Sterling Real Estate Trust 10-K16 Mar 222021 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Mar. 15, 2022	Jun. 30, 2021
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, 2021
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	4340 18th Ave South Ste. 200
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			10,459,029
Entity Central Index Key	0001412502
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Auditor Name	RSM US LLP	Baker Tilly US, LLP
Auditor Firm ID	49	23
Auditor Location	Minneapolis, Minnesota	Chicago, Illinois

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Land and land improvements	$ 125,338	$ 119,088
Building and improvements	763,003	712,560
Construction in progress	8,361	13,640
Real estate investments	896,702	845,288
Less accumulated depreciation	(179,155)	(160,575)
Real estate investments, net	717,547	684,713
Cash and cash equivalents	51,507	11,716
Restricted deposits	9,149	15,919
Investment in unconsolidated affiliates	18,658	9,659
Notes receivable	7,457	2,026
Lease intangible assets, less accumulated amortization	6,246	7,367
Other assets, net	10,302	11,629
Total Assets	820,866	743,029
LIABILITIES
Mortgage notes payable, net	493,142	421,278
Dividends payable	7,567	7,447
Tenant security deposits payable	5,225	4,908
Lease intangible liabilities, less accumulated amortization	811	994
Accrued expenses and other liabilities	18,604	16,874
Total Liabilities	525,349	451,501
COMMITMENTS and CONTINGENCIES - Note 17
SHAREHOLDERS' EQUITY
Beneficial interest	116,856	109,366
Operating partnership	176,954	181,621
Partially owned properties	2,657	2,346
Accumulated other comprehensive loss	(950)	(1,805)
Total Shareholders' Equity	295,517	291,528
Total liabilities and shareholders' equity	$ 820,866	$ 743,029

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income from rental operations
Real estate rental income	$ 129,324	$ 124,616	$ 120,339
Expenses from rental operations
Operating expenses	51,063	47,071	48,858
Real estate taxes	13,706	12,498	12,078
Depreciation and amortization	22,203	21,214	21,495
Interest	18,142	17,097	18,282
Total expenses from rental operations	105,114	97,880	100,713
Administration of REIT
Administration of REIT	4,381	4,217	4,112
Total expenses	109,495	102,097	104,825
Income from operations	19,829	22,519	15,514
Other income
Equity in (losses) income of unconsolidated affiliates	(261)	263	759
Other income	1,935	455	301
Gain on sale of real estate investments	1,710	3,383
Gain on involuntary conversion	1,225	360	(515)
Total other income	4,609	4,461	545
Net income	24,438	26,980	16,059
Net income (loss) attributable to noncontrolling interest in operating partnership	15,783	17,645	10,647
Net income (loss) attributable to noncontrolling interest in partially owned properties	(139)	(70)	(122)
Net income attributable to Sterling Real Estate Trust	$ 8,794	$ 9,405	$ 5,534
Net income attributable to Sterling Real Estate Trust per common share, basic	$ 0.87	$ 0.97	$ 0.60
Net income attributable to Sterling Real Estate Trust per common share, diluted	$ 0.87	$ 0.97	$ 0.60
Comprehensive income:
Net income	$ 24,438	$ 26,980	$ 16,059
Other comprehensive gain (loss) - change in fair value of interest rate swaps	855	(1,842)	67
Comprehensive income	25,293	25,138	16,126
Comprehensive income attributable to noncontrolling interest	16,193	16,373	10,569
Comprehensive income attributable to Sterling Real Estate Trust	$ 9,100	$ 8,765	$ 5,557
Weighted average Common Shares outstanding, basic	10,160,000	9,694,000	9,268,000
Weighted average Common Shares outstanding, diluted	10,160,000	9,694,000	9,268,000

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, 2018		$ 122,624	$ (24,741)	$ 97,883	$ 183,360	$ 2,538	$ (30)	$ 283,751
Beginning 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 and distributions 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 (loss)			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
Contribution of assets in exchange for the issuance of noncontrolling interest shares					10,293			10,293
Shares issued under trustee compensation plan		64		64				64
Shares issued under trustee compensation plan (in shares)	3,000
Shares/units redeemed		(2,321)		(2,321)	(1,216)			(3,537)
Shares/units redeemed (in shares)	(127,000)
Dividends and distributions 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 (loss)			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
Contribution of assets in exchange for the issuance of noncontrolling interest shares					2,883			$ 2,883
Shares issued under trustee compensation plan		57		57				57
Shares issued under trustee compensation plan (in shares)	3,000
Shares/units redeemed		(1,552)		(1,552)	(4,014)			(5,566)
Shares/units redeemed (in shares)	(82,000)
Dividends and distributions declared			(10,761)	(10,761)	(19,319)			(30,080)
Dividends reinvested - stock dividend		6,888		6,888				$ 6,888
Dividends reinvested - stock dividend (in shares)	363,000							363,000
Issuance of shares under optional purchase plan		4,064		4,064				$ 4,064
Issuance of shares under optional purchase plan (in shares)	203,000
Change in fair value of interest rate swaps							855	855
Contributions from consolidated real estate entity noncontrolling interests						450		450
Net Income (loss)			8,794	8,794	15,783	(139)		24,438
Ending balance at Dec. 31, 2021		$ 148,562	$ (31,706)	$ 116,856	$ 176,954	$ 2,657	$ (950)	$ 295,517
Ending balance (in shares) at Dec. 31, 2021	10,342,000							10,342,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES
Net income	$ 24,438	$ 26,980	$ 16,059
Adjustments to reconcile net income to net cash provided by operating activities
Gain on sale of real estate investments	(1,710)	(3,383)
Gain on involuntary conversion	(1,225)	(360)	515
Equity in loss (income) of unconsolidated affiliates	261	(263)	(759)
Distributions of earnings of unconsolidated affiliates	233	361	759
Allowance for uncollectible accounts receivable	(667)	540	203
Depreciation	20,918	19,770	19,644
Amortization	1,285	1,418	1,805
Amortization of debt issuance costs	608	634	636
Effects on operating cash flows due to changes in
Other assets	785	(219)	(234)
Tenant security deposits payable	349	328	153
Accrued expenses and other liabilities	(242)	(1,159)	2,545
NET CASH PROVIDED BY OPERATING ACTIVITIES	45,033	44,647	41,326
INVESTING ACTIVITIES
Purchase of real estate investment properties	(35,893)	(10,064)
Capital expenditures and tenant improvements	(18,007)	(31,136)	(15,445)
Proceeds from sale of real estate investments and non-real estate investments	5,610	12,502
Proceeds from involuntary conversion	4,095	1,288	2,596
Investment in unconsolidated affiliates	(9,493)	(2,264)	(5,350)
Distributions in excess of earnings received from unconsolidated affiliates		422	126
Notes receivable issued net of payments received	(5,431)	(726)	(1,300)
NET CASH USED IN INVESTING ACTIVITIES	(59,119)	(29,978)	(19,373)
FINANCING ACTIVITIES
Payments for financing, debt issuance	(1,283)	(530)	(136)
Payments on investment certificates and subordinated debt	(25)	(100)
Principal payments on special assessments payable		(498)	(597)
Proceeds from issuance of mortgage notes payable and subordinated debt	116,180	67,950	15,087
Principal payments on mortgage notes payable	(43,641)	(48,553)	(28,388)
Advances on lines of credit	818,689	30,964
Payments on lines of credit	(818,689)	(30,964)
Proceeds from issuance of shares under optional purchase plan	4,064	3,590	3,293
Shares/units redeemed	(5,566)	(3,537)	(2,023)
Dividends/distributions paid	(22,622)	(22,738)	(21,872)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	47,107	(4,416)	(34,636)
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS	33,021	10,253	(12,683)
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD	27,635	17,382	30,065
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD	$ 60,656	$ 27,635	$ 17,382

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Disclosures - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD
Cash and cash equivalents	$ 51,507	$ 11,716	$ 9,002
Restricted deposits	9,149	15,919	8,380
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS, END OF PERIOD	60,656	27,635	17,382
SCHEDULE OF CASH FLOW INFORMATION
Cash paid during the period for interest, net of capitalized interest	17,332	16,491	17,684
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Dividends reinvested	6,888	6,511	6,145
Dividends declared and not paid	2,740	2,608	2,465
UPREIT distributions declared and not paid	4,827	4,838	4,653
UPREIT units converted to REIT common shares			28
Shares issued pursuant to trustee compensation plan	57	64	62
Acquisition of assets in exchange for the issuance of noncontrolling interest units in UPREIT	2,883	10,293
Increase in land improvements due to increase in special assessments payable	235	231	639
Unrealized gain (loss) on interest rate swaps	855	(1,842)	67
Acquisition of assets through assumption of debt and liabilities	569	6,193
Capitalized interest and real estate taxes related to construction in progress	$ 250	$ 644	$ 138

ORGANIZATION

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2021
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. 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, 2021 and 2020, Sterling owned approximately 36.22% and 35.03%, respectively, of the operating partnership.

PRINCIPAL ACTIVITY AND SIGNIFIC

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2021
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”). 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. As of December 31, 2021, the Trust owned approximately 36.22% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to the Operating Partnership in exchange for OP Units. Under the partnership agreement, these persons have the right to tender their OP Units for redemption to the Operating Partnership at any time following a specified restricted period for cash equal to the fair value of an equivalent number of common shares of the Trust. In lieu of delivering cash, however, the Trust, as the Operating Partnership’s general partner, may, at its option, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Trust so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Trust’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Trust issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Trust an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT.” 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. In instances where the Trust determines that it is not the primary beneficiary of a VIE or the Trust does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Trust will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Trust’s operations but instead its share of operations will be reflected as equity in earnings (loss) of unconsolidated entity on its consolidated statements of operations and comprehensive loss. Additionally, the Trust’s net investment in the joint venture will be reflected as investment in unconsolidated entity on the consolidated balance sheets. See Note 5 for additional details regarding variable interest entities where the Trust uses the equity method of investing. The Operating Partnership meets the criteria as a variable interest entity (“VIE”). The Trust’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Trust’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Trust’s debt is an obligation of the Operating Partnership, and the Trust guarantees the unsecured debt obligations of the Operating Partnership. 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 relative acquisition date fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, and (v) assumed financing that is determined to be above or below market, if any. Transaction costs related to acquisitions accounted for as asset acquisitions are capitalized as incurred and included as a cost of the building in the accompanying balance sheet. Furniture and fixtures are stated at cost less accumulated depreciation. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for routine maintenance and repairs, which do not add to the value or extend useful lives, are charged to expense as incurred. Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method over the following estimated useful lives: Buildings and improvements 40 years Furniture, fixtures and equipment 5 - 9 years The Trust’s real estate investments are reviewed for potential impairment periodically 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. 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. Based on evaluation, there were no impairment losses during the years ended December 31, 2021, 2020 and 2019. 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 (losses), 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, 2021, 2020 and 2019. Other Assets Other assets are comprised of the following as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (in thousands) Due from related party $ 336 $ 10 Accounts receivable, net 5,342 4,079 Insurance claim receivable 145 1,968 Fair value of interest rate swap 698 — Other assets 192 1,040 Financing Fees, less accumulated amortization 18 46 Lease costs, less accumulated amortization 2,065 1,527 Prepaid expenses 1,506 2,959 Total other assets, net $ 10,302 $ 11,629 Note receivable Notes receivable are issued periodically and are secured and interest bearing. Accrued Expenses and Other liabilities Accrued Expenses and other liabilities are comprised of the following as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (in thousands) Special assessments payable $ 690 $ 649 Due to related party 473 559 Subordinated debt — 25 Accounts payable – trade 3,272 3,090 Retainage payable 86 33 Fair value of interest rate swap 1,648 1,805 Deferred insurance proceeds 476 662 Accrued interest expense 1,323 1,175 Accrued real estate taxes 6,653 5,998 Accrued unearned rent 3,055 2,579 Other liabilities 928 299 Total accrued expenses and other liabilities $ 18,604 $ 16,874 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. 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 other 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 other comprehensive income. 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, 2021, 2020 and 2019 follows: Tax Year Ended December 31, Dividend % Dividend % Dividend % 2021 2021 2020 2020 2019 2019 Tax status Ordinary income $ 0.9833 92.76 % $ 0.8994 84.95 % $ 0.8791 84.12 % Capital gain 0.0767 7.24 % — — % 0.0048 0.46 % Return of capital — — % 0.1593 15.05 % 0.1611 15.42 % $ 1.0600 100.00 % $ 1.0587 100.00 % $ 1.0450 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, 2021, all leases analyzed under the Trust’s lease classification process were determined to be operating leases. 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, 2021, 2020 and 2019 and therefore, basic earnings per common share was equal to diluted earnings per common share for both periods. As the calculation does not include net income attributable to the Operating Partnership, Operating Partnership Units are not included in the calculation, and does not have any impact on earnings per share. For the years ended December 31, 2021, 2020 and 2019, Sterling’s denominators for the basic and diluted earnings per common share were approximately 10,160,000 , 9,694,000 , and 9,268,000 , respectively. Reclassifications Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations or equity. Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848). 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. 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.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
SEGMENT REPORTING	Dec. 31, 2021
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. 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, 2021, 2020 and 2019, 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, 2021 and 2020. Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Residential Commercial Total Residential Commercial Total Residential Commercial Total (in thousands) (in thousands) (in thousands) Income from rental operations $ 107,284 $ 22,040 $ 129,324 $ 98,576 $ 26,040 $ 124,616 $ 94,763 $ 25,576 $ 120,339 Expenses from rental operations 57,454 7,315 64,769 52,686 6,883 59,569 53,754 7,182 60,936 Net operating income $ 49,830 $ 14,725 $ 64,555 $ 45,890 $ 19,157 $ 65,047 $ 41,009 $ 18,394 $ 59,403 Depreciation and amortization 22,203 21,214 21,495 Interest 18,142 17,097 18,282 Administration of REIT 4,381 4,217 4,112 Other income (4,609) (4,461) (545) Net income $ 24,438 $ 26,980 $ 16,059 Segment Assets and Accumulated Depreciation As of December 31, 2021 Residential Commercial Total (in thousands) Real estate investments $ 692,722 $ 203,980 $ 896,702 Accumulated depreciation (133,100) (46,055) (179,155) $ 559,622 $ 157,925 717,547 Cash and cash equivalents 51,507 Restricted deposits 9,149 Investment in unconsolidated affiliates 18,658 Notes receivable 7,457 Intangible assets, less accumulated amortization 6,246 Other assets, net 10,302 Total Assets $ 820,866 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 15,919 Investment in unconsolidated affiliates 9,659 Notes receivable 2,026 Assets held for sale 831 Intangible assets, less accumulated amortization 7,367 Other assets, net 10,798 Total Assets $ 743,029

RESTRICTED DEPOSITS AND FUNDED

RESTRICTED DEPOSITS AND FUNDED RESERVES	12 Months Ended
RESTRICTED DEPOSITS AND FUNDED RESERVES	Dec. 31, 2021
RESTRICTED DEPOSITS AND FUNDED RESERVES
RESTRICTED DEPOSITS AND FUNDED RESERVES	NOTE 4 - RESTRICTED DEPOSITS AND FUNDED RESERVES As of December 31, As of December 31, 2021 2020 (in thousands) Tenant security deposits $ 5,165 $ 4,730 Real estate tax and insurance escrows 1,355 2,058 Replacement reserves 1,791 2,137 Other funded reserves 838 6,994 $ 9,149 $ 15,919

