Sterling Real Estate Trust 10-K 15 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 08, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	Sterling Real Estate Trust
Entity Central Index Key	0001412502
Document Type	10-K
Document Period End Date	Dec. 31, 2018
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	Non-accelerated Filer
Entity Public Float			$ 141,056,051
Entity Common Stock, Shares Outstanding		9,092,828
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Land and land improvements	$ 114,027	$ 110,950
Building and improvements	675,308	647,377
Construction in progress	1,361	1,376
Real estate investments	790,696	759,703
Less accumulated depreciation	(128,112)	(111,026)
Real estate investments, net	662,584	648,677
Cash and cash equivalents	21,212	12,490
Restricted deposits	8,853	8,063
Investment in unconsolidated affiliates	2,691	2,772
Lease intangible assets, less accumulated amortization of $13,714 in 2018 and $12,932 in 2017	10,976	13,263
Other assets	8,151	6,340
Total Assets	714,467	691,605
LIABILITIES
Mortgage notes payable, net	406,017	394,843
Dividends payable	6,828	6,436
Tenant security deposits payable	4,286	4,038
Lease intangible liabilities, less accumulated amortization of $1,621 in 2018 and $1,386 in 2017	1,468	1,776
Accrued expenses and other liabilities	12,117	10,737
Total Liabilities	430,716	417,830
COMMITMENTS and CONTINGENCIES - Note 16
SHAREHOLDERS' EQUITY
Beneficial interest	97,883	90,816
Noncontrolling interest in operating partnership	183,360	179,844
Noncontrolling in partially owned properties	2,538	3,180
Accumulated other comprehensive loss	(30)	(65)
Total Shareholders' Equity	283,751	273,775
Total liabilities and shareholders' equity	$ 714,467	$ 691,605

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED BALANCE SHEETS
Accumulated amortization on intangible assets	$ 13,715	$ 12,932
Accumulated amortization on unfavorable leases	$ 1,621	$ 1,386

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income from rental operations
Real estate rental income	$ 111,113	$ 108,136	$ 101,885
Tenant reimbursements	6,118	6,162	6,178
Total income from rental operations	117,231	114,298	108,063
Expenses from rental operations
Operating expenses, excluding real estate taxes	45,961	43,690	41,166
Real estate taxes	11,624	11,052	9,524
Depreciation and amortization	21,350	21,544	22,145
Interest	18,329	18,630	18,366
Gain (loss) on lease terminations	(22)	146	299
Total expenses from rental operations	97,242	95,062	91,500
Administration of REIT	4,100	5,144	5,600
Total expenses	101,342	100,206	97,100
Income from operations	15,889	14,092	10,963
Other income (expense)
Equity in income of unconsolidated affiliates	634	1,016	1,019
Other income	273	85	83
Gain (loss) on sale of real estate and non-real estate investments	3,715	2,049	(321)
Gain on change in control of real estate investments		2,186	550
Gain on sale of investment in equity method investee		3	597
Gain (loss) on involuntary conversion	1,467	452	(34)
Total other income (expense)	6,089	5,791	1,894
Net income	21,978	19,883	12,857
Net income (loss) attributable to noncontrolling interest in operating partnership	14,768	13,634	9,034
Net income (loss) attributable to noncontrolling interest in partially owned properties	(164)	(265)	(602)
Net income attributable to Sterling Real Estate Trust	$ 7,374	$ 6,514	$ 4,425
Net income per common share, basic and diluted	$ 0.84	$ 0.78	$ 0.56
Comprehensive income:
Net income	$ 21,978	$ 19,883	$ 12,857
Other comprehensive gain - change in fair value of interest rate swaps	35	80	74
Comprehensive income	22,013	19,963	12,931
Comprehensive income attributable to noncontrolling interest	14,628	13,423	8,482
Comprehensive income attributable to Sterling Real Estate Trust	$ 7,385	$ 6,540	$ 4,449

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, 2015		$ 99,677	$ (18,378)	$ 81,299	$ 154,810	$ 4,537	$ (219)	$ 240,427
Beginning Balance (in shares) at Dec. 31, 2015	7,579,000
Shares issued under trustee compensation plan		60		60				60
Shares issued under 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
Shares issued under trustee compensation plan		59		59				59
Shares issued under to trustee compensation plan (in shares)	4,000
Contribution of assets in exchange for the issuance of noncontrolling interest shares					14,733			14,733
Shares/units redeemed		(1,110)		(1,110)	(1,284)			(2,394)
Shares/units redeemed (in shares)	(72,000)
Dividends declared			(8,212)	(8,212)	(17,244)			(25,456)
Dividends reinvested - stock dividend		5,163		5,163				$ 5,163
Dividends reinvested - stock dividend (in shares)	331,000							331,000
Issuance of shares under optional purchase plan		3,543		3,543				$ 3,543
Issuance of shares under optional purchase plan (in shares)	216,000
UPREIT units converted to REIT common shares		133		133	(133)
UPREIT units converted to REIT common shares (in shares)	8,000
Change in fair value of interest rate swaps							80	80
Distributions paid to consolidated real estate entity noncontrolling interests						(490)		(490)
Net income			6,514	6,514	13,634	(265)		19,883
Ending balance at Dec. 31, 2017		113,995	(23,179)	90,816	179,844	3,180	(65)	$ 273,775
Ending balance (in shares) at Dec. 31, 2017	8,488,000							8,488,000
Shares issued under trustee compensation plan		57		57				$ 57
Shares issued under to trustee compensation plan (in shares)	3,000
Contribution of assets in exchange for the issuance of noncontrolling interest shares					7,819			7,819
Shares/units redeemed		(1,315)		(1,315)	(1,116)			(2,431)
Shares/units redeemed (in shares)	(75,000)
Dividends declared			(8,936)	(8,936)	(17,955)			(26,891)
Dividends reinvested - stock dividend		5,711		5,711				$ 5,711
Dividends reinvested - stock dividend (in shares)	325,000							325,000
Issuance of shares under optional purchase plan		4,176		4,176				$ 4,176
Issuance of shares under optional purchase plan (in shares)	226,000
Change in fair value of interest rate swaps							35	35
Distributions paid to consolidated real estate entity noncontrolling interests						(478)		(478)
Net income			7,374	7,374	14,768	(164)		21,978
Ending balance at Dec. 31, 2018		$ 122,624	$ (24,741)	$ 97,883	$ 183,360	$ 2,538	$ (30)	$ 283,751
Ending balance (in shares) at Dec. 31, 2018	8,967,000							8,967,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
OPERATING ACTIVITIES
Net income	$ 21,978	$ 19,883	$ 12,857
Adjustments to reconcile net income to net cash from operating activities
Gain on sale of real estate investments	(3,715)	(2,072)	316
Loss on sale of non-real estate investments		23	4
(Gain) on change in control of real estate investment		(2,186)	(550)
(Gain) on sale of joint venture interest			(597)
Gain on involuntary conversion	(1,467)	(452)	34
Loss on lease terminations		146	299
Equity in income of unconsolidated affiliates	(634)	(1,016)	(1,019)
Distributions of earnings of unconsolidated affiliates	634	1,016	1,014
Allowance for uncollectible accounts receivable	560
Depreciation	19,165	19,057	18,507
Amortization	2,127	2,429	3,539
Amortization of debt issuance costs	708	769	694
Effects on operating cash flows due to changes in
Other assets	(2,980)	(441)	74
Tenant security deposits payable	85	149	103
Accrued expenses and other liabilities	1,961	173	(276)
NET CASH PROVIDED BY OPERATING ACTIVITIES	38,422	37,478	34,999
INVESTING ACTIVITIES
Purchase of real estate investment properties	(20,419)	(8,794)	(9,745)
Capital expenditures and tenant improvements	(10,273)	(11,047)	(10,848)
Proceeds from sale of real estate investments and non-real estate investments	12,482	4,442	1,409
Proceeds from involuntary conversion	1,112	1,940	973
Proceeds from sale of joint venture interest			2,600
Investment in unconsolidated affiliates	(81)	(294)	(67)
Distributions in excess of earnings received from unconsolidated affiliates	162	92	542
Notes receivable payments received		642	9
NET CASH USED IN INVESTING ACTIVITIES	(17,017)	(13,019)	(15,127)
FINANCING ACTIVITIES
Payments for financing, debt issuance and lease costs	(707)	(486)	(446)
Payments on investment certificates and subordinated debt	(50)		(50)
Principal payments on special assessments payable	(284)	(1,275)	(1,984)
Proceeds from issuance of mortgage notes payable and subordinated debt	23,728	23,916	20,271
Principal payments on mortgage notes payable	(15,060)	(26,208)	(13,345)
Advances on lines of credit	3,811		6,669
Payments on lines of credit	(3,811)		(6,669)
Proceeds from issuance of shares under optional purchase plan	4,176	3,543	2,150
Shares/units redeemed	(2,431)	(2,394)	(2,062)
Dividends/distributions paid	(21,265)	(20,272)	(17,712)
NET CASH USED IN FINANCING ACTIVITIES	(11,893)	(23,176)	(13,178)
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS	9,512	1,283	6,694
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD	20,553	19,270	12,576
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD	$ 30,065	$ 20,553	$ 19,270

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Disclosures - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD
Cash and cash equivalents	$ 21,212	$ 12,490	$ 12,034
Restricted deposits	8,853	8,063	7,236
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS, END OF PERIOD	30,065	20,553	19,270
SCHEDULE OF CASH FLOW INFORMATION
Cash paid during the period for interest, net of capitalized interest	18,284	18,615	18,319
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Dividends reinvested	5,711	5,163	4,760
Dividends declared and not paid	2,281	2,101	1,920
UPREIT distributions declared and not paid	4,547	4,335	4,005
UPREIT units converted to REIT common shares		133	754
Shares issued pursuant to trustee compensation plan	57	59	60
Acquisition of assets in exchange for the issuance of noncontrolling interest units in UPREIT	7,819	14,733	23,468
Increase in land improvements due to increase in special assessments payable	447	1,300	908
Unrealized gain on interest rate swaps	35	80	74
Acquisition of assets with new financing		5,052	2,662
Acquisition of assets through assumption of debt and liabilities	$ 2,680	1,427	78
Capitalized interest related to construction in progress		142	136
Acquisition of assets with accounts payable		$ 416	$ (34)

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017, Sterling owned approximately 33.41% and 32.64%, respectively, of the operating partnership.

PRINCIPAL ACTIVITY AND SIGNIFIC

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
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, 173 properties. The Trust’s 125 residential properties are located in North Dakota, Minnesota, Missouri and Nebraska and are principally multifamily apartment buildings. The Trust owns 48 commercial properties primarily located in North Dakota with others located in Arkansas, Colorado, Iowa, Louisiana, Michigan, Minnesota, Mississippi, Nebraska and Wisconsin. The commercial properties include retail, office, industrial, restaurant and medical properties. The Trust’s mix of properties is 73.0% residential and 27.0% commercial (based on cost) at December 31, 2018. Currently our focus is limited to multifamily apartment properties. We currently have no plans with respect to our non-multifamily apartment properties. We will consider unsolicited offers for purchase of non-multifamily properties on a case by case basis. 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 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 Real estate investments are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. The Company allocates the purchase price of each acquired investment property accounted for as a business combination based upon the estimated acquisition date fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, (v) any assumed financing that is determined to be above or below market, (vi) the value of customer relationships and (vii) goodwill, if any. Transaction costs related to acquisitions accounted for as business combinations are expensed as incurred and included within “Administration of REIT expenses” in the accompanying consolidated statements of operations and other comprehensive income. The Company elected to early adopt ASU 2017-01, Business Combinations, on a prospective basis as of July 1, 2017. This guidance clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not considered a business and, thus, accounted for as an asset acquisition as opposed to a business combination. Refer to the “Recent Accounting Pronouncements” section within Note 2 to the consolidated financial statements. Under this guidance, the Company expects most acquisitions of investment property will meet this screen and, thus, be accounted for as asset acquisitions. The Company allocates the purchase price of each acquired investment property that is accounted for as an asset acquisition based upon the relative fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, (v) any assumed financing that is determined to be above or below market and (vi) the value of customer relationships. Asset acquisitions do not give rise to goodwill and the related transaction costs are capitalized and included with the allocated purchase price. For tangible assets acquired, including land, building and other improvements, the Company considers available comparable market and industry information in estimating acquisition date fair 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. The Company allocates a portion of the purchase price to the estimated acquired in-place lease value intangibles based on 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, lease origination costs for similar leases as well as lost rental payments during an assumed lease-up period. The Company also evaluates each acquired lease as compared to current market rates. If an acquired lease is determined to be above or below market, the Company allocates a portion of the purchase price to such above or below market leases based upon the present value of the difference between the contractual lease payments and estimated market rent payments over the remaining lease term. Renewal periods are included within the lease term in the calculation of above and below market lease values if, based upon factors known at the acquisition date, market participants would consider it reasonably assured that the lessee would exercise such options. Fair value estimates used in acquisition accounting, including the discount rate used, require the Company to consider various factors, including, but not limited to, market knowledge, demographics, age and physical condition of the property, geographic location, and size and location of tenant spaces within the acquired investment property. The portion of the purchase price allocated to acquired in-place lease value intangibles is amortized on a straight-line basis over the life of the related lease as amortization expense. The Company incurred amortization expense pertaining to acquired in-place lease value intangibles of $2,021, $2,253 and $3,275 for the years ended December 31, 2018, 2017 and 2016, respectively. The portion of the purchase price allocated to acquired above and below market lease intangibles is amortized on a straight-line basis over the life of the related lease as an adjustment to rental income. Amortization pertaining to above market lease intangibles of $222, $226 and $230 for the years ended December 31, 2018, 2017 and 2016, respectively, was recorded as a reduction to income from rental operations. Amortization pertaining to below market lease intangibles of $280, $284 and $331 for the years ended December 31, 2018, 2017 and 2016, respectively, was recorded as an increase to income from rental operations. Furniture and fixtures are stated at cost less accumulated depreciation. 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, 2018, 2017 and 2016 totaled $19,165, $19,057 and $18,507 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. There were no impairment losses during the years ended December 31, 2018, 2017 or 2016. 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 were no properties classified as held for sale at December 31, 2018 and 2017. See Note 17. 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. Construction in progress as of December 31, 2018 consists primarily of development and planning costs associated with phase III of a multifamily apartment community in Bismarck, North Dakota. Phase I and II of the Bismarck development are complete and Phase III is still in the planning stages and construction has not yet commenced. Cash and Cash Equivalents We classify highly liquid investments with a maturity of three months or less when purchased as cash equivalents. Restricted cash includes funds escrowed for tenant security deposits, real estate tax, insurance and mortgage escrows and escrow deposits required by lenders on certain properties to be used for future building renovations or tenant improvements and potential Internal Revenue Code Section 1031 tax deferred exchanges (1031 Exchange). 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, 2018, 2017 and 2016. 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. We determined that neither of our tenant in common arrangements qualify as variable interest entities and do not meet the control requirements for consolidation, as defined in ASC 810 at each reporting period. As of December 31, 2018 and 2017, the unconsolidated affiliates held total assets of $22,954 and $23,466 and mortgage notes payable of $17,091 and $17,470, respectively. The operating partnership previously owned a 40.26% interest as a tenant in common in a single asset limited liability company which owns a 144 unit residential, multifamily apartment complex in Bismarck, North Dakota. As of May 1, 2017, there was a change in control over the real estate investment, with the operating partnership acquiring the other tenant in common’s 59.74% ownership interest in the property (see Note 18). We estimated the property had a fair value of approximately $10,080. The operating partnership assumed a loan of $1,295 and issued $4,727 of limited partnership units for a total purchase price of approximately $6,022. The Company accounted for this as a business combination and recognized a gain on change in control of real estate investment of $2,186 in the second quarter of 2017 as a result of remeasuring the carrying value to fair value. 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, 2018 and 2017 of $10,483 and $10,692, 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, 2018 and 2017 of $6,608 and $6,778 respectively. The Company is jointly and severally liable for the full mortgage balance. Receivables Receivables consist primarily of amounts due for rent. Accounts receivable are carried at original amounts billed less an estimate made for doubtful accounts based on a review of outstanding amounts on a quarterly basis and reflect management’s best estimate of the amounts that will not be collected. Accounts receivable are written off when collection efforts have been exhausted and they are deemed uncollectible. Recoveries, if any, of receivables previously written off are recorded when received. The receivables are non-interest bearing and are unsecured. As of December 31, 2018, management’s estimate of uncollectible accounts receivable was $578. As of December 31, 2017, management determined no allowance was necessary for uncollectible receivables. Receivables are included in “Other assets” in the accompanying consolidated balance sheets. 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 interest 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 related to notes and mortgage notes using the effective interest rate method, over the estimated life of the related debt. We record debt issuance costs 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 for the years ended December 31, 2018, 2017 and 2016. 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 similar to 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, 2018, 2017 and 2016 follows: Tax Year Ended December 31, Dividend % Dividend % Dividend % 2018 2018 2017 2017 2016 2016 Tax status Ordinary income $ 0.7258 71.33 % $ 0.8124 82.05 % $ 0.8718 90.48 % Capital gain — — % 0.0015 0.16 % 0.0267 2.77 % Return of capital 0.2917 28.67 % 0.1761 17.79 % 0.0615 6.75 % $ 1.0175 100.00 % $ 0.9900 100.00 % $ 0.9600 100.00 % 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 consolidated 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, 2018 and 2017 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 2015. 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 $99, $246 and $499 for the years ended December 31, 2018, 2017 and 2016, respectively. The straight-line receivable balance included in other assets on the consolidated balance sheets as of December 31, 2018 and 2017 was $3,374 and $3,586 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, 2018, 2017 and 2016 and therefore, basic earnings per common share was equal to diluted earnings per common share for both periods. For the years ended December 31, 2018, 2017 and 2016, Sterling’s denominators for the basic and diluted earnings per common share were approximately 8,791,000, 8,300,000, and 7,844,000, respectively. Reclassifications Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations or equity. 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 have completed an adoption plan which included 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 adopted this standard effective as of January 1, 2018 and have concluded that the adoption of this guidance did not have an impact on our financial position or results of operations. We concluded this standard will have an impact on the disclosure of gain/loss on sale of real estate investments upon the adoption of the update ASU 2014-09, but will not have an impact on “total real estate rental income.” In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which superseded FASB ASC Topic 840. The standard for operating leases as lessor is largely unchanged under ASU 2016-02. However, the standard requires lessees to recognize lease assets and lease liabilities for leases classified as operating and finance leases on the balance sheet. Lessees will recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it will recognize lease expense for such leases generally on a straight-line basis over the lease term. The new standard was effective for the Company effective January 1, 2019. The new standard was adopted using the optional transition method to apply the standard as of the effective date. The Company elected to apply the packa

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2018
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 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, 2018, 2017 and 2016, 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, 2018, 2017 and 2016. Year ended December 31, 2018 Year ended December 31, 2017 Year ended December 31, 2016 Residential Commercial Total Residential Commercial Total Residential Commercial Total (in thousands) (in thousands) (in thousands) Income from rental operations $ 90,981 $ 26,250 $ 117,231 $ 86,859 $ 27,439 $ 114,298 $ 80,497 $ 27,566 $ 108,063 Expenses from rental operations 50,246 7,339 57,585 47,284 7,458 54,742 43,766 6,924 50,690 Net operating income $ 40,735 $ 18,911 $ 59,646 $ 39,575 $ 19,981 $ 59,556 $ 36,731 $ 20,642 $ 57,373 Depreciation and amortization 21,350 21,544 22,145 Interest 18,329 18,630 18,366 Administration of REIT 4,100 5,144 5,600 Loss on lease terminations (22) 146 299 Other (income)/expense (6,089) (5,791) (1,894) Net income $ 21,978 $ 19,883 $ 12,857 Segment Assets and Accumulated Depreciation As of December 31, 2018 Residential Commercial Total (in thousands) Real estate investments $ 595,006 $ 195,690 $ 790,696 Accumulated depreciation (90,143) (37,969) (128,112) $ 504,863 $ 157,721 662,584 Cash and cash equivalents 21,212 Restricted deposits and funded reserves 8,853 Investment in unconsolidated affiliates 2,691 Other assets 8,151 Intangible assets, less accumulated amortization 10,976 Total Assets $ 714,467 As of December 31, 2017 Residential Commercial Total (in thousands) Real estate investments $ 557,309 $ 202,394 $ 759,703 Accumulated depreciation (76,404) (34,622) (111,026) $ 480,905 $ 167,772 648,677 Cash and cash equivalents 12,490 Restricted deposits and funded reserves 8,063 Investment in unconsolidated affiliates 2,772 Other assets 6,340 Intangible assets, less accumulated amortization 13,263 Total Assets $ 691,605

RESTRICTED DEPOSITS AND FUNDED

RESTRICTED DEPOSITS AND FUNDED RESERVES	12 Months Ended
	Dec. 31, 2018
RESTRICTED DEPOSITS AND FUNDED RESERVES
RESTRICTED DEPOSITS AND FUNDED RESERVES	NOTE 4 - RESTRICTED DEPOSITS AND FUNDED RESERVES 2018 2017 (in thousands) Tenant security deposits $ 4,156 $ 3,995 Real estate tax and insurance escrows 2,225 1,664 Replacement reserves 2,472 2,404 $ 8,853 $ 8,063 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.

LEASE INTANGIBLES

LEASE INTANGIBLES	12 Months Ended
	Dec. 31, 2018
LEASE INTANGIBLES
LEASE INTANGIBLES	NOTE 5 - 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, 2018 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 21,480 $ (12,422) $ 9,058 Above-market leases 3,211 (1,293) 1,918 $ 24,691 $ (13,715) $ 10,976 Lease Intangible Liabilities Below-market leases $ (3,089) $ 1,621 $ (1,468) Lease Accumulated Lease As of December 31, 2017 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 23,080 $ (11,797) $ 11,283 Above-market leases 3,115 (1,135) 1,980 $ 26,195 $ (12,932) $ 13,263 Lease Intangible Liabilities Below-market leases $ (3,162) $ 1,386 $ (1,776) 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) 2019 $ 1,844 $ 261 2020 1,456 213 2021 1,163 184 2022 1,028 164 2023 891 151 Thereafter 4,594 495 $ 10,976 $ 1,468 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, 2018 was 6.7 years.

LINES OF CREDIT

LINES OF CREDIT	12 Months Ended
	Dec. 31, 2018
LINES OF CREDIT
LINES OF CREDIT	NOTE 6 – LINES OF CREDIT We have a $18,300 variable rate (1-month LIBOR plus 2.25%) line of credit agreement with Wells Fargo Bank, which expires in June 2021; a $6,315 variable rate (prime rate less 0.5%) line of credit agreement with Bremer Bank, which expires in November 2019; a $5,000 variable rate (floating LIBOR plus 2.00%) line of credit agreement with Bremer Bank, which expires June 2022; and a $3,200 variable rate (LIBOR plus 2.04%) line of credit agreement with Bank of the West, which expires November 2020. The lines of credit are secured by properties in Duluth, Edina, Moorhead and St. Cloud, Minnesota; and Bismarck, Dickinson, Grand Forks and Fargo, North Dakota. At December 31, 2018, there was no balance outstanding on the lines of credit, leaving $32,815 available and unused under the agreements. 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, 2018, three residential properties were out of compliance with Bremer’s debt service coverage ratio requirement on an individual property basis, and the pooled property debt yield was out of compliance with Wells Fargo’s requirement. Annual waivers were received from the lenders. As of December 31, 2017, one residential property was out of compliance with Bremer’s debt service coverage ratio requirement on an individual property basis. In addition, one commercial property was out of compliance with Wells Fargo’s loan constant requirement on an individual property basis. Annual waivers were received from the lenders.

