of properties | property | 49 | |
Residential Property | ||
Real Estate Properties [Line Items] | ||
No. of properties | property | 97 | |
Real Estate Investments. | ||
Real Estate Properties [Line Items] | ||
Total Assets | $ 594,509 | |
Assets Held for Sale | ||
Real Estate Properties [Line Items] | ||
No. of properties | property | 1 | |
Multi-tenant apartment | ||
Real Estate Properties [Line Items] | ||
Residential, multi-tenant apartment complex, Units | item | 61 | |
Grand Forks INREIT, LLC | ||
Real Estate Properties [Line Items] | ||
Percentage of interest | 50.00% | |
Area (others) | ft² | 183,000 | |
Michigan Street Transit Center, LLC ("Transit Center") | ||
Real Estate Properties [Line Items] | ||
Percentage of interest | 99.00% | |
Mortgages [Member] | INREIT Highland LLC | ||
Real Estate Properties [Line Items] | ||
Mortgage Carrying Amount | $ 2,259 | $ 2,323 |
Amount to be Repaid | 909 | 935 |
Mortgages [Member] | Grand Forks INREIT, LLC | ||
Real Estate Properties [Line Items] | ||
Mortgage Carrying Amount | 11,079 | 11,260 |
Amount to be Repaid | 5,540 | 5,630 |
Mortgages [Member] | INREIT Properties, LLLP | ||
Real Estate Properties [Line Items] | ||
Amount to be Repaid | 4,722 | 4,814 |
Mortgages [Member] | INREIT Properties, LLLP | Building One | ||
Real Estate Properties [Line Items] | ||
Mortgage Carrying Amount | $ 7,083 | $ 7,221 |
North Dakota | Tenant in common - Office building, Fargo, North Dakota | ||
Real Estate Properties [Line Items] | ||
Percentage of interest | 66.67% | |
Area (others) | ft² | 75,000 | |
Highland Meadows, LLC, Bismarck, North Dakota | INREIT Highland LLC | ||
Real Estate Properties [Line Items] | ||
Investment in unconsolidated affiliates | 40.26% | |
Residential, multi-tenant apartment complex, Units | item | 144 |
Principal Activity and Signif45
Principal Activity and Significant Accounting Policies - Schedule of Tax Status (Detail) - 10K - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Tax status | ||
Ordinary income | $ 0.8671 | $ 0.6649 |
Capital Gain | 0.0098 | 0.0281 |
Return of capital | 0.0531 | 0.2070 |
Total | $ 0.9300 | $ 0.9000 |
Ordinary income | 93.24% | 73.88% |
Capital Gain | 1.05% | 3.12% |
Return of capital | 5.71% | 23.00% |
Total | 100.00% | 100.00% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015segment | |
SEGMENT REPORTING | |
Number of reportable segments | 2 |
Segment Reporting - Summary of
Segment Reporting - Summary of Segment Revenues and Net Operating Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
SEGMENT REPORTING | ||
Income from rental operations | $ 97,182 | $ 70,936 |
Expenses from rental operations | 44,707 | 30,813 |
Net operating income | 52,475 | 40,123 |
Interest | 16,475 | 12,495 |
Depreciation and amortization | 20,240 | 14,038 |
Administration of REIT | 5,647 | 6,824 |
Loss on impairment of property | 412 | 0 |
Loss on lease termination | 58 | |
Other (income)/expense | (1,683) | (2,595) |
Net income | 11,384 | 9,303 |
Residential | ||
SEGMENT REPORTING | ||
Income from rental operations | 75,914 | 53,499 |
Expenses from rental operations | 39,898 | 27,794 |
Net operating income | 36,016 | 25,705 |
Commercial | ||
SEGMENT REPORTING | ||
Income from rental operations | 21,268 | 17,437 |
Expenses from rental operations | 4,809 | 3,019 |
Net operating income | $ 16,459 | $ 14,418 |
Segment Reporting - Summary o48
Segment Reporting - Summary of Segment Assets and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
SEGMENT REPORTING | |||
Real estate investments | $ 669,484 | $ 591,136 | |
Accumulated depreciation | (74,975) | (58,873) | $ (47,058) |
Real estate investments, net | 594,509 | 532,263 | |
Cash and cash equivalents | 6,461 | 643 | $ 13,849 |
Restricted deposits and funded reserves | 6,115 | 6,732 | |
Investment in unconsolidated affiliates | 9,022 | 9,081 | |
Receivables and other assets | 5,123 | 5,319 | |
Financing and lease costs, less accumulated amortization | 4,621 | 3,761 | |
Assets held for sale | 1,721 | ||
Intangible assets, less accumulated amortization | 18,184 | 9,222 | |
Total Assets | 645,756 | 567,021 | |
Residential | |||
SEGMENT REPORTING | |||
Real estate investments | 472,129 | 438,609 | |
Accumulated depreciation | (50,668) | (38,729) | |
Real estate investments, net | 421,461 | 399,880 | |
Commercial | |||
SEGMENT REPORTING | |||
Real estate investments | 197,355 | 152,527 | |
Accumulated depreciation | (24,307) | (20,144) | |
Real estate investments, net | $ 173,048 | $ 132,383 |
Real Estate Investments - Summa
Real Estate Investments - Summary of Real Estate Investments Included in Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
REAL ESTATE INVESTMENTS | ||
Real estate investments gross | $ 669,484 | $ 591,136 |
Less accumulated depreciation | (74,975) | (58,873) |
Real estate investments, net | 594,509 | 532,263 |
Land and land improvements | ||
REAL ESTATE INVESTMENTS | ||
Real estate investments gross | 99,236 | 87,552 |
Building and improvements | ||
REAL ESTATE INVESTMENTS | ||
Real estate investments gross | 544,533 | 476,526 |
Furniture, fixtures and equipment | ||
REAL ESTATE INVESTMENTS | ||
Real estate investments gross | 25,243 | 22,889 |
Construction in progress | ||
REAL ESTATE INVESTMENTS | ||
Real estate investments gross | 472 | 4,169 |
Residential | ||
REAL ESTATE INVESTMENTS | ||
Real estate investments gross | 472,129 | 438,609 |
Less accumulated depreciation | (50,668) | (38,729) |
Real estate investments, net | 421,461 | 399,880 |
Residential | Land and land improvements | ||
REAL ESTATE INVESTMENTS | ||
Real estate investments gross | 63,605 | 59,267 |
Residential | Building and improvements | ||
REAL ESTATE INVESTMENTS | ||
Real estate investments gross | 384,308 | 353,750 |
Residential | Furniture, fixtures and equipment | ||
REAL ESTATE INVESTMENTS | ||
Real estate investments gross | 23,744 | 21,423 |
Residential | Construction in progress | ||
REAL ESTATE INVESTMENTS | ||
Real estate investments gross | 472 | 4,169 |
Commercial | ||
REAL ESTATE INVESTMENTS | ||
Real estate investments gross | 197,355 | 152,527 |
Less accumulated depreciation | (24,307) | (20,144) |
Real estate investments, net | 173,048 | 132,383 |
Commercial | Land and land improvements | ||
REAL ESTATE INVESTMENTS | ||
Real estate investments gross | 35,631 | 28,285 |
Commercial | Building and improvements | ||
REAL ESTATE INVESTMENTS | ||
Real estate investments gross | 160,225 | 122,776 |
Commercial | Furniture, fixtures and equipment | ||
REAL ESTATE INVESTMENTS | ||
Real estate investments gross | $ 1,499 | $ 1,466 |
Real Estate Investments - Addit
Real Estate Investments - Additional Information (Detail) $ in Thousands | Dec. 31, 2015item | Jun. 30, 2015USD ($) | Dec. 31, 2014item |
REAL ESTATE INVESTMENTS | |||
Total amount of project construction costs capitalized | $ | $ 14,237 | ||
Bismarck, North Dakota | Multi Family Apartment Community | |||
REAL ESTATE INVESTMENTS | |||
Number of two-story townhomes under construction | 6 | ||
Number of apartment buildings under construction | 6 | 4 | |
Construction in progress, number of apartment units | 156 |
Restricted Deposits and Funde51
Restricted Deposits and Funded Reserves - Summary of Restricted Deposits and Funded Reserves (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
RESTRICTED DEPOSITS AND FUNDED RESERVES | ||
Tenant security deposits | $ 3,738 | $ 2,569 |
Real estate tax and insurance escrows | 1,677 | 2,007 |
Replacement reserves | 700 | 2,156 |
Restricted deposits and funded reserves, Total | $ 6,115 | $ 6,732 |
Restricted Deposits and Funde52
Restricted Deposits and Funded Reserves - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
RESTRICTED DEPOSITS AND FUNDED RESERVES | |
Percentage of monthly contributions of estimated real estate taxes and insurance premium | 0.083333 |
Notes Receivable (Details)
Notes Receivable (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
NOTES RECEIVABLE | |
Note receivable, face amount | $ 600 |
Interest rate (as a percent) | 6.50% |
Period in which the note receivable will become due upon the lender's demand, which demand may be any time after June 1, 2015 or August 31, 2016 | 90 days |
Lease Intangibles - Schedule of
Lease Intangibles - Schedule of Intangible Assets and Liabilities and Accumulated Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Intangible Assets | ||
Lease Intangibles | $ 25,839 | $ 14,088 |
Accumulated Amortization | (7,655) | (4,866) |
Total | 18,184 | 9,222 |
Intangible Liabilities | ||
Below-market lease | (3,056) | (1,378) |
Below-market lease, accumulated amortization | 803 | 572 |
Below-market lease, net | (2,253) | (806) |
In-place leases | ||
Intangible Assets | ||
Lease Intangibles | 22,722 | 11,622 |
Accumulated Amortization | (6,974) | (4,385) |
Total | 15,748 | 7,237 |
Above-market leases | ||
Intangible Assets | ||
Lease Intangibles | 3,117 | 2,466 |
Accumulated Amortization | (681) | (481) |
Total | $ 2,436 | $ 1,985 |
Lease Intangibles - Schedule 55
Lease Intangibles - Schedule of Estimated Aggregate Amortization Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible Assets | ||
2,016 | $ 3,463 | |
2,017 | 2,501 | |
2,018 | 2,222 | |
2,019 | 1,908 | |
2,020 | 1,435 | |
Thereafter | 6,655 | |
Total | 18,184 | $ 9,222 |
Intangible Liabilities | ||
2,016 | 324 | |
2,017 | 285 | |
2,018 | 276 | |
2,019 | 266 | |
2,020 | 209 | |
Thereafter | 893 | |
Total | $ 2,253 | $ 806 |
Amortization period | 4 years 10 months 24 days |
Lines of Credit - Additional In
Lines of Credit - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Lines of Credit | ||
Line of credit outstanding | $ 0 | $ 16,419 |
Unused line of credit | 37,015 | |
Wells Fargo Bank | ||
Lines of Credit | ||
Agreed line of credit | $ 27,000 | |
Expiration date | June 2,018 | |
Wells Fargo Bank | LIBOR | ||
Lines of Credit | ||
Variable interest rate of line of credit | 2.25% | |
Bremer Bank | ||
Lines of Credit | ||
Agreed line of credit | $ 6,315 | |
Expiration date | November 2,019 | |
Bremer Bank | Prime Rate | ||
Lines of Credit | ||
Basis reduction on variable rate (as a percent) | 0.50% | |
Bell State Bank & Trust Agreement Two | ||
Lines of Credit | ||
Agreed line of credit | $ 3,000 | |
Expiration date | December 2,016 | |
Bremer Bank Agreement Two | ||
Lines of Credit | ||
Agreed line of credit | $ 2,000 | |
Variable interest rate of line of credit | (0.50%) | |
Expiration date | October 2,016 |
Mortgage Notes Payable (Details
Mortgage Notes Payable (Details) - Mortgage notes payable $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($)item | |
MORTGAGE NOTES PAYABLE | ||
Notes And Loans Payable | $ 383,292 | $ 324,886 |
Outstanding balance of loans out of compliance, in aggregate | $ 9,650 | |
Minimum | ||
MORTGAGE NOTES PAYABLE | ||
Effective interest rate (as a percent) | 2.57% | 2.57% |
Maximum | ||
MORTGAGE NOTES PAYABLE | ||
Effective interest rate (as a percent) | 7.65% | 7.65% |
Weighted Average | ||
MORTGAGE NOTES PAYABLE | ||
Effective interest rate (as a percent) | 4.53% | 4.70% |
Fixed rate mortgage notes payable | ||
MORTGAGE NOTES PAYABLE | ||
Notes And Loans Payable | $ 383,292 | $ 318,554 |
Number of mortgage loans | item | 108 | 90 |
Percentage of mortgage loan payable | 98.05% | |
Weighted average interest rate (as a percent) | 4.74% | |
Variable rate construction loan | ||
MORTGAGE NOTES PAYABLE | ||
Notes And Loans Payable | $ 6,332 | |
Debt swapped from variable to fixed rate | $ 3,158 | $ 3,254 |
Number of mortgage loans | item | 1 | |
Percentage of mortgage loan payable | 1.95% | |
Variable rate construction loan | Weighted Average | ||
MORTGAGE NOTES PAYABLE | ||
Effective interest rate (as a percent) | 2.66% | |
Variable rate construction loan | LIBOR | ||
MORTGAGE NOTES PAYABLE | ||
Basis spread on variable interest rate (as a percent) | 2.50% | 2.50% |
Residential Property | ||
MORTGAGE NOTES PAYABLE | ||
Number of mortgage loans out of compliance | item | 3 | 2 |
Outstanding balance of loan out of compliance, loan one | $ 295 | |
Outstanding balance of loan out of compliance, loan two | $ 3,446 | |
Commercial Property | ||
MORTGAGE NOTES PAYABLE | ||
Number of mortgage loans out of compliance | item | 2 |
Mortgage Notes Payable - Schedu
Mortgage Notes Payable - Scheduled Maturities of Mortgage Notes Payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
MORTGAGE NOTES PAYABLE | ||
2,016 | $ 17,400 | |
2,017 | 35,784 | |
2,018 | 16,328 | |
2,019 | 23,618 | |
2,020 | 26,232 | |
Thereafter | 263,930 | |
Total payments | $ 383,292 | $ 324,886 |
Hedging Activities - Additional
Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
Liability and other comprehensive loss | $ 219 | $ 272 |
April 2,020 | ||
Derivative [Line Items] | ||
Interest rate swaps value | $ 1,294 | |
Interest rate swaps percentage | 7.25% | |
Derivative maturity dates | Apr. 1, 2020 | |
December 2,017 | ||
Derivative [Line Items] | ||
Interest rate swaps value | $ 2,450 | |
Interest rate swaps percentage | 2.57% | |
Derivative maturity dates | Dec. 1, 2017 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Mortgage notes payable | ||
Financial liabilities: | ||
Carrying value of mortgage notes payable | $ 383,292 | $ 324,886 |
Fair value of mortgage notes payable | 394,782 | 336,646 |
Fair value of interest rate swaps | ||
Financial liabilities: | ||
Carrying value of interest rate swaps | 219 | 272 |
Fair value of interest rate swaps | $ 219 | $ 272 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Value of Assets on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of interest rate swaps | $ 219 | $ 272 |
Fair value of interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of interest rate swaps | 219 | 272 |
Level 2 | Fair value of interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of interest rate swaps | $ 219 | $ 272 |
Fair Value Measurement - Invest
Fair Value Measurement - Investment Properties Measured at Fair Value On Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Assets Measured On Non Recurring Basis [Line Items] | ||
Provision for Impairment of Investment Properties | $ 412 | $ 0 |
Real Estate Investments. | ||
Fair Value Assets Measured On Non Recurring Basis [Line Items] | ||
Provision for Impairment of Investment Properties | 412 | |
Fair Value, Measurements, Nonrecurring | Real Estate Investments. | ||
Fair Value Assets Measured On Non Recurring Basis [Line Items] | ||
Real estate investments | 1,087 | |
Level 3 | Fair Value, Measurements, Nonrecurring | Real Estate Investments. | ||
Fair Value Assets Measured On Non Recurring Basis [Line Items] | ||
Real estate investments | $ 1,087 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value of Company's Financial Assets and Liabilities (Detail) - Mortgage notes payable - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial instruments | $ 394,782 | $ 336,646 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Fair value of financial instruments | $ 394,782 | $ 336,646 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information | ||
Discount rates used to estimate fair value of mortgages and notes payable | 3.97% | 3.94% |
Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information | ||
Discount rates used to estimate fair value of mortgages and notes payable | 4.05% | 4.41% |
Noncontrolling Interest of Un65
Noncontrolling Interest of Unitholders in Operating Partnership - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)item$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | |
Noncontrolling Interest | ||
Distributions per unit | $ / shares | $ 0.9300 | $ 0.9000 |
Maximum | ||
Noncontrolling Interest | ||
Number of permitted exchange requests in a calendar year | item | 2 | |
Limited Partnership | ||
Noncontrolling Interest | ||
Total units | 15,300,000 | 14,621,000 |
Units converted by limited partners into common shares | 6,000 | 47,000 |
Common shares value | $ | $ 87 | $ 700 |
Total units | 6,000 | 47,000 |
Limited Partnership | Minimum | ||
Noncontrolling Interest | ||
Number of units which can be redeemed in single redemption | 1,000 | |
Operating Partnership | ||
Noncontrolling Interest | ||
Declared distributions | $ | $ 3,557 | $ 3,290 |
Distributions per unit | $ / shares | $ 0.9300 | $ 0.9000 |
Redemption Plans - Additional I
Redemption Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Redemption plans | ||
Redemption price of securities | $ 14.50 | |
Redemption of shares, value | $ 2,548 | $ 4,904 |
Redemption Plans | ||
Redemption plans | ||
Amount of securities redemption | $ 30,000 | |
Redemption of shares | 132,000 | 238,000 |
Redemption of shares, value | $ 1,915 | $ 3,338 |
Additional redemption of units | 44,000 | 112,000 |
Additional redemption of units, value | $ 633 | $ 1,566 |
Beneficial Interest - Additiona
Beneficial Interest - Additional Information (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Beneficial Interest | ||