INVESTMENT IN UNCONSOLIDATED AF

INVESTMENT IN UNCONSOLIDATED AFFILIATES	12 Months Ended
INVESTMENT IN UNCONSOLIDATED AFFILIATES	Dec. 31, 2021
INVESTMENT IN UNCONSOLIDATED AFFILIATES
INVESTMENT IN UNCONSOLIDATED AFFILIATES	NOTE 5 – Investment in unconsolidated affiliates Date Trust Ownership Total Investment for the year ended December 31, Unconsolidated Affiliates Acquired Interest 2021 2020 Banner Building 2007 66.67% $ 60 $ 59 Grand Forks INREIT, LLC 2003 50% 2,493 2,323 SE Savage, LLC 2019 60% 2,946 3,312 SE Maple Grove, LLC 2019 60% 2,823 2,965 SE Rogers, LLC 2020 60% 2,986 1,000 ST Oak Cliff, LLC 2021 70% 4,324 - SE Brooklyn Park, LLC 2021 60% 3,026 - $ 18,658 $ 9,659 The operating partnership owns a 66.67% interest as tenant in common in an office building in Fargo, North Dakota. The property is encumbered by a first mortgage with a balance at December 31, 2021 and 2020 of $6,329 and $6,232, respectively. The Trust is jointly and severally liable for the full mortgage balance. The operating partnership is a 50% owner of a tenant in common through 100% ownership in a limited liability company. The property is located in Grand Forks, North Dakota. The property is encumbered by a non-recourse first mortgage with a balance at December 31, 2021 and 2020 of $9,794 and $10,036, respectively. The Trust is jointly and severally liable for the full mortgage balance. The operating partnership owns a 60% interest in a limited liability company that holds a multifamily property. As of December 31, 2021, the operating partnership has contributed $3,401 in cash to the LLC. The LLC is located in Savage, Minnesota, with total assets of $37,372 and $27,014 at December 31, 2021 and 2020, respectively. The development was completed in the third quarter of 2021. The property is encumbered by a first mortgage with a balance at December 31, 2021 and 2020, of $26,210 and $19,436, respectively. The property is also encumbered by a second mortgage to Sterling Properties, LLLP with a balance at December 31, 2021 of $6,129. There was no balance outstanding at December 31, 2020. The Trust 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 multifamily property. As of December 31, 2021, the operating partnership has contributed $2,975 in cash to the LLC. The LLC is located in Maple Grove, Minnesota, with total assets of $31,872 and $13,106 at December 31, 2021 and 2020. The development was completed in the fourth quarter of 2021. The entity is encumbered by a first mortgage with a balance at December 31, 2021 and 2020 of $24,788 and $5,710, respectively. The property is also encumbered by a second mortgage to Sterling Properties, LLLP with a balance at December 31, 2021 of $727. There was no balance outstanding at December 31, 2020. The Trust 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 multifamily property. As of December 31, 2021, the operating partnership has contributed $3,089 in cash to the LLC. The LLC holds land located in Rogers, Minnesota, with total assets of $22,847 and $4,161 at December 31, 2021 and 2020, respectively. The entity is encumbered by a first mortgage that has a balance of $15,688 at December 31, 2021. There was no balance outstanding related to the first mortgage at December 31, 2020. The Company is jointly and severally liable for the full mortgage balance. On August 25, 2021, the Trust purchased a 70% interest in a limited liability company, with a related party. The LLC is currently developing a multifamily property. As of December 31, 2021, the operating partnership has contributed $4,361 in cash to the LLC. The entity holds land located in Dallas, Texas with total assets of $7,394 as of December 31, 2021. The entity is encumbered by a construction mortgage. There was no balance outstanding related to the mortgage at December 31, 2021. The Company is jointly and severally liable for the full mortgage balance. On September 17, 2021, the Trust purchased a 60% interest in a limited liability company, with an unrelated third party. The LLC is currently developing a multifamily property. As of December 31, 2021, the operating partnership has contributed $3,042 in cash to the LLC. The entity is located in Brooklyn Park, Minnesota, with total assets of $5,478 of December 31, 2021. The following is a summary of the financial position of the unconsolidated affiliates at December 31, 2021 and 2020. December 31, 2021 December 31, 2020 (in thousands) ASSETS Real estate investments $ 134,839 $ 74,991 Accumulated depreciation (10,940) (9,692) 123,899 65,299 Cash and cash equivalents 1,131 249 Restricted deposits 650 384 Intangible assets, less accumulated amortization 41 — Other assets, net 909 180 Total Assets $ 126,630 $ 66,112 LIABILITIES Mortgage notes payable, net $ 87,996 $ 41,405 Tenant security deposits payable 108 2 Accrued expenses and other liabilities 8,029 6,533 Total Liabilities $ 96,133 $ 47,940 SHAREHOLDERS' EQUITY Total Shareholders' Equity $ 30,497 $ 18,172 Total liabilities and shareholders' equity $ 126,630 $ 66,112 The following is a summary of results of operations of the unconsolidated affiliates for the years ended the years ended December 31, 2021, 2020 and 2019. The year ended December 31, 2021 2020 2019 (in thousands) Income from rental operations $ 4,746 $ 3,001 $ 4,022 Expenses from rental operations 1,632 928 950 Net operating income $ 3,114 $ 2,073 $ 3,072 Depreciation and Amortization 1,248 688 686 Interest 2,275 970 976 Other Income - (24) - Net (loss) income $ (409) $ 439 $ 1,410

LEASE INTANGIBLES

LEASE INTANGIBLES	12 Months Ended
LEASE INTANGIBLES	Dec. 31, 2021
LEASE INTANGIBLES
LEASE INTANGIBLES	NOTE 6 - 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, 2021 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 15,455 $ (10,381) $ 5,074 Above-market leases 2,617 (1,445) 1,172 $ 18,072 $ (11,826) $ 6,246 Lease Intangible Liabilities Below-market leases $ (2,525) $ 1,714 $ (811) 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) 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) 2022 $ 987 $ 164 2023 849 151 2024 849 151 2025 849 151 2026 698 80 Thereafter 2,014 114 $ 6,246 $ 811 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, 2021, was 8.10 years. 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 $154, $186, and $214 for the years ended December 31, 2021, 2020 and 2019, respectively, was recorded as a reduction to income from rental operations. Amortization pertaining to below market lease intangibles of $183, $213, and $261 for the years ended December 31, 2021, 2020 and 2019, respectively, was recorded as an increase to income from rental operations.

LINES OF CREDIT

LINES OF CREDIT	12 Months Ended
LINES OF CREDIT	Dec. 31, 2021
LINES OF CREDIT
LINES OF CREDIT	NOTE 7 – LINES OF CREDIT We have 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 December 2022 . The lines of credit are secured by specific properties. At December 31, 2021, the Bremer line of credit secured two letters of credit totaling $67 , leaving $9,848 available and unused under the agreements. These operating lines are designed to enhance treasury management activities and more effectively manage cash balances. The Trust anticipates renewing the line of credit expiring in the next 12 months to continue to hold it as a cash resource to the Trust. There were no balances outstanding on either line at December 31, 2021, or December 31, 2020. 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, 2021, no properties were out of compliance. As of December 31, 2020, one property was out of compliance. An annual waiver was received from the lender.

MORTGAGE NOTES PAYABLE

MORTGAGE NOTES PAYABLE	12 Months Ended
MORTGAGE NOTES PAYABLE	Dec. 31, 2021
MORTGAGE NOTES PAYABLE
MORTGAGE NOTES PAYABLE	NOTE 8 - MORTGAGE NOTES PAYABLE The following table summarizes the Company’s mortgage notes payable. Principal Balance At December 31, December 31, 2021 2020 (in thousands) Fixed rate mortgage notes payable (a) $ 490,413 $ 415,665 Variable rate mortgage notes payable 5,237 7,446 Mortgage notes payable 495,650 423,111 Less unamortized debt issuance costs 2,508 1,833 $ 493,142 $ 421,278 (a) Includes $108,734 and $43,613 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2021 and 2020, respectively. As of December 31, 2021, we had 110 fixed rate and one variable rate mortgage loan with effective interest rates ranging from 2.09% to 6.85% per annum, and a weighted average effective interest rate of 3.83% per annum on fixed rate loans and 2.10% per annum on variable rate loans. 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. 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. Additionally, 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, 2021, five loans were out of compliance due increased repair and maintenance costs related to unit renovations, bad debt allowance, and increased vacancies in the North Dakota and Minnesota markets. The loans were secured by various properties with a total outstanding balance of $9,915. Annual waivers were received from the lenders on all loans out of compliance as of December 31, 2021. 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 various properties with a total outstanding balance of $6,496. Annual waivers were received from the lenders on all loans out of compliance as of December 31, 2020. 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) 2022 $ 21,404 2023 52,373 2024 21,939 2025 52,379 2026 44,774 Thereafter 302,781 Total payments $ 495,650

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	12 Months Ended
DERIVATIVES AND HEDGING ACTIVITIES	Dec. 31, 2021
DERIVATIVES AND HEDGING ACTIVITIES
DERIVATIVES AND HEDGING ACTIVITIES	NOTE 9 – 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, 2021, the Trust used 12 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 $1,126 will be reclassified as an increase to interest expense. The following table summarizes the Trust’s interest rate swaps designated as cash flow hedges as of December 31, 2021: Fixed Effective Date Notional Interest Rate Maturity Date November 1, 2019 $ 6,780 3.15% November 1, 2029 November 1, 2019 $ 4,712 3.28% November 1, 2029 January 10, 2020 $ 3,066 3.39% January 10, 2030 June 11, 2020 $ 1,535 3.07% June 15, 2030 June 11, 2020 $ 2,975 3.07% June 15, 2030 June 15, 2020 $ 1,664 2.94% June 15, 2030 June 15, 2020 $ 4,402 2.94% June 15, 2030 July 1, 2020 $ 4,852 2.79% June 10, 2030 December 2, 2020 $ 12,713 2.91% December 2, 2027 July 1, 2021 $ 26,331 2.99% July 1, 2031 November 10, 2021 $ 28,604 3.54% August 1, 2029 December 1, 2021 $ 11,100 3.32% December 1, 2031 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, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Interest rate swaps 12 9 $ 108,734 $ 43,613 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 10 to the consolidated financial statements. Derivatives Derivatives designated as December 31, 2021 December 31, 2020 cash flow hedges: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other assets, net $ 698 Other assets, net $ — Interest rate swaps Accrued expenses and other liabilities $ 1,648 Accrued expenses and other liabilities $ 1,805 The following table presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive income (loss) for the years ended December 31, 2021 and 2020: Location of Gain Amount of (Gain)/Loss Reclassified from Derivatives in Recognized in Other Accumulated other Amount of (Gain)/Loss Cash Flow Hedging Comprehensive Income Comprehensive Income Reclassified from Relationships on Derivatives (AOCI) into Income AOCI into Income 2021 2021 Interest rate swaps $ (855) Interest expense $ 670 2020 2020 Interest rate swaps $ 1,842 Interest expense $ 242 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 Trust could also be declared in default on its corresponding derivative obligation. As of December 31, 2021, the termination value of derivatives in a liability position was $1,648 and the termination value of derivatives in an asset position was $698. As December 31, 2021, the Trust has pledged the properties related to the loans which are hedged as collateral .

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	12 Months Ended
FAIR VALUE MEASUREMENT	Dec. 31, 2021
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT	NOTE 10 - FAIR VALUE MEASUREMENT The following table presents the carrying value and estimated fair value of the Company’s financial instruments: December 31, 2021 December 31, 2020 Carrying Carrying Value Fair Value Value Fair Value (in thousands) Financial assets: Notes receivable $ 7,457 $ 9,840 $ 2,026 $ 2,117 Derivative assets $ 698 $ 698 $ — $ — Financial liabilities: Mortgage notes payable $ 495,650 $ 508,285 $ 423,111 $ 443,100 Derivative liabilities $ 1,648 $ 1,648 $ 1,805 $ 1,805 The carrying values shown in the table are included in the consolidated balance sheets under the captions indicated in Note 10. 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, 2021 Derivative assets $ — $ 698 $ — $ 698 Derivative liabilities $ — $ 1,648 $ — $ 1,648 December 31, 2020 Derivative liabilities $ — $ 1,805 $ — $ 1,805 Derivatives: The Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements. 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, 2021 Mortgage notes payable $ — $ — $ 508,285 $ 508,285 Notes receivable $ — $ — $ 9,840 $ 9,840 December 31, 2020 Mortgage notes payable $ — $ — $ 443,100 $ 443,100 Notes receivable $ — $ — $ 2,117 $ 2,117 Mortgage notes payable: Notes receivable.

NONCONTROLLING INTEREST OF UNIT

NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP	12 Months Ended
	Dec. 31, 2021
NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP
NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP	NOTE 11 – NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP As of December 31, 2021 and 2020, outstanding limited partnership units totaled 18,212,000 and 18,279,000, respectively. Total aggregate distributions per unit for the years ended December 31, 2021, 2020 and 2019, were $1.0600, $1.0587, and $1.0450, respectively. The operating partnership declared fourth quarter distributions of $4,826 and $4,838, to limited partners payable in January 2022 and 2021, respectively. During the year ended December 31, 2021 and 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. 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
REDEMPTION PLANS	Dec. 31, 2021
REDEMPTION PLANS
REDEMPTION PLANS	NOTE 12 – 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 $55,000 worth of securities. As of December 31, 2021, there were $16,760 worth of securities left to be redeemed under the redemption plan. Currently, the fixed redemption price is $21.85 per share or unit under the plans which price became effective January 1, 2022. Prior to January 1, 2022, the redemption price was $19.00 per share or unit under the plan. Prior to January 1, 2021, the redemption price was $18.25 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, 2021, 2020 and 2019, the Company redeemed 82,000, 127,000 and 50,000 common shares valued at $1,552, $2,321, and $891, respectively. In addition, during the years ended December 31, 2021, 2020 and 2019, the Company redeemed 211,000, 66,000, and 64,000 units valued at $4,014, $1,216, and $1,132, respectively.

BENEFICIAL INTEREST

BENEFICIAL INTEREST	12 Months Ended
BENEFICIAL INTEREST	Dec. 31, 2021
BENEFICIAL INTEREST
BENEFICIAL INTEREST	NOTE 13 – 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, 2021 and 2020, there were 10,342,000 and 9,855,000 common shares outstanding. We had no preferred shares outstanding as of either date. Dividends paid to holders of common shares were $1.0600 per share, $1.0588 per share and $1.0450 per share for the years ended December 31, 2021, 2020 and 2019, respectively.

