Sterling Real Estate Trust 10-K 15 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 09, 2017	Jun. 30, 2016
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, 2016
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			$ 108,329,193
Entity Common Stock, Shares Outstanding		8,115,588
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Real estate investments	$ 622,975	$ 594,509
Cash and cash equivalents	12,034	6,461
Restricted deposits and funded reserves	7,213	6,115
Investment in unconsolidated affiliates	3,653	9,022
Due from related party	34	60
Receivables	4,258	3,428
Prepaid expenses	433	844
Notes receivable	600	651
Financing and lease costs, less accumulated amortization of $1,720 in 2016 and $1,356 in 2015	950	1,240
Assets held for sale	2,482	1,721
Lease intangible assets, less accumulated amortization of $10,770 in 2016 and $7,655 in 2015	15,852	18,184
Other assets	29	140
Total Assets	670,513	642,375
LIABILITIES
Mortgage notes payable, net	390,479	379,911
Special assessments payable	480	1,659
Dividends payable	5,925	5,319
Due to related party	957	440
Tenant security deposits payable	3,851	3,763
Subordinated debt	175	200
Lease intangible liabilities, less accumulated amortization of $1,122 in 2016 and $803 in 2015	2,075	2,253
Accounts payable-trade	438	819
Retainage payable	288	6
Liabilities related to assets held for sale	125	659
Fair value of interest rate swaps	145	219
Deferred insurance proceeds	102	69
Accrued expenses and other liabilities	6,818	6,631
Total Liabilities	411,858	401,948
COMMITMENTS and CONTINGENCIES - Note 18
SHAREHOLDERS' EQUITY
Noncontrolling interest in operating partnership	170,138	154,810
Noncontrolling interest in partially owned properties	3,935	4,537
Beneficial interest	84,727	81,299
Accumulated comprehensive loss	(145)	(219)
Total Shareholders' Equity	258,655	240,427
Total liabilities and shareholders' equity	$ 670,513	$ 642,375

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED BALANCE SHEETS
Accumulated amortization on financing and lease cost	$ 1,720	$ 1,356
Accumulated amortization on intangible assets	10,770	7,655
Accumulated amortization on unfavorable leases	$ 1,122	$ 803

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income from rental operations
Real estate rental income	$ 101,885	$ 93,330	$ 68,706
Tenant reimbursements	6,178	3,852	2,230
Total income from rental operations	108,063	97,182	70,936
Expenses from rental operations
Interest	18,366	17,141	12,958
Depreciation and amortization	22,145	19,574	13,575
Real estate taxes	9,524	7,852	5,320
Property management fees	10,852	9,617	6,511
Utilities	7,672	7,220	5,614
Repairs and maintenance	21,267	17,726	11,721
Insurance	1,375	2,292	1,647
Loss on lease terminations	299		58
Loss on impairment of property	0	412	0
Total expenses from rental operations	91,500	81,834	57,404
Administration of REIT
Administrative expenses	360	338	281
Advisory fees	2,644	2,401	1,855
Acquisition and disposition expenses	2,081	2,323	4,201
Trustee fees	59	51	56
Legal and accounting	456	534	431
Total Administration of REIT	5,600	5,647	6,824
Total expenses	97,100	87,481	64,228
Income from operations	10,963	9,701	6,708
Other income (expense)
Equity in income of unconsolidated affiliates	1,019	957	1,086
Other income	78	59	376
Gain (Loss) on sale of real estate investments	(316)	470	69
Gain on change in control of real estate investments	550
Gain on sale of investment in equity method investee	597
Gain on sale of joint venture interest	597
Gain (Loss) on involuntary conversion	(34)	197	398
Gain on disposal of marketable securities			666
Total other income (expense)	1,894	1,683	2,595
Net income	12,857	11,384	9,303
Net income attributable to noncontrolling interest in operating partnership	9,034	7,684	6,715
Net (loss) income attributable to noncontrolling interest in partially owned properties	(602)	(586)	9
Net income attributable to Sterling Real Estate Trust	$ 4,425	$ 4,286	2,579
Loss on extinguishment of debt			$ (18)
Net income per common share, basic and diluted	$ 0.56	$ 0.59	$ 0.47
Comprehensive income:
Net income	$ 12,857	$ 11,384	$ 9,303
Other comprehensive gain - change in fair value of interest rate swaps	74	53	37
Comprehensive income	12,931	11,437	9,340
Comprehensive income attributable to noncontrolling interest	8,482	7,134	6,750
Comprehensive income attributable to Sterling Real Estate Trust	$ 4,449	$ 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							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
Purchase of subsidary ownership from noncontrolling interest		(810)		(810)	101			(709)
Change in fair value of interest rate swaps							37	37
Distributions paid to consolidated real estate entity noncontrolling interests					(11)			(11)
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
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		(1,915)		(1,915)	(633)			(2,548)
Shares/units redeemed (in shares)	(132,000)
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							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
Shares issued pursuant to trustee compensation plan		60		60				$ 60
Shares issued pursuant to trustee compensation plan (in shares)	4,000
Contribution of assets in exchange for the issuance of noncontrolling interest shares					23,468			23,468
Shares/units redeemed		(1,194)		(1,194)	(868)			(2,062)
Shares/units redeemed (in shares)	(80,000)
Dividends declared			(7,527)	(7,527)	(15,552)			(23,079)
Dividends reinvested - stock dividend		4,760		4,760				$ 4,760
Dividends reinvested - stock dividend (in shares)	315,000							315,000
Issuance of shares under optional purchase plan		2,150		2,150				$ 2,150
Issuance of shares under optional purchase plan (in shares)	136,000
UPREIT units converted to REIT common shares		754		754	(754)
UPREIT units converted to REIT common shares (in shares)	47,000
Change in fair value of interest rate swaps							74	74
Net income			4,425	4,425	9,034	(602)		12,857
Ending balance at Dec. 31, 2016		$ 106,207	$ (21,480)	$ 84,727	$ 170,138	$ 3,935	$ (145)	$ 258,655
Ending balance (in shares) at Dec. 31, 2016	8,001,000							8,001,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
OPERATING ACTIVITIES
Net income	$ 12,857	$ 11,384	$ 9,303
Adjustments to reconcile net income to net cash from operating activities
(Gain) loss on sale of real estate and non-real estate investments	320	(470)	(69)
(Gain) on change in control of real estate investment	(550)
(Gain) on sale of joint venture interest	(597)
Loss on extinguishment of debt			18
Net gain on investment in marketable securities			(666)
(Gain) loss on involuntary conversion	34	(197)	(398)
Loss on impairment of property	0	412	0
Loss on lease terminations	299		58
Equity in income of unconsolidated affiliates	(1,019)	(957)	(1,086)
Distributions of earnings of unconsolidated affiliates	1,014	900	1,086
Depreciation	18,507	16,466	12,116
Amortization	3,539	3,076	1,434
Amortization of debt issuance costs	694	666	463
Effects on operating cash flows due to changes in
Restricted deposits - tenant security deposits	(120)	(1,169)	(304)
Restricted deposits - real estate tax and insurance escrows	(159)	330	523
Due from related party	26	49	(45)
Receivables	(474)	(475)	199
Prepaid expenses	411	737	(372)
Marketable securities			666
Other assets	111	(64)	23
Due to related party	179	(2,037)	2,229
Tenant security deposits payable	103	159	244
Accounts payable - trade	(432)	(815)	439
Accrued expenses and other liabilities	(24)	320	2,066
NET CASH PROVIDED BY OPERATING ACTIVITIES	34,719	28,315	27,927
INVESTING ACTIVITIES
Purchase of real estate investment properties	(9,745)	(23,480)	(43,932)
Capital expenditures and tenant improvements	(10,848)	(5,759)	(10,536)
Proceeds from sale of real estate investments	1,409	1,424	625
Proceeds from involuntary conversion	973	529	906
Proceeds from sale of joint venture interest	2,600
Investment in unconsolidated affiliates	(67)	(37)	(674)
Distributions in excess of earnings received from unconsolidated affiliates	542	152	274
Restricted deposits - replacement reserve escrows	(841)	1,456	(1,367)
Notes receivable issued		(51)	(600)
Notes receivable payments received	9
NET CASH USED IN INVESTING ACTIVITIES	(15,968)	(25,766)	(55,304)
FINANCING ACTIVITIES
Payments for financing, debt issuance and lease costs	(446)	(1,938)	(1,668)
Payments on investment certificates and subordinated debt	(50)	(319)	(64)
Reinvested proceeds from investment certificates			17
Principal payments on special assessments payable	(1,984)	(117)	(35)
Proceeds from issuance of mortgage notes payable and subordinated debt	20,271	36,385	24,540
Principal payments on mortgage notes payable	(13,345)	(27,160)	(7,898)
Advances on lines of credit	6,669	16,305	29,630
Payments on lines of credit	(6,669)	(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	2,150	1,783	1,892
Shares/units redeemed	(2,062)	(2,548)	(4,904)
Dividends/distributions paid	(17,712)	(15,935)	(14,129)
Payment of syndication costs		(1,335)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(13,178)	3,269	14,171
NET CHANGE IN CASH AND CASH EQUIVALENTS	5,573	5,818	(13,206)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	6,461	643	13,849
CASH AND CASH EQUIVALENTS AT END OF PERIOD	12,034	6,461	643
SCHEDULE OF CASH FLOW INFORMATION
Cash paid during the period for interest, net of capitalized interest	18,319	16,249	12,395
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Dividends reinvested	4,760	4,160	3,238
Dividends declared and not paid	1,920	1,762	1,264
UPREIT distributions declared and not paid	4,005	3,557	3,290
UPREIT units converted to REIT common shares	754	87	700
Stock issued pursuant to trustee compensation plan	60	56	23
Acquisition of assets in exchange for the issuance of noncontrolling interest units in UPREIT	23,468	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	908	850	172
Unrealized gain on interest rate swaps	74	53	37
Acquisition of assets with new financing	2,662	45,830	67,813
Acquisition of assets through assumption of debt and liabilities	78	2,051	2,636
Capitalized interest related to construction in progress	136	71	224
Construction in progress with new financing		3,424
Acquisition of assets with accounts payable	$ (34)	$ 213	$ 1,066

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2016
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, 2016 and 2015, Sterling owned approximately 32.41% and 33.12%, respectively, of the operating partnership.

PRINCIPAL ACTIVITY AND SIGNIFIC

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
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, 155 properties. The Trust’s 105 residential properties are located in North Dakota, Minnesota, Missouri and Nebraska and are principally multifamily apartment buildings. The Trust owns 50 commercial properties primarily located in North Dakota with others located in Arkansas, Colorado, Iowa, Louisiana, Michigan, Minnesota, Mississippi, Nebraska, Texas and Wisconsin. The commercial properties include retail, office, industrial, restaurant and medical properties. The Trust’s mix of properties is 69.4% residential and 30.6% commercial (based on cost) at December 31, 2016. Currently our focus is limited to multifamily apartment properties. We currently have no plans with respect to our non-multifamily apartment properties. Sterling did complete two commercial transactions during the first quarter of 2016 which were initiated prior to January 1, 2016. We currently have no plans to dispose of our existing commercial 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 Nebraska 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. 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 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 lease intangible asset and/or liability 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, 2016, 2015 and 2014 totaled $18,507, $16,466, and $12,116 respectively. The Company’s real estate investments 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 a real estate investment, the asset is tested for recoverability by comparing its carrying value to the estimated future undiscounted cash flows. A real estate investment 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 real estate investment, 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 real estate investments. Based on evaluation, management recorded a loss on impairment of property of $412 during the year ended December 31, 2015. There were no impairment losses during the years ended December 31, 2016 or 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 is reported in discontinued operations in accordance with ASC 205, Presentation of Financial Statements (“ASC 205”) if such disposal or classification represents a strategic shift that has (or will have) a major effect on our operations and financial results. There was one retail property classified as held for sale at December 31, 2016 and one medical property classified as held for sale at December 31, 2015. 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, 2016, 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, 2016, we assessed that all three 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, 2016 and 2015, the unconsolidated affiliates held total assets of $26,140 and $32,296 and mortgage notes payable of $20,017 and $20,421, 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, 2016 and 2015 of $2,190 and $2,259, 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, 2016 and 2015 of $10,891 and $11,079, 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, 2016 and 2015 of $6,936 and $7,083, respectively. The Company is jointly and severally liable for the full mortgage balance. The operating partnership previously owned 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. As of December 1, 2016, there was a change in control over the real estate investment, with the operating partnership acquiring the other tenant in common’s 17.50% ownership interest in the property (See Note 20). We estimated the property had a fair value of approximately $4,087. The operating partnership paid total cash consideration of approximately $193 before transaction costs and issued $448 of limited partnership units for a total purchase price of approximately $641. The company accounted for this as a business combination and recognized a gain on change in control of real estate investment of $550 in the fourth quarter of 2016 as a result of remeasuring the carrying value to fair value. The operating partnership previously was a 99% owner of Michigan Street Transit Center, LLC (“Transit Center”) through 100% ownership in a limited liability company. The operating partnership had contributed approximately $644 in cash and $1,316 in property to the Transit Center in May and June 2014, respectively. The new parking ramp constructed on the site was fully operational in October 2016. The property was unencumbered at December 31, 2015. As of December 7, 2016, the operating partnership sold its 99% ownership interest in the Michigan Street Transit Center partnership for $2,600 and recognized a gain of $597. 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, 2016 and 2015, 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 (line of credit) 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. We record the amortization of leasing costs in depreciation and amortization on the consolidated statements of operations and comprehensive income. If an applicable lease terminates prior to the expiration of its initial lease term, we write off the carrying amount of the costs to amortization expense. Debt Issuance Costs We amortize external debt issuance costs using the effective interest rate method, over the estimated life of the related debt. We record debt issuance costs related to notes and mortgage notes, net of amortization, on our consolidated balance sheets as an offset to their related debt. We record debt issuance costs related to revolving lines of credit on our consolidated balance sheets as financing fees, regardless of whether a balance on the line of credit is outstanding. We record the amortization of all debt issuance costs as interest expense. Intangible Assets Lease intangibles are a purchase price allocation recorded on property acquisition. The lease intangibles represent the estimated value of in-place leases 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, 2016 and 2015. Noncontrolling Interest A noncontrolling interest in a subsidiary 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 Sterling Properties, LLLP held by limited partners are represented by operating partnership units. Sterling Properties, LLLP’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, 2016 and 2015 follows: Tax Year Ended December 31, Dividend % Dividend % 2016 2016 2015 2015 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, 2016 and 2015 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 2013. 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 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 are 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 $499 , $325 and $186 for the years ended December 31, 2016, 2015 and 2014, respectively. The straight-line receivable balance included in receivables on the consolidated balance sheets as of December 31, 2016 and 2015 was $3,362 and $2,863, 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, 2016, 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, 2016, 2015 and 2014, Sterling’s denominators for the basic and diluted earnings per common share were approximately 7,844,000, 7,223,000, and 5,507,000, respectively. Recent Accounting Pronouncements 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 from 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 performed a review of the requirements of the new guidance and have identified which of our revenue streams will be within the scope of ASU 2014-09. We are working through an adoption plan which includes a review of transactions supporting each revenue stream to determine the impact of accounting treatment under ASU 2014-09, an evaluation of the method of adoption and assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. We plan to adopt the new guidance beginning January 1, 2018. In April 2015, the FASB issued ASU No. 2015-03 Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). 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. Upon adoption of the standard, on January 1, 2016, we reclassified unamortized debt issuance costs related to the Company’s mortgage notes payable from assets, net to reductions in mortgage notes payable within our consolidated balance sheets as of December 31, 2015 to conform with the new ASU and the presentation of such costs in our consolidated balance sheet as of December 31, 2016. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which amends existing accounting standards for lease accounting, including by requiring lessees to recognize most leases on the balance sheet and making certain changes to lessor accounting. The standard will take effect for fiscal years, and interim periods within those fiscal years, beginning after Dececember 15, 2018 with earlier application permitted. The Company is evaluating the impact of ASU No. 2016-02 on its financial position and results of operations. In February 2015, the FASB issued ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis, which amends the current consolidation guidance affecting both the variable interest entity (“VIE”) and voting entity (“VOE”) consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics, particularly the rights held by limited partners. The Company adopted this standard on January 1, 2016 and concluded that no change was required to its accounting for its joint ventures. However, the Operating Partnership now meets the criteria of a VIE, the Company is the primary beneficiary and accordingly, the Company continues to consolidate the Operating Partnership. The Company’s sole significant asset is its investment in the Operating Partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is an obligation of the Operating Partnership. In January 2017, the FASB issued ASU No. 2017-01 to amend the guidance for determining whether a transaction involves the purchase or disposal of a business or an asset. The amendments clarify that when substantially all of the fair value of the gross assets

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2016
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, 2016, 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 for the years ended December 31, 2016 and 2015. Year ended December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Residential Commercial Total Residential Commercial Total Residential Commercial Total (in thousands) (in thousands) (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 — — Loss on lease terminations — Other (income)/expense Net income $ $ $ Segment Assets and Accumulated Depreciation As of December 31, 2016 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, 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 $

REAL ESTATE INVESTMENTS

REAL ESTATE INVESTMENTS	12 Months Ended
	Dec. 31, 2016
REAL ESTATE INVESTMENTS
REAL ESTATE INVESTMENTS	note 4 – real estate investments As of December 31, 2016 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, 2015 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, 2016 primarily consists of development and 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 may consist of up to six, 4-story apartment buildings with underground parking. The clubhouse was substantially complete in July 2016, the first and second townhome buildings were substantially completed in September 2016 and November 2016, respectively. Site work has commenced on the remaining four townhome buildings of Phase II. 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 $9,061 and is expected to be substantially completed in third quarter 2017. We have a construction contract of $1,232 for the clubhouse and $7,829 for the townhomes, of which $1,120 and $4,647 have been completed to date, including $56 and $232 of retainage which is included in payables at December 31, 2016, respectively. The Company is working with GOLDMARK Development Corporation, a related party, as the general contractor for Phase II.