Common shares, outstanding | 7,579,000 | 5,624,000 |
Preferred shares, outstanding | 0 | |
Dividends paid | $ 0.9300 | $ 0.9000 |
Total Beneficial Interest | ||
Beneficial Interest | ||
Common shares, authorized | 100,000,000 | |
Common shares, par value | $ 0.01 | |
Preferred shares, authorized | 50,000,000 | |
Preferred shares, par value | $ 0.01 |
Dividend Reinvestment Plan - Ad
Dividend Reinvestment Plan - Additional Information (Detail) - Dividend Reinvestment Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Jul. 20, 2012 | |
Dividend Reinvestment Plan | |||
Common shares to be issued | 2,000,000 | ||
Minimum percentage of cash dividends | 25.00% | ||
Maximum additional cash purchase of common shares per fiscal quarter | $ 5 | ||
Percentage estimated value for dividend reinvestments | 95.00% | ||
Percentage estimated value for additional optional cash purchases | 100.00% | ||
Estimated value per common share | $ 15.50 | $ 15 | |
Purchase price per common share for dividend reinvestments | 14.725 | 14.25 | |
Purchase price per common share additional optional cash purchases | $ 15.50 | $ 15 | |
Notice period to participants | 10 days | ||
Shares issued pursuant to dividend reinvestments | 284,000 | 231,000 | |
Shares were issued pursuant to additional optional cash purchases under the plan | 116,000 | 128,000 |
Related Party Transactions - Pr
Related Party Transactions - Property Management and Board of Trustee Fees (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transactions | ||
Trustee fees | $ 51 | $ 56 |
Unpaid board of trustee fees | $ 27 | $ 32 |
GOLDMARK Property Management | ||
Related Party Transactions | ||
Property management fee, percent fee | 5.00% | 5.00% |
Management fee, amount paid | $ 9,304 | $ 6,439 |
Board Chairman - Board Meeting | ||
Related Party Transactions | ||
Shares received by board members per meeting | 105 | |
Trustee - Board Meeting | ||
Related Party Transactions | ||
Shares received by board members per meeting | 75 | |
Committee Chair - Committee Meeting | ||
Related Party Transactions | ||
Shares received by board members per meeting | 30 | |
Trustee - Committee Meeting | ||
Related Party Transactions | ||
Shares received by board members per meeting | 30 |
Related Party Transactions - Ad
Related Party Transactions - Advisory Agreement and Other (Detail) $ / item in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)employeeitem$ / itemshares | Dec. 31, 2014USD ($)shares | |
Related Party Transactions | ||
Number of paid employees | employee | 0 | |
Management fee percentage of total assets | 0.35% | |
Maximum management fee payable in cash or common shares | not to exceed one-twelfth of 0.35% of the total assets | |
Advisory management fees | $ 2,401 | $ 1,855 |
Rental Income | $ 93,330 | 68,706 |
Advisory Agreement | ||
Related Party Transactions | ||
Business acquisition purchase price allocation acquisition fees percentage | 2.50% | |
Advisory disposition fee for sale of investments | 2.50% | |
Advisory disposition fee sale of cap amount | $ / item | 375 | |
Financing fee percentage | 0.25% | |
Advisory Agreement | Minimum | ||
Related Party Transactions | ||
Development fee percentage | 3.00% | |
Advisory Agreement | Maximum | ||
Related Party Transactions | ||
Criteria acquisition fees | $ / item | 375 | |
Acquisition fees and expenses net percentage | 6.00% | |
Development fee percentage | 5.00% | |
Advisory Agreement | 0 – 10M | ||
Related Party Transactions | ||
Development fee percentage | 5.00% | |
Formula | 0M – 5.0% x (TC – 0M) | |
Advisory Agreement | 0 – 10M | Minimum | ||
Related Party Transactions | ||
Total Cost | $ 0 | |
Range of Fee | 0 | |
Advisory Agreement | 0 – 10M | Maximum | ||
Related Party Transactions | ||
Total Cost | 10,000 | |
Range of Fee | $ 500 | |
Advisory Agreement | 10M - 20M | ||
Related Party Transactions | ||
Development fee percentage | 4.50% | |
Formula | .50M – 4.5% x (TC – 10M) | |
Advisory Agreement | 10M - 20M | Minimum | ||
Related Party Transactions | ||
Total Cost | $ 10,000 | |
Range of Fee | 500 | |
Advisory Agreement | 10M - 20M | Maximum | ||
Related Party Transactions | ||
Total Cost | 20,000 | |
Range of Fee | $ 950 | |
Advisory Agreement | 20M – 30M | ||
Related Party Transactions | ||
Development fee percentage | 4.00% | |
Formula | .95M – 4.0% x (TC – 20M) | |
Advisory Agreement | 20M – 30M | Minimum | ||
Related Party Transactions | ||
Total Cost | $ 20,000 | |
Range of Fee | 950 | |
Advisory Agreement | 20M – 30M | Maximum | ||
Related Party Transactions | ||
Total Cost | 30,000 | |
Range of Fee | $ 1,350 | |
Advisory Agreement | 30M – 40M | ||
Related Party Transactions | ||
Development fee percentage | 3.50% | |
Formula | 1.35M – 3.5% x (TC – 30M) | |
Advisory Agreement | 30M – 40M | Minimum | ||
Related Party Transactions | ||
Total Cost | $ 30,000 | |
Range of Fee | 1,350 | |
Advisory Agreement | 30M – 40M | Maximum | ||
Related Party Transactions | ||
Total Cost | 40,000 | |
Range of Fee | $ 1,700 | |
Advisory Agreement | 40M – 50M | ||
Related Party Transactions | ||
Development fee percentage | 3.00% | |
Formula | 1.70M – 3.0% x (TC – 40M) | |
Advisory Agreement | 40M – 50M | Minimum | ||
Related Party Transactions | ||
Total Cost | $ 40,000 | |
Range of Fee | 1,700 | |
Advisory Agreement | 40M – 50M | Maximum | ||
Related Party Transactions | ||
Total Cost | 50,000 | |
Range of Fee | 2,000 | |
Sterling Management, LLC | ||
Related Party Transactions | ||
Advisory management fees | 2,401 | 1,855 |
Advisory management fees outstanding | 214 | 342 |
Business acquisition fees | 1,128 | 2,628 |
Acquisition fees outstanding | 0 | 1,875 |
Financing fees for loan financing and refinancing activities | 270 | 269 |
Financing fees for loan financing and refinancing outstanding | 23 | 214 |
Disposition fees | 36 | 16 |
Disposition fees outstanding | 0 | |
Development fee | 336 | 358 |
Development fees Outstanding | 69 | 36 |
Rental Income | 43 | 42 |
GOLDMARK Property Management | ||
Related Party Transactions | ||
Rental Income | 215 | 179 |
GOLDMARK SCHLOSSMAN Commercial Real Estate Services | ||
Related Party Transactions | ||
Real estate commissions | 1,033 | 1,408 |
Real estate commissions outstanding | 0 | 750 |
Rental Income | $ 51 | $ 50 |
Entity Affiliated With Messrs Regan and Wieland | ||
Related Party Transactions | ||
Number of operating partnership (OP) units issued in connection with the acquisition of various properties | shares | 242,000 | 644,000 |
Value of operating partnership (OP) units issued in connection with the acquisition of various properties | $ 3,754 | $ 9,118 |
Dale Lian | ||
Related Party Transactions | ||
Brokerage fees value | $ 931 | |
Brokerage fees base criteria percentage | 7.00% | |
Brokerage fees outstanding | $ 0 | |
James Echtenkamp | ||
Related Party Transactions | ||
Brokerage fees value | $ 348 | |
Brokerage fees base criteria percentage | 7.00% | |
Brokerage fees outstanding | $ 0 | |
Bismarck, North Dakota | Apartment Community Phase I | GOLDMARK Development | ||
Related Party Transactions | ||
Construction costs incurred to date | 14,147 | |
Retainage owed | 0 | 555 |
Unpaid construction fees | $ 0 | $ 477 |
Bismarck, North Dakota | Apartment Community Phase I | GOLDMARK Development | Bismarck, North Dakota | ||
Related Party Transactions | ||
Construction in progress, number of apartment units | item | 156 | |
Bismarck, North Dakota | Apartment Community Phase II | GOLDMARK Development | ||
Related Party Transactions | ||
Construction costs incurred to date | $ 117 | |
Retainage owed | 6 | |
Unpaid construction fees | $ 107 | |
Number of two-story townhomes under construction | item | 6 |
Rentals under Operating Lease71
Rentals under Operating Leases / Rental Income - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Minimum future rentals on non-cancelable operating leases as of December 31, 2015 | ||
2,016 | $ 18,818 | |
2,017 | 17,961 | |
2,018 | 16,695 | |
2,019 | 16,004 | |
2,020 | 15,012 | |
Thereafter | 69,741 | |
Total | 154,231 | |
Residential Property | ||
Real Estate Properties [Line Items] | ||
Gross revenue | $ 75,914 | $ 53,499 |
Residential Property | Maximum | ||
Real Estate Properties [Line Items] | ||
Term of lease to individual tenants | 1 year | |
Commercial Property | ||
Real Estate Properties [Line Items] | ||
Gross revenue | $ 21,268 | 17,437 |
Operating lease expiration year | 2,034 | |
CAM income (common area maintenance) | $ 3,852 | $ 2,230 |
Dispositions - Additional Infor
Dispositions - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($)ft² | |
Dispositions | ||
Property sold | $ 1,424 | $ 625 |
Gain on sale of real estate | 470 | $ 69 |
ASSETS | ||
Total Assets | 1,721 | |
LIABILITIES | ||
Total Liabilities | 659 | |
Operating Partnership | Fargo, North Dakota | ||
Dispositions | ||
Property sold | 1,424 | |
Gain on sale of real estate | $ 470 | |
Development Land Two, Fargo, ND | Operating Partnership | Fargo, North Dakota | ||
Dispositions | ||
Area of land | a | 3.38 | |
Office Property, Norfolk, Nebraska | Operating Partnership | Norfolk, Nebraska | ||
Dispositions | ||
Area of commercial property | ft² | 14,736 | |
Property sold | $ 625 | |
Gain on sale of real estate | $ 69 | |
Medical Property, Eau Claire, Wisconsin | ||
ASSETS | ||
Real estate investments | $ 1,716 | |
Receivables | 5 | |
Total Assets | 1,721 | |
LIABILITIES | ||
Mortgage notes payable | 655 | |
Accrued expenses and other liabilities | 4 | |
Total Liabilities | $ 659 |
Business Combinations and Acq73
Business Combinations and Acquisitions - Purchases, Current Year (Detail) $ / shares in Units, $ in Thousands | Oct. 01, 2015USD ($)item | Sep. 01, 2015USD ($)item | Aug. 13, 2015USD ($)ft² | Aug. 04, 2015USD ($)item | Jul. 20, 2015USD ($)a | Jun. 16, 2015USD ($)a | May. 13, 2015USD ($)item | Feb. 03, 2015USD ($)item | Jan. 28, 2015USD ($)ft² | Jan. 13, 2015USD ($)item | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Mar. 31, 2014$ / shares |
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||||
Acquisition price | $ 82,586 | $ 132,990 | |||||||||||
Prorata Acquisition Price | $ 66,836 | $ 132,990 | |||||||||||
Aggregate number of limited partnership units issued for acquisition | shares | 729,000 | 1,233,000 | |||||||||||
Price per limited partnership unit issued for acquisition, price one | $ / shares | $ 15 | $ 14 | $ 14 | ||||||||||
Price per limited partnership unit issued for acquisition, price two | $ / shares | $ 15.50 | $ 15 | |||||||||||
Aggregate value of limited partnership units issued for acquisition | $ 11,228 | $ 17,461 | |||||||||||
New loans issued to finance acquisition | 45,830 | 67,477 | |||||||||||
Assumed loans | 719 | 2,636 | |||||||||||
Assumed liabilities | 1,329 | ||||||||||||
Consideration in cash to pay for acquisitions | 23,480 | $ 44,054 | |||||||||||
Revenues from acquisition | 3,163 | ||||||||||||
Net loss attributable to Parent from acquisition | $ 2,356 | ||||||||||||
Valley Homes Duplexes, Grand Forks, ND | |||||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||||
Units acquired | item | 24 | ||||||||||||
Acquisition price | $ 2,148 | ||||||||||||
Prorata Acquisition Price | $ 2,148 | ||||||||||||
Titan Machinery, Bismark, ND | |||||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||||
Area of the property purchased | ft² | 22,293 | ||||||||||||
Acquisition price | $ 3,416 | ||||||||||||
Prorata Acquisition Price | $ 3,416 | ||||||||||||
Quail Creek, Springfield, MO | |||||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||||
Units acquired | item | 164 | ||||||||||||
Acquisition price | $ 10,900 | ||||||||||||
Prorata Acquisition Price | $ 10,900 | ||||||||||||
Parkview Arms, Bismark, ND | |||||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||||
Units acquired | item | 62 | ||||||||||||
Acquisition price | $ 4,464 | ||||||||||||
Prorata Acquisition Price | $ 4,464 | ||||||||||||
Land, Mankato, MN | |||||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||||
Area of the property purchased | a | 1.13 | ||||||||||||
Acquisition price | $ 263 | ||||||||||||
Prorata Acquisition Price | $ 263 | ||||||||||||
Land, Fargo, ND | |||||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||||
Area of the property purchased | a | 1.95 | ||||||||||||
Acquisition price | $ 500 | ||||||||||||
Prorata Acquisition Price | $ 500 | ||||||||||||
Huntington, Fargo, ND | |||||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||||
Units acquired | item | 10 | ||||||||||||
Acquisition price | $ 420 | ||||||||||||
Prorata Acquisition Price | $ 420 | ||||||||||||
Summerfield, Fargo, ND | |||||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||||
Units acquired | item | 18 | ||||||||||||
Acquisition price | $ 774 | ||||||||||||
Prorata Acquisition Price | $ 774 | ||||||||||||
Northland Plaza, Bloomington, MN | |||||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||||
Area of the property purchased | ft² | 296,967 | ||||||||||||
Acquisition price | $ 52,500 | ||||||||||||
Prorata Acquisition Price | $ 36,750 | ||||||||||||
Columbine Apartments, Grand Forks, ND | |||||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||||
Units acquired | item | 12 | ||||||||||||
Acquisition price | $ 629 | ||||||||||||
Prorata Acquisition Price | $ 629 | ||||||||||||
Summit Point, Fargo, ND | |||||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||||
Units acquired | item | 87 | ||||||||||||
Acquisition price | $ 6,572 | ||||||||||||
Prorata Acquisition Price | $ 6,572 |
Business Combinations and Acq74
Business Combinations and Acquisitions - Purchases, Prior Year (Detail) $ / shares in Units, $ in Thousands | Dec. 19, 2014USD ($)item | Oct. 23, 2014USD ($)ft² | Oct. 01, 2014USD ($)item | Aug. 07, 2014USD ($)item | Jun. 30, 2014USD ($)item | Jun. 09, 2014USD ($)item | May. 01, 2014USD ($)item | Jan. 02, 2014USD ($)item | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Mar. 31, 2014$ / shares |
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Acquisition price | $ 82,586 | $ 132,990 | |||||||||
Prorata Acquisition Price | $ 66,836 | $ 132,990 | |||||||||
Aggregate number of limited partnership units issued for acquisition | shares | 729,000 | 1,233,000 | |||||||||
Price per limited partnership unit issued for acquisition, price one | $ / shares | $ 15 | $ 14 | $ 14 | ||||||||
Price per limited partnership unit issued for acquisition, price two | $ / shares | $ 15.50 | $ 15 | |||||||||
Aggregate value of limited partnership units issued for acquisition | $ 11,228 | $ 17,461 | |||||||||
Assumed loans | 719 | 2,636 | |||||||||
Assumed liabilities and deferred maintenance charges | 1,362 | ||||||||||
New loans issued to finance acquisition | 45,830 | 67,477 | |||||||||
Consideration in cash to pay for acquisitions | $ 23,480 | $ 44,054 | |||||||||
Barrett Arms Apartments, Crookston, MN | |||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Units acquired | item | 24 | ||||||||||
Acquisition price | $ 1,104 | ||||||||||
Prorata Acquisition Price | $ 1,104 | ||||||||||
Chandler 1802, Grand Forks, ND | |||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Units acquired | item | 24 | ||||||||||
Acquisition price | $ 1,320 | ||||||||||
Prorata Acquisition Price | $ 1,320 | ||||||||||
Echo Manor Apartments, Hutchinson, MN | |||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Units acquired | item | 30 | ||||||||||
Acquisition price | $ 1,080 | ||||||||||
Prorata Acquisition Price | $ 1,080 | ||||||||||
Westcourt Apartments , Fargo, ND | |||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Units acquired | item | 64 | ||||||||||
Acquisition price | $ 3,520 | ||||||||||
Prorata Acquisition Price | $ 3,520 | ||||||||||
Eagle Run Apartments, West Fargo, ND | |||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Units acquired | item | 144 | ||||||||||
Acquisition price | $ 1,566 | ||||||||||
Prorata Acquisition Price | $ 1,566 | ||||||||||
Griffin Court Apartments, Moorhead, MN | |||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Units acquired | item | 128 | ||||||||||
Acquisition price | $ 4,848 | ||||||||||
Prorata Acquisition Price | $ 4,848 | ||||||||||
Parkwest Gardens Apartments, West Fargo, ND | |||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Units acquired | item | 142 | ||||||||||
Acquisition price | $ 6,840 | ||||||||||
Prorata Acquisition Price | $ 6,840 | ||||||||||
Dakota Manor Apartments Fargo ND | |||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Units acquired | item | 54 | ||||||||||
Acquisition price | $ 2,646 | ||||||||||
Prorata Acquisition Price | $ 2,646 | ||||||||||
Twin Oaks, Hutchinson, MN | |||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Units acquired | item | 80 | ||||||||||
Acquisition price | $ 4,320 | ||||||||||
Prorata Acquisition Price | $ 4,320 | ||||||||||
Land, Bismark, ND | |||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Area of the property purchased | ft² | 16 | ||||||||||