DIVIDEND REINVESTMENT PLAN

DIVIDEND REINVESTMENT PLAN	12 Months Ended
DIVIDEND REINVESTMENT PLAN	Dec. 31, 2021
DIVIDEND REINVESTMENT PLAN
DIVIDEND REINVESTMENT PLAN	NOTE 14 – 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 $20.00 and $19.25 at December 31, 2021 and 2020, respectively. Therefore, the purchase price per common share for dividend reinvestments was $19.00 and $18.29 and for additional optional cash purchases was $20.00 and $19.25 at December 31, 2021 and 2020, 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, 2021, 363,000 shares were issued pursuant to dividend reinvestments and 203,000 shares were issued pursuant to additional optional cash purchases under the plan. 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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 15 – RELATED PARTY TRANSACTIONS Effective January 1, 2021, Alloy Enterprises, Inc. was formed to act as the holding company for Sterling Management, LLC and GOLDMARK Property Management, Inc. In connection with this restructuring transaction, the owners of Alloy Enterprises, Inc. indirectly own Sterling Management, LLC and GOLDMARK Property Management, Inc. Alloy Enterprises, Inc. is owned in part by the Trust’s Chief Executive Officer and Trustee Mr. Kenneth P. Regan, by Trustee Mr. James S. Wieland, by President and CIO Joel S. Thomsen, and by our former Chief Financial Officer and Treasurer Erica J. Chaffee. In addition, Mr. Regan serves as the Executive Chairman of the Advisor, and Messrs. Wieland, and Thomsen serve on the Board of Governors of both the Advisor and GOLDMARK Property Management, Inc. Sterling Management, LLC, is a North Dakota limited liability company formed in November 2002. The Advisor is responsible for managing day-to-day affairs, overseeing capital projects, and identifying, acquiring and disposing investments on behalf of the Trust. GOLDMARK Property Management, Inc., is a North Dakota corporation formed in 1981. GOLDMARK Property Management, Inc. performs property management services for the Trust. We have a historical and ongoing relationship with Bell Bank. Bell Bank has provided the Trust certain financial services throughout the relationship. Mr. Wieland, a Trustee, also serves as a Board Member of Bell Bank. Further, a family member of Erica J. Chaffee, our former Chief Financial Officer, is an employee of Bell Bank. Both Mr. Wieland and Ms. Chaffee could have an indirect material interest in any such engagement and related transactions. Property Management Fee During the years ended December 31, 2021, 2020 and 2019, we paid property management fees to GOLDMARK Property Management in an amount equal to approximately 5% of rents of the properties managed. For the years ended December 31, 2021, 2020 and 2019, we paid management fees, on-site staff costs, and other miscellaneous fees required to run the properties of $12,836, $12,796, and $12,486 respectively, to GOLDMARK Property Management. In addition, during the years ended December 31, 2021, 2020 and 2019, we paid repair and maintenance related payroll and payroll related expenses to GOLDMARK Property Management totaling $6,536, $6,549, and 6,076, respectively. During the year ended December 31, 2021, the Trust paid commercial property management fees to our advisor of $110. There were no commercial property management fees paid during the years ended December 31, 2020 and 2019 to our advisor. Commercial property management fees are determined on a property-by-property basis. 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 25,2021, effective until March 31, 2022. Management Fee : 0.35% of our total assets (before depreciation and amortization), annually. Total assets are gross assets (before depreciation and amortization) as reflected on our consolidated financial statements, taken as of the end of the fiscal quarter last preceding the date of computation. The management fee will be payable monthly in cash or our common shares, at the option of the Advisor, not to exceed one-twelfth of 0.35% of the total assets as of the last day of the immediately preceding month. The management fee calculation is subject to quarterly and annual reconciliations. The management fee may be deferred at the option of the Advisor, without interest. Acquisition Fee Disposition Fee Financing Fee: 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 Effective March 25, 2021, if the Advisor shares responsibility for providing Development Services with one or more third parties, Advisor’s set Development Fee shall be reduced by the fees charged by any such third parties; provided, such adjustment is subject to a 2.5% minimum Advisor’s Development Fee. Additionally, in cases where the Advisor is sharing responsibility for providing Development Services, the Development Fee shall be capped at 2.5% of $20,000 ($500). Project Management Fee: The below table summarizes the fees incurred by the Trust for services rendered by the Advisor and payable to our Advisor: Year Ended December 31, 2021 2020 2019 (in thousands) Fee: Advisory $ 3,348 $ 3,116 $ 2,996 Acquisition $ 375 $ 708 $ - Disposition $ 146 $ 319 $ - Financing $ 224 $ 133 $ 11 Development $ - $ - $ - Project Management $ 572 $ 365 $ 67 The below table summarizes the fees owed to the Advisor: Payable at December 31, 2021 2020 (in thousands) Fee: Advisory $ 296 $ 278 Acquisition $ - $ - Disposition $ - $ 175 Financing $ 38 $ - Development $ 79 $ 79 Project Management $ 98 $ 51 Operating Partnership Units Issued in Connection with Acquisitions During the year ended December 31, 2021, we issued no operating partnership (OP) units to entities affiliated with any related parties. During the year ended December 31, 2020, we issued 208,000 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 $4,671. During the year ended December 31, 2019, we issued no operating partnership (OP) units to entities affiliated with any related parties. Commissions During the years ended December 31, 2021 and 2020, we incurred real estate commissions of $312 and $633, respectively, to GOLDMARK Commercial Real Estate, Inc., in which Messrs. Regan and Wieland jointly own a controlling interest. There were no commissions paid to GOLDMARK Commercial Real Estate, Inc., during the year ended December 31, 2019. As of December 31, 2021 and 2020, there were no unpaid commissions to GOLDMARK Commercial Real Estate. During the years ended December 31, 2021 and 2020, we incurred real estate commissions of $217 and $308, respectively to GOLDMARK Property Management. There were no commissions paid to GOLDMARK Property Management, during the year ended December 31, 2019. As of December 31, 2021 and 2020, there were no unpaid commissions to GOLDMARK Property Management. Rental Income During the years ended December 31, 2021, 2020 and 2019, we received rental income of $106, $85, and $61, respectively, under an operating lease agreement with our Advisor. During the years ended December 31, 2021, 2020 and 2019, we received rental income of $19, $57, and $56, respectively, under an operating lease agreement with GOLDMARK Commercial Real Estate, Inc. During the years ended December 31, 2021, 2020 and 2019, we received rental income of $294, $268, and $262, respectively, under operating lease agreements with GOLDMARK Property Management, Inc. During the years ended December 31, 2021, 2020 and 2019, we received rental income of $404, $484, and $393, respectively, under operating lease agreements with Bell Bank. Other operational costs During the years ended December 31, 2021, 2020 and 2019, the Trust incurred $276, $240, and $1,575, respectively, for general costs related to business operations as well as capital expenditures related to construction in progress that were paid to related parties. At December 31, 2021 and 2020, operational outstanding liabilities were $128 and $181, respectively. During the year ended December 31, 2021, the Trust received $1,000 from related parties, in reimbursement for expenses paid that were associated with capital projects. No reimbursements for operational receivables were received during the year ended December 31, 2020. At December 31, 2021 and 2020, operational receviables outstanding due from related parties was $336 and $10, respectively. Debt Financing At December 31, 2021 and 2020, the Trust had $66,365 and $51,915, respectively, of outstanding principal on loans entered into with Bell Bank. During the years ended December 31, 2021, 2020 and 2019, the Trust incurred interest expense on debt held with Bell Bank of $2,508, $2,438, and $2,012 respectively. Accrued interest at December 31, 2021 and 2020, related to this debt was $148 and $121, respectively. Mezzanine Financing As of December 31, 2021, Sterling issued $6,855 in second mortgage financing to related entities. There was no outstanding receivable at December 31, 2020. During the year ended December 31, 2021, the Trust earned interest income of $212 related to the second mortgage financing. No interest income was earned during the year ended December 31, 2020. Insurance Services The Trust retains insurance services from Bell Insurance. Policies provided by these services provide insurance coverage for the Trust’s Commercial segment as well as Director and Officer general and liability coverage. At December 31, 2021 and 2020, total premiums incurred for this policy was $166 and $118, respectively. There was no such policy in place with Bell Insurance during year ended December 31, 2019. Tenant Improvement Arrangements During the year ended December 31, 2021, the Trust paid $2,782 in tenant improvement costs associated with a lease agreement with Alloy Enterprises, Inc. There were no tenant improvement costs incurred during the year ended December 31, 2020. At December 31, 2021, no costs were owed to related parties for tenant improvement costs. Development Arrangements Effective August 25, 2021, The Trust purchased a 70% interest in ST Oak Cliff Dallas, LLC. The purpose of the entity is to develop and construct a 318-unit multifamily property located in Dallas, Texas. The partnering investee, TG Oak Cliff Dallas, LLC is owned in part by Kenneth P. Regan, the Trust’s Chief Executive Officer and Trustee. Mr. Regan is also a partner in Trumont Group, the developer engaged by ST Oak Cliff Dallas, LLC to oversee the development of the property. Further, Mr. Regan is also a partner in Trumont Construction, the company who was engaged to oversee the day-to-day construction operations of the property. During the year ended December 31, 2021, the Trust incurred and paid $256 in development fees to Trumont Group. No such fees were paid during the year ended December 31, 2020. At December 31, 2021 the Trust owed $51 in development fees to Trumont Group. At December 31, 2020, no development fees were owed to Trumont Group. During the year ended December 31, 2021, the Trust incurred and paid $71 in construction fees to Trumont Construction. No such fees were paid during the year ended December 31, 2020. At December 31, 2021 the Trust owed $29 in construction fees to Trumont Construction. At December 31, 2020, no construction fees were owed to Trumont Construction. During the year ended December 31, 2021, the Trust incurred and paid $41 in general construction costs to Trumont Construction. No such fees were paid during the year ended December 31, 2020. At December 31, 2021 and 2020, no general construction costs were owed to Trumont Construction.

RENTALS UNDER OPERATING LEASES-

RENTALS UNDER OPERATING LEASES-RENTAL INCOME	12 Months Ended
RENTALS UNDER OPERATING LEASES-RENTAL INCOME	Dec. 31, 2021
RENTALS UNDER OPERATING LEASES-RENTAL INCOME
RENTALS UNDER OPERATING LEASES / RENTAL INCOME	NOTE 16 - RENTALS UNDER OPERATING LEASES / RENTAL INCOME Residential apartment units are rented to individual tenants with lease terms of one year or less. Commercial properties are leased to tenants under terms expiring at various dates through 2038 . Lease terms often include renewal options. As of December 31, 2021, we derived 83.0% 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, 2021, we derived 17% 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 increased revenue by $550 for the year ended December 31, 2021, and decreased revenue by $93 for the year ended December 31, 2020. The straight-line receivable balance included in other assets on the consolidated balance sheets as of the years ended December 31, 2021 and 2020 was $3,569 and $3,012 respectively. We receive payments for expense reimbursements from substantially all our multi-tenant commercial tenants throughout the year based on estimates. Lease income related to the Trust’s operating leases is comprised of the following: Year ended December 31, 2021 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 103,039 $ 16,490 $ 119,529 Lease income related to variable lease payments — 4,576 4,576 Other (a) (538) 630 92 Lease Income (b) $ 102,501 $ 21,696 $ 124,197 (a) For the year ended December 31, 2021, “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, 2021, of $5,127 , which is accounted for under the revenue recognition standard. 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 (c) (721) (125) (846) Lease Income (d) $ 94,441 $ 25,896 $ 120,337 (c) 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. (d) Excludes other rental income for the year ended December 31, 2020, of $4,279 , which is accounted for under the revenue recognition standard. Commercial space is rented under long-term agreements. Minimum future rentals on non-cancelable operating leases as of December 31, 2021, are as follows: Years ending December 31, Amount (in thousands) 2022 $ 15,562 2023 14,910 2024 14,318 2025 14,107 2026 12,949 Thereafter 54,856 $ 126,702

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 17 - 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. A number of 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 impacts of the COVID-19, delta variant. While the Trust did not incur significant disruptions during the year ended December 31, 2021, from the COVID-19 pandemic, the effects of the ongoing COVID-19 pandemic could have material adverse effects on our business and results of operations, so long as COVID-19 continues to impact the U.S. economy in general and multifamily apartment communities in particular. The extent to which the economic disruption associated with the COVID-19 pandemic impacts our business and financial results will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity, and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.

DISPOSITIONS

DISPOSITIONS	12 Months Ended
DISPOSITIONS	Dec. 31, 2021
DISPOSITIONS
DISPOSITIONS	NOTE 18 – DISPOSITIONS During the year ended December 31, 2021, the Operating Partnership sold two properties. We sold a retail property located in Waite Park, Minnesota, for a sale price of $900. Net proceeds received were $853 and the Trust recognized a gain of $2 in April 2021. We sold a residential property located in Moorhead, Minnesota, for a sale price of $4,950. Net proceeds received were $4,757 and the Trust recognized a gain of $1,708 in June 2021. 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 $1,456 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, 2019, the operating partnership had no dispositions or assets held for sale.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
ACQUISITIONS	Dec. 31, 2021
ACQUISITIONS
ACQUISITIONS	NOTE 19 –ACQUISITIONS The Company acquired the following properties during the year ended December 31, 2021. Date Property Name Location Property Type Units/ Square Footage/ Acres Purchase Price 6/1/21 Flagstone Fargo, ND Apartment Complex 120 units $ 7,789 6/1/21 Brownstone Fargo, ND Apartment Complex 72 units 4,392 6/1/21 Briar Pointe Fargo, ND Apartment Complex 30 units 1,936 7/1/21 Oxford Fargo, ND Apartment Complex 144 units 10,227 7/1/21 Pinehurst Fargo, ND Apartment Complex 210 units 15,001 $ 39,345 Total consideration given for acquisitions during the year ended December 31, 2021, was completed through issuing approximately 144,000 limited partnership units of the operating partnership valued at $20.00 per unit for an aggregate consideration of approximately $2,883, assumed liabilities of $569, new debt of $26,250 and cash of $9,643. 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 acquired the following properties during the year ended December 31, 2020. Date Property Name Location Property Type Units/ Square Footage/ Acres Purchase Price 1/12/20 Wolf Creek Fargo, ND Apartment complex 54 units $ 5,336 1/31/20 Columbia Park Village Grand Forks, ND Apartment complex 12 units 648 3/1/20 Belmont East & West Bismarck, ND Apartment complex 26 units 1,592 3/1/20 Eastbrook Bismarck, ND Apartment complex 24 units 1,381 3/1/20 Hawn Fargo, ND Apartment complex 48 units 2,557 3/1/20 Rosser Bismarck, ND Apartment complex 24 units 1,382 8/28/20 Trustmark (a) Fargo, ND Office building 45,755 sq. ft. 6,807 9/15/20 Foxtail Townhomes Fargo, ND Apartment complex 30 units 1,488 12/17/20 Evergreen Terrace Omaha, NE Apartment complex 144 units 8,620 $ 29,811 Total consideration given for acquisitions during the year ended 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, new loans of $3,225, assumed liabilities $6,229, and cash of $10,064. 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 allocation of the purchase price, before prorations, the Company recorded in conjunction with the acquisitions discussed above: Year Ended December 31, 2021 2020 Land, building, tenant improvements and FF&E $ 39,345 $ 29,811 Other liabilities (569) (6,229) Net assets acquired 38,776 23,582 Equity/limited partnership unit consideration (2,883) (10,293) New loans (26,250) (3,225) Net cash consideration $ 9,643 $ 10,064