RESTRICTED DEPOSITS AND FUNDED

RESTRICTED DEPOSITS AND FUNDED RESERVES	12 Months Ended
	Dec. 31, 2016
RESTRICTED DEPOSITS AND FUNDED RESERVES
RESTRICTED DEPOSITS AND FUNDED RESERVES	NOTE 5 - RESTRICTED DEPOSITS AND FUNDED RESERVES 2016 2015 (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, 2016
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%. This note is personally guaranteed by the owner. Accrued interest is due monthly beginning until the note is paid in full. The principal plus accrued interest was originally due and payable on August 31, 2016. Upon maturing the note was extended for an additional twelve months to August 31, 2017 with the same terms.

LEASE INTANGIBLES

LEASE INTANGIBLES	12 Months Ended
	Dec. 31, 2016
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, 2016 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, 2015 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) 2017 $ $ 2018 2019 2020 2021 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, 2016 was 6.0 years.

LINES OF CREDIT

LINES OF CREDIT	12 Months Ended
	Dec. 31, 2016
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 2017; and a $3,000 variable rate (prime rate) unsecured line of credit agreement with Bell State Bank & Trust, which expired December 2016 and was extended to December 2017. At December 31, 2016, 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 criteria. Certain line of credit agreements include covenants that, in part, impose maintenance of certain debt service coverage and debt to net worth ratios. As of December 31, 2016, one residential property was out of compliance with Bremer’s debt service coverage ratio requirement on an individual property basis. 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, 2016
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, 2016 2015 (in thousands) Fixed rate mortgage notes payable (a) $ $ Less unamortized debt issuance costs $ $ (a) Includes $3,056 and $3,158 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2016 and 2015, respectively. The amendments in ASU 2015-03 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. We adopted this guidance in the first quarter of 2016 and have reclassified the unamortized debt issuance costs into the debt liability as shown in the table above. As of December 31, 2016, we had 116 fixed rate and no variable rate mortgage loans with effective interest rates ranging from 2.57% to 7.25% per annum and a weighted average effective interest rate of 4.43% per annum. 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. 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 of December 31, 2016, five loans on residential 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 $8,336 at December 31, 2016. Annual waivers have been 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) 2017 $ 2018 2019 2020 2021 Thereafter Total payments $

HEDGING ACTIVITIES

HEDGING ACTIVITIES	12 Months Ended
	Dec. 31, 2016
HEDGING ACTIVITIES
HEDGING ACTIVITIES	NOTE 10 – HEDGING ACTIVITIES As part of our interest rate risk management strategy, we used derivative instruments to minimize significant unanticipated earnings fluctuations that may arise from rising variable interest rate costs associated with two 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, 2016 and 2015, we have recorded a liability and accumulated other comprehensive loss of $145 and $219, respectively.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	12 Months Ended
	Dec. 31, 2016
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, 2016 December 31, 2015 Carrying Carrying Value Fair Value Value Fair Value (in thousands) Financial liabilities: Mortgage notes payable, net $ $ $ $ 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, 2016 Fair value of interest rate swaps $ — $ $ — $ December 31, 2015 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, 2016 and 2015 , 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 real estate investments 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. Real estate investments measured at fair value on a nonrecurring basis at December 31, 2016 and 2015, 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, 2016 Real estate investments $ — $ — $ — $ — $ — December 31, 2015 Real estate investments (a) $ — $ — $ $ $ (a) Includes an impairment charge recorded on certain real estate investments 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, 2016 Mortgage notes payable, net $ — $ — $ $ December 31, 2015 Mortgage notes payable, net $ — $ — $ $ 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 4.00% to 4.35% and from 3.97% to 4.05% December 31, 2016 and 2015 , 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, 2016. 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, 2016
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, 2016 and 2015, outstanding limited partnership units totaled 16,688,000 and 15,300,000, respectively. Total aggregate distributions per unit for the years ended December 31, 2016 and 2015 were $0.9600 and $0.9300, respectively. The operating partnership declared fourth quarter distributions of $4,005 and $3,557 respectively, to limited partners payable in January 2017 and 2016, respectively. During the year ended December 31, 2016, 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 $754. 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, 2016
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 $15.00 per share or unit under the plans which price became effective March 24, 2016. 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, 2016, 2015 and 2014, the Company redeemed 80,000, 132,000 and 238,000 common shares valued at $1,194, $1,915 and $3,338, respectively. In addition, during the years ended December 31, 2016, 2015 and 2014, the Company redeemed 59,000, 44,000 and 112,000 units valued at $868 ,$633 and $1,566, respectively.

BENEFICIAL INTEREST

BENEFICIAL INTEREST	12 Months Ended
	Dec. 31, 2016
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, 2016 and 2015, there were 8,001,000 and 7,579,000 common shares outstanding. We had no preferred shares outstanding as of either date. Dividends paid to holders of common shares were $0.9600 per share, $0.9300 per share and $0.9000 per share for the years ended December 31, 2016, 2015 and 2014, respectively.

DIVIDEND REINVESTMENT PLAN

DIVIDEND REINVESTMENT PLAN	12 Months Ended
	Dec. 31, 2016
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 can 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 $16.00 and $15.50 at December 31, 2016 and 2015, respectively. See discussion of determination of estimated value in Note 20. In December the Trust amended its Dividend Reinvestment Plan to provide that eligible shareholders electing to reinvest cash dividends under the plan, may also make additional optional purchases of Common Shares not to exceed $10 per fiscal quarter and, with the Trust’s prior approval, automatic optional cash purchases in excess of $10 per fiscal quarter effective January 1, 2017. In addition, participants may not, in any calendar year, purchase or receive via transfer more than $40 in Common Shares derived from the rights granted to Participants under this amendment. Therefore, the purchase price per common share for dividend reinvestments was $15.20 and $14.725 and for additional optional cash purchases was $16.00 and $15.50 at December 31, 2016 and 2015, 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, 2016, 315,000 shares were issued pursuant to dividend reinvestments and 136,000 shares were issued pursuant to additional optional cash purchases under the plan. 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, 2016
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 16 – RELATED PARTY TRANSACTIONS Property Management Fee During the years ended December 31, 2016, 2015 and 2014, we paid property management fees to GOLDMARK Property Management in an amount equal to approximately 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, 2016, 2015 and 2014, we paid management fees of $9,929, $9,304, and $6,439 respectively, to GOLDMARK Property Management. In addition, during the years ended December 31, 2016, 2015 and 2014, we paid repair and maintenance related payroll and payroll related expenses to GOLDMARK Property Management totaling $4,556, $3,961, and $2,613 respectively. Board of Trustee Fees We incurred Trustee fees of $59, $51 and $56 during the years ended December 31, 2016, 2015 and 2014, respectively. As of December 31, 2016, and 2015 we owed our Trustees $26 and $27 for unpaid board of trustee fees, respectively. There is no cash retainer paid to Trustees. Instead, we pay Trustees specific amounts for meetings attended. Our Trustee Compensation 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 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 24, 2016, effective January 1, 2016. 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, 2016, 2015 and 2014, we incurred advisory management fees of $2,644, $2,401 and $1,855 with Sterling Management, LLC, our Advisor. As of December 31, 2016 and 2015, we owed our Advisor $226 and $214, respectively, for unpaid advisory management fees. These fees cover the office facilities, equipment, supplies, and staff required to manage our day-to-day operations. In addition, during the years ended December 31, 2016, 2015 and 2014, we reimbursed the Advisor for operating costs such as travel and meals, legal and office supplies totaling $37, $22, and $4, respectively. Acquisition Fees During the years ended December 31, 2016, 2015 and 2014, we incurred acquisition fees of $903, $1,128, and $2,628 respectively, with our Advisor. As of December 31, 2016, we owed our Advisor $226 for unpaid acquisition fees. There were no acquisition fees owed to our Advisor as of December 31, 2015. Financing Fees During the years ended December 31, 2016, 2015 and 2014, we incurred financing fees of $68, $270 and $269 with our Advisor for loan financing and refinancing activities. There were no financing fees owed to our Advisor as of December 31, 2016. As of December 31, 2015, we owed our Advisor $23 for unpaid financing fees. Disposition Fees During the years ended December 31, 2016, 2015 and 2014, we incurred disposition fees of $100, $36 and $16 with our Advisor. See Note 19. There were no disposition fees owed to our Advisor as of December 31, 2016 and 2015, respectively. Development Fees During the years ended December 31, 2016, 2015 and 2014, we incurred $170, $336 and $358 in development fees with our Advisor. As of December 31, 2016 and 2015, we owed our Advisor $81 and $69 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, 2016, we issued directly or indirectly, 551,000 operating partnership (OP) units to entities affiliated with Messrs. Regan, Wieland, two of our trustees, and Messr. Swenson, one of our officers in connection with the acquisition of various properties. The aggregate value of these units was $8,650. 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, 2016, 2015 and 2014, we incurred real estate commissions of $953, $1,033, and $1,408 respectively, owed to GOLDMARK Commercial Real Estate Services, Inc., which is controlled by Messrs. Regan and Wieland. There were no outstanding commissions owed as of December 31, 2016 or 2015. During the year ended December 31, 2016, we did not incur brokerage fees. During the year ended December 31, 2015, we incurred brokerage fees of $931 and $348 to a broker-dealer benefiting Dale Lian and James Echtenkamp, respectively, shareholders of Sterling and members 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 as of December 31, 2016 or 2015. Rental Income During the years ended December 31, 2016, 2015 and 2014, we received rental income of $215, $215 and $179, respectively, under an operating lease agreement with GOLDMARK Property Management. During the years ended December 31, 2016, 2015 and 2014, we received rental income of $53, $51 and $50, respectively, under an operating lease agreement with GOLDMARK Commercial Real Estate Services, Inc. During the years ended December 31, 2016, 2015 and 2014, we received rental income of $45, $43 and $42, respectively, under operating lease agreements with our Advisor. Construction Costs As of December 31, 2016, since the project’s inception through its completion in 2015, we incurred total costs of $5,767 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, which is controlled by Messrs. Regan and Wieland. As of December 31, 2016, we owed GOLDMARK Development $288 for retainage and $398 for unpaid construction fees. As of December 31, 2015, since the project’s inception, we incurred total costs of $14,147 related to the construction of a 156 unit apartment community (Phase I) in Bismarck, North Dakota to GOLDMARK Development. There was no retainage owed to GOLDMARK Development as of December 31, 2015. In addition, there were no unpaid construction fees owed to GOLDMARK Development as of December 31, 2015. As of December 31, 2015, we incurred total costs of $117 related to the construction of Phase II of the Bismarck, North Dakota development project 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, 2016
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 $80,497, $75,914 and $53,499 for the years ended December 31, 2016, 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, 2016, 2015 and 2014, gross revenues from commercial property rentals, including CAM income (common area maintenance) of $6,178, $3,852 and $2,230, respectively, totaled $27,566, $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, 2016 are as follows: Years ending December 31, Amount (in thousands) 2017 $ 2018 2019 2020 2021 Thereafter $

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2016
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, 2016
DISPOSITIONS
DISPOSITIONS	NOTE 19 – DISPOSITIONS 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 were separately classified as held for sale in the consolidated balance sheet as of December 31, 2015. During the year ended December 31, 2016, the operating partnership sold the Eau Claire, Wisconsin medical property for approximately $1,400 and recognized a loss of $316. During September 2016, the Company entered into a purchase agreement to sell a retail property located in Fargo, North Dakota. This property qualified for held for sale accounting treatment upon meeting all applicable GAAP criteria on or prior to December 31, 2016, at which time depreciation and amortization ceased. As such, the assets and liabilities associated with this property were separately classified as held for sale in the consolidated balance sheet as of December 31, 2016. The company expects to close on this sale in the first quarter of 2017. The following table presents the assets and liabilities associated with the real estate investments held for sale: December 31, December 31, 2016 2015 (in thousands) ASSETS Real estate investments $ $ Restricted deposits and funded reserves — Receivables Notes receivable — Financing and lease costs, less accumulated amortization of $87 in 2016 — Total Assets $ $ LIABILITIES Mortgage notes payable $ — $ Special assessments payable — Tenant security deposits payable — Accrued expenses and other liabilities — Total Liabilities $ $

BUSINESS COMBINATIONS AND ACQUI

BUSINESS COMBINATIONS AND ACQUISITIONS	12 Months Ended
	Dec. 31, 2016
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, 2016: Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price Prorata Acquisition Price 1/29/16 Titan Machinery North Platte, NE Implement dealership 16,480 sq. ft. $ $ 2/1/16 Bristol Park Apartments Grand Forks, ND Apartment complex 80 units 2/1/16 Redpath White Bear Lake, MN Office building 25,817 sq. ft. 3/1/16 Eagle Sky I Apartments Bismarck, ND Apartment complex 20 units 3/1/16 Eagle Sky II Apartments Bismarck, ND Apartment complex 20 units 5/4/16 Garden Grove Apartments Bismarck, ND Apartment complex 95 units 5/4/16 Washington Apartments Grand Forks, ND Apartment complex 17 units 8/1/16 Roughrider Grand Forks, ND Apartment complex 12 units 8/29/16 West 80 Development Land Rochester, MN Land 18.8 acres 9/13/16 Amberwood Apartments Grand Forks, ND Apartment complex 95 units 12/19/16 Bridgeport Apartments Fargo, ND Apartment complex 120 units $ $ Total consideration given for acquisitions through December 31, 2016 was completed through issuing approximately 1,466,000 limited partnership units of the operating partnership valued at $15.50 and $16.00 per unit for an aggregate consideration of approximately $23,020, new loans of $2,662, assumed liabilities of $78 and cash of $9,552. 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. In addition, as of December 1, 2016, the operating partnership acquired the remaining 17.5% ownership interest in a 61 unit property which was previously held as tenant in common (See Note 2). We estimated the property’s fair value of approximately $4,087. The Trust paid total cash consideration of approximately $193 before transaction costs and issued $448 of limited partnership units for a total purchase price of approximately $641. The company accounted for this as a business combination and recognized a gain on change in control of real estate investment of $550 as a result of remeasuring the carrying value to fair value. 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 Bell Plaza (FKA 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 per unit and $15.50 per unit for an aggregate consideration of approximately $11,228, new loans of $45,830, assumed loans of $719, assumed liabilities $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 consolidated statements of operations and other comprehensive income are the results of operations from Bell Plaza (FKA 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: Year Ended December 31, 2016 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 (a) $ $ $ (a) The 2016 total does not include the $193 cash outflow related to the change in control of real estate investment, in which the operating partnership acquired the remaining 17.50% ownership interest in a 61 unit property in December 2016 (described above). Estimated Value of Units/Shares The Board of Trustees determined an estimate of fair value for the trust shares in 2016, 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 2016, 2015 and 2014. In determining this value, the Board relied upon 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. The Board determined the fair value of the shares and limited partnership units to be $16.00 per share/unit effective March 23, 2016. 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 book 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 Bell Plaza (FKA 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, 2016 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

