Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 29, 2021 | Jun. 30, 2020 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Sterling Real Estate Trust | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 000-54295 | ||
Entity Incorporation, State or Country Code | ND | ||
Entity Tax Identification Number | 90-0115411 | ||
Entity Address, Address Line One | 1711 Gold Drive South, Suite 100 | ||
Entity Address, City or Town | Fargo | ||
Entity Address, State or Province | ND | ||
Entity Address, Postal Zip Code | 58103 | ||
City Area Code | 701 | ||
Local Phone Number | 353-2720 | ||
Title of 12(b) Security | Common Shares of Beneficial Interest, par value $0.01 per share | ||
No Trading Symbol Flag | true | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 9,968,034 | ||
Entity Central Index Key | 0001412502 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Land and land improvements | $ 119,088 | $ 114,666 |
Building and improvements | 712,560 | 676,228 |
Construction in progress | 13,640 | 11,134 |
Real estate investments | 845,288 | 802,028 |
Less accumulated depreciation | (160,575) | (146,316) |
Real estate investments, net | 684,713 | 655,712 |
Cash and cash equivalents | 11,716 | 9,002 |
Restricted deposits | 15,919 | 8,380 |
Investment in unconsolidated affiliates | 9,659 | 7,915 |
Notes receivable | 2,026 | 1,300 |
Assets held for sale | 831 | |
Lease intangible assets, less accumulated amortization of $15,019 in 2020 and $15,558 in 2019 | 7,367 | 9,133 |
Other assets, net | 10,798 | 8,244 |
Total Assets | 743,029 | 699,686 |
LIABILITIES | ||
Mortgage notes payable, net | 421,278 | 393,164 |
Dividends payable | 7,447 | 7,118 |
Tenant security deposits payable | 4,908 | 4,439 |
Lease intangible liabilities, less accumulated amortization of $1,963 in 2020 and $1,881 in 2019 | 994 | 1,207 |
Liabilities related to assets held for sale | 5 | |
Accrued expenses and other liabilities | 16,869 | 14,711 |
Total Liabilities | 451,501 | 420,639 |
COMMITMENTS and CONTINGENCIES - Note 16 | ||
SHAREHOLDERS' EQUITY | ||
Beneficial interest | 109,366 | 102,373 |
Noncontrolling interest in Operating partnership | 181,621 | 174,221 |
Partially owned properties | 2,346 | 2,416 |
Accumulated other comprehensive (loss) income | (1,805) | 37 |
Total Shareholders' Equity | 291,528 | 279,047 |
Total liabilities and shareholders' equity | $ 743,029 | $ 699,686 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
CONSOLIDATED BALANCE SHEETS | ||
Lease intangible assets, accumulated amortization | $ 15,019 | $ 15,558 |
Lease intangible liabilities, accumulated amortization | $ 1,963 | $ 1,881 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income from rental operations | |||
Real estate rental income | $ 124,616 | $ 120,339 | $ 116,051 |
Expenses from rental operations | |||
Operating expenses, excluding real estate taxes | 47,071 | 48,858 | 44,781 |
Real estate taxes | 12,498 | 12,078 | 11,624 |
Depreciation and amortization | 21,214 | 21,495 | 21,350 |
Interest | 17,097 | 18,282 | 18,329 |
Gain on lease terminations | (22) | ||
Total expenses from rental operations | 97,880 | 100,713 | 96,062 |
Administration of REIT | |||
Administration of REIT | 4,217 | 4,112 | 4,100 |
Total expenses | 102,097 | 104,825 | 100,162 |
Income from operations | 22,519 | 15,514 | 15,889 |
Other income | |||
Equity in income of unconsolidated affiliates | 263 | 759 | 634 |
Other income | 455 | 301 | 273 |
Gain on sale of real estate and non-real estate investments | 3,383 | 3,715 | |
Gain/(loss) on involuntary conversion | 360 | (515) | 1,467 |
Total other income | 4,461 | 545 | 6,089 |
Net income | 26,980 | 16,059 | 21,978 |
Net income (loss) attributable to noncontrolling interest in operating partnership | 17,645 | 10,647 | 14,768 |
Net income (loss) attributable to noncontrolling interest in partially owned properties | (70) | (122) | (164) |
Net income attributable to Sterling Real Estate Trust | $ 9,405 | $ 5,534 | $ 7,374 |
Net income per common share, basic and diluted | $ 0.97 | $ 0.60 | $ 0.84 |
Comprehensive income: | |||
Net income | $ 26,980 | $ 16,059 | $ 21,978 |
Other comprehensive (loss) gain - change in fair value of interest rate swaps | (1,842) | 67 | 35 |
Comprehensive income | 25,138 | 16,126 | 22,013 |
Comprehensive income attributable to noncontrolling interest | 16,373 | 10,569 | 14,628 |
Comprehensive income attributable to Sterling Real Estate Trust | $ 8,765 | $ 5,557 | $ 7,385 |
Weighted average Common Shares outstanding | 9,694,000 | 9,268,000 | 8,791,000 |
Real Estate Rental Income | |||
Income from rental operations | |||
Real estate rental income | $ 124,616 | $ 120,339 | $ 109,933 |
Tenant Reimbursements | |||
Income from rental operations | |||
Real estate rental income | $ 6,118 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS 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, 2017 | $ 113,995 | $ (23,179) | $ 90,816 | $ 179,844 | $ 3,180 | $ (65) | $ 273,775 | |
Beginning Balance (in shares) at Dec. 31, 2017 | 8,488,000 | |||||||
Shares issued under trustee compensation plan | 57 | 57 | 57 | |||||
Shares issued under 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 | |||||||
Shares issued under trustee compensation plan | 62 | 62 | 62 | |||||
Shares issued under trustee compensation plan (in shares) | 3,000 | |||||||
Shares/units redeemed | (891) | (891) | (1,132) | (2,023) | ||||
Shares/units redeemed (in shares) | (50,000) | |||||||
Dividends declared | (9,681) | (9,681) | (18,626) | (28,307) | ||||
Dividends reinvested - stock dividend | 6,145 | 6,145 | $ 6,145 | |||||
Dividends reinvested - stock dividend (in shares) | 342,000 | 342,000 | ||||||
Issuance of shares under optional purchase plan | 3,293 | 3,293 | $ 3,293 | |||||
Issuance of shares under optional purchase plan (in shares) | 173,000 | |||||||
UPREIT units converted to REIT common shares | 28 | 28 | (28) | |||||
UPREIT units converted to REIT common shares (in shares) | 1,000 | |||||||
Change in fair value of interest rate swaps | 67 | 67 | ||||||
Net income | 5,534 | 5,534 | 10,647 | (122) | 16,059 | |||
Ending balance at Dec. 31, 2019 | 131,261 | (28,888) | 102,373 | 174,221 | 2,416 | 37 | $ 279,047 | |
Ending balance (in shares) at Dec. 31, 2019 | 9,436,000 | 9,436,000 | ||||||
Shares issued under trustee compensation plan | 64 | 64 | $ 64 | |||||
Shares issued under trustee compensation plan (in shares) | 3,000 | |||||||
Contribution of assets in exchange for the issuance of noncontrolling interest shares | 10,293 | 10,293 | ||||||
Shares/units redeemed | (2,321) | (2,321) | (1,216) | (3,537) | ||||
Shares/units redeemed (in shares) | (127,000) | |||||||
Dividends declared | (10,256) | (10,256) | (19,322) | (29,578) | ||||
Dividends reinvested - stock dividend | 6,511 | 6,511 | $ 6,511 | |||||
Dividends reinvested - stock dividend (in shares) | 356,000 | 356,000 | ||||||
Issuance of shares under optional purchase plan | 3,590 | 3,590 | $ 3,590 | |||||
Issuance of shares under optional purchase plan (in shares) | 187,000 | |||||||
Change in fair value of interest rate swaps | (1,842) | (1,842) | ||||||
Net income | 9,405 | 9,405 | 17,645 | (70) | 26,980 | |||
Ending balance at Dec. 31, 2020 | $ 139,105 | $ (29,739) | $ 109,366 | $ 181,621 | $ 2,346 | $ (1,805) | $ 291,528 | |
Ending balance (in shares) at Dec. 31, 2020 | 9,855,000 | 9,855,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES | |||
Net income | $ 26,980 | $ 16,059 | $ 21,978 |
Adjustments to reconcile net income to net cash from operating activities | |||
Gain on sale of real estate investments | (3,383) | (3,715) | |
(Loss)/Gain on involuntary conversion | (360) | 515 | (1,467) |
Equity in income of unconsolidated affiliates | (263) | (759) | (634) |
Distributions of earnings of unconsolidated affiliates | 361 | 759 | 634 |
Allowance for uncollectible accounts receivable | 540 | 203 | 560 |
Depreciation | 19,770 | 19,644 | 19,165 |
Amortization | 1,418 | 1,805 | 2,127 |
Amortization of debt issuance costs | 634 | 636 | 708 |
Effects on operating cash flows due to changes in | |||
Other assets | (219) | (234) | (2,980) |
Tenant security deposits payable | 328 | 153 | 85 |
Accrued expenses and other liabilities | (1,159) | 2,545 | 1,961 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 44,647 | 41,326 | 38,422 |
INVESTING ACTIVITIES | |||
Purchase of real estate investment properties | (10,064) | (20,419) | |
Capital expenditures and tenant improvements | (31,136) | (15,445) | (10,273) |
Proceeds from sale of real estate investments and non-real estate investments | 12,502 | 12,482 | |
Proceeds from involuntary conversion | 1,288 | 2,596 | 1,112 |
Investment in unconsolidated affiliates | (2,264) | (5,350) | (81) |
Distributions in excess of earnings received from unconsolidated affiliates | 422 | 126 | 162 |
Notes receivable issued, net of payments received | (726) | (1,300) | |
NET CASH USED IN INVESTING ACTIVITIES | (29,978) | (19,373) | (17,017) |
FINANCING ACTIVITIES | |||
Payments for financing, debt issuance and lease costs | (530) | (136) | (707) |
Payments on investment certificates and subordinated debt | (100) | (50) | |
Principal payments on special assessments payable | (498) | (597) | (284) |
Proceeds from issuance of mortgage notes payable and subordinated debt | 67,950 | 15,087 | 23,728 |
Principal payments on mortgage notes payable | (48,553) | (28,388) | (15,060) |
Advances on lines of credit | 30,964 | 3,811 | |
Payments on lines of credit | (30,964) | (3,811) | |
Proceeds from issuance of shares under optional purchase plan | 3,590 | 3,293 | 4,176 |
Shares/units redeemed | (3,537) | (2,023) | (2,431) |
Dividends/distributions paid | (22,738) | (21,872) | (21,265) |
NET CASH USED IN FINANCING ACTIVITIES | (4,416) | (34,636) | (11,893) |
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS | 10,253 | (12,683) | 9,512 |
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF YEAR | 17,382 | 30,065 | 20,553 |
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF YEAR | $ 27,635 | $ 17,382 | $ 30,065 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Disclosures - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD | |||
Cash and cash equivalents | $ 11,716 | $ 9,002 | $ 21,212 |
Restricted deposits | 15,919 | 8,380 | 8,853 |
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS, END OF YEAR | 27,635 | 17,382 | 30,065 |
SCHEDULE OF CASH FLOW INFORMATION | |||
Cash paid during the period for interest, net of capitalized interest | 16,491 | 17,684 | 17,575 |
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Dividends reinvested | 6,511 | 6,145 | 5,711 |
Dividends declared and not paid | 2,608 | 2,465 | 2,281 |
UPREIT distributions declared and not paid | 4,838 | 4,653 | 4,547 |
UPREIT units converted to REIT common shares | 28 | ||
Shares issued pursuant to trustee compensation plan | 64 | 62 | 57 |
Acquisition of assets in exchange for the issuance of noncontrolling interest units in UPREIT | 10,293 | 7,819 | |
Increase in land improvements due to increase in special assessments payable | 231 | 639 | 447 |
Unrealized (loss) gain on interest rate swaps | (1,842) | 67 | 35 |
Acquisition of assets with new financing | 3,225 | ||
Acquisition of assets through assumption of debt and liabilities | 6,193 | $ 2,680 | |
Capitalized interest and real estate taxes related to construction in progress | $ 644 | $ 138 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2020 | |
ORGANIZATION | |
ORGANIZATION | Note 1 – Organization Sterling Real Estate Trust, d/b/a Sterling Multifamily 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, 2020 and 2019, Sterling owned approximately 35.03% and 34.63%, respectively, of the operating partnership. |
PRINCIPAL ACTIVITY AND SIGNIFIC
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
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 , Properties, LLLP, and wholly-owned limited liability companies and partially-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, 179 properties. The Trust’s 133 residential properties are located in North Dakota, Minnesota, Missouri and Nebraska and are principally multifamily apartment buildings. The Trust owns 46 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, and medical properties. The Trust’s mix of properties is 74.4% residential and 25.6% commercial (based on cost) with a total carrying value of $684,713 at December 31, 2020. The Trust has one property held for sale located in Waite Park, Minnesota at December 31, 2020. The carrying value of assets held for sale at December 31, 2020 is $829 . Currently our focus is limited to multifamily apartment properties. We currently have no plans with respect to our commercial properties. We will consider unsolicited offers for purchase of commercial properties on a case by case basis. Residential Property Location No. of Properties Units North Dakota 112 6,378 Minnesota 16 3,147 Missouri 1 164 Nebraska 4 639 133 10,328 Commercial Property Location No. of Properties Sq. Ft North Dakota 20 772,000 Arkansas 2 28,000 Colorado 1 17,000 Iowa 1 33,000 Louisiana 1 15,000 Michigan 1 12,000 Minnesota 13 668,000 Mississippi 1 15,000 Nebraska 1 19,000 Wisconsin 5 63,000 46 1,642,000 Concentration of Credit Risk Our cash balances are maintained in various bank deposit accounts. The bank deposit amounts in these accounts may exceed federally insured limits at various times throughout the year. Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Investments Real estate investments are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. The Trust allocates the purchase price of each acquired investment property accounted for as an asset acquisition 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 intangibles, (iv) acquired above and below market lease intangibles, and (v) assumed financing that is determined to be above or below market, if any. Transaction costs related to acquisitions are accounted for as asset acquisitions and capitalized as a cost of the property under the guidance of ASU 2017-01. For tangible assets acquired, including land, building and other improvements, the Trust 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 Trust allocates a portion of the purchase price to the estimated acquired in-place lease 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, and lease origination costs for similar leases as well as lost rental payments during an assumed lease-up period. The Trust also evaluates each acquired lease as compared to current market rates. If an acquired lease is determined to be above or below market, the Trust 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 Trust 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 acquire in-place lease value intangibles is amortized on a straight-line basis over the life of the related lease as amortization expense. The Trust incurred amortization expense pertaining to acquired in-place lease value intangibles of $1,234, $1,629 and $2,021 for the years ended December 31, 2020, 2019 and 2018, respectively. The portion of the purchase price allocated to acquire 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 $186, $214 and $222 for the years ended December 31, 2020, 2019 and 2018, respectively, was recorded as a reduction to income from rental operations. Amortization pertaining to below market lease intangibles of $212, $261 and $280 for the years ended December 31, 2020, 2019 and 2018, respectively, was recorded as an increase to income from rental operations. Furniture and fixtures are stated at cost less accumulated depreciation. All costs associated with the development and construction of real estate investments, including acquisition fees and interest, are capitalized as a cost of the property. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for routine maintenance and repairs, which do not add to the value or extend useful lives, are charged to expense as incurred. Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method over the following estimated useful lives: Buildings and improvements 40 years Furniture, fixtures and equipment 5 - 9 years Depreciation expense for the years ended December 31, 2020, 2019 and 2018 totaled $19,770, $19,644 and $19,165 respectively. The Trust’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 Trust 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 financially 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 Trust’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 Trust 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 Trust 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, 2020, 2019 and 2018. 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. The Trust had one property held for sale as of December 31, 2020. There were no properties held for sale as of December 31, 2019. See Note 17. Construction in Progress The Trust 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, 2020 consists primarily of construction associated with the Goldmark Office Park building located in Fargo, North Dakota, common area updates at Bell Plaza located in Minneapolis, Minnesota, the Montreal Courts Apartments located in Little Canada, Minnesota and the Bayview Apartments located in Fargo, North Dakota. The Goldmark Office Park consists of three commercial office buildings. Current expectations for the projects, which include building renovations and common area upgrades, are to be completed in phases with estimated completion in the first quarter of 2021. The current project budget is approximately $4,882 of which $4,812 has been incurred and is included in construction in progress. The Bell Plaza Atrium remodel includes upgrades to the building’s lobby, common area conference rooms, restrooms, and updated HVAC and thermostats throughout the building. Current expectations are that the project will be completed in the first quarter of 2021 and the current project budget approximates $1,500 of which $1,312 has been incurred and included in construction in progress. The Montreal Courts development consists of a new clubhouse. Current expectations are that the project will be completed in the first quarter of 2021 and the current project budget approximates $1,963 of which $1,900 has been incurred and is included in construction in progress. The Bayview Apartments development consists of new windows and siding. Current expectations are that the project will be completed in the first quarter of 2021 and the current project budget approximates $1,501 of which $1,432 has been incurred and is included in construction in progress. Cash and Cash Equivalents and Restricted Deposits We classify highly liquid investments with a maturity of three months or less when purchased as cash equivalents. Investment in Unconsolidated Affiliates We account for unconsolidated affiliates using the equity method of accounting per guidance established under ASC 323, Investments – Equity Method and Joint Ventures (“ASC 323”). The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for our share of equity in the affiliates’ earnings, contributions 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, 2020, 2019 and 2018. 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, and entities where the Trust has joint control and other attributes. 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 arrangement is a variable interest entity, we consider: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including the necessity of subordinated debt; estimates of future cash flows; our and our partner’s ability to participate in the decision making related to acquisitions, dispositions, budgeting and financing on the entity; and obligation to absorb losses and preferential returns. As of December 31, 2020 and 2019, the unconsolidated affiliates held total assets of $66,112 and $31,261 and mortgage notes payable of $41,559 and $16,690, respectively. 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, 2020 and 2019 of $10,036 and $10,264, 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, 2020 and 2019 of $6,232 and $6,426 respectively. The Company is jointly and severally liable for the full mortgage balance. The operating partnership owns a 60% interest in a limited liability company that is currently developing a 190-unit multifamily property. As of December 31, 2020, the operating partnership has contributed $3,401 in cash to SE Savage. SE Savage holds land located in Savage, Minnesota, with total assets of $27,014 and $5,464 as of December 31, 2020 and 2019, respectively. Current expectations are that the project will be completed in the fourth quarter of 2021 and the current project budget approximates $37,800 of which $23,200 has been incurred as of December 31, 2020. The Company is jointly and severally liable for the full mortgage balance of $19,436 as of December 31, 2020. The operating partnership owns a 60% interest in a limited liability company that intends to develop a 160-unit multifamily property. As of December 31, 2020, the operating partnership has contributed $2,975 in cash to SE Maple Grove. SE Maple Grove holds land located in Maple Grove, Minnesota, with total assets of $13,106 and $3,455 as of December 31, 2020 and 2019, respectively. Current expectations are that the project will be completed in the second quarter of 2022 and the current project budget approximates $33,000 of which $9,600 has been incurred as of December 31, 2020. The Company is jointly and severally liable for the full mortgage balance of $5,710 as of December 31, 2020. The operating partnership owns a 60% interest in a limited liability company that intends to develop a 165-unit multifamily property. As of December 31, 2020, the operating partnership has contributed $999 in cash to SE Rogers. SE Rogers holds land located in Rogers, Minnesota, with total assets of $4,161 as of December 31, 2020. Current expectations are that the project will be completed in the second quarter of 2022 and the current project budget approximates $34,300 of which $3,300 has been incurred as of December 31, 2020. The Company is jointly and severally liable for the full mortgage balance, which had no balance as of December 31, 2020. Receivables Receivables consist primarily of amounts due for rent and tenant charges. Accounts receivable are carried at original amounts billed. The operating partnership reviews collectability of charges under its tenant operating leases on a quarterly basis. In the event that collectability is deemed not probable for any tenant charges, beginning with the adoption of ASC 842 as of January 1, 2019, the operating partnership recognizes an adjustment to rental income. Prior to adoption of ASC 842, the Company recognized a provision for uncollectible amounts or a direct write-off of the specific rent receivable. Receivables are included in Other assets in the accompanying consolidated balance sheets. Notes receivable are issued periodically and are secured and interest bearing. Accounts receivable are included in Other assets in the accompaning consolidated balances 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. Financing and lease costs are included in other assets in the accompanying consolidated balance sheets. 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 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. Lease Intangibles 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 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, 2020, 2019 and 2018. Noncontrolling Interest A noncontrolling interest in a subsidiary (minority interest) is in most cases an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest, and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and comprehensive income. Operating Partnership: Interests in the operating partnership held by limited partners are represented by operating partnership units. The operating partnership’s income is allocated to holders of units based upon the ratio of their holdings to the total units outstanding during the period. Capital contributions, distributions, syndication costs, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the operating partnership agreement. Partially Owned Properties: The Trust reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Trust that are not wholly owned by the Trust. 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 like 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, 2020, 2019 and 2018 follows: Tax Year Ended December 31, Dividend % Dividend % Dividend % 2020 2020 2019 2019 2018 2018 Tax status Ordinary income $ 0.8994 84.95 % $ 0.8791 84.12 % $ 0.7258 71.33 % Capital gain — — % 0.0048 0.46 % — — % Return of capital 0.1593 15.05 % 0.1611 15.42 % 0.2917 28.67 % $ 1.0587 100.00 % $ 1.0450 100.00 % $ 1.0175 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 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, 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 The Trust is the lessor for its residential and commercial leases. Leases are analyzed on an individual basis to determine lease classification. As of December 31, 2020, all leases analyzed under the Trust’s lease classification process were determined to be operating leases. As of December 31, 2020, we derived 79.1% of our revenues from residential leases that are generally for terms of one-year or less. The residential leases may include lease income related to such items as parking, storage and non-refundable deposits that we treat as a single lease component because amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore we subsequently recognize lease income over the lease term on a straight-line basis. Residential leases are renewable upon consent of both parties on an annual or monthly basis. As of December 31, 2020, we derived 20.9% of our revenues from commercial leases primarily under long-term lease agreements. Substantially all commercial leases contain fixed escalations, or, in some instances, changes based on the Consumer Price Index, which occur at specified times during the term of the lease. In certain commercial leases, variable lease income, such as percentage rent, is recognized when rents are earned. We recognize rental income and rental abatements from our commercial leases on a straight-line basis over the lease term. Recognition of rental income commences when control of the leased space has been transferred to the tenant. We recognize variable income from pass-through expenses on an accrual basis over the periods in which the expenses were incurred. Pass-through expenses are comprised of real estate taxes, operating expenses and common area maintenance costs which are reimbursed by tenants in accordance with specific allowable costs per tenant lease agreements. When we pay pass-through expenses, subject to reimbursement by the tenant, they are included within operating expenses, excluding real estate taxes, and reimbursements are included within “real estate rental income” along with the associated base rent in the accompanying consolidated financial statements. 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 decreased revenue by $93 and $44 for the years ended December 31, 2020 and 2019 and increased revenue by $99 for the year ended December 31, 2018. The straight-line receivable balance included in other assets on the consolidated balance sheets as of the years ended December 31, 2020 and 2019 was $3,012 and $3,331 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 are immaterial, are recognized in the subsequent year. Upon adoption of ASU 2016-02 on January 1, 2019, we elected not to bifurcate lease contracts into lease and non-lease components, since the timing and pattern of revenue is not materially different, and the non-lease component is not the primary component of the lease. Accordingly, both lease and non-lease components are presented in real estate rental income beginning January 1, 2019 in our consolidated financial statements. The adoption of ASU 2016-02 did not result in a material change to our recognition of real estate rental income. Lease income related to the Trust’s operating leases is comprised of the following: Year ended December 31, 2020 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 95,162 $ 20,609 $ 115,771 Lease income related to variable lease payments — 5,412 5,412 Other (a) (721) (125) (846) Lease Income (b |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2020 | |
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, 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, 2020, 2019 and 2018, 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, 2020 and 2019. Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Residential Commercial Total Residential Commercial Total Residential Commercial Total (in thousands) (in thousands) (in thousands) Income from rental operations $ 98,576 $ 26,040 $ 124,616 $ 94,763 $ 25,576 $ 120,339 $ 89,783 $ 26,268 $ 116,051 Expenses from rental operations 52,686 6,883 59,569 53,754 7,182 60,936 49,048 7,357 56,405 Net operating income $ 45,890 $ 19,157 $ 65,047 $ 41,009 $ 18,394 $ 59,403 $ 40,735 $ 18,911 $ 59,646 Depreciation and amortization 21,214 21,495 21,350 Interest 17,097 18,282 18,329 Administration of REIT 4,217 4,112 4,100 Gain on lease terminations — — (22) Other income (4,461) (545) (6,089) Net income $ 26,980 $ 16,059 $ 21,978 Segment Assets and Accumulated Depreciation As of December 31, 2020 Residential Commercial Total (in thousands) Real estate investments $ 647,083 $ 198,205 $ 845,288 Accumulated depreciation (118,363) (42,212) (160,575) $ 528,720 $ 155,993 684,713 Cash and cash equivalents 11,716 Restricted deposits and funded reserves 15,919 Investment in unconsolidated affiliates 9,659 Note receivable 2,026 Assets held for sale 831 Intangible assets, less accumulated amortization 7,367 Other assets, net 10,798 Total Assets $ 743,029 As of December 31, 2019 Residential Commercial Total (in thousands) Real estate investments $ 605,813 $ 196,215 $ 802,028 Accumulated depreciation (104,170) (42,146) (146,316) $ 501,643 $ 154,069 655,712 Cash and cash equivalents 9,002 Restricted deposits and funded reserves 8,380 Investment in unconsolidated affiliates 7,915 Note receivable 1,300 Intangible assets, less accumulated amortization 9,133 Other assets, net 8,244 Total Assets $ 699,686 |