MORTGAGE NOTES PAYABLE

MORTGAGE NOTES PAYABLE	12 Months Ended
	Dec. 31, 2018
MORTGAGE NOTES PAYABLE
MORTGAGE NOTES PAYABLE	NOTE 7 - MORTGAGE NOTES PAYABLE The following table summarizes the Company’s mortgage notes payable. Principal Balance At December 31, December 31, 2018 2017 (in thousands) Fixed rate mortgage notes payable (a) $ 408,339 $ 397,567 Less unamortized debt issuance costs 2,322 2,724 $ 406,017 $ 394,843 (a) Includes $865 and $913 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2018 and 2017, respectively. As of December 31, 2018, we had 127 fixed rate and no variable rate mortgage loans with effective interest rates ranging from 3.44% to 7.25% per annum and a weighted average effective interest rate of 4.42% per annum. As of December 31, 2017, we had 122 fixed rate and no variable rate mortgage loans with effective interest rates ranging from 3.44% to 7.25% per annum, and a weighted average effective interest rate of 4.39% 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, 2018, nine loans on residential properties were out of compliance due to various unit renovation and parking lot repair and maintenance costs and increased vacancies in the North Dakota markets. The loans were secured by properties located in Bismarck, Fargo and Grand Forks, North Dakota with a total outstanding balance of $13,128 at December 31, 2018. Annual waivers have been received from the lenders. As of December 31, 2017, six 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 Grand Forks, North Dakota with a total outstanding balance of $8,392 at December 31, 2017. Annual 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) 2019 $ 25,076 2020 28,689 2021 46,617 2022 31,868 2023 47,746 Thereafter 228,343 Total payments $ 408,339

HEDGING ACTIVITIES

HEDGING ACTIVITIES	12 Months Ended
	Dec. 31, 2018
HEDGING ACTIVITIES
HEDGING ACTIVITIES	NOTE 8 – HEDGING ACTIVITIES As part of our interest rate risk management strategy, we have used derivative instruments to minimize significant unanticipated earnings fluctuations that may arise from rising variable interest rate costs associated with borrowings. To meet these objectives, we entered into an interest rate swap in the notional amount of $1,294 to provide a fixed rate of 7.25% that matures in April 2020. The swap was issued at approximate market terms and thus no fair value adjustment was recorded at inception. The carrying amount of the swap has been adjusted to its fair value 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 swap. The interest rate swap is accounted for as an effective hedge in accordance with ASC 815-20 whereby it is recorded at fair value and changes in fair value are recorded to comprehensive income. As of December 31, 2018 and 2017, we recorded a liability and accumulated other comprehensive loss of $30 and $65, respectively.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	12 Months Ended
	Dec. 31, 2018
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT	NOTE 9 - FAIR VALUE MEASUREMENT The following table presents the carrying value and estimated fair value of the Company’s financial instruments: December 31, 2018 December 31, 2017 Carrying Carrying Value Fair Value Value Fair Value (in thousands) Financial liabilities: Mortgage notes payable, net $ 406,017 $ 400,192 $ 394,843 $ 396,261 Fair value of interest rate swaps $ 30 $ 30 $ 65 $ 65 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, 2018 Fair value of interest rate swaps $ — $ 30 $ — $ 30 December 31, 2017 Fair value of interest rate swaps $ — $ 65 $ — $ 65 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, 2018 and 2017 , 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 instrument is further described in Note 8. 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, 2018 Mortgage notes payable, net $ — $ — $ 400,192 $ 400,192 December 31, 2017 Mortgage notes payable, net $ — $ — $ 396,261 $ 396,261 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 4.82% to 4.83% and from 4.20% to 4.52% at December 31, 2018 and 2017 , 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. The Company’s mortgage notes payable are further described in Note 7.

NONCONTROLLING INTEREST OF UNIT

NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP	12 Months Ended
	Dec. 31, 2018
NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP
NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP	NOTE 10 – NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP As of December 31, 2018 and 2017, outstanding limited partnership units totaled 17,876,000 and 17,517,000, respectively. Total aggregate distributions per unit for the years ended December 31, 2018 and 2017 were $1.0175 and $0.9900, respectively. The operating partnership declared fourth quarter distributions of $4,547 and $4,335 respectively, to limited partners payable in January 2018 and 2017, respectively. During the year ended December 31, 2018, there were no common shares exchanged for limited partnership units of the operating partnership. During the year ended December 31, 2017, Sterling exchanged 8,000 common shares for 8,000 limited partnership units held by limited partners, pursuant to redemption requests. The aggregate value of these transactions was $133. 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. At the sole and absolute discretion of the limited partnership, and so long our redemption plans exist, and applicable holding periods are met, 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, or (ii) 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 fewer 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, 2018
REDEMPTION PLANS
REDEMPTION PLANS	NOTE 11 – 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 $35,000 worth of securities. Currently, the fixed redemption price is $18.00 per share or unit under the plans which price became effective January 1, 2019. Prior to January 1, 2019, the redemption price was $17.50 per share or unit under the plan. Prior to January 1, 2018, the redemption price was $15.50 per share or unit under the plan. 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, 2018, 2017 and 2016, the Company redeemed 75,000, 72,000 and 80,000 common shares valued at $1,315, $1,110 and $1,194, respectively. In addition, during the years ended December 31, 2018, 2017 and 2016, the Company redeemed 64,000, 83,000 and 59,000 units valued at $1,116, $1,284 and $868, respectively.

BENEFICIAL INTEREST

BENEFICIAL INTEREST	12 Months Ended
	Dec. 31, 2018
BENEFICIAL INTEREST
BENEFICIAL INTEREST	NOTE 12 – 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, 2018 and 2017, there were 8,967,000 and 8,488,000 common shares outstanding. We had no preferred shares outstanding as of either date. Dividends paid to holders of common shares were $1.0175 per share, $0.9900 per share and $0.9600 per share for the years ended December 31, 2018, 2017 and 2016, respectively.

DIVIDEND REINVESTMENT PLAN

DIVIDEND REINVESTMENT PLAN	12 Months Ended
	Dec. 31, 2018
DIVIDEND REINVESTMENT PLAN
DIVIDEND REINVESTMENT PLAN	NOTE 13 – 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. On July 11, 2017, we registered with the Securities Exchange Commission an additional 2,000,000 common shares to be issued under the plan on Form S-3D, which automatically became effective on July 11, 2017. Under this plan, eligible shareholders may elect to have all or a portion (but not less than 25%) of the cash dividends they receive automatically reinvested in our common shares. If an eligible shareholder elects to reinvest cash dividends under the plan, the shareholder may also make additional optional cash purchases of our common shares, not to exceed $10 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. In addition, eligible shareholders may not in any calendar year purchase or receive via transfer more than $40 additional optional cash purchases of Common Shares. The estimated value per common share was $18.50 and $16.50 at December 31, 2018 and 2017, respectively. See discussion of determination of estimated value in Note 18. Therefore, the purchase price per common share for dividend reinvestments was $17.58 and $15.68 and for additional optional cash purchases was $18.50 and $16.50 at December 31, 2018 and 2017, 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, 2018, 325,000 shares were issued pursuant to dividend reinvestments and 226,000 shares were issued pursuant to additional optional cash purchases under the plan. In the year ended December 31, 2017, 331,000 shares were issued pursuant to dividend reinvestments and 216,000 shares were issued pursuant to additional optional cash purchases under the plan. 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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2018
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 14 – RELATED PARTY TRANSACTIONS Property Management Fee During the years ended December 31, 2018, 2017 and 2016, 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, 2018, 2017 and 2016, we paid management fees of $11,827, $11,359, and $9,929 respectively, to GOLDMARK Property Management. In addition, during the years ended December 31, 2018, 2017 and 2016, we paid repair and maintenance related payroll and payroll related expenses to GOLDMARK Property Management totaling $5,217, $5,030 and $4,556, respectively. Board of Trustee Fees We incurred Trustee fees of $68, $56 and $59 during the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018, and 2017 we owed our Trustees $34 and $23 for unpaid board of trustee fees, respectively. There is no cash retainer paid to Trustees. Instead, we pay Trustees specific amounts of shares 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 29, 2018, effective January 1, 2018. 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. During the years ended December 31, 2018, 2017 and 2016, we incurred advisory management fees of $2,909, $2,830 and $2,644 with Sterling Management, LLC, our Advisor. As of December 31, 2018 and 2017, we owed our Advisor $242 and $238, respectively, for unpaid advisory management fees. These fees cover the office facilities, equipment, supplies, and staff required to manage our day-to-day operations. Acquisition 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. During the years ended December 31, 2018, 2017 and 2016, we incurred acquisition fees of $740, $727, and $903 respectively, with our Advisor. As of December 31, 2018, we owed our Advisor $32 for unpaid acquisition fees. There were no acquisition fees owed to our Advisor as of December 31, 2017. 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. During the years ended December 31, 2018, 2017 and 2016, we incurred disposition fees of $327, $110 and $100 with our Advisor. See Note 17. There were no disposition fees owed to our Advisor as of December 31, 2018 and 2017, respectively. 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. The finance fee shall be capped at $38 per loan, refinance, line of credit or other credit facility. During the years ended December 31, 2018, 2017 and 2016, we incurred financing fees of $77, $114 and $68 with our Advisor for loan financing and refinancing activities. As of December 31, 2018, we owed our Advisor $8 for unpaid financing fees. There were no financing fees owed to our Advisor as of December 31, 2017. 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 During the year ended December 31, 2018, there were no development fees incurred with our Advisor. During the years ended December 31, 2017 and 2016 we incurred $235 and $170 in development fees with our Advisor, respectively. As of December 31, 2018 and 2017, we owed our Advisor a total of $104 and $104 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, 2018, we issued directly or indirectly, 234,000 operating partnership (OP) units to entities affiliated with Messrs. Regan and Wieland, two of our trustees, in connection with the acquisition of various properties. The aggregate value of these units was $4,327. During the year ended December 31, 2017, we issued directly or indirectly, 408,000 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 $6,536. 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, in connection with the acquisition of various properties. The aggregate value of these units was $8,650. Commissions During the years ended December 31, 2018, 2017 and 2016, we incurred real estate commissions of $384, $572, and $953 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, 2018 or 2017. Rental Income During the years ended December 31, 2018, 2017 and 2016, we received rental income of $55, $54 and $53, respectively, under an operating lease agreement with GOLDMARK Commercial Real Estate Services, Inc.. During the years ended December 31, 2018, 2017 and 2016, we received rental income $50, $45 and $45, respectively, under an operating lease agreement with our Advisor. During the years ended December 31, 2018, 2017 and 2016, we received rental income of $230, $223 and $215, respectively, under operating lease agreements with GOLDMARK Property Management. Construction Costs There were no constructions costs incurred during the year ended December 31, 2018 to GOLDMARK Development, which is controlled by Messrs. Regan and Wieland. As of December 31, 2017, we incurred total costs of $8,997 related to the construction of a clubhouse and six 6-plex two-story townhomes to GOLDMARK Development. There was no retainage or unpaid construction fees owed to GOLDMARK Development as of December 31, 2018 and 2017. Phase II of the Bismarck, North Dakota development project was completed in August 2017.

RENTALS UNDER OPERATING LEASES

RENTALS UNDER OPERATING LEASES / RENTAL INCOME	12 Months Ended
	Dec. 31, 2018
RENTALS UNDER OPERATING LEASES / RENTAL INCOME
RENTALS UNDER OPERATING LEASES / RENTAL INCOME	NOTE 15 - 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 $90,981, $86,859 and $80,497 for the years ended December 31, 2018, 2017 and 2016, respectively. Commercial properties are leased to tenants under terms expiring at various dates through 2038. Lease terms often include renewal options. For the years ended December 31, 2018, 2017 and 2016, gross revenues from commercial property rentals, including CAM income (common area maintenance) of $6,118, $6,162 and $6,178, respectively, totaled $26,250, $27,439 and $27,566, respectively. Commercial space is rented under long-term agreements. Minimum future rentals on non-cancelable operating leases as of December 31, 2018 are as follows: Years ending December 31, Amount (in thousands) 2019 $ 18,841 2020 17,873 2021 14,260 2022 10,687 2023 9,215 Thereafter 51,753 $ 122,629

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2018
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 16 - 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 consolidated financial statements of the Company.

DISPOSITIONS

DISPOSITIONS	12 Months Ended
	Dec. 31, 2018
DISPOSITIONS
DISPOSITIONS	NOTE 17 – DISPOSITIONS During the year ended December 31, 2018, the operating partnership sold three properties. We sold an industrial property located in Redwood Falls, Minnesota for $5,200 and recognized a gain of $935 in April 2018. We sold a retail property located in Austin, Texas for $3,615 and recognized a gain of $1,266 in July 2018. We sold one of two buildings included in an office property located in Bismarck, North Dakota for $4,250 and recognized a gain of $1,514 in July 2018. 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 September 30, 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. During the second quarter ended June 30, 2017, the operating partnership sold the Fargo, North Dakota retail property for approximately $4,400 and recognized a gain of $2,072. During the year ended December 31, 2016, the operating partnership sold a medical property in Eau Claire, Wisconsin for approximately $1,400 and recognized a loss of $316.

BUSINESS COMBINATIONS AND ACQUI

BUSINESS COMBINATIONS AND ACQUISITIONS	12 Months Ended
	Dec. 31, 2018
BUSINESS COMBINATIONS AND ACQUISITIONS.
BUSINESS COMBINATIONS AND ACQUISITIONS	NOTE 18 – BUSINESS COMBINATIONS AND ACQUISITIONS The Company closed on the following acquisitions during the year ended December 31, 2018: Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price 3/1/18 Thunder Creek Apartments Fargo, ND Apartment complex 57 units $ 4,460 9/1/18 Chandler 1834 Grand Forks, ND Apartment complex 12 units 630 9/17/18 Dairy Queen (a) Apple Valley, MN Retail building 5,348 sq. ft. 3,000 10/1/18 Hartford Apartments Fargo, ND Apartment complex 30 units 1,350 10/24/18 Bradbury Apartments Bismarck, ND Apartment complex 96 units 5,826 11/1/18 Cityside Apartments Fargo, ND Apartment complex 31 units 1,054 11/1/18 Morningside Apartments Fargo, ND Apartment complex 17 units 714 11/1/18 Fredericksburg Apartments Omaha, NE Apartment complex 173 units 11,319 12/31/18 Cityside Apartments (c) Fargo, ND Apartment complex 5 units 153 12/31/18 Cedars 4 Fargo, ND Apartment complex 18 units 1,151 $ 29,657 (b) (a) This property was acquired utilizing Internal Revenue Code 1031 tax-deferred exchange funds. (b) Acquisition price does not include capitalized closing costs and adjustments of $1,156 and special assessments of $105. (c) Subsequent purchase of additional units on adjacent property; consolidated with property acquired on November 1, 2018 for management purposes. Total consideration given for acquisitions through December 31, 2018 was completed through issuing approximately 423,000 limited partnership units of the operating partnership valued at $18.50 per unit for an aggregate consideration of approximately $7,819, 1031 tax-deferred exchange funds of $11,326, assumed loans of $2,104, assumed liabilities of $576 and cash of $9,093. 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 Company closed on the following acquisitions during the year ended December 31, 2017: Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price 1/10/17 Sargent Apartments Fargo, ND Apartment complex 36 units $ 1,710 1/11/17 Arrowhead Apartments Grand Forks, ND Apartment complex 82 units 5,494 1/17/17 West Oak Apartments Fargo, ND Apartment complex 18 units 777 1/17/17 Carr Apartments Fargo, ND Apartment complex 18 units 828 5/1/17 Plumtree Apartments Fargo, ND Apartment complex 18 units 907 5/1/17 Sunchase Apartments Fargo, ND Apartment complex 36 units 1,765 6/1/17 Essex Apartments Fargo, ND Apartment complex 18 units 858 6/1/17 Jadestone Apartments Fargo, ND Apartment complex 18 units 809 6/1/17 Park Circle Apartments Fargo, ND Apartment complex 18 units 903 7/3/17 East Bridge Apartments (a) Fargo, ND Apartment complex 58 units 6,060 12/1/17 Birchwood I Apartments Fargo, ND Apartment complex 18 units 401 12/1/17 Birchwood II Apartments Fargo, ND Apartment complex 48 units 2,425 $ 22,937 (b) (a) This property was acquired utilizing Internal Revenue Code 1031 tax-deferred exchange funds. (b) Acquisition price does not include capitalized closing costs and adjustments of $258. Total consideration given for acquisitions through December 31, 2017 was completed through issuing approximately 625,000 limited partnership units of the operating partnership valued at $16.00 and $16.50 per unit for an aggregate consideration of approximately $10,006, 1031 tax-deferred exchange funds of $4,278 new loans of $4,180, assumed liabilities $132, and cash of $4,599. 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 May 1, 2017, the operating partnership acquired the remaining 59.74% ownership interest in a 144 unit property which was previously held as tenant in common (See Note 2). We estimated the property had a fair value of approximately $10,080. The operating partnership assumed a loan of $1,295 and issued $4,727 of limited partnership units for a total purchase price of approximately $6,022. The Company accounted for this as a business combination and recognized a gain on change in control of real estate investment of $2,186 in the second quarter of 2017 as a result of remeasuring the carrying value to fair value. The total loan on this property was $2,167, thus in addition to the portion of the loan assumed from the other tenant in common, the Company also recorded an additional $872 in new financing related to this acquisition. 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 1/29/16 Titan Machinery North Platte, NE Implement dealership 16,480 sq. ft. $ 1,769 2/1/16 Bristol Park Apartments Grand Forks, ND Apartment complex 80 units 5,050 2/1/16 Redpath White Bear Lake, MN Office building 25,817 sq. ft. 4,000 3/1/16 Eagle Sky I Apartments Bismarck, ND Apartment complex 20 units 1,525 3/1/16 Eagle Sky II Apartments Bismarck, ND Apartment complex 20 units 1,525 5/4/16 Garden Grove Apartments Bismarck, ND Apartment complex 95 units 7,072 5/4/16 Washington Apartments Grand Forks, ND Apartment complex 17 units 667 8/1/16 Roughrider Grand Forks, ND Apartment complex 12 units 582 8/29/16 West 80 Development Land Rochester, MN Land 18.8 acres 900 9/13/16 Amberwood Apartments Grand Forks, ND Apartment complex 95 units 3,942 12/19/16 Bridgeport Apartments Fargo, ND Apartment complex 120 units 8,280 $ 35,312 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 per unit and $16.00 per unit for an aggregate consideration of approximately $23,020, new loans of $2,662, assumed liabilities $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 following table summarizes the acquisition date fair values, before prorations, the Company recorded in conjunction with the acquisitions discussed above: Year Ended December 31, 2018 2017 2016 Land, building, tenant improvements and FF&E $ 30,918 $ 23,195 $ 34,102 Acquired lease intangible assets - - 1,386 Acquired lease intangible liabilities - - (176) Mortgages notes payable assumed (2,104) - - Other liabilities (576) (132) (78) Net assets acquired 28,238 23,063 35,234 Equity/limited partnership unit consideration (7,819) (10,006) (23,020) Restricted cash proceeds related to IRC Section 1031 tax-deferred exchange (11,326) (4,278) - New loans - (4,180) (2,662) Net cash consideration (a) $ 9,093 $ 4,599 $ 9,552 (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). The acquisitions completed after July 1, 2017 were considered asset acquisitions and, as such, transaction costs were capitalized upon closing. For acquisitions prior to July 1, 2017, which were accounted for as business combinations, the transaction costs totaled $1,131, and $1,972 for the years ended December 31, 2017 and 2016, respectively, are included in “Administration of REIT expenses” in the accompanying consolidated statements of operations and other comprehensive (loss) income. Estimated Value of Units/Shares The Board of Trustees determined an estimate of fair value for the trust shares in 2018, 2017 and 2016. 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 2018, 2017 and 2016. In determining this value, the Board relied upon their experience with, and knowledge about, the Trust’s real estate portfolio and debt obligations. The Board typically determines the share price on an annual basis. The trustees determine the price in their discretion and use data points to guide their determination which is typically based on a consensus of opinion. In addition, the Board considers how the price chosen will affect existing share and unit values, redemption prices, dividend coverage ratios, yield percentages, dividend reinvestment factors, and future UPREIT transactions, among other considerations and information. Based on the results of the methodologies, the Board determined the fair value of the shares and limited partnership units to be $16.00 per share/unit effective March 23, 2016. The Board determined the fair value of the shares and limited partnership units to be $16.50 per share/unit effective March 29, 2017. The Board determined the fair value of the shares and limited partnership units to be $18.50 per share/unit effective January 1, 2018. The Board determined the fair value of the shares and limited partnership units to be $19.00 per share/unit effective January 1, 2019. Determination of price is a matter within the Board’s sole discretion. The Trust does not determine price based on any rote formula or specific factors. At this time, no shares are held in street name accounts and the Trust is not subject to FINRA’s specific pricing requirements set out in Rule 2340 or otherwise. Thus, the Trust does not employ any specific valuation methodology or formula. Rather, the Board looks to available data and information, which is often adjusted and weighted to comport more closely with the assets held by the Trust at the time of valuation. The principal valuation methodology utilized is the NAV calculation/direct capitalization method. The information made available to the Board is assembled by the Trust’s Advisor. 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 applied a liquidity discount to one valuation scenario in order to reflect the fact that the shares and limited partnership units are not currently traded on a national securities exchange and did not consider: 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 common shares on a national securities exchange or a merger or sale of our portfolio.