QUARTERLY FINANCIAL INFORMATION

QUARTERLY FINANCIAL INFORMATION (unaudited)	12 Months Ended
	Dec. 31, 2016
QUARTERLY FINANCIAL INFORMATION (unaudited)
QUARTERLY FINANCIAL INFORMATION (unaudited)	NOTE 21 – QUARTERLY FINANCIAL INFORMATION (unaudited) The following table sets forth selected quarterly financial data for the Company: Quarter (1) 2016 First Second Third Fourth (in thousands, except per share data) Income from rental operations $ $ $ $ Net Income $ $ $ $ Net Income attributable to Sterling Real Estate Trust $ $ $ $ Net Income per common share, basic and diluted $ $ $ $ Weighted average common shares outstanding Quarter (1) 2015 First Second Third Fourth (in thousands, except per share data) Income from rental operations $ $ $ $ Net Income $ $ $ $ Net Income attributable to Sterling Real Estate Trust $ $ $ $ Net Income per common share, basic and diluted $ $ $ $ Weighted average common shares outstanding (1) With regard to per share calculations, the sum of the quarterly results may not equal full year results due to rounding.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 22 - SUBSEQUENT EVENTS On January 15, 2017, we paid a dividend or distribution of $0.2400 per share on our common shares of beneficial interest, to common shareholders and limited unit holders of record on December 31, 2016. In January 2017, the operating partnership purchased a 36 unit apartment complex in Fargo, North Dakota for approximately $1,710. The purchase price was financed with the issuance of limited partnership units and cash. In January 2017, the operating partnership purchased an 82 unit apartment complex in Grand Forks, North Dakota for approximately $5,494. The purchase price was financed with the issuance of limited partnership units and cash. In January 2017, the operating partnership purchased an 18 unit apartment complex in Fargo, North Dakota for approximately $777. The purchase price was financed with the issuance of limited partnership units and cash. In January 2017, the operating partnership purchased an 18 unit apartment complex in Fargo, North Dakota for approximately $828. 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.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation - By Property	12 Months Ended
	Dec. 31, 2016
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Industrial to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Guardian Building Products Fargo, ND $ $ $ $ $ $ $ $ $ 08/29/2012 Titan Machinery Bismarck, ND — 01/28/2015 Titan Machinery Dickinson, ND — 07/30/2012 Titan Machinery Fargo, ND — 10/30/2012 Titan Machinery Marshall, MN — 11/01/2011 Titan Machinery Minot, ND — — 08/01/2012 Titan Machinery North Platte, NE — — — 01/29/2016 Titan Machinery Redwood Falls, MN — — 01/31/2013 Titan Machinery Sioux City, IA — — 10/25/2013 Total $ $ $ $ $ $ $ $ $ Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Land to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Taco Bell Denver, CO $ $ $ — $ — $ — $ — $ — 06/14/2011 West 80 Rochester, MN — — — — — — 08/29/2016 Total $ $ $ — $ — $ — $ $ — $ $ — Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Medical to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Bio-Life Plasma Center Bismarck, ND $ $ $ $ $ $ $ 01/03/2008 - Bio-Life Plasma Center Grand Forks, ND 01/03/2008 - Bio-Life Plasma Center Janesville, WI — 01/03/2008 - Bio-Life Plasma Center Mankato, MN 01/03/2008 - Bio-Life Plasma Center Marquette, MI — — 01/03/2008 - Bio-Life Plasma Center Onalaska, WI — 01/03/2008 - Bio-Life Plasma Center Oshkosh, WI — 01/03/2008 - Bio-Life Plasma Center Sheboygan, WI — 01/03/2008 - Bio-Life Plasma Center Stevens Point, WI — 01/03/2008 - Total $ $ $ $ $ $ $ $ $ Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Residential to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Amberwood Grand Forks, ND $ — $ $ $ — $ $ $ 09/13/2016 - Arbor I/400 Bismarck, ND — 06/04/2013 Arbor II/404 Bismarck, ND 11/01/2013 Arbor III/406 Bismarck, ND 11/01/2013 Ashbury Fargo, ND — — — 12/19/2016 Auburn II Fargo, ND 03/23/2007 - Autumn Ridge Grand Forks, ND 08/16/2004 - Barrett Arms Crookston, MN — 01/02/2014 Bayview Fargo, ND 12/31/2007 - Berkshire Fargo, ND 03/31/2008 - Betty Ann Fargo, ND 08/31/2009 Bridgeport Fargo, ND — — — 12/19/2016 Brighton Village New Brighton, MN — 12/19/2014 - Bristol Park Grand Forks, ND — 02/01/2016 Brookfield Fargo, ND 08/01/2008 - Cambridge (FKA 44th Street) Fargo, ND 02/06/2013 Candlelight Fargo, ND 11/30/2012 Carling Manor Grand Forks, ND — 03/31/2008 Carlton Place Fargo, ND 09/01/2008 - Chandler 1802 Grand Forks, ND — 01/02/2014 Chandler 1866 Grand Forks, ND — 01/03/2005 - Cherry Creek (FKA Village) Grand Forks, ND 11/01/2008 Columbia West Grand Forks, ND 09/01/2008 - Country Club Fargo, ND — 05/02/2011 - Countryside Fargo, ND — 05/02/2011 Courtyard St. Louis Park, MN — 09/03/2013 - Dakota Manor Fargo, ND — 08/07/2014 Danbury Fargo, ND 12/31/2007 - Dellwood Estates Anoka, MN — 05/31/2013 Eagle Run West Fargo, ND 08/12/2010 Eagle Sky I Bismarck, ND — 03/01/2016 Eagle Sky II Bismarck, ND — 03/01/2016 Echo Manor Hutchinson, MN — 01/02/2014 - Emerald Court Fargo, ND 03/31/2008 - Fairview Bismarck, ND 12/31/2008 - Flickertail Fargo, ND 12/31/2008 Forest Avenue Fargo, ND — 02/06/2013 Galleria III Fargo, ND — 11/09/2010 Garden Grove Bismarck, ND — 05/04/2016 - Georgetown on the River Fridley, MN — 12/19/2014 - Glen Pond Eagan, MN — 12/02/2011 - Granger Court I Fargo, ND — 06/04/2013 Griffin Court Moorhead, MN 06/09/2014 - Hannifin Bismarck, ND 11/01/2013 Hunter's Run I Fargo, ND 03/23/2007 Hunter's Run II Fargo, ND — 07/01/2008 Huntington Fargo, ND — — 08/04/2015 Islander Fargo, ND — 07/01/2011 Kennedy Fargo, ND 02/06/2013 - Library Lane Grand Forks, ND 10/01/2007 - Madison Grand Forks, ND — 09/01/2015 Maple Ridge Omaha, NE — 08/01/2008 - Maplewood Maplewood, MN — 12/19/2014 - Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale Fargo, ND — 01/01/2009 - Martha Alice Fargo, ND 08/31/2009 - Mayfair Grand Forks, ND — 07/01/2008 - Monticello Fargo, ND 11/08/2013 - Montreal Courts Little Canada, MN 10/02/2013 - Oak Court Fargo, ND 04/30/2008 - Pacific Park I Fargo, ND — 02/06/2013 Pacific Park II Fargo, ND — 02/06/2013 Pacific South Fargo, ND — — 02/06/2013 Parkview Arms Bismarck, ND — 05/13/2015 - Parkwest Gardens West Fargo, ND — 06/30/2014 - Parkwood Fargo, ND 08/01/2008 Pebble Creek Bismarck, ND — 03/19/2008 - Prairiewood Courts Fargo, ND 09/01/2006 - Prairiewood Meadows Fargo, ND 09/30/2012 Quail Creek Springfield, MO — 02/03/2015 - Richfield/Harrison Grand Forks, ND 07/01/2007 - Robinwood Coon Rapids, MN 12/19/2014 Rosedale Estates Roseville, MN — 12/19/2014 - Rosegate Fargo, ND 04/30/2008 - Roughrider Grand Forks, ND — — 08/01/2016 - Saddlebrook West Fargo, ND 12/31/2008 Schrock Fargo, ND 06/04/2013 Sheridan Pointe Fargo, ND 10/01/2013 Sierra Ridge Bismarck, ND 09/01/2006 Somerset Fargo, ND — 07/01/2008 Southgate Fargo, ND — 07/01/2007 - Southview III Grand Forks, ND — 08/01/2011 Southview Villages Fargo, ND 10/01/2007 - Spring Fargo, ND 02/06/2013 - Stanford Court Grand Forks, ND — — 02/06/2013 - Stonefield-Clubhouse Bismarck, ND — — — 07/31/2016 Stonefield-Phase I Bismarck, ND 08/01/2014 - Stonefield-Phase II Bismarck, ND — 10/23/2014 Stonefield-Phase III Bismarck, ND — — — — — 10/23/2014 n/a Stonybrook Omaha, NE — 01/20/2009 - Summerfield Fargo, ND 08/04/2015 Summit Point Fargo, ND 10/01/2015 - Sunset Ridge Bismarck, ND 06/06/2008 - Sunview Grand Forks, ND 12/31/2008 - Sunwood Fargo, ND 07/01/2007 - Terrace on the Green Moorhead, MN — — 09/30/2012 Twin Oaks Hutchinson, MN — 10/01/2014 Twin Parks Fargo, ND 10/01/2008 - Valley Homes Duplexes Grand Forks, ND — 01/22/2015 Valley View Golden Valley, MN — 12/19/2014 - Village Park Fargo, ND 04/30/2008 Village West Fargo, ND 04/30/2008 Washington Grand Forks, ND — 05/04/2016 Westcourt Fargo, ND — 01/02/2014 - Westside Hawley, MN — 02/01/2010 Westwind Fargo, ND 04/30/2008 - Westwood Fargo, ND 06/05/2008 - Willow Park Fargo, ND 12/31/2008 Total $ $ $ $ $ $ $ $ $ Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Office to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed 32nd Avenue Fargo, ND $ $ $ $ $ $ $ 03/16/2004 - Aetna Bismarck, ND 12/06/2006 - Bell Plaza (FKA Northland Plaza) Bloomington, MN — 08/13/2015 - First International Bank & Trust Moorhead, MN — 05/13/2011 - Four Points Fargo, ND — — 10/18/2007 Gate City Grand Forks, ND 03/31/2008 Goldmark Office Park Fargo, ND 07/01/2007 - Great American Building Fargo, ND 02/01/2005 - Midtown Plaza Minot, ND — — 01/01/2004 Parkway office building (FKA Echelon) Fargo, ND 05/15/2007 - Redpath White Bear Lake, MN — — 02/01/2016 Regis Edina, MN — — — 01/01/2009 SSA St Cloud, MN — — 03/20/2007 - Wells Fargo Center Duluth, MN — 07/11/2007 - Total $ $ $ $ $ $ $ $ $ Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Retail to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Applebee's Apple Valley, MN $ — $ $ $ — $ — $ $ 01/27/2011 Applebee's Bloomington, MN — — 03/22/2010 Applebee's Coon Rapids, MN — — — 03/09/2010 Applebee's Savage, MN — — — 01/01/2010 Becker Furniture Waite Park, MN — — 07/12/2006 Buffalo Wild Wings Austin, TX — — — 07/30/2010 Dairy Queen Dickinson, ND — — 01/19/2012 Dairy Queen Moorhead, MN — — 05/13/2011 Family Dollar Mandan, ND — — — 12/14/2010 O'Reilly Mandan, ND — — — 12/14/2010 Walgreen's Alexandria, LA — — 12/18/2009 - Walgreen's Batesville, AR — — 07/09/2009 Walgreen's Denver, CO — — 06/14/2011 Walgreen's Fayetteville, AR — — 07/09/2009 Walgreen's Laurel, MS — — 07/30/2010 Total $ $ $ $ $ $ $ $ $ Grand Totals $ $ $ $ $ $ $ $ $ Investments in Unconsolidated Affiliates: Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Banner Fargo, ND $ $ $ $ $ $ $ 03/15/2007 GF Marketplace Grand Forks, ND 07/01/2003 - Highland Meadows Bismarck, ND 07/31/2011 - Notes: (a) The costs capitalized subsequent to acquisition is net of dispositions. (b) The changes in total real estate investments for the years ended December 31, 2016, 2015 and 2014 are as follows (in thousands): 2016 2015 2014 Balance at January 1, $ $ $ Purchase of real estate investments Sale and disposal of real estate investment Property held for sale — Provision for asset impairment — — Construction in progress not yet placed in service — Reallocation to intangible assets — — Balance at December 31, $ $ $ (c) The changes in accumulated depreciation for the years ended December 31, 2016, 2015 and 2014 are as follows (in thousands): 2016 2015 2014 Balance at January 1, $ $ $ Depreciation expense Property held for sale — Sale and disposal of real estate investment Balance at December 31, $ $ $ (d) The aggregate cost of our real estate for federal income tax purposes is $624,433.

PRINCIPAL ACTIVITY AND SIGNIF30

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
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, 155 properties. The Trust’s 105 residential properties are located in North Dakota, Minnesota, Missouri and Nebraska and are principally multifamily apartment buildings. The Trust owns 50 commercial properties primarily located in North Dakota with others located in Arkansas, Colorado, Iowa, Louisiana, Michigan, Minnesota, Mississippi, Nebraska, Texas and Wisconsin. The commercial properties include retail, office, industrial, restaurant and medical properties. The Trust’s mix of properties is 69.4% residential and 30.6% commercial (based on cost) at December 31, 2016. Currently our focus is limited to multifamily apartment properties. We currently have no plans with respect to our non-multifamily apartment properties. Sterling did complete two commercial transactions during the first quarter of 2016 which were initiated prior to January 1, 2016. We currently have no plans to dispose of our existing commercial 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 Nebraska 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.
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 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 lease intangible asset and/or liability 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, 2016, 2015 and 2014 totaled $18,507, $16,466, and $12,116 respectively. The Company’s real estate investments 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 a real estate investment, the asset is tested for recoverability by comparing its carrying value to the estimated future undiscounted cash flows. A real estate investment 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 real estate investment, 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 real estate investments. Based on evaluation, management recorded a loss on impairment of property of $412 during the year ended December 31, 2015. There were no impairment losses during the years ended December 31, 2016 or 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 is reported in discontinued operations in accordance with ASC 205, Presentation of Financial Statements (“ASC 205”) if such disposal or classification represents a strategic shift that has (or will have) a major effect on our operations and financial results. There was one retail property classified as held for sale at December 31, 2016 and one medical property classified as held for sale at December 31, 2015. 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, 2016, 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, 2016, we assessed that all three 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, 2016 and 2015, the unconsolidated affiliates held total assets of $26,140 and $32,296 and mortgage notes payable of $20,017 and $20,421, 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, 2016 and 2015 of $2,190 and $2,259, 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, 2016 and 2015 of $10,891 and $11,079, 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, 2016 and 2015 of $6,936 and $7,083, respectively. The Company is jointly and severally liable for the full mortgage balance. The operating partnership previously owned 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. As of December 1, 2016, there was a change in control over the real estate investment, with the operating partnership acquiring the other tenant in common’s 17.50% ownership interest in the property (See Note 20). We estimated the property had a fair value of approximately $4,087. The operating partnership paid total cash consideration of approximately $193 before transaction costs and issued $448 of limited partnership units for a total purchase price of approximately $641. The company accounted for this as a business combination and recognized a gain on change in control of real estate investment of $550 in the fourth quarter of 2016 as a result of remeasuring the carrying value to fair value. The operating partnership previously was a 99% owner of Michigan Street Transit Center, LLC (“Transit Center”) through 100% ownership in a limited liability company. The operating partnership had contributed approximately $644 in cash and $1,316 in property to the Transit Center in May and June 2014, respectively. The new parking ramp constructed on the site was fully operational in October 2016. The property was unencumbered at December 31, 2015. As of December 7, 2016, the operating partnership sold its 99% ownership interest in the Michigan Street Transit Center partnership for $2,600 and recognized a gain of $597.
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, 2016 and 2015, 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 (line of credit) 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. We record the amortization of leasing costs in depreciation and amortization on the consolidated statements of operations and comprehensive income. If an applicable lease terminates prior to the expiration of its initial lease term, we write off the carrying amount of the costs to amortization expense.
Debt Issuance Costs	Debt Issuance Costs We amortize external debt issuance costs using the effective interest rate method, over the estimated life of the related debt. We record debt issuance costs related to notes and mortgage notes, net of amortization, on our consolidated balance sheets as an offset to their related debt. We record debt issuance costs related to revolving lines of credit on our consolidated balance sheets as financing fees, regardless of whether a balance on the line of credit is outstanding. We record the amortization of all debt issuance costs as interest expense.
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 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, 2016 and 2015.
Noncontrolling Interest	Noncontrolling Interest A noncontrolling interest in a subsidiary 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 Sterling Properties, LLLP held by limited partners are represented by operating partnership units. Sterling Properties, LLLP’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, 2016 and 2015 follows: Tax Year Ended December 31, Dividend % Dividend % 2016 2016 2015 2015 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, 2016 and 2015 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 2013. 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 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 are 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 $499 , $325 and $186 for the years ended December 31, 2016, 2015 and 2014, respectively. The straight-line receivable balance included in receivables on the consolidated balance sheets as of December 31, 2016 and 2015 was $3,362 and $2,863, 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, 2016, 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, 2016, 2015 and 2014, Sterling’s denominators for the basic and diluted earnings per common share were approximately 7,844,000, 7,223,000, and 5,507,000, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 from 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 performed a review of the requirements of the new guidance and have identified which of our revenue streams will be within the scope of ASU 2014-09. We are working through an adoption plan which includes a review of transactions supporting each revenue stream to determine the impact of accounting treatment under ASU 2014-09, an evaluation of the method of adoption and assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. We plan to adopt the new guidance beginning January 1, 2018. In April 2015, the FASB issued ASU No. 2015-03 Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). 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. Upon adoption of the standard, on January 1, 2016, we reclassified unamortized debt issuance costs related to the Company’s mortgage notes payable from assets, net to reductions in mortgage notes payable within our consolidated balance sheets as of December 31, 2015 to conform with the new ASU and the presentation of such costs in our consolidated balance sheet as of December 31, 2016. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which amends existing accounting standards for lease accounting, including by requiring lessees to recognize most leases on the balance sheet and making certain changes to lessor accounting. The standard will take effect for fiscal years, and interim periods within those fiscal years, beginning after Dececember 15, 2018 with earlier application permitted. The Company is evaluating the impact of ASU No. 2016-02 on its financial position and results of operations. In February 2015, the FASB issued ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis, which amends the current consolidation guidance affecting both the variable interest entity (“VIE”) and voting entity (“VOE”) consolidation models. The standard does not add or remove any of the characteristics in determining if an entity is a VIE or VOE, but rather enhances the way the Company assesses some of these characteristics, particularly the rights held by limited partners. The Company adopted this standard on January 1, 2016 and concluded that no change was required to its accounting for its joint ventures. However, the Operating Partnership now meets the criteria of a VIE, the Company is the primary beneficiary and accordingly, the Company continues to consolidate the Operating Partnership. The Company’s sole significant asset is its investment in the Operating Partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is an obligation of the Operating Partnership. In January 2017, the FASB issued ASU No. 2017-01 to amend the guidance for determining whether a transaction involves the purchase or disposal of a business or an asset. The amendments clarify that when substantially all of the fair value of the gross assets acquired or disposed of is concentrated in a single identifiable asset or a group of similar assets, the set of assets and activities is not a business. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years and early adoption is permitted for transactions which have not been previously reported in financial statements that have been issued. The Company currently anticipates that it will adopt the guidance effective January 1, 2018 and that the guidance will result in acquisitions of operating properties being accounted for as asset acquisitions instead of business combinations. The adoption of this guidance will also change the accounting for the transaction costs for acquisitions of operating properties such that transaction costs will be able to be capitalized as part of the purchase price of the acquisition instead of being expensed as acquisition-related expenses. The ASU is required to be applied prospectively. In November 2016, the FASB issued ASU No. 2016-18 to require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years and early adoption is permitted. The Company does not currently anticipate that the guidance will have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15 to provide guidance for areas where there is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not currently anticipate that the guidance will have a material impact on our consolidated financial statements. 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 SIGNIF31