RESTRICTED DEPOSITS AND FUNDED
RESTRICTED DEPOSITS AND FUNDED RESERVES | 12 Months Ended |
Dec. 31, 2020 | |
RESTRICTED DEPOSITS AND FUNDED RESERVES | |
RESTRICTED DEPOSITS AND FUNDED RESERVES | NOTE 4 - RESTRICTED DEPOSITS AND FUNDED RESERVES At December 31, 2020 2019 (in thousands) Tenant security deposits $ 4,730 $ 4,325 Real estate tax and insurance escrows 2,058 2,058 Replacement reserves 2,137 1,997 Other restricted escrows 6,994 — $ 15,919 $ 8,380 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. Other Restricted Escrows Other restricted escrows consist of proceeds received on the disposal of a commercial building located in Bismarck, North Dakota. The proceeds are required to be held as restricted funds under Section 1031 of the Internal Revenue Code (like-kind exchange). |
LEASE INTANGIBLES
LEASE INTANGIBLES | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 19,768 $ (13,727) $ 6,041 Above-market leases 2,618 (1,292) 1,326 $ 22,386 $ (15,019) $ 7,367 Lease Intangible Liabilities Below-market leases $ (2,957) $ 1,963 $ (994) Lease Accumulated Lease As of December 31, 2019 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 21,480 $ (14,051) $ 7,429 Above-market leases 3,211 (1,507) 1,704 $ 24,691 $ (15,558) $ 9,133 Lease Intangible Liabilities Below-market leases $ (3,088) $ 1,881 $ (1,207) 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) 2021 $ 1,121 $ 184 2022 987 164 2023 849 151 2024 849 151 2025 849 151 Thereafter 2,712 193 $ 7,367 $ 994 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, 2020 was 6.7 years. |
LINES OF CREDIT
LINES OF CREDIT | 12 Months Ended |
Dec. 31, 2020 | |
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 $4,915 variable rate (floating LIBOR plus 2.00% ) line of credit agreement with Bremer Bank, which expires in June 2022 ; and a $5,000 variable rate (floating LIBOR plus 2.00% ) line of credit agreement with Bremer Bank, which expires June 2022 . The lines of credit are secured by properties in Duluth, Edina, and Moorhead, Minnesota, and Dickinson, Grand Forks and Fargo, North Dakota. At December 31, 2020, the $4,915 variable rate line of credit with Bremer Bank secured two letters of credit totaling $746 , leaving $27,469 available and unused under the agreements. These operating lines are designed to enhance treasury management activities and more effectively manage cash balances. Certain lines of credit agreements include covenants that, in part, impose maintenance of certain debt service coverage, debt to net worth ratios, and debt yield ratios. As of December 31, 2020, one property was out of compliance. An annual waiver was received from the lender. As of December 31, 2019, three residential properties were out of compliance with Bremer’s debt service coverage ratio requirement on an individual property basis. An annual waiver was received from the lender. |
MORTGAGE NOTES PAYABLE
MORTGAGE NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 (in thousands) Fixed rate mortgage notes payable (a) $ 415,665 $ 395,038 Variable rate mortgage notes payable 7,446 - Mortgage notes payable 423,111 395,038 Less unamortized debt issuance costs 1,833 1,874 $ 421,278 $ 393,164 (a) Includes $43,613 and $12,960 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2020 and 2019, respectively. As of December 31, 2020, we had 114 fixed rate and two variable rate mortgage loans with effective interest rates ranging from 2.14% to 6.85% per annum, and a weighted average effective interest rate of 4.03% per annum on fixed rate loans and 2.28% per annum on variable rate loans. As of December 31, 2019, we had 121 fixed rate and no variable rate mortgage loans with effective interest rates ranging from 3.15% to 7.25% per annum, and a weighted average effective interest rate of 4.31% 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, 2020, four loans on residential properties were out of compliance due to various unit renovation and parking lot repair and maintenance costs, bad debts and increased vacancies in the North Dakota and Minnesota markets. The loans were secured by properties located in Bismarck and Fargo, North Dakota, and Crookston, Minnesota with a total outstanding balance of loans on residential properties were out of compliance due to various unit renovation and parking lot repair and maintenance costs, bad debts 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 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) 2021 $ 30,040 2022 26,595 2023 49,886 2024 18,873 2025 50,489 Thereafter 247,228 Total payments $ 423,111 |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2020 | |
DERIVATIVES AND HEDGING ACTIVITIES | |
DERIVATIVES AND HEDGING ACTIVITIES | NOTE 8 – DERIVATIVES AND HEDGING ACTIVITIES As part of our interest rate risk management strategy, we have used interest rate derivatives to manage our exposure to interest rate movements and add stability to interest expense. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Trust making fixed rate payments over the life of the agreement without exchange of the underlying notional amount. As of December 31, 2020, the Trust used nine interest rate swaps to hedge the variable cash flows associated with variable rate debt. Changes in fair value of the derivatives that are designated and that qualify as cash flow hedges are recorded in “Accumulated other comprehensive (loss) income” and are reclassified into interest expense as interest payments are made on the Company’s variable rate debt. During the next 12 months, the Trust estimates that an additional $373 will be reclassified as an increase to interest expense. The following table summarizes the Trust’s interest rate swaps as of December 31, 2020, which effectively convert one-month floating rate LIBOR to a fixed rate: Fixed Effective Date Notional Interest Rate Maturity Date November 1, 2019 $ 6,977 3.15% November 1, 2029 November 1, 2019 $ 4,848 3.28% November 1, 2029 January 10, 2020 $ 3,150 3.39% January 10, 2030 June 11, 2020 $ 1,579 3.07% June 15, 2030 June 11, 2020 $ 3,060 3.07% June 15, 2030 June 15, 2020 $ 1,712 2.94% June 15, 2030 June 15, 2020 $ 4,530 2.94% June 15, 2030 July 1, 2020 $ 4,957 2.79% June 10, 2030 December 2, 2020 $ 12,800 2.91% December 2, 2027 The following table summarizes the Company’s interest rate swaps that were designated as cash flow hedges of interest rate risk: Number of Instruments Notional Interest Rate Derivatives December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Interest rate swaps 9 3 $ 43,613 $ 12,960 The table below presents the estimated fair value of the Company’s derivative financial instruments as well as their classification in the accompanying consolidated balance sheets. The valuation techniques are described in Note 9 to the consolidated financial statements. Derivatives Derivatives designated as December 31, 2020 December 31, 2019 cash flow hedges: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other assets, net $ — Other assets, net $ 58 Interest rate swaps Accrued expenses and other liabilities $ 1,805 Accrued expenses and other liabilities $ 21 The carrying amount of the swaps have been adjusted to their fair value at the end of the quarter, which because of changes in forecasted levels of LIBOR, resulted in reporting an asset and 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. The following table presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive (loss) income for the years ended December 31, 2020 and 2019: Location of Gain Amount of (Gain)/Loss Reclassified from Amount of (Gain)/Loss Derivatives in Recognized in Other Accumulated other Reclassified from Cash Flow Hedging Comprehensive Income Comprehensive Income AOCI into Income Relationships on Derivatives (AOCI) into Income Year Ended 2020 2020 Interest rate swaps $ 1,842 Interest expense $ 242 2019 2019 Interest rate swaps $ (67) Interest expense $ 28 Credit-risk-related Contingent Features The Trust has agreements with each of its derivative counterparties that contain a provision whereby if the Trust defaults on the related indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the . |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 December 31, 2019 Carrying Carrying Value Fair Value Value Fair Value (in thousands) Financial assets: Note receivable $ 2,026 $ 2,117 $ 1,300 $ 1,389 Derivative assets $ — $ — $ 58 $ 58 Financial liabilities: Mortgage notes payable, net $ 421,278 $ 443,100 $ 393,164 $ 415,183 Derivative liabilities $ 1,805 $ 1,805 $ 21 $ 21 The carrying values shown in the table are included in the consolidated balance sheets under the captions indicated in Note 8. 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 Trust’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, 2020 Derivative liabilities $ — $ 1,805 $ — $ 1,805 December 31, 2019 Derivative assets $ — $ 58 $ $ 58 Derivative liabilities $ — $ 21 $ — $ 21 Derivatives: Although the Trust 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, 2020 and 2019, the Trust 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 Trust 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 Trust has considered any applicable credit enhancements. The Trust’s derivative instruments are 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, 2020 Mortgage notes payable, net $ — $ — $ 443,100 $ 443,100 Note receivable $ — $ — $ 2,117 $ 2,117 December 31, 2019 Mortgage notes payable, net $ — $ — $ 415,183 $ 415,183 Note receivable $ — $ — $ 1,389 $ 1,389 Mortgage notes payable: Notes receivable. |
NONCONTROLLING INTEREST OF UNIT
NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, outstanding limited partnership units totaled 18,279,000 and 17,811,000, respectively. Total aggregate distributions per unit for the years ended December 31, 2020, 2019 and 2018 were $1.0587, $1.0450, and $1.0175, respectively. The operating partnership declared fourth quarter distributions of $4,838 and $4,653, to limited partners payable in January 2021 and 2020, respectively. During the year ended December 31, 2020, there were no limited partnership units of the operating partnership exchanged for common shares of the trust. During the year ended December 31, 2019, there were 1,000 limited partnership units of the operating partnership exchanged for 1,000 common shares of the Trust, pursuant to redemption requests. The aggregate value of these transactions was $28. During the year ended December 31, 2018, there were no limited partnership units of the operating partnership exchanged for common shares of the trust. At the sole and absolute discretion of the limited partnership, and so long as our redemption plans exist, and applicable holding periods are met, Limited Partners may request the operating partnership to 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, (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, 2020 | |
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 $40,000 worth of securities. As of December 31, 2020, there were $7,325 worth of securities left to be redeemed under the redemption plan. Currently, the fixed redemption price is $19.00 per share or unit under the plans which price became effective January 1, 2021. Prior to January 1, 2021, the redemption price was $18.25 per share or unit under the plan. Prior to January 1, 2020, the redemption price was $18.00 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, 2020, 2019 and 2018, the Company redeemed 127,000, 50,000 and 75,000 common shares valued at $2,321, $891 and $1,315, respectively. In addition, during the years ended December 31, 2020, 2019 and 2018, the Company redeemed 66,000, 64,000 and 64,000 units valued at $1,216, $1,132 and $1,116, respectively. |
BENEFICIAL INTEREST
BENEFICIAL INTEREST | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, there were 9,855,000 and 9,436,000 common shares outstanding. We had no preferred shares outstanding as of either date. Dividends paid to holders of common shares were $1.0588 per share, $1.0450 per share and $1.0175 per share for the years ended December 31, 2020, 2019 and 2018, respectively. |
DIVIDEND REINVESTMENT PLAN
DIVIDEND REINVESTMENT PLAN | 12 Months Ended |
Dec. 31, 2020 | |
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. On November 3, 2020, 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 November 3, 2020. 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 $19.25 and $19.00 at December 31, 2020 and 2019, respectively. See discussion of determination of estimated value in Note 18. Therefore, the purchase price per common share for dividend reinvestments was $18.29 and $18.05 and for additional optional cash purchases was $19.25 and $19.00 at December 31, 2020 and 2019, 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, 2020, 356,000 shares were issued pursuant to dividend reinvestments and 187,000 shares were issued pursuant to additional optional cash purchases under the plan. In the year ended December 31, 2019, 342,000 shares were issued pursuant to dividend reinvestments and 173,000 shares were issued pursuant to additional optional cash purchases under the plan. 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 14 – RELATED PARTY TRANSACTIONS Property Management Fee During the years ended December 31, 2020, 2019 and 2018, 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, James Wieland and Joel Thomsen. For the years ended December 31, 2020, 2019 and 2018, we paid management fees, on-site staff costs, and other miscellaneous fees required to run the properties of $12,796, $12,486, and $11,827 respectively, to GOLDMARK Property Management. In addition, during the years ended December 31, 2020, 2019 and 2018, we paid repair and maintenance related payroll and payroll related expenses to GOLDMARK Property Management totaling $6,549, $6,076 and $5,217, respectively. Board of Trustee Fees We incurred Trustee fees of $62, $57 and $68 during the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, and 2019 we owed our Trustees $27 and $29 for unpaid board of trustee fees, respectively. There is no cash retainer paid to Trustees. Instead, we pay Trustees the following specific number of shares for meetings attended: 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 26, 2020, effective until March 31, 2021. 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, 2020, 2019 and 2018, we incurred advisory management fees of $3,116, $2,996 and $2,909 with Sterling Management, LLC, our Advisor. As of December 31, 2020 and 2019, we owed our Advisor $278 and $503, respectively, for unpaid advisory management and operational fees. There were no fees owed to the Advisor as of December 31, 2018. These fees cover the office facilities, equipment, supplies, and staff required to manage our day-to-day operations. Acquisition Fee During the years ended December 31, 2020, 2019 and 2018, we incurred acquisition fees of $708, $0, and $740, respectively, with our Advisor. There were no acquisition fees owed to our Advisor as of December 31, 2020 and 2019. Disposition Fee During the years ended December 31, 2020, 2019 and 2018, we incurred disposition fees of $319, $0, and $327 with our Advisor. As of December 31, 2020, we owed our advisor $175 for disposition fees. There were no disposition fees owed to our Advisor as of December 31, 2019. Financing Fee: During the years ended December 31, 2020, 2019 and 2018 we incurred financing fees of $133, $11 and $77 with our Advisor for loan financing and refinancing activities. There were no financing fees owed to our Advisor as of December 31, 2020 and 2019. Development Fee Total Cost Fee Range of Fee Formula 0 – 10M 5.0 % 0 –.5M 0M – 5.0% x (TC – 0M) 10M - 20M 4.5 % .5 M – .95M .50M – 4.5% x (TC – 10M) 20M – 30M 4.0 % .95 M – 1.35M .95M – 4.0% x (TC – 20M) 30M – 40M 3.5 % 1.35 M – 1.70M 1.35M – 3.5% x (TC – 30M) 40M – 50M 3.0 % 1.70 M – 2.00M 1.70M – 3.0% x (TC – 40M) TC = Total Project Cost During the years ended the year ended December 31, 2020, we incurred $794 of development fees with our advisor. No development fees were incurred for the years ended December 31, 2019 and 2018. As of December 31, 2020, and 2019, we owed our Advisor a total of $79 and $104 for unpaid development fees as part of a 10% hold back, respectively. Project Management Fee: During the years ended December 31, 2020 and 2019, we incurred $365 and $67, respectively, in project management fees incurred with our Advisor for capital improvement projects. As of December 31, 2020 and 2019, we owed our advisor $51 and $67, in unpaid project management fees, respectively. Operating Partnership Units Issued in Connection with Acquisitions During the year ended December 31, 2020, we issued 208,000 operating partnership (OP) units to entities affiliated with Messrs. Regan and Weiland, two of our trustees, in connection with the acquisition of various properties. The aggregate value of these units was $4,671. During the year ended December 31, 2019, we issued no operating partnership (OP) units to entities affiliated with any related parties. 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. Commissions During the year ended December 31, 2020, we incurred real estate commissions of $308 and $633 to GOLDMARK Property Management and GOLDMARK Commercial Real Estate, respectively. During the year ended December 31, 2019 there were no commissions incurred. During the year ended 2018, we incurred real estate commissions of $384, to GOLDMARK Commercial Real Estate, Inc., which is controlled by Messrs. Regan and Wieland. There were no outstanding commissions owed as of December 31, 2020 or 2019. Subordinated Debt As of December 31, 2020 and 2019, we owed related parties $25, for principal and interest on subordinated debt. Rental Income During the years ended December 31, 2020, 2019 and 2018, we received rental income of $57, $56 and $55, respectively, under an operating lease agreement with GOLDMARK Commercial Real Estate, Inc. During the years ended December 31, 2020, 2019 and 2018, we paid our Advisor $85, $61 and $50, respectively, under an operating lease agreement. During the years ended December 31, 2020, 2019 and 2018, we received rental income of $268, $262 and $230, respectively, under operating lease agreements with GOLDMARK Property Management. Other operational liabilities and receivables During the year ended December 31, 2020, 2019 and 2018, the Trust incurred general operational liabilities related to business operations as well as costs incurred related to capital expenditures due to related parties. As of December 31, 2020, the Trust owed related parties $101. There were no outstanding operational liabilities as of December 31, 2019. Our Advisor manages insurance claims for the Trusts as well as a related party. The Advisor handles filing, processing, disputing and closing all insurance claims. During June 2019, the Trust and a related party incurred damage from a large windstorm. The claim is currently still open and funds were received from the insurance company to rehabilitate our properties. As this was an aggregate property claim, funds are and have been disbursed as repairs have been completed. As of December 31, 2020 there was no receivables outstanding related to the insurance funds. As of December 31, 2019, the Trust had a $892 receivable from our Advisor related to insurance funds. |
RENTALS UNDER OPERATING LEASES
RENTALS UNDER OPERATING LEASES / RENTAL INCOME | 12 Months Ended |
Dec. 31, 2020 | |
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 $98,576 , $94,763 and $89,783 for the years ended December 31, 2020, 2019 and 2018, 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, 2020, 2019 and 2018, gross revenues from commercial property rentals, including CAM income (common area maintenance) of $5,412 , $6,077 and $6,118 , respectively, totaled $26,040 , $25,576 and $26,268 , respectively. Commercial space is rented under long-term agreements. Minimum future rentals on non-cancelable operating leases as of December 31, 2020 are as follows: Years ending December 31, Amount (in thousands) 2021 $ 16,068 2022 13,991 2023 12,688 2024 11,950 2025 11,527 Thereafter 50,660 $ 116,884 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
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 outcome of such matters will not have a material effect on the consolidated financial statements of the Trust. Significant Risks and Uncertainties The Trust continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business and geographies, including how it will impact its tenants and business partners. Several uncertainties continue to exist at this time, including but not limited to the uncertainty of additional state and/or federal stimulus and the effect of the recent surge in COVID-19 cases in many states. The Trust did not incur significant disruptions for the year ended December 31, 2020 from the COVID-19 pandemic. During the year ended December 31, 2020, the Trust continued to monitor state and federal legislative actions and efforts regarding the eviction moratorium which affects almost all single-family and multifamily rental housing units. The Trust has seen several tenants complete the sworn statement certifying the qualifications to obtain eviction protection. The Trust is monitoring the collection rates on these tenants and financial condition, results of operations and cash flows . During the year ended December 31, 2020, the Trust received certain rent relief requests because of COVID-19. These requests were received principally from office tenants and most often in the form of rent deferral requests. Few rental defaults have occurred to date and the Trust is pursuing legal remedies as to these amounts which are not material in the aggregate. The Trust will continue to evaluate any further tenant rent relief requests on an individual basis, considering several factors. Not all tenant requests will ultimately result in modification agreements, nor will the Trust forgo its contractual rights under its lease agreements. |
DISPOSITIONS
DISPOSITIONS | 12 Months Ended |
Dec. 31, 2020 | |
DISPOSITIONS | |
DISPOSITIONS | NOTE 17 – DISPOSITIONS During the year ended December 31, 2020, the operating partnership sold three properties. We sold a retail property located in Apple Valley, Minnesota, for $3,670 and recognized a gain of $1,455 in March 2020. We sold an office property located in St. Cloud, Minnesota, for $2,050 and recognized a gain of $1 in May 2020. We sold an office property located in Bismarck, North Dakota for $7,000 and recognized a gain of $1,926 in December 2020. During the year ended December 31, 2020, the Company entered into a purchase agreement to sell one retail property located in Waite Park, Minnesota. The property qualified for held for sale accounting treatment on or prior to December 31, 2020, 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, 2020. We expect to sell the property in the first quarter of 2021. The following table shows the net book value of assets held for sale. December 31, December 31, 2020 2019 (in thousands) ASSETS Real estate investments Land and land improvements $ 150 $ — Building and improvements 1,428 — Real estate investments 1,578 — Less accumulated depreciation (749) — Real estate investments, net 829 — Other assets, net 2 — Total Assets $ 831 $ — LIABILITIES Tenant security deposits payable $ 5 $ — Total Liabilities $ 5 $ — During the year ended December 31, 2019, the operating partnership had no dispositions or assets held for sale. 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. |
BUSINESS COMBINATIONS AND ACQUI
BUSINESS COMBINATIONS AND ACQUISITIONS | 12 Months Ended |
Dec. 31, 2020 | |
BUSINESS COMBINATIONS AND ACQUISITIONS | |
BUSINESS COMBINATIONS AND ACQUISITIONS | NOTE 18 – BUSINESS COMBINATIONS AND ACQUISITIONS The Company completed the following acquisitions during the year ended December 31, 2020: Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price 1/12/20 Wolf Creek Fargo, ND Apartment complex 54 units $ 4,968 1/31/20 Columbia Park Village Grand Forks, ND Apartment complex 12 units 612 3/1/20 Belmont East & West Bismarck, ND Apartment complex 26 units 1,494 3/1/20 Eastbrook Bismarck, ND Apartment complex 24 units 1,296 3/1/20 Hawn Fargo, ND Apartment complex 48 units 2,400 3/1/20 Rosser Bismarck, ND Apartment complex 24 units 1,296 8/28/20 Trustmark (a) Fargo, ND Office building 45,755 sq. ft. 6,500 9/15/20 Foxtail Townhomes Fargo, ND Apartment complex 30 units 1,450 12/17/20 Evergreen Terrace Omaha, NE Apartment complex 144 units 8,320 $ 28,336 (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 $1,105 , special assessments of $308 , and additional costs incurred due to a difference in unit price of $26 . Total consideration given for acquisitions through December 31, 2020 was completed through issuing approximately 535,000 limited partnership units of the operating partnership valued at $19.25 per unit for an aggregate consideration of approximately $10,293, 1031 tax-deferred exchange funds of $5,658, new loans of $3,225, assumed liabilities $6,193, and cash of $4,406. 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 did not acquire any properties during the year ended December 31, 2019. The Company completed 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) 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 $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 following table summarizes the acquisition date fair values, before prorations, the Company recorded in conjunction with the acquisitions discussed above: Year Ended December 31, 2020 2019 2018 Land, building, tenant improvements and FF&E $ 29,775 $ - $ 30,918 Mortgages notes payable assumed (5,451) - (2,104) Other liabilities (742) - (576) Net assets acquired 23,582 - 28,238 Equity/limited partnership unit consideration (10,293) - (7,819) Restricted cash proceeds related to IRC Section 1031 tax-deferred exchange (5,658) - (11,326) New loans (3,225) - - Net cash consideration $ 4,406 $ - $ 9,093 Estimated Value of Units/Shares The Board of Trustees determined an estimate of fair value for the trust shares in 2020, 2019 and 2018. 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 2020, 2019 and 2018. 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. The fair value was not determined based on, nor intended to comply with, fair value standards under US GAAP and the value may not be indicative of the price we would get for selling our assets in their current condition. Based on the results of the methodologies, 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. The Board determined the fair value of the shares and limited partnership units to be $19.25 per share/unit effective January 1, 2020. The Board determined the fair value of the shares and limited partnership units to be $20.00 per share/unit effective January 1, 2021. 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 or by reference to any public market. 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, 2020 | |