QUARTERLY FINANCIAL INFORMATION

QUARTERLY FINANCIAL INFORMATION (unaudited)	12 Months Ended
	Dec. 31, 2018
QUARTERLY FINANCIAL INFORMATION (unaudited)
QUARTERLY FINANCIAL INFORMATION (unaudited)	NOTE 19 – QUARTERLY FINANCIAL INFORMATION (unaudited) The following table sets forth selected quarterly consolidated financial data for the Company: Quarter (1) 2018 First Second Third Fourth (in thousands, except per share data) Income from rental operations $ 29,229 $ 29,288 $ 29,254 $ 29,460 Net Income $ 5,258 $ 4,977 $ 7,084 $ 4,659 Net Income attributable to Sterling Real Estate Trust $ 1,740 $ 1,675 $ 2,379 $ 1,580 Net Income per common share, basic and diluted $ 0.20 $ 0.19 $ 0.27 $ 0.18 Weighted average common shares outstanding 8,627,000 8,720,000 8,840,000 8,971,000 Quarter (1) 2017 First Second Third Fourth (in thousands, except per share data) Income from rental operations $ 28,029 $ 28,513 $ 28,655 $ 29,101 Net Income $ 3,200 $ 8,290 $ 3,256 $ 5,137 Net Income attributable to Sterling Real Estate Trust $ 1,057 $ 2,682 $ 1,082 $ 1,693 Net Income per common share, basic and diluted $ 0.13 $ 0.33 $ 0.13 $ 0.19 Weighted average common shares outstanding 8,117,000 8,227,000 8,356,000 8,498,000 (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, 2018
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 20 - SUBSEQUENT EVENTS On January 15, 2019, we paid a dividend or distribution of $0.254375 per share on our common shares of beneficial interest or limited partnership units, to common shareholders and limited unit holders of record on December 31, 2018. 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, 2018
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 Accumulated or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Guardian Building Products Fargo, ND $ 2,779 $ 820 $ 2,554 $ 55 $ (94) $ 875 $ 2,460 $ 3,335 $ 396 08/29/2012 40 Titan Machinery Bismarck, ND 2,258 950 1,395 7 — 957 1,395 2,352 139 01/28/2015 40 Titan Machinery Dickinson, ND 822 354 1,096 400 — 754 1,096 1,850 187 07/30/2012 40 Titan Machinery Fargo, ND 958 781 1,947 515 — 1,296 1,947 3,243 304 10/30/2012 40 Titan Machinery Marshall, MN 1,897 300 3,648 81 — 381 3,648 4,029 661 11/01/2011 40 Titan Machinery Minot, ND — 618 1,654 — — 618 1,654 2,272 265 08/01/2012 40 Titan Machinery North Platte, NE — 325 1,269 — — 325 1,269 1,594 96 01/29/2016 40 Titan Machinery Sioux City, IA 1,276 315 2,472 — — 315 2,472 2,787 324 10/25/2013 40 Total $ 9,990 $ 4,463 $ 16,035 $ 1,058 $ (94) $ 5,521 $ 15,941 $ 21,462 $ 2,372 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 Accumulated or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Taco Bell Denver, CO $ 430 $ 669 $ — $ — $ — $ 669 $ — $ 669 $ — 06/14/2011 West 80 Rochester, MN — 1,364 — — — 1,364 — 1,364 — 08/29/2016 Total $ 430 $ 2,033 $ — $ — $ — $ 2,033 $ — $ 2,033 $ — 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 Accumulated or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Bio-Life Bismarck, ND $ 1,171 $ 306 $ 2,255 $ 11 $ 123 $ 317 $ 2,378 $ 2,695 $ 710 01/03/2008 9 - 40 Bio-Life Grand Forks, ND 1,170 457 2,230 1 158 458 2,388 2,846 734 01/03/2008 10 - 40 Bio-Life Janesville, WI 1,171 250 1,857 — 123 250 1,980 2,230 596 01/03/2008 9 - 40 Bio-Life Mankato, MN 1,170 390 2,111 281 1,154 671 3,265 3,936 893 01/03/2008 11 - 40 Bio-Life Marquette, MI — 213 2,793 — 123 213 2,916 3,129 852 01/03/2008 9 - 40 Bio-Life Onalaska, WI 1,171 208 1,853 — 323 208 2,176 2,384 628 01/03/2008 11 - 40 Bio-Life Oshkosh, WI 1,170 293 1,705 — 146 293 1,851 2,144 580 01/03/2008 10 - 40 Bio-Life Sheboygan, WI 1,171 645 1,611 — 248 645 1,859 2,504 548 01/03/2008 10 - 40 Bio-Life Stevens Point, WI 1,170 119 2,184 — 123 119 2,307 2,426 685 01/03/2008 9 - 40 Total $ 9,364 $ 2,881 $ 18,599 $ 293 $ 2,521 $ 3,174 $ 21,120 $ 24,294 $ 6,226 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 Accumulated or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Amberwood Grand Forks, ND $ 2,470 $ 426 $ 3,304 $ 3 $ 113 $ 429 $ 3,417 $ 3,846 $ 200 09/13/2016 20 - 40 Arbor I/400 Bismarck, ND 405 73 516 4 65 77 581 658 77 06/04/2013 40 Arbor II/404 Bismarck, ND 414 73 538 6 14 79 552 631 71 11/01/2013 40 Arbor III/406 Bismarck, ND 411 71 536 7 14 78 550 628 71 11/01/2013 40 Ashbury Fargo, ND 2,537 314 3,774 27 — 341 3,774 4,115 197 12/19/2016 40 Auburn II Fargo, ND 944 105 883 12 64 117 947 1,064 275 03/23/2007 20 - 40 Autumn Ridge Grand Forks, ND 5,665 1,072 8,875 44 19 1,116 8,894 10,010 2,796 08/16/2004 9 - 40 Barrett Arms Crookston, MN 867 37 1,001 — 55 37 1,056 1,093 128 01/02/2014 40 Bayview Fargo, ND 2,961 284 4,077 59 65 343 4,142 4,485 1,139 12/31/2007 20 - 40 Berkshire Fargo, ND 473 31 406 4 6 35 412 447 111 03/31/2008 20 - 40 Betty Ann Fargo, ND 508 74 738 2 60 76 798 874 182 08/31/2009 40 Birchwood 1 Fargo, ND 254 72 342 — — 72 342 414 9 12/01/2017 40 Birchwood 2 Fargo, ND 1,496 234 2,266 — 120 234 2,386 2,620 63 12/01/2017 40 Bradbury Apartments Bismarck, ND 2,100 1,049 4,922 — — 1,049 4,922 5,971 31 10/24/2018 40 Bridgeport Fargo, ND 5,224 613 7,676 3 46 616 7,722 8,338 401 12/19/2016 40 Bristol Park Grand Forks, ND 3,179 985 3,976 — 684 985 4,660 5,645 316 02/01/2016 40 Brookfield Fargo, ND 532 228 1,958 3 225 231 2,183 2,414 535 08/01/2008 20 - 40 Cambridge (FKA 44th Street) Fargo, ND 1,630 333 1,845 4 95 337 1,940 2,277 278 02/06/2013 40 Candlelight Fargo, ND 1,936 613 1,221 (337) 416 276 1,637 1,913 246 11/30/2012 40 Carling Manor Grand Forks, ND 459 69 656 1 42 70 698 768 178 03/31/2008 40 Carlton Place Fargo, ND 6,779 703 7,207 14 256 717 7,463 8,180 1,853 09/01/2008 20 - 40 Carr Fargo, ND 558 66 759 1 — 67 759 826 38 01/17/2017 40 Cedars 4 Fargo, ND — 134 1,068 — — 134 1,068 1,202 2 12/31/2018 40 Chandler 1802 Grand Forks, ND 660 133 1,114 — 12 133 1,126 1,259 140 01/02/2014 40 Chandler 1834 Grand Forks, ND 435 112 552 — — 112 552 664 5 09/01/2018 40 Chandler 1866 Grand Forks, ND 330 31 270 — 28 31 298 329 99 01/03/2005 20 - 40 Cherry Creek (FKA Village) Grand Forks, ND 923 173 1,435 1 60 174 1,495 1,669 376 11/01/2008 40 Cityside Apartments Fargo, ND 738 192 1,129 — — 192 1,129 1,321 4 11/30/2018 40 Columbia West Grand Forks, ND 2,942 294 3,406 1 207 295 3,613 3,908 905 09/01/2008 20 - 40 Country Club Fargo, ND 229 252 1,252 2 166 254 1,418 1,672 256 05/02/2011 20 - 40 Countryside Fargo, ND 141 135 677 — 68 135 745 880 129 05/02/2011 40 Courtyard St. Louis Park, MN 3,651 2,270 5,681 — 705 2,270 6,386 8,656 803 09/03/2013 5 - 40 Dakota Manor Fargo, ND 1,692 249 2,236 20 49 269 2,285 2,554 249 08/07/2014 40 Danbury Fargo, ND 2,602 381 6,020 212 434 593 6,454 7,047 1,675 12/31/2007 20 - 40 Dellwood Estates Anoka, MN 7,152 844 9,966 — 407 844 10,373 11,217 1,426 05/31/2013 40 Eagle Run West Fargo, ND 4,105 576 5,787 111 97 687 5,884 6,571 1,225 08/12/2010 40 Eagle Sky I Bismarck, ND 913 115 1,292 — 74 115 1,366 1,481 99 03/01/2016 40 Eagle Sky II Bismarck, ND 913 135 1,279 — 77 135 1,356 1,491 96 03/01/2016 40 East Bridge Fargo, ND 3,529 792 5,477 — 158 792 5,635 6,427 211 07/03/2017 40 Echo Manor Hutchinson, MN 936 141 875 — 32 141 907 1,048 114 01/02/2014 20 - 40 Emerald Court Fargo, ND — 66 830 2 87 68 917 985 240 03/31/2008 20 - 40 Essex Fargo, ND 554 212 642 — 68 212 710 922 27 06/01/2017 40 Fairview Bismarck, ND 2,867 267 3,978 39 813 306 4,791 5,097 1,036 12/31/2008 20 - 40 Flickertail Fargo, ND 5,358 426 5,632 76 202 502 5,834 6,336 1,432 12/31/2008 40 Forest Avenue Fargo, ND 390 61 637 4 39 65 676 741 95 02/06/2013 40 Fredericksburg Apartments Omaha, NE 6,494 842 10,596 — 23 842 10,619 11,461 44 11/30/2018 40 Galleria III Fargo, ND 537 118 681 1 28 119 709 828 140 11/09/2010 40 Garden Grove Bismarck, ND 4,474 606 6,073 — 99 606 6,172 6,778 417 05/04/2016 5 - 40 Georgetown on the River Fridley, MN 18,244 4,620 25,155 8 3,403 4,628 28,558 33,186 2,690 12/19/2014 5 - 40 Glen Pond Eagan, MN 14,804 3,761 20,569 31 603 3,792 21,172 24,964 3,692 12/02/2011 20 - 40 Granger Court I Fargo, ND 2,265 279 2,619 25 58 304 2,677 2,981 365 06/04/2013 40 Griffin Court Moorhead, MN 3,203 652 3,858 20 372 672 4,230 4,902 489 06/09/2014 5 - 40 Hannifin Bismarck, ND 465 81 607 5 52 86 659 745 81 11/01/2013 40 Harrison and Richfield Grand Forks, ND 5,685 756 6,346 4 316 760 6,662 7,422 1,900 07/01/2007 5 - 40 Hartford Apartments Fargo, ND 920 154 1,233 — — 154 1,233 1,387 8 10/01/2018 40 Highland Meadows Bismarck, ND 5,800 1,532 8,519 — 243 1,532 8,762 10,294 367 05/01/2017 5 - 40 Hunters Run I Fargo, ND 529 50 419 2 (2) 52 417 469 121 03/23/2007 40 Hunters Run II Fargo, ND 527 44 441 2 — 46 441 487 116 07/01/2008 40 Huntington Fargo, ND 370 86 309 — 15 86 324 410 27 08/04/2015 40 Islander Fargo, ND 844 98 884 — 115 98 999 1,097 170 07/01/2011 40 Jadestone Fargo, ND 525 212 595 — 67 212 662 874 25 06/01/2017 40 Kennedy Fargo, ND 425 84 588 7 72 91 660 751 90 02/06/2013 20 - 40 Library Lane Grand Forks, ND 2,240 301 2,401 12 121 313 2,522 2,835 703 10/01/2007 20 - 40 Madison Grand Forks, ND 247 95 497 — 52 95 549 644 44 09/01/2015 40 Maple Ridge Omaha, NE 3,996 766 5,608 59 3,547 825 9,155 9,980 1,581 08/01/2008 20 - 40 Maplewood Maplewood, MN 9,449 3,120 12,122 — 433 3,120 12,555 15,675 1,269 12/19/2014 5 - 40 Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale Fargo, ND 4,901 783 5,839 — 271 783 6,110 6,893 1,263 01/01/2009 20 - 40 Martha Alice Fargo, ND 508 74 738 2 83 76 821 897 191 08/31/2009 20 - 40 Mayfair Grand Forks, ND — 80 1,043 — 26 80 1,069 1,149 279 07/01/2008 20 - 40 Monticello Fargo, ND 666 60 752 7 32 67 784 851 101 11/08/2013 20 - 40 Montreal Courts Little Canada, MN 18,388 5,809 19,565 15 862 5,824 20,427 26,251 2,713 10/02/2013 5 - 40 Morningside Apartments Fargo, ND 500 85 673 — — 85 673 758 3 11/30/2018 40 Oak Court Fargo, ND 2,787 270 2,354 13 328 283 2,682 2,965 673 04/30/2008 28 - 40 Oakview Townhomes Grand Forks, ND 3,554 822 4,698 — 303 822 5,001 5,823 245 01/11/2017 40 Pacific Park I Fargo, ND 632 95 777 3 65 98 842 940 120 02/06/2013 40 Pacific Park II Fargo, ND 541 111 865 4 47 115 912 1,027 133 02/06/2013 40 Pacific South Fargo, ND 334 58 459 2 — 60 459 519 68 02/06/2013 40 Park Circle Fargo, ND 576 196 716 7 17 203 733 936 29 06/01/2017 40 Parkview Arms Bismarck, ND — 373 3,845 — 110 373 3,955 4,328 371 05/13/2015 5 - 40 Parkwest Gardens West Fargo, ND 3,707 713 5,825 — 654 713 6,479 7,192 709 06/30/2014 20 - 40 Parkwood Fargo, ND — 126 1,143 7 16 133 1,159 1,292 290 08/01/2008 40 Pebble Creek Bismarck, ND 4,140 260 3,704 — (300) 260 3,404 3,664 928 03/19/2008 20 - 40 Plumtree Fargo, ND 575 100 782 — 29 100 811 911 33 05/01/2017 40 Prairiewood Courts Fargo, ND — 308 1,815 28 80 336 1,895 2,231 562 09/01/2006 20 - 40 Prairiewood Meadows Fargo, ND 2,129 736 2,514 11 16 747 2,530 3,277 399 09/30/2012 40 Quail Creek Springfield, MO 6,593 1,529 8,717 — 67 1,529 8,784 10,313 870 02/03/2015 5 - 40 Robinwood Coon Rapids, MN 4,560 1,138 6,133 242 471 1,380 6,604 7,984 641 12/19/2014 40 Rosedale Estates Roseville, MN 15,427 4,680 20,591 — 580 4,680 21,171 25,851 2,146 12/19/2014 5 - 40 Rosegate Fargo, ND 2,908 251 2,978 49 84 300 3,062 3,362 829 04/30/2008 20 - 40 Roughrider Grand Forks, ND 388 100 448 — 117 100 565 665 33 08/01/2016 5 - 40 Saddlebrook West Fargo, ND 944 148 1,262 13 105 161 1,367 1,528 324 12/31/2008 40 Sage Park New Brighton, MN 10,278 2,520 13,985 — 823 2,520 14,808 17,328 1,490 12/19/2014 5 - 40 Sargent Fargo, ND 1,063 164 1,529 3 17 167 1,546 1,713 77 01/10/2017 40 Schrock Fargo, ND 499 71 626 3 6 74 632 706 88 06/04/2013 40 Sheridan Pointe Fargo, ND 1,981 292 2,424 21 11 313 2,435 2,748 310 10/01/2013 40 Sierra Ridge Bismarck, ND 5,263 754 8,795 151 2 905 8,797 9,702 2,073 09/01/2006 40 Somerset Fargo, ND 2,993 300 3,431 7 30 307 3,461 3,768 895 07/01/2008 40 Southgate Fargo, ND 2,650 803 5,299 20 (45) 823 5,254 6,077 1,495 07/01/2007 20 - 40 Southview III Grand Forks, ND 203 99 522 — 79 99 601 700 108 08/01/2011 40 Southview Villages Fargo, ND 2,654 268 2,519 15 174 283 2,693 2,976 739 10/01/2007 20 - 40 Spring Fargo, ND 516 76 822 6 15 82 837 919 124 02/06/2013 20 - 40 Stanford Court Grand Forks, ND — 291 3,866 — 83 291 3,949 4,240 582 02/06/2013 20 - 40 Stonefield-Clubhouse Bismarck, ND — 34 1,147 — 50 34 1,197 1,231 74 07/31/2016 40 Stonefield-Phase I Bismarck, ND 8,540 2,804 13,138 227 246 3,031 13,384 16,415 1,338 08/01/2014 20 - 40 Stonefield-Phase II Bismarck, ND — 1,167 2,566 486 5,127 1,653 7,693 9,346 358 10/23/2014 40 Stonefield-Phase III Bismarck, ND — 1,079 — 238 — 1,317 — 1,317 — 10/23/2014 n/a Stonybrook Omaha, NE 7,065 1,439 8,003 — 1,522 1,439 9,525 10,964 2,103 01/20/2009 20 - 40 Summerfield Fargo, ND 696 129 599 1 50 130 649 779 54 08/04/2015 40 Summit Point Fargo, ND 3,724 681 5,510 21 63 702 5,573 6,275 454 10/01/2015 20 - 40 Sunchase Fargo, ND 1,128 181 1,563 14 86 195 1,649 1,844 66 05/01/2017 40 Sunset Ridge Bismarck, ND 8,263 1,759 11,012 36 38 1,795 11,050 12,845 2,651 06/06/2008 9 - 40 Sunview Grand Forks, ND 1,046 144 1,614 1 93 145 1,707 1,852 415 12/31/2008 20 - 40 Sunwood Fargo, ND 2,758 358 3,520 7 92 365 3,612 3,977 1,018 07/01/2007 20 - 40 Terrace on the Green Moorhead, MN 1,985 697 2,588 — 265 697 2,853 3,550 418 09/30/2012 40 Thunder Creek Fargo, ND 2,927 633 4,126 — 169 633 4,295 4,928 88 03/01/2018 40 Twin Oaks Hutchinson, MN 3,211 816 3,245 — 122 816 3,367 4,183 353 10/01/2014 40 Twin Parks Fargo, ND 2,128 119 2,072 43 69 162 2,141 2,303 531 10/01/2008 20 - 40 Valley Homes Duplexes Grand Forks, ND 1,014 356 1,668 — 195 356 1,863 2,219 178 01/22/2015 40 Valley View Golden Valley, MN 4,519 1,190 6,118 — 158 1,190 6,276 7,466 640 12/19/2014 5 - 40 Village Park Fargo, ND 741 219 1,932 51 34 270 1,966 2,236 523 04/30/2008 40 Village West Fargo, ND 2,451 357 2,274 61 64 418 2,338 2,756 595 04/30/2008 40 Washington Grand Forks, ND 426 74 592 — 58 74 650 724 42 05/04/2016 40 Westcourt Fargo, ND 2,300 287 3,028 28 41 315 3,069 3,384 406 01/02/2014 5 - 40 West Oak Fargo, ND 570 85 692 — 19 85 711 796 38 01/17/2017 40 Westside Hawley, MN 534 59 360 — 63 59 423 482 84 02/01/2010 40 Westwind Fargo, ND 663 49 455 1 83 50 538 588 146 04/30/2008 20 - 40 Westwood Fargo, ND 3,994 597 6,455 13 269 610 6,724 7,334 1,712 06/05/2008 20 - 40 Willow Park Fargo, ND 3,812 288 5,286 7 687 295 5,973 6,268 1,339 12/31/2008 40 Total $ 332,258 $ 73,917 $ 460,448 $ 2,365 $ 30,680 $ 76,282 $ 491,128 $ 567,410 $ 71,736 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 Accumulated or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed 32nd Avenue Fargo, ND $ — $ 635 $ 3,300 $ 88 $ 100 $ 723 $ 3,400 $ 4,123 $ 1,235 03/16/2004 3 - 40 Aetna Bismarck, ND — 841 4,915 30 1,283 871 6,198 7,069 1,749 12/06/2006 20 - 40 Bell Plaza Bloomington, MN 33,576 6,912 36,520 — 370 6,912 36,890 43,802 6,620 08/13/2015 1 - 40 First International Bank & Trust Moorhead, MN — 210 712 3 88 213 800 1,013 188 05/13/2011 10 - 40 Four Points Fargo, ND — 70 1,238 — 23 70 1,261 1,331 349 10/18/2007 40 Gate City Grand Forks, ND — 382 893 1 176 383 1,069 1,452 253 03/31/2008 40 Goldmark Office Park Fargo, ND 1,374 1,160 14,796 62 1,181 1,222 15,977 17,199 4,671 07/01/2007 1 - 40 Great American Building Fargo, ND 865 511 1,290 19 362 530 1,652 2,182 518 02/01/2005 28 - 40 Midtown Plaza Minot, ND 1,189 30 1,213 — 33 30 1,246 1,276 416 01/01/2004 40 Parkway office building (FKA Echelon) Fargo, ND 906 278 1,491 42 66 320 1,557 1,877 443 05/15/2007 20 - 40 Redpath White Bear Lake, MN 2,611 1,195 1,787 — — 1,195 1,787 2,982 130 02/01/2016 40 Regis Edina, MN — 2,991 7,633 — — 2,991 7,633 10,624 1,914 01/01/2009 40 SSA St Cloud, MN — 100 2,793 — 18 100 2,811 2,911 827 03/20/2007 20 - 40 Wells Fargo Center Duluth, MN — 600 7,270 (115) 2,006 485 9,276 9,761 2,407 07/11/2007 4 - 40 Total $ 40,521 $ 15,915 $ 85,851 $ 130 $ 5,706 $ 16,045 $ 91,557 $ 107,602 $ 21,720 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 Accuulated or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Applebees Apple Valley, MN $ — $ 560 $ 1,235 $ — $ — $ 560 $ 1,235 $ 1,795 $ 247 01/27/2011 40 Applebees Bloomington, MN — 1,000 474 11 — 1,011 474 1,485 105 03/22/2010 40 Applebees Coon Rapids, MN — 750 875 — — 750 875 1,625 193 03/09/2010 40 Applebees Savage, MN — 690 424 — — 690 424 1,114 94 01/01/2010 40 Becker Furniture Waite Park, MN — 150 2,065 — (637) 150 1,428 1,578 645 07/12/2006 40 Dairy Queen Apple Valley, MN — 1,128 1,345 — — 1,128 1,345 2,473 13 09/17/2018 40 Dairy Queen Dickinson, ND — 329 658 — — 329 658 987 115 01/19/2012 40 Dairy Queen Moorhead, MN — 243 787 1 — 244 787 1,031 151 05/13/2011 20 Family Dollar Mandan, ND — 167 649 — — 167 649 816 131 12/14/2010 40 O’Reilly Mandan, ND — 115 449 — — 115 449 564 91 12/14/2010 40 Walgreens Alexandria, LA 1,335 1,090 2,973 — — 1,090 2,973 4,063 671 12/18/2009 28 - 40 Walgreens Batesville, AR 5,579 473 6,405 — — 473 6,405 6,878 1,522 07/09/2009 40 Walgreens Denver, CO 3,301 2,349 2,358 — — 2,349 2,358 4,707 447 06/14/2011 40 Walgreens Fayetteville, AR 4,248 636 4,732 — — 636 4,732 5,368 1,124 07/09/2009 40 Walgreens Laurel, MS 1,314 1,280 2,984 — — 1,280 2,984 4,264 634 07/30/2010 40 Total $ 15,777 $ 10,960 $ 28,413 $ 12 $ (637) $ 10,972 $ 27,776 $ 38,748 $ 6,183 Grand Totals $ 408,340 $ 110,169 $ 609,346 $ 3,858 $ 38,176 $ 114,027 $ 647,522 $ 761,549 $ 108,237 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 Accumulated or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Banner Fargo, ND $ 6,608 $ 750 $ 8,016 $ 203 $ 311 $ 953 $ 8,327 $ 9,280 $ 2,375 03/15/2007 40 GF Marketplace Grand Forks, ND 10,483 4,259 15,801 208 1,194 4,467 16,995 21,462 8,980 07/01/2003 8 - 40 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, 2018, 2017 and 2016 are as follows (in thousands): 2018 2017 2016 Balance at January 1, $ 759,703 $ 715,300 $ 669,484 Purchase of real estate investments 41,230 47,279 48,305 Sale and disposal of real estate investment (10,222) (1,267) (1,766) Property held for sale — — (3,234) Provision for asset impairment — — — Construction in progress not yet placed in service (15) (1,609) 2,511 Reallocation to intangible assets — — — Balance at December 31, $ 790,696 $ 759,703 $ 715,300 (c) The changes in accumulated depreciation for the years ended December 31, 2018, 2017 and 2016 are as follows (in thousands): 2018 2017 2016 Balance at January 1, $ 111,026 $ 92,325 $ 74,975 Depreciation expense 19,165 19,057 18,507 Property held for sale — — (867) Sale and disposal of real estate investment (2,079) (356) (290) Balance at December 31, $ 128,112 $ 111,026 $ 92,325 (d) The aggregate cost of our real estate for federal income tax purposes is $680,591.