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2016
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 Nebraska 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 % 2016 2016 2015 2015 Tax status Ordinary income $ % $ % Capital Gain % % Return of capital % % $ % $ %

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2016
SEGMENT REPORTING
Summary of Segment Revenues and Net Operating Income	Year ended December 31, 2016 Year ended December 31, 2015 Year ended December 31, 2014 Residential Commercial Total Residential Commercial Total Residential Commercial Total (in thousands) (in thousands) (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 — — Loss on lease terminations — Other (income)/expense Net income $ $ $
Summary of Segment Assets and Accumulated Depreciation	As of December 31, 2016 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, 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 $

REAL ESTATE INVESTMENTS (Tables

REAL ESTATE INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
REAL ESTATE INVESTMENTS
Summary of Real Estate Investments	As of December 31, 2016 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, 2015 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 FUNDE34

RESTRICTED DEPOSITS AND FUNDED RESERVES (Tables)	12 Months Ended
	Dec. 31, 2016
RESTRICTED DEPOSITS AND FUNDED RESERVES
Schedule of restricted deposits and funded reserves	2016 2015 (in thousands) Tenant security deposits $ $ Real estate tax and insurance escrows Replacement reserves $ $

LEASE INTANGIBLES (Tables)

LEASE INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 2016
LEASE INTANGIBLES
Schedule of Intangible Assets, Liabilities and Accumulated Amortization	Lease Accumulated Lease As of December 31, 2016 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, 2015 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) 2017 $ $ 2018 2019 2020 2021 Thereafter $ $

MORTGAGE NOTES PAYABLE (Tables)

MORTGAGE NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2016
MORTGAGE NOTES PAYABLE
Schedule of Mortgage Notes Payable	Principal Balance At December 31, December 31, 2016 2015 (in thousands) Fixed rate mortgage notes payable (a) $ $ Less unamortized debt issuance costs $ $ (a) Includes $3,056 and $3,158 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2016 and 2015, respectively.
Scheduled Maturities of Mortgage Notes Payable	Years ending December 31, Amount (in thousands) 2017 $ 2018 2019 2020 2021 Thereafter Total payments $

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
	Dec. 31, 2016
FAIR VALUE MEASUREMENT
Carrying Value and Estimated Fair Value of Company's Financial Instruments	December 31, 2016 December 31, 2015 Carrying Carrying Value Fair Value Value Fair Value (in thousands) Financial liabilities: Mortgage notes payable, net $ $ $ $ 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, 2016 Fair value of interest rate swaps $ — $ $ — $ December 31, 2015 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, 2016 Real estate investments $ — $ — $ — $ — $ — December 31, 2015 Real estate investments (a) $ — $ — $ $ $ (a) Includes an impairment charge recorded on certain real estate investments during the year ended December 31, 2015, based upon a discounted cash flow model.
Fair Value of Company's Financial Assets and Liabilities	Level 1 Level 2 Level 3 Total (in thousands) December 31, 2016 Mortgage notes payable, net $ — $ — $ $ December 31, 2015 Mortgage notes payable, net $ — $ — $ $

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2016
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 LEASE39

RENTALS UNDER OPERATING LEASES / RENTAL INCOME (Tables)	12 Months Ended
	Dec. 31, 2016
RENTALS UNDER OPERATING LEASES / RENTAL INCOME
Summary of minimum future rentals on non-cancelable operating leases	Years ending December 31, Amount (in thousands) 2017 $ 2018 2019 2020 2021 Thereafter $

DISPOSITIONS (Tables)

DISPOSITIONS (Tables)	12 Months Ended
	Dec. 31, 2016
DISPOSITIONS
Schedule of assets and liabilities associated with the real estate investments held for sale	December 31, December 31, 2016 2015 (in thousands) ASSETS Real estate investments $ $ Restricted deposits and funded reserves — Receivables Notes receivable — Financing and lease costs, less accumulated amortization of $87 in 2016 — Total Assets $ $ LIABILITIES Mortgage notes payable $ — $ Special assessments payable — Tenant security deposits payable — Accrued expenses and other liabilities — Total Liabilities $ $

BUSINESS COMBINATIONS AND ACQ41

BUSINESS COMBINATIONS AND ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of fair value of assets acquired and liabilities assumed	Year Ended December 31, 2016 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 (a) $ $ $ (a) The 2016 total does not include the $193 cash outflow related to the change in control of real estate investment, in which the operating partnership acquired the remaining 17.50% ownership interest in a 61 unit property in December 2016 (described above).
Schedule of unaudited condensed pro forma financial information	Year Ended December 31, 2016 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 2016
Schedule of acquisitions	Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price Prorata Acquisition Price 1/29/16 Titan Machinery North Platte, NE Implement dealership 16,480 sq. ft. $ $ 2/1/16 Bristol Park Apartments Grand Forks, ND Apartment complex 80 units 2/1/16 Redpath White Bear Lake, MN Office building 25,817 sq. ft. 3/1/16 Eagle Sky I Apartments Bismarck, ND Apartment complex 20 units 3/1/16 Eagle Sky II Apartments Bismarck, ND Apartment complex 20 units 5/4/16 Garden Grove Apartments Bismarck, ND Apartment complex 95 units 5/4/16 Washington Apartments Grand Forks, ND Apartment complex 17 units 8/1/16 Roughrider Grand Forks, ND Apartment complex 12 units 8/29/16 West 80 Development Land Rochester, MN Land 18.8 acres 9/13/16 Amberwood Apartments Grand Forks, ND Apartment complex 95 units 12/19/16 Bridgeport Apartments Fargo, ND Apartment complex 120 units $ $
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 Bell Plaza (FKA 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.

QUARTERLY FINANCIAL INFORMATI42

QUARTERLY FINANCIAL INFORMATION (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
QUARTERLY FINANCIAL INFORMATION (unaudited)
Schedule of selected quarterly financial data	Quarter (1) 2016 First Second Third Fourth (in thousands, except per share data) Income from rental operations $ $ $ $ Net Income $ $ $ $ Net Income attributable to Sterling Real Estate Trust $ $ $ $ Net Income per common share, basic and diluted $ $ $ $ Weighted average common shares outstanding Quarter (1) 2015 First Second Third Fourth (in thousands, except per share data) Income from rental operations $ $ $ $ Net Income $ $ $ $ Net Income attributable to Sterling Real Estate Trust $ $ $ $ Net Income per common share, basic and diluted $ $ $ $ Weighted average common shares outstanding (1) With regard to per share calculations, the sum of the quarterly results may not equal full year results due to rounding.

Organization - Additional Infor

Organization - Additional Information (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Properties
Ownership in operating partnership	32.41%	33.12%
Real Estate
Properties
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 Signif44

Principal Activity and Significant Accounting Policies - Principal Business Activity (Details)	Dec. 31, 2016ft²propertyitem
Properties
No. of properties	155
Residential Property
Properties
No. of properties	105
Percentage of residential property out of the trust properties	69.40%
Units | item	8,991
Residential Property | North Dakota
Properties
No. of properties	86
Units | item	5,484
Residential Property | Minnesota
Properties
No. of properties	16
Units | item	3,027
Residential Property | Missouri
Properties
No. of properties	1
Area of commercial property | ft²	164
Residential Property | Nebraska
Properties
No. of properties	2
Units | item	316
Commercial Property
Properties
No. of properties	50
Percentage of commercial property out of the trust properties	30.60%
Area of commercial property | ft²	1,719,211
Commercial Property | North Dakota
Properties
No. of properties	21
Area of commercial property | ft²	832,920
Commercial Property | Arkansas
Properties
No. of properties	2
Area of commercial property | ft²	29,370
Commercial Property | Colorado
Properties
No. of properties	1
Area of commercial property | ft²	13,390
Commercial Property | Iowa
Properties
No. of properties	1
Area of commercial property | ft²	32,532
Commercial Property | Louisiana
Properties
No. of properties	1
Area of commercial property | ft²	14,560
Commercial Property | Michigan
Properties
No. of properties	1
Area of commercial property | ft²	11,737
Commercial Property | Minnesota
Properties
No. of properties	15
Area of commercial property | ft²	683,090
Commercial Property | Mississippi
Properties
No. of properties	1
Area of commercial property | ft²	14,820
Commercial Property | Nebraska
Properties
No. of properties	1
Area of commercial property | ft²	16,480
Commercial Property | Texas
Properties
No. of properties	1
Area of commercial property | ft²	7,296
Commercial Property | Wisconsin
Properties
No. of properties	5
Area of commercial property | ft²	63,016

Principal Activity and Signif45

Principal Activity and Significant Accounting Policies - Real Estate Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate Investments
Depreciation expense	$ 18,507	$ 16,466	$ 12,116
Loss on impairment of property	$ 0	$ 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 Signif46

Principal Activity and Significant Accounting Policies - Held for Sale and Unconsolidated Affiliates (Details) $ in Thousands	Dec. 07, 2016USD ($)	Dec. 01, 2016USD ($)item	Dec. 31, 2016USD ($)ft²propertyitem	Dec. 31, 2016USD ($)ft²propertyitem	Dec. 31, 2015USD ($)propertyitem	Dec. 31, 2014USD ($)
Significant Accounting Policies
Number of real estate properties classified as held for sale | property			1	1	1
Impairment losses related to the unconsolidated affiliates				$ 0	$ 0	$ 0
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			3	3
Total assets held by unconsolidated affiliates			$ 26,140	$ 26,140	32,296
Mortgage notes held by unconsolidated affiliates			$ 20,017	20,017	20,421
Consideration in cash to pay for acquisitions				9,552	23,480	44,054
Aggregate value of limited partnership units issued for acquisition				23,020	11,228	17,461
Acquisition price				35,312	$ 82,586	$ 132,990
Gain on change in control of real estate investments				550
Proceeds from sale of joint venture interest				2,600
Gain on sale of joint venture interest				$ 597
Operating Partnership | Single Asset Limited Liability Company - owns apartment complex, Bismarck, North Dakota
Significant Accounting Policies
Investment in unconsolidated affiliates			40.26%	40.26%
Residential, multi-tenant apartment complex, Units | item			144	144
Operating Partnership | Grand Forks Marketplace Retail Center
Significant Accounting Policies
Investment in unconsolidated affiliates			50.00%	50.00%
Percentage of interest			100.00%	100.00%
Area of commercial property | ft²			183,000	183,000
Operating Partnership | Tenant in common - Office building, Fargo, North Dakota
Significant Accounting Policies
Investment in unconsolidated affiliates			66.67%	66.67%
Area of commercial property | ft²			75,000	75,000
Operating Partnership | Tenant in common - Apartment complex, Fargo, North Dakota
Significant Accounting Policies
Investment in unconsolidated affiliates					82.50%
Residential, multi-tenant apartment complex, Units | item		61			61
Percentage of interest acquired		17.50%
Fair value of property		$ 4,087
Consideration in cash to pay for acquisitions		193
Aggregate value of limited partnership units issued for acquisition		448
Acquisition price		641
Gain on change in control of real estate investments		$ 550	$ 550
Operating Partnership | Michigan Street Transit Center, LLC ("Transit Center")
Significant Accounting Policies
Investment in unconsolidated affiliates					99.00%
Percentage of interest	99.00%				100.00%
Proceeds from sale of joint venture interest	$ 2,600
Gain on sale of joint venture interest	$ 597
Cash contribution					$ 644
Property contribution					1,316
Mortgages | Single Asset Limited Liability Company - owns apartment complex, Bismarck, North Dakota
Significant Accounting Policies
Mortgage carrying amount			2,190	$ 2,190	2,259
Mortgages | Grand Forks Marketplace Retail Center
Significant Accounting Policies
Mortgage carrying amount			10,891	10,891	11,079
Mortgages | Tenant in common - Office building, Fargo, North Dakota
Significant Accounting Policies
Mortgage carrying amount			$ 6,936	$ 6,936	$ 7,083

Principal Activity and Signif47

Principal Activity and Significant Accounting Policies - Other (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Allowance for uncollectible receivables	$ 0	$ 0
Impairment of intangible assets	$ 0	$ 0
Taxable income to be distributed	90.00%
Retainable taxable income	10.00%
Tax status
Ordinary income	$ 0.8718	$ 0.8671
Capital Gain	0.0267	0.0098
Return of capital	0.0615	0.0531
Total	$ 0.9600	$ 0.9300
Ordinary income	90.48%	93.24%
Capital Gain	2.77%	1.05%
Return of capital	6.75%	5.71%
Total	100.00%	100.00%
Provisions or liabilities for income taxes	$ 0
Revenue Recognition
Revenue from tenant rents and related activities	95.00%
Term of lease	1 year
Increase in revenue due to straight - line adjustment	$ 499	$ 325	$ 186
Straight - line receivable	$ 3,362	$ 2,863
Earnings per Common Share
Dilutive potential common shares	0	0	0
Denominators for the basic and diluted earnings per common share	7,844,000	7,223,000	5,507,000

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	12 Months Ended
	Dec. 31, 2016segment
SEGMENT REPORTING
Number of reportable segments	2

Segment Reporting - Summary of

Segment Reporting - Summary of Segment Revenues and Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SEGMENT REPORTING
Income from rental operations	$ 27,441	$ 26,888	$ 27,046	$ 26,688	$ 26,117	$ 24,688	$ 23,552	$ 22,825	$ 108,063	$ 97,182	$ 70,936
Expenses from rental operations									50,690	44,707	30,813
Net operating income									57,373	52,475	40,123
Interest									18,366	17,141	12,958
Depreciation and amortization									22,145	19,574	13,575
Administration of REIT									5,600	5,647	6,824
Loss on impairment of property									0	412	0
Loss on lease terminations									299		58
Other (income)/expense									(1,894)	(1,683)	(2,595)
Net income	$ 4,254	$ 2,523	$ 2,706	$ 3,374	$ 1,526	$ 2,087	$ 4,596	$ 3,178	12,857	11,384	9,303
Residential
SEGMENT REPORTING
Income from rental operations									80,497	75,914	53,499
Expenses from rental operations									43,766	39,898	27,794
Net operating income									36,731	36,016	25,705
Commercial
SEGMENT REPORTING
Income from rental operations									27,566	21,268	17,437
Expenses from rental operations									6,924	4,809	3,019
Net operating income									$ 20,642	$ 16,459	$ 14,418

Segment Reporting - Summary o50

Segment Reporting - Summary of Segment Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SEGMENT REPORTING
Real estate investments	$ 715,300	$ 669,484	$ 591,136	$ 450,250
Accumulated depreciation	(92,325)	(74,975)	(58,873)	(47,058)
Real estate investments, net	622,975	594,509
Cash and cash equivalents	12,034	6,461	$ 643	$ 13,849
Restricted deposits and funded reserves	7,213	6,115
Investment in unconsolidated affiliates	3,653	9,022
Receivables and other assets	5,354	5,123
Financing and lease costs, less accumulated amortization	950	1,240
Assets held for sale	2,482	1,721
Intangible assets, less accumulated amortization	15,852	18,184
Total Assets	670,513	642,375
Residential
SEGMENT REPORTING
Real estate investments	514,341	472,129
Accumulated depreciation	(63,148)	(50,668)
Real estate investments, net	451,193	421,461
Commercial
SEGMENT REPORTING
Real estate investments	200,959	197,355
Accumulated depreciation	(29,177)	(24,307)
Real estate investments, net	$ 171,782	$ 173,048

Real Estate Investments - Summa

Real Estate Investments - Summary of Real Estate Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate Investments
Land and land improvements	$ 105,153	$ 99,236
Building and improvements	580,844	544,533
Furniture, fixtures and equipment	26,318	25,243
Construction in progress	2,985	472
Real estate investments	715,300	669,484	$ 591,136	$ 450,250
Less accumulated depreciation	(92,325)	(74,975)	$ (58,873)	$ (47,058)
Real estate investments, net	622,975	594,509
Residential
Real Estate Investments
Land and land improvements	67,384	63,605
Building and improvements	419,120	384,308
Furniture, fixtures and equipment	24,852	23,744
Construction in progress	2,985	472
Real estate investments	514,341	472,129
Less accumulated depreciation	(63,148)	(50,668)
Real estate investments, net	451,193	421,461
Commercial
Real Estate Investments
Land and land improvements	37,769	35,631
Building and improvements	161,724	160,225
Furniture, fixtures and equipment	1,466	1,499
Real estate investments	200,959	197,355
Less accumulated depreciation	(29,177)	(24,307)
Real estate investments, net	$ 171,782	$ 173,048

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Details) $ in Thousands	Dec. 31, 2016USD ($)item
Clubhouse
REAL ESTATE INVESTMENTS
Construction contract amount	$ 1,232
Construction contract, amount completed to date	1,120
Construction contract, retainage amount included in payables	56
Townhomes
REAL ESTATE INVESTMENTS
Construction contract amount	7,829
Construction contract, amount completed to date	4,647
Construction contract, retainage amount included in payables	$ 232
Multifamily | Bismarck, North Dakota
REAL ESTATE INVESTMENTS
Number of two-story townhomes under construction | item	6
Number of apartment buildings under construction | item	6
Estimated cost of project	$ 9,061