Acquisition price | $ 2,246 | ||||||||||
Prorata Acquisition Price | $ 2,246 | ||||||||||
Brighton Village Apartments, New Brighton, MN | |||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Units acquired | item | 240 | ||||||||||
Acquisition price | $ 16,800 | ||||||||||
Prorata Acquisition Price | $ 16,800 | ||||||||||
Georgetown on the River, Fridley, MN | |||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Units acquired | item | 462 | ||||||||||
Acquisition price | $ 30,400 | ||||||||||
Prorata Acquisition Price | $ 30,400 | ||||||||||
Maplewood Apartments, Maplewood, MN | |||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Units acquired | item | 240 | ||||||||||
Acquisition price | $ 15,600 | ||||||||||
Prorata Acquisition Price | $ 15,600 | ||||||||||
Robinwood Apartments, Coon Rapids, MN | |||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Units acquired | item | 120 | ||||||||||
Acquisition price | $ 7,500 | ||||||||||
Prorata Acquisition Price | $ 7,500 | ||||||||||
Rosedale Estates North, Roseville, MN | |||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Units acquired | item | 180 | ||||||||||
Acquisition price | $ 12,850 | ||||||||||
Prorata Acquisition Price | $ 12,850 | ||||||||||
Rosedale Estates South, Roseville, MN | |||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Units acquired | item | 180 | ||||||||||
Acquisition price | $ 12,850 | ||||||||||
Prorata Acquisition Price | $ 12,850 | ||||||||||
Valley View, Golden Valley, MN | |||||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||||
Units acquired | item | 72 | ||||||||||
Acquisition price | $ 7,500 | ||||||||||
Prorata Acquisition Price | $ 7,500 |
Business Combinations and Acq75
Business Combinations and Acquisitions - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
BUSINESS COMBINATIONS AND ACQUISITIONS | |||
Land, building, tenant improvements and FF&E | $ 71,493 | $ 132,990 | |
Acquired lease intangible assets | 12,735 | ||
Acquired lease intangible liabilities | (1,642) | ||
Mortgages notes payable assumed | (719) | (2,637) | |
Other liabilities | (1,329) | (1,361) | |
Net assets acquired | 80,538 | 128,992 | |
Equity/limited partnership unit consideration | (11,228) | (17,461) | |
New loans | (45,830) | (67,477) | |
Net cash consideration | $ 23,480 | $ 44,054 | |
Price per limited partnership unit issued for acquisition, price one | $ 15 | $ 14 | $ 14 |
Price per limited partnership unit issued for acquisition, price two | $ 15.50 | $ 15 |
Business Combinations and Acq76
Business Combinations and Acquisitions - Condensed Pro forma Financial Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pro Forma Financial Information | ||
Total revenues | $ 101,807 | $ 78,735 |
Net income | 11,457 | 5,772 |
Net income attributable to Sterling Real Estate Trust | $ 5,998 | $ 2,657 |
Earnings per common share, basic and diluted | ||
Net income per common share attributable to Sterling Real Estate Trust | $ 0.83 | $ 0.48 |
Weighted average number of common shares outstanding - basic | 7,223 | 5,507 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jan. 15, 2016$ / shares | Mar. 31, 2016USD ($)item | Feb. 29, 2016USD ($)ft²item | Jan. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares |
Subsequent Events | ||||||
Dividend or distribution paid | $ / shares | $ 0.9300 | $ 0.9000 | ||||
Acquisition price | $ 82,586 | $ 132,990 | ||||
Subsequent Event | ||||||
Subsequent Events | ||||||
Dividend or distribution paid | $ / shares | $ 0.2325 | |||||
Operating Partnership | ||||||
Subsequent Events | ||||||
Dividend or distribution paid | $ / shares | $ 0.9300 | $ 0.9000 | ||||
Specific Implement Dealership, North Platte, NE | Operating Partnership | Subsequent Event | ||||||
Subsequent Events | ||||||
Area of the property purchased | ft² | 19,595 | |||||
Acquisition price | $ 1,769 | |||||
Specific Apartment 72 Unit and Townhome 8 Unit, Complex, Grand Forks, ND | Operating Partnership | Subsequent Event | ||||||
Subsequent Events | ||||||
Number of apartment units acquired | item | 72 | |||||
Number of townhome units acquired | item | 8 | |||||
Acquisition price | $ 5,050 | |||||
Specific Office Building, White Bear Lake, MN | Operating Partnership | Subsequent Event | ||||||
Subsequent Events | ||||||
Area of the property purchased | ft² | 25,817 | |||||
Acquisition price | $ 4,000 | |||||
Specific Apartment Complex One, 20 Unit, Bismarck, ND | Operating Partnership | Subsequent Event | ||||||
Subsequent Events | ||||||
Number of apartment units acquired | item | 20 | |||||
Acquisition price | $ 1,550 | |||||
Specific Apartment Complex Two, 20 Unit, Bismarck, ND | Operating Partnership | Subsequent Event | ||||||
Subsequent Events | ||||||
Number of apartment units acquired | item | 20 | |||||
Acquisition price | $ 1,550 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | $ 383,292 |
Initial cost to company, Land | 96,934 |
Initial cost to company, Buildings | 530,920 |
Costs capitalized subsequent to acquisition, land | 2,302 |
Costs capitalized subsequent to acquisition, buildings | 13,613 |
Gross Amount at which carried at close of period, Land | 99,236 |
Gross Amount at which carried at close of period, Buildings. | 544,533 |
Gross Amount at which carried at close of period, Total | 643,769 |
Accumulated Depreciation | 61,859 |
Industrial Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 13,668 |
Initial cost to company, Land | 4,471 |
Initial cost to company, Buildings | 18,334 |
Costs capitalized subsequent to acquisition, land | 1,007 |
Costs capitalized subsequent to acquisition, buildings | (94) |
Gross Amount at which carried at close of period, Land | 5,478 |
Gross Amount at which carried at close of period, Buildings. | 18,240 |
Gross Amount at which carried at close of period, Total | 23,718 |
Accumulated Depreciation | 1,437 |
Land Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 473 |
Initial cost to company, Land | 669 |
Gross Amount at which carried at close of period, Land | 669 |
Gross Amount at which carried at close of period, Total | 669 |
Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 6,288 |
Initial cost to company, Land | 2,881 |
Initial cost to company, Buildings | 18,599 |
Costs capitalized subsequent to acquisition, land | 275 |
Costs capitalized subsequent to acquisition, buildings | 2,521 |
Gross Amount at which carried at close of period, Land | 3,156 |
Gross Amount at which carried at close of period, Buildings. | 21,120 |
Gross Amount at which carried at close of period, Total | 24,276 |
Accumulated Depreciation | 4,347 |
Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 292,022 |
Initial cost to company, Land | 62,649 |
Initial cost to company, Buildings | 376,338 |
Costs capitalized subsequent to acquisition, land | 955 |
Costs capitalized subsequent to acquisition, buildings | 7,971 |
Gross Amount at which carried at close of period, Land | 63,604 |
Gross Amount at which carried at close of period, Buildings. | 384,309 |
Gross Amount at which carried at close of period, Total | 447,913 |
Accumulated Depreciation | 38,940 |
Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 52,112 |
Initial cost to company, Land | 15,170 |
Initial cost to company, Buildings | 86,545 |
Costs capitalized subsequent to acquisition, land | (102) |
Costs capitalized subsequent to acquisition, buildings | 3,869 |
Gross Amount at which carried at close of period, Land | 15,068 |
Gross Amount at which carried at close of period, Buildings. | 90,414 |
Gross Amount at which carried at close of period, Total | 105,482 |
Accumulated Depreciation | 11,975 |
Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 18,729 |
Initial cost to company, Land | 11,094 |
Initial cost to company, Buildings | 31,104 |
Costs capitalized subsequent to acquisition, land | 167 |
Costs capitalized subsequent to acquisition, buildings | (654) |
Gross Amount at which carried at close of period, Land | 11,261 |
Gross Amount at which carried at close of period, Buildings. | 30,450 |
Gross Amount at which carried at close of period, Total | 41,711 |
Accumulated Depreciation | $ 5,160 |
Guardian Building Products [Member] | Industrial Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,138 |
Initial cost to company, Land | 820 |
Initial cost to company, Buildings | 2,554 |
Costs capitalized subsequent to acquisition, land | 9 |
Costs capitalized subsequent to acquisition, buildings | (94) |
Gross Amount at which carried at close of period, Land | 829 |
Gross Amount at which carried at close of period, Buildings. | 2,460 |
Gross Amount at which carried at close of period, Total | 3,289 |
Accumulated Depreciation | $ 211 |
Date of Construction or Acquisition | Aug. 29, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Titan Machinery, Bismarck, ND | Industrial Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Encumbrances | $ 2,532 |
Initial cost to company, Land | 950 |
Initial cost to company, Buildings | 1,395 |
Costs capitalized subsequent to acquisition, land | 7 |
Gross Amount at which carried at close of period, Land | 957 |
Gross Amount at which carried at close of period, Buildings. | 1,395 |
Gross Amount at which carried at close of period, Total | 2,352 |
Accumulated Depreciation | $ 35 |
Date of Construction or Acquisition | Jan. 28, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Titan Machinery Dickinson [Member] | Industrial Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Dickinson, ND |
Encumbrances | $ 931 |
Initial cost to company, Land | 354 |
Initial cost to company, Buildings | 1,096 |
Costs capitalized subsequent to acquisition, land | 400 |
Gross Amount at which carried at close of period, Land | 754 |
Gross Amount at which carried at close of period, Buildings. | 1,096 |
Gross Amount at which carried at close of period, Total | 1,850 |
Accumulated Depreciation | $ 105 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Titan Machinery Fargo [Member] | Industrial Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,108 |
Initial cost to company, Land | 781 |
Initial cost to company, Buildings | 1,947 |
Costs capitalized subsequent to acquisition, land | 510 |
Gross Amount at which carried at close of period, Land | 1,291 |
Gross Amount at which carried at close of period, Buildings. | 1,947 |
Gross Amount at which carried at close of period, Total | 3,238 |
Accumulated Depreciation | $ 158 |
Date of Construction or Acquisition | Dec. 10, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Titan Machinery Marshall [Member] | Industrial Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Marshall, MN |
Encumbrances | $ 2,153 |
Initial cost to company, Land | 300 |
Initial cost to company, Buildings | 3,648 |
Costs capitalized subsequent to acquisition, land | 81 |
Gross Amount at which carried at close of period, Land | 381 |
Gross Amount at which carried at close of period, Buildings. | 3,648 |
Gross Amount at which carried at close of period, Total | 4,029 |
Accumulated Depreciation | $ 388 |
Date of Construction or Acquisition | Nov. 1, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Titan Machinery Minot [Member] | Industrial Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Minot, ND |
Encumbrances | $ 1,610 |
Initial cost to company, Land | 618 |
Initial cost to company, Buildings | 1,654 |
Gross Amount at which carried at close of period, Land | 618 |
Gross Amount at which carried at close of period, Buildings. | 1,654 |
Gross Amount at which carried at close of period, Total | 2,272 |
Accumulated Depreciation | $ 141 |
Date of Construction or Acquisition | Aug. 1, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Titan Machinery Redwood [Member] | Industrial Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Redwood Falls, MN |
Encumbrances | $ 1,631 |
Initial cost to company, Land | 333 |
Initial cost to company, Buildings | 3,568 |
Gross Amount at which carried at close of period, Land | 333 |
Gross Amount at which carried at close of period, Buildings. | 3,568 |
Gross Amount at which carried at close of period, Total | 3,901 |
Accumulated Depreciation | $ 260 |
Date of Construction or Acquisition | Jan. 31, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Titan Machinery Sioux [Member] | Industrial Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Sioux City, IA |
Encumbrances | $ 1,565 |
Initial cost to company, Land | 315 |
Initial cost to company, Buildings | 2,472 |
Gross Amount at which carried at close of period, Land | 315 |
Gross Amount at which carried at close of period, Buildings. | 2,472 |
Gross Amount at which carried at close of period, Total | 2,787 |
Accumulated Depreciation | $ 139 |
Date of Construction or Acquisition | Oct. 25, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Taco Bell Land [Member] | Land Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Denver, CO |
Encumbrances | $ 473 |
Initial cost to company, Land | 669 |
Gross Amount at which carried at close of period, Land | 669 |
Gross Amount at which carried at close of period, Total | $ 669 |
Date of Construction or Acquisition | Jun. 14, 2011 |
Bio Life Bismarck [Member] | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Encumbrances | $ 677 |
Initial cost to company, Land | 306 |
Initial cost to company, Buildings | 2,255 |
Costs capitalized subsequent to acquisition, land | 11 |
Costs capitalized subsequent to acquisition, buildings | 123 |
Gross Amount at which carried at close of period, Land | 317 |
Gross Amount at which carried at close of period, Buildings. | 2,378 |
Gross Amount at which carried at close of period, Total | 2,695 |
Accumulated Depreciation | $ 497 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Bio Life Bismarck [Member] | Minimum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 9 years |
Bio Life Bismarck [Member] | Maximum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Bio Life Grand Forks [Member] | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 700 |
Initial cost to company, Land | 457 |
Initial cost to company, Buildings | 2,230 |
Costs capitalized subsequent to acquisition, land | 1 |
Costs capitalized subsequent to acquisition, buildings | 158 |
Gross Amount at which carried at close of period, Land | 458 |
Gross Amount at which carried at close of period, Buildings. | 2,388 |
Gross Amount at which carried at close of period, Total | 2,846 |
Accumulated Depreciation | $ 517 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Bio Life Grand Forks [Member] | Minimum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 10 years |
Bio Life Grand Forks [Member] | Maximum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Bio Life Janesville [Member] | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Janesville, WI |
Encumbrances | $ 624 |
Initial cost to company, Land | 250 |
Initial cost to company, Buildings | 1,857 |
Costs capitalized subsequent to acquisition, buildings | 123 |
Gross Amount at which carried at close of period, Land | 250 |
Gross Amount at which carried at close of period, Buildings. | 1,980 |
Gross Amount at which carried at close of period, Total | 2,230 |
Accumulated Depreciation | $ 415 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Bio Life Janesville [Member] | Minimum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 9 years |
Bio Life Janesville [Member] | Maximum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Bio Life Mankato [Member] | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Mankato, MN |
Encumbrances | $ 752 |
Initial cost to company, Land | 390 |
Initial cost to company, Buildings | 2,111 |
Costs capitalized subsequent to acquisition, land | 263 |
Costs capitalized subsequent to acquisition, buildings | 1,154 |
Gross Amount at which carried at close of period, Land | 653 |
Gross Amount at which carried at close of period, Buildings. | 3,265 |
Gross Amount at which carried at close of period, Total | 3,918 |
Accumulated Depreciation | $ 609 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Bio Life Mankato [Member] | Minimum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 11 years |
Bio Life Mankato [Member] | Maximum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Bio Life Marquette [Member] | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Marquette, MI |
Encumbrances | $ 870 |
Initial cost to company, Land | 213 |
Initial cost to company, Buildings | 2,793 |
Costs capitalized subsequent to acquisition, buildings | 123 |
Gross Amount at which carried at close of period, Land | 213 |
Gross Amount at which carried at close of period, Buildings. | 2,916 |
Gross Amount at which carried at close of period, Total | 3,129 |
Accumulated Depreciation | $ 602 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Bio Life Marquette [Member] | Minimum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 9 years |