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) 2020 First Second Third Fourth (in thousands, except per share data) Income from rental operations $ 29,906 $ 30,821 $ 30,866 $ 33,023 Net Income $ 5,227 $ 6,397 $ 5,266 $ 10,090 Net Income attributable to Sterling Real Estate Trust $ 1,813 $ 2,202 $ 1,844 $ 3,546 Net Income per common share, basic and diluted $ 0.19 $ 0.23 $ 0.19 $ 0.36 Weighted average common shares outstanding 9,562,000 9,611,000 9,740,000 9,862,000 Quarter (1) 2019 First Second Third Fourth (in thousands, except per share data) Income from rental operations $ 29,831 $ 30,270 $ 30,173 $ 30,065 Net Income $ 3,790 $ 4,821 $ 3,470 $ 3,978 Net Income attributable to Sterling Real Estate Trust $ 1,288 $ 1,647 $ 1,213 $ 1,386 Net Income per common share, basic and diluted $ 0.14 $ 0.18 $ 0.13 $ 0.15 Weighted average common shares outstanding 9,091,000 9,209,000 9,322,000 9,444,000 (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, 2020 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 20 - SUBSEQUENT EVENTS Effective January 1, 2021, Alloy Enterprises, Inc. was formed to act as the holding company for Sterling Management, LLC and Goldmark Property Management. In connection with this restructuring transaction, the indirect ownership structure and percentages of the new entity remain materially consistent with that of the Advisor prior to January 1, 2021. Ms. Chaffee, our Chief Financial Officer, acquired a less than 1% ownership interest in Alloy in connection with the transactions. The Chief Financial Officer, Chief Investment Officer and General Counsel of the Trust also serve as the Chief Financial Officer, Chief Investment Officer and General Counsel of Alloy Enterprises, Inc. On January 15, 2021, we paid a dividend or distribution of $0.26469 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, 2020. On January 28, 2021 we obtained new financing on a commercial property for $2,031 . On March 25, 2021, the Board of Trustees declared a dividend and distribution of $.26500 per share on our common shares of beneficial interest or limited partnership units, to common shareholders and limited unit holders of record on March 31, 2021, payable on April 15, 2021. 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, 2020 | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Industrial to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Guardian Building Products Fargo, ND $ 2,640 $ 820 $ 2,554 $ 55 $ (94) $ 875 $ 2,460 $ 3,335 $ 518 08/29/2012 40 Titan Machinery Bismarck, ND 2,191 950 1,395 7 — 957 1,395 2,352 209 01/28/2015 40 Titan Machinery Dickinson, ND 741 354 1,096 400 — 754 1,096 1,850 242 07/30/2012 40 Titan Machinery Fargo, ND 2,665 781 1,947 515 — 1,296 1,947 3,243 401 10/30/2012 40 Titan Machinery Marshall, MN 1,707 300 3,648 81 — 381 3,648 4,029 844 11/01/2011 40 Titan Machinery Minot, ND — 618 1,654 — — 618 1,654 2,272 348 08/01/2012 40 Titan Machinery North Platte, NE — 325 1,269 — — 325 1,269 1,594 159 01/29/2016 40 Titan Machinery Sioux City, IA 1,061 315 2,472 — — 315 2,472 2,787 448 10/25/2013 40 Total $ 11,005 $ 4,463 $ 16,035 $ 1,058 $ (94) $ 5,521 $ 15,941 $ 21,462 $ 3,169 Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Land to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Taco Bell Denver, CO $ 409 $ 669 $ — $ — $ — $ 669 $ — $ 669 $ — 06/14/2011 West 80 Rochester, MN — 1,364 — — — 1,364 — 1,364 — 08/29/2016 Total $ 409 $ 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 or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Bio-Life Bismarck, ND $ 1,104 $ 306 $ 2,255 $ 11 $ 123 $ 317 $ 2,378 $ 2,695 $ 852 01/03/2008 9 - 40 Bio-Life Grand Forks, ND 1,103 457 2,230 1 158 458 2,388 2,846 879 01/03/2008 10 - 40 Bio-Life Janesville, WI 1,104 250 1,857 — 123 250 1,980 2,230 717 01/03/2008 9 - 40 Bio-Life Mankato, MN 1,103 390 2,111 280 1,154 670 3,265 3,935 1,083 01/03/2008 11 - 40 Bio-Life Marquette, MI — 213 2,793 — 123 213 2,916 3,129 1,019 01/03/2008 9 - 40 Bio-Life Onalaska, WI 1,104 208 1,853 — 323 208 2,176 2,384 754 01/03/2008 11 - 40 Bio-Life Oshkosh, WI 1,103 293 1,705 — 146 293 1,851 2,144 696 01/03/2008 10 - 40 Bio-Life Sheboygan, WI 1,104 623 1,611 — 248 623 1,859 2,482 660 01/03/2008 10 - 40 Bio-Life Stevens Point, WI 1,103 119 2,184 — 123 119 2,307 2,426 822 01/03/2008 9 - 40 Total $ 8,828 $ 2,859 $ 18,599 $ 292 $ 2,521 $ 3,151 $ 21,120 $ 24,271 $ 7,482 Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Residential to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Amberwood Grand Forks, ND $ 2,570 $ 426 $ 3,304 $ 3 $ 113 $ 429 $ 3,417 $ 3,846 $ 374 09/13/2016 20 - 40 Arbor I/400 Bismarck, ND 380 73 516 4 65 77 581 658 109 06/04/2013 40 Arbor II/404 Bismarck, ND 388 73 538 6 43 79 581 660 99 11/01/2013 40 Arbor III/406 Bismarck, ND 386 71 536 7 43 78 579 657 99 11/01/2013 40 Ashbury Fargo, ND 2,423 314 3,774 26 25 340 3,799 4,139 387 12/19/2016 40 Auburn II Fargo, ND 892 105 883 12 87 117 970 1,087 323 03/23/2007 20 - 40 Autumn Ridge Grand Forks, ND 5,423 1,072 8,875 44 30 1,116 8,905 10,021 3,241 08/16/2004 9 - 40 Barrett Arms Crookston, MN 788 37 1,001 — 154 37 1,155 1,192 182 01/02/2014 20 - 40 Bayview Fargo, ND 2,669 284 3,447 59 266 343 3,713 4,056 1,146 12/31/2007 20 - 40 Belmont East and West Bismarck, ND 808 167 1,424 — — 167 1,424 1,591 30 03/1/2020 40 Berkshire Fargo, ND 440 31 406 4 6 35 412 447 132 03/31/2008 20 - 40 Betty Ann Fargo, ND 467 74 738 6 140 80 878 958 223 08/31/2009 40 Birchwood 1 Fargo, ND 242 72 342 4 42 76 384 460 27 12/01/2017 40 Birchwood 2 Fargo, ND 1,426 234 2,266 52 217 286 2,483 2,769 184 12/01/2017 40 Bradbury Apartments Bismarck, ND 1,948 1,049 4,922 — 46 1,049 4,968 6,017 279 10/24/18 40 Bridgeport Fargo, ND 5,041 613 7,676 3 46 616 7,722 8,338 787 12/19/2016 40 Bristol Park Grand Forks, ND 2,964 985 3,976 — 684 985 4,660 5,645 560 02/01/2016 40 Brookfield Fargo, ND 151 228 1,958 30 258 258 2,216 2,474 646 08/01/2008 20 - 40 Cambridge (FKA 44th Street) Fargo, ND 1,712 333 1,845 4 157 337 2,002 2,339 375 02/06/2013 40 Candlelight Fargo, ND 1,776 613 1,221 (336) 416 277 1,637 1,914 328 11/30/2012 40 Carling Manor Grand Forks, ND 535 69 656 1 61 70 717 787 214 03/31/2008 40 Carlton Place Fargo, ND 6,369 703 7,070 96 467 799 7,537 8,336 2,191 09/01/2008 20 - 40 Carr Fargo, ND 529 66 759 4 41 70 800 870 76 01/17/2017 40 Cedars 4 Fargo, ND — 134 1,068 — 10 134 1,078 1,212 55 12/31/18 40 Chandler 1802 Grand Forks, ND 667 133 1,114 — 31 133 1,145 1,278 197 01/02/2014 40 Chandler 1834 Grand Forks, ND 431 112 552 — — 112 552 664 32 9/1/18 40 Chandler 1866 Grand Forks, ND 346 31 270 — 28 31 298 329 115 01/03/2005 20 - 40 Cherry Creek (FKA Village) Grand Forks, ND — 173 1,435 1 156 174 1,591 1,765 451 11/01/2008 40 Cityside Apartments Fargo, ND 732 192 1,129 1 — 193 1,129 1,322 61 11/30/18 40 Columbia Park Village I Grand Forks, ND 321 102 546 — — 102 546 648 14 01/31/2020 40 Columbia West Grand Forks, ND 2,673 294 3,367 1 538 295 3,905 4,200 1,098 09/01/2008 20 - 40 Country Club Fargo, ND 1,066 252 1,252 2 223 254 1,475 1,729 333 05/02/2011 20 - 40 Countryside Fargo, ND 653 135 677 — 68 135 745 880 166 05/02/2011 40 Courtyard St. Louis Park, MN 3,273 2,270 5,681 — 779 2,270 6,460 8,730 1,133 09/03/2013 5 - 40 Dakota Manor Fargo, ND 1,548 249 2,236 20 124 269 2,360 2,629 367 08/07/2014 40 Danbury Fargo, ND 4,848 381 5,922 211 643 592 6,565 7,157 1,989 12/31/2007 20 - 40 Dellwood Estates Anoka, MN 6,686 844 9,924 — 452 844 10,376 11,220 1,939 05/31/2013 20 - 40 Eagle Run West Fargo, ND 3,898 576 5,787 128 119 704 5,906 6,610 1,521 08/12/2010 40 Eagle Sky I Bismarck, ND 859 115 1,292 — 104 115 1,396 1,511 174 03/01/2016 40 Eagle Sky II Bismarck, ND 859 135 1,279 — 173 135 1,452 1,587 169 03/01/2016 40 East Bridge Fargo, ND 3,341 792 5,477 1 174 793 5,651 6,444 493 07/03/2017 40 Eastbrook Bismarck, ND 696 145 1,233 — — 145 1,233 1,378 26 01/31/2020 40 Echo Manor Hutchinson, MN 992 141 875 — 103 141 978 1,119 162 01/02/2014 20 - 40 Emerald Court Fargo, ND — 66 830 11 162 77 992 1,069 288 03/31/2008 20 - 40 Essex Fargo, ND 568 212 642 — 68 212 710 922 62 06/01/2017 40 Evergreen Terrace Omaha, NE 5,451 820 7,573 — — 820 7,573 8,393 16 12/17/20 40 Fairview Bismarck, ND 2,692 267 3,978 39 887 306 4,865 5,171 1,280 12/31/2008 20 - 40 Flickertail Fargo, ND 5,089 426 5,590 76 1,316 502 6,906 7,408 1,724 12/31/2008 40 Forest Avenue Fargo, ND 351 61 637 8 64 69 701 770 130 02/06/2013 40 Foxtail Creek Townhomes Fargo, ND — 267 1,221 — — 267 1,221 1,488 10 09/15/2020 40 Galleria III Fargo, ND 717 118 681 1 292 119 973 1,092 188 11/09/2010 40 Garden Grove Bismarck, ND 4,289 606 6,073 — 116 606 6,189 6,795 733 05/04/2016 5 - 40 Georgetown on the River Fridley, MN 17,418 4,620 25,012 8 3,880 4,628 28,892 33,520 4,187 12/19/2014 5 - 40 Glen Pond Eagan, MN 14,221 3,761 20,569 38 797 3,799 21,366 25,165 4,759 12/02/2011 20 - 40 Glen Pond Addition Eagan, MN — 876 15,408 — — 876 15,408 16,284 128 09/30/2020 40 Granger Court I Fargo, ND 2,078 279 2,619 25 82 304 2,701 3,005 500 06/04/2013 20 - 40 Griffin Court Moorhead, MN 2,918 652 3,858 35 385 687 4,243 4,930 712 06/09/2014 5 - 40 Hannifin Bismarck, ND 437 81 607 5 52 86 659 745 114 11/01/2013 40 Harrison and Richfield Grand Forks, ND 5,312 756 6,346 4 316 760 6,662 7,422 2,240 07/01/2007 5 - 40 Hartford Apartments Fargo, ND 881 154 1,233 — 14 154 1,247 1,401 69 10/1/18 40 Hawn Fargo, ND 1,579 280 2,277 — — 280 2,277 2,557 47 03/01/2020 40 Highland Meadows Bismarck, ND 5,629 1,532 8,513 — 313 1,532 8,826 10,358 814 05/01/2017 5 - 40 Hunters Run I Fargo, ND 503 50 419 2 (2) 52 417 469 142 03/23/2007 40 Hunters Run II Fargo, ND 483 44 441 2 — 46 441 487 138 07/01/2008 40 Huntington Fargo, ND 345 86 309 — 15 86 324 410 44 08/04/2015 40 Islander Fargo, ND 793 98 884 49 115 147 999 1,146 220 07/01/2011 40 Jadestone Fargo, ND 539 212 554 — 124 212 678 890 55 06/01/2017 20 - 40 Kennedy Fargo, ND 383 84 588 7 91 91 679 770 125 02/06/2013 20 - 40 Library Lane Grand Forks, ND 2,132 301 2,401 15 121 316 2,522 2,838 832 10/01/2007 20 - 40 Madison Grand Forks, ND 296 95 497 — 52 95 549 644 72 09/01/2015 40 Maple Ridge Omaha, NE 3,822 766 5,608 59 3,619 825 9,227 10,052 2,078 08/01/2008 20 - 40 Maplewood Maplewood, MN 9,020 3,120 11,955 — 1,379 3,120 13,334 16,454 1,901 12/19/2014 5 - 40 Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale Fargo, ND 4,584 783 5,839 1 414 784 6,253 7,037 1,577 01/01/2009 20 - 40 Martha Alice Fargo, ND 467 74 738 6 83 80 821 901 234 08/31/2009 20 - 40 Mayfair Grand Forks, ND — 80 1,043 3 123 83 1,166 1,249 335 07/01/2008 20 - 40 Monticello Fargo, ND 611 60 752 7 32 67 784 851 141 11/08/2013 20 - 40 Montreal Courts Little Canada, MN 17,635 5,809 19,565 15 1,389 5,824 20,954 26,778 3,788 10/02/2013 5 - 40 Morningside Apartments Fargo, ND 496 85 673 — — 85 673 758 36 11/30/18 40 Oak Court Fargo, ND 2,651 270 2,210 14 412 284 2,622 2,906 765 04/30/2008 28 - 40 Oakview Townhomes Grand Forks, ND 3,704 822 4,698 — 399 822 5,097 5,919 504 01/11/2017 40 Pacific Park I Fargo, ND 570 95 777 3 65 98 842 940 162 02/06/2013 40 Pacific Park II Fargo, ND 488 111 865 4 47 115 912 1,027 179 02/06/2013 40 Pacific South Fargo, ND 301 58 459 2 — 60 459 519 91 02/06/2013 40 Park Circle Fargo, ND 591 196 716 7 17 203 733 936 65 06/01/2017 40 Parkview Arms Bismarck, ND — 373 3,845 — 135 373 3,980 4,353 579 05/13/2015 5 - 40 Parkwest Gardens West Fargo, ND 3,374 713 5,712 39 1,174 752 6,886 7,638 1,034 06/30/2014 20 - 40 Parkwood Fargo, ND — 126 1,143 7 16 133 1,159 1,292 348 08/01/2008 40 Pebble Creek Bismarck, ND 3,876 260 3,704 — (186) 260 3,518 3,778 1,101 03/19/2008 20 - 40 Plumtree Fargo, ND 546 100 782 — 29 100 811 911 74 05/01/2017 40 Prairiewood Courts Fargo, ND — 308 1,730 28 132 336 1,862 2,198 629 09/01/2006 20 - 40 Prairiewood Meadows Fargo, ND 1,995 736 1,077 11 16 747 1,093 1,840 226 09/30/2012 40 Quail Creek Springfield, MO 5,979 1,529 8,046 — 102 1,529 8,148 9,677 1,220 02/03/2015 5 - 40 Robinwood Coon Rapids, MN 4,353 1,380 6,133 — 669 1,380 6,802 8,182 982 12/19/2014 20 - 40 Rosedale Estates Roseville, MN 14,700 4,680 20,591 — 650 4,680 21,241 25,921 3,218 12/19/2014 5 - 40 Rosegate Fargo, ND 3,060 251 2,978 49 84 300 3,062 3,362 982 04/30/2008 20 - 40 Rosser Bismarck, ND 749 156 1,216 — — 156 1,216 1,372 25 03/01/2020 40 Roughrider Grand Forks, ND 403 100 448 — 117 100 565 665 64 08/01/2016 5 - 40 Saddlebrook West Fargo, ND 1,404 148 1,262 203 105 351 1,367 1,718 393 12/31/2008 40 Sage Park New Brighton, MN 9,812 2,520 13,985 — 949 2,520 14,934 17,454 2,258 12/19/2014 5 - 40 Sargent Fargo, ND 1,005 164 1,529 4 17 168 1,546 1,714 155 01/10/2017 40 Schrock Fargo, ND 457 71 626 3 6 74 632 706 120 06/04/2013 40 Sheridan Pointe Fargo, ND 2,096 292 2,387 21 35 313 2,422 2,735 426 10/01/2013 40 Sierra Ridge Bismarck, ND 6,977 754 8,795 151 136 905 8,931 9,836 2,518 09/01/2006 40 Somerset Fargo, ND 2,844 300 3,400 43 57 343 3,457 3,800 1,060 07/01/2008 40 Southgate Fargo, ND 4,957 803 5,267 20 (45) 823 5,222 6,045 1,749 07/01/2007 20 - 40 Southview III Grand Forks, ND — 99 522 — 79 99 601 700 139 08/01/2011 40 Southview Villages Fargo, ND 2,526 268 2,483 16 197 284 2,680 2,964 865 10/01/2007 20 - 40 Spring Fargo, ND 465 76 822 66 15 142 837 979 167 02/06/2013 20 - 40 Stanford Court Grand Forks, ND — 291 3,866 — 359 291 4,225 4,516 783 02/06/2013 20 - 40 Stonefield-Clubhouse Bismarck, ND — 34 1,147 — 50 34 1,197 1,231 133 07/31/2016 40 Stonefield-Phase I Bismarck, ND 8,041 2,804 13,068 227 246 3,031 13,314 16,345 2,002 08/01/2014 20 - 40 Stonefield-Phase II Bismarck, ND 4,953 1,167 2,531 486 5,129 1,653 7,660 9,313 740 10/23/2014 40 Stonefield-Phase III Bismarck, ND — 1,079 — 238 — 1,317 — 1,317 — 10/23/2014 n/a Stonybrook Omaha, NE 6,612 1,439 8,003 — 1,565 1,439 9,568 11,007 2,595 01/20/2009 20 - 40 Summerfield Fargo, ND 504 129 599 1 50 130 649 779 87 08/04/2015 40 Summit Point Fargo, ND 3,513 681 5,434 22 145 703 5,579 6,282 726 10/01/2015 20 - 40 Sunchase Fargo, ND 1,071 181 1,563 14 86 195 1,649 1,844 150 05/01/2017 40 Sunset Ridge Bismarck, ND 7,852 1,759 11,012 36 48 1,795 11,060 12,855 3,205 06/06/2008 9 - 40 Sunview Grand Forks, ND — 144 1,578 1 183 145 1,761 1,906 495 12/31/2008 20 - 40 Sunwood Fargo, ND 2,630 358 3,252 38 422 396 3,674 4,070 1,116 07/01/2007 20 - 40 Terrace on the Green Moorhead, MN — 697 2,588 11 265 708 2,853 3,561 560 09/30/2012 40 Thunder Creek Fargo, ND 2,794 633 4,063 1 228 634 4,291 4,925 300 03/1/2018 25 - 40 Twin Oaks Hutchinson, MN 3,074 816 3,245 — 122 816 3,367 4,183 522 10/01/2014 40 Twin Parks Fargo, ND 2,022 119 2,072 43 219 162 2,291 2,453 642 10/01/2008 20 - 40 Valley Homes Duplexes Grand Forks, ND 1,086 356 1,668 — 310 356 1,978 2,334 280 01/22/2015 40 Valley View Golden Valley, MN 4,334 1,190 6,118 — 227 1,190 6,345 7,535 956 12/19/2014 5 - 40 Village Park Fargo, ND 678 219 1,932 51 80 270 2,012 2,282 621 04/30/2008 20 - 40 Village West Fargo, ND 2,314 357 2,274 61 121 418 2,395 2,813 715 04/30/2008 40 Washington Grand Forks, ND 390 74 592 — 76 74 668 742 75 05/04/2016 40 Westcourt Fargo, ND 2,433 287 2,914 28 143 315 3,057 3,372 548 01/02/2014 5 - 40 West Oak Fargo, ND 541 85 692 — 37 85 729 814 77 01/17/2017 40 Westside Hawley, MN 496 59 360 — 63 59 423 482 105 02/01/2010 40 Westwind Fargo, ND 617 49 455 1 95 50 550 600 176 04/30/2008 20 - 40 Westwood Fargo, ND 3,566 597 6,341 91 589 688 6,930 7,618 2,023 06/05/2008 20 - 40 Willow Park Fargo, ND 3,531 288 5,286 39 707 327 5,993 6,320 1,639 12/31/2008 40 Wolf Creek Fargo, ND 3,150 1,082 4,210 — — 1,082 4,210 5,292 105 01/12/2020 40 Woodland Pines Omaha, NE 6,288 842 10,596 — 592 842 11,188 12,030 595 11/30/18 40 Total $ 338,328 $ 78,054 $ 490,849 $ 2,890 $ 41,017 $ 80,944 $ 531,866 $ 612,810 $ 96,295 Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Office to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed 32nd Avenue Fargo, ND $ — $ 601 $ 3,300 $ 121 $ 172 $ 722 $ 3,472 $ 4,194 $ 1,413 03/16/2004 3 - 40 Bell Plaza Bloomington, MN 32,182 6,912 35,798 — 1,799 6,912 37,597 44,509 9,485 08/13/2015 3 - 40 Trustmark Fargo, ND — 2,089 4,718 — — 2,089 4,718 6,807 49 08/28/2020 40 First International Bank & Trust Moorhead, MN — 210 712 3 88 213 800 1,013 241 05/13/2011 10 - 40 Four Points Fargo, ND — 70 1,238 — 81 70 1,319 1,389 427 10/18/2007 5 - 40 Gate City Grand Forks, ND — 382 893 1 452 383 1,345 1,728 316 03/31/2008 40 Goldmark Office Park Fargo, ND 12,800 1,160 12,446 65 3,931 1,225 16,377 17,602 4,566 07/01/2007 1 - 40 Great American Bldg Fargo, ND 1,151 511 1,290 22 359 533 1,649 2,182 600 02/01/2005 28 - 40 Midtown Plaza Minot, ND 1,087 30 1,213 — 97 30 1,310 1,340 489 01/01/2004 5 - 40 Parkway office building (FKA Echelon) Fargo, ND 791 278 1,491 42 66 320 1,557 1,877 526 05/15/2007 9 - 40 Redpath White Bear Lake, MN 2,461 1,195 1,787 — — 1,195 1,787 2,982 220 02/01/2016 40 Regis Edina, MN — 2,991 7,633 — — 2,991 7,633 10,624 2,294 01/01/2009 40 Wells Fargo Center Duluth, MN — 600 7,270 (115) 2,729 485 9,999 10,484 3,029 07/11/2007 4 - 40 Total $ 50,472 $ 17,029 $ 79,789 $ 139 $ 9,774 $ 17,168 $ 89,563 $ 106,731 $ 23,655 Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Retail to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Applebees Bloomington, MN — 1,000 474 11 — 1,011 474 1,485 128 03/22/2010 40 Applebees Coon Rapids, MN — 750 875 8 — 758 875 1,633 237 03/09/2010 40 Applebees Savage, MN — 690 424 — — 690 424 1,114 115 01/01/2010 40 Becker Furniture Waite Park, MN — 150 2,065 — (637) 150 1,428 1,578 749 07/12/2006 40 Dairy Queen Apple Valley, MN — 1,128 1,345 — — 1,128 1,345 2,473 90 9/17/18 40 Dairy Queen Dickinson, ND — 329 658 — — 329 658 987 148 01/19/2012 40 Dairy Queen Moorhead, MN — 243 787 1 — 244 787 1,031 190 05/13/2011 20 Family Dollar Mandan, ND — 167 649 — — 167 649 816 164 12/14/2010 40 OReilly Mandan, ND — 115 449 — — 115 449 564 113 12/14/2010 40 Walgreens Alexandria, LA 964 1,090 2,973 — — 1,090 2,973 4,063 820 12/18/2009 28 - 40 Walgreens Batesville, AR 5,134 473 6,405 — — 473 6,405 6,878 1,842 07/09/2009 40 Walgreens Denver, CO 3,142 2,349 2,358 — — 2,349 2,358 4,707 565 06/14/2011 40 Walgreens Fayetteville, AR 3,888 636 4,732 — — 636 4,732 5,368 1,360 07/09/2009 40 Walgreens Laurel, MS 937 1,280 2,984 — — 1,280 2,984 4,264 783 07/30/2010 40 Total $ 14,065 $ 10,400 $ 27,178 $ 20 $ (637) $ 10,420 $ 26,541 $ 36,961 $ 7,304 Grand Totals $ 423,107 $ 114,838 $ 632,450 $ 4,399 $ 52,581 $ 119,237 $ 685,031 $ 804,268 $ 137,905 Investments in Unconsolidated Affiliates: Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Banner Fargo, ND $ 6,232 $ 750 $ 8,016 $ 203 $ 333 $ 953 $ 8,349 $ 9,302 $ 2,764 03/15/2007 40 GF Marketplace Grand Forks, ND 10,036 4,259 15,801 208 1,194 4,467 16,995 21,462 6,927 07/01/2003 25 - 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, 2020, 2019 and 2018 are as follows (in thousands): 2020 2019 2018 Balance at January 1, $ 802,028 $ 790,696 $ 759,703 Purchase of real estate investments 57,799 5,981 41,230 Sale and disposal of real estate investment (15,467) (4,422) (10,222) Property held for sale (1,578) — — Provision for asset impairment — — — Construction in progress not yet placed in service 2,506 9,773 (15) Reallocation to intangible assets — — — Balance at December 31, $ 845,288 $ 802,028 $ 790,696 (c) The changes in accumulated depreciation for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): 2020 2019 2018 Balance at January 1, $ 146,316 $ 128,112 $ 111,026 Depreciation expense 19,770 19,644 19,165 Property held for sale (749) — — Sale and disposal of real estate investment (4,762) (1,440) (2,079) Balance at December 31, $ 160,575 $ 146,316 $ 128,112 (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, 2020 | |
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 , Properties, LLLP, and wholly-owned limited liability companies and partially-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, 179 properties. The Trust’s 133 residential properties are located in North Dakota, Minnesota, Missouri and Nebraska and are principally multifamily apartment buildings. The Trust owns 46 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, and medical properties. The Trust’s mix of properties is 74.4% residential and 25.6% commercial (based on cost) with a total carrying value of $684,713 at December 31, 2020. The Trust has one property held for sale located in Waite Park, Minnesota at December 31, 2020. The carrying value of assets held for sale at December 31, 2020 is $829 . Currently our focus is limited to multifamily apartment properties. We currently have no plans with respect to our commercial properties. We will consider unsolicited offers for purchase of commercial properties on a case by case basis. Residential Property Location No. of Properties Units North Dakota 112 6,378 Minnesota 16 3,147 Missouri 1 164 Nebraska 4 639 133 10,328 Commercial Property Location No. of Properties Sq. Ft North Dakota 20 772,000 Arkansas 2 28,000 Colorado 1 17,000 Iowa 1 33,000 Louisiana 1 15,000 Michigan 1 12,000 Minnesota 13 668,000 Mississippi 1 15,000 Nebraska 1 19,000 Wisconsin 5 63,000 46 1,642,000 |
Concentration of Credit Risk | Concentration of Credit Risk Our cash balances are maintained in various bank deposit accounts. The bank deposit amounts in these accounts may exceed federally insured limits at various times throughout the year. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Real Estate Investments | Real Estate Investments Real estate investments are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. The Trust allocates the purchase price of each acquired investment property accounted for as an asset acquisition 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 intangibles, (iv) acquired above and below market lease intangibles, and (v) assumed financing that is determined to be above or below market, if any. Transaction costs related to acquisitions are accounted for as asset acquisitions and capitalized as a cost of the property under the guidance of ASU 2017-01. For tangible assets acquired, including land, building and other improvements, the Trust 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 Trust allocates a portion of the purchase price to the estimated acquired in-place lease 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, and lease origination costs for similar leases as well as lost rental payments during an assumed lease-up period. The Trust also evaluates each acquired lease as compared to current market rates. If an acquired lease is determined to be above or below market, the Trust 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 Trust 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 acquire in-place lease value intangibles is amortized on a straight-line basis over the life of the related lease as amortization expense. The Trust incurred amortization expense pertaining to acquired in-place lease value intangibles of $1,234, $1,629 and $2,021 for the years ended December 31, 2020, 2019 and 2018, respectively. The portion of the purchase price allocated to acquire 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 $186, $214 and $222 for the years ended December 31, 2020, 2019 and 2018, respectively, was recorded as a reduction to income from rental operations. Amortization pertaining to below market lease intangibles of $212, $261 and $280 for the years ended December 31, 2020, 2019 and 2018, respectively, was recorded as an increase to income from rental operations. Furniture and fixtures are stated at cost less accumulated depreciation. All costs associated with the development and construction of real estate investments, including acquisition fees and interest, are capitalized as a cost of the property. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for routine maintenance and repairs, which do not add to the value or extend useful lives, are charged to expense as incurred. Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method over the following estimated useful lives: Buildings and improvements 40 years Furniture, fixtures and equipment 5 - 9 years Depreciation expense for the years ended December 31, 2020, 2019 and 2018 totaled $19,770, $19,644 and $19,165 respectively. The Trust’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 Trust 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 financially 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 Trust’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 Trust 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 Trust 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, 2020, 2019 and 2018. |
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. The Trust had one property held for sale as of December 31, 2020. There were no properties held for sale as of December 31, 2019. See Note 17. |
Construction in Progress | Construction in Progress The Trust 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, 2020 consists primarily of construction associated with the Goldmark Office Park building located in Fargo, North Dakota, common area updates at Bell Plaza located in Minneapolis, Minnesota, the Montreal Courts Apartments located in Little Canada, Minnesota and the Bayview Apartments located in Fargo, North Dakota. The Goldmark Office Park consists of three commercial office buildings. Current expectations for the projects, which include building renovations and common area upgrades, are to be completed in phases with estimated completion in the first quarter of 2021. The current project budget is approximately $4,882 of which $4,812 has been incurred and is included in construction in progress. The Bell Plaza Atrium remodel includes upgrades to the building’s lobby, common area conference rooms, restrooms, and updated HVAC and thermostats throughout the building. Current expectations are that the project will be completed in the first quarter of 2021 and the current project budget approximates $1,500 of which $1,312 has been incurred and included in construction in progress. The Montreal Courts development consists of a new clubhouse. Current expectations are that the project will be completed in the first quarter of 2021 and the current project budget approximates $1,963 of which $1,900 has been incurred and is included in construction in progress. The Bayview Apartments development consists of new windows and siding. Current expectations are that the project will be completed in the first quarter of 2021 and the current project budget approximates $1,501 of which $1,432 has been incurred and is included in construction in progress. |
Cash and Cash Equivalents and Restricted Deposits | Cash and Cash Equivalents and Restricted Deposits We classify highly liquid investments with a maturity of three months or less when purchased as cash equivalents. |
Investment in Unconsolidated Affiliates | Investment in Unconsolidated Affiliates We account for unconsolidated affiliates using the equity method of accounting per guidance established under ASC 323, Investments – Equity Method and Joint Ventures (“ASC 323”). The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for our share of equity in the affiliates’ earnings, contributions 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, 2020, 2019 and 2018. 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, and entities where the Trust has joint control and other attributes. 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 arrangement is a variable interest entity, we consider: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including the necessity of subordinated debt; estimates of future cash flows; our and our partner’s ability to participate in the decision making related to acquisitions, dispositions, budgeting and financing on the entity; and obligation to absorb losses and preferential returns. As of December 31, 2020 and 2019, the unconsolidated affiliates held total assets of $66,112 and $31,261 and mortgage notes payable of $41,559 and $16,690, respectively. 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, 2020 and 2019 of $10,036 and $10,264, 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, 2020 and 2019 of $6,232 and $6,426 respectively. The Company is jointly and severally liable for the full mortgage balance. The operating partnership owns a 60% interest in a limited liability company that is currently developing a 190-unit multifamily property. As of December 31, 2020, the operating partnership has contributed $3,401 in cash to SE Savage. SE Savage holds land located in Savage, Minnesota, with total assets of $27,014 and $5,464 as of December 31, 2020 and 2019, respectively. Current expectations are that the project will be completed in the fourth quarter of 2021 and the current project budget approximates $37,800 of which $23,200 has been incurred as of December 31, 2020. The Company is jointly and severally liable for the full mortgage balance of $19,436 as of December 31, 2020. The operating partnership owns a 60% interest in a limited liability company that intends to develop a 160-unit multifamily property. As of December 31, 2020, the operating partnership has contributed $2,975 in cash to SE Maple Grove. SE Maple Grove holds land located in Maple Grove, Minnesota, with total assets of $13,106 and $3,455 as of December 31, 2020 and 2019, respectively. Current expectations are that the project will be completed in the second quarter of 2022 and the current project budget approximates $33,000 of which $9,600 has been incurred as of December 31, 2020. The Company is jointly and severally liable for the full mortgage balance of $5,710 as of December 31, 2020. The operating partnership owns a 60% interest in a limited liability company that intends to develop a 165-unit multifamily property. As of December 31, 2020, the operating partnership has contributed $999 in cash to SE Rogers. SE Rogers holds land located in Rogers, Minnesota, with total assets of $4,161 as of December 31, 2020. Current expectations are that the project will be completed in the second quarter of 2022 and the current project budget approximates $34,300 of which $3,300 has been incurred as of December 31, 2020. The Company is jointly and severally liable for the full mortgage balance, which had no balance as of December 31, 2020. |
Receivables | Receivables Receivables consist primarily of amounts due for rent and tenant charges. Accounts receivable are carried at original amounts billed. The operating partnership reviews collectability of charges under its tenant operating leases on a quarterly basis. In the event that collectability is deemed not probable for any tenant charges, beginning with the adoption of ASC 842 as of January 1, 2019, the operating partnership recognizes an adjustment to rental income. Prior to adoption of ASC 842, the Company recognized a provision for uncollectible amounts or a direct write-off of the specific rent receivable. Receivables are included in Other assets in the accompanying consolidated balance sheets. Notes receivable are issued periodically and are secured and interest bearing. Accounts receivable are included in Other assets in the accompaning consolidated balances 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. Financing and lease costs are included in other assets in the accompanying consolidated balance sheets. |
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 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 and Liabilities | Lease Intangibles 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 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, 2020, 2019 and 2018. |