PRINCIPAL ACTIVITY AND SIGNIF_2

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
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, 173 properties. The Trust’s 125 residential properties are located in North Dakota, Minnesota, Missouri and Nebraska and are principally multifamily apartment buildings. The Trust owns 48 commercial properties primarily located in North Dakota with others located in Arkansas, Colorado, Iowa, Louisiana, Michigan, Minnesota, Mississippi, Nebraska and Wisconsin. The commercial properties include retail, office, industrial, restaurant and medical properties. The Trust’s mix of properties is 73.0% residential and 27.0% commercial (based on cost) at December 31, 2018. Currently our focus is limited to multifamily apartment properties. We currently have no plans with respect to our non-multifamily apartment properties. We will consider unsolicited offers for purchase of non-multifamily properties on a case by case basis. 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 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 Real estate investments are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. The Company allocates the purchase price of each acquired investment property accounted for as a business combination based upon the estimated acquisition date fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, (v) any assumed financing that is determined to be above or below market, (vi) the value of customer relationships and (vii) goodwill, if any. Transaction costs related to acquisitions accounted for as business combinations are expensed as incurred and included within “Administration of REIT expenses” in the accompanying consolidated statements of operations and other comprehensive income. The Company elected to early adopt ASU 2017-01, Business Combinations, on a prospective basis as of July 1, 2017. This guidance clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not considered a business and, thus, accounted for as an asset acquisition as opposed to a business combination. Refer to the “Recent Accounting Pronouncements” section within Note 2 to the consolidated financial statements. Under this guidance, the Company expects most acquisitions of investment property will meet this screen and, thus, be accounted for as asset acquisitions. The Company allocates the purchase price of each acquired investment property that is accounted for as an asset acquisition based upon the relative fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, (v) any assumed financing that is determined to be above or below market and (vi) the value of customer relationships. Asset acquisitions do not give rise to goodwill and the related transaction costs are capitalized and included with the allocated purchase price. For tangible assets acquired, including land, building and other improvements, the Company considers available comparable market and industry information in estimating acquisition date fair 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. The Company allocates a portion of the purchase price to the estimated acquired in-place lease value intangibles based on 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, lease origination costs for similar leases as well as lost rental payments during an assumed lease-up period. The Company also evaluates each acquired lease as compared to current market rates. If an acquired lease is determined to be above or below market, the Company allocates a portion of the purchase price to such above or below market leases based upon the present value of the difference between the contractual lease payments and estimated market rent payments over the remaining lease term. Renewal periods are included within the lease term in the calculation of above and below market lease values if, based upon factors known at the acquisition date, market participants would consider it reasonably assured that the lessee would exercise such options. Fair value estimates used in acquisition accounting, including the discount rate used, require the Company to consider various factors, including, but not limited to, market knowledge, demographics, age and physical condition of the property, geographic location, and size and location of tenant spaces within the acquired investment property. The portion of the purchase price allocated to acquired in-place lease value intangibles is amortized on a straight-line basis over the life of the related lease as amortization expense. The Company incurred amortization expense pertaining to acquired in-place lease value intangibles of $2,021, $2,253 and $3,275 for the years ended December 31, 2018, 2017 and 2016, respectively. The portion of the purchase price allocated to acquired above and below market lease intangibles is amortized on a straight-line basis over the life of the related lease as an adjustment to rental income. Amortization pertaining to above market lease intangibles of $222, $226 and $230 for the years ended December 31, 2018, 2017 and 2016, respectively, was recorded as a reduction to income from rental operations. Amortization pertaining to below market lease intangibles of $280, $284 and $331 for the years ended December 31, 2018, 2017 and 2016, respectively, was recorded as an increase to income from rental operations. Furniture and fixtures are stated at cost less accumulated depreciation. 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, 2018, 2017 and 2016 totaled $19,165, $19,057 and $18,507 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. There were no impairment losses during the years ended December 31, 2018, 2017 or 2016.
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 were no properties classified as held for sale at December 31, 2018 and 2017. See Note 17.
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. Construction in progress as of December 31, 2018 consists primarily of development and planning costs associated with phase III of a multifamily apartment community in Bismarck, North Dakota. Phase I and II of the Bismarck development are complete and Phase III is still in the planning stages and construction has not yet commenced.
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. Restricted cash includes funds escrowed for tenant security deposits, real estate tax, insurance and mortgage escrows and escrow deposits required by lenders on certain properties to be used for future building renovations or tenant improvements and potential Internal Revenue Code Section 1031 tax deferred exchanges (1031 Exchange).
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, 2018, 2017 and 2016. 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. We determined that neither of our tenant in common arrangements qualify as variable interest entities and do not meet the control requirements for consolidation, as defined in ASC 810 at each reporting period. As of December 31, 2018 and 2017, the unconsolidated affiliates held total assets of $22,954 and $23,466 and mortgage notes payable of $17,091 and $17,470, respectively. The operating partnership previously owned a 40.26% interest as a tenant in common in a single asset limited liability company which owns a 144 unit residential, multifamily apartment complex in Bismarck, North Dakota. As of May 1, 2017, there was a change in control over the real estate investment, with the operating partnership acquiring the other tenant in common’s 59.74% ownership interest in the property (see Note 18). We estimated the property had a fair value of approximately $10,080. The operating partnership assumed a loan of $1,295 and issued $4,727 of limited partnership units for a total purchase price of approximately $6,022. The Company accounted for this as a business combination and recognized a gain on change in control of real estate investment of $2,186 in the second quarter of 2017 as a result of remeasuring the carrying value to fair value. 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, 2018 and 2017 of $10,483 and $10,692, 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, 2018 and 2017 of $6,608 and $6,778 respectively. The Company is jointly and severally liable for the full mortgage balance.
Receivables	Receivables Receivables consist primarily of amounts due for rent. Accounts receivable are carried at original amounts billed less an estimate made for doubtful accounts based on a review of outstanding amounts on a quarterly basis and reflect management’s best estimate of the amounts that will not be collected. Accounts receivable are written off when collection efforts have been exhausted and they are deemed uncollectible. Recoveries, if any, of receivables previously written off are recorded when received. The receivables are non-interest bearing and are unsecured. As of December 31, 2018, management’s estimate of uncollectible accounts receivable was $578. As of December 31, 2017, management determined no allowance was necessary for uncollectible receivables. Receivables are included in “Other assets” in the accompanying consolidated balance sheets.
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 interest 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 related to notes and mortgage notes using the effective interest rate method, over the estimated life of the related debt. We record debt issuance costs 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 for the years ended December 31, 2018, 2017 and 2016.
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 similar to 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, 2018, 2017 and 2016 follows: Tax Year Ended December 31, Dividend % Dividend % Dividend % 2018 2018 2017 2017 2016 2016 Tax status Ordinary income $ 0.7258 71.33 % $ 0.8124 82.05 % $ 0.8718 90.48 % Capital gain — — % 0.0015 0.16 % 0.0267 2.77 % Return of capital 0.2917 28.67 % 0.1761 17.79 % 0.0615 6.75 % $ 1.0175 100.00 % $ 0.9900 100.00 % $ 0.9600 100.00 % 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 consolidated 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, 2018 and 2017 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 2015. 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 $99, $246 and $499 for the years ended December 31, 2018, 2017 and 2016, respectively. The straight-line receivable balance included in other assets on the consolidated balance sheets as of December 31, 2018 and 2017 was $3,374 and $3,586 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, 2018, 2017 and 2016 and therefore, basic earnings per common share was equal to diluted earnings per common share for both periods. For the years ended December 31, 2018, 2017 and 2016, Sterling’s denominators for the basic and diluted earnings per common share were approximately 8,791,000, 8,300,000, and 7,844,000, respectively.
Reclassifications	Reclassifications Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations or equity.
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 have completed an adoption plan which included 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 adopted this standard effective as of January 1, 2018 and have concluded that the adoption of this guidance did not have an impact on our financial position or results of operations. We concluded this standard will have an impact on the disclosure of gain/loss on sale of real estate investments upon the adoption of the update ASU 2014-09, but will not have an impact on “total real estate rental income.” In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which superseded FASB ASC Topic 840. The standard for operating leases as lessor is largely unchanged under ASU 2016-02. However, the standard requires lessees to recognize lease assets and lease liabilities for leases classified as operating and finance leases on the balance sheet. Lessees will recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it will recognize lease expense for such leases generally on a straight-line basis over the lease term. The new standard was effective for the Company effective January 1, 2019. The new standard was adopted using the optional transition method to apply the standard as of the effective date. The Company elected to apply the package of practical expedients for the leases as lessor for its residential and commercial leases and these leases will continue to be accounted for as operating leases as of the effective date. Further, the Company elected the practical expedient to combine lease and nonlease components for leases as lessor. Finally, the Company evaluated taxes collected from lessees, lessor costs paid directly by lessees, and initial direct costs and determined that the guidance was consistent with existing practice. Based on these evaluations, the Company determined that for leases as lessor, as of January 1, 2019, there was no impact on lease revenue or related expenses. 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 was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years and early adoption was permitted. The pronouncement requires a retrospective transition method of adoption. We adopted this standard effective January 1, 2018. Upon adoption, the Company included amounts generally described as restricted cash within the beginning-of-period, change and end-of-period total amounts on the statement of cash flows rather than within an activity on the statement of cash flows. 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. We adopted this standard effective January 1, 2018 and have concluded that the adoption of this guidance did not have an impact on our financial position or results of operations, since the cumulative earnings approach for distributions received from equity method investees would continue to be utilized. The new standards must be applied retrospectively to all periods presented in the financial statements. The Company adopted the new standard effective January 1, 2018 and will continue to apply the cumulative earnings approach for distributions received from equity method investees. While overall cash flows did not change, there were changes between cash flow classifications due primarily to restricted deposits. As of December 31, 2017, the following cash flows were reclassified: Year Ended December 31, 2017 As Originally Reclassification As Presented Presented Adjustments Herein (in thousands) Cash Flows from Operating Activities: Restricted deposits - tenant security deposits $ (137) $ 137 $ — Restricted deposits - real estate tax and insurance escrow $ 256 $ (256) $ — Net cash provided by operating activities $ 37,597 $ (119) $ 37,478 Cash Flows from Investing Activities Purchase of real estate investment properties $ (4,599) $ (4,195) $ (8,794) Restricted deposits - exchange escrow $ (4,278) $ 4,278 $ — Restricted deposits - replacement reserves $ (863) $ 863 $ — Net cash provided by Investing activities $ (13,965) $ 946 $ (13,019) Cash and cash equivalents, beginning of period $ 12,034 (adjustments for restricted deposits, beginning of period) $ 7,236 Cash and cash equivalents and restricted deposits, beginning of period $ 19,270 Cash and cash equivalents, end of period $ 12,490 (adjustments for restricted deposits, end of period) $ 8,063 Cash and cash equivalents and restricted deposits, end of period $ 20,553 As of December 31, 2016, the following cash flows were reclassified: Year Ended December 31, 2016 As Originally Reclassification As Presented Presented Adjustments Herein (in thousands) Cash Flows from Operating Activities: Restricted deposits - tenant security deposits $ (120) $ 120 $ — Restricted deposits - real estate tax and insurance escrow $ (159) $ 159 $ — Net cash provided by operating activities $ 34,719 $ 280 $ 34,999 Cash Flows from Investing Activities Restricted deposits - replacement reserves $ (841) $ 841 $ — Net cash provided by Investing activities $ (15,968) $ 841 $ (15,127) Cash and cash equivalents, beginning of period $ 6,461 (adjustments for restricted deposits, beginning of period) $ 6,115 Cash and cash equivalents and restricted deposits, beginning of period $ 12,576 Cash and cash equivalents, end of period $ 12,034 (adjustments for restricted deposits, end of period) $ 7,236 Cash and cash equivalents and restricted deposits, end of period $ 19,270 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 SIGNIF_3

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
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 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 % Dividend % 2018 2018 2017 2017 2016 2016 Tax status Ordinary income $ 0.7258 71.33 % $ 0.8124 82.05 % $ 0.8718 90.48 % Capital gain — — % 0.0015 0.16 % 0.0267 2.77 % Return of capital 0.2917 28.67 % 0.1761 17.79 % 0.0615 6.75 % $ 1.0175 100.00 % $ 0.9900 100.00 % $ 0.9600 100.00 %
Schedule of cash flows that were reclassified	As of December 31, 2017, the following cash flows were reclassified: Year Ended December 31, 2017 As Originally Reclassification As Presented Presented Adjustments Herein (in thousands) Cash Flows from Operating Activities: Restricted deposits - tenant security deposits $ (137) $ 137 $ — Restricted deposits - real estate tax and insurance escrow $ 256 $ (256) $ — Net cash provided by operating activities $ 37,597 $ (119) $ 37,478 Cash Flows from Investing Activities Purchase of real estate investment properties $ (4,599) $ (4,195) $ (8,794) Restricted deposits - exchange escrow $ (4,278) $ 4,278 $ — Restricted deposits - replacement reserves $ (863) $ 863 $ — Net cash provided by Investing activities $ (13,965) $ 946 $ (13,019) Cash and cash equivalents, beginning of period $ 12,034 (adjustments for restricted deposits, beginning of period) $ 7,236 Cash and cash equivalents and restricted deposits, beginning of period $ 19,270 Cash and cash equivalents, end of period $ 12,490 (adjustments for restricted deposits, end of period) $ 8,063 Cash and cash equivalents and restricted deposits, end of period $ 20,553 As of December 31, 2016, the following cash flows were reclassified: Year Ended December 31, 2016 As Originally Reclassification As Presented Presented Adjustments Herein (in thousands) Cash Flows from Operating Activities: Restricted deposits - tenant security deposits $ (120) $ 120 $ — Restricted deposits - real estate tax and insurance escrow $ (159) $ 159 $ — Net cash provided by operating activities $ 34,719 $ 280 $ 34,999 Cash Flows from Investing Activities Restricted deposits - replacement reserves $ (841) $ 841 $ — Net cash provided by Investing activities $ (15,968) $ 841 $ (15,127) Cash and cash equivalents, beginning of period $ 6,461 (adjustments for restricted deposits, beginning of period) $ 6,115 Cash and cash equivalents and restricted deposits, beginning of period $ 12,576 Cash and cash equivalents, end of period $ 12,034 (adjustments for restricted deposits, end of period) $ 7,236 Cash and cash equivalents and restricted deposits, end of period $ 19,270

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2018
SEGMENT REPORTING
Summary of Segment Revenues and Net Operating Income	Year ended December 31, 2018 Year ended December 31, 2017 Year ended December 31, 2016 Residential Commercial Total Residential Commercial Total Residential Commercial Total (in thousands) (in thousands) (in thousands) Income from rental operations $ 90,981 $ 26,250 $ 117,231 $ 86,859 $ 27,439 $ 114,298 $ 80,497 $ 27,566 $ 108,063 Expenses from rental operations 50,246 7,339 57,585 47,284 7,458 54,742 43,766 6,924 50,690 Net operating income $ 40,735 $ 18,911 $ 59,646 $ 39,575 $ 19,981 $ 59,556 $ 36,731 $ 20,642 $ 57,373 Depreciation and amortization 21,350 21,544 22,145 Interest 18,329 18,630 18,366 Administration of REIT 4,100 5,144 5,600 Loss on lease terminations (22) 146 299 Other (income)/expense (6,089) (5,791) (1,894) Net income $ 21,978 $ 19,883 $ 12,857
Summary of Segment Assets and Accumulated Depreciation	As of December 31, 2018 Residential Commercial Total (in thousands) Real estate investments $ 595,006 $ 195,690 $ 790,696 Accumulated depreciation (90,143) (37,969) (128,112) $ 504,863 $ 157,721 662,584 Cash and cash equivalents 21,212 Restricted deposits and funded reserves 8,853 Investment in unconsolidated affiliates 2,691 Other assets 8,151 Intangible assets, less accumulated amortization 10,976 Total Assets $ 714,467 As of December 31, 2017 Residential Commercial Total (in thousands) Real estate investments $ 557,309 $ 202,394 $ 759,703 Accumulated depreciation (76,404) (34,622) (111,026) $ 480,905 $ 167,772 648,677 Cash and cash equivalents 12,490 Restricted deposits and funded reserves 8,063 Investment in unconsolidated affiliates 2,772 Other assets 6,340 Intangible assets, less accumulated amortization 13,263 Total Assets $ 691,605

RESTRICTED DEPOSITS AND FUNDE_2

RESTRICTED DEPOSITS AND FUNDED RESERVES (Tables)	12 Months Ended
	Dec. 31, 2018
RESTRICTED DEPOSITS AND FUNDED RESERVES
Schedule of restricted deposits and funded reserves	2018 2017 (in thousands) Tenant security deposits $ 4,156 $ 3,995 Real estate tax and insurance escrows 2,225 1,664 Replacement reserves 2,472 2,404 $ 8,853 $ 8,063

LEASE INTANGIBLES (Tables)

LEASE INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 2018
LEASE INTANGIBLES
Schedule of Intangible Assets, Liabilities and Accumulated Amortization	Lease Accumulated Lease As of December 31, 2018 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 21,480 $ (12,422) $ 9,058 Above-market leases 3,211 (1,293) 1,918 $ 24,691 $ (13,715) $ 10,976 Lease Intangible Liabilities Below-market leases $ (3,089) $ 1,621 $ (1,468) Lease Accumulated Lease As of December 31, 2017 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 23,080 $ (11,797) $ 11,283 Above-market leases 3,115 (1,135) 1,980 $ 26,195 $ (12,932) $ 13,263 Lease Intangible Liabilities Below-market leases $ (3,162) $ 1,386 $ (1,776)
Schedule of Estimated Aggregate Amortization Expense	Intangible Intangible Years ending December 31, Assets Liabilities (in thousands) 2019 $ 1,844 $ 261 2020 1,456 213 2021 1,163 184 2022 1,028 164 2023 891 151 Thereafter 4,594 495 $ 10,976 $ 1,468

MORTGAGE NOTES PAYABLE (Tables)

MORTGAGE NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2018
MORTGAGE NOTES PAYABLE
Schedule of Mortgage Notes Payable	Principal Balance At December 31, December 31, 2018 2017 (in thousands) Fixed rate mortgage notes payable (a) $ 408,339 $ 397,567 Less unamortized debt issuance costs 2,322 2,724 $ 406,017 $ 394,843 (a) Includes $865 and $913 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2018 and 2017, respectively.
Scheduled Maturities of Mortgage Notes Payable	Years ending December 31, Amount (in thousands) 2019 $ 25,076 2020 28,689 2021 46,617 2022 31,868 2023 47,746 Thereafter 228,343 Total payments $ 408,339

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
	Dec. 31, 2018
FAIR VALUE MEASUREMENT
Carrying Value and Estimated Fair Value of Company's Financial Instruments	December 31, 2018 December 31, 2017 Carrying Carrying Value Fair Value Value Fair Value (in thousands) Financial liabilities: Mortgage notes payable, net $ 406,017 $ 400,192 $ 394,843 $ 396,261 Fair value of interest rate swaps $ 30 $ 30 $ 65 $ 65
Schedule of Fair Value of Assets on Recurring Basis	Level 1 Level 2 Level 3 Total (in thousands) December 31, 2018 Fair value of interest rate swaps $ — $ 30 $ — $ 30 December 31, 2017 Fair value of interest rate swaps $ — $ 65 $ — $ 65
Fair Value of Company's Financial Assets and Liabilities	Level 1 Level 2 Level 3 Total (in thousands) December 31, 2018 Mortgage notes payable, net $ — $ — $ 400,192 $ 400,192 December 31, 2017 Mortgage notes payable, net $ — $ — $ 396,261 $ 396,261

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2018
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 LEASE_2

RENTALS UNDER OPERATING LEASES / RENTAL INCOME (Tables)	12 Months Ended
	Dec. 31, 2018
RENTALS UNDER OPERATING LEASES / RENTAL INCOME
Summary of minimum future rentals on non-cancelable operating leases	Years ending December 31, Amount (in thousands) 2019 $ 18,841 2020 17,873 2021 14,260 2022 10,687 2023 9,215 Thereafter 51,753 $ 122,629

BUSINESS COMBINATIONS AND ACQ_2

BUSINESS COMBINATIONS AND ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Schedule of acquisition date fair values, before prorations recorded in conjunction with acquisitions	Year Ended December 31, 2018 2017 2016 Land, building, tenant improvements and FF&E $ 30,918 $ 23,195 $ 34,102 Acquired lease intangible assets - - 1,386 Acquired lease intangible liabilities - - (176) Mortgages notes payable assumed (2,104) - - Other liabilities (576) (132) (78) Net assets acquired 28,238 23,063 35,234 Equity/limited partnership unit consideration (7,819) (10,006) (23,020) Restricted cash proceeds related to IRC Section 1031 tax-deferred exchange (11,326) (4,278) - New loans - (4,180) (2,662) Net cash consideration (a) $ 9,093 $ 4,599 $ 9,552 (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).
Real Estate Property Acquisitions 2018
Schedule of acquisitions	Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price 3/1/18 Thunder Creek Apartments Fargo, ND Apartment complex 57 units $ 4,460 9/1/18 Chandler 1834 Grand Forks, ND Apartment complex 12 units 630 9/17/18 Dairy Queen (a) Apple Valley, MN Retail building 5,348 sq. ft. 3,000 10/1/18 Hartford Apartments Fargo, ND Apartment complex 30 units 1,350 10/24/18 Bradbury Apartments Bismarck, ND Apartment complex 96 units 5,826 11/1/18 Cityside Apartments Fargo, ND Apartment complex 31 units 1,054 11/1/18 Morningside Apartments Fargo, ND Apartment complex 17 units 714 11/1/18 Fredericksburg Apartments Omaha, NE Apartment complex 173 units 11,319 12/31/18 Cityside Apartments (c) Fargo, ND Apartment complex 5 units 153 12/31/18 Cedars 4 Fargo, ND Apartment complex 18 units 1,151 $ 29,657 (b) (a) This property was acquired utilizing Internal Revenue Code 1031 tax-deferred exchange funds. (b) Acquisition price does not include capitalized closing costs and adjustments of $1,156 and special assessments of $105. (c) Subsequent purchase of additional units on adjacent property; consolidated with property acquired on November 1, 2018 for management purposes.
Real Estate Property Acquisitions 2017
Schedule of acquisitions	Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price 1/10/17 Sargent Apartments Fargo, ND Apartment complex 36 units $ 1,710 1/11/17 Arrowhead Apartments Grand Forks, ND Apartment complex 82 units 5,494 1/17/17 West Oak Apartments Fargo, ND Apartment complex 18 units 777 1/17/17 Carr Apartments Fargo, ND Apartment complex 18 units 828 5/1/17 Plumtree Apartments Fargo, ND Apartment complex 18 units 907 5/1/17 Sunchase Apartments Fargo, ND Apartment complex 36 units 1,765 6/1/17 Essex Apartments Fargo, ND Apartment complex 18 units 858 6/1/17 Jadestone Apartments Fargo, ND Apartment complex 18 units 809 6/1/17 Park Circle Apartments Fargo, ND Apartment complex 18 units 903 7/3/17 East Bridge Apartments (a) Fargo, ND Apartment complex 58 units 6,060 12/1/17 Birchwood I Apartments Fargo, ND Apartment complex 18 units 401 12/1/17 Birchwood II Apartments Fargo, ND Apartment complex 48 units 2,425 $ 22,937 (b) (a) This property was acquired utilizing Internal Revenue Code 1031 tax-deferred exchange funds. (b) Acquisition price does not include capitalized closing costs and adjustments of $258.
Real Estate Property Acquisitions 2016
Schedule of acquisitions	Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price 1/29/16 Titan Machinery North Platte, NE Implement dealership 16,480 sq. ft. $ 1,769 2/1/16 Bristol Park Apartments Grand Forks, ND Apartment complex 80 units 5,050 2/1/16 Redpath White Bear Lake, MN Office building 25,817 sq. ft. 4,000 3/1/16 Eagle Sky I Apartments Bismarck, ND Apartment complex 20 units 1,525 3/1/16 Eagle Sky II Apartments Bismarck, ND Apartment complex 20 units 1,525 5/4/16 Garden Grove Apartments Bismarck, ND Apartment complex 95 units 7,072 5/4/16 Washington Apartments Grand Forks, ND Apartment complex 17 units 667 8/1/16 Roughrider Grand Forks, ND Apartment complex 12 units 582 8/29/16 West 80 Development Land Rochester, MN Land 18.8 acres 900 9/13/16 Amberwood Apartments Grand Forks, ND Apartment complex 95 units 3,942 12/19/16 Bridgeport Apartments Fargo, ND Apartment complex 120 units 8,280 $ 35,312

QUARTERLY FINANCIAL INFORMATI_2

QUARTERLY FINANCIAL INFORMATION (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
QUARTERLY FINANCIAL INFORMATION (unaudited)
Schedule of selected quarterly financial data	Quarter (1) 2018 First Second Third Fourth (in thousands, except per share data) Income from rental operations $ 29,229 $ 29,288 $ 29,254 $ 29,460 Net Income $ 5,258 $ 4,977 $ 7,084 $ 4,659 Net Income attributable to Sterling Real Estate Trust $ 1,740 $ 1,675 $ 2,379 $ 1,580 Net Income per common share, basic and diluted $ 0.20 $ 0.19 $ 0.27 $ 0.18 Weighted average common shares outstanding 8,627,000 8,720,000 8,840,000 8,971,000 Quarter (1) 2017 First Second Third Fourth (in thousands, except per share data) Income from rental operations $ 28,029 $ 28,513 $ 28,655 $ 29,101 Net Income $ 3,200 $ 8,290 $ 3,256 $ 5,137 Net Income attributable to Sterling Real Estate Trust $ 1,057 $ 2,682 $ 1,082 $ 1,693 Net Income per common share, basic and diluted $ 0.13 $ 0.33 $ 0.13 $ 0.19 Weighted average common shares outstanding 8,117,000 8,227,000 8,356,000 8,498,000 (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, 2018	Dec. 31, 2017
Properties
Ownership in operating partnership	33.41%	32.64%
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 Signif_4

Principal Activity and Significant Accounting Policies - Principal Business Activity (Details) $ in Thousands	Dec. 31, 2018USD ($)ft²propertyitem	Dec. 31, 2017USD ($)
Properties
Real estate investments | $	$ 662,584	$ 648,677
No. of properties	173
Residential Property
Properties
No. of properties	125
Percentage of residential property out of the trust properties	73.00%
Units | item	9,852
Residential Property | North Dakota
Properties
No. of properties	105
Units | item	6,160
Residential Property | Minnesota
Properties
No. of properties	16
Units | item	3,033
Residential Property | Missouri
Properties
No. of properties	1
Area of commercial property | ft²	164
Residential Property | Nebraska
Properties
No. of properties	3
Units | item	495
Commercial Property
Properties
No. of properties	48
Percentage of commercial property out of the trust properties	27.00%
Area of commercial property | ft²	1,626,000
Commercial Property | North Dakota
Properties
No. of properties	20
Area of commercial property | ft²	780,000
Commercial Property | Arkansas
Properties
No. of properties	2
Area of commercial property | ft²	29,000
Commercial Property | Colorado
Properties
No. of properties	1
Area of commercial property | ft²	13,000
Commercial Property | Iowa
Properties
No. of properties	1
Area of commercial property | ft²	33,000
Commercial Property | Louisiana
Properties
No. of properties	1
Area of commercial property | ft²	15,000
Commercial Property | Michigan
Properties
No. of properties	1
Area of commercial property | ft²	12,000
Commercial Property | Minnesota
Properties
No. of properties	15
Area of commercial property | ft²	650,000
Commercial Property | Mississippi
Properties
No. of properties	1
Area of commercial property | ft²	15,000
Commercial Property | Nebraska
Properties
No. of properties	1
Area of commercial property | ft²	16,000
Commercial Property | Wisconsin
Properties
No. of properties	5
Area of commercial property | ft²	63,000

Principal Activity and Signif_5

Principal Activity and Significant Accounting Policies - Real Estate Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate Investments
Amortization expense	$ 2,127	$ 2,429	$ 3,539
Amortization expense of below market lease	280	284	331
Depreciation expense	19,165	19,057	18,507
Loss on impairment of property	$ 0	0	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
In-place leases
Real Estate Investments
Amortization expense	$ 2,021	2,253	3,275
Above-market leases
Real Estate Investments
Amortization expense	$ 222	$ 226	$ 230