Restricted Deposits and Funde53

Restricted Deposits and Funded Reserves - Summary of Restricted Deposits and Funded Reserves (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
RESTRICTED DEPOSITS AND FUNDED RESERVES
Tenant security deposits	$ 3,836	$ 3,738
Real estate tax and insurance escrows	1,836	1,677
Replacement reserves	1,541	700
Restricted deposits and funded reserves, Total	$ 7,213	$ 6,115

Restricted Deposits and Funde54

Restricted Deposits and Funded Reserves - Additional Information (Details)	12 Months Ended
	Dec. 31, 2016
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, 2016USD ($)
NOTES RECEIVABLE
Note receivable, face amount	$ 600
Interest rate (as a percent)	6.50%
Notes receivable extended upon maturity	12 months

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Intangible Assets and Liabilities and Accumulated Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Intangible Assets
Lease Intangibles	$ 26,622	$ 25,839
Accumulated Amortization	(10,770)	(7,655)
Total	15,852	18,184
Intangible Liabilities
Below-market lease	(3,197)	(3,056)
Below-market lease, accumulated amortization	1,122	803
Below-market lease, net	(2,075)	(2,253)
In-place leases
Intangible Assets
Lease Intangibles	23,507	22,722
Accumulated Amortization	(9,860)	(6,974)
Total	13,647	15,748
Above-market leases
Intangible Assets
Lease Intangibles	3,115	3,117
Accumulated Amortization	(910)	(681)
Total	$ 2,205	$ 2,436

Lease Intangibles - Schedule 57

Lease Intangibles - Schedule of Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Intangible Assets
2,017	$ 2,520
2,018	2,262
2,019	1,956
2,020	1,527
2,021	1,210
Thereafter	6,377
Total	15,852	$ 18,184
Intangible Liabilities
2,017	288
2,018	282
2,019	273
2,020	221
2,021	189
Thereafter	822
Total	$ 2,075	$ 2,253
Amortization period	6 years

Lines of Credit - Additional In

Lines of Credit - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015item
Lines of Credit
Line of credit outstanding	$ 0
Unused line of credit	37,015
Wells Fargo Bank
Lines of Credit
Agreed line of credit	$ 27,000
Expiration date	Jun. 1, 2018
Wells Fargo Bank | LIBOR
Lines of Credit
Variable interest rate of line of credit	2.25%
Bremer Bank
Lines of Credit
Number of properties out of compliance with debt service coverage ratio | item	1	4
Bremer Bank Agreement One
Lines of Credit
Agreed line of credit	$ 6,315
Expiration date	Nov. 1, 2019
Bremer Bank Agreement One | Prime Rate
Lines of Credit
Basis reduction on variable rate (as a percent)	0.50%
Bremer Bank Agreement Two
Lines of Credit
Agreed line of credit	$ 2,000
Basis reduction on variable rate (as a percent)	0.50%
Expiration date	Oct. 1, 2017
Bell State Bank & Trust Agreement Two
Lines of Credit
Agreed line of credit	$ 3,000
Expiration date	Dec. 1, 2017

Mortgage Notes Payable - Summar

Mortgage Notes Payable - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)item
MORTGAGE NOTES PAYABLE
Long-term debt, gross	$ 393,511
Mortgage notes payable
MORTGAGE NOTES PAYABLE
Outstanding balance of loans out of compliance, in aggregate	$ 8,336	$ 9,650
Mortgage notes payable | Minimum
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)	2.57%	2.57%
Mortgage notes payable | Maximum
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)	7.25%	7.65%
Mortgage notes payable | Weighted Average
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)	4.43%	4.53%
Fixed rate mortgage notes payable | Mortgage notes payable
MORTGAGE NOTES PAYABLE
Long-term debt, gross	$ 393,511	$ 383,292
Less unamortized debt issuance costs	3,032	3,381
Long-term debt, net	$ 390,479	$ 379,911
Residential Property | Mortgage notes payable
MORTGAGE NOTES PAYABLE
Number of mortgage loans out of compliance | item	5	3
Commercial Property | Mortgage notes payable
MORTGAGE NOTES PAYABLE
Number of mortgage loans out of compliance | item		2,000
Variable rate construction loan | Mortgage notes payable
MORTGAGE NOTES PAYABLE
Debt swapped from variable to fixed rate	$ 3,056	$ 3,158
Fixed rate mortgage notes payable | Mortgage notes payable
MORTGAGE NOTES PAYABLE
Number of mortgage loans | item	116	108

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Scheduled Maturities of Mortgage Notes Payable (Details) $ in Thousands	Dec. 31, 2016USD ($)
MORTGAGE NOTES PAYABLE
2,017	$ 36,449
2,018	17,018
2,019	24,321
2,020	26,969
2,021	44,804
Thereafter	243,950
Total payments	$ 393,511

Hedging Activities - Additional

Hedging Activities - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Hedging Activities
Liability and other comprehensive loss	$ 145	$ 219
Interest rate swap | April 2020
Hedging Activities
Interest rate swaps value	$ 1,294
Interest rate swaps percentage	7.25%
Derivative maturity dates	Apr. 1, 2020
Interest rate swap | December 2017
Hedging Activities
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 (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Mortgage notes payable
Financial liabilities:
Carrying value of mortgage notes payable	$ 390,479	$ 379,911
Mortgage notes payable	402,438	394,782
Interest rate swap
Financial liabilities:
Carrying value of interest rate swaps	145	219
Fair value of interest rate swaps	$ 145	$ 219

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Fair Value of Assets on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value Measurements
Fair value of interest rate swaps	$ 145	$ 219
Interest rate swap
Fair Value Measurements
Fair value of interest rate swaps	145	219
Level 2 | Interest rate swap
Fair Value Measurements
Fair value of interest rate swaps	$ 145	$ 219

Fair Value Measurement - Invest

Fair Value Measurement - Investment Properties Measured at Fair Value On Nonrecurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value Measurements
Provision for Impairment of Investment Properties	$ 0	$ 412	$ 0
Real Estate Investments.
Fair Value Measurements
Provision for Impairment of Investment Properties		412
Fair Value, Measurements, Nonrecurring | Real Estate Investments.
Fair Value Measurements
Real estate investments		1,087
Level 3 | Fair Value, Measurements, Nonrecurring | Real Estate Investments.
Fair Value Measurements
Real estate investments		$ 1,087

Fair Value Measurement - Fair V

Fair Value Measurement - Fair Value of Company's Financial Assets and Liabilities (Details) - Mortgage notes payable - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value Disclosures
Fair value of financial instruments	$ 402,438	$ 394,782
Level 3
Fair Value Disclosures
Fair value of financial instruments	$ 402,438	$ 394,782

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Minimum
Fair Value Inputs, Liabilities, Quantitative Information
Discount rates used to estimate fair value of mortgages and notes payable	4.00%	3.97%
Maximum
Fair Value Inputs, Liabilities, Quantitative Information
Discount rates used to estimate fair value of mortgages and notes payable	4.35%	4.05%

Noncontrolling Interest of Un67

Noncontrolling Interest of Unitholders in Operating Partnership - Additional Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)item$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)shares
Maximum
Noncontrolling Interest
Number of permitted exchange requests in a calendar year | item	2
Limited Partnership
Noncontrolling Interest
Total units	16,688,000	15,300,000
Units converted by limited partners into common shares	47,000	6,000	47,000
Common shares value | $	$ 754	$ 87	$ 700
Total units	47,000	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
Distributions per unit | $ / shares	$ 0.9600	$ 0.9300
Declared distributions | $	$ 4,005	$ 3,557

Redemption Plans - Additional I

Redemption Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Redemption plans
Redemption price of securities	$ 15
Redemption of shares, value	$ 2,062	$ 2,548	$ 4,904
Redemption Plans
Redemption plans
Amount of securities redemption	$ 30,000
Redemption of shares	80,000	132,000	238,000
Redemption of shares, value	$ 1,194	$ 1,915	$ 3,338
Additional redemption of units	59,000	44,000	112,000
Additional redemption of units, value	$ 868	$ 633	$ 1,566

Beneficial Interest - Additiona

Beneficial Interest - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Beneficial Interest
Common shares, outstanding	8,001,000	7,579,000
Preferred shares, outstanding	0	0
Dividends paid	$ 0.9600	$ 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 (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2016	Nov. 30, 2016	Dec. 31, 2016	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	$ 10	$ 5
Percentage estimated value for dividend reinvestments			95.00%
Percentage estimated value for additional optional cash purchases			100.00%
Estimated value per common share	$ 16		$ 16	$ 15.50
Threshold used for the automatic optional cash purchases of common shares per fiscal quarter with the Trust's prior approval	$ 10
Maximum value of common shares that my be purchased or received via transfer by participants under the dividend reivestment plan amendment	$ 40
Purchase price per common share for dividend reinvestments	$ 15.20		15.20	14.725
Purchase price per common share additional optional cash purchases	$ 16		$ 16	$ 15.50
Notice period to participants			10 days
Shares issued pursuant to dividend reinvestments			315,000	284,000	231,000
Shares were issued pursuant to additional optional cash purchases under the plan			136,000	116,000	128,000

Related Party Transactions - Pr

Related Party Transactions - Property Management and Board of Trustee Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transactions
Trustee fees	$ 59	$ 51	$ 56
Unpaid board of trustee fees	$ 26	$ 27
GOLDMARK Property Management
Related Party Transactions
Property management fee, percent fee	5.00%	5.00%	5.00%
Management fee, amount paid	$ 9,929	$ 9,304	$ 6,439
Repair and maintenance related payroll and payroll related expenses	$ 4,556	$ 3,961	$ 2,613
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 (Details) $ / item in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)employeeitem$ / itemshares	Dec. 31, 2015USD ($)itemshares	Dec. 31, 2014USD ($)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	$ 2,644	$ 2,401	$ 1,855
Brokerage fees outstanding	0	0
Rental Income	$ 101,885	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	2,644	2,401	1,855
Advisory management fees outstanding	226	214
Advisory management fees for operating costs	37	22	4
Acquisition fees	903	1,128	2,628
Acquisition fees outstanding	226	0
Financing fees for loan financing and refinancing activities	68	270	269
Financing fees for loan financing and refinancing outstanding	0	23
Disposition fees	100	36	16
Disposition fees outstanding	0	0
Development fee	170	336	358
Development fees Outstanding	$ 81	$ 69
Brokerage fees base criteria percentage	7.00%	7.00%
Rental Income	$ 45	$ 43	42
GOLDMARK Property Management
Related Party Transactions
Rental Income	215	215	179
GOLDMARK Commercial Real Estate Services
Related Party Transactions
Real estate commissions	953	1,033	1,408
Real estate commissions outstanding	0
Rental Income	$ 53	$ 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	551,000	242,000	644,000
Value of operating partnership (OP) units issued in connection with the acquisition of various properties	$ 8,650	$ 3,754	$ 9,118
Dale Lian
Related Party Transactions
Brokerage fees value		931
James Echtenkamp
Related Party Transactions
Brokerage fees value		348
Bismarck, North Dakota | Apartment Community Phase I | GOLDMARK Development
Related Party Transactions
Construction costs incurred to date		14,147
Retainage owed		$ 0
Construction in progress, number of apartment units | item		156
Unpaid construction fees		$ 0
Bismarck, North Dakota | Apartment Community Phase II | GOLDMARK Development
Related Party Transactions
Construction costs incurred to date	5,767	117
Retainage owed	$ 288	6
Number of two-story townhomes under construction | item	6
Unpaid construction fees	$ 398	$ 107

Rentals under Operating Lease73

Rentals under Operating Leases / Rental Income - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Minimum future rentals on non-cancelable operating leases as of December 31, 2016
2,017	$ 20,004
2,018	18,999
2,019	18,238
2,020	17,272
2,021	13,533
Thereafter	64,483
Total	152,529
Residential Property
Properties
Gross revenue	$ 80,497	$ 75,914	$ 53,499
Residential Property | Maximum
Properties
Term of lease to individual tenants	1 year
Commercial Property
Properties
Gross revenue	$ 27,566	21,268	17,437
Operating lease expiration year	2,034
CAM income (common area maintenance)	$ 6,178	$ 3,852	$ 2,230

Dispositions - Additional Infor

Dispositions - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dispositions
Property sold	$ 1,409	$ 1,424	$ 625
Gain (loss) on sale of real estate	(316)	470	$ 69
ASSETS
Total Assets	2,482	1,721
LIABILITIES
Total Liabilities	125	659
Assets Held for Sale
ASSETS
Real estate investments	2,365	1,716
Restricted deposits and funded reserves	22
Receivables	25	5
Notes Receivable	42
Financing and lease costs, less accumulated amortization of $87 in 2016	28
Total Assets	2,482	1,721
Accumulated amortization of financing and lease costs	87
LIABILITIES
Mortgage notes payable		655
Special assessments payable	103
Tenant security deposits payable	22
Accrued expenses and other liabilities		4
Total Liabilities	125	$ 659
Medical Property, Eau Claire, Wisconsin | Operating Partnership | Disposed of by Sale
Dispositions
Property sold	1,400
Gain (loss) on sale of real estate	$ (316)

Business Combinations and Acq75

Business Combinations and Acquisitions - Purchases, Current Year (Details) $ / shares in Units, $ in Thousands	Dec. 19, 2016USD ($)item	Dec. 01, 2016USD ($)item	Sep. 13, 2016USD ($)item	Aug. 29, 2016USD ($)a	Aug. 01, 2016USD ($)item	May 04, 2016USD ($)item	Mar. 01, 2016USD ($)item	Feb. 01, 2016USD ($)ft²	Jan. 29, 2016USD ($)ft²item	Dec. 31, 2016USD ($)$ / shares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)item$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares
BUSINESS COMBINATIONS AND ACQUISITIONS
Acquisition price											$ 35,312	$ 82,586	$ 132,990
Prorata Acquisition Price											$ 35,312	$ 66,836	$ 132,990
Aggregate number of limited partnership units issued for acquisition | shares											1,466,000	729,000	1,233,000
Price per limited partnership unit issued for acquisition, price one | $ / shares										$ 15.50	$ 15.50	$ 15	$ 14
Price per limited partnership unit issued for acquisition, price two | $ / shares										$ 16	$ 16	$ 15.50	$ 15
Aggregate value of limited partnership units issued for acquisition											$ 23,020	$ 11,228	$ 17,461
New loans issued to finance acquisition										$ 2,662	2,662	45,830	67,477
Assumed loans												719	2,636
Assumed liabilities											78	1,329
Consideration in cash to pay for acquisitions											9,552	$ 23,480	$ 44,054
Gain on change in control of real estate investments											$ 550
Titan Machinery, North Platte, NE
BUSINESS COMBINATIONS AND ACQUISITIONS
Area of the property purchased | ft²									16,480
Acquisition price									$ 1,769
Prorata Acquisition Price									$ 1,769
Bristol Park Apartments, Grand Forks, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item									80
Acquisition price								$ 5,050
Prorata Acquisition Price								$ 5,050
Redpath, White Bear Lake, MN
BUSINESS COMBINATIONS AND ACQUISITIONS
Area of the property purchased | ft²								25,817
Acquisition price								$ 4,000
Prorata Acquisition Price								$ 4,000
Eagle Sky I Apartments, Bismarck, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item							20
Acquisition price							$ 1,525
Prorata Acquisition Price							$ 1,525
Eagle Sky II Apartments, Bismarck, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item							20
Acquisition price							$ 1,525
Prorata Acquisition Price							$ 1,525
Garden Grove Apartments, Bismarck, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item						95
Acquisition price						$ 7,072
Prorata Acquisition Price						$ 7,072
Washington Apartments, Grand Forks, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item						17
Acquisition price						$ 667
Prorata Acquisition Price						$ 667
Roughrider Grand Forks, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item					12
Acquisition price					$ 582
Prorata Acquisition Price					$ 582
West 80 Development Land Rochester, MN
BUSINESS COMBINATIONS AND ACQUISITIONS
Area of the property purchased | a				18.8
Acquisition price				$ 900
Prorata Acquisition Price				$ 900
Amberwood Apartments Grand Forks, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item			95
Acquisition price			$ 3,942
Prorata Acquisition Price			$ 3,942
Bridgeport Apartments, Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item	120
Acquisition price	$ 8,280
Prorata Acquisition Price	$ 8,280
Tenant in common - Apartment complex, Fargo, North Dakota | Operating Partnership
BUSINESS COMBINATIONS AND ACQUISITIONS
Acquisition price		$ 641
Aggregate value of limited partnership units issued for acquisition		448
Consideration in cash to pay for acquisitions		$ 193
Residential, multi-tenant apartment complex, Units | item		61										61
Percentage of interest acquired		17.50%
Fair value of property		$ 4,087
Gain on change in control of real estate investments		$ 550								$ 550

Business Combinations and Acq76

Business Combinations and Acquisitions - Purchases, Prior Year (Details) $ / 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 ($)$ / shares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares
BUSINESS COMBINATIONS AND ACQUISITIONS
Acquisition price												$ 35,312	$ 82,586	$ 132,990
Prorata Acquisition Price												$ 35,312	$ 66,836	$ 132,990
Aggregate number of limited partnership units issued for acquisition | shares												1,466,000	729,000	1,233,000
Price per limited partnership unit issued for acquisition, price one | $ / shares											$ 15	$ 15.50	$ 15	$ 14
Price per limited partnership unit issued for acquisition, price two | $ / shares											$ 15.50	$ 16	$ 15.50	$ 15
Aggregate value of limited partnership units issued for acquisition												$ 23,020	$ 11,228	$ 17,461
New loans issued to finance acquisition											$ 45,830	2,662	45,830	67,477
Assumed loans													719	2,636
Assumed liabilities												78	1,329
Consideration in cash to pay for acquisitions												$ 9,552	$ 23,480	$ 44,054
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 Bismarck, 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, Bismarck, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item							62
Acquisition price							$ 4,464
Prorata Acquisition Price							$ 4,464
Development Land, Mankato, MN
BUSINESS COMBINATIONS AND ACQUISITIONS
Area of the property purchased | a						1.13
Acquisition price						$ 263
Prorata Acquisition Price						$ 263
Development 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
Bell Plaza (FKA Northland Plaza)
BUSINESS COMBINATIONS AND ACQUISITIONS
Area of the property purchased | ft²			296,967
Acquisition price			$ 52,500
Prorata Acquisition Price			$ 36,750
Revenues from acquisition											3,163
Net loss attributable to Parent from acquisition											$ 2,356
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 Acq77