Noncontrolling Interest | Noncontrolling Interest A noncontrolling interest in a subsidiary (minority interest) is in most cases an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest, and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and comprehensive income. Operating Partnership: Interests in the operating partnership held by limited partners are represented by operating partnership units. The operating partnership’s income is allocated to holders of units based upon the ratio of their holdings to the total units outstanding during the period. Capital contributions, distributions, syndication costs, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the operating partnership agreement. Partially Owned Properties: The Trust reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Trust that are not wholly owned by the Trust. 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 like 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, 2020, 2019 and 2018 follows: Tax Year Ended December 31, Dividend % Dividend % Dividend % 2020 2020 2019 2019 2018 2018 Tax status Ordinary income $ 0.8994 84.95 % $ 0.8791 84.12 % $ 0.7258 71.33 % Capital gain — — % 0.0048 0.46 % — — % Return of capital 0.1593 15.05 % 0.1611 15.42 % 0.2917 28.67 % $ 1.0587 100.00 % $ 1.0450 100.00 % $ 1.0175 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 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, 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 The Trust is the lessor for its residential and commercial leases. Leases are analyzed on an individual basis to determine lease classification. As of December 31, 2020, all leases analyzed under the Trust’s lease classification process were determined to be operating leases. As of December 31, 2020, we derived 79.1% of our revenues from residential leases that are generally for terms of one-year or less. The residential leases may include lease income related to such items as parking, storage and non-refundable deposits that we treat as a single lease component because amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore we subsequently recognize lease income over the lease term on a straight-line basis. Residential leases are renewable upon consent of both parties on an annual or monthly basis. As of December 31, 2020, we derived 20.9% of our revenues from commercial leases primarily under long-term lease agreements. Substantially all commercial leases contain fixed escalations, or, in some instances, changes based on the Consumer Price Index, which occur at specified times during the term of the lease. In certain commercial leases, variable lease income, such as percentage rent, is recognized when rents are earned. We recognize rental income and rental abatements from our commercial leases on a straight-line basis over the lease term. Recognition of rental income commences when control of the leased space has been transferred to the tenant. We recognize variable income from pass-through expenses on an accrual basis over the periods in which the expenses were incurred. Pass-through expenses are comprised of real estate taxes, operating expenses and common area maintenance costs which are reimbursed by tenants in accordance with specific allowable costs per tenant lease agreements. When we pay pass-through expenses, subject to reimbursement by the tenant, they are included within operating expenses, excluding real estate taxes, and reimbursements are included within “real estate rental income” along with the associated base rent in the accompanying consolidated financial statements. 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 decreased revenue by $93 and $44 for the years ended December 31, 2020 and 2019 and increased revenue by $99 for the year ended December 31, 2018. The straight-line receivable balance included in other assets on the consolidated balance sheets as of the years ended December 31, 2020 and 2019 was $3,012 and $3,331 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 are immaterial, are recognized in the subsequent year. Upon adoption of ASU 2016-02 on January 1, 2019, we elected not to bifurcate lease contracts into lease and non-lease components, since the timing and pattern of revenue is not materially different, and the non-lease component is not the primary component of the lease. Accordingly, both lease and non-lease components are presented in real estate rental income beginning January 1, 2019 in our consolidated financial statements. The adoption of ASU 2016-02 did not result in a material change to our recognition of real estate rental income. Lease income related to the Trust’s operating leases is comprised of the following: Year ended December 31, 2020 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 95,162 $ 20,609 $ 115,771 Lease income related to variable lease payments — 5,412 5,412 Other (a) (721) (125) (846) Lease Income (b) $ 94,441 $ 25,896 $ 120,337 (a) For the year ended December 31, 2020, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements. (b) Excludes other rental income for the year ended December 31, 2020 of $4,279 , which is accounted for under the revenue recognition standard. Year ended December 31, 2019 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 91,930 $ 19,578 $ 111,508 Lease income related to variable lease payments — 6,077 6,077 Other (c) (934) (176) (1,110) Lease Income (d) $ 90,996 $ 25,479 $ 116,475 (c) For the year ended December 31, 2019, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements. (d) Excludes other rental income for the year ended December 31, 2019 of $3,864 , which is accounted for under the revenue recognition standard. As of December 31, 2020, non-cancelable commercial operating leases provide for future minimum rental income as follows (in thousands). Apartment leases are not included as the terms are generally for one year or less. Years ending December 31, Amount (in thousands) 2021 $ 16,068 2022 13,991 2023 12,688 2024 11,950 2025 11,527 Thereafter 50,660 $ 116,884 |
Business Interruption Proceeds | Business Interruption Proceeds In the Trust’s normal course of business, we periodically receive insurance recoveries for business interruption. The Trust received insurance recoveries for business interruption of $903 and $879 during the years ended December 31, 2020 and 2019, respectively. When insurance proceeds are received, they are reflected in the statement of operations as real estate rental income, in the period they are received. |
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, 2020, 2019 and 2018 and therefore, basic earnings per common share was equal to diluted earnings per common share for both periods. For the years ended December 31, 2020, 2019 and 2018, Sterling’s denominators for the basic and diluted earnings per common share were approximately 9,694,000, 9,268,000, and 8,791,000, respectively. |
Insurance Policies and Claims Liabilities | Insurance Policies and Claims Liabilities The Trust maintains business insurance programs with deductible limits, which cover property, business automobile and general liability claims. Dependent on the program maintained, the Trust may accrue estimated losses using a reserve for known claims and estimates based on historical loss experience. The calculations used to estimate potential property claim reserves are based on numerous assumptions, some of which are subjective. The Trust will adjust its property claim reserves, if necessary, in the event future loss experience differs from historical loss patterns. As of December 31, 2020, claims liability relating to total known claims was |
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 March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848). benchmark interest rate will be phased out by the end of 2021. As a result, existing and future contracts indexed to LIBOR will need to be renegotiated to reference another rate. We adopted the standard effective as of January 1, 2020, using the optional transition method to apply the standard as of the effective date. The Trust elected to apply the optional expedients for all of the Trust’s hedging relationships. The Trust will disregard the potential change in the designated hedged risk that may occur due to reference rate reform when the Trust assesses whether the hedged forecasted transaction is probable in accordance with the requirements of Topic 815. The Trust will continue current hedge accounting for our existing cash flow hedges when the hedged risk changes by assuming the reference rate will not be replaced for the remainder of the hedging relationships for our assessment of hedge effectiveness and all subsequent hedge effectiveness assessments. 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. We adopted this standard effective as of January 1, 2019, 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 non-lease 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 April 2020, the FASB met to discuss lease modifications guidance in Topic 842 as it relates to lease concessions amidst the COVID-19 pandemic. The FASB determined that requiring the analysis of all leases in which concessions are made would be costly and complex for both the lessees and lessors. As such, the FASB has made the decision to allow companies to avoid lease modification accounting when lease concessions do not result in a significant change in cash flow. The Trust has elected to apply the lease modification guidance in Topic 842 for concessions and deferrals made during the COVID-19 pandemic as it relates to the Trust’s residential leases, as the cash flows related to these concessions and deferrals do not cause a significant change in the cash received from the leases. 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, 2020 | |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of Types of Real Estate Properties by Location | Residential Property Location No. of Properties Units North Dakota 112 6,378 Minnesota 16 3,147 Missouri 1 164 Nebraska 4 639 133 10,328 Commercial Property Location No. of Properties Sq. Ft North Dakota 20 772,000 Arkansas 2 28,000 Colorado 1 17,000 Iowa 1 33,000 Louisiana 1 15,000 Michigan 1 12,000 Minnesota 13 668,000 Mississippi 1 15,000 Nebraska 1 19,000 Wisconsin 5 63,000 46 1,642,000 |
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 % 2020 2020 2019 2019 2018 2018 Tax status Ordinary income $ 0.8994 84.95 % $ 0.8791 84.12 % $ 0.7258 71.33 % Capital gain — — % 0.0048 0.46 % — — % Return of capital 0.1593 15.05 % 0.1611 15.42 % 0.2917 28.67 % $ 1.0587 100.00 % $ 1.0450 100.00 % $ 1.0175 100.00 % |
Schedule of Lease Income related to the Trust's Operating Leases | Year ended December 31, 2020 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 95,162 $ 20,609 $ 115,771 Lease income related to variable lease payments — 5,412 5,412 Other (a) (721) (125) (846) Lease Income (b) $ 94,441 $ 25,896 $ 120,337 (a) For the year ended December 31, 2020, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements. (b) Excludes other rental income for the year ended December 31, 2020 of $4,279 , which is accounted for under the revenue recognition standard. Year ended December 31, 2019 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 91,930 $ 19,578 $ 111,508 Lease income related to variable lease payments — 6,077 6,077 Other (c) (934) (176) (1,110) Lease Income (d) $ 90,996 $ 25,479 $ 116,475 (c) For the year ended December 31, 2019, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements. (d) Excludes other rental income for the year ended December 31, 2019 of $3,864 , which is accounted for under the revenue recognition standard. |
Schedule of Future Minimum Rental Income | Years ending December 31, Amount (in thousands) 2021 $ 16,068 2022 13,991 2023 12,688 2024 11,950 2025 11,527 Thereafter 50,660 $ 116,884 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SEGMENT REPORTING | |
Summary of Segment Revenues and Net Operating Income | Year ended December 31, 2020 Year ended December 31, 2019 Year ended December 31, 2018 Residential Commercial Total Residential Commercial Total Residential Commercial Total (in thousands) (in thousands) (in thousands) Income from rental operations $ 98,576 $ 26,040 $ 124,616 $ 94,763 $ 25,576 $ 120,339 $ 89,783 $ 26,268 $ 116,051 Expenses from rental operations 52,686 6,883 59,569 53,754 7,182 60,936 49,048 7,357 56,405 Net operating income $ 45,890 $ 19,157 $ 65,047 $ 41,009 $ 18,394 $ 59,403 $ 40,735 $ 18,911 $ 59,646 Depreciation and amortization 21,214 21,495 21,350 Interest 17,097 18,282 18,329 Administration of REIT 4,217 4,112 4,100 Gain on lease terminations — — (22) Other income (4,461) (545) (6,089) Net income $ 26,980 $ 16,059 $ 21,978 |
Summary of Segment Assets and Accumulated Depreciation | As of December 31, 2020 Residential Commercial Total (in thousands) Real estate investments $ 647,083 $ 198,205 $ 845,288 Accumulated depreciation (118,363) (42,212) (160,575) $ 528,720 $ 155,993 684,713 Cash and cash equivalents 11,716 Restricted deposits and funded reserves 15,919 Investment in unconsolidated affiliates 9,659 Note receivable 2,026 Assets held for sale 831 Intangible assets, less accumulated amortization 7,367 Other assets, net 10,798 Total Assets $ 743,029 As of December 31, 2019 Residential Commercial Total (in thousands) Real estate investments $ 605,813 $ 196,215 $ 802,028 Accumulated depreciation (104,170) (42,146) (146,316) $ 501,643 $ 154,069 655,712 Cash and cash equivalents 9,002 Restricted deposits and funded reserves 8,380 Investment in unconsolidated affiliates 7,915 Note receivable 1,300 Intangible assets, less accumulated amortization 9,133 Other assets, net 8,244 Total Assets $ 699,686 |
RESTRICTED DEPOSITS AND FUNDE_2
RESTRICTED DEPOSITS AND FUNDED RESERVES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
RESTRICTED DEPOSITS AND FUNDED RESERVES | |
Schedule of restricted deposits and funded reserves | At December 31, 2020 2019 (in thousands) Tenant security deposits $ 4,730 $ 4,325 Real estate tax and insurance escrows 2,058 2,058 Replacement reserves 2,137 1,997 Other restricted escrows 6,994 — $ 15,919 $ 8,380 |
LEASE INTANGIBLES (Tables)
LEASE INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
LEASE INTANGIBLES | |
Schedule of Intangible Assets, Liabilities and Accumulated Amortization | Lease Accumulated Lease As of December 31, 2020 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 19,768 $ (13,727) $ 6,041 Above-market leases 2,618 (1,292) 1,326 $ 22,386 $ (15,019) $ 7,367 Lease Intangible Liabilities Below-market leases $ (2,957) $ 1,963 $ (994) Lease Accumulated Lease As of December 31, 2019 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 21,480 $ (14,051) $ 7,429 Above-market leases 3,211 (1,507) 1,704 $ 24,691 $ (15,558) $ 9,133 Lease Intangible Liabilities Below-market leases $ (3,088) $ 1,881 $ (1,207) |
Schedule of Estimated Aggregate Amortization Expense | Intangible Intangible Years ending December 31, Assets Liabilities (in thousands) 2021 $ 1,121 $ 184 2022 987 164 2023 849 151 2024 849 151 2025 849 151 Thereafter 2,712 193 $ 7,367 $ 994 |
MORTGAGE NOTES PAYABLE (Tables)
MORTGAGE NOTES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
MORTGAGE NOTES PAYABLE | |
Schedule of Mortgage Notes Payable | Principal Balance At December 31, December 31, 2020 2019 (in thousands) Fixed rate mortgage notes payable (a) $ 415,665 $ 395,038 Variable rate mortgage notes payable 7,446 - Mortgage notes payable 423,111 395,038 Less unamortized debt issuance costs 1,833 1,874 $ 421,278 $ 393,164 (a) Includes $43,613 and $12,960 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2020 and 2019, respectively. |
Scheduled Maturities of Mortgage Notes Payable | Years ending December 31, Amount (in thousands) 2021 $ 30,040 2022 26,595 2023 49,886 2024 18,873 2025 50,489 Thereafter 247,228 Total payments $ 423,111 |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
DERIVATIVES AND HEDGING ACTIVITIES | |
Schedule of interest rate swaps | The following table summarizes the Trust’s interest rate swaps as of December 31, 2020, which effectively convert one-month floating rate LIBOR to a fixed rate: Fixed Effective Date Notional Interest Rate Maturity Date November 1, 2019 $ 6,977 3.15% November 1, 2029 November 1, 2019 $ 4,848 3.28% November 1, 2029 January 10, 2020 $ 3,150 3.39% January 10, 2030 June 11, 2020 $ 1,579 3.07% June 15, 2030 June 11, 2020 $ 3,060 3.07% June 15, 2030 June 15, 2020 $ 1,712 2.94% June 15, 2030 June 15, 2020 $ 4,530 2.94% June 15, 2030 July 1, 2020 $ 4,957 2.79% June 10, 2030 December 2, 2020 $ 12,800 2.91% December 2, 2027 The following table summarizes the Company’s interest rate swaps that were designated as cash flow hedges of interest rate risk: Number of Instruments Notional Interest Rate Derivatives December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Interest rate swaps 9 3 $ 43,613 $ 12,960 |
Schedule of the estimated fair value of derivatives | Derivatives Derivatives designated as December 31, 2020 December 31, 2019 cash flow hedges: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other assets, net $ — Other assets, net $ 58 Interest rate swaps Accrued expenses and other liabilities $ 1,805 Accrued expenses and other liabilities $ 21 |
Schedule of the effect of the derivatives | Location of Gain Amount of (Gain)/Loss Reclassified from Amount of (Gain)/Loss Derivatives in Recognized in Other Accumulated other Reclassified from Cash Flow Hedging Comprehensive Income Comprehensive Income AOCI into Income Relationships on Derivatives (AOCI) into Income Year Ended 2020 2020 Interest rate swaps $ 1,842 Interest expense $ 242 2019 2019 Interest rate swaps $ (67) Interest expense $ 28 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
FAIR VALUE MEASUREMENT | |
Carrying Value and Estimated Fair Value of Company's Financial Instruments | December 31, 2020 December 31, 2019 Carrying Carrying Value Fair Value Value Fair Value (in thousands) Financial assets: Note receivable $ 2,026 $ 2,117 $ 1,300 $ 1,389 Derivative assets $ — $ — $ 58 $ 58 Financial liabilities: Mortgage notes payable, net $ 421,278 $ 443,100 $ 393,164 $ 415,183 Derivative liabilities $ 1,805 $ 1,805 $ 21 $ 21 |
Schedule of Fair Value of Liabilities on Recurring Basis | Level 1 Level 2 Level 3 Total (in thousands) December 31, 2020 Derivative liabilities $ — $ 1,805 $ — $ 1,805 December 31, 2019 Derivative assets $ — $ 58 $ $ 58 Derivative liabilities $ — $ 21 $ — $ 21 |
Fair Value of Company's Financial Assets and Liabilities | Level 1 Level 2 Level 3 Total (in thousands) December 31, 2020 Mortgage notes payable, net $ — $ — $ 443,100 $ 443,100 Note receivable $ — $ — $ 2,117 $ 2,117 December 31, 2019 Mortgage notes payable, net $ — $ — $ 415,183 $ 415,183 Note receivable $ — $ — $ 1,389 $ 1,389 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 5.0 % 0 –.5M 0M – 5.0% x (TC – 0M) 10M - 20M 4.5 % .5 M – .95M .50M – 4.5% x (TC – 10M) 20M – 30M 4.0 % .95 M – 1.35M .95M – 4.0% x (TC – 20M) 30M – 40M 3.5 % 1.35 M – 1.70M 1.35M – 3.5% x (TC – 30M) 40M – 50M 3.0 % 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, 2020 | |
RENTALS UNDER OPERATING LEASES / RENTAL INCOME | |
Summary of minimum future rentals on non-cancelable operating leases | Years ending December 31, Amount (in thousands) 2021 $ 16,068 2022 13,991 2023 12,688 2024 11,950 2025 11,527 Thereafter 50,660 $ 116,884 |
DISPOSITIONS (Tables)
DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
DISPOSITIONS | |
Schedule of assets and liabilities associated with the real estate investments held for sale | December 31, December 31, 2020 2019 (in thousands) ASSETS Real estate investments Land and land improvements $ 150 $ — Building and improvements 1,428 — Real estate investments 1,578 — Less accumulated depreciation (749) — Real estate investments, net 829 — Other assets, net 2 — Total Assets $ 831 $ — LIABILITIES Tenant security deposits payable $ 5 $ — Total Liabilities $ 5 $ — |
BUSINESS COMBINATIONS AND ACQ_2
BUSINESS COMBINATIONS AND ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
BUSINESS COMBINATIONS AND ACQUISITIONS | |
Schedule of acquisition date fair values, before prorations recorded in conjunction with acquisitions | Year Ended December 31, 2020 2019 2018 Land, building, tenant improvements and FF&E $ 29,775 $ - $ 30,918 Mortgages notes payable assumed (5,451) - (2,104) Other liabilities (742) - (576) Net assets acquired 23,582 - 28,238 Equity/limited partnership unit consideration (10,293) - (7,819) Restricted cash proceeds related to IRC Section 1031 tax-deferred exchange (5,658) - (11,326) New loans (3,225) - - Net cash consideration $ 4,406 $ - $ 9,093 |
Real Estate Property Acquisitions 2020 | |
BUSINESS COMBINATIONS AND ACQUISITIONS | |
Schedule of acquisitions | Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price 1/12/20 Wolf Creek Fargo, ND Apartment complex 54 units $ 4,968 1/31/20 Columbia Park Village Grand Forks, ND Apartment complex 12 units 612 3/1/20 Belmont East & West Bismarck, ND Apartment complex 26 units 1,494 3/1/20 Eastbrook Bismarck, ND Apartment complex 24 units 1,296 3/1/20 Hawn Fargo, ND Apartment complex 48 units 2,400 3/1/20 Rosser Bismarck, ND Apartment complex 24 units 1,296 8/28/20 Trustmark (a) Fargo, ND Office building 45,755 sq. ft. 6,500 9/15/20 Foxtail Townhomes Fargo, ND Apartment complex 30 units 1,450 12/17/20 Evergreen Terrace Omaha, NE Apartment complex 144 units 8,320 $ 28,336 (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 $1,105 , special assessments of $308 , and additional costs incurred due to a difference in unit price of $26 . |
Real Estate Property Acquisitions 2018 | |
BUSINESS COMBINATIONS AND ACQUISITIONS | |
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) |
QUARTERLY FINANCIAL INFORMATI_2
QUARTERLY FINANCIAL INFORMATION (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
QUARTERLY FINANCIAL INFORMATION (unaudited) | |
Schedule of selected quarterly financial data | Quarter (1) 2020 First Second Third Fourth (in thousands, except per share data) Income from rental operations $ 29,906 $ 30,821 $ 30,866 $ 33,023 Net Income $ 5,227 $ 6,397 $ 5,266 $ 10,090 Net Income attributable to Sterling Real Estate Trust $ 1,813 $ 2,202 $ 1,844 $ 3,546 Net Income per common share, basic and diluted $ 0.19 $ 0.23 $ 0.19 $ 0.36 Weighted average common shares outstanding 9,562,000 9,611,000 9,740,000 9,862,000 Quarter (1) 2019 First Second Third Fourth (in thousands, except per share data) Income from rental operations $ 29,831 $ 30,270 $ 30,173 $ 30,065 Net Income $ 3,790 $ 4,821 $ 3,470 $ 3,978 Net Income attributable to Sterling Real Estate Trust $ 1,288 $ 1,647 $ 1,213 $ 1,386 Net Income per common share, basic and diluted $ 0.14 $ 0.18 $ 0.13 $ 0.15 Weighted average common shares outstanding 9,091,000 9,209,000 9,322,000 9,444,000 (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, 2020 | Dec. 31, 2019 | |
Properties | ||
Ownership in operating partnership | 35.03% | 34.63% |
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, 2020USD ($)ft²propertyitem | Dec. 31, 2019USD ($)property |
Properties | ||
Real estate investments | $ | $ 684,713 | $ 655,712 |
No. of properties | 179 | |
Number of real estate properties classified as held for sale | 1 | 0 |
Assets Held for Sale | Retail Property, Waite Park, MN | ||
Properties | ||
Real estate investments | $ | $ 829 | |
Number of real estate properties classified as held for sale | 1 | |
Residential Property | ||
Properties | ||
Percentage of residential property out of the trust properties | 74.40% | |
No. of properties | 133 | |
Units | item | 10,328 | |
Residential Property | North Dakota | ||
Properties | ||
No. of properties | 112 | |
Units | item | 6,378 | |
Residential Property | Minnesota | ||
Properties | ||
No. of properties | 16 | |
Units | item | 3,147 | |
Residential Property | Missouri | ||
Properties | ||
No. of properties | 1 | |
Units | ft² | 164 | |
Residential Property | Nebraska | ||
Properties | ||
No. of properties | 4 | |
Units | item | 639 | |
Commercial Property | ||
Properties | ||
Percentage of commercial property out of the trust properties | 25.60% | |
No. of properties | 46 | |
Area of commercial property | ft² | 1,642,000 | |
Commercial Property | North Dakota | ||
Properties | ||
No. of properties | 20 | |
Area of commercial property | ft² | 772,000 | |
Commercial Property | Minnesota | ||
Properties | ||
No. of properties | 13 | |
Area of commercial property | ft² | 668,000 | |
Commercial Property | Nebraska | ||
Properties | ||
No. of properties | 1 | |
Area of commercial property | ft² | 19,000 | |
Commercial Property | Arkansas | ||
Properties | ||
No. of properties | 2 | |
Area of commercial property | ft² | 28,000 | |
Commercial Property | Colorado | ||
Properties | ||
No. of properties | 1 | |
Area of commercial property | ft² | 17,000 | |
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 | Mississippi | ||
Properties | ||
No. of properties | 1 | |
Area of commercial property | ft² | 15,000 | |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate Investments | |||
Amortization expense | $ 1,418 | $ 1,805 | $ 2,127 |
Amortization expense of below market lease | 212 | 261 | 280 |
Depreciation expense | 19,770 | 19,644 | 19,165 |
Loss on impairment of property | $ 0 | 0 | 0 |
Building and improvements | |||
Real Estate Investments | |||
Estimated useful life | 40 years | ||
Furniture and fixtures | Minimum | |||
Real Estate Investments | |||
Estimated useful life | 5 years | ||
Furniture and fixtures | Maximum | |||
Real Estate Investments | |||
Estimated useful life | 9 years | ||
In-place leases | |||
Real Estate Investments | |||
Amortization expense | $ 1,234 | 1,629 | 2,021 |
Above-market leases | |||
Real Estate Investments | |||
Amortization expense | $ 186 | $ 214 | $ 222 |
Principal Activity and Signif_6
Principal Activity and Significant Accounting Policies - Held for Sale, CIP and Unconsolidated Affiliates (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)ft²property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | |
Significant Accounting Policies | |||
Number of real estate properties classified as held for sale | property | 1 | 0 | |
Impairment losses related to the unconsolidated affiliates | $ 0 | $ 0 | $ 0 |
Total assets held by unconsolidated affiliates | 66,112 | 31,261 | |
Mortgage notes held by unconsolidated affiliates | 41,559 | 16,690 | |
Assets | 743,029 | 699,686 | |
SE Maple Grove | |||
Significant Accounting Policies | |||
Assets | 13,106 | 3,455 | |
SE Rogers | |||
Significant Accounting Policies | |||
Assets | $ 4,161 | ||
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 | SE Savage | |||
Significant Accounting Policies | |||
Number of units | property | 190 | ||
Development project budget | $ 37,800 | ||
Development project cost incurred | $ 23,200 | ||
Investment in unconsolidated affiliates | 60.00% | ||
Mortgage balance | $ 19,436 | ||
Cash contribution | $ 3,401 | ||
Operating Partnership | SE Maple Grove | |||
Significant Accounting Policies | |||
Number of units | property | 160 | ||
Development project budget | $ 33,000 | ||
Development project cost incurred | $ 9,600 | ||
Investment in unconsolidated affiliates | 60.00% | ||
Mortgage balance | $ 5,710 | ||
Cash contribution | $ 2,975 | ||
Operating Partnership | SE Rogers | |||
Significant Accounting Policies | |||
Number of units | property | 165 | ||
Development project budget | $ 34,300 | ||
Development project cost incurred | $ 3,300 | ||
Investment in unconsolidated affiliates | 60.00% | ||
Mortgage balance | $ 0 | ||
Cash contribution | 999 | ||
SE Savage | |||
Significant Accounting Policies | |||
Assets | 27,014 | 5,464 | |
Mortgages | Grand Forks Marketplace Retail Center | |||
Significant Accounting Policies | |||
Mortgage carrying amount | 10,036 | 10,264 | |
Mortgages | Tenant in common - Office building, Fargo, North Dakota | |||
Significant Accounting Policies | |||
Mortgage carrying amount | 6,232 | $ 6,426 | |
Goldmark Office Park | |||
Significant Accounting Policies | |||
Development project budget | 4,882 | ||
Development project cost incurred | 4,812 | ||
Bell Plaza | |||
Significant Accounting Policies | |||
Development project budget | 1,500 | ||
Development project cost incurred | 1,312 | ||
Montreal Courts | |||
Significant Accounting Policies | |||
Development project budget | 1,963 | ||
Development project cost incurred | 1,900 | ||
Bayview Apartments | |||
Significant Accounting Policies | |||
Development project budget | 1,501 | ||
Development project cost incurred | $ 1,432 |
Principal Activity and Signif_7
Principal Activity and Significant Accounting Policies - Other (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | |||
Impairment of lease intangible assets | $ 0 | $ 0 | $ 0 |
Taxable income to be distributed | 90.00% | ||
Retainable taxable income | 10.00% | ||
Tax status | |||
Ordinary income | $ 0.8994 | $ 0.8791 | $ 0.7258 |
Capital Gain | 0.0048 | ||
Return of capital | 0.1593 | 0.1611 | 0.2917 |
Total | $ 1.0587 | $ 1.0450 | $ 1.0175 |
Ordinary income (as a percent) | 84.95% | 84.12% | 71.33% |
Capital Gain (as a percent) | 0.46% | ||
Return of capital (as a percent) | 15.05% | 15.42% | 28.67% |
Total (as a percent) | 100.00% | 100.00% | 100.00% |
Provisions or liabilities for income taxes | $ 0 |
Principal Activity and Signif_8
Principal Activity and Significant Accounting Policies - Revenue recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue Recognition | |||
(Decrease)/Increase in revenue due to straight - line adjustment | $ 93 | $ 44 | $ 99 |
Straight - line receivable | $ 3,012 | 3,331 | |
Term of lease | 1 year | ||
Lease income: | |||
Lease income related to fixed lease payments | $ 115,771 | 111,508 | |
Lease income related to variable lease payments | 5,412 | 6,077 | |
Other | (846) | (1,110) | |
Lease income | 120,337 | 116,475 | |
Rental income accounted for under revenue recognition standard: | |||
Other rental income | 4,279 | 3,864 | |
Future minimum rental income: | |||
2021 | 16,068 | ||
2022 | 13,991 | ||
2023 | 12,688 | ||
2024 | 11,950 | ||
2025 | 11,527 | ||
Thereafter | 50,660 | ||
Total | $ 116,884 | ||
Residential | |||
Revenue Recognition | |||
Percentage of revenue from leases that are generally for terms of one year or less | 79.10% | ||
Lease income: | |||
Lease income related to fixed lease payments | $ 95,162 | 91,930 | |
Other | (721) | (934) | |
Lease income | $ 94,441 | 90,996 | |
Commercial | |||
Revenue Recognition | |||
Percentage of revenue from leases primarily under long-term lease agreements | 20.90% | ||
Lease income: | |||
Lease income related to fixed lease payments | $ 20,609 | 19,578 | |
Lease income related to variable lease payments | 5,412 | 6,077 | |
Other | (125) | (176) | |
Lease income | $ 25,896 | $ 25,479 |
Principal Activity and Signif_9
Principal Activity and Significant Accounting Policies - Business Interruption Proceeds (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | ||
Insurance recoveries | $ 903 | $ 879 |
Principal Activity and Signi_10
Principal Activity and Significant Accounting Policies - Earnings Per Common Share And Incurred But Not Reported Insurance Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per Common Share | |||
Dilutive potential common shares | 0 | 0 | 0 |
Denominators for the basic and diluted earnings per common share | 9,694,000 | 9,268,000 | 8,791,000 |