Principal Activity and Signif_6

Principal Activity and Significant Accounting Policies - Held for Sale and Unconsolidated Affiliates (Details) $ in Thousands	May 01, 2017USD ($)item	Dec. 01, 2016USD ($)item	Jun. 30, 2017USD ($)	Dec. 31, 2018USD ($)ft²propertyitem	Dec. 31, 2017USD ($)propertyitem	Dec. 31, 2016USD ($)
Significant Accounting Policies
Number of real estate properties classified as held for sale | property				0	0
Impairment losses related to the unconsolidated affiliates				$ 0	$ 0	$ 0
Total assets held by unconsolidated affiliates				22,954	23,466
Mortgage notes held by unconsolidated affiliates				17,091	17,470
Assumed loans				2,104
Aggregate value of limited partnership units issued for acquisition				$ 7,819	10,006	23,020
Acquisition price						35,312
Gain on change in control of real estate investments					$ 2,186	550
Proceeds from sale of joint venture interest						2,600
Gain on sale of joint venture interest						$ 597
Single Asset Limited Liability Company - owns apartment complex, Bismarck, North Dakota
Significant Accounting Policies
Residential Multi Tenant Apartment Complex Units | item	144			144
Percentage of interest acquired	59.74%
Fair value of property	$ 10,080
Assumed loans	1,295
Aggregate value of limited partnership units issued for acquisition	4,727
Acquisition price	$ 6,022
Gain on change in control of real estate investments			$ 2,186
Operating Partnership | Single Asset Limited Liability Company - owns apartment complex, Bismarck, North Dakota
Significant Accounting Policies
Investment in unconsolidated affiliates				40.26%
Operating Partnership | Grand Forks Marketplace Retail Center
Significant Accounting Policies
Investment in unconsolidated affiliates				50.00%
Percentage of interest				100.00%
Area of commercial property | ft²				183,000
Operating Partnership | Tenant in common - Office building, Fargo, North Dakota
Significant Accounting Policies
Investment in unconsolidated affiliates				66.67%
Area of commercial property | ft²				75,000
Operating Partnership | Tenant in common - Apartment complex, Fargo, North Dakota
Significant Accounting Policies
Residential Multi Tenant Apartment Complex Units | item		61			61
Percentage of interest acquired		17.50%			17.50%
Fair value of property		$ 4,087
Aggregate value of limited partnership units issued for acquisition		448
Acquisition price		641
Gain on change in control of real estate investments		$ 550
Mortgages | Grand Forks Marketplace Retail Center
Significant Accounting Policies
Mortgage carrying amount				$ 10,483	$ 10,692
Mortgages | Tenant in common - Office building, Fargo, North Dakota
Significant Accounting Policies
Mortgage carrying amount				$ 6,608	$ 6,778

Principal Activity and Signif_7

Principal Activity and Significant Accounting Policies - Other (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Allowance for uncollectible receivables	$ 578	$ 0
Impairment of intangible assets	$ 0	$ 0	$ 0
Taxable income to be distributed	90.00%
Retainable taxable income	10.00%
Tax status
Ordinary income	$ 0.7258	$ 0.8124	$ 0.8718
Capital Gain		0.0015	0.0267
Return of capital	0.2917	0.1761	0.0615
Total	$ 1.0175	$ 0.9900	$ 0.9600
Ordinary income (as a percent)	71.33%	82.05%	90.48%
Capital Gain (as a percent)		0.16%	2.77%
Return of capital (as a percent)	28.67%	17.79%	6.75%
Total (as a percent)	100.00%	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	$ 99	$ 246	$ 499
Straight - line receivable	$ 3,374	$ 3,586
Earnings per Common Share
Dilutive potential common shares	0	0	0
Denominators for the basic and diluted earnings per common share	8,791,000	8,300,000	7,844,000

Principal Activity and Signif_8

Principal Activity and Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flows from Operating Activities
Net cash provided by operating activities	$ 38,422	$ 37,478	$ 34,999
Cash Flows from Investing Activities
Restricted deposits - replacement reserve escrows		(8,794)
Purchase of real estate investment properties	(20,419)	(8,794)	(9,745)
Net cash provided by Investing activities	(17,017)	(13,019)	(15,127)
Cash and cash equivalents	21,212	12,490	12,034
Restricted deposits	8,853	8,063	7,236
Cash and cash equivalents and restricted deposits	$ 30,065	20,553	19,270	$ 12,576
ASU No. 2016-18 | As Originally Presented
Cash Flows from Operating Activities
Restricted deposits - tenant security deposits		(137)	(120)
Restricted deposits - real estate tax and insurance escrow		256	(159)
Net cash provided by operating activities		37,597	34,719
Cash Flows from Investing Activities
Restricted deposits - replacement reserve escrows		(4,599)
Restricted deposits - exchange escrow		(4,278)
Restricted deposits - replacement reserves		(863)	(841)
Net cash provided by Investing activities		(13,965)	(15,968)
Cash and cash equivalents		12,490	12,034	6,461
ASU No. 2016-18 | Reclassification Adjustments
Cash Flows from Operating Activities
Restricted deposits - tenant security deposits		137	120
Restricted deposits - real estate tax and insurance escrow		(256)	159
Net cash provided by operating activities		(119)	280
Cash Flows from Investing Activities
Restricted deposits - replacement reserve escrows		(4,195)
Restricted deposits - exchange escrow		4,278
Restricted deposits - replacement reserves		863	841
Net cash provided by Investing activities		946	841
Restricted deposits		$ 8,063	$ 7,236	$ 6,115

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018segment
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, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEGMENT REPORTING
Income from rental operations	$ 29,460	$ 29,254	$ 29,288	$ 29,229	$ 29,101	$ 28,655	$ 28,513	$ 28,029	$ 117,231	$ 114,298	$ 108,063
Expenses from rental operations									57,585	54,742	50,690
Net operating income									59,646	59,556	57,373
Depreciation and amortization									21,350	21,544	22,145
Interest									18,329	18,630	18,366
Administration of REIT									4,100	5,144	5,600
Gain (loss) on lease terminations									(22)	146	299
Other (income)/expense									(6,089)	(5,791)	(1,894)
Net income	$ 4,659	$ 7,084	$ 4,977	$ 5,258	$ 5,137	$ 3,256	$ 8,290	$ 3,200	21,978	19,883	12,857
Residential
SEGMENT REPORTING
Income from rental operations									90,981	86,859	80,497
Expenses from rental operations									50,246	47,284	43,766
Net operating income									40,735	39,575	36,731
Commercial
SEGMENT REPORTING
Income from rental operations									26,250	27,439	27,566
Expenses from rental operations									7,339	7,458	6,924
Net operating income									$ 18,911	$ 19,981	$ 20,642

Segment Reporting - Summary o_2

Segment Reporting - Summary of Segment Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
SEGMENT REPORTING
Real estate investments	$ 790,696	$ 759,703	$ 715,300	$ 669,484
Accumulated depreciation	(128,112)	(111,026)	(92,325)	$ (74,975)
Real estate investments, net	662,584	648,677
Cash and cash equivalents	21,212	12,490	12,034
Restricted deposits and funded reserves	8,853	8,063	$ 7,236
Investment in unconsolidated affiliates	2,691	2,772
Other assets	8,151	6,340
Intangible assets, less accumulated amortization	10,976	13,263
Total Assets	714,467	691,605
Residential
SEGMENT REPORTING
Real estate investments	595,006	557,309
Accumulated depreciation	(90,143)	(76,404)
Real estate investments, net	504,863	480,905
Commercial
SEGMENT REPORTING
Real estate investments	195,690	202,394
Accumulated depreciation	(37,969)	(34,622)
Real estate investments, net	$ 157,721	$ 167,772

Restricted Deposits and Funde_3

Restricted Deposits and Funded Reserves - Summary of Restricted Deposits and Funded Reserves (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
RESTRICTED DEPOSITS AND FUNDED RESERVES
Tenant security deposits	$ 4,156	$ 3,995
Real estate tax and insurance escrows	2,225	1,664
Replacement reserves	2,472	2,404
Restricted deposits and funded reserves, Total	$ 8,853	$ 8,063	$ 7,236

Restricted Deposits and Funde_4

Restricted Deposits and Funded Reserves - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018
RESTRICTED DEPOSITS AND FUNDED RESERVES
Percentage of monthly contributions of estimated real estate taxes and insurance premium	0.083333

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Intangible Assets and Liabilities and Accumulated Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Intangible Assets
Lease Intangibles	$ 24,691	$ 26,195
Accumulated Amortization	(13,715)	(12,932)
Total	10,976	13,263
Intangible Liabilities
Below-market lease	(3,089)	(3,162)
Below-market lease, accumulated amortization	1,621	1,386
Below-market lease, net	(1,468)	(1,776)
In-place leases
Intangible Assets
Lease Intangibles	21,480	23,080
Accumulated Amortization	(12,422)	(11,797)
Total	9,058	11,283
Above-market leases
Intangible Assets
Lease Intangibles	3,211	3,115
Accumulated Amortization	(1,293)	(1,135)
Total	$ 1,918	$ 1,980

Lease Intangibles - Schedule _2

Lease Intangibles - Schedule of Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Intangible Assets
2019	$ 1,844
2020	1,456
2021	1,163
2022	1,028
2023	891
Thereafter	4,594
Total	10,976	$ 13,263
Intangible Liabilities
2019	261
2020	213
2021	184
2022	164
2023	151
Thereafter	495
Total	$ 1,468	$ 1,776
Amortization period	6 years 8 months 12 days

Lines of Credit - Additional In

Lines of Credit - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)item	Dec. 31, 2017property
Lines of Credit
Line of credit outstanding	$ 0
Unused line of credit	32,815
Wells Fargo Bank
Lines of Credit
Agreed line of credit	$ 18,300
Expiration date	Jun. 1, 2021
Number of properties out of compliance with debt covenant | property		1
Wells Fargo Bank | 1-Month 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 covenant	3	1
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	$ 5,000
Expiration date	Jun. 1, 2022
Bremer Bank Agreement Two | Floating LIBOR
Lines of Credit
Variable interest rate of line of credit	2.00%
Bank of the West
Lines of Credit
Agreed line of credit	$ 3,200
Expiration date	Nov. 1, 2020
Bank of the West | LIBOR
Lines of Credit
Variable interest rate of line of credit	2.04%

Mortgage Notes Payable - Summar

Mortgage Notes Payable - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)item
MORTGAGE NOTES PAYABLE
Long-term debt, gross	$ 408,339
Residential Property | Mortgage Notes Payable
MORTGAGE NOTES PAYABLE
Number of mortgage loans out of compliance | item	9	6
Outstanding balance of loans out of compliance, in aggregate	$ 13,128	$ 8,392
Variable rate construction loan | Mortgage Notes Payable
MORTGAGE NOTES PAYABLE
Number of mortgage loans | item	0	0
Fixed rate mortgage notes payable | Mortgage Notes Payable
MORTGAGE NOTES PAYABLE
Long-term debt, gross	$ 408,339	$ 397,567
Less unamortized debt issuance costs	2,322	2,724
Long-term debt, net	406,017	394,843
Debt swapped from variable to fixed rate	$ 865	$ 913
Number of mortgage loans | item	127	122
Fixed rate mortgage notes payable | Mortgage Notes Payable | Minimum
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)	3.44%	3.44%
Fixed rate mortgage notes payable | Mortgage Notes Payable | Maximum
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)	7.25%	7.25%
Fixed rate mortgage notes payable | Mortgage Notes Payable | Weighted Average
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)	4.42%	4.39%

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Scheduled Maturities of Mortgage Notes Payable (Details) $ in Thousands	Dec. 31, 2018USD ($)
MORTGAGE NOTES PAYABLE
2019	$ 25,076
2020	28,689
2021	46,617
2022	31,868
2023	47,746
Thereafter	228,343
Total payments	$ 408,339

Hedging Activities - Additional

Hedging Activities - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Hedging Activities
Liability and other comprehensive loss	$ 30	$ 65
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

Fair Value Measurement - Carryi

Fair Value Measurement - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Carrying Value
Financial liabilities:
Mortgage notes payable, net	$ 406,017	$ 394,843
Fair value of interest rate swaps	30	65
Fair Value
Financial liabilities:
Mortgage notes payable, net	400,192	396,261
Fair value of interest rate swaps	$ 30	$ 65

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Fair Value of Assets on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value Measurements
Fair value of interest rate swaps	$ 30	$ 65
Level 2
Fair Value Measurements
Fair value of interest rate swaps	$ 30	$ 65

Fair Value Measurement - Fair V

Fair Value Measurement - Fair Value of Company's Financial Assets and Liabilities (Details) - Fair Value - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value Measurements
Mortgage notes payable, net	$ 400,192	$ 396,261
Level 3
Fair Value Measurements
Mortgage notes payable, net	$ 400,192	$ 396,261

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Minimum
Fair Value Disclosures
Discount rates used to estimate fair value of mortgages and notes payable	4.82%	4.20%
Maximum
Fair Value Disclosures
Discount rates used to estimate fair value of mortgages and notes payable	4.83%	4.52%

Noncontrolling Interest of Un_2

Noncontrolling Interest of Unitholders in Operating Partnership - Additional Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)item$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)shares
Noncontrolling Interest
Distributions per unit | $ / shares	$ 1.0175	$ 0.9900
Maximum
Noncontrolling Interest
Number of permitted exchange requests in a calendar year | item	2
Limited Partnership
Noncontrolling Interest
Total units	17,876,000	17,517,000
Units converted by limited partners into common shares	0	8,000	47,000
Total units		8,000	47,000
Common shares value | $		$ 133	$ 754
Limited Partnership | Minimum
Noncontrolling Interest
Number of units which can be redeemed in single redemption	1,000
Operating Partnership
Noncontrolling Interest
Declared distributions | $	$ 4,547	$ 4,335

Redemption Plans - Additional I

Redemption Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Redemption plans
Redemption price of securities	$ 18	$ 17.50	$ 15.50
Redemption of shares, value		$ 2,431	$ 2,394	$ 2,062
Redemption Plans
Redemption plans
Amount of securities redemption		$ 35,000
Redemption of shares		75,000	72,000	80,000
Redemption of shares, value		$ 1,315	$ 1,110	$ 1,194
Additional redemption of units		64,000	83,000	59,000
Additional redemption of units, value		$ 1,116	$ 1,284	$ 868

Beneficial Interest - Additiona

Beneficial Interest - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Beneficial Interest
Common shares, outstanding	8,967,000	8,488,000
Preferred shares, outstanding	0	0
Dividends paid	$ 1.0175	$ 0.9900	$ 0.9600
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	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jul. 11, 2017	Jul. 20, 2012
DIVIDEND REINVESTMENT PLAN
Common shares to be issued				2,000,000	2,000,000
Minimum percentage of cash dividends	25.00%
Maximum additional cash purchase of common shares per fiscal quarter	$ 10
Percentage estimated value for dividend reinvestments	95.00%
Percentage estimated value for additional optional cash purchases	100.00%
Maximum value of common shares that may be purchased or received via transfer by participants under the dividend reinvestment plan	$ 40
Estimated value per common share	$ 18.50	$ 16.50
Purchase price per common share for dividend reinvestments	17.58	15.68
Purchase price per common share additional optional cash purchases	$ 18.50	$ 16.50
Notice period to participants	10 days
Shares issued pursuant to dividend reinvestments	325,000	331,000	315,000
Shares were issued pursuant to additional optional cash purchases under the plan	226,000	216,000	136,000

Related Party Transactions - Pr

Related Party Transactions - Property Management and Board of Trustee Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transactions
Trustee fees	$ 68	$ 56	$ 59
Unpaid board of trustee fees	$ 34	$ 23
GOLDMARK Property Management
Related Party Transactions
Property management fee, percent fee	5.00%	5.00%	5.00%
Management fee, amount paid	$ 11,827	$ 11,359	$ 9,929
Repair and maintenance related payroll and payroll related expenses	$ 5,217	$ 5,030	$ 4,556
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, 2018USD ($)employeeitem$ / itemshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)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
Acquisition fees		$ 1,131	$ 1,972
Rental Income	$ 111,113	108,136	101,885
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%
Finance fee capped per loan	$ 38
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	2,909	2,830	2,644
Advisory management fees outstanding	242	238
Acquisition fees	740	727	903
Acquisition fees outstanding	32	0
Financing fees for loan financing and refinancing activities	77	114	68
Financing fees for loan financing and refinancing outstanding	8	0
Disposition fees	327	110	100
Disposition fees outstanding	0	0
Development fee	0	235	170
Development fees hold back outstanding	$ 104	104
Percentage of development fees hold back	10.00%
Rental Income	$ 230	223	215
GOLDMARK Property Management
Related Party Transactions
Rental Income	55	54	53
GOLDMARK SCHLOSSMAN Commercial Real Estate Services
Related Party Transactions
Real estate commissions	384	572	953
Real estate commissions outstanding	0	0
Rental Income	$ 50	$ 45	$ 45
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	234,000	408,000	551,000
Value of operating partnership (OP) units issued in connection with the acquisition of various properties	$ 4,327	$ 6,536	$ 8,650
Goldmark Development
Related Party Transactions
Construction costs incurred to date	$ 0	8,997
Number of two-story townhomes under construction | item	6
Retainage owed	$ 0	0
Unpaid construction fees	$ 0	$ 0

Rentals under Operating Lease_3

Rentals under Operating Leases / Rental Income - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Properties
Rental Income	$ 111,113	$ 108,136	$ 101,885
Minimum future rentals on non-cancelable operating leases as of December 31, 2018
2019	18,841
2020	17,873
2021	14,260
2022	10,687
2023	9,215
Thereafter	51,753
Total	122,629
Residential Property
Properties
Rental Income	$ 90,981	86,859	80,497
Residential Property | Maximum
Properties
Term of lease to individual tenants	1 year
Commercial Property
Properties
Rental Income	$ 26,250	27,439	27,566
Operating lease expiration year	2038
CAM income (common area maintenance)	$ 6,118	$ 6,162	$ 6,178

Dispositions - Additional Infor

Dispositions - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Jul. 31, 2018USD ($)item	Apr. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Dispositions
Number of dispositions | item				3
Gain (loss) on sale of real estate				$ 3,715	$ 2,072	$ (316)
Industrial Property, Redwood Falls, MN | Disposed of by Sale
Dispositions
Property sold		$ 5,200
Gain (loss) on sale of real estate		$ 935
Retail Property, Austin, TX | Disposed of by Sale
Dispositions
Property sold	$ 3,615
Gain (loss) on sale of real estate	$ 1,266
Office Property, Bismarck, ND | Disposed of by Sale
Dispositions
Number of dispositions | item	1
Property sold	$ 4,250
Gain (loss) on sale of real estate	$ 1,514
Retail Property, Fargo, ND | Disposed of by Sale
Dispositions
Property sold			$ 4,400
Gain (loss) on sale of real estate			$ 2,072
Medical Property, Eau Claire, Wisconsin | Disposed of by Sale
Dispositions
Property sold						1,400
Gain (loss) on sale of real estate						$ (316)

Business Combinations and Acq_3

Business Combinations and Acquisitions - Purchases, Current Year (Details) $ / shares in Units, $ in Thousands	Dec. 31, 2018USD ($)item	Nov. 01, 2018USD ($)item	Oct. 24, 2018USD ($)item	Oct. 01, 2018USD ($)item	Sep. 17, 2018USD ($)ft²	Sep. 01, 2018USD ($)item	Mar. 01, 2018USD ($)item	Dec. 01, 2016USD ($)	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares
BUSINESS COMBINATIONS AND ACQUISITIONS
Acquisition price									$ 29,657	$ 22,937
Capitalized closing costs and adjustments	$ 1,156								1,156
Special assessments	$ 105								$ 105
Aggregate number of limited partnership units issued for acquisition | shares									423,000	625,000	1,466,000
Price per limited partnership unit issued for acquisition, price one | $ / shares										$ 16	$ 15.50
Aggregate value of limited partnership units issued for acquisition									$ 7,819	$ 10,006	$ 23,020
1031 tax-deferred exchange funds									11,326	4,278
Assumed loans									2,104
Assumed liabilities									576
Consideration in cash to pay for acquisitions									$ 9,093	$ 4,599
Thunder Creek Apartments, Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item							57
Acquisition price							$ 4,460
Chandler 1834, Grand Forks, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item						12
Acquisition price						$ 630
Dairy Queen, Apple Valley, MN
BUSINESS COMBINATIONS AND ACQUISITIONS
Area of the property purchased | ft²					5,348
Acquisition price					$ 3,000
Hartford Apartments, Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item				30
Acquisition price				$ 1,350
Bradbury Apartments, Bismarck, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item			96
Acquisition price			$ 5,826
Cityside Apartments, Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item		31
Acquisition price		$ 1,054
Morningside Apartments, Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item		17
Acquisition price		$ 714
Fredericksburg Apartments, Omaha, NE
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item		173
Acquisition price		$ 11,319
Cityside Apartments, Additional Units, Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item	5
Acquisition price	$ 153
Cedars 4 Apartments, Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item	18
Acquisition price	$ 1,151
Tenant in common - Apartment complex, Fargo, North Dakota | Operating Partnership
BUSINESS COMBINATIONS AND ACQUISITIONS
Aggregate value of limited partnership units issued for acquisition								$ 448

Business Combinations and Acq_4

Business Combinations and Acquisitions - Purchases, Prior Year (Details) $ / shares in Units, $ in Thousands	Dec. 01, 2017USD ($)item	Jul. 03, 2017USD ($)item	Jun. 01, 2017USD ($)item	May 01, 2017USD ($)item	Jan. 17, 2017USD ($)item	Jan. 11, 2017USD ($)item	Jan. 10, 2017USD ($)item	Dec. 01, 2016USD ($)item	Jun. 30, 2017USD ($)	Dec. 31, 2018USD ($)itemshares	Dec. 31, 2017USD ($)item$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares
BUSINESS COMBINATIONS AND ACQUISITIONS
Acquisition price										$ 29,657	$ 22,937
Capitalized closing costs and adjustments										$ 1,156
Aggregate number of limited partnership units issued for acquisition | shares										423,000	625,000	1,466,000
Price per limited partnership unit issued for acquisition, price one | $ / shares											$ 16	$ 15.50
Aggregate value of limited partnership units issued for acquisition										$ 7,819	$ 10,006	$ 23,020
1031 tax-deferred exchange funds										11,326	4,278
New loans issued to finance acquisition											4,180	2,662
Assumed loans										2,104
Assumed liabilities											132	78
Consideration in cash to pay for acquisitions										$ 9,093	4,599
Consideration in cash to pay for acquisitions												9,552
Gain on change in control of real estate investments											2,186	$ 550
Sargent Apartments, Fargo ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item							36
Acquisition price							$ 1,710
Arrowhead, Grand Forks, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item						82
Acquisition price						$ 5,494
West Oak Apartments, Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item					18
Acquisition price					$ 777
Carr Apartments, Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item					18
Acquisition price					$ 828
Plumtree Apartments, Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item				18
Acquisition price				$ 907
Sunchase Apartments, Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item				36
Acquisition price				$ 1,765
Essex Apartments, Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item			18
Acquisition price			$ 858
Jadestone Apartments, Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item			18
Acquisition price			$ 809
Park Circle Apartments, Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item			18
Acquisition price			$ 903
Eagle Bridge Apartments, Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item		58
Acquisition price		$ 6,060
Birchwood I Apartments Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item	18
Acquisition price	$ 401
Birchwood II Apartments Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item	48
Acquisition price	$ 2,425
Single Asset Limited Liability Company - owns apartment complex, Bismarck, North Dakota
BUSINESS COMBINATIONS AND ACQUISITIONS
Aggregate value of limited partnership units issued for acquisition				4,727
Total loan used to finance the acquisition, including new financing and assumed loans				2,167
New loans issued to finance acquisition				872
Assumed loans				$ 1,295
Residential, multi-tenant apartment complex, Units | item				144						144
Percentage of interest acquired				59.74%
Fair value of property				$ 10,080
Gain on change in control of real estate investments									$ 2,186
Tenant in common - Apartment complex, Fargo, North Dakota | Operating Partnership
BUSINESS COMBINATIONS AND ACQUISITIONS
Aggregate value of limited partnership units issued for acquisition								$ 448
Consideration in cash to pay for acquisitions								$ 193			$ 193
Residential, multi-tenant apartment complex, Units | item								61			61
Percentage of interest acquired								17.50%			17.50%
Fair value of property								$ 4,087
Gain on change in control of real estate investments								$ 550