QUARTERLY FINANCIAL INFORMATION

QUARTERLY FINANCIAL INFORMATION (unaudited)	12 Months Ended
QUARTERLY FINANCIAL INFORMATION (unaudited)	Dec. 31, 2021
QUARTERLY FINANCIAL INFORMATION (unaudited)
QUARTERLY FINANCIAL INFORMATION (unaudited)	NOTE 20 – QUARTERLY FINANCIAL INFORMATION (unaudited) The following table sets forth selected quarterly consolidated financial data for the Company: Quarter (1) 2021 First Second Third Fourth (in thousands, except per share data) Income from rental operations $ 31,760 $ 31,923 $ 33,053 $ 32,588 Net Income $ 5,836 $ 8,278 $ 5,718 $ 4,606 Net Income attributable to Sterling Real Estate Trust $ 2,052 $ 2,963 $ 2,104 $ 1,675 Net Income per common share, basic and diluted $ 0.21 $ 0.29 $ 0.21 $ 0.16 Weighted average common shares outstanding 9,983,000 10,085,000 10,215,000 10,352,000 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 (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
SUBSEQUENT EVENTS	Dec. 31, 2021
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	NOTE 21 - SUBSEQUENT EVENTS On January 18, 2022, we paid a dividend or distribution of $0.2650 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, 2021. On February 1, 2022, Erica J. Chaffee resigned as Chief Financial Officer and Treasurer of the Trust. On February 1, 2022, the Board of Trustees appointed Damon K. Gleave as Chief Financial Officer and Treasurer of the Trust. On February 28, 2022, the Trust acquired a residential property located in Hutchinson, Minnesota for $14,326 . As part of this acquisition, the Trust issued approximately 442,000 Operating Partnership Units, to an entity affiliated with related parties of the Trust. The aggregate value of these units was $10,180 . On February 28, 2022, the Trust obtained financing on a residential property for $9,000 . On March 7, 2022, the Trust disposed of a commercial property located in Savage, Minnesota for $2,700 . 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, 2021
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 $ 2,565 $ 820 $ 2,554 $ 60 $ (94) $ 880 $ 2,460 $ 3,340 $ 580 08/29/2012 40 Titan Machinery Bismarck, ND 2,131 950 1,395 32 — 982 1,395 2,377 244 01/28/2015 40 Titan Machinery Dickinson, ND 1,869 354 1,096 400 — 754 1,096 1,850 269 07/30/2012 40 Titan Machinery Fargo, ND 2,570 781 1,947 515 — 1,296 1,947 3,243 450 10/30/2012 40 Titan Machinery Marshall, MN 4,810 300 3,648 81 — 381 3,648 4,029 935 11/01/2011 40 Titan Machinery Minot, ND — 618 1,654 — — 618 1,654 2,272 389 08/01/2012 40 Titan Machinery North Platte, NE — 325 1,269 — — 325 1,269 1,594 191 01/29/2016 40 Titan Machinery Sioux City, IA 3,806 315 2,472 — — 315 2,472 2,787 510 10/25/2013 40 Total $ 17,751 $ 4,463 $ 16,035 $ 1,088 $ (94) $ 5,551 $ 15,941 $ 21,492 $ 3,568 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 $ 399 $ 669 $ — $ — $ — $ 669 $ — $ 669 $ — 06/14/2011 West 80 Rochester, MN — 1,364 — — — 1,364 — 1,364 — 08/29/2016 Total $ 399 $ 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 $ 2,150 $ 306 $ 2,255 $ 11 $ 123 $ 317 $ 2,378 $ 2,695 $ 912 01/03/2008 9 - 40 Bio-Life Grand Forks, ND 2,210 457 2,230 1 158 458 2,388 2,846 938 01/03/2008 10 - 40 Bio-Life Janesville, WI 1,836 250 1,857 — 123 250 1,980 2,230 772 01/03/2008 9 - 40 Bio-Life Mankato, MN 2,334 390 2,111 280 1,154 670 3,265 3,935 1,178 01/03/2008 11 - 40 Bio-Life Marquette, MI — 213 2,793 — 123 213 2,916 3,129 1,100 01/03/2008 9 - 40 Bio-Life Onalaska, WI 1,772 208 1,853 — 323 208 2,176 2,384 817 01/03/2008 11 - 40 Bio-Life Oshkosh, WI 1,823 293 1,705 — 146 293 1,851 2,144 742 01/03/2008 10 - 40 Bio-Life Sheboygan, WI 2,079 623 1,611 — 248 623 1,859 2,482 715 01/03/2008 10 - 40 Bio-Life Stevens Point, WI 1,989 119 2,184 — 123 119 2,307 2,426 887 01/03/2008 9 - 40 Total $ 16,193 $ 2,859 $ 18,599 $ 292 $ 2,521 $ 3,151 $ 21,120 $ 24,271 $ 8,061 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 $ 2,475 $ 426 $ 3,304 $ 3 $ 178 $ 429 $ 3,482 $ 3,911 $ 463 09/13/2016 20 - 40 Arbor I/400 Bismarck, ND 365 73 516 4 65 77 581 658 126 06/04/2013 40 Arbor II/404 Bismarck, ND 373 73 538 6 43 79 581 660 114 11/01/2013 40 Arbor III/406 Bismarck, ND 371 71 536 7 43 78 579 657 113 11/01/2013 40 Ashbury Fargo, ND 2,356 314 3,774 26 25 340 3,799 4,139 483 12/19/2016 40 Auburn II Fargo, ND 859 105 883 12 87 117 970 1,087 348 03/23/2007 20 - 40 Autumn Ridge Grand Forks, ND 5,295 1,072 8,875 44 38 1,116 8,913 10,029 3,464 08/16/2004 9 - 40 Barrett Arms Crookston, MN 756 37 1,001 — 177 37 1,178 1,215 211 01/02/2014 40 Bayview Fargo, ND 2,513 284 3,447 59 2,020 343 5,467 5,810 1,281 12/31/2007 20 - 40 Belmont East and West Bismarck, ND 776 167 1,424 2 8 169 1,432 1,601 65 03/1/2020 40 Berkshire Fargo, ND 421 31 406 7 53 38 459 497 143 03/31/2008 20 - 40 Betty Ann Fargo, ND 444 74 738 6 140 80 878 958 245 08/31/2009 40 Birchwood 1 Fargo, ND 235 72 342 4 42 76 384 460 36 12/01/2017 40 Birchwood 2 Fargo, ND 1,385 234 2,266 52 288 286 2,554 2,840 247 12/01/2017 40 Bradbury Apartments Bismarck, ND 1,871 1,049 4,922 — 64 1,049 4,986 6,035 405 10/24/18 40 Briar Pointe Fargo, ND 1,315 384 1,551 — — 384 1,551 1,935 23 06/01/2021 40 Bridgeport Fargo, ND 4,942 613 7,676 14 61 627 7,737 8,364 980 12/19/2016 40 Bristol Park Grand Forks, ND 2,884 985 3,976 — 684 985 4,660 5,645 682 02/01/2016 40 Brookfield Fargo, ND 2,001 228 1,958 30 318 258 2,276 2,534 703 08/01/2008 20 - 40 Brownstone Fargo, ND 2,964 780 3,610 — — 780 3,610 4,390 53 06/01/2021 40 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 Cambridge (FKA 44th Street) Fargo, ND 1,664 333 1,845 4 213 337 2,058 2,395 427 02/06/2013 40 Candlelight Fargo, ND 1,680 613 1,221 (326) 416 287 1,637 1,924 369 11/30/2012 40 Carling Manor Grand Forks, ND 518 69 656 1 61 70 717 787 232 03/31/2008 40 Carlton Place Fargo, ND 6,132 703 7,070 96 554 799 7,624 8,423 2,382 09/01/2008 20 - 40 Carr Fargo, ND 513 66 759 4 41 70 800 870 96 01/17/2017 40 Cedars 4 Fargo, ND — 134 1,068 — 29 134 1,097 1,231 83 12/31/18 40 Chandler 1802 Grand Forks, ND 640 133 1,114 — 31 133 1,145 1,278 226 01/02/2014 40 Chandler 1834 Grand Forks, ND 415 112 552 — — 112 552 664 46 9/1/18 40 Chandler 1866 Grand Forks, ND 332 31 270 — 28 31 298 329 122 01/03/2005 20 - 40 Cherry Creek (FKA Village) Grand Forks, ND — 173 1,435 1 274 174 1,709 1,883 492 11/01/2008 40 Cityside Apartments Fargo, ND 704 192 1,129 6 62 198 1,191 1,389 91 11/30/18 40 Columbia Park Village I Grand Forks, ND 308 102 546 — — 102 546 648 27 01/31/2020 40 Columbia West Grand Forks, ND 2,529 294 3,367 1 583 295 3,950 4,245 1,197 09/01/2008 20 - 40 Country Club Fargo, ND 1,047 252 1,252 2 240 254 1,492 1,746 371 05/02/2011 20 - 40 Countryside Fargo, ND 617 135 677 — 68 135 745 880 184 05/02/2011 40 Courtyard St. Louis Park, MN 3,073 2,270 5,681 — 794 2,270 6,475 8,745 1,299 09/03/2013 5 - 40 Dakota Manor Fargo, ND 1,471 249 2,236 20 124 269 2,360 2,629 426 08/07/2014 40 Danbury Fargo, ND 4,712 381 5,922 211 653 592 6,575 7,167 2,163 12/31/2007 20 - 40 Dellwood Estates Anoka, MN 6,437 844 9,924 — 552 844 10,476 11,320 2,201 05/31/2013 40 Eagle Run West Fargo, ND 3,781 576 5,787 128 180 704 5,967 6,671 1,670 08/12/2010 40 Eagle Sky I Bismarck, ND 830 115 1,292 — 104 115 1,396 1,511 212 03/01/2016 40 Eagle Sky II Bismarck, ND 830 135 1,279 — 173 135 1,452 1,587 208 03/01/2016 40 East Bridge Fargo, ND 3,241 792 5,396 1 197 793 5,593 6,386 627 07/03/2017 40 Eastbrook Bismarck, ND 668 145 1,233 — — 145 1,233 1,378 57 01/31/2020 40 Echo Manor Hutchinson, MN 953 141 875 — 118 141 993 1,134 188 01/02/2014 20 - 40 Emerald Court Fargo, ND — 66 830 11 169 77 999 1,076 314 03/31/2008 20 - 40 Essex Fargo, ND 547 212 642 — 68 212 710 922 80 06/01/2017 40 Evergreen Terrace Omaha, NE 5,237 820 7,573 — 84 820 7,657 8,477 205 12/17/20 40 Fairview Bismarck, ND 2,599 267 3,978 39 918 306 4,896 5,202 1,403 12/31/2008 20 - 40 Flagstone Fargo, ND 5,240 1,535 6,258 — — 1,535 6,258 7,793 91 06/01/2021 40 Flickertail Fargo, ND 4,947 426 5,590 76 1,368 502 6,958 7,460 1,925 12/31/2008 40 Forest Avenue Fargo, ND 338 61 637 8 64 69 701 770 148 02/06/2013 40 Foxtail Creek Townhomes Fargo, ND — 267 1,221 — — 267 1,221 1,488 41 09/15/2020 40 Galleria III Fargo, ND 694 118 681 2 292 120 973 1,093 212 11/09/2010 40 Garden Grove Bismarck, ND 4,191 606 6,073 — 168 606 6,241 6,847 892 05/04/2016 5 - 40 Georgetown on the River Fridley, MN 16,979 4,620 25,012 8 4,117 4,628 29,129 33,757 4,938 12/19/2014 5 - 40 Glen Pond Eagan, MN 36,334 3,761 20,569 38 960 3,799 21,529 25,328 5,300 12/02/2011 20 - 40 Glen Pond Addition Eagan, MN 6,176 876 15,408 — — 876 15,408 16,284 514 09/30/2020 40 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 Granger Court I Fargo, ND 1,995 279 2,619 25 203 304 2,822 3,126 570 06/04/2013 20 - 40 Griffin Court Moorhead, MN 2,753 652 3,858 81 428 733 4,286 5,019 819 06/09/2014 5 - 40 Hannifin Bismarck, ND 420 81 607 5 52 86 659 745 131 11/01/2013 40 Harrison and Richfield Grand Forks, ND 5,112 756 6,346 7 316 763 6,662 7,425 2,409 07/01/2007 5 - 40 Hartford Apartments Fargo, ND 858 154 1,233 — 14 154 1,247 1,401 101 10/1/18 40 Hawn Fargo, ND 1,536 280 2,277 — — 280 2,277 2,557 104 03/01/2020 40 Highland Meadows Bismarck, ND 5,537 1,532 8,513 — 417 1,532 8,930 10,462 1,041 05/01/2017 5 - 40 Hunters Run I Fargo, ND 488 50 419 5 (2) 55 417 472 153 03/23/2007 40 Hunters Run II Fargo, ND 457 44 441 2 — 46 441 487 149 07/01/2008 40 Huntington Fargo, ND 329 86 309 4 15 90 324 414 52 08/04/2015 40 Islander Fargo, ND 763 98 884 49 115 147 999 1,146 245 07/01/2011 40 Jadestone Fargo, ND 519 212 554 — 127 212 681 893 73 06/01/2017 40 Kennedy Fargo, ND 369 84 588 7 91 91 679 770 143 02/06/2013 20 - 40 Library Lane Grand Forks, ND 2,070 301 2,332 16 189 317 2,521 2,838 873 10/01/2007 20 - 40 Madison Grand Forks, ND 284 95 497 — 100 95 597 692 86 09/01/2015 40 Maple Ridge Omaha, NE 7,909 766 5,608 59 3,715 825 9,323 10,148 2,328 08/01/2008 20 - 40 Maplewood Maplewood, MN 8,793 3,120 11,655 — 1,744 3,120 13,399 16,519 2,190 12/19/2014 5 - 40 Maplewood Bend Fargo, ND 4,413 783 5,839 1 450 784 6,289 7,073 1,737 01/01/2009 20 - 40 Martha Alice Fargo, ND 444 74 738 6 83 80 821 901 255 08/31/2009 20 - 40 Mayfair Grand Forks, ND — 80 1,043 4 123 84 1,166 1,250 364 07/01/2008 20 - 40 Monticello Fargo, ND 578 60 752 7 60 67 812 879 162 11/08/2013 20 - 40 Montreal Courts Little Canada, MN 17,229 5,809 19,565 15 3,605 5,824 23,170 28,994 4,370 10/02/2013 5 - 40 Morningside Apartments Fargo, ND 477 85 673 — — 85 673 758 53 11/30/18 40 Oak Court Fargo, ND 2,578 270 2,210 29 436 299 2,646 2,945 832 04/30/2008 28 - 40 Oakview Townhomes Grand Forks, ND 3,590 822 4,698 — 471 822 5,169 5,991 635 01/11/2017 40 Oxford Fargo, ND 6,849 1,655 8,563 — — 1,655 8,563 10,218 107 07/01/2021 40 Pacific Park I Fargo, ND 549 95 777 3 65 98 842 940 183 02/06/2013 40 Pacific Park II Fargo, ND 470 111 865 4 47 115 912 1,027 201 02/06/2013 40 Pacific South Fargo, ND 290 58 459 2 — 60 459 519 102 02/06/2013 40 Park Circle Fargo, ND 569 196 716 7 17 203 733 936 84 06/01/2017 40 Parkview Arms Bismarck, ND — 373 3,845 — 135 373 3,980 4,353 682 05/13/2015 5 - 40 Parkwest Gardens West Fargo, ND 3,196 713 5,712 39 1,390 752 7,102 7,854 1,214 06/30/2014 20 - 40 Parkwood Fargo, ND — 126 1,143 14 23 140 1,166 1,306 377 08/01/2008 40 Pebble Creek Bismarck, ND 3,735 260 3,704 31 (62) 291 3,642 3,933 1,191 03/19/2008 20 - 40 Pinehurst Fargo, ND 9,963 2,368 12,614 — — 2,368 12,614 14,982 158 07/01/2021 40 Plumtree Fargo, ND 530 100 782 — 29 100 811 911 94 05/01/2017 40 Prairiewood Courts Fargo, ND — 308 1,730 28 143 336 1,873 2,209 677 09/01/2006 20 - 40 Prairiewood Meadows Fargo, ND — 736 852 11 24 747 876 1,623 202 09/30/2012 40 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 Quail Creek Springfield, MO 5,654 1,529 7,396 — 358 1,529 7,754 9,283 1,315 02/03/2015 5 - 40 Robinwood Coon Rapids, MN 4,244 1,380 6,133 — 711 1,380 6,844 8,224 1,157 12/19/2014 40 Rosedale Estates Roseville, MN 14,315 4,680 20,591 — 692 4,680 21,283 25,963 3,753 12/19/2014 5 - 40 Rosegate Fargo, ND 2,975 251 2,978 49 132 300 3,110 3,410 1,059 04/30/2008 20 - 40 Rosser Bismarck, ND 719 156 1,216 — — 156 1,216 1,372 56 03/01/2020 40 Roughrider Grand Forks, ND 388 100 448 — 117 100 565 665 79 08/01/2016 5 - 40 Saddlebrook West Fargo, ND 1,359 148 1,262 203 105 351 1,367 1,718 428 12/31/2008 40 Sage Park New Brighton, MN 9,565 2,520 13,985 — 1,061 2,520 15,046 17,566 2,644 12/19/2014 5 - 40 Sargent Fargo, ND 974 164 1,529 4 17 168 1,546 1,714 194 01/10/2017 40 Schrock Fargo, ND 443 71 626 3 6 74 632 706 135 06/04/2013 40 Sheridan Pointe Fargo, ND 2,037 292 2,387 21 39 313 2,426 2,739 486 10/01/2013 40 Sierra Ridge Bismarck, ND 6,780 754 8,795 151 845 905 9,640 10,545 2,744 09/01/2006 40 Somerset Fargo, ND 2,764 300 3,400 43 57 343 3,457 3,800 1,147 07/01/2008 40 Southgate Fargo, ND 4,852 803 5,267 20 (44) 823 5,223 6,046 1,881 07/01/2007 20 - 40 Southview III Grand Forks, ND — 99 522 1 79 100 601 701 154 08/01/2011 40 Southview Villages Fargo, ND 2,453 268 2,483 16 379 284 2,862 3,146 937 10/01/2007 20 - 40 Spring Fargo, ND 448 76 822 75 15 151 837 988 188 02/06/2013 20 - 40 Stanford Court Grand Forks, ND — 291 3,866 — 454 291 4,320 4,611 889 02/06/2013 20 - 40 Stonefield-Clubhouse Bismarck, ND — 34 1,147 — 50 34 1,197 1,231 163 07/31/2016 40 Stonefield-Phase I Bismarck, ND 7,776 2,804 13,068 227 802 3,031 13,870 16,901 2,338 08/01/2014 20 - 40 Stonefield-Phase II Bismarck, ND 4,862 1,167 2,531 486 5,704 1,653 8,235 9,888 944 10/23/2014 40 Stonefield-Phase III Bismarck, ND — 1,079 — 238 — 1,317 — 1,317 — 10/23/2014 n/a Stonybrook Omaha, NE 6,372 1,439 8,003 — 1,574 1,439 9,577 11,016 2,842 01/20/2009 20 - 40 Summerfield Fargo, ND 488 129 599 6 50 135 649 784 103 08/04/2015 40 Summit Point Fargo, ND 3,401 681 5,434 22 450 703 5,884 6,587 871 10/01/2015 20 - 40 Sunchase Fargo, ND 1,040 181 1,563 14 86 195 1,649 1,844 192 05/01/2017 40 Sunset Ridge Bismarck, ND 11,100 1,759 11,012 36 75 1,795 11,087 12,882 3,483 06/06/2008 9 - 40 Sunview Grand Forks, ND — 144 1,578 2 225 146 1,803 1,949 540 12/31/2008 20 - 40 Sunwood Fargo, ND 2,562 358 3,252 38 460 396 3,712 4,108 1,209 07/01/2007 20 - 40 Thunder Creek Fargo, ND 2,721 633 4,063 1 268 634 4,331 4,965 409 03/1/2018 25 - 40 Twin Oaks Hutchinson, MN 3,000 816 3,245 — 122 816 3,367 4,183 607 10/01/2014 40 Twin Parks Fargo, ND 1,966 119 2,072 43 227 162 2,299 2,461 700 10/01/2008 20 - 40 Valley Homes Duplexes Grand Forks, ND 1,043 356 1,668 — 418 356 2,086 2,442 334 01/22/2015 40 Valley View Golden Valley, MN 4,223 1,190 6,076 — 347 1,190 6,423 7,613 1,109 12/19/2014 5 - 40 Village Park Fargo, ND 644 219 1,932 51 80 270 2,012 2,282 673 04/30/2008 40 Village West Fargo, ND 2,236 357 2,274 61 121 418 2,395 2,813 775 04/30/2008 40 Washington Grand Forks, ND 371 74 592 — 76 74 668 742 92 05/04/2016 40 Westcourt Fargo, ND 2,365 287 2,914 28 171 315 3,085 3,400 625 01/02/2014 5 - 40 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 West Oak Fargo, ND 525 85 692 47 37 132 729 861 97 01/17/2017 40 Westside Hawley, MN 477 59 360 — 100 59 460 519 116 02/01/2010 40 Westwind Fargo, ND 590 49 455 1 95 50 550 600 191 04/30/2008 20 - 40 Westwood Fargo, ND 3,341 597 6,341 91 627 688 6,968 7,656 2,199 06/05/2008 20 - 40 Willow Park Fargo, ND 3,382 288 5,286 39 799 327 6,085 6,412 1,790 12/31/2008 40 Wolf Creek Fargo, ND 3,066 1,082 4,210 — 28 1,082 4,238 5,320 211 01/12/2020 40 Woodland Pines Omaha, NE 6,170 842 10,596 — 1,373 842 11,969 12,811 897 11/30/18 40 Total $ 390,321 $ 84,079 $ 519,490 $ 3,085 $ 51,988 $ 87,164 $ 571,478 $ 658,642 $ 109,547 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 Bluemont Lakes Financial Center Fargo, ND $ 4,891 $ 635 $ 3,298 $ 87 $ 269 $ 722 $ 3,567 $ 4,289 $ 1,506 03/16/2004 3 - 40 Bell Plaza Bloomington, MN 31,438 6,912 35,143 — 3,746 6,912 38,889 45,801 10,500 08/13/2015 3 - 40 Trustmark Fargo, ND — 2,089 4,718 — 5,119 2,089 9,837 11,926 188 08/28/2020 40 First International Bank & Trust Moorhead, MN — 210 712 5 88 215 800 1,015 268 05/13/2011 10 - 40 Four Points Fargo, ND — 70 1,238 — 175 70 1,413 1,483 473 10/18/2007 5 - 40 Gate City Grand Forks, ND — 382 893 1 700 383 1,593 1,976 359 03/31/2008 40 Goldmark Office Park Fargo, ND 12,713 1,160 11,870 65 8,515 1,225 20,385 21,610 4,845 07/01/2007 1 - 40 Great American Bldg Fargo, ND 1,108 511 1,290 22 447 533 1,737 2,270 654 02/01/2005 28 - 40 Midtown Plaza Minot, ND 1,137 30 1,213 — 97 30 1,310 1,340 527 01/01/2004 5 - 40 Parkway office building (FKA Echelon) Fargo, ND 1,664 278 1,491 42 82 320 1,573 1,893 567 05/15/2007 9 - 40 Redpath White Bear Lake, MN 2,930 1,195 1,787 — — 1,195 1,787 2,982 264 02/01/2016 40 Regis Edina, MN — 2,991 7,633 — — 2,991 7,633 10,624 2,484 01/01/2009 40 Wells Fargo Center Duluth, MN — 600 7,195 (115) 2,729 485 9,924 10,409 3,260 07/11/2007 4 - 40 Total $ 55,881 $ 17,063 $ 78,481 $ 107 $ 21,967 $ 17,170 $ 100,448 $ 117,618 $ 25,895 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 1,485 140 03/22/2010 40 Applebees Coon Rapids, MN — 750 875 8 — 758 875 1,633 259 03/09/2010 40 Applebees Savage, MN — 690 424 — — 690 424 1,114 125 01/01/2010 40 Dairy Queen Apple Valley, MN 1,973 1,128 1,345 — — 1,128 1,345 2,473 129 9/17/18 40 Dairy Queen Dickinson, ND — 329 658 1 — 330 658 988 164 01/19/2012 40 Dairy Queen Moorhead, MN — 243 787 2 — 245 787 1,032 210 05/13/2011 20 Family Dollar Mandan, ND — 167 649 — 54 167 703 870 181 12/14/2010 40 OReilly Mandan, ND — 115 449 — 27 115 476 591 125 12/14/2010 40 Walgreens Alexandria, LA 762 1,090 2,973 — — 1,090 2,973 4,063 894 12/18/2009 28 - 40 Walgreens Batesville, AR 4,886 473 6,405 — — 473 6,405 6,878 2,002 07/09/2009 40 Walgreens Denver, CO 3,065 2,349 2,358 — — 2,349 2,358 4,707 624 06/14/2011 40 Walgreens Fayetteville, AR 3,688 636 4,732 — — 636 4,732 5,368 1,479 07/09/2009 40 Walgreens Laurel, MS 731 1,280 2,984 — — 1,280 2,984 4,264 858 07/30/2010 40 Total $ 15,105 $ 10,250 $ 25,113 $ 22 $ 81 $ 10,272 $ 25,194 $ 35,466 $ 7,190 Grand Totals $ 495,650 $ 120,747 $ 657,718 $ 4,594 $ 76,463 $ 125,341 $ 734,181 $ 859,522 $ 154,261 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, 2021, 2020 and 2019 are as follows (in thousands): 2021 2020 2019 Balance at January 1, $ 845,288 $ 802,028 $ 790,696 Purchase of real estate investments 63,299 57,799 5,981 Sale and disposal of real estate investment (8,184) (15,467) (4,422) Property held for sale 1,578 (1,578) — Provision for asset impairment — — — Construction in progress not yet placed in service (5,279) 2,506 9,773 Reallocation to intangible assets — — — Balance at December 31, $ 896,702 $ 845,288 $ 802,028 (c) The changes in accumulated depreciation for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands): 2021 2020 2019 Balance at January 1, $ 160,575 $ 146,316 $ 128,112 Depreciation expense 20,917 19,770 19,644 Property held for sale 749 (749) — Sale and disposal of real estate investment (3,086) (4,762) (1,440) Balance at December 31, $ 179,155 $ 160,575 $ 146,316 (d) The aggregate cost of our real estate for federal income tax purposes is $705,261 .