Insurance Policies and Claims Liabilities | |||
Claims liability | $ 280 | ||
Unreported claims | $ 0 | ||
Other liabilities | |||
Insurance Policies and Claims Liabilities | |||
Claims liability | $ 204 |
Principal Activity and Signi_11
Principal Activity and Significant Accounting Policies - Recent Accounting Pronouncements (Details) | Jan. 01, 2019 |
ASU 2016-02 | |
Recent Accounting Pronouncements | |
Lease, Practical Expedients, Package [true false] | true |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEGMENT REPORTING | |||||||||||
Income from rental operations | $ 33,023 | $ 30,866 | $ 30,821 | $ 29,906 | $ 30,065 | $ 30,173 | $ 30,270 | $ 29,831 | $ 124,616 | $ 120,339 | $ 116,051 |
Expenses from rental operations | 59,569 | 60,936 | 56,405 | ||||||||
Net operating income | 65,047 | 59,403 | 59,646 | ||||||||
Depreciation and amortization | 21,214 | 21,495 | 21,350 | ||||||||
Interest | 17,097 | 18,282 | 18,329 | ||||||||
Administration of REIT | 4,217 | 4,112 | 4,100 | ||||||||
Gain on lease terminations | (22) | ||||||||||
Other income | (4,461) | (545) | (6,089) | ||||||||
Net income | $ 10,090 | $ 5,266 | $ 6,397 | $ 5,227 | $ 3,978 | $ 3,470 | $ 4,821 | $ 3,790 | 26,980 | 16,059 | 21,978 |
Residential | |||||||||||
SEGMENT REPORTING | |||||||||||
Income from rental operations | 98,576 | 94,763 | 89,783 | ||||||||
Expenses from rental operations | 52,686 | 53,754 | 49,048 | ||||||||
Net operating income | 45,890 | 41,009 | 40,735 | ||||||||
Commercial | |||||||||||
SEGMENT REPORTING | |||||||||||
Income from rental operations | 26,040 | 25,576 | 26,268 | ||||||||
Expenses from rental operations | 6,883 | 7,182 | 7,357 | ||||||||
Net operating income | $ 19,157 | $ 18,394 | $ 18,911 |
Segment Reporting - Summary o_2
Segment Reporting - Summary of Segment Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
SEGMENT REPORTING | ||||
Real estate investments | $ 845,288 | $ 802,028 | $ 790,696 | $ 759,703 |
Accumulated depreciation | (160,575) | (146,316) | (128,112) | $ (111,026) |
Real estate investments, net | 684,713 | 655,712 | ||
Cash and cash equivalents | 11,716 | 9,002 | 21,212 | |
Restricted deposits and funded reserves | 15,919 | 8,380 | $ 8,853 | |
Investment in unconsolidated affiliates | 9,659 | 7,915 | ||
Note receivable | 2,026 | 1,300 | ||
Assets held for sale | 831 | |||
Intangible assets, less accumulated amortization | 7,367 | 9,133 | ||
Other assets, net | 10,798 | 8,244 | ||
Total Assets | 743,029 | 699,686 | ||
Residential | ||||
SEGMENT REPORTING | ||||
Real estate investments | 647,083 | 605,813 | ||
Accumulated depreciation | (118,363) | (104,170) | ||
Real estate investments, net | 528,720 | 501,643 | ||
Commercial | ||||
SEGMENT REPORTING | ||||
Real estate investments | 198,205 | 196,215 | ||
Accumulated depreciation | (42,212) | (42,146) | ||
Real estate investments, net | $ 155,993 | $ 154,069 |
Restricted Deposits and Funde_3
Restricted Deposits and Funded Reserves - Summary of Restricted Deposits and Funded Reserves (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
RESTRICTED DEPOSITS AND FUNDED RESERVES | |||
Tenant security deposits | $ 4,730 | $ 4,325 | |
Real estate tax and insurance escrows | 2,058 | 2,058 | |
Replacement reserves | 2,137 | 1,997 | |
Other restricted escrows | 6,994 | ||
Restricted deposits and funded reserves, Total | $ 15,919 | $ 8,380 | $ 8,853 |
Restricted Deposits and Funde_4
Restricted Deposits and Funded Reserves - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 | Dec. 31, 2019 |
Intangible Assets | ||
Lease Intangibles | $ 22,386 | $ 24,691 |
Accumulated Amortization | (15,019) | (15,558) |
Total | 7,367 | 9,133 |
Intangible Liabilities | ||
Below-market lease | (2,957) | (3,088) |
Below-market lease, accumulated amortization | 1,963 | 1,881 |
Below-market lease, net | (994) | (1,207) |
In-place leases | ||
Intangible Assets | ||
Lease Intangibles | 19,768 | 21,480 |
Accumulated Amortization | (13,727) | (14,051) |
Total | 6,041 | 7,429 |
Above-market leases | ||
Intangible Assets | ||
Lease Intangibles | 2,618 | 3,211 |
Accumulated Amortization | (1,292) | (1,507) |
Total | $ 1,326 | $ 1,704 |
Lease Intangibles - Schedule _2
Lease Intangibles - Schedule of Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets | ||
2021 | $ 1,121 | |
2022 | 987 | |
2023 | 849 | |
2024 | 849 | |
2025 | 849 | |
Thereafter | 2,712 | |
Total | 7,367 | $ 9,133 |
Intangible Liabilities | ||
2021 | 184 | |
2022 | 164 | |
2023 | 151 | |
2024 | 151 | |
2025 | 151 | |
Thereafter | 193 | |
Total | $ 994 | $ 1,207 |
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, 2020USD ($)itemproperty | Dec. 31, 2019property | |
Lines of Credit | ||
Number of properties out of compliance with debt covenant | property | 1 | |
Wells Fargo Bank | ||
Lines of Credit | ||
Agreed line of credit | $ 18,300 | |
Expiration date | Jun. 1, 2021 | |
Wells Fargo Bank | 1-Month LIBOR | ||
Lines of Credit | ||
Variable interest rate of line of credit | 2.25% | |
Bremer Bank | ||
Lines of Credit | ||
Unused line of credit | $ 27,469 | |
Number of properties out of compliance with debt covenant | property | 3 | |
Bremer Bank Agreement One | ||
Lines of Credit | ||
Agreed line of credit | $ 4,915 | |
Expiration date | Jun. 1, 2022 | |
Number of letters of credit secured | item | 2 | |
Letters of credit total | $ 746 | |
Bremer Bank Agreement One | LIBOR | ||
Lines of Credit | ||
Variable interest rate of line of credit | 2.00% | |
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% |
Mortgage Notes Payable - Summar
Mortgage Notes Payable - Summary (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)loanitemLender | Dec. 31, 2019USD ($)itemLenderloan | |
MORTGAGE NOTES PAYABLE | ||
Long-term debt, gross | $ 423,111 | |
Mortgage Notes Payable | ||
MORTGAGE NOTES PAYABLE | ||
Long-term debt, gross | 423,111 | $ 395,038 |
Less unamortized debt issuance costs | 1,833 | 1,874 |
Long-term debt, net | $ 421,278 | $ 393,164 |
Residential Property | Mortgage Notes Payable | ||
MORTGAGE NOTES PAYABLE | ||
Number of mortgage loans out of compliance | loan | 4 | 10 |
Outstanding balance of loans out of compliance, in aggregate | $ 6,496 | $ 16,361 |
Outstanding balance of mortgage loans out of compliance in which annual waivers were received from the lenders | $ 5,425 | $ 10,435 |
Number of lenders in which annual waivers were not received for loans out of compliance | Lender | 1 | 1 |
Outstanding balance of mortgage loans out of compliance in which annual waivers were not received from the lender | $ 1,071 | $ 5,926 |
Fixed rate mortgage notes payable | ||
MORTGAGE NOTES PAYABLE | ||
Long-term debt, gross | 415,665 | 395,038 |
Fixed rate mortgage notes payable | Mortgage Notes Payable | ||
MORTGAGE NOTES PAYABLE | ||
Debt swapped from variable to fixed rate | $ 43,613 | $ 12,960 |
Number of mortgage loans | item | 114 | 121 |
Fixed rate mortgage notes payable | Mortgage Notes Payable | Minimum | ||
MORTGAGE NOTES PAYABLE | ||
Effective interest rate (as a percent) | 2.14% | 3.15% |
Fixed rate mortgage notes payable | Mortgage Notes Payable | Maximum | ||
MORTGAGE NOTES PAYABLE | ||
Effective interest rate (as a percent) | 6.85% | 7.25% |
Fixed rate mortgage notes payable | Mortgage Notes Payable | Weighted Average | ||
MORTGAGE NOTES PAYABLE | ||
Effective interest rate (as a percent) | 4.03% | 4.31% |
Variable rate mortgage notes payable | ||
MORTGAGE NOTES PAYABLE | ||
Long-term debt, gross | $ 7,446 | |
Variable rate mortgage notes payable | Mortgage Notes Payable | ||
MORTGAGE NOTES PAYABLE | ||
Number of mortgage loans | item | 2 | 0 |
Variable rate mortgage notes payable | Mortgage Notes Payable | Weighted Average | ||
MORTGAGE NOTES PAYABLE | ||
Effective interest rate (as a percent) | 2.28% |
Mortgage Notes Payable - Schedu
Mortgage Notes Payable - Scheduled Maturities of Mortgage Notes Payable (Details) $ in Thousands | Dec. 31, 2020USD ($) |
MORTGAGE NOTES PAYABLE | |
2021 | $ 30,040 |
2022 | 26,595 |
2023 | 49,886 |
2024 | 18,873 |
2025 | 50,489 |
Thereafter | 247,228 |
Total payments | $ 423,111 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Other (Details) - Interest rate swaps $ in Thousands | Dec. 31, 2020USD ($)instrument | Dec. 31, 2019instrument |
Derivatives and Hedging Activities | ||
Estimated amount to be reclassified over the next 12 months, as a decrease to interest expense | $ | $ 373 | |
Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivatives and Hedging Activities | ||
Number of instruments | instrument | 9 | 3 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Summary (Details) - Designated as Hedging Instrument - Cash Flow Hedging $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)instrument | Dec. 31, 2019USD ($)instrument | |
Interest rate swaps | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 43,613 | $ 12,960 |
Number of instruments | instrument | 9 | 3 |
Interest Rate Swap, November 2029 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 6,977 | |
Fixed interest rate (as a percent) | 3.15% | |
Derivative maturity date | Nov. 1, 2029 | |
Interest Rate Swap, November 2029 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 4,848 | |
Fixed interest rate (as a percent) | 3.28% | |
Derivative maturity date | Nov. 1, 2029 | |
Interest Rate Swap, January 2030 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 3,150 | |
Fixed interest rate (as a percent) | 3.39% | |
Derivative maturity date | Jan. 10, 2030 | |
Interest Rate Swap, June 2030 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 1,579 | |
Fixed interest rate (as a percent) | 3.07% | |
Derivative maturity date | Jun. 15, 2030 | |
Interest Rate Swap, June 2030 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 3,060 | |
Fixed interest rate (as a percent) | 3.07% | |
Derivative maturity date | Jun. 15, 2030 | |
Interest Rate Swap, June 2030 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 1,712 | |
Fixed interest rate (as a percent) | 2.94% | |
Derivative maturity date | Jun. 15, 2030 | |
Interest Rate Swap, June 2030 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 4,530 | |
Fixed interest rate (as a percent) | 2.94% | |
Derivative maturity date | Jun. 15, 2030 | |
Interest Rate Swap, June 2030 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 4,957 | |
Fixed interest rate (as a percent) | 2.79% | |
Derivative maturity date | Jun. 10, 2030 | |
Interest Rate Swap, December 2027 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 12,800 | |
Fixed interest rate (as a percent) | 2.91% | |
Derivative maturity date | Dec. 2, 2027 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other assets, net | ||
Derivatives and Hedging Activities | ||
Fair value, derivative assets | $ 58 | |
Accrued expenses and other liabilities | ||
Derivatives and Hedging Activities | ||
Fair value, derivative liabilities | $ 1,805 | $ 21 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Gain/Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives and Hedging Activities | |||
Amount of (Gain)/Loss Recognized in Other Comprehensive Income on Derivatives | $ 1,842 | $ (67) | $ (35) |
Interest expense | |||
Derivatives and Hedging Activities | |||
Amount of (Gain)/Loss Reclassified from AOCI into income | 242 | 28 | |
Interest rate swaps | |||
Derivatives and Hedging Activities | |||
Amount of (Gain)/Loss Recognized in Other Comprehensive Income on Derivatives | $ 1,842 | $ (67) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Credit-Risk Related Contingent Features (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Credit-risk-related Contingent Features | |
Termination value of interest rate derivatives in liability position | $ 1,805 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying Value | ||
Financial assets: | ||
Note receivable | $ 2,026 | $ 1,300 |
Derivative assets | 58 | |
Financial liabilities: | ||
Mortgage notes payable, net | 421,278 | 393,164 |
Derivative liabilities | 1,805 | 21 |
Fair Value | ||
Financial assets: | ||
Note receivable | 2,117 | 1,389 |
Derivative assets | 58 | |
Financial liabilities: | ||
Mortgage notes payable, net | 443,100 | 415,183 |
Derivative liabilities | $ 1,805 | $ 21 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Value of Assets on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Measurements | ||
Derivative assets | $ 58 | |
Derivative liabilities | $ 1,805 | 21 |
Level 2 | ||
Fair Value Measurements | ||
Derivative assets | 58 | |
Derivative liabilities | $ 1,805 | $ 21 |
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, 2020 | Dec. 31, 2019 |
Fair Value Measurements | ||
Mortgage notes payable, net | $ 443,100 | $ 415,183 |
Note receivable | 2,117 | 1,389 |
Level 3 | ||
Fair Value Measurements | ||
Mortgage notes payable, net | 443,100 | 415,183 |
Note receivable | $ 2,117 | $ 1,389 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - Measurement Input, Discount Rate | Dec. 31, 2020 | Dec. 31, 2019 |
Minimum | ||
Fair Value Disclosures | ||
Discount rates used to estimate fair value of mortgages and notes payable | 3.25 | 3.75 |
Discount rates used to estimate fair value of notes receivable | 3.25 | 3.75 |
Maximum | ||
Fair Value Disclosures | ||
Discount rates used to estimate fair value of mortgages and notes payable | 3.35 | 3.80 |
Discount rates used to estimate fair value of notes receivable | 3.35 | 3.80 |
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, 2020USD ($)item$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018$ / sharesshares | |
Noncontrolling Interest | |||
Distributions per unit | $ / shares | $ 1.0587 | $ 1.0450 | $ 1.0175 |
Maximum | |||
Noncontrolling Interest | |||
Number of permitted exchange requests in a calendar year | item | 2 | ||
Limited Partnership | |||
Noncontrolling Interest | |||
Total units | 18,279,000 | 17,811,000 | |
Units converted by limited partners into common shares | 0 | 1,000 | 0 |
Total units | 1 | 1,000 | |
Common shares value | $ | $ 28 | ||
Limited Partnership | Minimum | |||
Noncontrolling Interest | |||
Number of units which can be redeemed in single redemption | 1,000 | ||
Operating Partnership | |||
Noncontrolling Interest | |||
Declared distributions | $ | $ 4,838 | $ 4,653 |
Redemption Plans - Additional I
Redemption Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Redemption plans | ||||
Redemption of shares, value | $ 3,537 | $ 2,023 | $ 2,431 | |
Redemption Plans | ||||
Redemption plans | ||||
Amount of securities redemption | 40,000 | |||
Remaining securities to be redeemed | $ 7,325 | |||
Redemption price of securities | $ 19 | $ 18.25 | $ 18 | |
Redemption of shares | 127,000 | 50,000 | 75,000 | |
Redemption of shares, value | $ 2,321 | $ 891 | $ 1,315 | |
Additional redemption of units | 66,000 | 64,000 | 64,000 | |
Additional redemption of units, value | $ 1,216 | $ 1,132 | $ 1,116 |
Beneficial Interest - Additiona
Beneficial Interest - Additional Information (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beneficial Interest | |||
Common shares, outstanding | 9,855,000 | 9,436,000 | |
Preferred shares, outstanding | 0 | 0 | |
Dividends paid | $ 1.0588 | $ 1.0450 | $ 1.0175 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 11, 2020 | Jul. 11, 2017 | Jul. 20, 2012 | |
DIVIDEND REINVESTMENT PLAN | ||||||
Common shares to be issued | 2,000,000 | 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 amount of optional additional shares available for purchase | $ 40 | |||||
Estimated value per common share | $ 19.25 | $ 19 | ||||
Purchase price per common share for dividend reinvestments | 18.29 | 18.05 | ||||
Purchase price per common share additional optional cash purchases | $ 19.25 | $ 19 | ||||
Notice period to participants | 10 days | |||||
Shares issued pursuant to dividend reinvestments | 356,000 | 342,000 | 325,000 | |||
Shares issued pursuant to additional optional cash purchases under the plan | 187,000 | 173,000 | 226,000 |
Related Party Transactions - Pr
Related Party Transactions - Property Management and Board of Trustee Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions | |||
Trustee fees | $ 62 | $ 57 | $ 68 |
Unpaid board of trustee fees | $ 27 | $ 29 | |
GOLDMARK Property Management | |||
Related Party Transactions | |||
Property management fee, percent fee | 5.00% | 5.00% | 5.00% |
Management fee, amount paid | $ 12,796 | $ 12,486 | $ 11,827 |
Repair and maintenance related payroll and payroll related expenses | $ 6,549 | $ 6,076 | $ 5,217 |
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, 2020USD ($)employee$ / itemshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)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 | ||
Rental income | $ 115,771 | $ 111,508 | |
Other operational liabilities outstanding | 101 | 0 | |
Insurance receivable | 0 | 892 | |
Subordinated Debt | |||
Related Party Transactions | |||
Due to related party | $ 25 | 25 | |
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 | ||
Percentage of project management fee | 6.00% | ||
Project management fee | $ 365 | 67 | |
Project management fee payable | $ 51 | 67 | |
Advisory Agreement | Minimum | |||
Related Party Transactions | |||
Fee | 3.00% | ||
Advisory Agreement | Maximum | |||
Related Party Transactions | |||
Criteria acquisition fees | $ / item | 375 | ||
Acquisition fees and expenses net percentage | 6.00% | ||
Fee | 5.00% | ||
Advisory Agreement | 0 - 10M | |||
Related Party Transactions | |||
Fee | 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 | |||
Fee | 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 | |||
Fee | 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 | |||
Fee | 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 | |||
Fee | 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 | 3,116 | 2,996 | $ 2,909 |
Advisory management fees outstanding | 278 | 503 | 0 |
Acquisition fees | 708 | 0 | 740 |
Acquisition fees outstanding | 0 | 0 | |
Disposition fees | 319 | 0 | 327 |
Disposition fees outstanding | 175 | 0 | |
Financing fees for loan financing and refinancing activities | 133 | 11 | 77 |
Financing fees for loan financing and refinancing outstanding | 0 | 0 | |
Development fee | 794 | 0 | 0 |
Development fees hold back outstanding | $ 79 | $ 104 | |
Percentage of development fees hold back | 10.00% | 10.00% | |
Operating lease expense | $ 85 | ||
Operating leases rent expense, prior to adoption of Topic 842 | $ 61 | 50 | |
GOLDMARK Property Management | |||
Related Party Transactions | |||
Real estate commissions | 308 | ||
Rental income | 268 | ||
Rental income, prior to adoption of topic 842 | 262 | 230 | |
GOLDMARK SCHLOSSMAN Commercial Real Estate Services | |||
Related Party Transactions | |||
Real estate commissions | 633 | 0 | 384 |
Real estate commissions outstanding | 0 | 0 | |
Rental income | $ 57 | ||
Rental income, prior to adoption of topic 842 | $ 56 | $ 55 | |
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 | 208,000 | 0 | 234,000 |
Value of operating partnership (OP) units issued in connection with the acquisition of various properties | $ 4,671 | $ 4,327 |
Rentals under Operating Lease_3
Rentals under Operating Leases / Rental Income - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Properties | |||
Term of lease | 1 year | ||
Rental income | $ 115,771 | $ 111,508 | |
Minimum future rentals on non-cancelable operating leases as of December 31, 2018 | |||
2021 | 16,068 | ||
2022 | 13,991 | ||
2023 | 12,688 | ||
2024 | 11,950 | ||
2025 | 11,527 | ||
Thereafter | 50,660 | ||
Total | 116,884 | ||
Residential Property | |||
Properties | |||
Rental income | $ 98,576 | ||
Rental income, prior to adoption of topic 842 | 94,763 | $ 89,783 | |
Residential Property | Maximum | |||
Properties | |||
Term of lease | 1 year | ||
Commercial Property | |||
Properties | |||
Rental income | $ 26,040 | ||
Rental income, prior to adoption of topic 842 | 25,576 | 26,268 | |
Operating lease expiration year | 2038 | ||
CAM income (common area maintenance) | $ 5,412 | $ 6,077 | $ 6,118 |
Dispositions - Assets and Liabi
Dispositions - Assets and Liabilities Classified as Held for Sale (Details) - Retail Property, Waite Park, MN - Assets Held for Sale $ in Thousands | Dec. 31, 2020USD ($) |
Real estate investments | |
Land and land improvements | $ 150 |
Building and improvements | 1,428 |
Real estate investments, net | 1,578 |
Less accumulated depreciation | (749) |
Real estate investments, net | 829 |
Other assets, net | 2 |
Total Assets | 831 |
LIABILITIES | |
Tenant security deposits payable | 5 |
Total Liabilities | $ 5 |
Dispositions - Additional Infor
Dispositions - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2020USD ($)property | May 31, 2020USD ($) | Mar. 31, 2020USD ($) | Jul. 31, 2018USD ($)property | Apr. 30, 2018USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019property | Dec. 31, 2018USD ($)property | |
Dispositions | ||||||||
Number of dispositions | property | 3 | 0 | 3 | |||||
Number of real estate properties classified as held for sale | property | 1 | 1 | 0 | |||||
Gain on sale of real estate | $ 3,383 | $ 3,715 | ||||||
Retail Property, Apple Valley, MN | Disposed of by Sale | ||||||||
Dispositions | ||||||||
Property sold | $ 3,670 | |||||||
Gain on sale of real estate | $ 1,455 | |||||||
Retail Property, St, Cloud, Minnesota | Disposed of by Sale | ||||||||
Dispositions | ||||||||
Property sold | $ 2,050 | |||||||
Gain on sale of real estate | $ 1 | |||||||
Retail Property, Bismarck, ND | Disposed of by Sale | ||||||||
Dispositions | ||||||||
Property sold | $ 7,000 | |||||||
Gain on sale of real estate | $ 1,926 | |||||||
Industrial Property, Redwood Falls, MN | Disposed of by Sale | ||||||||
Dispositions | ||||||||
Property sold | $ 5,200 | |||||||
Gain on sale of real estate | $ 935 | |||||||
Retail Property, Austin, TX | Disposed of by Sale | ||||||||
Dispositions | ||||||||
Property sold | $ 3,615 | |||||||
Gain on sale of real estate | $ 1,266 | |||||||
Office Property, Bismarck, ND | Disposed of by Sale | ||||||||
Dispositions | ||||||||
Number of dispositions | property | 1 | |||||||
Property sold | $ 4,250 | |||||||
Gain on sale of real estate | $ 1,514 | |||||||
Retail Property, Waite Park, Minnesota | Assets Held for Sale | ||||||||
Dispositions | ||||||||
Number of real estate properties classified as held for sale | property | 1 | 1 |
Business Combinations and Acq_3
Business Combinations and Acquisitions - Purchases, Current (Details) $ / shares in Units, $ in Thousands | Dec. 17, 2020USD ($)item | Sep. 15, 2020USD ($)item | Aug. 28, 2020USD ($)ft² | Mar. 01, 2020USD ($)item | Jan. 31, 2020USD ($)item | Jan. 12, 2020USD ($)item | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares |
BUSINESS COMBINATIONS AND ACQUISITIONS | ||||||||
Acquisition price | $ 28,336 | $ 29,657 | ||||||
Capitalized closing costs and adjustments | 1,105 | 1,156 | ||||||
Special assessments | 308 | $ 105 | ||||||
Additional costs due to difference in unit price | $ 26 | |||||||
Aggregate number of limited partnership units issued for acquisition | shares | 535,000 | 423,000 | ||||||
Price per limited partnership unit issued for acquisition, price one | $ / shares | $ 19.25 | $ 18.50 | ||||||
Aggregate value of limited partnership units issued for acquisition | $ 10,293 | $ 7,819 | ||||||
1031 tax-deferred exchange funds | 5,658 | 11,326 | ||||||
New loans | 3,225 | 2,104 | ||||||
Assumed liabilities | 6,193 | 576 | ||||||
Consideration in cash to pay for acquisitions | $ 4,406 | $ 9,093 | ||||||
Wolf Creek, Fargo, ND | ||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | ||||||||
Units acquired | item | 54 | |||||||
Acquisition price | $ 4,968 | |||||||
Columbia Park Village, Grand Forks, ND | ||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | ||||||||
Units acquired | item | 12 | |||||||
Acquisition price | $ 612 | |||||||
Belmont East & West, Bismarck, ND | ||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | ||||||||
Units acquired | item | 26 | |||||||
Acquisition price | $ 1,494 | |||||||
Eastbrook, Bismarck, ND | ||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | ||||||||
Units acquired | item | 24 | |||||||
Acquisition price | $ 1,296 | |||||||
Hawn, Fargo, ND | ||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | ||||||||
Units acquired | item | 48 | |||||||
Acquisition price | $ 2,400 | |||||||
Rosser, Bismarck, ND | ||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | ||||||||
Units acquired | item | 24 | |||||||
Acquisition price | $ 1,296 | |||||||
Trustmark Fargo, ND | ||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | ||||||||
Acquisition price | $ 6,500 | |||||||
Area of the property purchased | ft² | 45,755 | |||||||
Foxtail Townhomes, Fargo, ND | ||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | ||||||||
Units acquired | item | 30 | |||||||
Acquisition price | $ 1,450 | |||||||
Evergreen Terrace, Omaha, NE | ||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | ||||||||
Units acquired | item | 144 | |||||||
Acquisition price | $ 8,320 |
Business Combinations and Acq_4
Business Combinations and Acquisitions - Purchases, Second Prior Year (Details) $ / shares in Units, $ in Thousands | Dec. 31, 2018USD ($)item$ / shares | 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. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares |
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||
Acquisition price | $ 28,336 | $ 29,657 | |||||||
Capitalized closing costs and adjustments | $ 1,156 | 1,105 | 1,156 | ||||||
Special assessments | $ 105 | $ 308 | $ 105 | ||||||
Aggregate number of limited partnership units issued for acquisition | shares | 535,000 | 423,000 | |||||||
Price per limited partnership unit issued for acquisition, price one | $ / shares | $ 18.50 | $ 19.25 | $ 18.50 | ||||||
Aggregate value of limited partnership units issued for acquisition | $ 10,293 | $ 7,819 | |||||||
1031 tax-deferred exchange funds | 5,658 | 11,326 | |||||||
New loans | $ 2,104 | 3,225 | 2,104 | ||||||
Assumed liabilities | 6,193 | 576 | |||||||
Consideration in cash to pay for acquisitions | $ 4,406 | $ 9,093 | |||||||
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 | |||||||||
Units acquired | 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, Fargo, ND | |||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||
Units acquired | item | 5 | ||||||||
Acquisition price | $ 153 | ||||||||
Cedars 4, Fargo, ND | |||||||||
BUSINESS COMBINATIONS AND ACQUISITIONS | |||||||||
Units acquired | item | 18 | ||||||||
Acquisition price | $ 1,151 |
Business Combinations and Acq_5
Business Combinations and Acquisitions - Summary of Acquisition Date Fair Values (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2018 | Jan. 31, 2021 | Jan. 01, 2020 | Jan. 01, 2019 | Jan. 01, 2018 | |
Acquisition date fair values | ||||||
Net cash consideration | $ 4,406 | $ 9,093 | ||||
Price per limited partnership unit issued for acquisition, price two | $ 20 | $ 19.25 | $ 19 | $ 18.50 | ||
Real Estate Property Acquisitions 2020 | ||||||
Acquisition date fair values | ||||||
Land, building, tenant improvements and FF&E | 29,775 | |||||
Mortgage notes payable assumed | (5,451) | |||||
Other liabilities | (742) | |||||
Net assets acquired | 23,582 | |||||
Equity/limited partnership unit consideration | (10,293) | |||||
Restricted cash proceeds related to IRC Section 1031 tax-deferred exchange | (5,658) | |||||
New loans | (3,225) | |||||
Net cash consideration | $ 4,406 | |||||
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 |
Quarterly Financial Informati_3
Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
QUARTERLY FINANCIAL INFORMATION (unaudited) | |||||||||||
Income from rental operations | $ 33,023 | $ 30,866 | $ 30,821 | $ 29,906 | $ 30,065 | $ 30,173 | $ 30,270 | $ 29,831 | $ 124,616 | $ 120,339 | $ 116,051 |
Net Income | 10,090 | 5,266 | 6,397 | 5,227 | 3,978 | 3,470 | 4,821 | 3,790 | 26,980 | 16,059 | 21,978 |
Net Income attributable to Sterling Real Estate Trust | $ 3,546 | $ 1,844 | $ 2,202 | $ 1,813 | $ 1,386 | $ 1,213 | $ 1,647 | $ 1,288 | $ 9,405 | $ 5,534 | $ 7,374 |
Net Income per common share, basic and diluted | $ 0.36 | $ 0.19 | $ 0.23 | $ 0.19 | $ 0.15 | $ 0.13 | $ 0.18 | $ 0.14 | $ 0.97 | $ 0.60 | $ 0.84 |
Weighted average common shares outstanding | 9,862,000 | 9,740,000 | 9,611,000 | 9,562,000 | 9,444,000 | 9,322,000 | 9,209,000 | 9,091,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 25, 2021 | Jan. 28, 2021 | Jan. 15, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2021 |
Subsequent Events | |||||||
Dividend or distribution paid | $ 1.0588 | $ 1.0450 | $ 1.0175 | ||||
Acquisition of assets with new financing | $ 3,225 | ||||||
Subsequent Events | |||||||
Subsequent Events | |||||||
Dividend or distribution paid | $ 0.26469 | ||||||
Acquisition of assets with new financing | $ 2,031 | ||||||
Dividends declared | $ 0.26500 | ||||||
Subsequent Events | Ms. Chaffee | Maximum | Alloy Enterprises, Inc | |||||||
Subsequent Events | |||||||
Ownership interest (as a percent) | 1.00% |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation - By Property (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 423,107 |
Initial cost to company, Land | 114,838 |
Initial cost to company, Buildings | 632,450 |
Costs capitalized subsequent to acquisition, Land | 4,399 |
Costs capitalized subsequent to acquisition, Buildings | 52,581 |
Gross Amount at which carried at close of period, Land | 119,237 |
Gross Amount at which carried at close of period, Buildings | 685,031 |
Gross Amount at which carried at close of period, Total | 804,268 |
Depreciation | $ 137,905 |
Unconsolidated Affiliates | Banner | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 6,232 |
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 | 333 |
Gross Amount at which carried at close of period, Land | 953 |
Gross Amount at which carried at close of period, Buildings | 8,349 |
Gross Amount at which carried at close of period, Total | 9,302 |
Depreciation | $ 2,764 |
Date of Construction or Acquisition | Mar. 15, 2007 |