Business Combinations and Acq_5

Business Combinations and Acquisitions - Purchases, Second Prior 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 ($)item	Feb. 01, 2016USD ($)ft²item	Jan. 29, 2016USD ($)ft²	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)item$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Jan. 01, 2019$ / shares	Jan. 01, 2018$ / shares	Mar. 29, 2017$ / shares	Mar. 23, 2016$ / shares
BUSINESS COMBINATIONS AND ACQUISITIONS
Acquisition price												$ 35,312
Aggregate number of limited partnership units issued for acquisition | shares										423,000	625,000	1,466,000
Price per limited partnership unit issued for acquisition, price one | $ / shares											$ 16	$ 15.50
Price per limited partnership unit issued for acquisition, price two | $ / shares										$ 18.50	$ 16.50	$ 16	$ 19	$ 18.50	$ 16.50	$ 16
Aggregate value of limited partnership units issued for acquisition										$ 7,819	$ 10,006	$ 23,020
New loans issued to finance acquisition											4,180	2,662
Assumed loans										$ 2,104
Assumed liabilities											132	78
Consideration in cash to pay for acquisitions												9,552
Gain on change in control of real estate investments											2,186	$ 550
Titan Machinery, North Platte, NE
BUSINESS COMBINATIONS AND ACQUISITIONS
Area of the property purchased | ft²									16,480
Acquisition price									$ 1,769
Bristol Park Apartments, Grand Forks, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item								80
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
Eagle Sky I Apartments, Bismarck, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item							20
Acquisition price							$ 1,525
Eagle Sky II Apartments, Bismarck, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item							20
Acquisition price							$ 1,525
Garden Grove Apartments, Bismarck, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item						95
Acquisition price						$ 7,072
Washington Apartments, Grand Forks, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item						17
Acquisition price						$ 667
Roughrider Grand Forks, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item					12
Acquisition price					$ 582
West 80 Development Land Rochester, MN
BUSINESS COMBINATIONS AND ACQUISITIONS
Area of the property purchased | a				18.8
Acquisition price				$ 900
Amberwood Apartments Grand Forks, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item			95
Acquisition price			$ 3,942
Bridgeport Apartments, Fargo, ND
BUSINESS COMBINATIONS AND ACQUISITIONS
Units acquired | item	120
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									$ 193
Residential, multi-tenant apartment complex, Units | item		61									61
Percentage of interest acquired		17.50%									17.50%
Fair value of property		$ 4,087
Gain on change in control of real estate investments		$ 550

Business Combinations and Acq_6

Business Combinations and Acquisitions - Summary of Acquisition Date Fair Values (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2019	Jan. 01, 2018	Mar. 29, 2017	Mar. 23, 2016
Acquisition date fair values
Net cash consideration	$ 9,093	$ 4,599
Net cash consideration			$ 9,552
Transactions costs expensed		$ 1,131	$ 1,972
Price per limited partnership unit issued for acquisition, price two	$ 18.50	$ 16.50	$ 16	$ 19	$ 18.50	$ 16.50	$ 16
Real Estate Property Acquisitions 2016
Acquisition date fair values
Land, building, tenant improvements and FF&E			$ 34,102
Acquired lease intangible assets			1,386
Acquired lease intangible liabilities			(176)
Other liabilities			(78)
Net assets acquired			35,234
Equity/limited partnership unit consideration			(23,020)
New loans			(2,662)
Net cash consideration			$ 9,552
Nonrecurring | Real Estate Property Acquisitions 2018
Acquisition date fair values
Land, building, tenant improvements and FF&E	$ 30,918
Mortgage notes payable assumed	(2,104)
Other liabilities	(576)
Net assets acquired	28,238
Equity/limited partnership unit consideration	(7,819)
Restricted cash proceeds related to IRC Section 1031 tax-deferred exchange	(11,326)
Net cash consideration	$ 9,093
Nonrecurring | Real Estate Property Acquisitions 2017
Acquisition date fair values
Land, building, tenant improvements and FF&E		$ 23,195
Other liabilities		(132)
Net assets acquired		23,063
Equity/limited partnership unit consideration		(10,006)
Restricted cash proceeds related to IRC Section 1031 tax-deferred exchange		(4,278)
New loans		(4,180)
Net cash consideration		$ 4,599

Quarterly Financial Informati_3

Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
QUARTERLY FINANCIAL INFORMATION (unaudited)
Income from rental operations	$ 29,460	$ 29,254	$ 29,288	$ 29,229	$ 29,101	$ 28,655	$ 28,513	$ 28,029	$ 117,231	$ 114,298	$ 108,063
Net income	4,659	7,084	4,977	5,258	5,137	3,256	8,290	3,200	21,978	19,883	12,857
Net income attributable to Sterling Real Estate Trust	$ 1,580	$ 2,379	$ 1,675	$ 1,740	$ 1,693	$ 1,082	$ 2,682	$ 1,057	$ 7,374	$ 6,514	$ 4,425
Net income per common share, basic and diluted	$ 0.18	$ 0.27	$ 0.19	$ 0.20	$ 0.19	$ 0.13	$ 0.33	$ 0.13	$ 0.84	$ 0.78	$ 0.56
Weighted average common shares outstanding	8,971,000	8,840,000	8,720,000	8,627,000	8,498,000	8,356,000	8,227,000	8,117,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - $ / shares	Jan. 15, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Subsequent Events
Dividend or distribution paid		$ 1.0175	$ 0.9900	$ 0.9600
Subsequent Event
Subsequent Events
Dividend or distribution paid	$ 0.254375