PRINCIPAL ACTIVITY AND SIGNIF_2

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
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”).
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. As of December 31, 2021, the Trust owned approximately 36.22% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to the Operating Partnership in exchange for OP Units. Under the partnership agreement, these persons have the right to tender their OP Units for redemption to the Operating Partnership at any time following a specified restricted period for cash equal to the fair value of an equivalent number of common shares of the Trust. In lieu of delivering cash, however, the Trust, as the Operating Partnership’s general partner, may, at its option, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Trust so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Trust’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Trust issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Trust an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT.” 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. In instances where the Trust determines that it is not the primary beneficiary of a VIE or the Trust does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Trust will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Trust’s operations but instead its share of operations will be reflected as equity in earnings (loss) of unconsolidated entity on its consolidated statements of operations and comprehensive loss. Additionally, the Trust’s net investment in the joint venture will be reflected as investment in unconsolidated entity on the consolidated balance sheets. See Note 5 for additional details regarding variable interest entities where the Trust uses the equity method of investing. The Operating Partnership meets the criteria as a variable interest entity (“VIE”). The Trust’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Trust’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Trust’s debt is an obligation of the Operating Partnership, and the Trust guarantees the unsecured debt obligations of the Operating Partnership.
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 relative acquisition date fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, and (v) assumed financing that is determined to be above or below market, if any. Transaction costs related to acquisitions accounted for as asset acquisitions are capitalized as incurred and included as a cost of the building in the accompanying balance sheet. Furniture and fixtures are stated at cost less accumulated depreciation. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for routine maintenance and repairs, which do not add to the value or extend useful lives, are charged to expense as incurred. Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method over the following estimated useful lives: Buildings and improvements 40 years Furniture, fixtures and equipment 5 - 9 years The Trust’s real estate investments are reviewed for potential impairment periodically 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. 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. Based on evaluation, there were no impairment losses during the years ended December 31, 2021, 2020 and 2019.
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 (losses), 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, 2021, 2020 and 2019.
Other Assets	Other Assets Other assets are comprised of the following as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (in thousands) Due from related party $ 336 $ 10 Accounts receivable, net 5,342 4,079 Insurance claim receivable 145 1,968 Fair value of interest rate swap 698 — Other assets 192 1,040 Financing Fees, less accumulated amortization 18 46 Lease costs, less accumulated amortization 2,065 1,527 Prepaid expenses 1,506 2,959 Total other assets, net $ 10,302 $ 11,629
Note receivable	Note receivable Notes receivable are issued periodically and are secured and interest bearing.
Accrued Expenses and Other liabilities	Accrued Expenses and Other liabilities Accrued Expenses and other liabilities are comprised of the following as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (in thousands) Special assessments payable $ 690 $ 649 Due to related party 473 559 Subordinated debt — 25 Accounts payable – trade 3,272 3,090 Retainage payable 86 33 Fair value of interest rate swap 1,648 1,805 Deferred insurance proceeds 476 662 Accrued interest expense 1,323 1,175 Accrued real estate taxes 6,653 5,998 Accrued unearned rent 3,055 2,579 Other liabilities 928 299 Total accrued expenses and other liabilities $ 18,604 $ 16,874
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.
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 other 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 other comprehensive income.
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, 2021, 2020 and 2019 follows: Tax Year Ended December 31, Dividend % Dividend % Dividend % 2021 2021 2020 2020 2019 2019 Tax status Ordinary income $ 0.9833 92.76 % $ 0.8994 84.95 % $ 0.8791 84.12 % Capital gain 0.0767 7.24 % — — % 0.0048 0.46 % Return of capital — — % 0.1593 15.05 % 0.1611 15.42 % $ 1.0600 100.00 % $ 1.0587 100.00 % $ 1.0450 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, 2021, all leases analyzed under the Trust’s lease classification process were determined to be operating leases.
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, 2021, 2020 and 2019 and therefore, basic earnings per common share was equal to diluted earnings per common share for both periods. As the calculation does not include net income attributable to the Operating Partnership, Operating Partnership Units are not included in the calculation, and does not have any impact on earnings per share. For the years ended December 31, 2021, 2020 and 2019, Sterling’s denominators for the basic and diluted earnings per common share were approximately 10,160,000 , 9,694,000 , and 9,268,000 , respectively.
Reclassifications	Reclassifications Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations or equity.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848). 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. 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, 2021
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Summary of Estimated Useful Life	Buildings and improvements 40 years Furniture, fixtures and equipment 5 - 9 years
Schedule of other assets	December 31, 2021 December 31, 2020 (in thousands) Due from related party $ 336 $ 10 Accounts receivable, net 5,342 4,079 Insurance claim receivable 145 1,968 Fair value of interest rate swap 698 — Other assets 192 1,040 Financing Fees, less accumulated amortization 18 46 Lease costs, less accumulated amortization 2,065 1,527 Prepaid expenses 1,506 2,959 Total other assets, net $ 10,302 $ 11,629
Schedule of accrued expenses and other liabilities	December 31, 2021 December 31, 2020 (in thousands) Special assessments payable $ 690 $ 649 Due to related party 473 559 Subordinated debt — 25 Accounts payable – trade 3,272 3,090 Retainage payable 86 33 Fair value of interest rate swap 1,648 1,805 Deferred insurance proceeds 476 662 Accrued interest expense 1,323 1,175 Accrued real estate taxes 6,653 5,998 Accrued unearned rent 3,055 2,579 Other liabilities 928 299 Total accrued expenses and other liabilities $ 18,604 $ 16,874
Schedule of Tax Status	Tax Year Ended December 31, Dividend % Dividend % Dividend % 2021 2021 2020 2020 2019 2019 Tax status Ordinary income $ 0.9833 92.76 % $ 0.8994 84.95 % $ 0.8791 84.12 % Capital gain 0.0767 7.24 % — — % 0.0048 0.46 % Return of capital — — % 0.1593 15.05 % 0.1611 15.42 % $ 1.0600 100.00 % $ 1.0587 100.00 % $ 1.0450 100.00 %

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
SEGMENT REPORTING (Tables)	Dec. 31, 2021
SEGMENT REPORTING
Summary of Segment Revenues and Net Operating Income	Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Residential Commercial Total Residential Commercial Total Residential Commercial Total (in thousands) (in thousands) (in thousands) Income from rental operations $ 107,284 $ 22,040 $ 129,324 $ 98,576 $ 26,040 $ 124,616 $ 94,763 $ 25,576 $ 120,339 Expenses from rental operations 57,454 7,315 64,769 52,686 6,883 59,569 53,754 7,182 60,936 Net operating income $ 49,830 $ 14,725 $ 64,555 $ 45,890 $ 19,157 $ 65,047 $ 41,009 $ 18,394 $ 59,403 Depreciation and amortization 22,203 21,214 21,495 Interest 18,142 17,097 18,282 Administration of REIT 4,381 4,217 4,112 Other income (4,609) (4,461) (545) Net income $ 24,438 $ 26,980 $ 16,059
Summary of Segment Assets and Accumulated Depreciation	As of December 31, 2021 Residential Commercial Total (in thousands) Real estate investments $ 692,722 $ 203,980 $ 896,702 Accumulated depreciation (133,100) (46,055) (179,155) $ 559,622 $ 157,925 717,547 Cash and cash equivalents 51,507 Restricted deposits 9,149 Investment in unconsolidated affiliates 18,658 Notes receivable 7,457 Intangible assets, less accumulated amortization 6,246 Other assets, net 10,302 Total Assets $ 820,866 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 15,919 Investment in unconsolidated affiliates 9,659 Notes receivable 2,026 Assets held for sale 831 Intangible assets, less accumulated amortization 7,367 Other assets, net 10,798 Total Assets $ 743,029

RESTRICTED DEPOSITS AND FUNDE_2

RESTRICTED DEPOSITS AND FUNDED RESERVES (Tables)	12 Months Ended
RESTRICTED DEPOSITS AND FUNDED RESERVES (Tables)	Dec. 31, 2021
RESTRICTED DEPOSITS AND FUNDED RESERVES
Schedule of restricted deposits	As of December 31, As of December 31, 2021 2020 (in thousands) Tenant security deposits $ 5,165 $ 4,730 Real estate tax and insurance escrows 1,355 2,058 Replacement reserves 1,791 2,137 Other funded reserves 838 6,994 $ 9,149 $ 15,919

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED AFFILIATES (Tables)	12 Months Ended
INVESTMENT IN UNCONSOLIDATED AFFILIATES (Tables)	Dec. 31, 2021
INVESTMENT IN UNCONSOLIDATED AFFILIATES
Schedule of investments in unconsolidated real estate ventures	Date Trust Ownership Total Investment for the year ended December 31, Unconsolidated Affiliates Acquired Interest 2021 2020 Banner Building 2007 66.67% $ 60 $ 59 Grand Forks INREIT, LLC 2003 50% 2,493 2,323 SE Savage, LLC 2019 60% 2,946 3,312 SE Maple Grove, LLC 2019 60% 2,823 2,965 SE Rogers, LLC 2020 60% 2,986 1,000 ST Oak Cliff, LLC 2021 70% 4,324 - SE Brooklyn Park, LLC 2021 60% 3,026 - $ 18,658 $ 9,659
Schedule of financial information of unconsolidated entities	The following is a summary of the financial position of the unconsolidated affiliates at December 31, 2021 and 2020. December 31, 2021 December 31, 2020 (in thousands) ASSETS Real estate investments $ 134,839 $ 74,991 Accumulated depreciation (10,940) (9,692) 123,899 65,299 Cash and cash equivalents 1,131 249 Restricted deposits 650 384 Intangible assets, less accumulated amortization 41 — Other assets, net 909 180 Total Assets $ 126,630 $ 66,112 LIABILITIES Mortgage notes payable, net $ 87,996 $ 41,405 Tenant security deposits payable 108 2 Accrued expenses and other liabilities 8,029 6,533 Total Liabilities $ 96,133 $ 47,940 SHAREHOLDERS' EQUITY Total Shareholders' Equity $ 30,497 $ 18,172 Total liabilities and shareholders' equity $ 126,630 $ 66,112 The following is a summary of results of operations of the unconsolidated affiliates for the years ended the years ended December 31, 2021, 2020 and 2019. The year ended December 31, 2021 2020 2019 (in thousands) Income from rental operations $ 4,746 $ 3,001 $ 4,022 Expenses from rental operations 1,632 928 950 Net operating income $ 3,114 $ 2,073 $ 3,072 Depreciation and Amortization 1,248 688 686 Interest 2,275 970 976 Other Income - (24) - Net (loss) income $ (409) $ 439 $ 1,410

LEASE INTANGIBLES (Tables)

LEASE INTANGIBLES (Tables)	12 Months Ended
LEASE INTANGIBLES (Tables)	Dec. 31, 2021
LEASE INTANGIBLES
Schedule of Intangible Assets and Liabilities and Accumulated Amortization	Lease Accumulated Lease As of December 31, 2021 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 15,455 $ (10,381) $ 5,074 Above-market leases 2,617 (1,445) 1,172 $ 18,072 $ (11,826) $ 6,246 Lease Intangible Liabilities Below-market leases $ (2,525) $ 1,714 $ (811) 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)
Schedule of Estimated Aggregate Amortization of Lease Intangible Assets and Liabilities	Intangible Intangible Years ending December 31, Assets Liabilities (in thousands) 2022 $ 987 $ 164 2023 849 151 2024 849 151 2025 849 151 2026 698 80 Thereafter 2,014 114 $ 6,246 $ 811