Life on which depreciation on latest income statement is computed | 40 years |
Unconsolidated Affiliates | GF Marketplace | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 10,036 |
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 | $ 6,927 |
Date of Construction or Acquisition | Jul. 1, 2003 |
Unconsolidated Affiliates | GF Marketplace | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 25 years |
Unconsolidated Affiliates | GF Marketplace | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 11,005 |
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 | $ 3,169 |
Industrial Property | Guardian Building Products | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,640 |
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 | $ 518 |
Date of Construction or Acquisition | Aug. 29, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Bismarck, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 2,191 |
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 | $ 209 |
Date of Construction or Acquisition | Jan. 28, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Dickinson, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Dickinson, ND |
Encumbrances | $ 741 |
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 | $ 242 |
Date of Construction or Acquisition | Jul. 30, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Fargo, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,665 |
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 | $ 401 |
Date of Construction or Acquisition | Oct. 30, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Marshall, MN | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Marshall, MN |
Encumbrances | $ 1,707 |
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 | $ 844 |
Date of Construction or Acquisition | Nov. 1, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Minot, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Minot, ND |
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 | $ 348 |
Date of Construction or Acquisition | Aug. 1, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, North Platte, NE | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | North Platte, NE |
Initial cost to company, Land | $ 325 |
Initial cost to company, Buildings | 1,269 |
Gross Amount at which carried at close of period, Land | 325 |
Gross Amount at which carried at close of period, Buildings | 1,269 |
Gross Amount at which carried at close of period, Total | 1,594 |
Depreciation | $ 159 |
Date of Construction or Acquisition | Jan. 29, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Sioux City, IA | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Sioux City, IA |
Encumbrances | $ 1,061 |
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 | $ 448 |
Date of Construction or Acquisition | Oct. 25, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Land Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 409 |
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 |
Land Property | Taco Bell | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Denver, CO |
Encumbrances | $ 409 |
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 |
Land Property | West 80 | |
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 |
Medical Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 8,828 |
Initial cost to company, Land | 2,859 |
Initial cost to company, Buildings | 18,599 |
Costs capitalized subsequent to acquisition, Land | 292 |
Costs capitalized subsequent to acquisition, Buildings | 2,521 |
Gross Amount at which carried at close of period, Land | 3,151 |
Gross Amount at which carried at close of period, Buildings | 21,120 |
Gross Amount at which carried at close of period, Total | 24,271 |
Depreciation | $ 7,482 |
Medical Property | Bio-Life, Bismarck, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 1,104 |
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 | $ 852 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Medical Property | Bio-Life, Bismarck, ND | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Medical Property | Bio-Life, Bismarck, ND | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Grand Forks, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 1,103 |
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 | $ 879 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Medical Property | Bio-Life, Grand Forks, ND | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 10 years |
Medical Property | Bio-Life, Grand Forks, ND | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Janesville, WI | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Janesville, WI |
Encumbrances | $ 1,104 |
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 | $ 717 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Medical Property | Bio-Life, Janesville, WI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Medical Property | Bio-Life, Janesville, WI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Mankato, MN | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Mankato, MN |
Encumbrances | $ 1,103 |
Initial cost to company, Land | 390 |
Initial cost to company, Buildings | 2,111 |
Costs capitalized subsequent to acquisition, Land | 280 |
Costs capitalized subsequent to acquisition, Buildings | 1,154 |
Gross Amount at which carried at close of period, Land | 670 |
Gross Amount at which carried at close of period, Buildings | 3,265 |
Gross Amount at which carried at close of period, Total | 3,935 |
Depreciation | $ 1,083 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Medical Property | Bio-Life, Mankato, MN | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 11 years |
Medical Property | Bio-Life, Mankato, MN | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Marquette, MI | |
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 | $ 1,019 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Medical Property | Bio-Life, Marquette, MI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Medical Property | Bio-Life, Marquette, MI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Onalaska, WI | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Onalaska, WI |
Encumbrances | $ 1,104 |
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 | $ 754 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Medical Property | Bio-Life, Onalaska, WI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 11 years |
Medical Property | Bio-Life, Onalaska, WI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Oshkosh, WI | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Oshkosh, WI |
Encumbrances | $ 1,103 |
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 | $ 696 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Medical Property | Bio-Life, Oshkosh, WI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 10 years |
Medical Property | Bio-Life, Oshkosh, WI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Sheboygan, WI | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Sheboygan, WI |
Encumbrances | $ 1,104 |
Initial cost to company, Land | 623 |
Initial cost to company, Buildings | 1,611 |
Costs capitalized subsequent to acquisition, Buildings | 248 |
Gross Amount at which carried at close of period, Land | 623 |
Gross Amount at which carried at close of period, Buildings | 1,859 |
Gross Amount at which carried at close of period, Total | 2,482 |
Depreciation | $ 660 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Medical Property | Bio-Life, Sheboygan, WI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 10 years |
Medical Property | Bio-Life, Sheboygan, WI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Stevens Point, WI | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Stevens Point, WI |
Encumbrances | $ 1,103 |
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 | $ 822 |
Date of Construction or Acquisition | Jan. 3, 2008 |
Medical Property | Bio-Life, Stevens Point, WI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Medical Property | Bio-Life, Stevens Point, WI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 338,328 |
Initial cost to company, Land | 78,054 |
Initial cost to company, Buildings | 490,849 |
Costs capitalized subsequent to acquisition, Land | 2,890 |
Costs capitalized subsequent to acquisition, Buildings | 41,017 |
Gross Amount at which carried at close of period, Land | 80,944 |
Gross Amount at which carried at close of period, Buildings | 531,866 |
Gross Amount at which carried at close of period, Total | 612,810 |
Depreciation | $ 96,295 |
Residential Property | Amberwood | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 2,570 |
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 | $ 374 |
Date of Construction or Acquisition | Sep. 13, 2016 |
Residential Property | Amberwood | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Amberwood | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Arbor I/400 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 380 |
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 | $ 109 |
Date of Construction or Acquisition | Jun. 4, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Arbor II/404 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 388 |
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 | 43 |
Gross Amount at which carried at close of period, Land | 79 |
Gross Amount at which carried at close of period, Buildings | 581 |
Gross Amount at which carried at close of period, Total | 660 |
Depreciation | $ 99 |
Date of Construction or Acquisition | Nov. 1, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Arbor III/406 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 386 |
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 | 43 |
Gross Amount at which carried at close of period, Land | 78 |
Gross Amount at which carried at close of period, Buildings | 579 |
Gross Amount at which carried at close of period, Total | 657 |
Depreciation | $ 99 |
Date of Construction or Acquisition | Nov. 1, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Ashbury | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,423 |
Initial cost to company, Land | 314 |
Initial cost to company, Buildings | 3,774 |
Costs capitalized subsequent to acquisition, Land | 26 |
Costs capitalized subsequent to acquisition, Buildings | 25 |
Gross Amount at which carried at close of period, Land | 340 |
Gross Amount at which carried at close of period, Buildings | 3,799 |
Gross Amount at which carried at close of period, Total | 4,139 |
Depreciation | $ 387 |
Date of Construction or Acquisition | Dec. 19, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Auburn II | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 892 |
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 | 87 |
Gross Amount at which carried at close of period, Land | 117 |
Gross Amount at which carried at close of period, Buildings | 970 |
Gross Amount at which carried at close of period, Total | 1,087 |
Depreciation | $ 323 |
Date of Construction or Acquisition | Mar. 23, 2007 |
Residential Property | Auburn II | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Auburn II | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Autumn Ridge | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 5,423 |
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 | 30 |
Gross Amount at which carried at close of period, Land | 1,116 |
Gross Amount at which carried at close of period, Buildings | 8,905 |
Gross Amount at which carried at close of period, Total | 10,021 |
Depreciation | $ 3,241 |
Date of Construction or Acquisition | Aug. 16, 2004 |
Residential Property | Autumn Ridge | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Residential Property | Autumn Ridge | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Barrett Arms | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Crookston, MN |
Encumbrances | $ 788 |
Initial cost to company, Land | 37 |
Initial cost to company, Buildings | 1,001 |
Costs capitalized subsequent to acquisition, Buildings | 154 |
Gross Amount at which carried at close of period, Land | 37 |
Gross Amount at which carried at close of period, Buildings | 1,155 |
Gross Amount at which carried at close of period, Total | 1,192 |
Depreciation | $ 182 |
Date of Construction or Acquisition | Jan. 2, 2014 |
Residential Property | Barrett Arms | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Barrett Arms | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Bayview | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,669 |
Initial cost to company, Land | 284 |
Initial cost to company, Buildings | 3,447 |
Costs capitalized subsequent to acquisition, Land | 59 |
Costs capitalized subsequent to acquisition, Buildings | 266 |
Gross Amount at which carried at close of period, Land | 343 |
Gross Amount at which carried at close of period, Buildings | 3,713 |
Gross Amount at which carried at close of period, Total | 4,056 |
Depreciation | $ 1,146 |
Date of Construction or Acquisition | Dec. 31, 2007 |
Residential Property | Bayview | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Bayview | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Belmont East and West | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 808 |
Initial cost to company, Land | 167 |
Initial cost to company, Buildings | 1,424 |
Gross Amount at which carried at close of period, Land | 167 |
Gross Amount at which carried at close of period, Buildings | 1,424 |
Gross Amount at which carried at close of period, Total | 1,591 |
Depreciation | $ 30 |
Date of Construction or Acquisition | Mar. 1, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Berkshire | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 440 |
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 | $ 132 |
Date of Construction or Acquisition | Mar. 31, 2008 |
Residential Property | Berkshire | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Berkshire | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Betty Ann | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 467 |
Initial cost to company, Land | 74 |
Initial cost to company, Buildings | 738 |
Costs capitalized subsequent to acquisition, Land | 6 |
Costs capitalized subsequent to acquisition, Buildings | 140 |
Gross Amount at which carried at close of period, Land | 80 |
Gross Amount at which carried at close of period, Buildings | 878 |
Gross Amount at which carried at close of period, Total | 958 |
Depreciation | $ 223 |
Date of Construction or Acquisition | Aug. 31, 2009 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Birchwood 1 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 242 |
Initial cost to company, Land | 72 |
Initial cost to company, Buildings | 342 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 42 |
Gross Amount at which carried at close of period, Land | 76 |
Gross Amount at which carried at close of period, Buildings | 384 |
Gross Amount at which carried at close of period, Total | 460 |
Depreciation | $ 27 |
Date of Construction or Acquisition | Dec. 1, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Birchwood 2 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,426 |
Initial cost to company, Land | 234 |
Initial cost to company, Buildings | 2,266 |
Costs capitalized subsequent to acquisition, Land | 52 |
Costs capitalized subsequent to acquisition, Buildings | 217 |
Gross Amount at which carried at close of period, Land | 286 |
Gross Amount at which carried at close of period, Buildings | 2,483 |
Gross Amount at which carried at close of period, Total | 2,769 |
Depreciation | $ 184 |
Date of Construction or Acquisition | Dec. 1, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Bradbury Apartments | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 1,948 |
Initial cost to company, Land | 1,049 |
Initial cost to company, Buildings | 4,922 |
Costs capitalized subsequent to acquisition, Buildings | 46 |
Gross Amount at which carried at close of period, Land | 1,049 |
Gross Amount at which carried at close of period, Buildings | 4,968 |
Gross Amount at which carried at close of period, Total | 6,017 |
Depreciation | $ 279 |
Date of Construction or Acquisition | Oct. 24, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Bridgeport | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 5,041 |
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 | $ 787 |
Date of Construction or Acquisition | Dec. 19, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Bristol Park | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 2,964 |
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 | $ 560 |
Date of Construction or Acquisition | Feb. 1, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Brookfield | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 151 |
Initial cost to company, Land | 228 |
Initial cost to company, Buildings | 1,958 |
Costs capitalized subsequent to acquisition, Land | 30 |
Costs capitalized subsequent to acquisition, Buildings | 258 |
Gross Amount at which carried at close of period, Land | 258 |
Gross Amount at which carried at close of period, Buildings | 2,216 |
Gross Amount at which carried at close of period, Total | 2,474 |
Depreciation | $ 646 |
Date of Construction or Acquisition | Aug. 1, 2008 |
Residential Property | Brookfield | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Brookfield | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Cambridge (FKA 44th Street) | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,712 |
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 | 157 |
Gross Amount at which carried at close of period, Land | 337 |
Gross Amount at which carried at close of period, Buildings | 2,002 |
Gross Amount at which carried at close of period, Total | 2,339 |
Depreciation | $ 375 |
Date of Construction or Acquisition | Feb. 6, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Candlelight | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,776 |
Initial cost to company, Land | 613 |
Initial cost to company, Buildings | 1,221 |
Costs capitalized subsequent to acquisition, Land | (336) |
Costs capitalized subsequent to acquisition, Buildings | 416 |
Gross Amount at which carried at close of period, Land | 277 |
Gross Amount at which carried at close of period, Buildings | 1,637 |
Gross Amount at which carried at close of period, Total | 1,914 |
Depreciation | $ 328 |
Date of Construction or Acquisition | Nov. 30, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Carling Manor | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 535 |
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 | 61 |
Gross Amount at which carried at close of period, Land | 70 |
Gross Amount at which carried at close of period, Buildings | 717 |
Gross Amount at which carried at close of period, Total | 787 |
Depreciation | $ 214 |
Date of Construction or Acquisition | Mar. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Carlton Place | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 6,369 |
Initial cost to company, Land | 703 |
Initial cost to company, Buildings | 7,070 |
Costs capitalized subsequent to acquisition, Land | 96 |
Costs capitalized subsequent to acquisition, Buildings | 467 |
Gross Amount at which carried at close of period, Land | 799 |
Gross Amount at which carried at close of period, Buildings | 7,537 |
Gross Amount at which carried at close of period, Total | 8,336 |
Depreciation | $ 2,191 |
Date of Construction or Acquisition | Sep. 1, 2008 |
Residential Property | Carlton Place | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Carlton Place | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Carr | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 529 |
Initial cost to company, Land | 66 |
Initial cost to company, Buildings | 759 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 41 |
Gross Amount at which carried at close of period, Land | 70 |
Gross Amount at which carried at close of period, Buildings | 800 |
Gross Amount at which carried at close of period, Total | 870 |
Depreciation | $ 76 |
Date of Construction or Acquisition | Jan. 17, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Cedars 4 | |
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 |
Costs capitalized subsequent to acquisition, Buildings | 10 |
Gross Amount at which carried at close of period, Land | 134 |
Gross Amount at which carried at close of period, Buildings | 1,078 |
Gross Amount at which carried at close of period, Total | 1,212 |
Depreciation | $ 55 |
Date of Construction or Acquisition | Dec. 31, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Chandler 1802 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 667 |
Initial cost to company, Land | 133 |
Initial cost to company, Buildings | 1,114 |
Costs capitalized subsequent to acquisition, Buildings | 31 |
Gross Amount at which carried at close of period, Land | 133 |
Gross Amount at which carried at close of period, Buildings | 1,145 |
Gross Amount at which carried at close of period, Total | 1,278 |
Depreciation | $ 197 |
Date of Construction or Acquisition | Jan. 2, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Chandler 1834 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 431 |
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 | $ 32 |
Date of Construction or Acquisition | Sep. 1, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Chandler 1866 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 346 |
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 | $ 115 |
Date of Construction or Acquisition | Jan. 3, 2005 |
Residential Property | Chandler 1866 | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Chandler 1866 | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Cherry Creek (FKA Village) | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
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 | 156 |
Gross Amount at which carried at close of period, Land | 174 |
Gross Amount at which carried at close of period, Buildings | 1,591 |
Gross Amount at which carried at close of period, Total | 1,765 |
Depreciation | $ 451 |
Date of Construction or Acquisition | Nov. 1, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Cityside Apartments | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 732 |
Initial cost to company, Land | 192 |
Initial cost to company, Buildings | 1,129 |
Costs capitalized subsequent to acquisition, Land | 1 |
Gross Amount at which carried at close of period, Land | 193 |
Gross Amount at which carried at close of period, Buildings | 1,129 |
Gross Amount at which carried at close of period, Total | 1,322 |
Depreciation | $ 61 |
Date of Construction or Acquisition | Nov. 30, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Columbia Park Village I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 321 |
Initial cost to company, Land | 102 |
Initial cost to company, Buildings | 546 |
Gross Amount at which carried at close of period, Land | 102 |
Gross Amount at which carried at close of period, Buildings | 546 |
Gross Amount at which carried at close of period, Total | 648 |
Depreciation | $ 14 |
Date of Construction or Acquisition | Jan. 31, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Columbia West | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 2,673 |
Initial cost to company, Land | 294 |
Initial cost to company, Buildings | 3,367 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 538 |
Gross Amount at which carried at close of period, Land | 295 |
Gross Amount at which carried at close of period, Buildings | 3,905 |
Gross Amount at which carried at close of period, Total | 4,200 |
Depreciation | $ 1,098 |
Date of Construction or Acquisition | Sep. 1, 2008 |
Residential Property | Columbia West | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Columbia West | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Country Club | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,066 |
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 | 223 |
Gross Amount at which carried at close of period, Land | 254 |
Gross Amount at which carried at close of period, Buildings | 1,475 |
Gross Amount at which carried at close of period, Total | 1,729 |
Depreciation | $ 333 |
Date of Construction or Acquisition | May 2, 2011 |
Residential Property | Country Club | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Country Club | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Countryside | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 653 |
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 | $ 166 |
Date of Construction or Acquisition | May 2, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Courtyard | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | St. Louis Park, MN |
Encumbrances | $ 3,273 |
Initial cost to company, Land | 2,270 |
Initial cost to company, Buildings | 5,681 |
Costs capitalized subsequent to acquisition, Buildings | 779 |
Gross Amount at which carried at close of period, Land | 2,270 |
Gross Amount at which carried at close of period, Buildings | 6,460 |
Gross Amount at which carried at close of period, Total | 8,730 |
Depreciation | $ 1,133 |
Date of Construction or Acquisition | Sep. 3, 2013 |
Residential Property | Courtyard | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Courtyard | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Dakota Manor | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,548 |
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 | 124 |
Gross Amount at which carried at close of period, Land | 269 |
Gross Amount at which carried at close of period, Buildings | 2,360 |
Gross Amount at which carried at close of period, Total | 2,629 |
Depreciation | $ 367 |
Date of Construction or Acquisition | Aug. 7, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Danbury | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,848 |
Initial cost to company, Land | 381 |
Initial cost to company, Buildings | 5,922 |
Costs capitalized subsequent to acquisition, Land | 211 |
Costs capitalized subsequent to acquisition, Buildings | 643 |
Gross Amount at which carried at close of period, Land | 592 |
Gross Amount at which carried at close of period, Buildings | 6,565 |
Gross Amount at which carried at close of period, Total | 7,157 |
Depreciation | $ 1,989 |
Date of Construction or Acquisition | Dec. 31, 2007 |
Residential Property | Danbury | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Danbury | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Dellwood Estates | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Anoka, MN |
Encumbrances | $ 6,686 |
Initial cost to company, Land | 844 |
Initial cost to company, Buildings | 9,924 |
Costs capitalized subsequent to acquisition, Buildings | 452 |
Gross Amount at which carried at close of period, Land | 844 |
Gross Amount at which carried at close of period, Buildings | 10,376 |
Gross Amount at which carried at close of period, Total | 11,220 |
Depreciation | $ 1,939 |
Date of Construction or Acquisition | May 31, 2013 |
Residential Property | Dellwood Estates | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Dellwood Estates | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Eagle Run | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | West Fargo, ND |
Encumbrances | $ 3,898 |
Initial cost to company, Land | 576 |
Initial cost to company, Buildings | 5,787 |
Costs capitalized subsequent to acquisition, Land | 128 |
Costs capitalized subsequent to acquisition, Buildings | 119 |
Gross Amount at which carried at close of period, Land | 704 |
Gross Amount at which carried at close of period, Buildings | 5,906 |
Gross Amount at which carried at close of period, Total | 6,610 |
Depreciation | $ 1,521 |
Date of Construction or Acquisition | Aug. 12, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Eagle Sky I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 859 |
Initial cost to company, Land | 115 |
Initial cost to company, Buildings | 1,292 |
Costs capitalized subsequent to acquisition, Buildings | 104 |
Gross Amount at which carried at close of period, Land | 115 |
Gross Amount at which carried at close of period, Buildings | 1,396 |
Gross Amount at which carried at close of period, Total | 1,511 |
Depreciation | $ 174 |
Date of Construction or Acquisition | Mar. 1, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Eagle Sky II | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 859 |
Initial cost to company, Land | 135 |
Initial cost to company, Buildings | 1,279 |
Costs capitalized subsequent to acquisition, Buildings | 173 |
Gross Amount at which carried at close of period, Land | 135 |
Gross Amount at which carried at close of period, Buildings | 1,452 |
Gross Amount at which carried at close of period, Total | 1,587 |
Depreciation | $ 169 |
Date of Construction or Acquisition | Mar. 1, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | East Bridge | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 3,341 |
Initial cost to company, Land | 792 |
Initial cost to company, Buildings | 5,477 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 174 |
Gross Amount at which carried at close of period, Land | 793 |
Gross Amount at which carried at close of period, Buildings | 5,651 |
Gross Amount at which carried at close of period, Total | 6,444 |
Depreciation | $ 493 |
Date of Construction or Acquisition | Jul. 3, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Eastbrook | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 696 |
Initial cost to company, Land | 145 |
Initial cost to company, Buildings | 1,233 |
Gross Amount at which carried at close of period, Land | 145 |
Gross Amount at which carried at close of period, Buildings | 1,233 |
Gross Amount at which carried at close of period, Total | 1,378 |
Depreciation | $ 26 |
Date of Construction or Acquisition | Jan. 31, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Echo Manor | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Hutchinson, MN |
Encumbrances | $ 992 |
Initial cost to company, Land | 141 |
Initial cost to company, Buildings | 875 |
Costs capitalized subsequent to acquisition, Buildings | 103 |