Bio Life Marquette [Member] | Maximum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Bio Life Onalaska [Member] | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Onalaska, WI |
Encumbrances | $ 655 |
Initial cost to company, Land | 208 |
Initial cost to company, Buildings | 1,853 |
Costs capitalized subsequent to acquisition, buildings | 323 |
Gross Amount at which carried at close of period, Land | 208 |
Gross Amount at which carried at close of period, Buildings. | 2,176 |
Gross Amount at which carried at close of period, Total | 2,384 |
Accumulated Depreciation | $ 439 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Bio Life Onalaska [Member] | Minimum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 11 years |
Bio Life Onalaska [Member] | Maximum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Bio Life Oshkosh [Member] | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Oshkosh, WI |
Encumbrances | $ 597 |
Initial cost to company, Land | 293 |
Initial cost to company, Buildings | 1,705 |
Costs capitalized subsequent to acquisition, buildings | 146 |
Gross Amount at which carried at close of period, Land | 293 |
Gross Amount at which carried at close of period, Buildings. | 1,851 |
Gross Amount at which carried at close of period, Total | 2,144 |
Accumulated Depreciation | $ 407 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Bio Life Oshkosh [Member] | Minimum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 10 years |
Bio Life Oshkosh [Member] | Maximum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Bio Life Sheboygan [Member] | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Sheboygan, WI |
Encumbrances | $ 665 |
Initial cost to company, Land | 645 |
Initial cost to company, Buildings | 1,611 |
Costs capitalized subsequent to acquisition, buildings | 248 |
Gross Amount at which carried at close of period, Land | 645 |
Gross Amount at which carried at close of period, Buildings. | 1,859 |
Gross Amount at which carried at close of period, Total | 2,504 |
Accumulated Depreciation | $ 381 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Bio Life Sheboygan [Member] | Minimum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 10 years |
Bio Life Sheboygan [Member] | Maximum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Bio Life Stevens Point [Member] | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Stevens Point, WI |
Encumbrances | $ 748 |
Initial cost to company, Land | 119 |
Initial cost to company, Buildings | 2,184 |
Costs capitalized subsequent to acquisition, buildings | 123 |
Gross Amount at which carried at close of period, Land | 119 |
Gross Amount at which carried at close of period, Buildings. | 2,307 |
Gross Amount at which carried at close of period, Total | 2,426 |
Accumulated Depreciation | $ 480 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Bio Life Stevens Point [Member] | Minimum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 9 years |
Bio Life Stevens Point [Member] | Maximum | Medical Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Arbor One [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Encumbrances | $ 439 |
Initial cost to company, Land | 73 |
Initial cost to company, Buildings | 516 |
Costs capitalized subsequent to acquisition, land | 4 |
Gross Amount at which carried at close of period, Land | 77 |
Gross Amount at which carried at close of period, Buildings. | 516 |
Gross Amount at which carried at close of period, Total | 593 |
Accumulated Depreciation | $ 33 |
Date of Construction or Acquisition | Jun. 4, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Arbor Two [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Encumbrances | $ 448 |
Initial cost to company, Land | 73 |
Initial cost to company, Buildings | 538 |
Costs capitalized subsequent to acquisition, land | 6 |
Costs capitalized subsequent to acquisition, buildings | 14 |
Gross Amount at which carried at close of period, Land | 79 |
Gross Amount at which carried at close of period, Buildings. | 552 |
Gross Amount at which carried at close of period, Total | 631 |
Accumulated Depreciation | $ 29 |
Date of Construction or Acquisition | Nov. 1, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Arbor Three [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Encumbrances | $ 446 |
Initial cost to company, Land | 71 |
Initial cost to company, Buildings | 536 |
Costs capitalized subsequent to acquisition, land | 7 |
Costs capitalized subsequent to acquisition, buildings | 14 |
Gross Amount at which carried at close of period, Land | 78 |
Gross Amount at which carried at close of period, Buildings. | 550 |
Gross Amount at which carried at close of period, Total | 628 |
Accumulated Depreciation | $ 29 |
Date of Construction or Acquisition | Nov. 1, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Auburn Two [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 601 |
Initial cost to company, Land | 105 |
Initial cost to company, Buildings | 883 |
Costs capitalized subsequent to acquisition, land | 4 |
Costs capitalized subsequent to acquisition, buildings | 64 |
Gross Amount at which carried at close of period, Land | 109 |
Gross Amount at which carried at close of period, Buildings. | 947 |
Gross Amount at which carried at close of period, Total | 1,056 |
Accumulated Depreciation | $ 204 |
Date of Construction or Acquisition | Mar. 23, 2007 |
Auburn Two [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Auburn Two [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Autumn Ridge [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 5,991 |
Initial cost to company, Land | 1,072 |
Initial cost to company, Buildings | 8,875 |
Costs capitalized subsequent to acquisition, land | 44 |
Costs capitalized subsequent to acquisition, buildings | 19 |
Gross Amount at which carried at close of period, Land | 1,116 |
Gross Amount at which carried at close of period, Buildings. | 8,894 |
Gross Amount at which carried at close of period, Total | 10,010 |
Accumulated Depreciation | $ 2,130 |
Date of Construction or Acquisition | Aug. 16, 2004 |
Autumn Ridge [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 9 years |
Autumn Ridge [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Barrett Arms [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Crookston, MN |
Encumbrances | $ 938 |
Initial cost to company, Land | 37 |
Initial cost to company, Buildings | 1,001 |
Costs capitalized subsequent to acquisition, buildings | 11 |
Gross Amount at which carried at close of period, Land | 37 |
Gross Amount at which carried at close of period, Buildings. | 1,012 |
Gross Amount at which carried at close of period, Total | 1,049 |
Accumulated Depreciation | $ 50 |
Date of Construction or Acquisition | Jan. 2, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Bayview [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 3,350 |
Initial cost to company, Land | 284 |
Initial cost to company, Buildings | 4,077 |
Costs capitalized subsequent to acquisition, land | 6 |
Costs capitalized subsequent to acquisition, buildings | 65 |
Gross Amount at which carried at close of period, Land | 290 |
Gross Amount at which carried at close of period, Buildings. | 4,142 |
Gross Amount at which carried at close of period, Total | 4,432 |
Accumulated Depreciation | $ 826 |
Date of Construction or Acquisition | Dec. 31, 2007 |
Bayview [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Bayview [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Berkshire [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 278 |
Initial cost to company, Land | 31 |
Initial cost to company, Buildings | 406 |
Costs capitalized subsequent to acquisition, land | 3 |
Costs capitalized subsequent to acquisition, buildings | 6 |
Gross Amount at which carried at close of period, Land | 34 |
Gross Amount at which carried at close of period, Buildings. | 412 |
Gross Amount at which carried at close of period, Total | 446 |
Accumulated Depreciation | $ 80 |
Date of Construction or Acquisition | Mar. 31, 2008 |
Berkshire [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Berkshire [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Betty Ann [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 566 |
Initial cost to company, Land | 74 |
Initial cost to company, Buildings | 738 |
Costs capitalized subsequent to acquisition, land | 1 |
Costs capitalized subsequent to acquisition, buildings | 31 |
Gross Amount at which carried at close of period, Land | 75 |
Gross Amount at which carried at close of period, Buildings. | 769 |
Gross Amount at which carried at close of period, Total | 844 |
Accumulated Depreciation | $ 123 |
Date of Construction or Acquisition | Aug. 31, 2009 |
Life on which depreciation on latest income statement is computed | 40 years |
Brighton Village [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | New Brighton, MN |
Encumbrances | $ 10,911 |
Initial cost to company, Land | 2,520 |
Initial cost to company, Buildings | 13,985 |
Costs capitalized subsequent to acquisition, buildings | 119 |
Gross Amount at which carried at close of period, Land | 2,520 |
Gross Amount at which carried at close of period, Buildings. | 14,104 |
Gross Amount at which carried at close of period, Total | 16,624 |
Accumulated Depreciation | $ 380 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Brighton Village [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 5 years |
Brighton Village [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Brookfield [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,051 |
Initial cost to company, Land | 228 |
Initial cost to company, Buildings | 1,958 |
Costs capitalized subsequent to acquisition, land | 3 |
Costs capitalized subsequent to acquisition, buildings | 100 |
Gross Amount at which carried at close of period, Land | 231 |
Gross Amount at which carried at close of period, Buildings. | 2,058 |
Gross Amount at which carried at close of period, Total | 2,289 |
Accumulated Depreciation | $ 374 |
Date of Construction or Acquisition | Aug. 1, 2008 |
Brookfield [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Brookfield [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Cambridge (FKA 44th Street) [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 333 |
Initial cost to company, Buildings | 1,845 |
Costs capitalized subsequent to acquisition, land | 3 |
Gross Amount at which carried at close of period, Land | 336 |
Gross Amount at which carried at close of period, Buildings. | 1,845 |
Gross Amount at which carried at close of period, Total | 2,181 |
Accumulated Depreciation | $ 135 |
Date of Construction or Acquisition | Feb. 6, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Candlelight [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,166 |
Initial cost to company, Land | 613 |
Initial cost to company, Buildings | 1,221 |
Costs capitalized subsequent to acquisition, land | (351) |
Costs capitalized subsequent to acquisition, buildings | 351 |
Gross Amount at which carried at close of period, Land | 262 |
Gross Amount at which carried at close of period, Buildings. | 1,572 |
Gross Amount at which carried at close of period, Total | 1,834 |
Accumulated Depreciation | $ 124 |
Date of Construction or Acquisition | Nov. 30, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Carling Manor [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 509 |
Initial cost to company, Land | 69 |
Initial cost to company, Buildings | 656 |
Costs capitalized subsequent to acquisition, buildings | 3 |
Gross Amount at which carried at close of period, Land | 69 |
Gross Amount at which carried at close of period, Buildings. | 659 |
Gross Amount at which carried at close of period, Total | 728 |
Accumulated Depreciation | $ 128 |
Date of Construction or Acquisition | Mar. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Carlton [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 7,351 |
Initial cost to company, Land | 703 |
Initial cost to company, Buildings | 7,207 |
Costs capitalized subsequent to acquisition, land | 14 |
Costs capitalized subsequent to acquisition, buildings | 129 |
Gross Amount at which carried at close of period, Land | 717 |
Gross Amount at which carried at close of period, Buildings. | 7,336 |
Gross Amount at which carried at close of period, Total | 8,053 |
Accumulated Depreciation | $ 1,330 |
Date of Construction or Acquisition | Sep. 1, 2008 |
Carlton [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Carlton [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Chandler 1802 [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 133 |
Initial cost to company, Buildings | 1,114 |
Costs capitalized subsequent to acquisition, buildings | 12 |
Gross Amount at which carried at close of period, Land | 133 |
Gross Amount at which carried at close of period, Buildings. | 1,126 |
Gross Amount at which carried at close of period, Total | 1,259 |
Accumulated Depreciation | $ 56 |
Date of Construction or Acquisition | Jan. 2, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Chandler 1866 [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 31 |
Initial cost to company, Buildings | 270 |
Costs capitalized subsequent to acquisition, buildings | 28 |
Gross Amount at which carried at close of period, Land | 31 |
Gross Amount at which carried at close of period, Buildings. | 298 |
Gross Amount at which carried at close of period, Total | 329 |
Accumulated Depreciation | $ 77 |
Date of Construction or Acquisition | Jan. 3, 2005 |
Chandler 1866 [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Chandler 1866 [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Cherry Creek (FKA Village) [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 1,026 |
Initial cost to company, Land | 173 |
Initial cost to company, Buildings | 1,435 |
Costs capitalized subsequent to acquisition, land | 1 |
Costs capitalized subsequent to acquisition, buildings | 60 |
Gross Amount at which carried at close of period, Land | 174 |
Gross Amount at which carried at close of period, Buildings. | 1,495 |
Gross Amount at which carried at close of period, Total | 1,669 |
Accumulated Depreciation | $ 264 |
Date of Construction or Acquisition | Nov. 1, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Columbia West [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 3,301 |
Initial cost to company, Land | 294 |
Initial cost to company, Buildings | 3,406 |
Costs capitalized subsequent to acquisition, land | 1 |
Costs capitalized subsequent to acquisition, buildings | 148 |
Gross Amount at which carried at close of period, Land | 295 |
Gross Amount at which carried at close of period, Buildings. | 3,554 |
Gross Amount at which carried at close of period, Total | 3,849 |
Accumulated Depreciation | $ 644 |
Date of Construction or Acquisition | Sep. 1, 2008 |
Columbia West [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Columbia West [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Country Club [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 326 |
Initial cost to company, Land | 252 |
Initial cost to company, Buildings | 1,252 |
Costs capitalized subsequent to acquisition, buildings | 70 |
Gross Amount at which carried at close of period, Land | 252 |
Gross Amount at which carried at close of period, Buildings. | 1,322 |
Gross Amount at which carried at close of period, Total | 1,574 |
Accumulated Depreciation | $ 152 |
Date of Construction or Acquisition | May 2, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Countryside [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 200 |
Initial cost to company, Land | 135 |
Initial cost to company, Buildings | 677 |
Costs capitalized subsequent to acquisition, buildings | 14 |
Gross Amount at which carried at close of period, Land | 135 |
Gross Amount at which carried at close of period, Buildings. | 691 |
Gross Amount at which carried at close of period, Total | 826 |
Accumulated Depreciation | $ 77 |
Date of Construction or Acquisition | May 2, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Courtyard [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | St. Louis Park, MN |
Encumbrances | $ 4,165 |
Initial cost to company, Land | 2,270 |
Initial cost to company, Buildings | 5,681 |
Costs capitalized subsequent to acquisition, buildings | 66 |
Gross Amount at which carried at close of period, Land | 2,270 |
Gross Amount at which carried at close of period, Buildings. | 5,747 |
Gross Amount at which carried at close of period, Total | 8,017 |
Accumulated Depreciation | $ 335 |
Date of Construction or Acquisition | Sep. 3, 2013 |
Courtyard [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 5 years |
Courtyard [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Dakota Manor [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,885 |
Initial cost to company, Land | 249 |
Initial cost to company, Buildings | 2,236 |
Costs capitalized subsequent to acquisition, buildings | 7 |