Business Combinations and Acquisitions - Purchases, Second Prior Year (Details) $ / shares in Units, $ in Thousands	Dec. 19, 2014USD ($)item	Oct. 23, 2014USD ($)a	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, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares
BUSINESS COMBINATIONS AND ACQUISITIONS
Acquisition price									$ 35,312	$ 82,586	$ 132,990
Prorata Acquisition Price									$ 35,312	$ 66,836	$ 132,990
Aggregate number of limited partnership units issued for acquisition | shares									1,466,000	729,000	1,233,000
Price per limited partnership unit issued for acquisition, price one | $ / shares									$ 15.50	$ 15	$ 14
Price per limited partnership unit issued for acquisition, price two | $ / shares									$ 16	$ 15.50	$ 15
Aggregate value of limited partnership units issued for acquisition									$ 23,020	$ 11,228	$ 17,461
Assumed loans										719	2,636
Assumed liabilities and deferred maintenance charges.											1,362
New loans issued to finance acquisition									2,662	45,830	67,477
Consideration in cash to pay for acquisitions									$ 9,552	$ 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
Development Land, Bismarck, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Area of the property purchased | a		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 Acq78

Business Combinations and Acquisitions - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Feb. 23, 2016	Feb. 01, 2015	Mar. 31, 2014	Mar. 28, 2014
BUSINESS COMBINATIONS AND ACQUISITIONS
Land, building, tenant improvements and FF&E	$ 34,102	$ 71,493	$ 132,990
Acquired lease intangible assets	1,386	12,735
Acquired lease intangible liabilities	(176)	(1,642)
Mortgages notes payable assumed		(719)	(2,637)
Other liabilities	(78)	(1,329)	(1,361)
Net assets acquired	35,234	80,538	128,992
Equity/limited partnership unit consideration	(23,020)	(11,228)	(17,461)
New loans	(2,662)	(45,830)	(67,477)
Net cash consideration	$ 9,552	$ 23,480	$ 44,054
Price per limited partnership unit issued for acquisition, price one	$ 15.50	$ 15	$ 14
Price per limited partnership unit issued for acquisition, price two	$ 16	$ 15.50	$ 15
Price per limited partnership unit issued for acquisition				$ 16	$ 15.50	$ 14	$ 15

Business Combinations and Acq79

Business Combinations and Acquisitions - Condensed Pro forma Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Pro Forma Financial Information
Total revenues	$ 108,063	$ 101,807	$ 78,735
Net income	12,857	11,457	5,772
Net income attributable to Sterling Real Estate Trust	$ 4,425	$ 5,998	$ 2,657
Earnings per common share, basic and diluted
Net income per common share attributable to Sterling Real Estate Trust	$ 0.56	$ 0.83	$ 0.48
Weighted average number of common shares outstanding - basic	7,844	7,223	5,507

Quarterly Financial Informati80

Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
QUARTERLY FINANCIAL INFORMATION (unaudited)
Income from rental operations	$ 27,441	$ 26,888	$ 27,046	$ 26,688	$ 26,117	$ 24,688	$ 23,552	$ 22,825	$ 108,063	$ 97,182	$ 70,936
Net income	4,254	2,523	2,706	3,374	1,526	2,087	4,596	3,178	12,857	11,384	9,303
Net income attributable to Sterling Real Estate Trust	$ 1,428	$ 885	$ 839	$ 1,273	$ 748	$ 1,078	$ 1,511	$ 952	$ 4,425	$ 4,286	$ 2,579
Net income per common share, basic and diluted	$ 0.17	$ 0.11	$ 0.11	$ 0.17	$ 0.10	$ 0.14	$ 0.20	$ 0.15	$ 0.56	$ 0.59	$ 0.47
Weighted average common shares outstanding	8,003,000	7,891,000	7,789,000	7,690,000	7,588	7,543	7,436	6,308

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Thousands	Jan. 15, 2017$ / shares	Jan. 31, 2017USD ($)item	Dec. 31, 2016USD ($)$ / shares	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)$ / shares
Subsequent Events
Dividend or distribution paid | $ / shares			$ 0.9600	$ 0.9300	$ 0.9000
Acquisition price			$ 35,312	$ 82,586	$ 132,990
Subsequent Event
Subsequent Events
Dividend or distribution paid | $ / shares	$ 0.2400
Specific Apartment Complex One, 36 Unit, Fargo ND | Operating Partnership | Subsequent Event
Subsequent Events
Number of apartment units acquired | item		36
Acquisition price		$ 1,710
Specific Apartment Complex, 82 Unit, Grand Forks, ND | Operating Partnership | Subsequent Event
Subsequent Events
Number of apartment units acquired | item		82
Acquisition price		$ 5,494
Specific Apartment Complex Two, 18 Unit, Fargo, ND | Operating Partnership | Subsequent Event
Subsequent Events
Number of apartment units acquired | item		18
Acquisition price		$ 777
Specific Apartment Complex Three, 18 Unit, Fargo, ND | Operating Partnership | Subsequent Event
Subsequent Events
Number of apartment units acquired | item		18
Acquisition price		$ 828