MORTGAGE NOTES PAYABLE (Tables)

MORTGAGE NOTES PAYABLE (Tables)	12 Months Ended
MORTGAGE NOTES PAYABLE (Tables)	Dec. 31, 2021
MORTGAGE NOTES PAYABLE
Schedule of Mortgage Notes Payable	Principal Balance At December 31, December 31, 2021 2020 (in thousands) Fixed rate mortgage notes payable (a) $ 490,413 $ 415,665 Variable rate mortgage notes payable 5,237 7,446 Mortgage notes payable 495,650 423,111 Less unamortized debt issuance costs 2,508 1,833 $ 493,142 $ 421,278 (a) Includes $108,734 and $43,613 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2021 and 2020, respectively.
Scheduled Maturities of Mortgage Notes Payable	Years ending December 31, Amount (in thousands) 2022 $ 21,404 2023 52,373 2024 21,939 2025 52,379 2026 44,774 Thereafter 302,781 Total payments $ 495,650

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	12 Months Ended
DERIVATIVES AND HEDGING ACTIVITIES (Tables)	Dec. 31, 2021
DERIVATIVES AND HEDGING ACTIVITIES
Schedule of interest rate swaps	The following table summarizes the Trust’s interest rate swaps designated as cash flow hedges as of December 31, 2021: Fixed Effective Date Notional Interest Rate Maturity Date November 1, 2019 $ 6,780 3.15% November 1, 2029 November 1, 2019 $ 4,712 3.28% November 1, 2029 January 10, 2020 $ 3,066 3.39% January 10, 2030 June 11, 2020 $ 1,535 3.07% June 15, 2030 June 11, 2020 $ 2,975 3.07% June 15, 2030 June 15, 2020 $ 1,664 2.94% June 15, 2030 June 15, 2020 $ 4,402 2.94% June 15, 2030 July 1, 2020 $ 4,852 2.79% June 10, 2030 December 2, 2020 $ 12,713 2.91% December 2, 2027 July 1, 2021 $ 26,331 2.99% July 1, 2031 November 10, 2021 $ 28,604 3.54% August 1, 2029 December 1, 2021 $ 11,100 3.32% December 1, 2031 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, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Interest rate swaps 12 9 $ 108,734 $ 43,613
Schedule of the estimated fair value of derivatives	Derivatives Derivatives designated as December 31, 2021 December 31, 2020 cash flow hedges: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other assets, net $ 698 Other assets, net $ — Interest rate swaps Accrued expenses and other liabilities $ 1,648 Accrued expenses and other liabilities $ 1,805
Schedule of the effect of the derivatives	Location of Gain Amount of (Gain)/Loss Reclassified from Derivatives in Recognized in Other Accumulated other Amount of (Gain)/Loss Cash Flow Hedging Comprehensive Income Comprehensive Income Reclassified from Relationships on Derivatives (AOCI) into Income AOCI into Income 2021 2021 Interest rate swaps $ (855) Interest expense $ 670 2020 2020 Interest rate swaps $ 1,842 Interest expense $ 242

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
FAIR VALUE MEASUREMENT (Tables)	Dec. 31, 2021
FAIR VALUE MEASUREMENT
Carrying Value and Estimated Fair Value of Company's Financial Instruments	December 31, 2021 December 31, 2020 Carrying Carrying Value Fair Value Value Fair Value (in thousands) Financial assets: Notes receivable $ 7,457 $ 9,840 $ 2,026 $ 2,117 Derivative assets $ 698 $ 698 $ — $ — Financial liabilities: Mortgage notes payable $ 495,650 $ 508,285 $ 423,111 $ 443,100 Derivative liabilities $ 1,648 $ 1,648 $ 1,805 $ 1,805
Schedule of Fair Value of Liabilities on Recurring Basis	Level 1 Level 2 Level 3 Total (in thousands) December 31, 2021 Derivative assets $ — $ 698 $ — $ 698 Derivative liabilities $ — $ 1,648 $ — $ 1,648 December 31, 2020 Derivative liabilities $ — $ 1,805 $ — $ 1,805
Fair Value of Company's Financial Assets and Liabilities	Level 1 Level 2 Level 3 Total (in thousands) December 31, 2021 Mortgage notes payable $ — $ — $ 508,285 $ 508,285 Notes receivable $ — $ — $ 9,840 $ 9,840 December 31, 2020 Mortgage notes payable $ — $ — $ 443,100 $ 443,100 Notes receivable $ — $ — $ 2,117 $ 2,117

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
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)
Schedule of fees incurred and payable to Advisor	Year Ended December 31, 2021 2020 2019 (in thousands) Fee: Advisory $ 3,348 $ 3,116 $ 2,996 Acquisition $ 375 $ 708 $ - Disposition $ 146 $ 319 $ - Financing $ 224 $ 133 $ 11 Development $ - $ - $ - Project Management $ 572 $ 365 $ 67 The below table summarizes the fees owed to the Advisor: Payable at December 31, 2021 2020 (in thousands) Fee: Advisory $ 296 $ 278 Acquisition $ - $ - Disposition $ - $ 175 Financing $ 38 $ - Development $ 79 $ 79 Project Management $ 98 $ 51

RENTALS UNDER OPERATING LEASE_2

RENTALS UNDER OPERATING LEASES-RENTAL INCOME (Tables)	12 Months Ended
RENTALS UNDER OPERATING LEASES-RENTAL INCOME (Tables)	Dec. 31, 2021
RENTALS UNDER OPERATING LEASES-RENTAL INCOME
Schedule of Lease Income related to the Trust's Operating Leases	Lease income related to the Trust’s operating leases is comprised of the following: Year ended December 31, 2021 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 103,039 $ 16,490 $ 119,529 Lease income related to variable lease payments — 4,576 4,576 Other (a) (538) 630 92 Lease Income (b) $ 102,501 $ 21,696 $ 124,197 (a) For the year ended December 31, 2021, “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, 2021, of $5,127 , which is accounted for under the revenue recognition standard. 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 (c) (721) (125) (846) Lease Income (d) $ 94,441 $ 25,896 $ 120,337 (c) 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. (d) Excludes other rental income for the year ended December 31, 2020, of $4,279 , which is accounted for under the revenue recognition standard.
Schedule of Future Minimum Rental Income	Years ending December 31, Amount (in thousands) 2022 $ 15,562 2023 14,910 2024 14,318 2025 14,107 2026 12,949 Thereafter 54,856 $ 126,702

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
ACQUISITIONS (Tables)	Dec. 31, 2021
ACQUISITIONS
Schedule of acquisition date fair values, before prorations recorded in conjunction with acquisitions	Year Ended December 31, 2021 2020 Land, building, tenant improvements and FF&E $ 39,345 $ 29,811 Other liabilities (569) (6,229) Net assets acquired 38,776 23,582 Equity/limited partnership unit consideration (2,883) (10,293) New loans (26,250) (3,225) Net cash consideration $ 9,643 $ 10,064
Real Estate Property Acquisitions 2021
ACQUISITIONS
Schedule of acquisitions	Date Property Name Location Property Type Units/ Square Footage/ Acres Purchase Price 6/1/21 Flagstone Fargo, ND Apartment Complex 120 units $ 7,789 6/1/21 Brownstone Fargo, ND Apartment Complex 72 units 4,392 6/1/21 Briar Pointe Fargo, ND Apartment Complex 30 units 1,936 7/1/21 Oxford Fargo, ND Apartment Complex 144 units 10,227 7/1/21 Pinehurst Fargo, ND Apartment Complex 210 units 15,001 $ 39,345
Real Estate Property Acquisitions 2020
ACQUISITIONS
Schedule of acquisitions	Date Property Name Location Property Type Units/ Square Footage/ Acres Purchase Price 1/12/20 Wolf Creek Fargo, ND Apartment complex 54 units $ 5,336 1/31/20 Columbia Park Village Grand Forks, ND Apartment complex 12 units 648 3/1/20 Belmont East & West Bismarck, ND Apartment complex 26 units 1,592 3/1/20 Eastbrook Bismarck, ND Apartment complex 24 units 1,381 3/1/20 Hawn Fargo, ND Apartment complex 48 units 2,557 3/1/20 Rosser Bismarck, ND Apartment complex 24 units 1,382 8/28/20 Trustmark (a) Fargo, ND Office building 45,755 sq. ft. 6,807 9/15/20 Foxtail Townhomes Fargo, ND Apartment complex 30 units 1,488 12/17/20 Evergreen Terrace Omaha, NE Apartment complex 144 units 8,620 $ 29,811

QUARTERLY FINANCIAL INFORMATI_2

QUARTERLY FINANCIAL INFORMATION (unaudited) (Tables)	12 Months Ended
QUARTERLY FINANCIAL INFORMATION (unaudited) (Tables)	Dec. 31, 2021
QUARTERLY FINANCIAL INFORMATION (unaudited)
Schedule of selected quarterly financial data	Quarter (1) 2021 First Second Third Fourth (in thousands, except per share data) Income from rental operations $ 31,760 $ 31,923 $ 33,053 $ 32,588 Net Income $ 5,836 $ 8,278 $ 5,718 $ 4,606 Net Income attributable to Sterling Real Estate Trust $ 2,052 $ 2,963 $ 2,104 $ 1,675 Net Income per common share, basic and diluted $ 0.21 $ 0.29 $ 0.21 $ 0.16 Weighted average common shares outstanding 9,983,000 10,085,000 10,215,000 10,352,000 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 (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)	Dec. 31, 2021	Dec. 31, 2020
ORGANIZATION
Ownership in operating partnership (as a percent)	36.22%	35.03%

Principal Activity and Signif_4

Principal Activity and Significant Accounting Policies - Principles of Consolidation (Details)	Dec. 31, 2021	Dec. 31, 2020
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Ownership in operating partnership (as a percent)	36.22%	35.03%

Principal Activity and Signif_5

Principal Activity and Significant Accounting Policies - Real Estate Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate Investments
Loss on impairment of property	$ 0	$ 0	$ 0
Impairment losses related to the unconsolidated affiliates	$ 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

Principal Activity and Signif_6

Principal Activity and Significant Accounting Policies - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Due from related party	$ 336	$ 10
Accounts receivable, net	5,342	4,079
Insurance claim receivable	145	1,968
Fair value of interest rate swap	698
Other assets	192	1,040
Financing fees, less accumulated amortization	18	46
Lease costs, less accumulated amortization	2,065	1,527
Prepaid expenses	1,506	2,959
Other Assets, Total	$ 10,302	$ 11,629

Principal Activity and Signif_7

Principal Activity and Significant Accounting Policies - Accrued Expenses and Other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Special assessments payable	$ 690	$ 649
Due to related party	473	559
Subordinated debt		25
Accounts payable - trade	3,272	3,090
Retainage payable	86	33
Fair value of interest rate swap	1,648	1,805
Deferred insurance proceeds	476	662
Accrued interest expense	1,323	1,175
Accrued real estate taxes	6,653	5,998
Accrued unearned rent	3,055	2,579
Other liabilities	928	299
Total accrued expenses and other liabilities	$ 18,604	$ 16,874

Principal Activity and Signif_8

Principal Activity and Significant Accounting Policies - Federal Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Taxable income to be distributed	90.00%
Retainable taxable income	10.00%
Tax characterization of dividends paid
Ordinary income	$ 0.9833	$ 0.8994	$ 0.8791
Capital Gain	0.0767		0.0048
Return of capital		0.1593	0.1611
Total	$ 1.0600	$ 1.0587	$ 1.0450
Ordinary income (as a percent)	92.76%	84.95%	84.12%
Capital Gain (as a percent)	7.24%		0.46%
Return of capital (as a percent)		15.05%	15.42%
Total (as a percent)	100.00%	100.00%	100.00%
Provisions or liabilities for income taxes	$ 0

Principal Activity and Signif_9

Principal Activity and Significant Accounting Policies - Earnings Per Common Share (Details) - shares	3 Months Ended								12 Months Ended			36 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
Earnings per Common Share
Dilutive potential common shares												0
Weighted average common shares outstanding, basic	10,352,000	10,215,000	10,085,000	9,983,000	9,862,000	9,740,000	9,611,000	9,562,000	10,160,000	9,694,000	9,268,000
Weighted average common shares outstanding, diluted	10,352,000	10,215,000	10,085,000	9,983,000	9,862,000	9,740,000	9,611,000	9,562,000	10,160,000	9,694,000	9,268,000

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2021segment
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, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEGMENT REPORTING
Income from rental operations	$ 32,588	$ 33,053	$ 31,923	$ 31,760	$ 33,023	$ 30,866	$ 30,821	$ 29,906	$ 129,324	$ 124,616	$ 120,339
Expenses from rental operations									64,769	59,569	60,936
Net operating income									64,555	65,047	59,403
Depreciation and amortization									22,203	21,214	21,495
Interest									18,142	17,097	18,282
Administration of REIT									4,381	4,217	4,112
Other (income)/expense									(4,609)	(4,461)	(545)
Net income	$ 4,606	$ 5,718	$ 8,278	$ 5,836	$ 10,090	$ 5,266	$ 6,397	$ 5,227	24,438	26,980	16,059
Residential
SEGMENT REPORTING
Income from rental operations									107,284	98,576	94,763
Expenses from rental operations									57,454	52,686	53,754
Net operating income									49,830	45,890	41,009
Commercial
SEGMENT REPORTING
Income from rental operations									22,040	26,040	25,576
Expenses from rental operations									7,315	6,883	7,182
Net operating income									$ 14,725	$ 19,157	$ 18,394

Segment Reporting - Summary o_2

Segment Reporting - Summary of Segment Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEGMENT REPORTING
Real estate investments	$ 896,702	$ 845,288	$ 802,028	$ 790,696
Accumulated depreciation	(179,155)	(160,575)	(146,316)	$ (128,112)
Real estate investments, net	717,547	684,713
Cash and cash equivalents	51,507	11,716	9,002
Restricted deposits	9,149	15,919	$ 8,380
Investment in unconsolidated affiliates	18,658	9,659
Notes receivable	7,457	2,026
Assets held for sale		831
Intangible assets, less accumulated amortization	6,246	7,367
Other assets, net	10,302	11,629
Other assets, net		10,798
Total Assets	820,866	743,029
Residential
SEGMENT REPORTING
Real estate investments	692,722	647,083
Accumulated depreciation	(133,100)	(118,363)
Real estate investments, net	559,622	528,720
Commercial
SEGMENT REPORTING
Real estate investments	203,980	198,205
Accumulated depreciation	(46,055)	(42,212)
Real estate investments, net	$ 157,925	$ 155,993

Restricted Deposits And Funde_3

Restricted Deposits And Funded Reserves - Summary of Restricted Deposits and Funded Reserves (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RESTRICTED DEPOSITS AND FUNDED RESERVES
Tenant security deposits	$ 5,165	$ 4,730
Real estate tax and insurance escrows	1,355	2,058
Replacement reserves	1,791	2,137
Other funded reserves	838	6,994
Restricted deposits , Total	$ 9,149	$ 15,919	$ 8,380

Investment in Unconsolidated _3

Investment in Unconsolidated Affiliates - Total investments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 17, 2021	Aug. 25, 2021	Dec. 31, 2020
Investment in Unconsolidated Affiliates
Investment in unconsolidated affiliates	$ 18,658			$ 9,659
ST Oak Cliff, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)			70.00%
SE Brooklyn Park, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)		60.00%
Operating Partnership \| Banner Building
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	66.67%
Investment in unconsolidated affiliates	$ 60			59
Operating Partnership \| Grand Forks Market Place Retail Center
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	50.00%
Investment in unconsolidated affiliates	$ 2,493			2,323
Operating Partnership \| SE Savage, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60.00%
Investment in unconsolidated affiliates	$ 2,946			3,312
Operating Partnership \| SE Maple Grove, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60.00%
Investment in unconsolidated affiliates	$ 2,823			2,965
Operating Partnership \| SE Rogers
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60.00%
Investment in unconsolidated affiliates	$ 2,986			$ 1,000
Operating Partnership \| ST Oak Cliff, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	70.00%
Investment in unconsolidated affiliates	$ 4,324
Operating Partnership \| SE Brooklyn Park, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60.00%
Investment in unconsolidated affiliates	$ 3,026