Gross Amount at which carried at close of period, Land | 141 |
Gross Amount at which carried at close of period, Buildings | 978 |
Gross Amount at which carried at close of period, Total | 1,119 |
Depreciation | $ 162 |
Date of Construction or Acquisition | Jan. 2, 2014 |
Residential Property | Echo Manor | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Echo Manor | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Emerald Court | |
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 | 11 |
Costs capitalized subsequent to acquisition, Buildings | 162 |
Gross Amount at which carried at close of period, Land | 77 |
Gross Amount at which carried at close of period, Buildings | 992 |
Gross Amount at which carried at close of period, Total | 1,069 |
Depreciation | $ 288 |
Date of Construction or Acquisition | Mar. 31, 2008 |
Residential Property | Emerald Court | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Emerald Court | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Essex | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 568 |
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 | $ 62 |
Date of Construction or Acquisition | Jun. 1, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Evergreen Terrace | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Omaha, NE |
Encumbrances | $ 5,451 |
Initial cost to company, Land | 820 |
Initial cost to company, Buildings | 7,573 |
Gross Amount at which carried at close of period, Land | 820 |
Gross Amount at which carried at close of period, Buildings | 7,573 |
Gross Amount at which carried at close of period, Total | 8,393 |
Depreciation | $ 16 |
Date of Construction or Acquisition | Dec. 17, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Fairview | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 2,692 |
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 | 887 |
Gross Amount at which carried at close of period, Land | 306 |
Gross Amount at which carried at close of period, Buildings | 4,865 |
Gross Amount at which carried at close of period, Total | 5,171 |
Depreciation | $ 1,280 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Residential Property | Fairview | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Fairview | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Flickertail | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 5,089 |
Initial cost to company, Land | 426 |
Initial cost to company, Buildings | 5,590 |
Costs capitalized subsequent to acquisition, Land | 76 |
Costs capitalized subsequent to acquisition, Buildings | 1,316 |
Gross Amount at which carried at close of period, Land | 502 |
Gross Amount at which carried at close of period, Buildings | 6,906 |
Gross Amount at which carried at close of period, Total | 7,408 |
Depreciation | $ 1,724 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Forest Avenue | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 351 |
Initial cost to company, Land | 61 |
Initial cost to company, Buildings | 637 |
Costs capitalized subsequent to acquisition, Land | 8 |
Costs capitalized subsequent to acquisition, Buildings | 64 |
Gross Amount at which carried at close of period, Land | 69 |
Gross Amount at which carried at close of period, Buildings | 701 |
Gross Amount at which carried at close of period, Total | 770 |
Depreciation | $ 130 |
Date of Construction or Acquisition | Feb. 6, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Foxtail Creek Townhomes | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 267 |
Initial cost to company, Buildings | 1,221 |
Gross Amount at which carried at close of period, Land | 267 |
Gross Amount at which carried at close of period, Buildings | 1,221 |
Gross Amount at which carried at close of period, Total | 1,488 |
Depreciation | $ 10 |
Date of Construction or Acquisition | Sep. 15, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Galleria III | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 717 |
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 | 292 |
Gross Amount at which carried at close of period, Land | 119 |
Gross Amount at which carried at close of period, Buildings | 973 |
Gross Amount at which carried at close of period, Total | 1,092 |
Depreciation | $ 188 |
Date of Construction or Acquisition | Nov. 9, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Garden Grove | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 4,289 |
Initial cost to company, Land | 606 |
Initial cost to company, Buildings | 6,073 |
Costs capitalized subsequent to acquisition, Buildings | 116 |
Gross Amount at which carried at close of period, Land | 606 |
Gross Amount at which carried at close of period, Buildings | 6,189 |
Gross Amount at which carried at close of period, Total | 6,795 |
Depreciation | $ 733 |
Date of Construction or Acquisition | May 4, 2016 |
Residential Property | Garden Grove | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Garden Grove | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Georgetown on the River | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fridley, MN |
Encumbrances | $ 17,418 |
Initial cost to company, Land | 4,620 |
Initial cost to company, Buildings | 25,012 |
Costs capitalized subsequent to acquisition, Land | 8 |
Costs capitalized subsequent to acquisition, Buildings | 3,880 |
Gross Amount at which carried at close of period, Land | 4,628 |
Gross Amount at which carried at close of period, Buildings | 28,892 |
Gross Amount at which carried at close of period, Total | 33,520 |
Depreciation | $ 4,187 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Residential Property | Georgetown on the River | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Georgetown on the River | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Glen Pond | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Eagan, MN |
Encumbrances | $ 14,221 |
Initial cost to company, Land | 3,761 |
Initial cost to company, Buildings | 20,569 |
Costs capitalized subsequent to acquisition, Land | 38 |
Costs capitalized subsequent to acquisition, Buildings | 797 |
Gross Amount at which carried at close of period, Land | 3,799 |
Gross Amount at which carried at close of period, Buildings | 21,366 |
Gross Amount at which carried at close of period, Total | 25,165 |
Depreciation | $ 4,759 |
Date of Construction or Acquisition | Dec. 2, 2011 |
Residential Property | Glen Pond | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Glen Pond | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Glen Pond Addition | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Eagan, MN |
Initial cost to company, Land | $ 876 |
Initial cost to company, Buildings | 15,408 |
Gross Amount at which carried at close of period, Land | 876 |
Gross Amount at which carried at close of period, Buildings | 15,408 |
Gross Amount at which carried at close of period, Total | 16,284 |
Depreciation | $ 128 |
Date of Construction or Acquisition | Sep. 30, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Granger Court I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,078 |
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 | 82 |
Gross Amount at which carried at close of period, Land | 304 |
Gross Amount at which carried at close of period, Buildings | 2,701 |
Gross Amount at which carried at close of period, Total | 3,005 |
Depreciation | $ 500 |
Date of Construction or Acquisition | Jun. 4, 2013 |
Residential Property | Granger Court I | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Granger Court I | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Griffin Court | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Moorhead, MN |
Encumbrances | $ 2,918 |
Initial cost to company, Land | 652 |
Initial cost to company, Buildings | 3,858 |
Costs capitalized subsequent to acquisition, Land | 35 |
Costs capitalized subsequent to acquisition, Buildings | 385 |
Gross Amount at which carried at close of period, Land | 687 |
Gross Amount at which carried at close of period, Buildings | 4,243 |
Gross Amount at which carried at close of period, Total | 4,930 |
Depreciation | $ 712 |
Date of Construction or Acquisition | Jun. 9, 2014 |
Residential Property | Griffin Court | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Griffin Court | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Hannifin | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 437 |
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 | $ 114 |
Date of Construction or Acquisition | Nov. 1, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Harrison and Richfield | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 5,312 |
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 | $ 2,240 |
Date of Construction or Acquisition | Jul. 1, 2007 |
Residential Property | Harrison and Richfield | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Harrison and Richfield | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Hartford Apartments | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 881 |
Initial cost to company, Land | 154 |
Initial cost to company, Buildings | 1,233 |
Costs capitalized subsequent to acquisition, Buildings | 14 |
Gross Amount at which carried at close of period, Land | 154 |
Gross Amount at which carried at close of period, Buildings | 1,247 |
Gross Amount at which carried at close of period, Total | 1,401 |
Depreciation | $ 69 |
Date of Construction or Acquisition | Oct. 1, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Hawn | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,579 |
Initial cost to company, Land | 280 |
Initial cost to company, Buildings | 2,277 |
Gross Amount at which carried at close of period, Land | 280 |
Gross Amount at which carried at close of period, Buildings | 2,277 |
Gross Amount at which carried at close of period, Total | 2,557 |
Depreciation | $ 47 |
Date of Construction or Acquisition | Mar. 1, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Highland Meadows | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 5,629 |
Initial cost to company, Land | 1,532 |
Initial cost to company, Buildings | 8,513 |
Costs capitalized subsequent to acquisition, Buildings | 313 |
Gross Amount at which carried at close of period, Land | 1,532 |
Gross Amount at which carried at close of period, Buildings | 8,826 |
Gross Amount at which carried at close of period, Total | 10,358 |
Depreciation | $ 814 |
Date of Construction or Acquisition | May 1, 2017 |
Residential Property | Highland Meadows | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Highland Meadows | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Hunters Run I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 503 |
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 | $ 142 |
Date of Construction or Acquisition | Mar. 23, 2007 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Hunters Run II | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 483 |
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 | $ 138 |
Date of Construction or Acquisition | Jul. 1, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Huntington | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 345 |
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 | $ 44 |
Date of Construction or Acquisition | Aug. 4, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Islander | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 793 |
Initial cost to company, Land | 98 |
Initial cost to company, Buildings | 884 |
Costs capitalized subsequent to acquisition, Land | 49 |
Costs capitalized subsequent to acquisition, Buildings | 115 |
Gross Amount at which carried at close of period, Land | 147 |
Gross Amount at which carried at close of period, Buildings | 999 |
Gross Amount at which carried at close of period, Total | 1,146 |
Depreciation | $ 220 |
Date of Construction or Acquisition | Jul. 1, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Jadestone | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 539 |
Initial cost to company, Land | 212 |
Initial cost to company, Buildings | 554 |
Costs capitalized subsequent to acquisition, Buildings | 124 |
Gross Amount at which carried at close of period, Land | 212 |
Gross Amount at which carried at close of period, Buildings | 678 |
Gross Amount at which carried at close of period, Total | 890 |
Depreciation | $ 55 |
Date of Construction or Acquisition | Jun. 1, 2017 |
Residential Property | Jadestone | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Jadestone | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Kennedy | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 383 |
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 | 91 |
Gross Amount at which carried at close of period, Land | 91 |
Gross Amount at which carried at close of period, Buildings | 679 |
Gross Amount at which carried at close of period, Total | 770 |
Depreciation | $ 125 |
Date of Construction or Acquisition | Feb. 6, 2013 |
Residential Property | Kennedy | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Kennedy | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Library Lane | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 2,132 |
Initial cost to company, Land | 301 |
Initial cost to company, Buildings | 2,401 |
Costs capitalized subsequent to acquisition, Land | 15 |
Costs capitalized subsequent to acquisition, Buildings | 121 |
Gross Amount at which carried at close of period, Land | 316 |
Gross Amount at which carried at close of period, Buildings | 2,522 |
Gross Amount at which carried at close of period, Total | 2,838 |
Depreciation | $ 832 |
Date of Construction or Acquisition | Oct. 1, 2007 |
Residential Property | Library Lane | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Library Lane | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Madison | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 296 |
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 | $ 72 |
Date of Construction or Acquisition | Sep. 1, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Maple Ridge | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Omaha, NE |
Encumbrances | $ 3,822 |
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 | 3,619 |
Gross Amount at which carried at close of period, Land | 825 |
Gross Amount at which carried at close of period, Buildings | 9,227 |
Gross Amount at which carried at close of period, Total | 10,052 |
Depreciation | $ 2,078 |
Date of Construction or Acquisition | Aug. 1, 2008 |
Residential Property | Maple Ridge | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Maple Ridge | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Maplewood | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Maplewood, MN |
Encumbrances | $ 9,020 |
Initial cost to company, Land | 3,120 |
Initial cost to company, Buildings | 11,955 |
Costs capitalized subsequent to acquisition, Buildings | 1,379 |
Gross Amount at which carried at close of period, Land | 3,120 |
Gross Amount at which carried at close of period, Buildings | 13,334 |
Gross Amount at which carried at close of period, Total | 16,454 |
Depreciation | $ 1,901 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Residential Property | Maplewood | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Maplewood | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,584 |
Initial cost to company, Land | 783 |
Initial cost to company, Buildings | 5,839 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 414 |
Gross Amount at which carried at close of period, Land | 784 |
Gross Amount at which carried at close of period, Buildings | 6,253 |
Gross Amount at which carried at close of period, Total | 7,037 |
Depreciation | $ 1,577 |
Date of Construction or Acquisition | Jan. 1, 2009 |
Residential Property | Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Martha Alice | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 467 |
Initial cost to company, Land | 74 |
Initial cost to company, Buildings | 738 |
Costs capitalized subsequent to acquisition, Land | 6 |
Costs capitalized subsequent to acquisition, Buildings | 83 |
Gross Amount at which carried at close of period, Land | 80 |
Gross Amount at which carried at close of period, Buildings | 821 |
Gross Amount at which carried at close of period, Total | 901 |
Depreciation | $ 234 |
Date of Construction or Acquisition | Aug. 31, 2009 |
Residential Property | Martha Alice | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Martha Alice | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Mayfair | |
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, Land | 3 |
Costs capitalized subsequent to acquisition, Buildings | 123 |
Gross Amount at which carried at close of period, Land | 83 |
Gross Amount at which carried at close of period, Buildings | 1,166 |
Gross Amount at which carried at close of period, Total | 1,249 |
Depreciation | $ 335 |
Date of Construction or Acquisition | Jul. 1, 2008 |
Residential Property | Mayfair | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Mayfair | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Monticello | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 611 |
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 | $ 141 |
Date of Construction or Acquisition | Nov. 8, 2013 |
Residential Property | Monticello | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Monticello | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Montreal Courts | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Little Canada, MN |
Encumbrances | $ 17,635 |
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 | 1,389 |
Gross Amount at which carried at close of period, Land | 5,824 |
Gross Amount at which carried at close of period, Buildings | 20,954 |
Gross Amount at which carried at close of period, Total | 26,778 |
Depreciation | $ 3,788 |
Date of Construction or Acquisition | Oct. 2, 2013 |
Residential Property | Montreal Courts | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Montreal Courts | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Morningside Apartments | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 496 |
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 | $ 36 |
Date of Construction or Acquisition | Nov. 30, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Oak Court | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,651 |
Initial cost to company, Land | 270 |
Initial cost to company, Buildings | 2,210 |
Costs capitalized subsequent to acquisition, Land | 14 |
Costs capitalized subsequent to acquisition, Buildings | 412 |
Gross Amount at which carried at close of period, Land | 284 |
Gross Amount at which carried at close of period, Buildings | 2,622 |
Gross Amount at which carried at close of period, Total | 2,906 |
Depreciation | $ 765 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Residential Property | Oak Court | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 28 years |
Residential Property | Oak Court | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Oakview Townhomes | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 3,704 |
Initial cost to company, Land | 822 |
Initial cost to company, Buildings | 4,698 |
Costs capitalized subsequent to acquisition, Buildings | 399 |
Gross Amount at which carried at close of period, Land | 822 |
Gross Amount at which carried at close of period, Buildings | 5,097 |
Gross Amount at which carried at close of period, Total | 5,919 |
Depreciation | $ 504 |
Date of Construction or Acquisition | Jan. 11, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Pacific Park I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 570 |
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 | $ 162 |
Date of Construction or Acquisition | Feb. 6, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Pacific Park II | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 488 |
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 | $ 179 |
Date of Construction or Acquisition | Feb. 6, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Pacific South | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 301 |
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 | $ 91 |
Date of Construction or Acquisition | Feb. 6, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Park Circle | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 591 |
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 | $ 65 |
Date of Construction or Acquisition | Jun. 1, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Parkview Arms | |
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 | 135 |
Gross Amount at which carried at close of period, Land | 373 |
Gross Amount at which carried at close of period, Buildings | 3,980 |
Gross Amount at which carried at close of period, Total | 4,353 |
Depreciation | $ 579 |
Date of Construction or Acquisition | May 13, 2015 |
Residential Property | Parkview Arms | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Parkview Arms | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Parkwest Gardens | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | West Fargo, ND |
Encumbrances | $ 3,374 |
Initial cost to company, Land | 713 |
Initial cost to company, Buildings | 5,712 |
Costs capitalized subsequent to acquisition, Land | 39 |
Costs capitalized subsequent to acquisition, Buildings | 1,174 |
Gross Amount at which carried at close of period, Land | 752 |
Gross Amount at which carried at close of period, Buildings | 6,886 |
Gross Amount at which carried at close of period, Total | 7,638 |
Depreciation | $ 1,034 |
Date of Construction or Acquisition | Jun. 30, 2014 |
Residential Property | Parkwest Gardens | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Parkwest Gardens | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Parkwood | |
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 | $ 348 |
Date of Construction or Acquisition | Aug. 1, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Pebble Creek | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 3,876 |
Initial cost to company, Land | 260 |
Initial cost to company, Buildings | 3,704 |
Costs capitalized subsequent to acquisition, Buildings | (186) |
Gross Amount at which carried at close of period, Land | 260 |
Gross Amount at which carried at close of period, Buildings | 3,518 |
Gross Amount at which carried at close of period, Total | 3,778 |
Depreciation | $ 1,101 |
Date of Construction or Acquisition | Mar. 19, 2008 |
Residential Property | Pebble Creek | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Pebble Creek | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Plumtree | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 546 |
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 | $ 74 |
Date of Construction or Acquisition | May 1, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Prairiewood Courts | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 308 |
Initial cost to company, Buildings | 1,730 |
Costs capitalized subsequent to acquisition, Land | 28 |
Costs capitalized subsequent to acquisition, Buildings | 132 |
Gross Amount at which carried at close of period, Land | 336 |
Gross Amount at which carried at close of period, Buildings | 1,862 |
Gross Amount at which carried at close of period, Total | 2,198 |
Depreciation | $ 629 |
Date of Construction or Acquisition | Sep. 1, 2006 |
Residential Property | Prairiewood Courts | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Prairiewood Courts | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Prairiewood Meadows | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,995 |
Initial cost to company, Land | 736 |
Initial cost to company, Buildings | 1,077 |
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 | 1,093 |
Gross Amount at which carried at close of period, Total | 1,840 |
Depreciation | $ 226 |
Date of Construction or Acquisition | Sep. 30, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Quail Creek | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Springfield, MO |
Encumbrances | $ 5,979 |
Initial cost to company, Land | 1,529 |
Initial cost to company, Buildings | 8,046 |
Costs capitalized subsequent to acquisition, Buildings | 102 |
Gross Amount at which carried at close of period, Land | 1,529 |
Gross Amount at which carried at close of period, Buildings | 8,148 |
Gross Amount at which carried at close of period, Total | 9,677 |
Depreciation | $ 1,220 |
Date of Construction or Acquisition | Feb. 3, 2015 |
Residential Property | Quail Creek | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Quail Creek | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Robinwood | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Coon Rapids, MN |
Encumbrances | $ 4,353 |
Initial cost to company, Land | 1,380 |
Initial cost to company, Buildings | 6,133 |
Costs capitalized subsequent to acquisition, Buildings | 669 |
Gross Amount at which carried at close of period, Land | 1,380 |
Gross Amount at which carried at close of period, Buildings | 6,802 |
Gross Amount at which carried at close of period, Total | 8,182 |
Depreciation | $ 982 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Residential Property | Robinwood | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Robinwood | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Rosedale Estates | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Roseville, MN |
Encumbrances | $ 14,700 |
Initial cost to company, Land | 4,680 |
Initial cost to company, Buildings | 20,591 |
Costs capitalized subsequent to acquisition, Buildings | 650 |
Gross Amount at which carried at close of period, Land | 4,680 |
Gross Amount at which carried at close of period, Buildings | 21,241 |
Gross Amount at which carried at close of period, Total | 25,921 |
Depreciation | $ 3,218 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Residential Property | Rosedale Estates | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Rosedale Estates | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Rosegate | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 3,060 |
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 | $ 982 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Residential Property | Rosegate | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Rosegate | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Rosser | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 749 |
Initial cost to company, Land | 156 |
Initial cost to company, Buildings | 1,216 |
Gross Amount at which carried at close of period, Land | 156 |
Gross Amount at which carried at close of period, Buildings | 1,216 |
Gross Amount at which carried at close of period, Total | 1,372 |
Depreciation | $ 25 |
Date of Construction or Acquisition | Mar. 1, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Roughrider | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 403 |
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 | $ 64 |
Date of Construction or Acquisition | Aug. 1, 2016 |
Residential Property | Roughrider | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Roughrider | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Saddlebrook | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | West Fargo, ND |
Encumbrances | $ 1,404 |
Initial cost to company, Land | 148 |
Initial cost to company, Buildings | 1,262 |
Costs capitalized subsequent to acquisition, Land | 203 |
Costs capitalized subsequent to acquisition, Buildings | 105 |
Gross Amount at which carried at close of period, Land | 351 |
Gross Amount at which carried at close of period, Buildings | 1,367 |
Gross Amount at which carried at close of period, Total | 1,718 |
Depreciation | $ 393 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sage Park | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | New Brighton, MN |
Encumbrances | $ 9,812 |
Initial cost to company, Land | 2,520 |
Initial cost to company, Buildings | 13,985 |
Costs capitalized subsequent to acquisition, Buildings | 949 |
Gross Amount at which carried at close of period, Land | 2,520 |
Gross Amount at which carried at close of period, Buildings | 14,934 |
Gross Amount at which carried at close of period, Total | 17,454 |
Depreciation | $ 2,258 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Residential Property | Sage Park | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Sage Park | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sargent | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,005 |
Initial cost to company, Land | 164 |
Initial cost to company, Buildings | 1,529 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 17 |
Gross Amount at which carried at close of period, Land | 168 |
Gross Amount at which carried at close of period, Buildings | 1,546 |
Gross Amount at which carried at close of period, Total | 1,714 |
Depreciation | $ 155 |
Date of Construction or Acquisition | Jan. 10, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Schrock | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 457 |
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 | $ 120 |
Date of Construction or Acquisition | Jun. 4, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sheridan Pointe | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,096 |
Initial cost to company, Land | 292 |
Initial cost to company, Buildings | 2,387 |
Costs capitalized subsequent to acquisition, Land | 21 |
Costs capitalized subsequent to acquisition, Buildings | 35 |
Gross Amount at which carried at close of period, Land | 313 |
Gross Amount at which carried at close of period, Buildings | 2,422 |
Gross Amount at which carried at close of period, Total | 2,735 |
Depreciation | $ 426 |
Date of Construction or Acquisition | Oct. 1, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sierra Ridge | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 6,977 |
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 | 136 |
Gross Amount at which carried at close of period, Land | 905 |
Gross Amount at which carried at close of period, Buildings | 8,931 |
Gross Amount at which carried at close of period, Total | 9,836 |