Gross Amount at which carried at close of period, Land | 249 |
Gross Amount at which carried at close of period, Buildings. | 2,243 |
Gross Amount at which carried at close of period, Total | 2,492 |
Accumulated Depreciation | $ 79 |
Date of Construction or Acquisition | Aug. 7, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Danbury [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,876 |
Initial cost to company, Land | 381 |
Initial cost to company, Buildings | 6,020 |
Costs capitalized subsequent to acquisition, land | 9 |
Costs capitalized subsequent to acquisition, buildings | 64 |
Gross Amount at which carried at close of period, Land | 390 |
Gross Amount at which carried at close of period, Buildings. | 6,084 |
Gross Amount at which carried at close of period, Total | 6,474 |
Accumulated Depreciation | $ 1,219 |
Date of Construction or Acquisition | Dec. 31, 2007 |
Danbury [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Danbury [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Dellwood Estates [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Anoka, MN |
Encumbrances | $ 7,775 |
Initial cost to company, Land | 844 |
Initial cost to company, Buildings | 9,966 |
Costs capitalized subsequent to acquisition, buildings | 306 |
Gross Amount at which carried at close of period, Land | 844 |
Gross Amount at which carried at close of period, Buildings. | 10,272 |
Gross Amount at which carried at close of period, Total | 11,116 |
Accumulated Depreciation | $ 651 |
Date of Construction or Acquisition | May 31, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Eagle Run [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | West Fargo, ND |
Encumbrances | $ 4,448 |
Initial cost to company, Land | 576 |
Initial cost to company, Buildings | 5,787 |
Costs capitalized subsequent to acquisition, land | 38 |
Costs capitalized subsequent to acquisition, buildings | 12 |
Gross Amount at which carried at close of period, Land | 614 |
Gross Amount at which carried at close of period, Buildings. | 5,799 |
Gross Amount at which carried at close of period, Total | 6,413 |
Accumulated Depreciation | $ 785 |
Date of Construction or Acquisition | Aug. 12, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Echo Manor [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Hutchinson, MN |
Encumbrances | $ 1,013 |
Initial cost to company, Land | 141 |
Initial cost to company, Buildings | 875 |
Costs capitalized subsequent to acquisition, buildings | 32 |
Gross Amount at which carried at close of period, Land | 141 |
Gross Amount at which carried at close of period, Buildings. | 907 |
Gross Amount at which carried at close of period, Total | 1,048 |
Accumulated Depreciation | $ 45 |
Date of Construction or Acquisition | Jan. 2, 2014 |
Echo Manor [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Echo Manor [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Emerald Court [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 569 |
Initial cost to company, Land | 66 |
Initial cost to company, Buildings | 830 |
Costs capitalized subsequent to acquisition, land | 1 |
Costs capitalized subsequent to acquisition, buildings | 66 |
Gross Amount at which carried at close of period, Land | 67 |
Gross Amount at which carried at close of period, Buildings. | 896 |
Gross Amount at which carried at close of period, Total | 963 |
Accumulated Depreciation | $ 171 |
Date of Construction or Acquisition | Mar. 31, 2008 |
Emerald Court [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Emerald Court [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Fairview [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Encumbrances | $ 3,109 |
Initial cost to company, Land | 267 |
Initial cost to company, Buildings | 3,978 |
Costs capitalized subsequent to acquisition, buildings | 74 |
Gross Amount at which carried at close of period, Land | 267 |
Gross Amount at which carried at close of period, Buildings. | 4,052 |
Gross Amount at which carried at close of period, Total | 4,319 |
Accumulated Depreciation | $ 710 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Fairview [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Fairview [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Flickertail [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 5,725 |
Initial cost to company, Land | 426 |
Initial cost to company, Buildings | 5,652 |
Costs capitalized subsequent to acquisition, land | 8 |
Costs capitalized subsequent to acquisition, buildings | 97 |
Gross Amount at which carried at close of period, Land | 434 |
Gross Amount at which carried at close of period, Buildings. | 5,749 |
Gross Amount at which carried at close of period, Total | 6,183 |
Accumulated Depreciation | $ 998 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Forest Avenue [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 454 |
Initial cost to company, Land | 61 |
Initial cost to company, Buildings | 637 |
Costs capitalized subsequent to acquisition, buildings | 6 |
Gross Amount at which carried at close of period, Land | 61 |
Gross Amount at which carried at close of period, Buildings. | 643 |
Gross Amount at which carried at close of period, Total | 704 |
Accumulated Depreciation | $ 47 |
Date of Construction or Acquisition | Feb. 6, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Galleria Third [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 595 |
Initial cost to company, Land | 118 |
Initial cost to company, Buildings | 681 |
Gross Amount at which carried at close of period, Land | 118 |
Gross Amount at which carried at close of period, Buildings. | 681 |
Gross Amount at which carried at close of period, Total | 799 |
Accumulated Depreciation | $ 88 |
Date of Construction or Acquisition | Nov. 9, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Georgetown On River [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fridley, MN |
Encumbrances | $ 19,368 |
Initial cost to company, Land | 4,620 |
Initial cost to company, Buildings | 25,263 |
Costs capitalized subsequent to acquisition, buildings | 142 |
Gross Amount at which carried at close of period, Land | 4,620 |
Gross Amount at which carried at close of period, Buildings. | 25,405 |
Gross Amount at which carried at close of period, Total | 30,025 |
Accumulated Depreciation | $ 686 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Georgetown On River [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 5 years |
Georgetown On River [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Glen Pond [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Eagan, MN |
Encumbrances | $ 15,574 |
Initial cost to company, Land | 3,761 |
Initial cost to company, Buildings | 20,833 |
Costs capitalized subsequent to acquisition, buildings | 189 |
Gross Amount at which carried at close of period, Land | 3,761 |
Gross Amount at which carried at close of period, Buildings. | 21,022 |
Gross Amount at which carried at close of period, Total | 24,783 |
Accumulated Depreciation | $ 2,135 |
Date of Construction or Acquisition | Dec. 2, 2011 |
Glen Pond [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Glen Pond [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Granger Court [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,446 |
Initial cost to company, Land | 279 |
Initial cost to company, Buildings | 2,619 |
Gross Amount at which carried at close of period, Land | 279 |
Gross Amount at which carried at close of period, Buildings. | 2,619 |
Gross Amount at which carried at close of period, Total | 2,898 |
Accumulated Depreciation | $ 169 |
Date of Construction or Acquisition | Jun. 4, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Griffin Court [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Moorhead, MN |
Encumbrances | $ 3,581 |
Initial cost to company, Land | 652 |
Initial cost to company, Buildings | 3,914 |
Costs capitalized subsequent to acquisition, buildings | 188 |
Gross Amount at which carried at close of period, Land | 652 |
Gross Amount at which carried at close of period, Buildings. | 4,102 |
Gross Amount at which carried at close of period, Total | 4,754 |
Accumulated Depreciation | $ 157 |
Date of Construction or Acquisition | Jun. 9, 2014 |
Griffin Court [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 5 years |
Griffin Court [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Hannifin [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Encumbrances | $ 505 |
Initial cost to company, Land | 81 |
Initial cost to company, Buildings | 607 |
Costs capitalized subsequent to acquisition, land | 5 |
Costs capitalized subsequent to acquisition, buildings | 7 |
Gross Amount at which carried at close of period, Land | 86 |
Gross Amount at which carried at close of period, Buildings. | 614 |
Gross Amount at which carried at close of period, Total | 700 |
Accumulated Depreciation | $ 33 |
Date of Construction or Acquisition | Nov. 1, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Hunters Run First [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 289 |
Initial cost to company, Land | 50 |
Initial cost to company, Buildings | 419 |
Costs capitalized subsequent to acquisition, land | 2 |
Costs capitalized subsequent to acquisition, buildings | (2) |
Gross Amount at which carried at close of period, Land | 52 |
Gross Amount at which carried at close of period, Buildings. | 417 |
Gross Amount at which carried at close of period, Total | 469 |
Accumulated Depreciation | $ 90 |
Date of Construction or Acquisition | Mar. 23, 2007 |
Life on which depreciation on latest income statement is computed | 40 years |
Hunters Run Second [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 589 |
Initial cost to company, Land | 44 |
Initial cost to company, Buildings | 441 |
Costs capitalized subsequent to acquisition, land | 2 |
Gross Amount at which carried at close of period, Land | 46 |
Gross Amount at which carried at close of period, Buildings. | 441 |
Gross Amount at which carried at close of period, Total | 487 |
Accumulated Depreciation | $ 83 |
Date of Construction or Acquisition | Jul. 1, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Huntington [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 86 |
Initial cost to company, Buildings | 309 |
Gross Amount at which carried at close of period, Land | 86 |
Gross Amount at which carried at close of period, Buildings. | 309 |
Gross Amount at which carried at close of period, Total | 395 |
Accumulated Depreciation | $ 3 |
Date of Construction or Acquisition | Aug. 4, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Islander [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 915 |
Initial cost to company, Land | 98 |
Initial cost to company, Buildings | 884 |
Costs capitalized subsequent to acquisition, buildings | 53 |
Gross Amount at which carried at close of period, Land | 98 |
Gross Amount at which carried at close of period, Buildings. | 937 |
Gross Amount at which carried at close of period, Total | 1,035 |
Accumulated Depreciation | $ 100 |
Date of Construction or Acquisition | Jul. 1, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Kennedy [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 495 |
Initial cost to company, Land | 84 |
Initial cost to company, Buildings | 588 |
Costs capitalized subsequent to acquisition, land | 1 |
Costs capitalized subsequent to acquisition, buildings | 23 |
Gross Amount at which carried at close of period, Land | 85 |
Gross Amount at which carried at close of period, Buildings. | 611 |
Gross Amount at which carried at close of period, Total | 696 |
Accumulated Depreciation | $ 40 |
Date of Construction or Acquisition | Feb. 6, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Library Lane [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Encumbrances | $ 1,840 |
Initial cost to company, Land | 301 |
Initial cost to company, Buildings | 2,401 |
Costs capitalized subsequent to acquisition, land | 12 |
Costs capitalized subsequent to acquisition, buildings | 121 |
Gross Amount at which carried at close of period, Land | 313 |
Gross Amount at which carried at close of period, Buildings. | 2,522 |
Gross Amount at which carried at close of period, Total | 2,835 |
Accumulated Depreciation | $ 511 |
Date of Construction or Acquisition | Oct. 1, 2007 |
Library Lane [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Library Lane [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Madison [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 272 |
Initial cost to company, Land | 95 |
Initial cost to company, Buildings | 497 |
Gross Amount at which carried at close of period, Land | 95 |
Gross Amount at which carried at close of period, Buildings. | 497 |
Gross Amount at which carried at close of period, Total | 592 |
Accumulated Depreciation | $ 4 |
Date of Construction or Acquisition | Sep. 1, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Maple Ridge [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Omaha, NE |
Encumbrances | $ 4,222 |
Initial cost to company, Land | 766 |
Initial cost to company, Buildings | 5,608 |
Costs capitalized subsequent to acquisition, buildings | 1,495 |
Gross Amount at which carried at close of period, Land | 766 |
Gross Amount at which carried at close of period, Buildings. | 7,103 |
Gross Amount at which carried at close of period, Total | 7,869 |
Accumulated Depreciation | $ 1,198 |
Date of Construction or Acquisition | Aug. 1, 2008 |
Maple Ridge [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Maple Ridge [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Maplewood [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Maplewood, MN |
Encumbrances | $ 10,031 |
Initial cost to company, Land | 3,122 |
Initial cost to company, Buildings | 12,122 |
Costs capitalized subsequent to acquisition, buildings | 189 |
Gross Amount at which carried at close of period, Land | 3,122 |
Gross Amount at which carried at close of period, Buildings. | 12,311 |
Gross Amount at which carried at close of period, Total | 15,433 |
Accumulated Depreciation | $ 330 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Maplewood [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 5 years |
Maplewood [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Maplewood Bend One Two Three Four Six Seven Eight And Royale [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 5,327 |
Initial cost to company, Land | 783 |
Initial cost to company, Buildings | 5,839 |
Costs capitalized subsequent to acquisition, buildings | 192 |
Gross Amount at which carried at close of period, Land | 783 |
Gross Amount at which carried at close of period, Buildings. | 6,031 |
Gross Amount at which carried at close of period, Total | 6,814 |
Accumulated Depreciation | $ 803 |
Date of Construction or Acquisition | Jan. 1, 2009 |
Maplewood Bend One Two Three Four Six Seven Eight And Royale [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Maplewood Bend One Two Three Four Six Seven Eight And Royale [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Martha Alice [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 566 |
Initial cost to company, Land | 74 |
Initial cost to company, Buildings | 738 |
Costs capitalized subsequent to acquisition, land | 1 |
Costs capitalized subsequent to acquisition, buildings | 83 |
Gross Amount at which carried at close of period, Land | 75 |
Gross Amount at which carried at close of period, Buildings. | 821 |
Gross Amount at which carried at close of period, Total | 896 |
Accumulated Depreciation | $ 128 |
Date of Construction or Acquisition | Aug. 31, 2009 |
Martha Alice [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Martha Alice [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Mayfair [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 764 |
Initial cost to company, Land | 80 |
Initial cost to company, Buildings | 1,043 |
Costs capitalized subsequent to acquisition, buildings | 20 |
Gross Amount at which carried at close of period, Land | 80 |
Gross Amount at which carried at close of period, Buildings. | 1,063 |
Gross Amount at which carried at close of period, Total | 1,143 |
Accumulated Depreciation | $ 199 |
Date of Construction or Acquisition | Jul. 1, 2008 |
Mayfair [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Mayfair [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Monticello [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 745 |
Initial cost to company, Land | 60 |
Initial cost to company, Buildings | 752 |
Costs capitalized subsequent to acquisition, buildings | 32 |
Gross Amount at which carried at close of period, Land | 60 |
Gross Amount at which carried at close of period, Buildings. | 784 |
Gross Amount at which carried at close of period, Total | 844 |
Accumulated Depreciation | $ 41 |
Date of Construction or Acquisition | Nov. 8, 2013 |
