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 |