Depreciation | $ 2,518 |
Date of Construction or Acquisition | Sep. 1, 2006 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Somerset | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,844 |
Initial cost to company, Land | 300 |
Initial cost to company, Buildings | 3,400 |
Costs capitalized subsequent to acquisition, Land | 43 |
Costs capitalized subsequent to acquisition, Buildings | 57 |
Gross Amount at which carried at close of period, Land | 343 |
Gross Amount at which carried at close of period, Buildings | 3,457 |
Gross Amount at which carried at close of period, Total | 3,800 |
Depreciation | $ 1,060 |
Date of Construction or Acquisition | Jul. 1, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Southgate | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,957 |
Initial cost to company, Land | 803 |
Initial cost to company, Buildings | 5,267 |
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 | 5,222 |
Gross Amount at which carried at close of period, Total | 6,045 |
Depreciation | $ 1,749 |
Date of Construction or Acquisition | Jul. 1, 2007 |
Residential Property | Southgate | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Southgate | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Southview III | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
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 | $ 139 |
Date of Construction or Acquisition | Aug. 1, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Southview Villages | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,526 |
Initial cost to company, Land | 268 |
Initial cost to company, Buildings | 2,483 |
Costs capitalized subsequent to acquisition, Land | 16 |
Costs capitalized subsequent to acquisition, Buildings | 197 |
Gross Amount at which carried at close of period, Land | 284 |
Gross Amount at which carried at close of period, Buildings | 2,680 |
Gross Amount at which carried at close of period, Total | 2,964 |
Depreciation | $ 865 |
Date of Construction or Acquisition | Oct. 1, 2007 |
Residential Property | Southview Villages | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Southview Villages | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Spring | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 465 |
Initial cost to company, Land | 76 |
Initial cost to company, Buildings | 822 |
Costs capitalized subsequent to acquisition, Land | 66 |
Costs capitalized subsequent to acquisition, Buildings | 15 |
Gross Amount at which carried at close of period, Land | 142 |
Gross Amount at which carried at close of period, Buildings | 837 |
Gross Amount at which carried at close of period, Total | 979 |
Depreciation | $ 167 |
Date of Construction or Acquisition | Feb. 6, 2013 |
Residential Property | Spring | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Spring | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Stanford Court | |
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 | 359 |
Gross Amount at which carried at close of period, Land | 291 |
Gross Amount at which carried at close of period, Buildings | 4,225 |
Gross Amount at which carried at close of period, Total | 4,516 |
Depreciation | $ 783 |
Date of Construction or Acquisition | Feb. 6, 2013 |
Residential Property | Stanford Court | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Stanford Court | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Stonefield-Clubhouse | |
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 | $ 133 |
Date of Construction or Acquisition | Jul. 31, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Stonefield-Phase I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 8,041 |
Initial cost to company, Land | 2,804 |
Initial cost to company, Buildings | 13,068 |
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 | 13,314 |
Gross Amount at which carried at close of period, Total | 16,345 |
Depreciation | $ 2,002 |
Date of Construction or Acquisition | Aug. 1, 2014 |
Residential Property | Stonefield-Phase I | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Stonefield-Phase I | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Stonefield-Phase II | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 4,953 |
Initial cost to company, Land | 1,167 |
Initial cost to company, Buildings | 2,531 |
Costs capitalized subsequent to acquisition, Land | 486 |
Costs capitalized subsequent to acquisition, Buildings | 5,129 |
Gross Amount at which carried at close of period, Land | 1,653 |
Gross Amount at which carried at close of period, Buildings | 7,660 |
Gross Amount at which carried at close of period, Total | 9,313 |
Depreciation | $ 740 |
Date of Construction or Acquisition | Oct. 23, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Stonefield-Phase III | |
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 |
Residential Property | Stonybrook | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Omaha, NE |
Encumbrances | $ 6,612 |
Initial cost to company, Land | 1,439 |
Initial cost to company, Buildings | 8,003 |
Costs capitalized subsequent to acquisition, Buildings | 1,565 |
Gross Amount at which carried at close of period, Land | 1,439 |
Gross Amount at which carried at close of period, Buildings | 9,568 |
Gross Amount at which carried at close of period, Total | 11,007 |
Depreciation | $ 2,595 |
Date of Construction or Acquisition | Jan. 20, 2009 |
Residential Property | Stonybrook | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Stonybrook | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Summerfield | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 504 |
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 | $ 87 |
Date of Construction or Acquisition | Aug. 4, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Summit Point | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 3,513 |
Initial cost to company, Land | 681 |
Initial cost to company, Buildings | 5,434 |
Costs capitalized subsequent to acquisition, Land | 22 |
Costs capitalized subsequent to acquisition, Buildings | 145 |
Gross Amount at which carried at close of period, Land | 703 |
Gross Amount at which carried at close of period, Buildings | 5,579 |
Gross Amount at which carried at close of period, Total | 6,282 |
Depreciation | $ 726 |
Date of Construction or Acquisition | Oct. 1, 2015 |
Residential Property | Summit Point | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Summit Point | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sunchase | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,071 |
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 | $ 150 |
Date of Construction or Acquisition | May 1, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sunset Ridge | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 7,852 |
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 | 48 |
Gross Amount at which carried at close of period, Land | 1,795 |
Gross Amount at which carried at close of period, Buildings | 11,060 |
Gross Amount at which carried at close of period, Total | 12,855 |
Depreciation | $ 3,205 |
Date of Construction or Acquisition | Jun. 6, 2008 |
Residential Property | Sunset Ridge | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Residential Property | Sunset Ridge | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sunview | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 144 |
Initial cost to company, Buildings | 1,578 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 183 |
Gross Amount at which carried at close of period, Land | 145 |
Gross Amount at which carried at close of period, Buildings | 1,761 |
Gross Amount at which carried at close of period, Total | 1,906 |
Depreciation | $ 495 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Residential Property | Sunview | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Sunview | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sunwood | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,630 |
Initial cost to company, Land | 358 |
Initial cost to company, Buildings | 3,252 |
Costs capitalized subsequent to acquisition, Land | 38 |
Costs capitalized subsequent to acquisition, Buildings | 422 |
Gross Amount at which carried at close of period, Land | 396 |
Gross Amount at which carried at close of period, Buildings | 3,674 |
Gross Amount at which carried at close of period, Total | 4,070 |
Depreciation | $ 1,116 |
Date of Construction or Acquisition | Jul. 1, 2007 |
Residential Property | Sunwood | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Sunwood | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Terrace on the Green | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Moorhead, MN |
Initial cost to company, Land | $ 697 |
Initial cost to company, Buildings | 2,588 |
Costs capitalized subsequent to acquisition, Land | 11 |
Costs capitalized subsequent to acquisition, Buildings | 265 |
Gross Amount at which carried at close of period, Land | 708 |
Gross Amount at which carried at close of period, Buildings | 2,853 |
Gross Amount at which carried at close of period, Total | 3,561 |
Depreciation | $ 560 |
Date of Construction or Acquisition | Sep. 30, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Thunder Creek | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,794 |
Initial cost to company, Land | 633 |
Initial cost to company, Buildings | 4,063 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 228 |
Gross Amount at which carried at close of period, Land | 634 |
Gross Amount at which carried at close of period, Buildings | 4,291 |
Gross Amount at which carried at close of period, Total | 4,925 |
Depreciation | $ 300 |
Date of Construction or Acquisition | Mar. 1, 2018 |
Residential Property | Thunder Creek | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 25 years |
Residential Property | Thunder Creek | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Twin Oaks | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Hutchinson, MN |
Encumbrances | $ 3,074 |
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 | $ 522 |
Date of Construction or Acquisition | Oct. 1, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Twin Parks | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,022 |
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 | 219 |
Gross Amount at which carried at close of period, Land | 162 |
Gross Amount at which carried at close of period, Buildings | 2,291 |
Gross Amount at which carried at close of period, Total | 2,453 |
Depreciation | $ 642 |
Date of Construction or Acquisition | Oct. 1, 2008 |
Residential Property | Twin Parks | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Twin Parks | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Valley Homes Duplexes | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 1,086 |
Initial cost to company, Land | 356 |
Initial cost to company, Buildings | 1,668 |
Costs capitalized subsequent to acquisition, Buildings | 310 |
Gross Amount at which carried at close of period, Land | 356 |
Gross Amount at which carried at close of period, Buildings | 1,978 |
Gross Amount at which carried at close of period, Total | 2,334 |
Depreciation | $ 280 |
Date of Construction or Acquisition | Jan. 22, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Valley View | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Golden Valley, MN |
Encumbrances | $ 4,334 |
Initial cost to company, Land | 1,190 |
Initial cost to company, Buildings | 6,118 |
Costs capitalized subsequent to acquisition, Buildings | 227 |
Gross Amount at which carried at close of period, Land | 1,190 |
Gross Amount at which carried at close of period, Buildings | 6,345 |
Gross Amount at which carried at close of period, Total | 7,535 |
Depreciation | $ 956 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Residential Property | Valley View | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Valley View | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Village Park | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 678 |
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 | 80 |
Gross Amount at which carried at close of period, Land | 270 |
Gross Amount at which carried at close of period, Buildings | 2,012 |
Gross Amount at which carried at close of period, Total | 2,282 |
Depreciation | $ 621 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Residential Property | Village Park | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Village Park | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Village West | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,314 |
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 | 121 |
Gross Amount at which carried at close of period, Land | 418 |
Gross Amount at which carried at close of period, Buildings | 2,395 |
Gross Amount at which carried at close of period, Total | 2,813 |
Depreciation | $ 715 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Washington | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 390 |
Initial cost to company, Land | 74 |
Initial cost to company, Buildings | 592 |
Costs capitalized subsequent to acquisition, Buildings | 76 |
Gross Amount at which carried at close of period, Land | 74 |
Gross Amount at which carried at close of period, Buildings | 668 |
Gross Amount at which carried at close of period, Total | 742 |
Depreciation | $ 75 |
Date of Construction or Acquisition | May 4, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Westcourt | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,433 |
Initial cost to company, Land | 287 |
Initial cost to company, Buildings | 2,914 |
Costs capitalized subsequent to acquisition, Land | 28 |
Costs capitalized subsequent to acquisition, Buildings | 143 |
Gross Amount at which carried at close of period, Land | 315 |
Gross Amount at which carried at close of period, Buildings | 3,057 |
Gross Amount at which carried at close of period, Total | 3,372 |
Depreciation | $ 548 |
Date of Construction or Acquisition | Jan. 2, 2014 |
Residential Property | Westcourt | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Westcourt | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | West Oak | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 541 |
Initial cost to company, Land | 85 |
Initial cost to company, Buildings | 692 |
Costs capitalized subsequent to acquisition, Buildings | 37 |
Gross Amount at which carried at close of period, Land | 85 |
Gross Amount at which carried at close of period, Buildings | 729 |
Gross Amount at which carried at close of period, Total | 814 |
Depreciation | $ 77 |
Date of Construction or Acquisition | Jan. 17, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Westside | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Hawley, MN |
Encumbrances | $ 496 |
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 | $ 105 |
Date of Construction or Acquisition | Feb. 1, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Westwind | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 617 |
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 | 95 |
Gross Amount at which carried at close of period, Land | 50 |
Gross Amount at which carried at close of period, Buildings | 550 |
Gross Amount at which carried at close of period, Total | 600 |
Depreciation | $ 176 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Residential Property | Westwind | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Westwind | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Westwood | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 3,566 |
Initial cost to company, Land | 597 |
Initial cost to company, Buildings | 6,341 |
Costs capitalized subsequent to acquisition, Land | 91 |
Costs capitalized subsequent to acquisition, Buildings | 589 |
Gross Amount at which carried at close of period, Land | 688 |
Gross Amount at which carried at close of period, Buildings | 6,930 |
Gross Amount at which carried at close of period, Total | 7,618 |
Depreciation | $ 2,023 |
Date of Construction or Acquisition | Jun. 5, 2008 |
Residential Property | Westwood | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Westwood | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Willow Park | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 3,531 |
Initial cost to company, Land | 288 |
Initial cost to company, Buildings | 5,286 |
Costs capitalized subsequent to acquisition, Land | 39 |
Costs capitalized subsequent to acquisition, Buildings | 707 |
Gross Amount at which carried at close of period, Land | 327 |
Gross Amount at which carried at close of period, Buildings | 5,993 |
Gross Amount at which carried at close of period, Total | 6,320 |
Depreciation | $ 1,639 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Wolf Creek | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 3,150 |
Initial cost to company, Land | 1,082 |
Initial cost to company, Buildings | 4,210 |
Gross Amount at which carried at close of period, Land | 1,082 |
Gross Amount at which carried at close of period, Buildings | 4,210 |
Gross Amount at which carried at close of period, Total | 5,292 |
Depreciation | $ 105 |
Date of Construction or Acquisition | Jan. 12, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Woodland Pines | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Omaha, NE |
Encumbrances | $ 6,288 |
Initial cost to company, Land | 842 |
Initial cost to company, Buildings | 10,596 |
Costs capitalized subsequent to acquisition, Buildings | 592 |
Gross Amount at which carried at close of period, Land | 842 |
Gross Amount at which carried at close of period, Buildings | 11,188 |
Gross Amount at which carried at close of period, Total | 12,030 |
Depreciation | $ 595 |
Date of Construction or Acquisition | Nov. 30, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 50,472 |
Initial cost to company, Land | 17,029 |
Initial cost to company, Buildings | 79,789 |
Costs capitalized subsequent to acquisition, Land | 139 |
Costs capitalized subsequent to acquisition, Buildings | 9,774 |
Gross Amount at which carried at close of period, Land | 17,168 |
Gross Amount at which carried at close of period, Buildings | 89,563 |
Gross Amount at which carried at close of period, Total | 106,731 |
Depreciation | $ 23,655 |
Office Property | 32nd Avenue | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 601 |
Initial cost to company, Buildings | 3,300 |
Costs capitalized subsequent to acquisition, Land | 121 |
Costs capitalized subsequent to acquisition, Buildings | 172 |
Gross Amount at which carried at close of period, Land | 722 |
Gross Amount at which carried at close of period, Buildings | 3,472 |
Gross Amount at which carried at close of period, Total | 4,194 |
Depreciation | $ 1,413 |
Date of Construction or Acquisition | Mar. 16, 2004 |
Office Property | 32nd Avenue | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 3 years |
Office Property | 32nd Avenue | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Bell Plaza | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bloomington, MN |
Encumbrances | $ 32,182 |
Initial cost to company, Land | 6,912 |
Initial cost to company, Buildings | 35,798 |
Costs capitalized subsequent to acquisition, Buildings | 1,799 |
Gross Amount at which carried at close of period, Land | 6,912 |
Gross Amount at which carried at close of period, Buildings | 37,597 |
Gross Amount at which carried at close of period, Total | 44,509 |
Depreciation | $ 9,485 |
Date of Construction or Acquisition | Aug. 13, 2015 |
Office Property | Bell Plaza | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 3 years |
Office Property | Bell Plaza | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Trustmark | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 2,089 |
Initial cost to company, Buildings | 4,718 |
Gross Amount at which carried at close of period, Land | 2,089 |
Gross Amount at which carried at close of period, Buildings | 4,718 |
Gross Amount at which carried at close of period, Total | 6,807 |
Depreciation | $ 49 |
Date of Construction or Acquisition | Aug. 28, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | First International Bank & Trust | |
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 | $ 241 |
Date of Construction or Acquisition | May 13, 2011 |
Office Property | First International Bank & Trust | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 10 years |
Office Property | First International Bank & Trust | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Four Points | |
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 | 81 |
Gross Amount at which carried at close of period, Land | 70 |
Gross Amount at which carried at close of period, Buildings | 1,319 |
Gross Amount at which carried at close of period, Total | 1,389 |
Depreciation | $ 427 |
Date of Construction or Acquisition | Oct. 18, 2007 |
Office Property | Four Points | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Office Property | Four Points | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Gate City | |
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 | 452 |
Gross Amount at which carried at close of period, Land | 383 |
Gross Amount at which carried at close of period, Buildings | 1,345 |
Gross Amount at which carried at close of period, Total | 1,728 |
Depreciation | $ 316 |
Date of Construction or Acquisition | Mar. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Goldmark Office Park | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 12,800 |
Initial cost to company, Land | 1,160 |
Initial cost to company, Buildings | 12,446 |
Costs capitalized subsequent to acquisition, Land | 65 |
Costs capitalized subsequent to acquisition, Buildings | 3,931 |
Gross Amount at which carried at close of period, Land | 1,225 |
Gross Amount at which carried at close of period, Buildings | 16,377 |
Gross Amount at which carried at close of period, Total | 17,602 |
Depreciation | $ 4,566 |
Date of Construction or Acquisition | Jul. 1, 2007 |
Office Property | Goldmark Office Park | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 1 year |
Office Property | Goldmark Office Park | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Great American Bldg | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,151 |
Initial cost to company, Land | 511 |
Initial cost to company, Buildings | 1,290 |
Costs capitalized subsequent to acquisition, Land | 22 |
Costs capitalized subsequent to acquisition, Buildings | 359 |
Gross Amount at which carried at close of period, Land | 533 |
Gross Amount at which carried at close of period, Buildings | 1,649 |
Gross Amount at which carried at close of period, Total | 2,182 |
Depreciation | $ 600 |
Date of Construction or Acquisition | Feb. 1, 2005 |
Office Property | Great American Bldg | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 28 years |
Office Property | Great American Bldg | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Midtown Plaza | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Minot, ND |
Encumbrances | $ 1,087 |
Initial cost to company, Land | 30 |
Initial cost to company, Buildings | 1,213 |
Costs capitalized subsequent to acquisition, Buildings | 97 |
Gross Amount at which carried at close of period, Land | 30 |
Gross Amount at which carried at close of period, Buildings | 1,310 |
Gross Amount at which carried at close of period, Total | 1,340 |
Depreciation | $ 489 |
Date of Construction or Acquisition | Jan. 1, 2004 |
Office Property | Midtown Plaza | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Office Property | Midtown Plaza | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Parkway office building (FKA Echelon) | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 791 |
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 | $ 526 |
Date of Construction or Acquisition | May 15, 2007 |
Office Property | Parkway office building (FKA Echelon) | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Office Property | Parkway office building (FKA Echelon) | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Redpath | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | White Bear Lake, MN |
Encumbrances | $ 2,461 |
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 | $ 220 |
Date of Construction or Acquisition | Feb. 1, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Regis | |
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 | $ 2,294 |
Date of Construction or Acquisition | Jan. 1, 2009 |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Wells Fargo Center | |
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 | 2,729 |
Gross Amount at which carried at close of period, Land | 485 |
Gross Amount at which carried at close of period, Buildings | 9,999 |
Gross Amount at which carried at close of period, Total | 10,484 |
Depreciation | $ 3,029 |
Date of Construction or Acquisition | Jul. 11, 2007 |
Office Property | Wells Fargo Center | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 4 years |
Office Property | Wells Fargo Center | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 14,065 |
Initial cost to company, Land | 10,400 |
Initial cost to company, Buildings | 27,178 |
Costs capitalized subsequent to acquisition, Land | 20 |
Costs capitalized subsequent to acquisition, Buildings | (637) |
Gross Amount at which carried at close of period, Land | 10,420 |
Gross Amount at which carried at close of period, Buildings | 26,541 |
Gross Amount at which carried at close of period, Total | 36,961 |
Depreciation | $ 7,304 |
Retail Property | Applebees, Bloomington, MN | |
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 | $ 128 |
Date of Construction or Acquisition | Mar. 22, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Applebees, Coon Rapids, MN | |
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 |
Costs capitalized subsequent to acquisition, Land | 8 |
Gross Amount at which carried at close of period, Land | 758 |
Gross Amount at which carried at close of period, Buildings | 875 |
Gross Amount at which carried at close of period, Total | 1,633 |
Depreciation | $ 237 |
Date of Construction or Acquisition | Mar. 9, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Applebees, Savage, MN | |
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 | $ 115 |
Date of Construction or Acquisition | Jan. 1, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Becker Furniture | |
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 | $ 749 |
Date of Construction or Acquisition | Jul. 12, 2006 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Dairy Queen, Apple Valley, MN | |
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 | $ 90 |
Date of Construction or Acquisition | Sep. 17, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Dairy Queen, Dickinson, ND | |
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 | $ 148 |
Date of Construction or Acquisition | Jan. 19, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Dairy Queen, Moorhead, MN | |
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 | $ 190 |
Date of Construction or Acquisition | May 13, 2011 |
Life on which depreciation on latest income statement is computed | 20 years |
Retail Property | Family Dollar | |
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 | $ 164 |
Date of Construction or Acquisition | Dec. 14, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | OReilly | |
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 | $ 113 |
Date of Construction or Acquisition | Dec. 14, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Walgreens, Alexandria, LA | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Alexandria, LA |
Encumbrances | $ 964 |
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 | $ 820 |
Date of Construction or Acquisition | Dec. 18, 2009 |
Retail Property | Walgreens, Alexandria, LA | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 28 years |
Retail Property | Walgreens, Alexandria, LA | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Walgreens, Batesville, AR | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Batesville, AR |
Encumbrances | $ 5,134 |
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 | $ 1,842 |
Date of Construction or Acquisition | Jul. 9, 2009 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Walgreens, Denver, CO | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Denver, CO |
Encumbrances | $ 3,142 |
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 | $ 565 |
Date of Construction or Acquisition | Jun. 14, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Walgreens, Fayetteville, AR | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fayetteville, AR |
Encumbrances | $ 3,888 |
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 | $ 1,360 |
Date of Construction or Acquisition | Jul. 9, 2009 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Walgreens, Laurel, MS | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Laurel, MS |
Encumbrances | $ 937 |
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 | $ 783 |
Date of Construction or Acquisition | Jul. 30, 2010 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Beginning balance | $ 802,028 | $ 790,696 | $ 759,703 |
Purchase of real estate investments | 57,799 | 5,981 | 41,230 |
Sale and disposal of real estate investment | (15,467) | (4,422) | (10,222) |
Property held for sale | (1,578) | ||
Provision for asset impairment | 0 | 0 | 0 |
Construction in progress not yet placed in service | 2,506 | 9,773 | (15) |
Ending balance | $ 845,288 | $ 802,028 | $ 790,696 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Beginning balance | $ 146,316 | $ 128,112 | $ 111,026 |
Depreciation expense | 19,770 | 19,644 | 19,165 |
Property held for sale | (749) | ||
Sale and disposal of investment property | (4,762) | (1,440) | (2,079) |
Ending balance | $ 160,575 | $ 146,316 | $ 128,112 |
Schedule III - Real Estate an_5
Schedule III - Real Estate and Accumulated Depreciation - Other (Details) $ in Thousands | Dec. 31, 2020USD ($) |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |
The aggregate cost of our real estate for federal income tax purposes | $ 680,591 |