Monticello [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Monticello [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Montreal Courts Maturing on October-2023 [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Little Canada, MN |
Encumbrances | $ 19,385 |
Initial cost to company, Land | 5,809 |
Initial cost to company, Buildings | 19,687 |
Costs capitalized subsequent to acquisition, buildings | 341 |
Gross Amount at which carried at close of period, Land | 5,809 |
Gross Amount at which carried at close of period, Buildings. | 20,028 |
Gross Amount at which carried at close of period, Total | 25,837 |
Accumulated Depreciation | $ 1,123 |
Date of Construction or Acquisition | Oct. 2, 2013 |
Montreal Courts Maturing on October-2023 [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 5 years |
Montreal Courts Maturing on October-2023 [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Oak Court [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,798 |
Initial cost to company, Land | 270 |
Initial cost to company, Buildings | 2,354 |
Costs capitalized subsequent to acquisition, buildings | 188 |
Gross Amount at which carried at close of period, Land | 270 |
Gross Amount at which carried at close of period, Buildings. | 2,542 |
Gross Amount at which carried at close of period, Total | 2,812 |
Accumulated Depreciation | $ 474 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Oak Court [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 27 years 6 months |
Oak Court [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Pacific Park [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 736 |
Initial cost to company, Land | 95 |
Initial cost to company, Buildings | 777 |
Costs capitalized subsequent to acquisition, buildings | 26 |
Gross Amount at which carried at close of period, Land | 95 |
Gross Amount at which carried at close of period, Buildings. | 803 |
Gross Amount at which carried at close of period, Total | 898 |
Accumulated Depreciation | $ 58 |
Date of Construction or Acquisition | Feb. 6, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Pacific Park Two [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 630 |
Initial cost to company, Land | 111 |
Initial cost to company, Buildings | 865 |
Costs capitalized subsequent to acquisition, buildings | 37 |
Gross Amount at which carried at close of period, Land | 111 |
Gross Amount at which carried at close of period, Buildings. | 902 |
Gross Amount at which carried at close of period, Total | 1,013 |
Accumulated Depreciation | $ 65 |
Date of Construction or Acquisition | Feb. 6, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Pacific Park South [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 389 |
Initial cost to company, Land | 58 |
Initial cost to company, Buildings | 459 |
Gross Amount at which carried at close of period, Land | 58 |
Gross Amount at which carried at close of period, Buildings. | 459 |
Gross Amount at which carried at close of period, Total | 517 |
Accumulated Depreciation | $ 33 |
Date of Construction or Acquisition | Feb. 6, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Parkview Arms, Bismark, ND | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Encumbrances | $ 238 |
Initial cost to company, Land | 373 |
Initial cost to company, Buildings | 3,845 |
Costs capitalized subsequent to acquisition, buildings | 33 |
Gross Amount at which carried at close of period, Land | 373 |
Gross Amount at which carried at close of period, Buildings. | 3,878 |
Gross Amount at which carried at close of period, Total | 4,251 |
Accumulated Depreciation | $ 64 |
Date of Construction or Acquisition | May 13, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Parkwest Gardens [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | West Fargo, ND |
Encumbrances | $ 4,153 |
Initial cost to company, Land | 713 |
Initial cost to company, Buildings | 5,825 |
Costs capitalized subsequent to acquisition, buildings | 299 |
Gross Amount at which carried at close of period, Land | 713 |
Gross Amount at which carried at close of period, Buildings. | 6,124 |
Gross Amount at which carried at close of period, Total | 6,837 |
Accumulated Depreciation | $ 235 |
Date of Construction or Acquisition | Jun. 30, 2014 |
Parkwest Gardens [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Parkwest Gardens [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Parkwood [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,122 |
Initial cost to company, Land | 126 |
Initial cost to company, Buildings | 1,143 |
Costs capitalized subsequent to acquisition, land | 6 |
Costs capitalized subsequent to acquisition, buildings | 16 |
Gross Amount at which carried at close of period, Land | 132 |
Gross Amount at which carried at close of period, Buildings. | 1,159 |
Gross Amount at which carried at close of period, Total | 1,291 |
Accumulated Depreciation | $ 203 |
Date of Construction or Acquisition | Aug. 1, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Pebble Creek [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Encumbrances | $ 4,491 |
Initial cost to company, Land | 260 |
Initial cost to company, Buildings | 3,704 |
Costs capitalized subsequent to acquisition, buildings | (300) |
Gross Amount at which carried at close of period, Land | 260 |
Gross Amount at which carried at close of period, Buildings. | 3,404 |
Gross Amount at which carried at close of period, Total | 3,664 |
Accumulated Depreciation | $ 669 |
Date of Construction or Acquisition | Mar. 19, 2008 |
Pebble Creek [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Pebble Creek [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Prairiewood Courts [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,376 |
Initial cost to company, Land | 308 |
Initial cost to company, Buildings | 1,815 |
Costs capitalized subsequent to acquisition, land | 9 |
Costs capitalized subsequent to acquisition, buildings | 43 |
Gross Amount at which carried at close of period, Land | 317 |
Gross Amount at which carried at close of period, Buildings. | 1,858 |
Gross Amount at which carried at close of period, Total | 2,175 |
Accumulated Depreciation | $ 419 |
Date of Construction or Acquisition | Sep. 1, 2006 |
Prairiewood Courts [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Prairiewood Courts [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Prairiewood Meadows [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,293 |
Initial cost to company, Land | 736 |
Initial cost to company, Buildings | 2,514 |
Costs capitalized subsequent to acquisition, buildings | 10 |
Gross Amount at which carried at close of period, Land | 736 |
Gross Amount at which carried at close of period, Buildings. | 2,524 |
Gross Amount at which carried at close of period, Total | 3,260 |
Accumulated Depreciation | $ 210 |
Date of Construction or Acquisition | Sep. 30, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Quail Creek, Springfield, MO | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Springfield, MO |
Encumbrances | $ 7,434 |
Initial cost to company, Land | 1,529 |
Initial cost to company, Buildings | 8,717 |
Costs capitalized subsequent to acquisition, buildings | 7 |
Gross Amount at which carried at close of period, Land | 1,529 |
Gross Amount at which carried at close of period, Buildings. | 8,724 |
Gross Amount at which carried at close of period, Total | 10,253 |
Accumulated Depreciation | $ 200 |
Date of Construction or Acquisition | Feb. 3, 2015 |
Quail Creek, Springfield, MO | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 5 years |
Quail Creek, Springfield, MO | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Richfield [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 6,188 |
Initial cost to company, Land | 756 |
Initial cost to company, Buildings | 6,346 |
Costs capitalized subsequent to acquisition, land | 3 |
Costs capitalized subsequent to acquisition, buildings | 256 |
Gross Amount at which carried at close of period, Land | 759 |
Gross Amount at which carried at close of period, Buildings. | 6,602 |
Gross Amount at which carried at close of period, Total | 7,361 |
Accumulated Depreciation | $ 1,391 |
Date of Construction or Acquisition | Jul. 1, 2007 |
Richfield [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Richfield [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Robinwood [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Coon Rapids, MN |
Encumbrances | $ 4,841 |
Initial cost to company, Land | 1,138 |
Initial cost to company, Buildings | 6,133 |
Costs capitalized subsequent to acquisition, land | 242 |
Costs capitalized subsequent to acquisition, buildings | (158) |
Gross Amount at which carried at close of period, Land | 1,380 |
Gross Amount at which carried at close of period, Buildings. | 5,975 |
Gross Amount at which carried at close of period, Total | 7,355 |
Accumulated Depreciation | $ 161 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Rosedale Estates [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Roseville, MN |
Encumbrances | $ 16,421 |
Initial cost to company, Land | 4,681 |
Initial cost to company, Buildings | 20,591 |
Costs capitalized subsequent to acquisition, buildings | 104 |
Gross Amount at which carried at close of period, Land | 4,681 |
Gross Amount at which carried at close of period, Buildings. | 20,695 |
Gross Amount at which carried at close of period, Total | 25,376 |
Accumulated Depreciation | $ 559 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Rosedale Estates [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 5 years |
Rosedale Estates [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Rosegate [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,290 |
Initial cost to company, Land | 251 |
Initial cost to company, Buildings | 2,978 |
Costs capitalized subsequent to acquisition, land | 5 |
Costs capitalized subsequent to acquisition, buildings | 84 |
Gross Amount at which carried at close of period, Land | 256 |
Gross Amount at which carried at close of period, Buildings. | 3,062 |
Gross Amount at which carried at close of period, Total | 3,318 |
Accumulated Depreciation | $ 599 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Rosegate [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Rosegate [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Saddlebrook [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,046 |
Initial cost to company, Land | 148 |
Initial cost to company, Buildings | 1,262 |
Costs capitalized subsequent to acquisition, land | 13 |
Costs capitalized subsequent to acquisition, buildings | 82 |
Gross Amount at which carried at close of period, Land | 161 |
Gross Amount at which carried at close of period, Buildings. | 1,344 |
Gross Amount at which carried at close of period, Total | 1,505 |
Accumulated Depreciation | $ 222 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Schrock [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 540 |
Initial cost to company, Land | 71 |
Initial cost to company, Buildings | 626 |
Costs capitalized subsequent to acquisition, land | 3 |
Costs capitalized subsequent to acquisition, buildings | 6 |
Gross Amount at which carried at close of period, Land | 74 |
Gross Amount at which carried at close of period, Buildings. | 632 |
Gross Amount at which carried at close of period, Total | 706 |
Accumulated Depreciation | $ 41 |
Date of Construction or Acquisition | Jun. 4, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Sheridan Pointe [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,141 |
Initial cost to company, Land | 292 |
Initial cost to company, Buildings | 2,424 |
Costs capitalized subsequent to acquisition, buildings | 16 |
Gross Amount at which carried at close of period, Land | 292 |
Gross Amount at which carried at close of period, Buildings. | 2,440 |
Gross Amount at which carried at close of period, Total | 2,732 |
Accumulated Depreciation | $ 137 |
Date of Construction or Acquisition | Oct. 1, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Sierra Ridge [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Encumbrances | $ 5,750 |
Initial cost to company, Land | 754 |
Initial cost to company, Buildings | 8,795 |
Costs capitalized subsequent to acquisition, land | 151 |
Costs capitalized subsequent to acquisition, buildings | 2 |
Gross Amount at which carried at close of period, Land | 905 |
Gross Amount at which carried at close of period, Buildings. | 8,797 |
Gross Amount at which carried at close of period, Total | 9,702 |
Accumulated Depreciation | $ 1,413 |
Date of Construction or Acquisition | Sep. 1, 2006 |
Life on which depreciation on latest income statement is computed | 40 years |
Somerset [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 3,195 |
Initial cost to company, Land | 300 |
Initial cost to company, Buildings | 3,431 |
Costs capitalized subsequent to acquisition, land | 7 |
Gross Amount at which carried at close of period, Land | 307 |
Gross Amount at which carried at close of period, Buildings. | 3,431 |
Gross Amount at which carried at close of period, Total | 3,738 |
Accumulated Depreciation | $ 643 |
Date of Construction or Acquisition | Jul. 1, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Southgate [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,885 |
Initial cost to company, Land | 803 |
Initial cost to company, Buildings | 5,299 |
Costs capitalized subsequent to acquisition, buildings | (112) |
Gross Amount at which carried at close of period, Land | 803 |
Gross Amount at which carried at close of period, Buildings. | 5,187 |
Gross Amount at which carried at close of period, Total | 5,990 |
Accumulated Depreciation | $ 1,101 |
Date of Construction or Acquisition | Jul. 1, 2007 |
Life on which depreciation on latest income statement is computed | 40 years |
Southview Third [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 224 |
Initial cost to company, Land | 99 |
Initial cost to company, Buildings | 522 |
Costs capitalized subsequent to acquisition, buildings | 68 |
Gross Amount at which carried at close of period, Land | 99 |
Gross Amount at which carried at close of period, Buildings. | 590 |
Gross Amount at which carried at close of period, Total | 689 |
Accumulated Depreciation | $ 64 |
Date of Construction or Acquisition | Aug. 1, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Southview Villages [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,012 |
Initial cost to company, Land | 268 |
Initial cost to company, Buildings | 2,519 |
Costs capitalized subsequent to acquisition, buildings | 122 |
Gross Amount at which carried at close of period, Land | 268 |
Gross Amount at which carried at close of period, Buildings. | 2,641 |
Gross Amount at which carried at close of period, Total | 2,909 |
Accumulated Depreciation | $ 537 |
Date of Construction or Acquisition | Oct. 1, 2007 |
Southview Villages [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Southview Villages [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Spring [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 601 |
Initial cost to company, Land | 76 |
Initial cost to company, Buildings | 822 |
Costs capitalized subsequent to acquisition, land | 5 |
Costs capitalized subsequent to acquisition, buildings | 15 |
Gross Amount at which carried at close of period, Land | 81 |
Gross Amount at which carried at close of period, Buildings. | 837 |
Gross Amount at which carried at close of period, Total | 918 |
Accumulated Depreciation | $ 60 |
Date of Construction or Acquisition | Feb. 6, 2013 |
Spring [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Spring [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Stanford Court [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 291 |
Initial cost to company, Buildings | 3,866 |
Costs capitalized subsequent to acquisition, buildings | 64 |
Gross Amount at which carried at close of period, Land | 291 |
Gross Amount at which carried at close of period, Buildings. | 3,930 |
Gross Amount at which carried at close of period, Total | 4,221 |
Accumulated Depreciation | $ 286 |
Date of Construction or Acquisition | Feb. 6, 2013 |
Stanford Court [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Stanford Court [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Stonefield Phase I [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Encumbrances | $ 9,200 |
Initial cost to company, Land | 2,804 |
Initial cost to company, Buildings | 13,353 |
Costs capitalized subsequent to acquisition, land | 207 |
Gross Amount at which carried at close of period, Land | 3,011 |
Gross Amount at which carried at close of period, Buildings. | 13,353 |
Gross Amount at which carried at close of period, Total | 16,364 |
Accumulated Depreciation | $ 349 |
Date of Construction or Acquisition | Aug. 1, 2014 |