Schedule III - Real Estate an82

Schedule III - Real Estate and Accumulated Depreciation - By Property (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 393,511
Initial cost to company, Land	102,530
Initial cost to company, Buildings	562,400
Costs capitalized subsequent to acquisition, land	2,623
Costs capitalized subsequent to acquisition, buildings	18,444
Gross Amount at which carried at close of period, Land	105,153
Gross Amount at which carried at close of period, Buildings.	580,844
Gross Amount at which carried at close of period, Total	685,997
Accumulated Depreciation	76,562
Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,090
Initial cost to company, Land	4,796
Initial cost to company, Buildings	19,603
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	5,803
Gross Amount at which carried at close of period, Buildings.	19,509
Gross Amount at which carried at close of period, Total	25,312
Accumulated Depreciation	1,927
Land
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	459
Initial cost to company, Land	2,033
Gross Amount at which carried at close of period, Land	2,033
Gross Amount at which carried at close of period, Total	2,033
Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,856
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	4,976
Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	298,911
Initial cost to company, Land	66,048
Initial cost to company, Buildings	407,134
Costs capitalized subsequent to acquisition, land	1,336
Costs capitalized subsequent to acquisition, buildings	11,991
Gross Amount at which carried at close of period, Land	67,384
Gross Amount at which carried at close of period, Buildings.	419,125
Gross Amount at which carried at close of period, Total	486,509
Accumulated Depreciation	48,850
Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	53,233
Initial cost to company, Land	16,365
Initial cost to company, Buildings	88,332
Costs capitalized subsequent to acquisition, land	(7)
Costs capitalized subsequent to acquisition, buildings	4,663
Gross Amount at which carried at close of period, Land	16,358
Gross Amount at which carried at close of period, Buildings.	92,995
Gross Amount at which carried at close of period, Total	109,353
Accumulated Depreciation	15,725
Retail Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	17,962
Initial cost to company, Land	10,407
Initial cost to company, Buildings	28,732
Costs capitalized subsequent to acquisition, land	12
Costs capitalized subsequent to acquisition, buildings	(637)
Gross Amount at which carried at close of period, Land	10,419
Gross Amount at which carried at close of period, Buildings.	28,095
Gross Amount at which carried at close of period, Total	38,514
Accumulated Depreciation	$ 5,084
Guardian Building Products [Member] | Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 2,043
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	$ 273
Date of Construction or Acquisition	Aug. 29, 2012
Life on which depreciation on latest income statement is computed	40 years
Titan Machinery Dickinson [Member] | Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Dickinson, ND
Encumbrances	$ 896
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	$ 132
Date of Construction or Acquisition	Jul. 30, 2012
Life on which depreciation on latest income statement is computed	40 years
Titan Machinery Fargo [Member] | Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 1,060
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	$ 207
Date of Construction or Acquisition	Oct. 30, 2012
Life on which depreciation on latest income statement is computed	40 years
Titan Machinery Marshall [Member] | Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Marshall, MN
Encumbrances	$ 2,071
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	$ 479
Date of Construction or Acquisition	Nov. 1, 2011
Life on which depreciation on latest income statement is computed	40 years
Titan Machinery Bismarck, ND | Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Encumbrances	$ 2,444
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	$ 70
Date of Construction or Acquisition	Jan. 28, 2015
Life on which depreciation on latest income statement is computed	40 years
Titan Machinery North Platte NE [Member] | Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	North Platte, NE
Initial cost to company, Land	$ 325
Initial cost to company, Buildings	1,269
Gross Amount at which carried at close of period, Land	325
Gross Amount at which carried at close of period, Buildings.	1,269
Gross Amount at which carried at close of period, Total	1,594
Accumulated Depreciation	$ 33
Date of Construction or Acquisition	Jan. 29, 2016
Life on which depreciation on latest income statement is computed	40 years
Titan Machinery Minot [Member] | Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Minot, ND
Encumbrances	$ 1,537
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	$ 183
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Redwood Falls, MN
Encumbrances	$ 1,565
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	$ 349
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Sioux City, IA
Encumbrances	$ 1,474
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	$ 201
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Denver, CO
Encumbrances	$ 459
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
West 80 Land [Member] | Land
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Rochester, MN
Initial cost to company, Land	$ 1,364
Gross Amount at which carried at close of period, Land	1,364
Gross Amount at which carried at close of period, Total	$ 1,364
Date of Construction or Acquisition	Aug. 29, 2016
Bio Life Plasma Center, Bismarck [Member] | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Encumbrances	$ 1,232
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	$ 568
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Bismarck [Member] | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	9 years
Bio Life Plasma Center, Bismarck [Member] | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Bio Life Plasma Center, Grand Forks [Member] | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Encumbrances	$ 1,232
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	$ 590
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Grand Forks [Member] | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	10 years
Bio Life Plasma Center, Grand Forks [Member] | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Bio Life Plasma Center, Janesville [Member] | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Janesville, WI
Encumbrances	$ 1,232
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	$ 476
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Janesville [Member] | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	9 years
Bio Life Plasma Center, Janesville [Member] | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Bio Life Plasma Center, Mankato [Member] | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Mankato, MN
Encumbrances	$ 1,232
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	$ 704
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Mankato [Member] | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	11 years
Bio Life Plasma Center, Mankato [Member] | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Bio Life Plasma Center, Marquette [Member] | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Marquette, MI
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	$ 685
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Marquette [Member] | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	9 years
Bio Life Plasma Center, Marquette [Member] | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Bio Life Plasma Center, Onalaska [Member] | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Onalaska, WI
Encumbrances	$ 1,232
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	$ 502
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Onalaska [Member] | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	11 years
Bio Life Plasma Center, Onalaska [Member] | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Bio Life Plasma Center, Oshkosh [Member] | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Oshkosh, WI
Encumbrances	$ 1,232
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	$ 465
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Oshkosh [Member] | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	10 years
Bio Life Plasma Center, Oshkosh [Member] | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Bio Life Plasma Center, Sheboygan [Member] | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Sheboygan, WI
Encumbrances	$ 1,232
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	$ 437
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Sheboygan [Member] | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	10 years
Bio Life Plasma Center, Sheboygan [Member] | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Bio Life Plasma Center, Stevens Point [Member] | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Stevens Point, WI
Encumbrances	$ 1,232
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	$ 549
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Stevens Point [Member] | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	9 years
Bio Life Plasma Center, Stevens Point [Member] | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Amber Wood [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Initial cost to company, Land	$ 426
Initial cost to company, Buildings	3,304
Costs capitalized subsequent to acquisition, buildings	21
Gross Amount at which carried at close of period, Land	426
Gross Amount at which carried at close of period, Buildings.	3,325
Gross Amount at which carried at close of period, Total	3,751
Accumulated Depreciation	$ 28
Date of Construction or Acquisition	Sep. 13, 2016
Amber Wood [Member] | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	20 years
Amber Wood [Member] | Maximum | Residential Property
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Encumbrances	$ 428
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	$ 46
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Encumbrances	$ 438
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	$ 43
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Encumbrances	$ 435
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	$ 43
Date of Construction or Acquisition	Nov. 1, 2013
Life on which depreciation on latest income statement is computed	40 years
Ashbury [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Initial cost to company, Land	$ 314
Initial cost to company, Buildings	3,774
Gross Amount at which carried at close of period, Land	314
Gross Amount at which carried at close of period, Buildings.	3,774
Gross Amount at which carried at close of period, Total	4,088
Accumulated Depreciation	$ 8
Date of Construction or Acquisition	Dec. 19, 2016
Life on which depreciation on latest income statement is computed	40 years
Auburn Two [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 587
Initial cost to company, Land	105
Initial cost to company, Buildings	883
Costs capitalized subsequent to acquisition, land	12
Costs capitalized subsequent to acquisition, buildings	64
Gross Amount at which carried at close of period, Land	117
Gross Amount at which carried at close of period, Buildings.	947
Gross Amount at which carried at close of period, Total	1,064
Accumulated Depreciation	$ 228
Date of Construction or Acquisition	Mar. 23, 2007
Auburn Two [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Encumbrances	$ 5,887
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	$ 2,352
Date of Construction or Acquisition	Aug. 16, 2004
Autumn Ridge [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Crookston, MN
Encumbrances	$ 914
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	$ 76
Date of Construction or Acquisition	Jan. 2, 2014
Life on which depreciation on latest income statement is computed	40 years
Bayview [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 3,226
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	$ 931
Date of Construction or Acquisition	Dec. 31, 2007
Bayview [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 261
Initial cost to company, Land	31
Initial cost to company, Buildings	406
Costs capitalized subsequent to acquisition, land	4
Costs capitalized subsequent to acquisition, buildings	6
Gross Amount at which carried at close of period, Land	35
Gross Amount at which carried at close of period, Buildings.	412
Gross Amount at which carried at close of period, Total	447
Accumulated Depreciation	$ 91
Date of Construction or Acquisition	Mar. 31, 2008
Berkshire [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 548
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	60
Gross Amount at which carried at close of period, Land	75
Gross Amount at which carried at close of period, Buildings.	798
Gross Amount at which carried at close of period, Total	873
Accumulated Depreciation	$ 142
Date of Construction or Acquisition	Aug. 31, 2009
Life on which depreciation on latest income statement is computed	40 years
Bridgeport [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Initial cost to company, Land	$ 613
Initial cost to company, Buildings	7,676
Gross Amount at which carried at close of period, Land	613
Gross Amount at which carried at close of period, Buildings.	7,676
Gross Amount at which carried at close of period, Total	8,289
Accumulated Depreciation	$ 16
Date of Construction or Acquisition	Dec. 19, 2016
Life on which depreciation on latest income statement is computed	40 years
Brighton Village [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	New Brighton, MN
Encumbrances	$ 10,709
Initial cost to company, Land	2,520
Initial cost to company, Buildings	13,985
Costs capitalized subsequent to acquisition, buildings	371
Gross Amount at which carried at close of period, Land	2,520
Gross Amount at which carried at close of period, Buildings.	14,356
Gross Amount at which carried at close of period, Total	16,876
Accumulated Depreciation	$ 737
Date of Construction or Acquisition	Dec. 19, 2014
Brighton Village [Member] | Minimum | Residential Property
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Bristol Park [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Encumbrances	$ 3,348
Initial cost to company, Land	985
Initial cost to company, Buildings	3,976
Costs capitalized subsequent to acquisition, buildings	192
Gross Amount at which carried at close of period, Land	985
Gross Amount at which carried at close of period, Buildings.	4,168
Gross Amount at which carried at close of period, Total	5,153
Accumulated Depreciation	$ 93
Date of Construction or Acquisition	Feb. 1, 2016
Life on which depreciation on latest income statement is computed	40 years
Brookfield [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 885
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	157
Gross Amount at which carried at close of period, Land	231
Gross Amount at which carried at close of period, Buildings.	2,115
Gross Amount at which carried at close of period, Total	2,346
Accumulated Depreciation	$ 426
Date of Construction or Acquisition	Aug. 1, 2008
Brookfield [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 1,715
Initial cost to company, Land	333
Initial cost to company, Buildings	1,845
Costs capitalized subsequent to acquisition, land	3
Costs capitalized subsequent to acquisition, buildings	41
Gross Amount at which carried at close of period, Land	336
Gross Amount at which carried at close of period, Buildings.	1,886
Gross Amount at which carried at close of period, Total	2,222
Accumulated Depreciation	$ 181
Date of Construction or Acquisition	Feb. 6, 2013
Life on which depreciation on latest income statement is computed	40 years
Candlelight [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 2,092
Initial cost to company, Land	613
Initial cost to company, Buildings	1,221
Costs capitalized subsequent to acquisition, land	(337)
Costs capitalized subsequent to acquisition, buildings	392
Gross Amount at which carried at close of period, Land	276
Gross Amount at which carried at close of period, Buildings.	1,613
Gross Amount at which carried at close of period, Total	1,889
Accumulated Depreciation	$ 164
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Encumbrances	$ 493
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	$ 144
Date of Construction or Acquisition	Mar. 31, 2008
Life on which depreciation on latest income statement is computed	40 years
Carlton [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 7,171
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	197
Gross Amount at which carried at close of period, Land	717
Gross Amount at which carried at close of period, Buildings.	7,404
Gross Amount at which carried at close of period, Total	8,121
Accumulated Depreciation	$ 1,515
Date of Construction or Acquisition	Sep. 1, 2008
Carlton [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Encumbrances	$ 694
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	$ 84
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Encumbrances	$ 347
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	$ 84
Date of Construction or Acquisition	Jan. 3, 2005
Chandler 1866 [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Encumbrances	$ 993
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	$ 301
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Encumbrances	$ 3,186
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	$ 734
Date of Construction or Acquisition	Sep. 1, 2008
Columbia West [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 295
Initial cost to company, Land	252
Initial cost to company, Buildings	1,252
Costs capitalized subsequent to acquisition, buildings	97
Gross Amount at which carried at close of period, Land	252
Gross Amount at which carried at close of period, Buildings.	1,349
Gross Amount at which carried at close of period, Total	1,601
Accumulated Depreciation	$ 186
Date of Construction or Acquisition	May 2, 2011
Country Club [Member] | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	20 years
Country Club [Member] | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Countryside [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 181
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	$ 94
Date of Construction or Acquisition	May 2, 2011
Life on which depreciation on latest income statement is computed	40 years
Courtyard [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	St. Louis Park, MN
Encumbrances	$ 4,000
Initial cost to company, Land	2,270
Initial cost to company, Buildings	5,681
Costs capitalized subsequent to acquisition, buildings	583
Gross Amount at which carried at close of period, Land	2,270
Gross Amount at which carried at close of period, Buildings.	6,264
Gross Amount at which carried at close of period, Total	8,534
Accumulated Depreciation	$ 484
Date of Construction or Acquisition	Sep. 3, 2013
Courtyard [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 1,823
Initial cost to company, Land	249
Initial cost to company, Buildings	2,236
Costs capitalized subsequent to acquisition, buildings	31
Gross Amount at which carried at close of period, Land	249
Gross Amount at which carried at close of period, Buildings.	2,267
Gross Amount at which carried at close of period, Total	2,516
Accumulated Depreciation	$ 136
Date of Construction or Acquisition	Aug. 7, 2014
Life on which depreciation on latest income statement is computed	40 years
Danbury [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 2,789
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	107
Gross Amount at which carried at close of period, Land	390
Gross Amount at which carried at close of period, Buildings.	6,127
Gross Amount at which carried at close of period, Total	6,517
Accumulated Depreciation	$ 1,373
Date of Construction or Acquisition	Dec. 31, 2007
Danbury [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Anoka, MN
Encumbrances	$ 7,576
Initial cost to company, Land	844
Initial cost to company, Buildings	9,966
Costs capitalized subsequent to acquisition, buildings	324
Gross Amount at which carried at close of period, Land	844
Gross Amount at which carried at close of period, Buildings.	10,290
Gross Amount at which carried at close of period, Total	11,134
Accumulated Depreciation	$ 908
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	West Fargo, ND
Encumbrances	$ 4,306
Initial cost to company, Land	576
Initial cost to company, Buildings	5,787
Costs capitalized subsequent to acquisition, land	75
Costs capitalized subsequent to acquisition, buildings	61
Gross Amount at which carried at close of period, Land	651
Gross Amount at which carried at close of period, Buildings.	5,848
Gross Amount at which carried at close of period, Total	6,499
Accumulated Depreciation	$ 930
Date of Construction or Acquisition	Aug. 12, 2010
Life on which depreciation on latest income statement is computed	40 years
Eagle Sky One [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Encumbrances	$ 963
Initial cost to company, Land	115
Initial cost to company, Buildings	1,322
Costs capitalized subsequent to acquisition, buildings	(30)
Gross Amount at which carried at close of period, Land	115
Gross Amount at which carried at close of period, Buildings.	1,292
Gross Amount at which carried at close of period, Total	1,407
Accumulated Depreciation	$ 27
Date of Construction or Acquisition	Mar. 1, 2016
Life on which depreciation on latest income statement is computed	40 years
Eagle Sky Two [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Encumbrances	$ 963
Initial cost to company, Land	135
Initial cost to company, Buildings	1,303
Costs capitalized subsequent to acquisition, buildings	(24)
Gross Amount at which carried at close of period, Land	135
Gross Amount at which carried at close of period, Buildings.	1,279
Gross Amount at which carried at close of period, Total	1,414
Accumulated Depreciation	$ 27
Date of Construction or Acquisition	Mar. 1, 2016
Life on which depreciation on latest income statement is computed	40 years
Echo Manor [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Hutchinson, MN
Encumbrances	$ 987
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	$ 68
Date of Construction or Acquisition	Jan. 2, 2014
Echo Manor [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 534
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	$ 194
Date of Construction or Acquisition	Mar. 31, 2008
Emerald Court [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Encumbrances	$ 3,032
Initial cost to company, Land	267
Initial cost to company, Buildings	3,978
Costs capitalized subsequent to acquisition, land	35
Costs capitalized subsequent to acquisition, buildings	27
Gross Amount at which carried at close of period, Land	302
Gross Amount at which carried at close of period, Buildings.	4,005
Gross Amount at which carried at close of period, Total	4,307
Accumulated Depreciation	$ 799
Date of Construction or Acquisition	Dec. 31, 2008
Fairview [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 5,607
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	106
Gross Amount at which carried at close of period, Land	434
Gross Amount at which carried at close of period, Buildings.	5,758
Gross Amount at which carried at close of period, Total	6,192
Accumulated Depreciation	$ 1,142
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 433
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	$ 63
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 577
Initial cost to company, Land	118
Initial cost to company, Buildings	681
Costs capitalized subsequent to acquisition, land	1
Gross Amount at which carried at close of period, Land	119
Gross Amount at which carried at close of period, Buildings.	681
Gross Amount at which carried at close of period, Total	800
Accumulated Depreciation	$ 105
Date of Construction or Acquisition	Nov. 9, 2010
Life on which depreciation on latest income statement is computed	40 years
Garden Grove [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Encumbrances	$ 4,646
Initial cost to company, Land	606
Initial cost to company, Buildings	6,073
Costs capitalized subsequent to acquisition, buildings	54
Gross Amount at which carried at close of period, Land	606
Gross Amount at which carried at close of period, Buildings.	6,127
Gross Amount at which carried at close of period, Total	6,733
Accumulated Depreciation	$ 102
Date of Construction or Acquisition	May 4, 2016
Garden Grove [Member] | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	5 years
Garden Grove [Member] | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Georgetown On River [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fridley, MN
Encumbrances	$ 19,008
Initial cost to company, Land	4,620
Initial cost to company, Buildings	25,263
Costs capitalized subsequent to acquisition, buildings	490
Gross Amount at which carried at close of period, Land	4,620
Gross Amount at which carried at close of period, Buildings.	25,753
Gross Amount at which carried at close of period, Total	30,373
Accumulated Depreciation	$ 1,333
Date of Construction or Acquisition	Dec. 19, 2014
Georgetown On River [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Eagan, MN
Encumbrances	$ 15,330
Initial cost to company, Land	3,761
Initial cost to company, Buildings	20,833
Costs capitalized subsequent to acquisition, buildings	200
Gross Amount at which carried at close of period, Land	3,761
Gross Amount at which carried at close of period, Buildings.	21,033
Gross Amount at which carried at close of period, Total	24,794
Accumulated Depreciation	$ 2,633
Date of Construction or Acquisition	Dec. 2, 2011
Glen Pond [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 2,389
Initial cost to company, Land	279
Initial cost to company, Buildings	2,619
Costs capitalized subsequent to acquisition, buildings	14
Gross Amount at which carried at close of period, Land	279
Gross Amount at which carried at close of period, Buildings.	2,633
Gross Amount at which carried at close of period, Total	2,912
Accumulated Depreciation	$ 235
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Moorhead, MN
Encumbrances	$ 3,461
Initial cost to company, Land	652
Initial cost to company, Buildings	3,914
Costs capitalized subsequent to acquisition, land	20
Costs capitalized subsequent to acquisition, buildings	267
Gross Amount at which carried at close of period, Land	672
Gross Amount at which carried at close of period, Buildings.	4,181
Gross Amount at which carried at close of period, Total	4,853
Accumulated Depreciation	$ 267
Date of Construction or Acquisition	Jun. 9, 2014
Griffin Court [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Encumbrances	$ 492
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	28
Gross Amount at which carried at close of period, Land	86
Gross Amount at which carried at close of period, Buildings.	635
Gross Amount at which carried at close of period, Total	721
Accumulated Depreciation	$ 49
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 282
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	$ 100
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 569
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	$ 94
Date of Construction or Acquisition	Jul. 1, 2008
Life on which depreciation on latest income statement is computed	40 years
Huntington [Member] | Residential Property
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
Costs capitalized subsequent to acquisition, buildings	15
Gross Amount at which carried at close of period, Land	86
Gross Amount at which carried at close of period, Buildings.	324
Gross Amount at which carried at close of period, Total	410
Accumulated Depreciation	$ 11
Date of Construction or Acquisition	Aug. 4, 2015
Life on which depreciation on latest income statement is computed	40 years
Islander [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 893
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	$ 123
Date of Construction or Acquisition	Jul. 1, 2011
Life on which depreciation on latest income statement is computed	40 years
Kennedy [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 473
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	47
Gross Amount at which carried at close of period, Land	85
Gross Amount at which carried at close of period, Buildings.	635
Gross Amount at which carried at close of period, Total	720
Accumulated Depreciation	$ 56
Date of Construction or Acquisition	Feb. 6, 2013
Kennedy [Member] | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	20 years
Kennedy [Member] | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Library Lane [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Encumbrances	$ 1,799
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	$ 575
Date of Construction or Acquisition	Oct. 1, 2007
Library Lane [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Encumbrances	$ 264
Initial cost to company, Land	95
Initial cost to company, Buildings	497
Costs capitalized subsequent to acquisition, buildings	52
Gross Amount at which carried at close of period, Land	95
Gross Amount at which carried at close of period, Buildings.	549
Gross Amount at which carried at close of period, Total	644
Accumulated Depreciation	$ 17
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Omaha, NE
Encumbrances	$ 4,151
Initial cost to company, Land	766
Initial cost to company, Buildings	5,608
Costs capitalized subsequent to acquisition, buildings	831
Gross Amount at which carried at close of period, Land	766
Gross Amount at which carried at close of period, Buildings.	6,439
Gross Amount at which carried at close of period, Total	7,205
Accumulated Depreciation	$ 1,262
Date of Construction or Acquisition	Aug. 1, 2008
Maple Ridge [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Maplewood, MN
Encumbrances	$ 9,844
Initial cost to company, Land	3,120
Initial cost to company, Buildings	12,122
Costs capitalized subsequent to acquisition, buildings	244
Gross Amount at which carried at close of period, Land	3,120
Gross Amount at which carried at close of period, Buildings.	12,366
Gross Amount at which carried at close of period, Total	15,486
Accumulated Depreciation	$ 640
Date of Construction or Acquisition	Dec. 19, 2014
Maplewood [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 5,192
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	$ 956
Date of Construction or Acquisition	Jan. 1, 2009
Maplewood Bend One Two Three Four Six Seven Eight And Royale [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 548
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	$ 149
Date of Construction or Acquisition	Aug. 31, 2009