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - By Property (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 408,340
Initial cost to company, Land	110,169
Initial cost to company, Buildings	609,346
Costs capitalized subsequent to acquisition, land	3,858
Costs capitalized subsequent to acquisition, buildings	38,176
Gross Amount at which carried at close of period, Land	114,027
Gross Amount at which carried at close of period, Buildings.	647,522
Gross Amount at which carried at close of period, Total	761,549
Depreciation	108,237
Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	9,990
Initial cost to company, Land	4,463
Initial cost to company, Buildings	16,035
Costs capitalized subsequent to acquisition, land	1,058
Costs capitalized subsequent to acquisition, buildings	(94)
Gross Amount at which carried at close of period, Land	5,521
Gross Amount at which carried at close of period, Buildings.	15,941
Gross Amount at which carried at close of period, Total	21,462
Depreciation	2,372
Land
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	430
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
Encumbrances	9,364
Initial cost to company, Land	2,881
Initial cost to company, Buildings	18,599
Costs capitalized subsequent to acquisition, land	293
Costs capitalized subsequent to acquisition, buildings	2,521
Gross Amount at which carried at close of period, Land	3,174
Gross Amount at which carried at close of period, Buildings.	21,120
Gross Amount at which carried at close of period, Total	24,294
Depreciation	6,226
Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	332,258
Initial cost to company, Land	73,917
Initial cost to company, Buildings	460,448
Costs capitalized subsequent to acquisition, land	2,365
Costs capitalized subsequent to acquisition, buildings	30,680
Gross Amount at which carried at close of period, Land	76,282
Gross Amount at which carried at close of period, Buildings.	491,128
Gross Amount at which carried at close of period, Total	567,410
Depreciation	71,736
Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	40,521
Initial cost to company, Land	15,915
Initial cost to company, Buildings	85,851
Costs capitalized subsequent to acquisition, land	130
Costs capitalized subsequent to acquisition, buildings	5,706
Gross Amount at which carried at close of period, Land	16,045
Gross Amount at which carried at close of period, Buildings.	91,557
Gross Amount at which carried at close of period, Total	107,602
Depreciation	21,720
Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	15,777
Initial cost to company, Land	10,960
Initial cost to company, Buildings	28,413
Costs capitalized subsequent to acquisition, land	12
Costs capitalized subsequent to acquisition, buildings	(637)
Gross Amount at which carried at close of period, Land	10,972
Gross Amount at which carried at close of period, Buildings.	27,776
Gross Amount at which carried at close of period, Total	38,748
Depreciation	$ 6,183
Guardian Building Products
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Guardian Building Products | Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,779
Initial cost to company, Land	820
Initial cost to company, Buildings	2,554
Costs capitalized subsequent to acquisition, land	55
Costs capitalized subsequent to acquisition, buildings	(94)
Gross Amount at which carried at close of period, Land	875
Gross Amount at which carried at close of period, Buildings.	2,460
Gross Amount at which carried at close of period, Total	3,335
Depreciation	$ 396
Date of Construction or Acquisition	Aug. 29, 2012
Life on which depreciation on latest income statement is computed	40 years
Titan Machinery Bismarck, ND
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Titan Machinery Bismarck, ND | Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 2,258
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
Depreciation	$ 139
Date of Construction or Acquisition	Jan. 28, 2015
Life on which depreciation on latest income statement is computed	40 years
Titan Machinery Dickinson
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Dickinson, ND
Titan Machinery Dickinson | Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 822
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
Depreciation	$ 187
Date of Construction or Acquisition	Jul. 30, 2012
Life on which depreciation on latest income statement is computed	40 years
Titan Machinery Fargo
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Titan Machinery Fargo | Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 958
Initial cost to company, Land	781
Initial cost to company, Buildings	1,947
Costs capitalized subsequent to acquisition, land	515
Gross Amount at which carried at close of period, Land	1,296
Gross Amount at which carried at close of period, Buildings.	1,947
Gross Amount at which carried at close of period, Total	3,243
Depreciation	$ 304
Date of Construction or Acquisition	Oct. 30, 2012
Life on which depreciation on latest income statement is computed	40 years
Titan Machinery Marshall
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Marshall, MN
Titan Machinery Marshall | Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,897
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
Depreciation	$ 661
Date of Construction or Acquisition	Nov. 1, 2011
Life on which depreciation on latest income statement is computed	40 years
Titan Machinery Minot
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Minot, ND
Titan Machinery Minot | Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Depreciation	$ 265
Date of Construction or Acquisition	Aug. 1, 2012
Life on which depreciation on latest income statement is computed	40 years
Titan Machinery North Platte NE
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	North Platte, NE
Titan Machinery North Platte NE | Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Depreciation	$ 96
Date of Construction or Acquisition	Jan. 29, 2016
Life on which depreciation on latest income statement is computed	40 years
Titan Machinery Sioux City
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Sioux City, IA
Titan Machinery Sioux City | Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 1,276
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
Depreciation	$ 324
Date of Construction or Acquisition	Oct. 25, 2013
Life on which depreciation on latest income statement is computed	40 years
Taco Bell Land | Land
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Denver, CO
Encumbrances	$ 430
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 | Land
SEC Schedule III, Real Estate and Accumulated Depreciation
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 | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 1,171
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
Depreciation	$ 710
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Bismarck | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	9 years
Bio Life Plasma Center, Bismarck | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Bio Life Plasma Center, Grand Forks | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 1,170
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
Depreciation	$ 734
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Grand Forks | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	10 years
Bio Life Plasma Center, Grand Forks | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Bio Life Plasma Center, Janesville | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Janesville, WI
Encumbrances	$ 1,171
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
Depreciation	$ 596
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Janesville | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	9 years
Bio Life Plasma Center, Janesville | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Bio Life Plasma Center, Mankato | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Mankato, MN
Encumbrances	$ 1,170
Initial cost to company, Land	390
Initial cost to company, Buildings	2,111
Costs capitalized subsequent to acquisition, land	281
Costs capitalized subsequent to acquisition, buildings	1,154
Gross Amount at which carried at close of period, Land	671
Gross Amount at which carried at close of period, Buildings.	3,265
Gross Amount at which carried at close of period, Total	3,936
Depreciation	$ 893
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Mankato | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	11 years
Bio Life Plasma Center, Mankato | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Bio Life Plasma Center, Marquette | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Depreciation	$ 852
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Marquette | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	9 years
Bio Life Plasma Center, Marquette | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Bio Life Plasma Center, Onalaska | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Onalaska, WI
Encumbrances	$ 1,171
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
Depreciation	$ 628
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Onalaska | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	11 years
Bio Life Plasma Center, Onalaska | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Bio Life Plasma Center, Oshkosh | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Oshkosh, WI
Encumbrances	$ 1,170
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
Depreciation	$ 580
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Oshkosh | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	10 years
Bio Life Plasma Center, Oshkosh | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Bio Life Plasma Center, Sheboygan | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Sheboygan, WI
Encumbrances	$ 1,171
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
Depreciation	$ 548
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Sheboygan | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	10 years
Bio Life Plasma Center, Sheboygan | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Bio Life Plasma Center, Stevens Point | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Stevens Point, WI
Encumbrances	$ 1,170
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
Depreciation	$ 685
Date of Construction or Acquisition	Jan. 3, 2008
Bio Life Plasma Center, Stevens Point | Minimum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	9 years
Bio Life Plasma Center, Stevens Point | Maximum | Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Amber Wood | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 2,470
Initial cost to company, Land	426
Initial cost to company, Buildings	3,304
Costs capitalized subsequent to acquisition, land	3
Costs capitalized subsequent to acquisition, buildings	113
Gross Amount at which carried at close of period, Land	429
Gross Amount at which carried at close of period, Buildings.	3,417
Gross Amount at which carried at close of period, Total	3,846
Depreciation	$ 200
Date of Construction or Acquisition	Sep. 13, 2016
Amber Wood | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Amber Wood | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Arbor I/400 | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 405
Initial cost to company, Land	73
Initial cost to company, Buildings	516
Costs capitalized subsequent to acquisition, land	4
Costs capitalized subsequent to acquisition, buildings	65
Gross Amount at which carried at close of period, Land	77
Gross Amount at which carried at close of period, Buildings.	581
Gross Amount at which carried at close of period, Total	658
Depreciation	$ 77
Date of Construction or Acquisition	Jun. 4, 2013
Life on which depreciation on latest income statement is computed	40 years
Arbor II/404 | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 414
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
Depreciation	$ 71
Date of Construction or Acquisition	Nov. 1, 2013
Life on which depreciation on latest income statement is computed	40 years
Arbor III/406 | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 411
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
Depreciation	$ 71
Date of Construction or Acquisition	Nov. 1, 2013
Life on which depreciation on latest income statement is computed	40 years
Ashbury | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,537
Initial cost to company, Land	314
Initial cost to company, Buildings	3,774
Costs capitalized subsequent to acquisition, land	27
Gross Amount at which carried at close of period, Land	341
Gross Amount at which carried at close of period, Buildings.	3,774
Gross Amount at which carried at close of period, Total	4,115
Depreciation	$ 197
Date of Construction or Acquisition	Dec. 19, 2016
Life on which depreciation on latest income statement is computed	40 years
Auburn Two | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 944
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
Depreciation	$ 275
Date of Construction or Acquisition	Mar. 23, 2007
Auburn Two | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Auburn Two | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Autumn Ridge | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 5,665
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
Depreciation	$ 2,796
Date of Construction or Acquisition	Aug. 16, 2004
Autumn Ridge | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	9 years
Autumn Ridge | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Barrett Arms | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Crookston, MN
Encumbrances	$ 867
Initial cost to company, Land	37
Initial cost to company, Buildings	1,001
Costs capitalized subsequent to acquisition, buildings	55
Gross Amount at which carried at close of period, Land	37
Gross Amount at which carried at close of period, Buildings.	1,056
Gross Amount at which carried at close of period, Total	1,093
Depreciation	$ 128
Date of Construction or Acquisition	Jan. 2, 2014
Life on which depreciation on latest income statement is computed	40 years
Bayview | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,961
Initial cost to company, Land	284
Initial cost to company, Buildings	4,077
Costs capitalized subsequent to acquisition, land	59
Costs capitalized subsequent to acquisition, buildings	65
Gross Amount at which carried at close of period, Land	343
Gross Amount at which carried at close of period, Buildings.	4,142
Gross Amount at which carried at close of period, Total	4,485
Depreciation	$ 1,139
Date of Construction or Acquisition	Dec. 31, 2007
Bayview | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Bayview | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Berkshire | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 473
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
Depreciation	$ 111
Date of Construction or Acquisition	Mar. 31, 2008
Berkshire | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Berkshire | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Betty Ann | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 508
Initial cost to company, Land	74
Initial cost to company, Buildings	738
Costs capitalized subsequent to acquisition, land	2
Costs capitalized subsequent to acquisition, buildings	60
Gross Amount at which carried at close of period, Land	76
Gross Amount at which carried at close of period, Buildings.	798
Gross Amount at which carried at close of period, Total	874
Depreciation	$ 182
Date of Construction or Acquisition	Aug. 31, 2009
Life on which depreciation on latest income statement is computed	40 years
Birchwood 1 | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 254
Initial cost to company, Land	72
Initial cost to company, Buildings	342
Gross Amount at which carried at close of period, Land	72
Gross Amount at which carried at close of period, Buildings.	342
Gross Amount at which carried at close of period, Total	414
Depreciation	$ 9
Date of Construction or Acquisition	Dec. 1, 2017
Life on which depreciation on latest income statement is computed	40 years
Birchwood 2 | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,496
Initial cost to company, Land	234
Initial cost to company, Buildings	2,266
Costs capitalized subsequent to acquisition, buildings	120
Gross Amount at which carried at close of period, Land	234
Gross Amount at which carried at close of period, Buildings.	2,386
Gross Amount at which carried at close of period, Total	2,620
Depreciation	$ 63
Date of Construction or Acquisition	Dec. 1, 2017
Life on which depreciation on latest income statement is computed	40 years
Bradbury Apartments | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 2,100
Initial cost to company, Land	1,049
Initial cost to company, Buildings	4,922
Gross Amount at which carried at close of period, Land	1,049
Gross Amount at which carried at close of period, Buildings.	4,922
Gross Amount at which carried at close of period, Total	5,971
Depreciation	$ 31
Date of Construction or Acquisition	Oct. 24, 2018
Life on which depreciation on latest income statement is computed	40 years
Bridgeport | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 5,224
Initial cost to company, Land	613
Initial cost to company, Buildings	7,676
Costs capitalized subsequent to acquisition, land	3
Costs capitalized subsequent to acquisition, buildings	46
Gross Amount at which carried at close of period, Land	616
Gross Amount at which carried at close of period, Buildings.	7,722
Gross Amount at which carried at close of period, Total	8,338
Depreciation	$ 401
Date of Construction or Acquisition	Dec. 19, 2016
Life on which depreciation on latest income statement is computed	40 years
Bristol Park | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 3,179
Initial cost to company, Land	985
Initial cost to company, Buildings	3,976
Costs capitalized subsequent to acquisition, buildings	684
Gross Amount at which carried at close of period, Land	985
Gross Amount at which carried at close of period, Buildings.	4,660
Gross Amount at which carried at close of period, Total	5,645
Depreciation	$ 316
Date of Construction or Acquisition	Feb. 1, 2016
Life on which depreciation on latest income statement is computed	40 years
Brookfield | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 532
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	225
Gross Amount at which carried at close of period, Land	231
Gross Amount at which carried at close of period, Buildings.	2,183
Gross Amount at which carried at close of period, Total	2,414
Depreciation	$ 535
Date of Construction or Acquisition	Aug. 1, 2008
Brookfield | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Brookfield | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Cambridge (FKA 44th Street) | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,630
Initial cost to company, Land	333
Initial cost to company, Buildings	1,845
Costs capitalized subsequent to acquisition, land	4
Costs capitalized subsequent to acquisition, buildings	95
Gross Amount at which carried at close of period, Land	337
Gross Amount at which carried at close of period, Buildings.	1,940
Gross Amount at which carried at close of period, Total	2,277
Depreciation	$ 278
Date of Construction or Acquisition	Feb. 6, 2013
Life on which depreciation on latest income statement is computed	40 years
Candlelight | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,936
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	416
Gross Amount at which carried at close of period, Land	276
Gross Amount at which carried at close of period, Buildings.	1,637
Gross Amount at which carried at close of period, Total	1,913
Depreciation	$ 246
Date of Construction or Acquisition	Nov. 30, 2012
Life on which depreciation on latest income statement is computed	40 years
Carling Manor | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 459
Initial cost to company, Land	69
Initial cost to company, Buildings	656
Costs capitalized subsequent to acquisition, land	1
Costs capitalized subsequent to acquisition, buildings	42
Gross Amount at which carried at close of period, Land	70
Gross Amount at which carried at close of period, Buildings.	698
Gross Amount at which carried at close of period, Total	768
Depreciation	$ 178
Date of Construction or Acquisition	Mar. 31, 2008
Life on which depreciation on latest income statement is computed	40 years
Carlton Place | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 6,779
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	256
Gross Amount at which carried at close of period, Land	717
Gross Amount at which carried at close of period, Buildings.	7,463
Gross Amount at which carried at close of period, Total	8,180
Depreciation	$ 1,853
Date of Construction or Acquisition	Sep. 1, 2008
Carlton Place | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Carlton Place | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Carr | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 558
Initial cost to company, Land	66
Initial cost to company, Buildings	759
Costs capitalized subsequent to acquisition, land	1
Gross Amount at which carried at close of period, Land	67
Gross Amount at which carried at close of period, Buildings.	759
Gross Amount at which carried at close of period, Total	826
Depreciation	$ 38
Date of Construction or Acquisition	Jan. 17, 2017
Life on which depreciation on latest income statement is computed	40 years
Cedars 4 | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Initial cost to company, Land	$ 134
Initial cost to company, Buildings	1,068
Gross Amount at which carried at close of period, Land	134
Gross Amount at which carried at close of period, Buildings.	1,068
Gross Amount at which carried at close of period, Total	1,202
Depreciation	$ 2
Date of Construction or Acquisition	Dec. 31, 2018
Life on which depreciation on latest income statement is computed	40 years
Chandler 1802 | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 660
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
Depreciation	$ 140
Date of Construction or Acquisition	Jan. 2, 2014
Life on which depreciation on latest income statement is computed	40 years
Chandler 1834 | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 435
Initial cost to company, Land	112
Initial cost to company, Buildings	552
Gross Amount at which carried at close of period, Land	112
Gross Amount at which carried at close of period, Buildings.	552
Gross Amount at which carried at close of period, Total	664
Depreciation	$ 5
Date of Construction or Acquisition	Sep. 1, 2018
Life on which depreciation on latest income statement is computed	40 years
Chandler 1866 | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 330
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
Depreciation	$ 99
Date of Construction or Acquisition	Jan. 3, 2005
Chandler 1866 | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Chandler 1866 | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Cherry Creek (FKA Village) | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 923
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
Depreciation	$ 376
Date of Construction or Acquisition	Nov. 1, 2008
Life on which depreciation on latest income statement is computed	40 years
Cityside Apartments | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 738
Initial cost to company, Land	192
Initial cost to company, Buildings	1,129
Gross Amount at which carried at close of period, Land	192
Gross Amount at which carried at close of period, Buildings.	1,129
Gross Amount at which carried at close of period, Total	1,321
Depreciation	$ 4
Date of Construction or Acquisition	Nov. 30, 2018
Life on which depreciation on latest income statement is computed	40 years
Columbia West | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 2,942
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	207
Gross Amount at which carried at close of period, Land	295
Gross Amount at which carried at close of period, Buildings.	3,613
Gross Amount at which carried at close of period, Total	3,908
Depreciation	$ 905
Date of Construction or Acquisition	Sep. 1, 2008
Columbia West | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Columbia West | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Country Club | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 229
Initial cost to company, Land	252
Initial cost to company, Buildings	1,252
Costs capitalized subsequent to acquisition, land	2
Costs capitalized subsequent to acquisition, buildings	166
Gross Amount at which carried at close of period, Land	254
Gross Amount at which carried at close of period, Buildings.	1,418
Gross Amount at which carried at close of period, Total	1,672
Depreciation	$ 256
Date of Construction or Acquisition	May 2, 2011
Country Club | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Country Club | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Countryside | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 141
Initial cost to company, Land	135
Initial cost to company, Buildings	677
Costs capitalized subsequent to acquisition, buildings	68
Gross Amount at which carried at close of period, Land	135
Gross Amount at which carried at close of period, Buildings.	745
Gross Amount at which carried at close of period, Total	880
Depreciation	$ 129
Date of Construction or Acquisition	May 2, 2011
Life on which depreciation on latest income statement is computed	40 years
Courtyard | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	St. Louis Park, MN
Encumbrances	$ 3,651
Initial cost to company, Land	2,270
Initial cost to company, Buildings	5,681
Costs capitalized subsequent to acquisition, buildings	705
Gross Amount at which carried at close of period, Land	2,270
Gross Amount at which carried at close of period, Buildings.	6,386
Gross Amount at which carried at close of period, Total	8,656
Depreciation	$ 803
Date of Construction or Acquisition	Sep. 3, 2013
Courtyard | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Courtyard | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Dakota Manor | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,692
Initial cost to company, Land	249
Initial cost to company, Buildings	2,236
Costs capitalized subsequent to acquisition, land	20
Costs capitalized subsequent to acquisition, buildings	49
Gross Amount at which carried at close of period, Land	269
Gross Amount at which carried at close of period, Buildings.	2,285
Gross Amount at which carried at close of period, Total	2,554
Depreciation	$ 249
Date of Construction or Acquisition	Aug. 7, 2014
Life on which depreciation on latest income statement is computed	40 years
Danbury | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,602
Initial cost to company, Land	381
Initial cost to company, Buildings	6,020
Costs capitalized subsequent to acquisition, land	212
Costs capitalized subsequent to acquisition, buildings	434
Gross Amount at which carried at close of period, Land	593
Gross Amount at which carried at close of period, Buildings.	6,454
Gross Amount at which carried at close of period, Total	7,047
Depreciation	$ 1,675
Date of Construction or Acquisition	Dec. 31, 2007
Danbury | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Danbury | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Dellwood Estates | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Anoka, MN
Encumbrances	$ 7,152
Initial cost to company, Land	844
Initial cost to company, Buildings	9,966
Costs capitalized subsequent to acquisition, buildings	407
Gross Amount at which carried at close of period, Land	844
Gross Amount at which carried at close of period, Buildings.	10,373
Gross Amount at which carried at close of period, Total	11,217
Depreciation	$ 1,426
Date of Construction or Acquisition	May 31, 2013
Life on which depreciation on latest income statement is computed	40 years
Eagle Run | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	West Fargo, ND
Encumbrances	$ 4,105
Initial cost to company, Land	576
Initial cost to company, Buildings	5,787
Costs capitalized subsequent to acquisition, land	111
Costs capitalized subsequent to acquisition, buildings	97
Gross Amount at which carried at close of period, Land	687
Gross Amount at which carried at close of period, Buildings.	5,884
Gross Amount at which carried at close of period, Total	6,571
Depreciation	$ 1,225
Date of Construction or Acquisition	Aug. 12, 2010
Life on which depreciation on latest income statement is computed	40 years
Eagle Sky One | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 913
Initial cost to company, Land	115
Initial cost to company, Buildings	1,292
Costs capitalized subsequent to acquisition, buildings	74
Gross Amount at which carried at close of period, Land	115
Gross Amount at which carried at close of period, Buildings.	1,366
Gross Amount at which carried at close of period, Total	1,481
Depreciation	$ 99
Date of Construction or Acquisition	Mar. 1, 2016
Life on which depreciation on latest income statement is computed	40 years
Eagle Sky Two | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 913
Initial cost to company, Land	135
Initial cost to company, Buildings	1,279
Costs capitalized subsequent to acquisition, buildings	77
Gross Amount at which carried at close of period, Land	135
Gross Amount at which carried at close of period, Buildings.	1,356
Gross Amount at which carried at close of period, Total	1,491
Depreciation	$ 96
Date of Construction or Acquisition	Mar. 1, 2016
Life on which depreciation on latest income statement is computed	40 years
East Bridge | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 3,529
Initial cost to company, Land	792
Initial cost to company, Buildings	5,477
Costs capitalized subsequent to acquisition, buildings	158
Gross Amount at which carried at close of period, Land	792
Gross Amount at which carried at close of period, Buildings.	5,635
Gross Amount at which carried at close of period, Total	6,427
Depreciation	$ 211
Date of Construction or Acquisition	Jul. 3, 2017
Life on which depreciation on latest income statement is computed	40 years
Echo Manor | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Hutchinson, MN
Encumbrances	$ 936
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
Depreciation	$ 114
Date of Construction or Acquisition	Jan. 2, 2014
Echo Manor | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Echo Manor | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Emerald Court | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Initial cost to company, Land	$ 66
Initial cost to company, Buildings	830
Costs capitalized subsequent to acquisition, land	2
Costs capitalized subsequent to acquisition, buildings	87
Gross Amount at which carried at close of period, Land	68
Gross Amount at which carried at close of period, Buildings.	917
Gross Amount at which carried at close of period, Total	985
Depreciation	$ 240
Date of Construction or Acquisition	Mar. 31, 2008
Emerald Court | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Emerald Court | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Essex | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 554
Initial cost to company, Land	212
Initial cost to company, Buildings	642
Costs capitalized subsequent to acquisition, buildings	68
Gross Amount at which carried at close of period, Land	212
Gross Amount at which carried at close of period, Buildings.	710
Gross Amount at which carried at close of period, Total	922
Depreciation	$ 27
Date of Construction or Acquisition	Jun. 1, 2017
Life on which depreciation on latest income statement is computed	40 years
Fairview | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 2,867
Initial cost to company, Land	267
Initial cost to company, Buildings	3,978
Costs capitalized subsequent to acquisition, land	39
Costs capitalized subsequent to acquisition, buildings	813
Gross Amount at which carried at close of period, Land	306
Gross Amount at which carried at close of period, Buildings.	4,791
Gross Amount at which carried at close of period, Total	5,097
Depreciation	$ 1,036
Date of Construction or Acquisition	Dec. 31, 2008
Fairview | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Fairview | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Flickertail | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 5,358
Initial cost to company, Land	426
Initial cost to company, Buildings	5,632
Costs capitalized subsequent to acquisition, land	76
Costs capitalized subsequent to acquisition, buildings	202
Gross Amount at which carried at close of period, Land	502
Gross Amount at which carried at close of period, Buildings.	5,834
Gross Amount at which carried at close of period, Total	6,336
Depreciation	$ 1,432
Date of Construction or Acquisition	Dec. 31, 2008
Life on which depreciation on latest income statement is computed	40 years
Forest Avenue | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 390
Initial cost to company, Land	61
Initial cost to company, Buildings	637
Costs capitalized subsequent to acquisition, land	4
Costs capitalized subsequent to acquisition, buildings	39
Gross Amount at which carried at close of period, Land	65
Gross Amount at which carried at close of period, Buildings.	676
Gross Amount at which carried at close of period, Total	741
Depreciation	$ 95
Date of Construction or Acquisition	Feb. 6, 2013
Life on which depreciation on latest income statement is computed	40 years
Fredericksburg Apartments | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Omaha, NE
Encumbrances	$ 6,494
Initial cost to company, Land	842
Initial cost to company, Buildings	10,596
Costs capitalized subsequent to acquisition, buildings	23
Gross Amount at which carried at close of period, Land	842
Gross Amount at which carried at close of period, Buildings.	10,619
Gross Amount at which carried at close of period, Total	11,461
Depreciation	$ 44
Date of Construction or Acquisition	Nov. 30, 2018
Life on which depreciation on latest income statement is computed	40 years
Galleria Third | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 537
Initial cost to company, Land	118
Initial cost to company, Buildings	681
Costs capitalized subsequent to acquisition, land	1
Costs capitalized subsequent to acquisition, buildings	28
Gross Amount at which carried at close of period, Land	119
Gross Amount at which carried at close of period, Buildings.	709
Gross Amount at which carried at close of period, Total	828
Depreciation	$ 140
Date of Construction or Acquisition	Nov. 9, 2010
Life on which depreciation on latest income statement is computed	40 years
Garden Grove | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 4,474
Initial cost to company, Land	606
Initial cost to company, Buildings	6,073
Costs capitalized subsequent to acquisition, buildings	99
Gross Amount at which carried at close of period, Land	606
Gross Amount at which carried at close of period, Buildings.	6,172
Gross Amount at which carried at close of period, Total	6,778
Depreciation	$ 417
Date of Construction or Acquisition	May 4, 2016
Garden Grove | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Garden Grove | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Georgetown On River | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fridley, MN
Encumbrances	$ 18,244
Initial cost to company, Land	4,620
Initial cost to company, Buildings	25,155
Costs capitalized subsequent to acquisition, land	8
Costs capitalized subsequent to acquisition, buildings	3,403
Gross Amount at which carried at close of period, Land	4,628
Gross Amount at which carried at close of period, Buildings.	28,558
Gross Amount at which carried at close of period, Total	33,186
Depreciation	$ 2,690
Date of Construction or Acquisition	Dec. 19, 2014
Georgetown On River | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Georgetown On River | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Glen Pond | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Eagan, MN
Encumbrances	$ 14,804
Initial cost to company, Land	3,761
Initial cost to company, Buildings	20,569
Costs capitalized subsequent to acquisition, land	31
Costs capitalized subsequent to acquisition, buildings	603
Gross Amount at which carried at close of period, Land	3,792
Gross Amount at which carried at close of period, Buildings.	21,172
Gross Amount at which carried at close of period, Total	24,964
Depreciation	$ 3,692
Date of Construction or Acquisition	Dec. 2, 2011
Glen Pond | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Glen Pond | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Granger Court I | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,265
Initial cost to company, Land	279
Initial cost to company, Buildings	2,619
Costs capitalized subsequent to acquisition, land	25
Costs capitalized subsequent to acquisition, buildings	58
Gross Amount at which carried at close of period, Land	304
Gross Amount at which carried at close of period, Buildings.	2,677
Gross Amount at which carried at close of period, Total	2,981
Depreciation	$ 365
Date of Construction or Acquisition	Jun. 4, 2013
Life on which depreciation on latest income statement is computed	40 years
Griffin Court | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Moorhead, MN
Encumbrances	$ 3,203
Initial cost to company, Land	652
Initial cost to company, Buildings	3,858
Costs capitalized subsequent to acquisition, land	20
Costs capitalized subsequent to acquisition, buildings	372
Gross Amount at which carried at close of period, Land	672
Gross Amount at which carried at close of period, Buildings.	4,230
Gross Amount at which carried at close of period, Total	4,902
Depreciation	$ 489
Date of Construction or Acquisition	Jun. 9, 2014
Griffin Court | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Griffin Court | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Hannifin | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 465
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	52
Gross Amount at which carried at close of period, Land	86
Gross Amount at which carried at close of period, Buildings.	659
Gross Amount at which carried at close of period, Total	745
Depreciation	$ 81
Date of Construction or Acquisition	Nov. 1, 2013
Life on which depreciation on latest income statement is computed	40 years
Harrison and Richfield | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 5,685
Initial cost to company, Land	756
Initial cost to company, Buildings	6,346
Costs capitalized subsequent to acquisition, land	4
Costs capitalized subsequent to acquisition, buildings	316
Gross Amount at which carried at close of period, Land	760
Gross Amount at which carried at close of period, Buildings.	6,662
Gross Amount at which carried at close of period, Total	7,422
Depreciation	$ 1,900
Date of Construction or Acquisition	Jul. 1, 2007
Harrison and Richfield | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Harrison and Richfield | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Hartford Apartments | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 920
Initial cost to company, Land	154
Initial cost to company, Buildings	1,233
Gross Amount at which carried at close of period, Land	154
Gross Amount at which carried at close of period, Buildings.	1,233
Gross Amount at which carried at close of period, Total	1,387
Depreciation	$ 8
Date of Construction or Acquisition	Oct. 1, 2018
Life on which depreciation on latest income statement is computed	40 years
Highland Meadows | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 5,800
Initial cost to company, Land	1,532
Initial cost to company, Buildings	8,519
Costs capitalized subsequent to acquisition, buildings	243
Gross Amount at which carried at close of period, Land	1,532
Gross Amount at which carried at close of period, Buildings.	8,762
Gross Amount at which carried at close of period, Total	10,294
Depreciation	$ 367
Date of Construction or Acquisition	May 1, 2017
Highland Meadows | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Highland Meadows | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Hunters Run First | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 529
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
Depreciation	$ 121
Date of Construction or Acquisition	Mar. 23, 2007
Life on which depreciation on latest income statement is computed	40 years
Hunter's Run II | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 527
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
Depreciation	$ 116
Date of Construction or Acquisition	Jul. 1, 2008
Life on which depreciation on latest income statement is computed	40 years
Huntington | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 370
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
Depreciation	$ 27
Date of Construction or Acquisition	Aug. 4, 2015
Life on which depreciation on latest income statement is computed	40 years
Islander | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 844
Initial cost to company, Land	98
Initial cost to company, Buildings	884
Costs capitalized subsequent to acquisition, buildings	115
Gross Amount at which carried at close of period, Land	98
Gross Amount at which carried at close of period, Buildings.	999
Gross Amount at which carried at close of period, Total	1,097
Depreciation	$ 170
Date of Construction or Acquisition	Jul. 1, 2011
Life on which depreciation on latest income statement is computed	40 years
Jadestone | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 525
Initial cost to company, Land	212
Initial cost to company, Buildings	595
Costs capitalized subsequent to acquisition, buildings	67
Gross Amount at which carried at close of period, Land	212
Gross Amount at which carried at close of period, Buildings.	662
Gross Amount at which carried at close of period, Total	874
Depreciation	$ 25
Date of Construction or Acquisition	Jun. 1, 2017
Life on which depreciation on latest income statement is computed	40 years
Kennedy | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 425
Initial cost to company, Land	84
Initial cost to company, Buildings	588
Costs capitalized subsequent to acquisition, land	7
Costs capitalized subsequent to acquisition, buildings	72
Gross Amount at which carried at close of period, Land	91
Gross Amount at which carried at close of period, Buildings.	660
Gross Amount at which carried at close of period, Total	751
Depreciation	$ 90
Date of Construction or Acquisition	Feb. 6, 2013
Kennedy | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Kennedy | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Library Lane | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 2,240
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
Depreciation	$ 703
Date of Construction or Acquisition	Oct. 1, 2007
Library Lane | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Library Lane | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Madison | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 247
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
Depreciation	$ 44
Date of Construction or Acquisition	Sep. 1, 2015
Life on which depreciation on latest income statement is computed	40 years
Maple Ridge | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Omaha, NE
Encumbrances	$ 3,996
Initial cost to company, Land	766
Initial cost to company, Buildings	5,608
Costs capitalized subsequent to acquisition, land	59
Costs capitalized subsequent to acquisition, buildings	3,547
Gross Amount at which carried at close of period, Land	825
Gross Amount at which carried at close of period, Buildings.	9,155
Gross Amount at which carried at close of period, Total	9,980
Depreciation	$ 1,581
Date of Construction or Acquisition	Aug. 1, 2008
Maple Ridge | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Maple Ridge | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Maplewood | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Maplewood, MN
Encumbrances	$ 9,449
Initial cost to company, Land	3,120
Initial cost to company, Buildings	12,122
Costs capitalized subsequent to acquisition, buildings	433
Gross Amount at which carried at close of period, Land	3,120
Gross Amount at which carried at close of period, Buildings.	12,555
Gross Amount at which carried at close of period, Total	15,675
Depreciation	$ 1,269
Date of Construction or Acquisition	Dec. 19, 2014
Maplewood | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Maplewood | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 4,901
Initial cost to company, Land	783
Initial cost to company, Buildings	5,839
Costs capitalized subsequent to acquisition, buildings	271
Gross Amount at which carried at close of period, Land	783
Gross Amount at which carried at close of period, Buildings.	6,110
Gross Amount at which carried at close of period, Total	6,893
Depreciation	$ 1,263
Date of Construction or Acquisition	Jan. 1, 2009
Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Martha Alice | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 508
Initial cost to company, Land	74
Initial cost to company, Buildings	738
Costs capitalized subsequent to acquisition, land	2
Costs capitalized subsequent to acquisition, buildings	83