Investment in Unconsolidated _4

Investment in Unconsolidated Affiliates - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Sep. 17, 2021	Aug. 25, 2021item	Dec. 31, 2020USD ($)
Investment in Unconsolidated Affiliates
Assets	$ 820,866			$ 743,029
Banner Building
Investment in Unconsolidated Affiliates
Mortgage balance	6,329			6,232
Grand Forks Market Place Retail Center
Investment in Unconsolidated Affiliates
Mortgage balance	9,794			10,036
SE Savage, LLC
Investment in Unconsolidated Affiliates
Assets	37,372			27,014
SE Savage, LLC \| First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	26,210			19,436
SE Savage, LLC \| Second Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	6,129			0
SE Maple Grove, LLC
Investment in Unconsolidated Affiliates
Assets	31,872			13,106
SE Maple Grove, LLC \| First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	24,788			5,710
SE Maple Grove, LLC \| Second Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	727			0
SE Rogers
Investment in Unconsolidated Affiliates
Assets	22,847			4,161
Mortgage balance	15,688			$ 0
ST Oak Cliff, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)			70.00%
Number of units \| item			318
Assets	7,394
Mortgage balance	0
SE Brooklyn Park, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)		60.00%
Assets	$ 5,478
Operating Partnership \| Banner Building
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	66.67%
Operating Partnership \| Grand Forks Market Place Retail Center
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	50.00%
Percentage of interest	100.00%
Operating Partnership \| SE Savage, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60.00%
Cash contribution	$ 3,401
Operating Partnership \| SE Maple Grove, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60.00%
Cash contribution	$ 2,975
Operating Partnership \| SE Rogers
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60.00%
Cash contribution	$ 3,089
Operating Partnership \| ST Oak Cliff, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	70.00%
Cash contribution	$ 4,361
Operating Partnership \| SE Brooklyn Park, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60.00%
Cash contribution	$ 3,042

Investment in Unconsolidated _5

Investment in Unconsolidated Affiliates - Summary of financial position (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Real estate investments	$ 896,702	$ 845,288	$ 802,028	$ 790,696
Accumulated depreciation	(179,155)	(160,575)	(146,316)	(128,112)
Real estate investments, net	717,547	684,713
Cash and cash equivalents	51,507	11,716	9,002
Restricted deposits	9,149	15,919	8,380
Intangible assets, less accumulated amortization	6,246	7,367
Other assets, net	10,302	11,629
Total Assets	820,866	743,029
LIABILITIES
Mortgage notes payable, net	493,142	421,278
Tenant security deposits payable	5,225	4,908
Accrued expenses and other liabilities	18,604	16,874
Total Liabilities	525,349	451,501
SHAREHOLDERS' EQUITY
Total Shareholders' Equity	295,517	291,528	$ 279,047	$ 283,751
Total liabilities and shareholders' equity	820,866	743,029
Unconsolidated Affiliates
ASSETS
Real estate investments	134,839	74,991
Accumulated depreciation	(10,940)	(9,692)
Real estate investments, net	123,899	65,299
Cash and cash equivalents	1,131	249
Restricted deposits	650	384
Intangible assets, less accumulated amortization	41
Other assets, net	909	180
Total Assets	126,630	66,112
LIABILITIES
Mortgage notes payable, net	87,996	41,405
Tenant security deposits payable	108	2
Accrued expenses and other liabilities	8,029	6,533
Total Liabilities	96,133	47,940
SHAREHOLDERS' EQUITY
Total Shareholders' Equity	30,497	18,172
Total liabilities and shareholders' equity	$ 126,630	$ 66,112

Investment in Unconsolidated _6

Investment in Unconsolidated Affiliates - Summary of results of operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investment in Unconsolidated Affiliates
Income from rental operations	$ 32,588	$ 33,053	$ 31,923	$ 31,760	$ 33,023	$ 30,866	$ 30,821	$ 29,906	$ 129,324	$ 124,616	$ 120,339
Expenses from rental operations									105,114	97,880	100,713
Income from operations									19,829	22,519	15,514
Depreciation and amortization									22,203	21,214	21,495
Interest									18,142	17,097	18,282
Other Income									1,935	455	301
Net income	$ 4,606	$ 5,718	$ 8,278	$ 5,836	$ 10,090	$ 5,266	$ 6,397	$ 5,227	24,438	26,980	16,059
Unconsolidated Affiliates
Investment in Unconsolidated Affiliates
Income from rental operations									4,746	3,001	4,022
Expenses from rental operations									1,632	928	950
Income from operations									3,114	2,073	3,072
Depreciation and amortization									1,248	688	686
Interest									2,275	970	976
Other Income										(24)
Net income									$ (409)	$ 439	$ 1,410

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Intangible Assets and Liabilities and Accumulated Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets
Lease Intangibles	$ 18,072	$ 22,386
Accumulated Amortization	(11,826)	(15,019)
Total	6,246	7,367
Amortization of Intangible Assets	1,285	1,418	$ 1,805
Intangible Liabilities
Below-market lease	(2,525)	(2,957)
Below-market lease, accumulated amortization	1,714	1,963
Below-market lease, net	(811)	(994)
Amortization of Below Market Lease	183	213	261
In-place leases
Intangible Assets
Lease Intangibles	15,455	19,768
Accumulated Amortization	(10,381)	(13,727)
Total	5,074	6,041
Above-market leases
Intangible Assets
Lease Intangibles	2,617	2,618
Accumulated Amortization	(1,445)	(1,292)
Total	1,172	1,326
Amortization of Intangible Assets	$ 154	$ 186	$ 214

Lease Intangibles - Schedule _2

Lease Intangibles - Schedule of Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets
2022	$ 987
2023	849
2024	849
2025	849
2026	698
Thereafter	2,014
Total	6,246	$ 7,367
Intangible Liabilities
2022	164
2023	151
2024	151
2025	151
2026	80
Thereafter	114
Total	$ 811	$ 994
Amortization period	8 years 1 month 6 days

Lines of Credit - Additional In

Lines of Credit - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)propertyitem	Dec. 31, 2020USD ($)property
Lines of Credit
Number of properties out of compliance with debt covenant \| property	0	1
Bremer Bank
Lines of Credit
Number of letters of credit secured \| item	2
Letters of credit total	$ 67
Unused line of credit	9,848
Line of credit outstanding	0	$ 0
Bremer Bank Agreement One
Lines of Credit
Agreed line of credit	$ 4,915
Expiration date	Jun. 1, 2022
Bremer Bank Agreement One \| Floating 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	Dec. 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
Mortgage Notes Payable - Summary (Details) $ in Thousands	Dec. 31, 2021USD ($)loanitem	Dec. 31, 2020USD ($)loanitem
MORTGAGE NOTES PAYABLE
Long-term debt, gross	$ 495,650
Mortgage Notes Payable
MORTGAGE NOTES PAYABLE
Long-term debt, gross	495,650	$ 423,111
Less unamortized debt issuance costs	2,508	1,833
Long-term debt, net	$ 493,142	$ 421,278
Residential Property \| Mortgage Notes Payable
MORTGAGE NOTES PAYABLE
Number of mortgage loans out of compliance \| loan	5	4
Outstanding balance of loans out of compliance, in aggregate	$ 9,915	$ 6,496
Fixed rate mortgage notes payable \| Mortgage Notes Payable
MORTGAGE NOTES PAYABLE
Long-term debt, gross	490,413	415,665
Debt swapped from variable to fixed rate	$ 108,734	$ 43,613
Number of mortgage loans \| item	110	114
Fixed rate mortgage notes payable \| Mortgage Notes Payable \| Minimum
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)	2.09%	2.14%
Fixed rate mortgage notes payable \| Mortgage Notes Payable \| Maximum
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)	6.85%	6.85%
Fixed rate mortgage notes payable \| Mortgage Notes Payable \| Weighted Average
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)	3.83%	4.03%
Variable rate mortgage notes payable \| Mortgage Notes Payable
MORTGAGE NOTES PAYABLE
Long-term debt, gross	$ 5,237	$ 7,446
Number of mortgage loans \| item	1	2
Variable rate mortgage notes payable \| Mortgage Notes Payable \| Weighted Average
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)	2.10%	2.28%

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Scheduled Maturities of Mortgage Notes Payable (Details) $ in Thousands	Dec. 31, 2021USD ($)
MORTGAGE NOTES PAYABLE
2022	$ 21,404
2023	52,373
2024	21,939
2025	52,379
2026	44,774
Thereafter	302,781
Total payments	$ 495,650

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Other (Details) - Interest rate swap $ in Thousands	Dec. 31, 2021USD ($)instrument	Dec. 31, 2020instrument
Derivatives and Hedging Activities
Estimated amount to be reclassified over the next 12 months, as a decrease to interest expense \| $	$ 1,126
Designated as Hedging Instrument \| Cash Flow Hedging
Derivatives and Hedging Activities
Number of instruments \| instrument	12	9

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, 2021USD ($)instrument	Dec. 31, 2020USD ($)instrument
Interest rate swap
Derivatives and Hedging Activities
Notional amount	$ 108,734	$ 43,613
Number of instruments \| instrument	12	9
Interest Rate Swap, one, November 2029
Derivatives and Hedging Activities
Notional amount	$ 6,780
Fixed interest rate (as a percent)	3.15%
Derivative maturity date	Nov. 1, 2029
Interest Rate Swap, two, November 2029
Derivatives and Hedging Activities
Notional amount	$ 4,712
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	$ 3,066
Fixed interest rate (as a percent)	3.39%
Derivative maturity date	Jan. 10, 2030
Interest Rate Swap, one, June 2030
Derivatives and Hedging Activities
Notional amount	$ 1,535
Fixed interest rate (as a percent)	3.07%
Derivative maturity date	Jun. 15, 2030
Interest Rate Swap, two, June 2030
Derivatives and Hedging Activities
Notional amount	$ 2,975
Fixed interest rate (as a percent)	3.07%
Derivative maturity date	Jun. 15, 2030
Interest Rate Swap, three, June 2030
Derivatives and Hedging Activities
Notional amount	$ 1,664
Fixed interest rate (as a percent)	2.94%
Derivative maturity date	Jun. 15, 2030
Interest Rate Swap, four, June 2030
Derivatives and Hedging Activities
Notional amount	$ 4,402
Fixed interest rate (as a percent)	2.94%
Derivative maturity date	Jun. 15, 2030
Interest Rate Swap, five, June 2030
Derivatives and Hedging Activities
Notional amount	$ 4,852
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	$ 12,713
Fixed interest rate (as a percent)	2.91%
Derivative maturity date	Dec. 2, 2027
Interest Rate Swap, July 2031
Derivatives and Hedging Activities
Notional amount	$ 26,331
Fixed interest rate (as a percent)	2.99%
Derivative maturity date	Jul. 1, 2031
Interest Rate Swap, Dec 2031
Derivatives and Hedging Activities
Notional amount	$ 11,100
Fixed interest rate (as a percent)	3.32%
Derivative maturity date	Dec. 1, 2031
Interest Rate Swap, August 2029
Derivatives and Hedging Activities
Notional amount	$ 28,604
Fixed interest rate (as a percent)	3.54%
Derivative maturity date	Aug. 1, 2029

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other assets, net
Derivatives and Hedging Activities
Fair value, derivative assets	$ 698
Accrued expenses and other liabilities
Derivatives and Hedging Activities
Fair value, derivative liabilities	$ 1,648	$ 1,805

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Gain-Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivatives and Hedging Activities
Amount of (Gain)/Loss Recognized in Other Comprehensive Income on Derivatives	$ (855)	$ 1,842	$ (67)
Interest expense
Derivatives and Hedging Activities
Amount of (Gain)/Loss Reclassified from AOCI into Income	670	242
Interest rate swap
Derivatives and Hedging Activities
Amount of (Gain)/Loss Recognized in Other Comprehensive Income on Derivatives	$ (855)	$ 1,842

Derivatives and Hedging Activ_7

Derivatives and Hedging Activities - Credit-Risk Related Contingent Features (Details) $ in Thousands	Dec. 31, 2021USD ($)
Credit-risk-related Contingent Features
Termination value of interest rate derivatives in liability position	$ 1,648
Termination value of interest rate derivatives in asset position	$ 698

Fair Value Measurement - Carryi

Fair Value Measurement - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Value
Financial assets:
Notes receivable	$ 7,457	$ 2,026
Derivative assets	698
Financial liabilities:
Mortgage notes payable	495,650	423,111
Derivative liabilities	1,648	1,805
Fair Value
Financial assets:
Notes receivable	9,840	2,117
Derivative assets	698
Financial liabilities:
Mortgage notes payable	508,285	443,100
Derivative liabilities	$ 1,648	$ 1,805

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Fair Value of Assets on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Measurements
Derivative assets	$ 698
Derivative liabilities	1,648	$ 1,805
Level 2
Fair Value Measurements
Derivative assets	698
Derivative liabilities	$ 1,648	$ 1,805

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, 2021	Dec. 31, 2020
Fair Value Measurements
Mortgage notes payable	$ 508,285	$ 443,100
Notes receivable	9,840	2,117
Level 3
Fair Value Measurements
Mortgage notes payable	508,285	443,100
Notes receivable	$ 9,840	$ 2,117

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - Measurement Input, Discount Rate	Dec. 31, 2021	Dec. 31, 2020
Minimum
Fair Value Disclosures
Discount rates used to estimate fair value of mortgages and notes payable	3.25
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
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, 2021USD ($)item$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
Noncontrolling Interest
Distributions per unit \| $ / shares	$ 1.0600	$ 1.0587	$ 1.0450
Maximum
Noncontrolling Interest
Number of permitted exchange requests in a calendar year \| item	2
Limited Partnership [Member]
Noncontrolling Interest
Total units	18,212,000	18,279,000
Units converted by limited partners into common shares	0		1,000
Total units	1		1,000
Common shares value \| $			$ 28
Limited Partnership [Member] \| Minimum
Noncontrolling Interest
Number of units which can be redeemed in single redemption	1,000
Operating Partnership
Noncontrolling Interest
Declared distributions \| $	$ 4,826	$ 4,838

Redemption Plans - Additional I

Redemption Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 01, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Redemption plans
Redemption of shares, value		$ 5,566	$ 3,537	$ 2,023
Redemption Plans [Member]
Redemption plans
Amount of securities redemption		55,000
Remaining securities to be redeemed		$ 16,760
Redemption price of securities	$ 21.85	$ 19	$ 18.25
Redemption of shares		82,000	127,000	50,000
Redemption of shares, value		$ 1,552	$ 2,321	$ 891
Additional redemption of units		211,000	66,000	64,000
Additional redemption of units, value		$ 4,014	$ 1,216	$ 1,132

Beneficial Interest - Additiona

Beneficial Interest - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Beneficial Interest
Common shares, outstanding	10,342,000	9,855,000
Preferred shares, outstanding	0	0
Dividends paid	$ 1.0600	$ 1.0588	$ 1.0450
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, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 03, 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	$ 20	$ 19.25
Purchase price per common share for dividend reinvestments	19	18.29
Purchase price per common share additional optional cash purchases	$ 20	$ 19.25
Notice period to participants	10 days
Shares issued pursuant to dividend reinvestments	363,000	356,000	342,000
Shares issued pursuant to additional optional cash purchases under the plan	203,000	187,000	173,000

Related Party Transactions - Pr

Related Party Transactions - Property Management and Board of Trustee Fees (Details) - GOLDMARK Property Management - USD ($) $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
Related Party Transactions
Management fee, amount paid	$ 12,836	$ 12,796	$ 12,486
Management fees paid expressed as a percentage of net collected rents				5.00%
Repair and maintenance related payroll and payroll related expenses	$ 6,536	$ 6,549	$ 6,076