Martha Alice [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Encumbrances	$ 735
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	$ 225
Date of Construction or Acquisition	Jul. 1, 2008
Mayfair [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 720
Initial cost to company, Land	60
Initial cost to company, Buildings	752
Costs capitalized subsequent to acquisition, land	7
Costs capitalized subsequent to acquisition, buildings	32
Gross Amount at which carried at close of period, Land	67
Gross Amount at which carried at close of period, Buildings.	784
Gross Amount at which carried at close of period, Total	851
Accumulated Depreciation	$ 61
Date of Construction or Acquisition	Nov. 8, 2013
Monticello [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Little Canada, MN
Encumbrances	$ 19,072
Initial cost to company, Land	5,809
Initial cost to company, Buildings	19,687
Costs capitalized subsequent to acquisition, land	15
Costs capitalized subsequent to acquisition, buildings	458
Gross Amount at which carried at close of period, Land	5,824
Gross Amount at which carried at close of period, Buildings.	20,145
Gross Amount at which carried at close of period, Total	25,969
Accumulated Depreciation	$ 1,644
Date of Construction or Acquisition	Oct. 2, 2013
Montreal Courts Maturing on October-2023 [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 1,762
Initial cost to company, Land	270
Initial cost to company, Buildings	2,354
Costs capitalized subsequent to acquisition, land	13
Costs capitalized subsequent to acquisition, buildings	213
Gross Amount at which carried at close of period, Land	283
Gross Amount at which carried at close of period, Buildings.	2,567
Gross Amount at which carried at close of period, Total	2,850
Accumulated Depreciation	$ 539
Date of Construction or Acquisition	Apr. 30, 2008
Oak Court [Member] | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	28 years
Oak Court [Member] | Maximum | Residential Property
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 703
Initial cost to company, Land	95
Initial cost to company, Buildings	777
Costs capitalized subsequent to acquisition, buildings	42
Gross Amount at which carried at close of period, Land	95
Gross Amount at which carried at close of period, Buildings.	819
Gross Amount at which carried at close of period, Total	914
Accumulated Depreciation	$ 79
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 602
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	$ 88
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 371
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	$ 45
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Encumbrances	$ 143
Initial cost to company, Land	373
Initial cost to company, Buildings	3,845
Costs capitalized subsequent to acquisition, buildings	78
Gross Amount at which carried at close of period, Land	373
Gross Amount at which carried at close of period, Buildings.	3,923
Gross Amount at which carried at close of period, Total	4,296
Accumulated Depreciation	$ 164
Date of Construction or Acquisition	May 13, 2015
Parkview Arms, Bismark, ND | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	5 years
Parkview Arms, Bismark, ND | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Parkwest Gardens [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	West Fargo, ND
Encumbrances	$ 4,011
Initial cost to company, Land	713
Initial cost to company, Buildings	5,825
Costs capitalized subsequent to acquisition, buildings	427
Gross Amount at which carried at close of period, Land	713
Gross Amount at which carried at close of period, Buildings.	6,252
Gross Amount at which carried at close of period, Total	6,965
Accumulated Depreciation	$ 392
Date of Construction or Acquisition	Jun. 30, 2014
Parkwest Gardens [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 1,079
Initial cost to company, Land	126
Initial cost to company, Buildings	1,143
Costs capitalized subsequent to acquisition, land	7
Costs capitalized subsequent to acquisition, buildings	16
Gross Amount at which carried at close of period, Land	133
Gross Amount at which carried at close of period, Buildings.	1,159
Gross Amount at which carried at close of period, Total	1,292
Accumulated Depreciation	$ 232
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Encumbrances	$ 4,380
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	$ 756
Date of Construction or Acquisition	Mar. 19, 2008
Pebble Creek [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 1,289
Initial cost to company, Land	308
Initial cost to company, Buildings	1,815
Costs capitalized subsequent to acquisition, land	28
Costs capitalized subsequent to acquisition, buildings	43
Gross Amount at which carried at close of period, Land	336
Gross Amount at which carried at close of period, Buildings.	1,858
Gross Amount at which carried at close of period, Total	2,194
Accumulated Depreciation	$ 466
Date of Construction or Acquisition	Sep. 1, 2006
Prairiewood Courts [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 2,242
Initial cost to company, Land	736
Initial cost to company, Buildings	2,514
Costs capitalized subsequent to acquisition, land	8
Costs capitalized subsequent to acquisition, buildings	10
Gross Amount at which carried at close of period, Land	744
Gross Amount at which carried at close of period, Buildings.	2,524
Gross Amount at which carried at close of period, Total	3,268
Accumulated Depreciation	$ 273
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Springfield, MO
Encumbrances	$ 7,164
Initial cost to company, Land	1,529
Initial cost to company, Buildings	8,717
Costs capitalized subsequent to acquisition, buildings	67
Gross Amount at which carried at close of period, Land	1,529
Gross Amount at which carried at close of period, Buildings.	8,784
Gross Amount at which carried at close of period, Total	10,313
Accumulated Depreciation	$ 421
Date of Construction or Acquisition	Feb. 3, 2015
Quail Creek, Springfield, MO | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Encumbrances	$ 6,028
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	285
Gross Amount at which carried at close of period, Land	759
Gross Amount at which carried at close of period, Buildings.	6,631
Gross Amount at which carried at close of period, Total	7,390
Accumulated Depreciation	$ 1,560
Date of Construction or Acquisition	Jul. 1, 2007
Richfield [Member] | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	5 years
Richfield [Member] | Maximum | Residential Property
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Coon Rapids, MN
Encumbrances	$ 4,751
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	277
Gross Amount at which carried at close of period, Land	1,380
Gross Amount at which carried at close of period, Buildings.	6,410
Gross Amount at which carried at close of period, Total	7,790
Accumulated Depreciation	$ 318
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Roseville, MN
Encumbrances	$ 16,103
Initial cost to company, Land	4,680
Initial cost to company, Buildings	20,591
Costs capitalized subsequent to acquisition, buildings	321
Gross Amount at which carried at close of period, Land	4,680
Gross Amount at which carried at close of period, Buildings.	20,912
Gross Amount at which carried at close of period, Total	25,592
Accumulated Depreciation	$ 1,082
Date of Construction or Acquisition	Dec. 19, 2014
Rosedale Estates [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 2,244
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	$ 676
Date of Construction or Acquisition	Apr. 30, 2008
Rosegate [Member] | Minimum | Residential Property
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Roughrider [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Initial cost to company, Land	$ 100
Initial cost to company, Buildings	448
Costs capitalized subsequent to acquisition, buildings	7
Gross Amount at which carried at close of period, Land	100
Gross Amount at which carried at close of period, Buildings.	455
Gross Amount at which carried at close of period, Total	555
Accumulated Depreciation	$ 5
Date of Construction or Acquisition	Aug. 1, 2016
Roughrider [Member] | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	5 years
Roughrider [Member] | Maximum | Residential Property
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	West Fargo, ND
Encumbrances	$ 1,014
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	89
Gross Amount at which carried at close of period, Land	161
Gross Amount at which carried at close of period, Buildings.	1,351
Gross Amount at which carried at close of period, Total	1,512
Accumulated Depreciation	$ 256
Date of Construction or Acquisition	Dec. 31, 2008
Life on which depreciation on latest income statement is computed	40 years
Schrock [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 527
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	$ 56
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 2,090
Initial cost to company, Land	292
Initial cost to company, Buildings	2,424
Costs capitalized subsequent to acquisition, land	21
Costs capitalized subsequent to acquisition, buildings	16
Gross Amount at which carried at close of period, Land	313
Gross Amount at which carried at close of period, Buildings.	2,440
Gross Amount at which carried at close of period, Total	2,753
Accumulated Depreciation	$ 198
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Encumbrances	$ 5,597
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	$ 1,633
Date of Construction or Acquisition	Sep. 1, 2006
Life on which depreciation on latest income statement is computed	40 years
Somerset [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 3,131
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	$ 729
Date of Construction or Acquisition	Jul. 1, 2008
Life on which depreciation on latest income statement is computed	40 years
Southgate [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 2,811
Initial cost to company, Land	803
Initial cost to company, Buildings	5,299
Costs capitalized subsequent to acquisition, buildings	(96)
Gross Amount at which carried at close of period, Land	803
Gross Amount at which carried at close of period, Buildings.	5,203
Gross Amount at which carried at close of period, Total	6,006
Accumulated Depreciation	$ 1,231
Date of Construction or Acquisition	Jul. 1, 2007
Southgate [Member] | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	20 years
Southgate [Member] | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Southview Third [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Encumbrances	$ 217
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	$ 78
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 1,967
Initial cost to company, Land	268
Initial cost to company, Buildings	2,519
Costs capitalized subsequent to acquisition, land	15
Costs capitalized subsequent to acquisition, buildings	122
Gross Amount at which carried at close of period, Land	283
Gross Amount at which carried at close of period, Buildings.	2,641
Gross Amount at which carried at close of period, Total	2,924
Accumulated Depreciation	$ 604
Date of Construction or Acquisition	Oct. 1, 2007
Southview Villages [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 574
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	$ 82
Date of Construction or Acquisition	Feb. 6, 2013
Spring [Member] | Minimum | Residential Property
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
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
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	83
Gross Amount at which carried at close of period, Land	291
Gross Amount at which carried at close of period, Buildings.	3,949
Gross Amount at which carried at close of period, Total	4,240
Accumulated Depreciation	$ 384
Date of Construction or Acquisition	Feb. 6, 2013
Stanford Court [Member] | Minimum | Residential Property
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Stone Field Clubhouse [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Initial cost to company, Land	$ 34
Initial cost to company, Buildings	1,147
Gross Amount at which carried at close of period, Land	34
Gross Amount at which carried at close of period, Buildings.	1,147
Gross Amount at which carried at close of period, Total	1,181
Accumulated Depreciation	$ 14
Date of Construction or Acquisition	Jul. 31, 2016
Life on which depreciation on latest income statement is computed	40 years
Stonefield Phase I [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Encumbrances	$ 9,001
Initial cost to company, Land	2,804
Initial cost to company, Buildings	13,353
Costs capitalized subsequent to acquisition, land	207
Costs capitalized subsequent to acquisition, buildings	(216)
Gross Amount at which carried at close of period, Land	3,011
Gross Amount at which carried at close of period, Buildings.	13,137
Gross Amount at which carried at close of period, Total	16,148
Accumulated Depreciation	$ 670
Date of Construction or Acquisition	Aug. 1, 2014
Stonefield Phase I [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Initial cost to company, Land	$ 1,167
Initial cost to company, Buildings	1,181
Costs capitalized subsequent to acquisition, land	278
Costs capitalized subsequent to acquisition, buildings	1,275
Gross Amount at which carried at close of period, Land	1,445
Gross Amount at which carried at close of period, Buildings.	2,456
Gross Amount at which carried at close of period, Total	3,901
Accumulated Depreciation	$ 15
Date of Construction or Acquisition	Oct. 23, 2014
Life on which depreciation on latest income statement is computed	40 years
Stonefield Phase III [Member] | Residential Property
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	216
Gross Amount at which carried at close of period, Land	1,295
Gross Amount at which carried at close of period, Total	$ 1,295
Date of Construction or Acquisition	Oct. 23, 2014
Stonybrook [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Omaha, NE
Encumbrances	$ 7,487
Initial cost to company, Land	1,439
Initial cost to company, Buildings	8,003
Costs capitalized subsequent to acquisition, buildings	1,344
Gross Amount at which carried at close of period, Land	1,439
Gross Amount at which carried at close of period, Buildings.	9,347
Gross Amount at which carried at close of period, Total	10,786
Accumulated Depreciation	$ 1,656
Date of Construction or Acquisition	Jan. 20, 2009
Stonybrook [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 123
Initial cost to company, Land	129
Initial cost to company, Buildings	599
Costs capitalized subsequent to acquisition, land	1
Costs capitalized subsequent to acquisition, buildings	39
Gross Amount at which carried at close of period, Land	130
Gross Amount at which carried at close of period, Buildings.	638
Gross Amount at which carried at close of period, Total	768
Accumulated Depreciation	$ 22
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 3,917
Initial cost to company, Land	681
Initial cost to company, Buildings	5,510
Costs capitalized subsequent to acquisition, land	21
Costs capitalized subsequent to acquisition, buildings	63
Gross Amount at which carried at close of period, Land	702
Gross Amount at which carried at close of period, Buildings.	5,573
Gross Amount at which carried at close of period, Total	6,275
Accumulated Depreciation	$ 174
Date of Construction or Acquisition	Oct. 1, 2015
Summit Point [Member] | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	20 years
Summit Point [Member] | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Sunset Ridge [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Encumbrances	$ 8,641
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	$ 2,095
Date of Construction or Acquisition	Jun. 6, 2008
Sunset Ridge [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Encumbrances	$ 1,126
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	$ 331
Date of Construction or Acquisition	Dec. 31, 2008
Sunview [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 2,875
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	21
Gross Amount at which carried at close of period, Land	365
Gross Amount at which carried at close of period, Buildings.	3,541
Gross Amount at which carried at close of period, Total	3,906
Accumulated Depreciation	$ 837
Date of Construction or Acquisition	Jul. 1, 2007
Sunwood [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Moorhead, MN
Encumbrances	$ 2,063
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	$ 280
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Hutchinson, MN
Encumbrances	$ 940
Initial cost to company, Land	816
Initial cost to company, Buildings	3,245
Costs capitalized subsequent to acquisition, buildings	93
Gross Amount at which carried at close of period, Land	816
Gross Amount at which carried at close of period, Buildings.	3,338
Gross Amount at which carried at close of period, Total	4,154
Accumulated Depreciation	$ 185
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 2,226
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	$ 435
Date of Construction or Acquisition	Oct. 1, 2008
Twin Parks [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Encumbrances	$ 1,066
Initial cost to company, Land	356
Initial cost to company, Buildings	1,668
Costs capitalized subsequent to acquisition, buildings	69
Gross Amount at which carried at close of period, Land	356
Gross Amount at which carried at close of period, Buildings.	1,737
Gross Amount at which carried at close of period, Total	2,093
Accumulated Depreciation	$ 84
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Golden Valley, MN
Encumbrances	$ 4,709
Initial cost to company, Land	1,190
Initial cost to company, Buildings	6,217
Costs capitalized subsequent to acquisition, buildings	59
Gross Amount at which carried at close of period, Land	1,190
Gross Amount at which carried at close of period, Buildings.	6,276
Gross Amount at which carried at close of period, Total	7,466
Accumulated Depreciation	$ 324
Date of Construction or Acquisition	Dec. 19, 2014
Valley View [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 799
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	$ 424
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 2,585
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	$ 496
Date of Construction or Acquisition	Apr. 30, 2008
Life on which depreciation on latest income statement is computed	40 years
Washington [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Encumbrances	$ 459
Initial cost to company, Land	74
Initial cost to company, Buildings	592
Costs capitalized subsequent to acquisition, buildings	14
Gross Amount at which carried at close of period, Land	74
Gross Amount at which carried at close of period, Buildings.	606
Gross Amount at which carried at close of period, Total	680
Accumulated Depreciation	$ 10
Date of Construction or Acquisition	May 4, 2016
Life on which depreciation on latest income statement is computed	40 years
Westcourt [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 2,426
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	$ 240
Date of Construction or Acquisition	Jan. 2, 2014
Westcourt [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Hawley, MN
Encumbrances	$ 563
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	$ 64
Date of Construction or Acquisition	Feb. 1, 2010
Life on which depreciation on latest income statement is computed	40 years
Westwind [Member] | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 297
Initial cost to company, Land	49
Initial cost to company, Buildings	455
Costs capitalized subsequent to acquisition, land	1
Costs capitalized subsequent to acquisition, buildings	83
Gross Amount at which carried at close of period, Land	50
Gross Amount at which carried at close of period, Buildings.	538
Gross Amount at which carried at close of period, Total	588
Accumulated Depreciation	$ 117
Date of Construction or Acquisition	Apr. 30, 2008
Westwind [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 4,442
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	183
Gross Amount at which carried at close of period, Land	610
Gross Amount at which carried at close of period, Buildings.	6,638
Gross Amount at which carried at close of period, Total	7,248
Accumulated Depreciation	$ 1,415
Date of Construction or Acquisition	Jun. 5, 2008
Westwood [Member] | Minimum | Residential Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 4,075
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	323
Gross Amount at which carried at close of period, Land	295
Gross Amount at which carried at close of period, Buildings.	5,621
Gross Amount at which carried at close of period, Total	5,916
Accumulated Depreciation	$ 1,080
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 2,099
Initial cost to company, Land	635
Initial cost to company, Buildings	3,300
Costs capitalized subsequent to acquisition, land	9
Costs capitalized subsequent to acquisition, buildings	82
Gross Amount at which carried at close of period, Land	644
Gross Amount at which carried at close of period, Buildings.	3,382
Gross Amount at which carried at close of period, Total	4,026
Accumulated Depreciation	$ 1,064
Date of Construction or Acquisition	Mar. 16, 2004
32nd Avenue [Member] | Minimum | Office Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bismarck, ND
Encumbrances	$ 6,535
Initial cost to company, Land	1,291
Initial cost to company, Buildings	7,372
Costs capitalized subsequent to acquisition, land	30
Costs capitalized subsequent to acquisition, buildings	946
Gross Amount at which carried at close of period, Land	1,321
Gross Amount at which carried at close of period, Buildings.	8,318
Gross Amount at which carried at close of period, Total	9,639
Accumulated Depreciation	$ 1,926
Date of Construction or Acquisition	Dec. 6, 2006
Aetna [Member] | Minimum | Office Property
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Bell Plaza (FKA Northland Plaza) [Member] | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Bloomington, MN
Encumbrances	$ 34,855
Initial cost to company, Land	6,912
Initial cost to company, Buildings	36,520
Costs capitalized subsequent to acquisition, buildings	656
Gross Amount at which carried at close of period, Land	6,912
Gross Amount at which carried at close of period, Buildings.	37,176
Gross Amount at which carried at close of period, Total	44,088
Accumulated Depreciation	$ 3,135
Date of Construction or Acquisition	Aug. 13, 2015
Bell Plaza (FKA Northland Plaza) [Member] | Minimum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	1 year
Bell Plaza (FKA Northland Plaza) [Member] | Maximum | Office Property
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
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	$ 135
Date of Construction or Acquisition	May 13, 2011
First International Bank And Trust [Member] | Minimum | Office Property
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
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
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	$ 286
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Grand Forks, ND
Encumbrances	$ 938
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	131
Gross Amount at which carried at close of period, Land	383
Gross Amount at which carried at close of period, Buildings.	1,048
Gross Amount at which carried at close of period, Total	1,431
Accumulated Depreciation	$ 201
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 2,796
Initial cost to company, Land	1,160
Initial cost to company, Buildings	14,796
Costs capitalized subsequent to acquisition, land	62
Costs capitalized subsequent to acquisition, buildings	1,181
Gross Amount at which carried at close of period, Land	1,222
Gross Amount at which carried at close of period, Buildings.	15,977
Gross Amount at which carried at close of period, Total	17,199
Accumulated Depreciation	$ 3,779
Date of Construction or Acquisition	Jul. 1, 2007
Goldmark Office Park [Member] | Minimum | Office Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 957
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	$ 434
Date of Construction or Acquisition	Feb. 1, 2005
Great American Bldg [Member] | Minimum | Office Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Minot, ND
Encumbrances	$ 1,283
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	$ 354
Date of Construction or Acquisition	Jan. 1, 2004
Life on which depreciation on latest income statement is computed	40 years
Parkway office building (FKA Echelon) [member] | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fargo, ND
Encumbrances	$ 1,015
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	$ 363
Date of Construction or Acquisition	May 15, 2007
Parkway office building (FKA Echelon) [member] | Minimum | Office Property
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life on which depreciation on latest income statement is computed	40 years
Redpath [Member] | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	White Bear Lake, MN
Encumbrances	$ 2,755
Initial cost to company, Land	1,195
Initial cost to company, Buildings	1,787
Gross Amount at which carried at close of period, Land	1,195
Gross Amount at which carried at close of period, Buildings.	1,787
Gross Amount at which carried at close of period, Total	2,982
Accumulated Depreciation	$ 41
Date of Construction or Acquisition	Feb. 1, 2016
Life on which depreciation on latest income statement is computed	40 years
Regis [Member] | Office Property
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	$ 1,533
Date of Construction or Acquisition	Jan. 1, 2009
Life on which depreciation on latest income statement is computed	40 years
Ssa [Member] | Office Property
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	18
Gross Amount at which carried at close of period, Land	100
Gross Amount at which carried at close of period, Buildings.	2,811
Gross Amount at which carried at close of period, Total	2,911
Accumulated Depreciation	$ 685
Date of Construction or Acquisition	Mar. 20, 2007
Ssa [Member] | Minimum | Office Property
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
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
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	1,159
Gross Amount at which carried at close of period, Land	485
Gross Amount at which carried at close of period, Buildings.	8,429
Gross Amount at which carried at close of period, Total	8,914
Accumulated Depreciation	$ 1,789
Date of Construction or Acquisition	Jul. 11, 2007
Wf Center [Member] | Minimum | Office Property
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
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
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	$ 185
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
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	$ 81
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
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	$ 149
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
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	$ 72
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
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	$ 542
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
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	$ 270
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Dickinson, ND
Encumbrances	$ 593
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	$ 82
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
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	$ 112
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
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	$ 99
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
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	$ 68
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Alexandria, LA
Encumbrances	$ 1,666
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	$ 522
Date of Construction or Acquisition	Dec. 18, 2009
Walgreens La [Member] | Minimum | Retail Property
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
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Batesville, AR
Encumbrances	$ 5,968
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	$ 1,201
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Denver, CO
Encumbrances	$ 3,524
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	$ 329
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Fayetteville, AR
Encumbrances	$ 4,563
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	$ 887
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
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Physical Location	Laurel, MS
Encumbrances	$ 1,648
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	$ 485
Date of Construction or Acquisition	Jul. 30, 2010
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	$ 6,936
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	$ 1,985
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	$ 10,891
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	108
Gross Amount at which carried at close of period, Land	4,467
Gross Amount at which carried at close of period, Buildings.	15,909
Gross Amount at which carried at close of period, Total	20,376
Accumulated Depreciation	$ 5,042
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	$ 2,190
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	40
Gross Amount at which carried at close of period, Land	959
Gross Amount at which carried at close of period, Buildings.	2,631
Gross Amount at which carried at close of period, Total	3,590
Accumulated Depreciation	$ 1,476
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

Schedule III - Real Estate an83

Schedule III - Real Estate and Accumulated Depreciation - Changes in Real Estate Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Beginning balance	$ 669,484	$ 591,136	$ 450,250
Purchase of real estate investments	48,305	82,111	143,141
Sale and disposal of real estate investment	(1,766)	(1,325)	(2,255)
Property held for sale	(3,234)	(2,058)
Provision for asset impairment	0	(412)	0
Construction in progress not yet placed in service	2,511
Reallocation to intangible assets		32
Ending balance	$ 715,300	$ 669,484	$ 591,136

Schedule III - Real Estate an84

Schedule III - Real Estate and Accumulated Depreciation - Changes in Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Beginning balance	$ 74,975	$ 58,873	$ 47,058
Depreciation expense	18,507	16,466	12,116
Property held for sale	(867)	(342)
Sale and disposal of investment property	(290)	(22)	(301)
Ending balance	$ 92,325	$ 74,975	$ 58,873

Schedule III - Real Estate an85

Schedule III - Real Estate and Accumulated Depreciation - Other (Details) $ in Thousands	Dec. 31, 2016USD ($)
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
The aggregate cost of our real estate for federal income tax purposes	$ 624,433