Gross Amount at which carried at close of period, Land	76
Gross Amount at which carried at close of period, Buildings.	821
Gross Amount at which carried at close of period, Total	897
Depreciation	$ 191
Date of Construction or Acquisition	Aug. 31, 2009
Martha Alice | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Martha Alice | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Mayfair | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Initial cost to company, Land	$ 80
Initial cost to company, Buildings	1,043
Costs capitalized subsequent to acquisition, buildings	26
Gross Amount at which carried at close of period, Land	80
Gross Amount at which carried at close of period, Buildings.	1,069
Gross Amount at which carried at close of period, Total	1,149
Depreciation	$ 279
Date of Construction or Acquisition	Jul. 1, 2008
Mayfair | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Mayfair | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Monticello | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 666
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
Depreciation	$ 101
Date of Construction or Acquisition	Nov. 8, 2013
Monticello | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Monticello | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Montreal Courts | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Little Canada, MN
Encumbrances	$ 18,388
Initial cost to company, Land	5,809
Initial cost to company, Buildings	19,565
Costs capitalized subsequent to acquisition, land	15
Costs capitalized subsequent to acquisition, buildings	862
Gross Amount at which carried at close of period, Land	5,824
Gross Amount at which carried at close of period, Buildings.	20,427
Gross Amount at which carried at close of period, Total	26,251
Depreciation	$ 2,713
Date of Construction or Acquisition	Oct. 2, 2013
Montreal Courts | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Montreal Courts | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Morningside Apartments | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 500
Initial cost to company, Land	85
Initial cost to company, Buildings	673
Gross Amount at which carried at close of period, Land	85
Gross Amount at which carried at close of period, Buildings.	673
Gross Amount at which carried at close of period, Total	758
Depreciation	$ 3
Date of Construction or Acquisition	Nov. 30, 2018
Life on which depreciation on latest income statement is computed	40 years
Oak Court | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,787
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	328
Gross Amount at which carried at close of period, Land	283
Gross Amount at which carried at close of period, Buildings.	2,682
Gross Amount at which carried at close of period, Total	2,965
Depreciation	$ 673
Date of Construction or Acquisition	Apr. 30, 2008
Oak Court | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	28 years
Oak Court | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Oakview Townhomes | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 3,554
Initial cost to company, Land	822
Initial cost to company, Buildings	4,698
Costs capitalized subsequent to acquisition, buildings	303
Gross Amount at which carried at close of period, Land	822
Gross Amount at which carried at close of period, Buildings.	5,001
Gross Amount at which carried at close of period, Total	5,823
Depreciation	$ 245
Date of Construction or Acquisition	Jan. 11, 2017
Life on which depreciation on latest income statement is computed	40 years
Pacific Park I | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 632
Initial cost to company, Land	95
Initial cost to company, Buildings	777
Costs capitalized subsequent to acquisition, land	3
Costs capitalized subsequent to acquisition, buildings	65
Gross Amount at which carried at close of period, Land	98
Gross Amount at which carried at close of period, Buildings.	842
Gross Amount at which carried at close of period, Total	940
Depreciation	$ 120
Date of Construction or Acquisition	Feb. 6, 2013
Life on which depreciation on latest income statement is computed	40 years
Pacific Park II | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 541
Initial cost to company, Land	111
Initial cost to company, Buildings	865
Costs capitalized subsequent to acquisition, land	4
Costs capitalized subsequent to acquisition, buildings	47
Gross Amount at which carried at close of period, Land	115
Gross Amount at which carried at close of period, Buildings.	912
Gross Amount at which carried at close of period, Total	1,027
Depreciation	$ 133
Date of Construction or Acquisition	Feb. 6, 2013
Life on which depreciation on latest income statement is computed	40 years
Pacific South | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 334
Initial cost to company, Land	58
Initial cost to company, Buildings	459
Costs capitalized subsequent to acquisition, land	2
Gross Amount at which carried at close of period, Land	60
Gross Amount at which carried at close of period, Buildings.	459
Gross Amount at which carried at close of period, Total	519
Depreciation	$ 68
Date of Construction or Acquisition	Feb. 6, 2013
Life on which depreciation on latest income statement is computed	40 years
Park Circle | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 576
Initial cost to company, Land	196
Initial cost to company, Buildings	716
Costs capitalized subsequent to acquisition, land	7
Costs capitalized subsequent to acquisition, buildings	17
Gross Amount at which carried at close of period, Land	203
Gross Amount at which carried at close of period, Buildings.	733
Gross Amount at which carried at close of period, Total	936
Depreciation	$ 29
Date of Construction or Acquisition	Jun. 1, 2017
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
Physical Location	Bismarck, ND
Initial cost to company, Land	$ 373
Initial cost to company, Buildings	3,845
Costs capitalized subsequent to acquisition, buildings	110
Gross Amount at which carried at close of period, Land	373
Gross Amount at which carried at close of period, Buildings.	3,955
Gross Amount at which carried at close of period, Total	4,328
Depreciation	$ 371
Date of Construction or Acquisition	May 13, 2015
Parkview Arms, Bismark, ND | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Life on which depreciation on latest income statement is computed	40 years
Parkwest Gardens | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	West Fargo, ND
Encumbrances	$ 3,707
Initial cost to company, Land	713
Initial cost to company, Buildings	5,825
Costs capitalized subsequent to acquisition, buildings	654
Gross Amount at which carried at close of period, Land	713
Gross Amount at which carried at close of period, Buildings.	6,479
Gross Amount at which carried at close of period, Total	7,192
Depreciation	$ 709
Date of Construction or Acquisition	Jun. 30, 2014
Parkwest Gardens | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Parkwest Gardens | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Parkwood | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
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
Depreciation	$ 290
Date of Construction or Acquisition	Aug. 1, 2008
Life on which depreciation on latest income statement is computed	40 years
Pebble Creek | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 4,140
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
Depreciation	$ 928
Date of Construction or Acquisition	Mar. 19, 2008
Pebble Creek | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Pebble Creek | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Plumtree | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 575
Initial cost to company, Land	100
Initial cost to company, Buildings	782
Costs capitalized subsequent to acquisition, buildings	29
Gross Amount at which carried at close of period, Land	100
Gross Amount at which carried at close of period, Buildings.	811
Gross Amount at which carried at close of period, Total	911
Depreciation	$ 33
Date of Construction or Acquisition	May 1, 2017
Life on which depreciation on latest income statement is computed	40 years
Prairiewood Courts | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
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	80
Gross Amount at which carried at close of period, Land	336
Gross Amount at which carried at close of period, Buildings.	1,895
Gross Amount at which carried at close of period, Total	2,231
Depreciation	$ 562
Date of Construction or Acquisition	Sep. 1, 2006
Prairiewood Courts | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Prairiewood Courts | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Prairiewood Meadows | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,129
Initial cost to company, Land	736
Initial cost to company, Buildings	2,514
Costs capitalized subsequent to acquisition, land	11
Costs capitalized subsequent to acquisition, buildings	16
Gross Amount at which carried at close of period, Land	747
Gross Amount at which carried at close of period, Buildings.	2,530
Gross Amount at which carried at close of period, Total	3,277
Depreciation	$ 399
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
Physical Location	Springfield, MO
Encumbrances	$ 6,593
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
Depreciation	$ 870
Date of Construction or Acquisition	Feb. 3, 2015
Quail Creek, Springfield, MO | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Life on which depreciation on latest income statement is computed	40 years
Robinwood | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Coon Rapids, MN
Encumbrances	$ 4,560
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	471
Gross Amount at which carried at close of period, Land	1,380
Gross Amount at which carried at close of period, Buildings.	6,604
Gross Amount at which carried at close of period, Total	7,984
Depreciation	$ 641
Date of Construction or Acquisition	Dec. 19, 2014
Life on which depreciation on latest income statement is computed	40 years
Rosedale Estates | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Roseville, MN
Encumbrances	$ 15,427
Initial cost to company, Land	4,680
Initial cost to company, Buildings	20,591
Costs capitalized subsequent to acquisition, buildings	580
Gross Amount at which carried at close of period, Land	4,680
Gross Amount at which carried at close of period, Buildings.	21,171
Gross Amount at which carried at close of period, Total	25,851
Depreciation	$ 2,146
Date of Construction or Acquisition	Dec. 19, 2014
Rosedale Estates | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Rosedale Estates | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Rosegate | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,908
Initial cost to company, Land	251
Initial cost to company, Buildings	2,978
Costs capitalized subsequent to acquisition, land	49
Costs capitalized subsequent to acquisition, buildings	84
Gross Amount at which carried at close of period, Land	300
Gross Amount at which carried at close of period, Buildings.	3,062
Gross Amount at which carried at close of period, Total	3,362
Depreciation	$ 829
Date of Construction or Acquisition	Apr. 30, 2008
Rosegate | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Rosegate | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Roughrider | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 388
Initial cost to company, Land	100
Initial cost to company, Buildings	448
Costs capitalized subsequent to acquisition, buildings	117
Gross Amount at which carried at close of period, Land	100
Gross Amount at which carried at close of period, Buildings.	565
Gross Amount at which carried at close of period, Total	665
Depreciation	$ 33
Date of Construction or Acquisition	Aug. 1, 2016
Roughrider | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Roughrider | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Saddlebrook | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	West Fargo, ND
Encumbrances	$ 944
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	105
Gross Amount at which carried at close of period, Land	161
Gross Amount at which carried at close of period, Buildings.	1,367
Gross Amount at which carried at close of period, Total	1,528
Depreciation	$ 324
Date of Construction or Acquisition	Dec. 31, 2008
Life on which depreciation on latest income statement is computed	40 years
Sage Park | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	New Brighton, MN
Encumbrances	$ 10,278
Initial cost to company, Land	2,520
Initial cost to company, Buildings	13,985
Costs capitalized subsequent to acquisition, buildings	823
Gross Amount at which carried at close of period, Land	2,520
Gross Amount at which carried at close of period, Buildings.	14,808
Gross Amount at which carried at close of period, Total	17,328
Depreciation	$ 1,490
Date of Construction or Acquisition	Dec. 19, 2014
Sage Park | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Sage Park | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Sargent | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,063
Initial cost to company, Land	164
Initial cost to company, Buildings	1,529
Costs capitalized subsequent to acquisition, land	3
Costs capitalized subsequent to acquisition, buildings	17
Gross Amount at which carried at close of period, Land	167
Gross Amount at which carried at close of period, Buildings.	1,546
Gross Amount at which carried at close of period, Total	1,713
Depreciation	$ 77
Date of Construction or Acquisition	Jan. 10, 2017
Life on which depreciation on latest income statement is computed	40 years
Schrock | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 499
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
Depreciation	$ 88
Date of Construction or Acquisition	Jun. 4, 2013
Life on which depreciation on latest income statement is computed	40 years
Sheridan Pointe | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,981
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	11
Gross Amount at which carried at close of period, Land	313
Gross Amount at which carried at close of period, Buildings.	2,435
Gross Amount at which carried at close of period, Total	2,748
Depreciation	$ 310
Date of Construction or Acquisition	Oct. 1, 2013
Life on which depreciation on latest income statement is computed	40 years
Sierra Ridge | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 5,263
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
Depreciation	$ 2,073
Date of Construction or Acquisition	Sep. 1, 2006
Life on which depreciation on latest income statement is computed	40 years
Somerset | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,993
Initial cost to company, Land	300
Initial cost to company, Buildings	3,431
Costs capitalized subsequent to acquisition, land	7
Costs capitalized subsequent to acquisition, buildings	30
Gross Amount at which carried at close of period, Land	307
Gross Amount at which carried at close of period, Buildings.	3,461
Gross Amount at which carried at close of period, Total	3,768
Depreciation	$ 895
Date of Construction or Acquisition	Jul. 1, 2008
Life on which depreciation on latest income statement is computed	40 years
Southgate | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,650
Initial cost to company, Land	803
Initial cost to company, Buildings	5,299
Costs capitalized subsequent to acquisition, land	20
Costs capitalized subsequent to acquisition, buildings	(45)
Gross Amount at which carried at close of period, Land	823
Gross Amount at which carried at close of period, Buildings.	5,254
Gross Amount at which carried at close of period, Total	6,077
Depreciation	$ 1,495
Date of Construction or Acquisition	Jul. 1, 2007
Southgate | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Southgate | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Southview III | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 203
Initial cost to company, Land	99
Initial cost to company, Buildings	522
Costs capitalized subsequent to acquisition, buildings	79
Gross Amount at which carried at close of period, Land	99
Gross Amount at which carried at close of period, Buildings.	601
Gross Amount at which carried at close of period, Total	700
Depreciation	$ 108
Date of Construction or Acquisition	Aug. 1, 2011
Life on which depreciation on latest income statement is computed	40 years
Southview Villages | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,654
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	174
Gross Amount at which carried at close of period, Land	283
Gross Amount at which carried at close of period, Buildings.	2,693
Gross Amount at which carried at close of period, Total	2,976
Depreciation	$ 739
Date of Construction or Acquisition	Oct. 1, 2007
Southview Villages | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Southview Villages | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Spring | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 516
Initial cost to company, Land	76
Initial cost to company, Buildings	822
Costs capitalized subsequent to acquisition, land	6
Costs capitalized subsequent to acquisition, buildings	15
Gross Amount at which carried at close of period, Land	82
Gross Amount at which carried at close of period, Buildings.	837
Gross Amount at which carried at close of period, Total	919
Depreciation	$ 124
Date of Construction or Acquisition	Feb. 6, 2013
Spring | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Spring | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Stanford Court | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Depreciation	$ 582
Date of Construction or Acquisition	Feb. 6, 2013
Stanford Court | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Stanford Court | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Stone Field Clubhouse | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Initial cost to company, Land	$ 34
Initial cost to company, Buildings	1,147
Costs capitalized subsequent to acquisition, buildings	50
Gross Amount at which carried at close of period, Land	34
Gross Amount at which carried at close of period, Buildings.	1,197
Gross Amount at which carried at close of period, Total	1,231
Depreciation	$ 74
Date of Construction or Acquisition	Jul. 31, 2016
Life on which depreciation on latest income statement is computed	40 years
Stonefield Phase I | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 8,540
Initial cost to company, Land	2,804
Initial cost to company, Buildings	13,138
Costs capitalized subsequent to acquisition, land	227
Costs capitalized subsequent to acquisition, buildings	246
Gross Amount at which carried at close of period, Land	3,031
Gross Amount at which carried at close of period, Buildings.	13,384
Gross Amount at which carried at close of period, Total	16,415
Depreciation	$ 1,338
Date of Construction or Acquisition	Aug. 1, 2014
Stonefield Phase I | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Stonefield Phase I | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Stonefield Phase II | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Initial cost to company, Land	$ 1,167
Initial cost to company, Buildings	2,566
Costs capitalized subsequent to acquisition, land	486
Costs capitalized subsequent to acquisition, buildings	5,127
Gross Amount at which carried at close of period, Land	1,653
Gross Amount at which carried at close of period, Buildings.	7,693
Gross Amount at which carried at close of period, Total	9,346
Depreciation	$ 358
Date of Construction or Acquisition	Oct. 23, 2014
Life on which depreciation on latest income statement is computed	40 years
Stonefield Phase III | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Initial cost to company, Land	$ 1,079
Costs capitalized subsequent to acquisition, land	238
Gross Amount at which carried at close of period, Land	1,317
Gross Amount at which carried at close of period, Total	$ 1,317
Date of Construction or Acquisition	Oct. 23, 2014
Stonybrook | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Omaha, NE
Encumbrances	$ 7,065
Initial cost to company, Land	1,439
Initial cost to company, Buildings	8,003
Costs capitalized subsequent to acquisition, buildings	1,522
Gross Amount at which carried at close of period, Land	1,439
Gross Amount at which carried at close of period, Buildings.	9,525
Gross Amount at which carried at close of period, Total	10,964
Depreciation	$ 2,103
Date of Construction or Acquisition	Jan. 20, 2009
Stonybrook | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Stonybrook | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Physical Location	Fargo, ND
Encumbrances	$ 696
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	50
Gross Amount at which carried at close of period, Land	130
Gross Amount at which carried at close of period, Buildings.	649
Gross Amount at which carried at close of period, Total	779
Depreciation	$ 54
Date of Construction or Acquisition	Aug. 4, 2015
Life on which depreciation on latest income statement is computed	40 years
Summit Point | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 3,724
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
Depreciation	$ 454
Date of Construction or Acquisition	Oct. 1, 2015
Summit Point | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Summit Point | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Sunchase | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,128
Initial cost to company, Land	181
Initial cost to company, Buildings	1,563
Costs capitalized subsequent to acquisition, land	14
Costs capitalized subsequent to acquisition, buildings	86
Gross Amount at which carried at close of period, Land	195
Gross Amount at which carried at close of period, Buildings.	1,649
Gross Amount at which carried at close of period, Total	1,844
Depreciation	$ 66
Date of Construction or Acquisition	May 1, 2017
Life on which depreciation on latest income statement is computed	40 years
Sunset Ridge | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 8,263
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	38
Gross Amount at which carried at close of period, Land	1,795
Gross Amount at which carried at close of period, Buildings.	11,050
Gross Amount at which carried at close of period, Total	12,845
Depreciation	$ 2,651
Date of Construction or Acquisition	Jun. 6, 2008
Sunset Ridge | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	9 years
Sunset Ridge | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Sunview | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 1,046
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	93
Gross Amount at which carried at close of period, Land	145
Gross Amount at which carried at close of period, Buildings.	1,707
Gross Amount at which carried at close of period, Total	1,852
Depreciation	$ 415
Date of Construction or Acquisition	Dec. 31, 2008
Sunview | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Sunview | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Sunwood | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,758
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	92
Gross Amount at which carried at close of period, Land	365
Gross Amount at which carried at close of period, Buildings.	3,612
Gross Amount at which carried at close of period, Total	3,977
Depreciation	$ 1,018
Date of Construction or Acquisition	Jul. 1, 2007
Sunwood | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Sunwood | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Terrace On Green | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Moorhead, MN
Encumbrances	$ 1,985
Initial cost to company, Land	697
Initial cost to company, Buildings	2,588
Costs capitalized subsequent to acquisition, buildings	265
Gross Amount at which carried at close of period, Land	697
Gross Amount at which carried at close of period, Buildings.	2,853
Gross Amount at which carried at close of period, Total	3,550
Depreciation	$ 418
Date of Construction or Acquisition	Sep. 30, 2012
Life on which depreciation on latest income statement is computed	40 years
Thunder Creek | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,927
Initial cost to company, Land	633
Initial cost to company, Buildings	4,126
Costs capitalized subsequent to acquisition, buildings	169
Gross Amount at which carried at close of period, Land	633
Gross Amount at which carried at close of period, Buildings.	4,295
Gross Amount at which carried at close of period, Total	4,928
Depreciation	$ 88
Date of Construction or Acquisition	Mar. 1, 2018
Life on which depreciation on latest income statement is computed	40 years
Twin Oaks | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Hutchinson, MN
Encumbrances	$ 3,211
Initial cost to company, Land	816
Initial cost to company, Buildings	3,245
Costs capitalized subsequent to acquisition, buildings	122
Gross Amount at which carried at close of period, Land	816
Gross Amount at which carried at close of period, Buildings.	3,367
Gross Amount at which carried at close of period, Total	4,183
Depreciation	$ 353
Date of Construction or Acquisition	Oct. 1, 2014
Life on which depreciation on latest income statement is computed	40 years
Twin Parks | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,128
Initial cost to company, Land	119
Initial cost to company, Buildings	2,072
Costs capitalized subsequent to acquisition, land	43
Costs capitalized subsequent to acquisition, buildings	69
Gross Amount at which carried at close of period, Land	162
Gross Amount at which carried at close of period, Buildings.	2,141
Gross Amount at which carried at close of period, Total	2,303
Depreciation	$ 531
Date of Construction or Acquisition	Oct. 1, 2008
Twin Parks | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Twin Parks | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Physical Location	Grand Forks, ND
Encumbrances	$ 1,014
Initial cost to company, Land	356
Initial cost to company, Buildings	1,668
Costs capitalized subsequent to acquisition, buildings	195
Gross Amount at which carried at close of period, Land	356
Gross Amount at which carried at close of period, Buildings.	1,863
Gross Amount at which carried at close of period, Total	2,219
Depreciation	$ 178
Date of Construction or Acquisition	Jan. 22, 2015
Life on which depreciation on latest income statement is computed	40 years
Valley View | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Golden Valley, MN
Encumbrances	$ 4,519
Initial cost to company, Land	1,190
Initial cost to company, Buildings	6,118
Costs capitalized subsequent to acquisition, buildings	158
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
Depreciation	$ 640
Date of Construction or Acquisition	Dec. 19, 2014
Valley View | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Valley View | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Village Park | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 741
Initial cost to company, Land	219
Initial cost to company, Buildings	1,932
Costs capitalized subsequent to acquisition, land	51
Costs capitalized subsequent to acquisition, buildings	34
Gross Amount at which carried at close of period, Land	270
Gross Amount at which carried at close of period, Buildings.	1,966
Gross Amount at which carried at close of period, Total	2,236
Depreciation	$ 523
Date of Construction or Acquisition	Apr. 30, 2008
Life on which depreciation on latest income statement is computed	40 years
Village West | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,451
Initial cost to company, Land	357
Initial cost to company, Buildings	2,274
Costs capitalized subsequent to acquisition, land	61
Costs capitalized subsequent to acquisition, buildings	64
Gross Amount at which carried at close of period, Land	418
Gross Amount at which carried at close of period, Buildings.	2,338
Gross Amount at which carried at close of period, Total	2,756
Depreciation	$ 595
Date of Construction or Acquisition	Apr. 30, 2008
Life on which depreciation on latest income statement is computed	40 years
Washington | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 426
Initial cost to company, Land	74
Initial cost to company, Buildings	592
Costs capitalized subsequent to acquisition, buildings	58
Gross Amount at which carried at close of period, Land	74
Gross Amount at which carried at close of period, Buildings.	650
Gross Amount at which carried at close of period, Total	724
Depreciation	$ 42
Date of Construction or Acquisition	May 4, 2016
Life on which depreciation on latest income statement is computed	40 years
Westcourt | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,300
Initial cost to company, Land	287
Initial cost to company, Buildings	3,028
Costs capitalized subsequent to acquisition, land	28
Costs capitalized subsequent to acquisition, buildings	41
Gross Amount at which carried at close of period, Land	315
Gross Amount at which carried at close of period, Buildings.	3,069
Gross Amount at which carried at close of period, Total	3,384
Depreciation	$ 406
Date of Construction or Acquisition	Jan. 2, 2014
Westcourt | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Westcourt | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
West Oak | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 570
Initial cost to company, Land	85
Initial cost to company, Buildings	692
Costs capitalized subsequent to acquisition, buildings	19
Gross Amount at which carried at close of period, Land	85
Gross Amount at which carried at close of period, Buildings.	711
Gross Amount at which carried at close of period, Total	796
Depreciation	$ 38
Date of Construction or Acquisition	Jan. 17, 2017
Life on which depreciation on latest income statement is computed	40 years
Westside | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Hawley, MN
Encumbrances	$ 534
Initial cost to company, Land	59
Initial cost to company, Buildings	360
Costs capitalized subsequent to acquisition, buildings	63
Gross Amount at which carried at close of period, Land	59
Gross Amount at which carried at close of period, Buildings.	423
Gross Amount at which carried at close of period, Total	482
Depreciation	$ 84
Date of Construction or Acquisition	Feb. 1, 2010
Life on which depreciation on latest income statement is computed	40 years
Westwind | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 663
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
Depreciation	$ 146
Date of Construction or Acquisition	Apr. 30, 2008
Westwind | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Westwind | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Westwood | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 3,994
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	269
Gross Amount at which carried at close of period, Land	610
Gross Amount at which carried at close of period, Buildings.	6,724
Gross Amount at which carried at close of period, Total	7,334
Depreciation	$ 1,712
Date of Construction or Acquisition	Jun. 5, 2008
Westwood | Minimum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Westwood | Maximum | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Willow Park | Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 3,812
Initial cost to company, Land	288
Initial cost to company, Buildings	5,286
Costs capitalized subsequent to acquisition, land	7
Costs capitalized subsequent to acquisition, buildings	687
Gross Amount at which carried at close of period, Land	295
Gross Amount at which carried at close of period, Buildings.	5,973
Gross Amount at which carried at close of period, Total	6,268
Depreciation	$ 1,339
Date of Construction or Acquisition	Dec. 31, 2008
Life on which depreciation on latest income statement is computed	40 years
32nd Avenue | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Initial cost to company, Land	$ 635
Initial cost to company, Buildings	3,300
Costs capitalized subsequent to acquisition, land	88
Costs capitalized subsequent to acquisition, buildings	100
Gross Amount at which carried at close of period, Land	723
Gross Amount at which carried at close of period, Buildings.	3,400
Gross Amount at which carried at close of period, Total	4,123
Depreciation	$ 1,235
Date of Construction or Acquisition	Mar. 16, 2004
32nd Avenue | Minimum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	3 years
32nd Avenue | Maximum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Aetna | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Initial cost to company, Land	$ 841
Initial cost to company, Buildings	4,915
Costs capitalized subsequent to acquisition, land	30
Costs capitalized subsequent to acquisition, buildings	1,283
Gross Amount at which carried at close of period, Land	871
Gross Amount at which carried at close of period, Buildings.	6,198
Gross Amount at which carried at close of period, Total	7,069
Depreciation	$ 1,749
Date of Construction or Acquisition	Dec. 6, 2006
Aetna | Minimum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Aetna | Maximum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Bell Plaza (FKA Northland Plaza) | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bloomington, MN
Encumbrances	$ 33,576
Initial cost to company, Land	6,912
Initial cost to company, Buildings	36,520
Costs capitalized subsequent to acquisition, buildings	370
Gross Amount at which carried at close of period, Land	6,912
Gross Amount at which carried at close of period, Buildings.	36,890
Gross Amount at which carried at close of period, Total	43,802
Depreciation	$ 6,620
Date of Construction or Acquisition	Aug. 13, 2015
Bell Plaza (FKA Northland Plaza) | Minimum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	1 year
Bell Plaza (FKA Northland Plaza) | Maximum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
First International Bank And Trust | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Depreciation	$ 188
Date of Construction or Acquisition	May 13, 2011
First International Bank And Trust | Minimum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	10 years
First International Bank And Trust | Maximum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Four Points | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Initial cost to company, Land	$ 70
Initial cost to company, Buildings	1,238
Costs capitalized subsequent to acquisition, buildings	23
Gross Amount at which carried at close of period, Land	70
Gross Amount at which carried at close of period, Buildings.	1,261
Gross Amount at which carried at close of period, Total	1,331
Depreciation	$ 349
Date of Construction or Acquisition	Oct. 18, 2007
Life on which depreciation on latest income statement is computed	40 years
Gate City | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Initial cost to company, Land	$ 382
Initial cost to company, Buildings	893
Costs capitalized subsequent to acquisition, land	1
Costs capitalized subsequent to acquisition, buildings	176
Gross Amount at which carried at close of period, Land	383
Gross Amount at which carried at close of period, Buildings.	1,069
Gross Amount at which carried at close of period, Total	1,452
Depreciation	$ 253
Date of Construction or Acquisition	Mar. 31, 2008
Life on which depreciation on latest income statement is computed	40 years
Goldmark Office Park | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,374
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
Depreciation	$ 4,671
Date of Construction or Acquisition	Jul. 1, 2007
Goldmark Office Park | Minimum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	1 year
Goldmark Office Park | Maximum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Great American Bldg | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 865
Initial cost to company, Land	511
Initial cost to company, Buildings	1,290
Costs capitalized subsequent to acquisition, land	19
Costs capitalized subsequent to acquisition, buildings	362
Gross Amount at which carried at close of period, Land	530
Gross Amount at which carried at close of period, Buildings.	1,652
Gross Amount at which carried at close of period, Total	2,182
Depreciation	$ 518
Date of Construction or Acquisition	Feb. 1, 2005
Great American Bldg | Minimum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	28 years
Great American Bldg | Maximum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Midtown Plaza | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Minot, ND
Encumbrances	$ 1,189
Initial cost to company, Land	30
Initial cost to company, Buildings	1,213
Costs capitalized subsequent to acquisition, buildings	33
Gross Amount at which carried at close of period, Land	30
Gross Amount at which carried at close of period, Buildings.	1,246
Gross Amount at which carried at close of period, Total	1,276
Depreciation	$ 416
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) | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 906
Initial cost to company, Land	278
Initial cost to company, Buildings	1,491
Costs capitalized subsequent to acquisition, land	42
Costs capitalized subsequent to acquisition, buildings	66
Gross Amount at which carried at close of period, Land	320
Gross Amount at which carried at close of period, Buildings.	1,557
Gross Amount at which carried at close of period, Total	1,877
Depreciation	$ 443
Date of Construction or Acquisition	May 15, 2007
Parkway office building (FKA Echelon) | Minimum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Parkway office building (FKA Echelon) | Maximum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Redpath | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	White Bear Lake, MN
Encumbrances	$ 2,611
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
Depreciation	$ 130
Date of Construction or Acquisition	Feb. 1, 2016
Life on which depreciation on latest income statement is computed	40 years
Regis | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Depreciation	$ 1,914
Date of Construction or Acquisition	Jan. 1, 2009
Life on which depreciation on latest income statement is computed	40 years
Ssa | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Depreciation	$ 827
Date of Construction or Acquisition	Mar. 20, 2007
Ssa | Minimum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Ssa | Maximum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Wells Fargo Center | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
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	2,006
Gross Amount at which carried at close of period, Land	485
Gross Amount at which carried at close of period, Buildings.	9,276
Gross Amount at which carried at close of period, Total	9,761
Depreciation	$ 2,407
Date of Construction or Acquisition	Jul. 11, 2007
Wells Fargo Center | Minimum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	4 years
Wells Fargo Center | Maximum | Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Applebees - Apple Valley | Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Depreciation	$ 247
Date of Construction or Acquisition	Jan. 27, 2011
Life on which depreciation on latest income statement is computed	40 years
Applebees - Bloomington | Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Depreciation	$ 105
Date of Construction or Acquisition	Mar. 22, 2010
Life on which depreciation on latest income statement is computed	40 years
Applebees - Coon Rapids | Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Depreciation	$ 193
Date of Construction or Acquisition	Mar. 9, 2010
Life on which depreciation on latest income statement is computed	40 years
Applebees - Savage | Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Depreciation	$ 94
Date of Construction or Acquisition	Jan. 1, 2010
Life on which depreciation on latest income statement is computed	40 years
Becker Furniture | Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Depreciation	$ 645
Date of Construction or Acquisition	Jul. 12, 2006
Life on which depreciation on latest income statement is computed	40 years
Dairy Queen Dickinson | Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Dickinson, ND
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
Depreciation	$ 115
Date of Construction or Acquisition	Jan. 19, 2012
Life on which depreciation on latest income statement is computed	40 years
Dairy Queen Apple Valley, MN | Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Apple Valley, MN
Initial cost to company, Land	$ 1,128
Initial cost to company, Buildings	1,345
Gross Amount at which carried at close of period, Land	1,128
Gross Amount at which carried at close of period, Buildings.	1,345
Gross Amount at which carried at close of period, Total	2,473
Depreciation	$ 13
Date of Construction or Acquisition	Sep. 17, 2018
Life on which depreciation on latest income statement is computed	40 years
Dairy Queen Moorhead | Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Depreciation	$ 151
Date of Construction or Acquisition	May 13, 2011
Life on which depreciation on latest income statement is computed	20 years
Mandan Family Dollar | Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Depreciation	$ 131
Date of Construction or Acquisition	Dec. 14, 2010
Life on which depreciation on latest income statement is computed	40 years
Mandan O Reilly | Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
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
Depreciation	$ 91
Date of Construction or Acquisition	Dec. 14, 2010
Life on which depreciation on latest income statement is computed	40 years
Walgreens Alexandria, LA | Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Alexandria, LA
Encumbrances	$ 1,335
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
Depreciation	$ 671
Date of Construction or Acquisition	Dec. 18, 2009
Walgreens Alexandria, LA | Minimum | Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	28 years
Walgreens Alexandria, LA | Maximum | Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Walgreens - Batesville, AR | Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Batesville, AR
Encumbrances	$ 5,579
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
Depreciation	$ 1,522
Date of Construction or Acquisition	Jul. 9, 2009
Life on which depreciation on latest income statement is computed	40 years
Walgreens Denver, CO | Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Denver, CO
Encumbrances	$ 3,301
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
Depreciation	$ 447
Date of Construction or Acquisition	Jun. 14, 2011
Life on which depreciation on latest income statement is computed	40 years
Walgreens - Fayetteville, AR | Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fayetteville, AR
Encumbrances	$ 4,248
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
Depreciation	$ 1,124
Date of Construction or Acquisition	Jul. 9, 2009
Life on which depreciation on latest income statement is computed	40 years
Walgreens - MS | Retail property
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Laurel, MS
Encumbrances	$ 1,314
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
Depreciation	$ 634
Date of Construction or Acquisition	Jul. 30, 2010
Life on which depreciation on latest income statement is computed	40 years
Banner
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 6,608
Initial cost to company, Land	750
Initial cost to company, Buildings	8,016
Costs capitalized subsequent to acquisition, land	203
Costs capitalized subsequent to acquisition, buildings	311
Gross Amount at which carried at close of period, Land	953
Gross Amount at which carried at close of period, Buildings.	8,327
Gross Amount at which carried at close of period, Total	9,280
Depreciation	$ 2,375
Date of Construction or Acquisition	Mar. 15, 2007
Life on which depreciation on latest income statement is computed	40 years
GF Marketplace
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 10,483
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	1,194
Gross Amount at which carried at close of period, Land	4,467
Gross Amount at which carried at close of period, Buildings.	16,995
Gross Amount at which carried at close of period, Total	21,462
Depreciation	$ 8,980
Date of Construction or Acquisition	Jul. 1, 2003
GF Marketplace | Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	8 years
GF Marketplace | Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Changes in Real Estate Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Beginning balance	$ 759,703	$ 715,300	$ 669,484
Purchase of real estate investments	41,230	47,279	48,305
Sale and disposal of real estate investment	(10,222)	(1,267)	(1,766)
Property held for sale			(3,234)
Provision for asset impairment	0	0	0
Construction in progress not yet placed in service	(15)	(1,609)	2,511
Ending balance	$ 790,696	$ 759,703	$ 715,300

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Changes in Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Beginning balance	$ 111,026	$ 92,325	$ 74,975
Depreciation expense	19,165	19,057	18,507
Property held for sale			(867)
Sale and disposal of investment property	(2,079)	(356)	(290)
Ending balance	$ 128,112	$ 111,026	$ 92,325

Schedule III - Real Estate an_5

Schedule III - Real Estate and Accumulated Depreciation - Other (Details) $ in Thousands	Dec. 31, 2018USD ($)
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
The aggregate cost of our real estate for federal income tax purposes	$ 680,591