Stonefield Phase I [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Stonefield Phase I [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Stonefield Phase II [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Initial cost to company, Land | $ 1,167 |
Costs capitalized subsequent to acquisition, land | 183 |
Gross Amount at which carried at close of period, Land | 1,350 |
Gross Amount at which carried at close of period, Total | $ 1,350 |
Date of Construction or Acquisition | Oct. 23, 2014 |
Stonefield Phase III [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Initial cost to company, Land | $ 1,079 |
Costs capitalized subsequent to acquisition, land | 168 |
Gross Amount at which carried at close of period, Land | 1,247 |
Gross Amount at which carried at close of period, Total | $ 1,247 |
Date of Construction or Acquisition | Oct. 23, 2014 |
Stonybrook [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Omaha, NE |
Encumbrances | $ 7,686 |
Initial cost to company, Land | 1,439 |
Initial cost to company, Buildings | 8,003 |
Costs capitalized subsequent to acquisition, buildings | 1,215 |
Gross Amount at which carried at close of period, Land | 1,439 |
Gross Amount at which carried at close of period, Buildings. | 9,218 |
Gross Amount at which carried at close of period, Total | 10,657 |
Accumulated Depreciation | $ 1,421 |
Date of Construction or Acquisition | Jan. 20, 2009 |
Stonybrook [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Stonybrook [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Summerfield, Fargo, ND | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 138 |
Initial cost to company, Land | 129 |
Initial cost to company, Buildings | 599 |
Gross Amount at which carried at close of period, Land | 129 |
Gross Amount at which carried at close of period, Buildings. | 599 |
Gross Amount at which carried at close of period, Total | 728 |
Accumulated Depreciation | $ 6 |
Date of Construction or Acquisition | Aug. 4, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Summit Point [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,000 |
Initial cost to company, Land | 681 |
Initial cost to company, Buildings | 5,510 |
Gross Amount at which carried at close of period, Land | 681 |
Gross Amount at which carried at close of period, Buildings. | 5,510 |
Gross Amount at which carried at close of period, Total | 6,191 |
Accumulated Depreciation | $ 34 |
Date of Construction or Acquisition | Oct. 1, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Sunset Ridge [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Encumbrances | $ 8,816 |
Initial cost to company, Land | 1,759 |
Initial cost to company, Buildings | 11,012 |
Costs capitalized subsequent to acquisition, land | 36 |
Costs capitalized subsequent to acquisition, buildings | 14 |
Gross Amount at which carried at close of period, Land | 1,795 |
Gross Amount at which carried at close of period, Buildings. | 11,026 |
Gross Amount at which carried at close of period, Total | 12,821 |
Accumulated Depreciation | $ 1,819 |
Date of Construction or Acquisition | Jun. 6, 2008 |
Sunset Ridge [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 9 years |
Sunset Ridge [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Sunview [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 1,163 |
Initial cost to company, Land | 144 |
Initial cost to company, Buildings | 1,614 |
Costs capitalized subsequent to acquisition, land | 1 |
Costs capitalized subsequent to acquisition, buildings | 42 |
Gross Amount at which carried at close of period, Land | 145 |
Gross Amount at which carried at close of period, Buildings. | 1,656 |
Gross Amount at which carried at close of period, Total | 1,801 |
Accumulated Depreciation | $ 289 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Sunview [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Sunview [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Sunwood [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,929 |
Initial cost to company, Land | 358 |
Initial cost to company, Buildings | 3,520 |
Costs capitalized subsequent to acquisition, land | 7 |
Costs capitalized subsequent to acquisition, buildings | 4 |
Gross Amount at which carried at close of period, Land | 365 |
Gross Amount at which carried at close of period, Buildings. | 3,524 |
Gross Amount at which carried at close of period, Total | 3,889 |
Accumulated Depreciation | $ 749 |
Date of Construction or Acquisition | Jul. 1, 2007 |
Sunwood [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Sunwood [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Terrace On Green [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Moorhead, MN |
Encumbrances | $ 2,098 |
Initial cost to company, Land | 697 |
Initial cost to company, Buildings | 2,588 |
Gross Amount at which carried at close of period, Land | 697 |
Gross Amount at which carried at close of period, Buildings. | 2,588 |
Gross Amount at which carried at close of period, Total | 3,285 |
Accumulated Depreciation | $ 216 |
Date of Construction or Acquisition | Sep. 30, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Twin Oaks [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Hutchinson, MN |
Encumbrances | $ 993 |
Initial cost to company, Land | 816 |
Initial cost to company, Buildings | 3,245 |
Costs capitalized subsequent to acquisition, buildings | 44 |
Gross Amount at which carried at close of period, Land | 816 |
Gross Amount at which carried at close of period, Buildings. | 3,289 |
Gross Amount at which carried at close of period, Total | 4,105 |
Accumulated Depreciation | $ 102 |
Date of Construction or Acquisition | Oct. 1, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Twin Parks [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,272 |
Initial cost to company, Land | 119 |
Initial cost to company, Buildings | 2,072 |
Costs capitalized subsequent to acquisition, land | 17 |
Costs capitalized subsequent to acquisition, buildings | 56 |
Gross Amount at which carried at close of period, Land | 136 |
Gross Amount at which carried at close of period, Buildings. | 2,128 |
Gross Amount at which carried at close of period, Total | 2,264 |
Accumulated Depreciation | $ 381 |
Date of Construction or Acquisition | Oct. 1, 2008 |
Twin Parks [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Twin Parks [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Valley Homes Duplexes, Grand Forks, ND | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 356 |
Initial cost to company, Buildings | 1,668 |
Gross Amount at which carried at close of period, Land | 356 |
Gross Amount at which carried at close of period, Buildings. | 1,668 |
Gross Amount at which carried at close of period, Total | 2,024 |
Accumulated Depreciation | $ 42 |
Date of Construction or Acquisition | Jan. 22, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Valley View [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Golden Valley, MN |
Encumbrances | $ 4,805 |
Initial cost to company, Land | 1,190 |
Initial cost to company, Buildings | 6,217 |
Costs capitalized subsequent to acquisition, buildings | 46 |
Gross Amount at which carried at close of period, Land | 1,190 |
Gross Amount at which carried at close of period, Buildings. | 6,263 |
Gross Amount at which carried at close of period, Total | 7,453 |
Accumulated Depreciation | $ 167 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Valley View [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 5 years |
Valley View [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Village Park [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 824 |
Initial cost to company, Land | 219 |
Initial cost to company, Buildings | 1,932 |
Costs capitalized subsequent to acquisition, land | 23 |
Costs capitalized subsequent to acquisition, buildings | 34 |
Gross Amount at which carried at close of period, Land | 242 |
Gross Amount at which carried at close of period, Buildings. | 1,966 |
Gross Amount at which carried at close of period, Total | 2,208 |
Accumulated Depreciation | $ 375 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Village West [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,646 |
Initial cost to company, Land | 357 |
Initial cost to company, Buildings | 2,274 |
Costs capitalized subsequent to acquisition, land | 24 |
Costs capitalized subsequent to acquisition, buildings | 31 |
Gross Amount at which carried at close of period, Land | 381 |
Gross Amount at which carried at close of period, Buildings. | 2,305 |
Gross Amount at which carried at close of period, Total | 2,686 |
Accumulated Depreciation | $ 438 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Westcourt [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,486 |
Initial cost to company, Land | 287 |
Initial cost to company, Buildings | 3,028 |
Costs capitalized subsequent to acquisition, buildings | 41 |
Gross Amount at which carried at close of period, Land | 287 |
Gross Amount at which carried at close of period, Buildings. | 3,069 |
Gross Amount at which carried at close of period, Total | 3,356 |
Accumulated Depreciation | $ 157 |
Date of Construction or Acquisition | Jan. 2, 2014 |
Westcourt [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 5 years |
Westcourt [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Westside [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Hawley, MN |
Encumbrances | $ 578 |
Initial cost to company, Land | 59 |
Initial cost to company, Buildings | 360 |
Costs capitalized subsequent to acquisition, buildings | 37 |
Gross Amount at which carried at close of period, Land | 59 |
Gross Amount at which carried at close of period, Buildings. | 397 |
Gross Amount at which carried at close of period, Total | 456 |
Accumulated Depreciation | $ 54 |
Date of Construction or Acquisition | Feb. 1, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Westwind [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 317 |
Initial cost to company, Land | 49 |
Initial cost to company, Buildings | 455 |
Costs capitalized subsequent to acquisition, buildings | 75 |
Gross Amount at which carried at close of period, Land | 49 |
Gross Amount at which carried at close of period, Buildings. | 530 |
Gross Amount at which carried at close of period, Total | 579 |
Accumulated Depreciation | $ 102 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Westwind [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Westwind [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Westwood [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,652 |
Initial cost to company, Land | 597 |
Initial cost to company, Buildings | 6,455 |
Costs capitalized subsequent to acquisition, land | 13 |
Costs capitalized subsequent to acquisition, buildings | 124 |
Gross Amount at which carried at close of period, Land | 610 |
Gross Amount at which carried at close of period, Buildings. | 6,579 |
Gross Amount at which carried at close of period, Total | 7,189 |
Accumulated Depreciation | $ 1,248 |
Date of Construction or Acquisition | Jun. 5, 2008 |
Westwood [Member] | Minimum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Westwood [Member] | Maximum | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Willow Park [Member] | Residential Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,199 |
Initial cost to company, Land | 288 |
Initial cost to company, Buildings | 5,298 |
Costs capitalized subsequent to acquisition, land | 7 |
Costs capitalized subsequent to acquisition, buildings | 239 |
Gross Amount at which carried at close of period, Land | 295 |
Gross Amount at which carried at close of period, Buildings. | 5,537 |
Gross Amount at which carried at close of period, Total | 5,832 |
Accumulated Depreciation | $ 941 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
32nd Avenue [Member] | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,160 |
Initial cost to company, Land | 635 |
Initial cost to company, Buildings | 3,300 |
Costs capitalized subsequent to acquisition, land | 6 |
Costs capitalized subsequent to acquisition, buildings | 43 |
Gross Amount at which carried at close of period, Land | 641 |
Gross Amount at which carried at close of period, Buildings. | 3,343 |
Gross Amount at which carried at close of period, Total | 3,984 |
Accumulated Depreciation | $ 980 |
Date of Construction or Acquisition | Mar. 16, 2004 |
32nd Avenue [Member] | Minimum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 3 years |
32nd Avenue [Member] | Maximum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Aetna [Member] | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Encumbrances | $ 6,679 |
Initial cost to company, Land | 1,291 |
Initial cost to company, Buildings | 7,372 |
Costs capitalized subsequent to acquisition, buildings | 946 |
Gross Amount at which carried at close of period, Land | 1,291 |
Gross Amount at which carried at close of period, Buildings. | 8,318 |
Gross Amount at which carried at close of period, Total | 9,609 |
Accumulated Depreciation | $ 1,705 |
Date of Construction or Acquisition | Dec. 6, 2006 |
Aetna [Member] | Minimum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Aetna [Member] | Maximum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
First International Bank And Trust [Member] | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Moorhead, MN |
Initial cost to company, Land | $ 210 |
Initial cost to company, Buildings | 712 |
Costs capitalized subsequent to acquisition, land | 3 |
Costs capitalized subsequent to acquisition, buildings | 88 |
Gross Amount at which carried at close of period, Land | 213 |
Gross Amount at which carried at close of period, Buildings. | 800 |
Gross Amount at which carried at close of period, Total | 1,013 |
Accumulated Depreciation | $ 108 |
Date of Construction or Acquisition | May 13, 2011 |
First International Bank And Trust [Member] | Minimum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 10 years |
First International Bank And Trust [Member] | Maximum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Four Points [Member] | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 70 |
Initial cost to company, Buildings | 1,238 |
Costs capitalized subsequent to acquisition, buildings | 11 |
Gross Amount at which carried at close of period, Land | 70 |
Gross Amount at which carried at close of period, Buildings. | 1,249 |
Gross Amount at which carried at close of period, Total | 1,319 |
Accumulated Depreciation | $ 255 |
Date of Construction or Acquisition | Oct. 18, 2007 |
Life on which depreciation on latest income statement is computed | 40 years |
Gate City [Member] | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 977 |
Initial cost to company, Land | 382 |
Initial cost to company, Buildings | 917 |
Costs capitalized subsequent to acquisition, land | 1 |
Costs capitalized subsequent to acquisition, buildings | 35 |
Gross Amount at which carried at close of period, Land | 383 |
Gross Amount at which carried at close of period, Buildings. | 952 |
Gross Amount at which carried at close of period, Total | 1,335 |
Accumulated Depreciation | $ 180 |
Date of Construction or Acquisition | Mar. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Goldmark Office Park [Member] | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 3,452 |
Initial cost to company, Land | 1,160 |
Initial cost to company, Buildings | 14,796 |
Costs capitalized subsequent to acquisition, buildings | 978 |
Gross Amount at which carried at close of period, Land | 1,160 |
Gross Amount at which carried at close of period, Buildings. | 15,774 |
Gross Amount at which carried at close of period, Total | 16,934 |
Accumulated Depreciation | $ 3,309 |
Date of Construction or Acquisition | Jul. 1, 2007 |
Goldmark Office Park [Member] | Minimum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 1 year |
Goldmark Office Park [Member] | Maximum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Great American Bldg [Member] | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 998 |
Initial cost to company, Land | 511 |
Initial cost to company, Buildings | 1,290 |
Costs capitalized subsequent to acquisition, land | 1 |
Costs capitalized subsequent to acquisition, buildings | 362 |
Gross Amount at which carried at close of period, Land | 512 |
Gross Amount at which carried at close of period, Buildings. | 1,652 |
Gross Amount at which carried at close of period, Total | 2,164 |
Accumulated Depreciation | $ 393 |
Date of Construction or Acquisition | Feb. 1, 2005 |
Great American Bldg [Member] | Minimum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 28 years |
Great American Bldg [Member] | Maximum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Midtown Plaza [Member] | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Minot, ND |
Encumbrances | $ 1,327 |
Initial cost to company, Land | 30 |
Initial cost to company, Buildings | 1,213 |
Gross Amount at which carried at close of period, Land | 30 |
Gross Amount at which carried at close of period, Buildings. | 1,213 |
Gross Amount at which carried at close of period, Total | 1,243 |
Accumulated Depreciation | $ 323 |
Date of Construction or Acquisition | Jan. 1, 2004 |
Life on which depreciation on latest income statement is computed | 40 years |
Northland Plaza, Bloomington, MN | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bloomington, MN |
Encumbrances | $ 35,454 |
Initial cost to company, Land | 6,912 |
Initial cost to company, Buildings | 36,520 |
Costs capitalized subsequent to acquisition, buildings | 238 |
Gross Amount at which carried at close of period, Land | 6,912 |
Gross Amount at which carried at close of period, Buildings. | 36,758 |
Gross Amount at which carried at close of period, Total | 43,670 |
Accumulated Depreciation | $ 953 |
Date of Construction or Acquisition | Aug. 13, 2015 |
Northland Plaza, Bloomington, MN | Minimum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 1 year |
Northland Plaza, Bloomington, MN | Maximum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Parkway office building (FKA Echelon) [member] | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,065 |
Initial cost to company, Land | 278 |
Initial cost to company, Buildings | 1,491 |
Costs capitalized subsequent to acquisition, land | 2 |
Costs capitalized subsequent to acquisition, buildings | 29 |
Gross Amount at which carried at close of period, Land | 280 |
Gross Amount at which carried at close of period, Buildings. | 1,520 |
Gross Amount at which carried at close of period, Total | 1,800 |
Accumulated Depreciation | $ 324 |
Date of Construction or Acquisition | May 15, 2007 |
Parkway office building (FKA Echelon) [member] | Minimum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Parkway office building (FKA Echelon) [member] | Maximum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Regis [Member] | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Edina, MN |
Initial cost to company, Land | $ 2,991 |
Initial cost to company, Buildings | 7,633 |
Gross Amount at which carried at close of period, Land | 2,991 |
Gross Amount at which carried at close of period, Buildings. | 7,633 |
Gross Amount at which carried at close of period, Total | 10,624 |
Accumulated Depreciation | $ 1,343 |
Date of Construction or Acquisition | Jan. 1, 2009 |
Life on which depreciation on latest income statement is computed | 40 years |
Ssa [Member] | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | St Cloud, MN |
Initial cost to company, Land | $ 100 |
Initial cost to company, Buildings | 2,793 |
Costs capitalized subsequent to acquisition, buildings | 13 |
Gross Amount at which carried at close of period, Land | 100 |
Gross Amount at which carried at close of period, Buildings. | 2,806 |
Gross Amount at which carried at close of period, Total | 2,906 |
Accumulated Depreciation | $ 615 |
Date of Construction or Acquisition | Mar. 20, 2007 |
Ssa [Member] | Minimum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 20 years |
Ssa [Member] | Maximum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Wf Center [Member] | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Duluth, MN |
Initial cost to company, Land | $ 600 |
Initial cost to company, Buildings | 7,270 |
Costs capitalized subsequent to acquisition, land | (115) |
Costs capitalized subsequent to acquisition, buildings | 1,126 |
Gross Amount at which carried at close of period, Land | 485 |
Gross Amount at which carried at close of period, Buildings. | 8,396 |
Gross Amount at which carried at close of period, Total | 8,881 |
Accumulated Depreciation | $ 1,487 |
Date of Construction or Acquisition | Jul. 11, 2007 |
Wf Center [Member] | Minimum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 4 years |
Wf Center [Member] | Maximum | Office Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Applebees Apple Valley [Member] | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Apple Valley, MN |
Initial cost to company, Land | $ 560 |
Initial cost to company, Buildings | 1,235 |
Gross Amount at which carried at close of period, Land | 560 |
Gross Amount at which carried at close of period, Buildings. | 1,235 |
Gross Amount at which carried at close of period, Total | 1,795 |
Accumulated Depreciation | $ 154 |
Date of Construction or Acquisition | Jan. 27, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Applebees Bloomington [Member] | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bloomington, MN |
Initial cost to company, Land | $ 1,000 |
Initial cost to company, Buildings | 474 |
Costs capitalized subsequent to acquisition, land | 11 |
Gross Amount at which carried at close of period, Land | 1,011 |
Gross Amount at which carried at close of period, Buildings. | 474 |
Gross Amount at which carried at close of period, Total | 1,485 |
Accumulated Depreciation | $ 69 |
Date of Construction or Acquisition | Mar. 22, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Applebees Coon Rapids [Member] | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Coon Rapids, MN |
Initial cost to company, Land | $ 750 |
Initial cost to company, Buildings | 875 |
Gross Amount at which carried at close of period, Land | 750 |
Gross Amount at which carried at close of period, Buildings. | 875 |
Gross Amount at which carried at close of period, Total | 1,625 |
Accumulated Depreciation | $ 128 |
Date of Construction or Acquisition | Mar. 9, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Applebees Savage [Member] | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Savage, MN |
Initial cost to company, Land | $ 690 |
Initial cost to company, Buildings | 424 |
Gross Amount at which carried at close of period, Land | 690 |
Gross Amount at which carried at close of period, Buildings. | 424 |
Gross Amount at which carried at close of period, Total | 1,114 |
Accumulated Depreciation | $ 62 |
Date of Construction or Acquisition | Jan. 1, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Becker Furniture [Member] | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Waite Park, MN |
Initial cost to company, Land | $ 150 |
Initial cost to company, Buildings | 2,065 |
Costs capitalized subsequent to acquisition, buildings | (637) |
Gross Amount at which carried at close of period, Land | 150 |
Gross Amount at which carried at close of period, Buildings. | 1,428 |
Gross Amount at which carried at close of period, Total | 1,578 |
Accumulated Depreciation | $ 490 |
Date of Construction or Acquisition | Jul. 12, 2006 |
Life on which depreciation on latest income statement is computed | 40 years |
Buffalo Wild Wings [Member] | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Austin, TX |
Initial cost to company, Land | $ 575 |
Initial cost to company, Buildings | 1,664 |
Gross Amount at which carried at close of period, Land | 575 |
Gross Amount at which carried at close of period, Buildings. | 1,664 |
Gross Amount at which carried at close of period, Total | 2,239 |
Accumulated Depreciation | $ 229 |
Date of Construction or Acquisition | Jul. 30, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Dairy Queen Dickinson [Member] | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Dickinson, ND |
Encumbrances | $ 630 |
Initial cost to company, Land | 329 |
Initial cost to company, Buildings | 658 |
Gross Amount at which carried at close of period, Land | 329 |
Gross Amount at which carried at close of period, Buildings. | 658 |
Gross Amount at which carried at close of period, Total | 987 |
Accumulated Depreciation | $ 66 |
Date of Construction or Acquisition | Jan. 19, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Dairy Queen Moorhead [Member] | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Moorhead, MN |
Initial cost to company, Land | $ 243 |
Initial cost to company, Buildings | 787 |
Costs capitalized subsequent to acquisition, land | 1 |
Gross Amount at which carried at close of period, Land | 244 |
Gross Amount at which carried at close of period, Buildings. | 787 |
Gross Amount at which carried at close of period, Total | 1,031 |
Accumulated Depreciation | $ 92 |
Date of Construction or Acquisition | May 13, 2011 |
Life on which depreciation on latest income statement is computed | 20 years |
Mandan Family Dollar [Member] | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Mandan, ND |
Initial cost to company, Land | $ 167 |
Initial cost to company, Buildings | 649 |
Gross Amount at which carried at close of period, Land | 167 |
Gross Amount at which carried at close of period, Buildings. | 649 |
Gross Amount at which carried at close of period, Total | 816 |
Accumulated Depreciation | $ 82 |
Date of Construction or Acquisition | Dec. 14, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Mandan O Reilly [Member] | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Mandan, ND |
Initial cost to company, Land | $ 115 |
Initial cost to company, Buildings | 449 |
Gross Amount at which carried at close of period, Land | 115 |
Gross Amount at which carried at close of period, Buildings. | 449 |
Gross Amount at which carried at close of period, Total | 564 |
Accumulated Depreciation | $ 57 |
Date of Construction or Acquisition | Dec. 14, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Walgreens La [Member] | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Alexandria, LA |
Encumbrances | $ 1,818 |
Initial cost to company, Land | 1,090 |
Initial cost to company, Buildings | 2,973 |
Gross Amount at which carried at close of period, Land | 1,090 |
Gross Amount at which carried at close of period, Buildings. | 2,973 |
Gross Amount at which carried at close of period, Total | 4,063 |
Accumulated Depreciation | $ 447 |
Date of Construction or Acquisition | Dec. 18, 2009 |
Walgreens La [Member] | Minimum | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 28 years |
Walgreens La [Member] | Maximum | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Walgreens Batesville Ar [Member] | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Batesville, AR |
Encumbrances | $ 6,143 |
Initial cost to company, Land | 473 |
Initial cost to company, Buildings | 6,405 |
Gross Amount at which carried at close of period, Land | 473 |
Gross Amount at which carried at close of period, Buildings. | 6,405 |
Gross Amount at which carried at close of period, Total | 6,878 |
Accumulated Depreciation | $ 1,041 |
Date of Construction or Acquisition | Jul. 9, 2009 |
Life on which depreciation on latest income statement is computed | 40 years |
Walgreens Co [Member] | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Denver, CO |
Encumbrances | $ 3,634 |
Initial cost to company, Land | 2,349 |
Initial cost to company, Buildings | 2,358 |
Gross Amount at which carried at close of period, Land | 2,349 |
Gross Amount at which carried at close of period, Buildings. | 2,358 |
Gross Amount at which carried at close of period, Total | 4,707 |
Accumulated Depreciation | $ 270 |
Date of Construction or Acquisition | Jun. 14, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Walgreens Fayetteville Ar [Member] | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fayetteville, AR |
Encumbrances | $ 4,705 |
Initial cost to company, Land | 636 |
Initial cost to company, Buildings | 4,732 |
Gross Amount at which carried at close of period, Land | 636 |
Gross Amount at which carried at close of period, Buildings. | 4,732 |
Gross Amount at which carried at close of period, Total | 5,368 |
Accumulated Depreciation | $ 769 |
Date of Construction or Acquisition | Jul. 9, 2009 |
Life on which depreciation on latest income statement is computed | 40 years |
Walgreens Ms [Member] | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Laurel, MS |
Encumbrances | $ 1,799 |
Initial cost to company, Land | 1,280 |
Initial cost to company, Buildings | 2,984 |
Gross Amount at which carried at close of period, Land | 1,280 |
Gross Amount at which carried at close of period, Buildings. | 2,984 |
Gross Amount at which carried at close of period, Total | 4,264 |
Accumulated Depreciation | $ 410 |
Date of Construction or Acquisition | Jul. 30, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Westpointe Center [Member] | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 687 |
Initial cost to company, Buildings | 2,372 |
Costs capitalized subsequent to acquisition, land | 155 |
Costs capitalized subsequent to acquisition, buildings | (17) |
Gross Amount at which carried at close of period, Land | 842 |
Gross Amount at which carried at close of period, Buildings. | 2,355 |
Gross Amount at which carried at close of period, Total | 3,197 |
Accumulated Depreciation | $ 794 |
Date of Construction or Acquisition | Jun. 30, 2006 |
Westpointe Center [Member] | Minimum | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 5 years |
Westpointe Center [Member] | Maximum | Retail Property [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Banner [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Fargo, ND |
Encumbrances | $ 7,083 |
Initial cost to company, Land | 750 |
Initial cost to company, Buildings | 8,016 |
Costs capitalized subsequent to acquisition, land | 22 |
Costs capitalized subsequent to acquisition, buildings | 311 |
Gross Amount at which carried at close of period, Land | 772 |
Gross Amount at which carried at close of period, Buildings. | 8,327 |
Gross Amount at which carried at close of period, Total | 9,099 |
Accumulated Depreciation | $ 1,750 |
Date of Construction or Acquisition | Mar. 15, 2007 |
Life on which depreciation on latest income statement is computed | 40 years |
Gf Marketplace [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 11,079 |
Initial cost to company, Land | 4,259 |
Initial cost to company, Buildings | 15,801 |
Costs capitalized subsequent to acquisition, land | 208 |
Costs capitalized subsequent to acquisition, buildings | 38 |
Gross Amount at which carried at close of period, Land | 4,467 |
Gross Amount at which carried at close of period, Buildings. | 15,839 |
Gross Amount at which carried at close of period, Total | 20,306 |
Accumulated Depreciation | $ 4,615 |
Date of Construction or Acquisition | Jul. 1, 2003 |
Gf Marketplace [Member] | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 8 years |
Gf Marketplace [Member] | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Highland Meadows [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Encumbrances | $ 2,259 |
Initial cost to company, Land | 624 |
Initial cost to company, Buildings | 2,591 |
Costs capitalized subsequent to acquisition, land | 335 |
Costs capitalized subsequent to acquisition, buildings | 124 |
Gross Amount at which carried at close of period, Land | 959 |
Gross Amount at which carried at close of period, Buildings. | 2,715 |
Gross Amount at which carried at close of period, Total | 3,674 |
Accumulated Depreciation | $ 1,383 |
Date of Construction or Acquisition | Jul. 31, 2011 |
Highland Meadows [Member] | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 15 years |
Highland Meadows [Member] | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life on which depreciation on latest income statement is computed | 40 years |
Ashbury [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Bismarck, ND |
Initial cost to company, Land | $ 331 |
Initial cost to company, Buildings | 2,517 |
Gross Amount at which carried at close of period, Land | 331 |
Gross Amount at which carried at close of period, Buildings. | 2,517 |
Gross Amount at which carried at close of period, Total | 2,848 |
Accumulated Depreciation | $ 157 |
Date of Construction or Acquisition | Jul. 1, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Michigan Street Transit Center [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Physical Location | Duluth, MN |
Initial cost to company, Land | $ 2,005 |
Gross Amount at which carried at close of period, Land | 2,005 |
Gross Amount at which carried at close of period, Total | $ 2,005 |
Date of Construction or Acquisition | May 5, 2014 |
Changes in Real Estate Investme
Changes in Real Estate Investments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ||
Beginning balance | $ 591,136 | $ 450,250 |
Purchase of real estate investments | 82,111 | 143,141 |
Sale and disposal of investment property | (1,325) | (2,255) |
Property held for sale | (2,058) | |
Provision for asset impairment | (412) | 0 |
Reallocation to intangible assets | 32 | |
Ending balance | $ 669,484 | $ 591,136 |
Changes in Accumulated Deprecia
Changes in Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ||
Beginning balance | $ 58,873 | $ 47,058 |
Depreciation expense | 16,466 | 12,116 |
Property held for sale | (342) | |
Sale and disposal of investment property | (22) | (301) |
Ending balance | $ 74,975 | $ 58,873 |
Changes in Real Estate Invest81
Changes in Real Estate Investments (Parenthetical) (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
The aggregate cost of our real estate for federal income tax purposes | $ 589,470 |