Related Party Transactions - Ad

Related Party Transactions - Advisory Agreement and Other (Details) $ / item in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)employee$ / itemshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)policyshares	Aug. 25, 2021item
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
Received reimbursement for expenses paid	$ 1,000,000	$ 0
Operation receivables outstanding	336,000	10,000
Rental income	119,529,000	115,771,000
Interest income	212,000	0
Costs and expenditures incurred due to construction in progress	276,000	240,000	$ 1,575,000
Operational liabilities outstanding	128,000	181,000
Due to related party	473,000	559,000
Outstanding receivable from related party	336,000	10,000
Insurance receivable	145,000	1,968,000
Tenant improvement costs associated with lease agreement	2,782,000
Tenant improvement costs		0
Due to related parties tenant improvement costs	$ 0
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	$ 38,000
Development fee cap (as a percent)	2.50%
Development fee cap amount	$ 20,000,000
Development fee cap amount if Advisor shares responsibility	$ 500,000
Percentage of project management fee	6.00%
Advisory Agreement \| Minimum
Related Party Transactions
Fee	3.00%
Advisor's development fee, after adjustment of charges (as a percent)	2.50%
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	10,000,000
Range of Fee	$ 500,000
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	$ 10,000,000
Range of Fee	500,000
Advisory Agreement \| 10M - 20M \| Maximum
Related Party Transactions
Total Cost	20,000,000
Range of Fee	$ 950,000
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	$ 20,000,000
Range of Fee	950,000
Advisory Agreement \| 20M - 30M \| Maximum
Related Party Transactions
Total Cost	30,000,000
Range of Fee	$ 1,350,000
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	$ 30,000,000
Range of Fee	1,350,000
Advisory Agreement \| 30M - 40M \| Maximum
Related Party Transactions
Total Cost	40,000,000
Range of Fee	$ 1,700,000
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	$ 40,000,000
Range of Fee	1,700,000
Advisory Agreement \| 40M - 50M \| Maximum
Related Party Transactions
Total Cost	50,000,000
Range of Fee	2,000,000
Mezzanine Financing
Related Party Transactions
Loan to related party	6,855,000
Outstanding receivable from related party		0
Sterling Management, LLC
Related Party Transactions
Advisory management fees	3,348,000	3,116,000	2,996,000
Advisory management fees outstanding	296,000	278,000
Acquisition fees	375,000	708,000
Disposition fees	146,000	319,000
Disposition fees outstanding		175,000
Financing fees	224,000	133,000	11,000
Financing fees outstanding	38,000
Development fees outstanding	79,000	79,000
Project management fee	572,000	365,000	67,000
Project management fee outstanding	98,000	51,000
Rental income	106,000	85,000	61,000
GOLDMARK Property Management
Related Party Transactions
Property management fees	110,000	0	0
Real estate commissions	217,000	308,000	0
Real estate commissions outstanding	0	0
Rental income	294,000	268,000	262,000
GOLDMARK SCHLOSSMAN Commercial Real Estate Services
Related Party Transactions
Real estate commissions	312,000	633,000	0
Real estate commissions outstanding	0	0
Rental income	19,000	$ 57,000	56,000
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
Value of operating partnership (OP) units issued in connection with the acquisition of various properties		$ 4,671,000
Trumont Group, LLC
Related Party Transactions
Development fee	256,000	0
Development fees outstanding	51,000	0
Trumont Construction, LLC
Related Party Transactions
Construction fees	71,000	0
Construction fees payable	29,000	0
General construction costs	41,000	0
General construction costs payable	0	0
Bell Bank
Related Party Transactions
Rental income	404,000	484,000	393,000
Outstanding on principal loans	66,365,000	51,915,000
Interest expense incurred	2,508,000	2,438,000	$ 2,012,000
Accrued interest	148,000	121,000
Number of policies obtained \| policy			0
Total premiums paid	$ 166,000	$ 118,000
Affiliated Entities
Related Party Transactions
Number of operating partnership (OP) units issued in connection with the acquisition of various properties \| shares	0		0
ST Oak Cliff, LLC
Related Party Transactions
Ownership interest (as a percent)				70.00%
Number of units \| item				318

Rentals under Operating Lease_3

Rentals under Operating Leases-Rental Income - Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue from leases
(Decrease)/Increase in revenue due to straight - line adjustment	$ 550	$ (93)
Straight - line receivable	$ 3,569	$ 3,012
Commercial Property
Revenue from leases
Operating lease expiration year	2038
Percentage of revenue from leases primarily under long-term lease agreements	17.00%
Residential Property
Revenue from leases
Percentage of revenue from leases that are generally for terms of one year or less	83.00%
Residential Property \| Maximum
Revenue from leases
Term of lease	1 year

Rentals under Operating Lease_4

Rentals under Operating Leases-Rental Income - Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lease income:
Lease income related to fixed lease payments	$ 119,529	$ 115,771
Lease income related to variable lease payments	4,576	5,412
Other	92	(846)
Lease income	124,197	120,337
Rental income accounted for under revenue recognition standard:
Other rental income	5,127	4,279
Residential
Lease income:
Lease income related to fixed lease payments	103,039	95,162
Other	(538)	(721)
Lease income	102,501	94,441
Commercial
Lease income:
Lease income related to fixed lease payments	16,490	20,609
Lease income related to variable lease payments	4,576	5,412
Other	630	(125)
Lease income	$ 21,696	$ 25,896

Rentals under Operating Lease_5

Rentals under Operating Leases-Rental Income - Future minimum rental income (Details) $ in Thousands	Dec. 31, 2021USD ($)
Future minimum rental income:
2022	$ 15,562
2023	14,910
2024	14,318
2025	14,107
2026	12,949
Thereafter	54,856
Total	$ 126,702

Dispositions (Details)

Dispositions (Details) $ in Thousands	1 Months Ended					12 Months Ended
Dispositions (Details) $ in Thousands	Jun. 30, 2021USD ($)	Apr. 30, 2021USD ($)	Dec. 31, 2020USD ($)	May 31, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property	Dec. 31, 2019property
Dispositions
Number of dispositions \| property								0
Gain on sale of real estate						$ 1,710	$ 3,383
Disposed of by Sale
Dispositions
Number of dispositions \| property						2	3
Retail Property, Waite Park, Minnesota \| Disposed of by Sale
Dispositions
Sale price		$ 900
Proceeds from sale of real estate investments		853
Gain on sale of real estate		$ 2
Residential Property, Moorhead, Minnesota \| Disposed of by Sale
Dispositions
Sale price	$ 4,950
Proceeds from sale of real estate investments	4,757
Gain on sale of real estate	$ 1,708
Retail Property, Apple Valley, MN \| Disposed of by Sale
Dispositions
Proceeds from sale of real estate investments					$ 3,670
Gain on sale of real estate					$ 1,456
Retail Property, St, Cloud, Minnesota \| Disposed of by Sale
Dispositions
Proceeds from sale of real estate investments				$ 2,050
Gain on sale of real estate				$ 1
Retail Property, Bismarck, ND \| Disposed of by Sale
Dispositions
Proceeds from sale of real estate investments			$ 7,000
Gain on sale of real estate			$ 1,926

Acquisitions - Purchases, Curre

Acquisitions - Purchases, Current Year (Details) $ / shares in Units, $ in Thousands	Jul. 01, 2021USD ($)item	Jun. 01, 2021USD ($)item	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)
Acquisitions
Acquisition price			$ 39,345	$ 29,811
Real Estate Property Acquisitions 2021
Acquisitions
Acquisition price			$ 2,883
Aggregate number of limited partnership units issued for acquisition \| shares			144,000
Price per limited partnership unit issued for acquisition, price one \| $ / shares			$ 20
Aggregate value of limited partnership units issued for acquisition			$ 2,883	10,293
Assumed liabilities			569
New debt			26,250	3,225
Consideration in cash to pay for acquisitions			$ 9,643	$ 10,064
Flagstone, Fargo, ND
Acquisitions
Units acquired \| item		120
Acquisition price		$ 7,789
Brownstone, Fargo, ND
Acquisitions
Units acquired \| item		72
Acquisition price		$ 4,392
Briar Pointe, Fargo, ND
Acquisitions
Units acquired \| item		30
Acquisition price		$ 1,936
Oxford Fargo, ND
Acquisitions
Units acquired \| item	144
Acquisition price	$ 10,227
Pinehurst Fargo, ND
Acquisitions
Units acquired \| item	210
Acquisition price	$ 15,001

Acquisitions - Purchases, Prior

Acquisitions - Purchases, Prior Year (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, 2021USD ($)	Dec. 31, 2020USD ($)$ / sharesshares
ACQUISITIONS
Acquisition price							$ 39,345	$ 29,811
Real Estate Property Acquisitions 2020
ACQUISITIONS
Aggregate number of limited partnership units issued for acquisition \| shares								535,000
Price per limited partnership unit issued for acquisition, price one \| $ / shares								$ 19.25
Aggregate value of limited partnership units issued for acquisition								$ 10,293
Assumed liabilities								6,229
New debt								3,225
Consideration in cash to pay for acquisitions								$ 10,064
Wolf Creek, Fargo, ND
ACQUISITIONS
Units acquired \| item						54
Acquisition price						$ 5,336
Columbia Park Village, Grand Forks, ND
ACQUISITIONS
Units acquired \| item					12
Acquisition price					$ 648
Belmont East & West, Bismarck, ND
ACQUISITIONS
Units acquired \| item				26
Acquisition price				$ 1,592
Eastbrook, Bismarck, ND
ACQUISITIONS
Units acquired \| item				24
Acquisition price				$ 1,381
Hawn, Fargo, ND
ACQUISITIONS
Units acquired \| item				48
Acquisition price				$ 2,557
Rosser, Bismarck, ND
ACQUISITIONS
Units acquired \| item				24
Acquisition price				$ 1,382
Trustmark Fargo, ND
ACQUISITIONS
Acquisition price			$ 6,807
Area of the property purchased \| ft²			45,755
Foxtail Townhomes, Fargo, ND
ACQUISITIONS
Units acquired \| item		30
Acquisition price		$ 1,488
Evergreen Terrace, Omaha, NE
ACQUISITIONS
Units acquired \| item	144
Acquisition price	$ 8,620

Acquisitions - Summary of Acqui

Acquisitions - Summary of Acquisition Date Fair Values (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Acquisition date fair values
Land, building, tenant improvements and FF&E	$ 896,702	$ 845,288	$ 802,028	$ 790,696
Real Estate Property Acquisitions 2021
Acquisition date fair values
Land, building, tenant improvements and FF&E	39,345	29,811
Other liabilities	(569)	(6,229)
Net assets acquired	38,776	23,582
Equity/limited partnership unit consideration	(2,883)	(10,293)
New loans	(26,250)	(3,225)
Net cash consideration	$ 9,643	10,064
Real Estate Property Acquisitions 2020
Acquisition date fair values
Equity/limited partnership unit consideration		(10,293)
New loans		(3,225)
Net cash consideration		$ 10,064

Quarterly Financial Informati_3

Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
QUARTERLY FINANCIAL INFORMATION (unaudited)
Income from rental operations	$ 32,588	$ 33,053	$ 31,923	$ 31,760	$ 33,023	$ 30,866	$ 30,821	$ 29,906	$ 129,324	$ 124,616	$ 120,339
Net Income (loss)	4,606	5,718	8,278	5,836	10,090	5,266	6,397	5,227	24,438	26,980	16,059
Net Income attributable to Sterling Real Estate Trust	$ 1,675	$ 2,104	$ 2,963	$ 2,052	$ 3,546	$ 1,844	$ 2,202	$ 1,813	$ 8,794	$ 9,405	$ 5,534
Net Income per common share, basic	$ 0.16	$ 0.21	$ 0.29	$ 0.21	$ 0.36	$ 0.19	$ 0.23	$ 0.19	$ 0.87	$ 0.97	$ 0.60
Net Income per common share, diluted	$ 0.16	$ 0.21	$ 0.29	$ 0.21	$ 0.36	$ 0.19	$ 0.23	$ 0.19	$ 0.87	$ 0.97	$ 0.60
Weighted average common shares outstanding, basic	10,352,000	10,215,000	10,085,000	9,983,000	9,862,000	9,740,000	9,611,000	9,562,000	10,160,000	9,694,000	9,268,000
Weighted average common shares outstanding, diluted	10,352,000	10,215,000	10,085,000	9,983,000	9,862,000	9,740,000	9,611,000	9,562,000	10,160,000	9,694,000	9,268,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 28, 2022	Jan. 18, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 07, 2022
Subsequent Events
Dividend or distribution paid			$ 1.0600	$ 1.0588	$ 1.0450
Acquisition price			$ 39,345	$ 29,811
Subsequent Event
Subsequent Events
Dividend or distribution paid		$ 0.2650
Subsequent Event \| Residential Property Financing
Subsequent Events
Residential property financing value	$ 9
Subsequent Event \| Commercial Property Savage Minnesota \| Disposed of by Sale
Subsequent Events
Sale price						$ 2,700
Subsequent Event \| Residential Property, Hutchinson, MN
Subsequent Events
Acquisition price	$ 14,326
Number of operating partnership (OP) units issued in connection with the acquisition of various properties	442,000
Value of operating partnership (OP) units issued in connection with the acquisition of various properties	$ 10,180

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - By Property (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 495,650
Initial cost to company, Land	120,747
Initial cost to company, Buildings	657,718
Costs capitalized subsequent to acquisition, Land	4,594
Costs capitalized subsequent to acquisition, Buildings	76,463
Gross Amount at which carried at close of period, Land	125,341
Gross Amount at which carried at close of period, Buildings	734,181
Gross Amount at which carried at close of period, Total	859,522
Depreciation	154,261
Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	17,751
Initial cost to company, Land	4,463
Initial cost to company, Buildings	16,035
Costs capitalized subsequent to acquisition, Land	1,088
Costs capitalized subsequent to acquisition, Buildings	(94)
Gross Amount at which carried at close of period, Land	5,551
Gross Amount at which carried at close of period, Buildings	15,941
Gross Amount at which carried at close of period, Total	21,492
Depreciation	$ 3,568
Industrial Property \| Guardian Building Products
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,565
Initial cost to company, Land	820
Initial cost to company, Buildings	2,554
Costs capitalized subsequent to acquisition, Land	60
Costs capitalized subsequent to acquisition, Buildings	(94)
Gross Amount at which carried at close of period, Land	880
Gross Amount at which carried at close of period, Buildings	2,460
Gross Amount at which carried at close of period, Total	3,340
Depreciation	$ 580
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	$ 2,131
Initial cost to company, Land	950
Initial cost to company, Buildings	1,395
Costs capitalized subsequent to acquisition, Land	32
Gross Amount at which carried at close of period, Land	982
Gross Amount at which carried at close of period, Buildings	1,395
Gross Amount at which carried at close of period, Total	2,377
Depreciation	$ 244
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	$ 1,869
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	$ 269
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	$ 2,570
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	$ 450
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	$ 4,810
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	$ 935
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	$ 389
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	$ 191
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	$ 3,806
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	$ 510
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	$ 399
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	$ 399
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	$ 16,193
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	$ 8,061
Medical Property \| Bio-Life, Bismarck, ND
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 2,150
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	$ 912
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	$ 2,210
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	$ 938
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	$ 1,836
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	$ 772
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	$ 2,334
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	$ 1,178
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	$ 1,100
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	$ 1,772
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	$ 817
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	$ 1,823
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	$ 742
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	$ 2,079
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	$ 715
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	$ 1,989
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	$ 887
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	$ 390,321
Initial cost to company, Land	84,079
Initial cost to company, Buildings	519,490
Costs capitalized subsequent to acquisition, Land	3,085
Costs capitalized subsequent to acquisition, Buildings	51,988
Gross Amount at which carried at close of period, Land	87,164
Gross Amount at which carried at close of period, Buildings	571,478
Gross Amount at which carried at close of period, Total	658,642
Depreciation	$ 109,547
Residential Property \| Amberwood
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 2,475
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	178
Gross Amount at which carried at close of period, Land	429
Gross Amount at which carried at close of period, Buildings	3,482
Gross Amount at which carried at close of period, Total	3,911
Depreciation	$ 463
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	$ 365
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	$ 126
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	$ 373
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	$ 114
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	$ 371
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	$ 113
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	$ 2,356
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	$ 483
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	$ 859
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	$ 348
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	$ 5,295
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	38
Gross Amount at which carried at close of period, Land	1,116
Gross Amount at which carried at close of period, Buildings	8,913
Gross Amount at which carried at close of period, Total	10,029
Depreciation	$ 3,464
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	$ 756
Initial cost to company, Land	37
Initial cost to company, Buildings	1,001
Costs capitalized subsequent to acquisition, Buildings	177
Gross Amount at which carried at close of period, Land	37
Gross Amount at which carried at close of period, Buildings	1,178
Gross Amount at which carried at close of period, Total	1,215
Depreciation	$ 211
Date of Construction or Acquisition	Jan. 2, 2014
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	$ 2,513
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	2,020
Gross Amount at which carried at close of period, Land	343
Gross Amount at which carried at close of period, Buildings	5,467
Gross Amount at which carried at close of period, Total	5,810
Depreciation	$ 1,281
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	$ 776
Initial cost to company, Land	167
Initial cost to company, Buildings	1,424
Costs capitalized subsequent to acquisition, Land	2
Costs capitalized subsequent to acquisition, Buildings	8
Gross Amount at which carried at close of period, Land	169
Gross Amount at which carried at close of period, Buildings	1,432
Gross Amount at which carried at close of period, Total	1,601
Depreciation	$ 65
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	$ 421
Initial cost to company, Land	31
Initial cost to company, Buildings	406
Costs capitalized subsequent to acquisition, Land	7
Costs capitalized subsequent to acquisition, Buildings	53
Gross Amount at which carried at close of period, Land	38
Gross Amount at which carried at close of period, Buildings	459
Gross Amount at which carried at close of period, Total	497
Depreciation	$ 143
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	$ 444
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	$ 245
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	$ 235
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	$ 36
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	$ 1,385
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	288
Gross Amount at which carried at close of period, Land	286
Gross Amount at which carried at close of period, Buildings	2,554
Gross Amount at which carried at close of period, Total	2,840
Depreciation	$ 247
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	$ 1,871
Initial cost to company, Land	1,049
Initial cost to company, Buildings	4,922
Costs capitalized subsequent to acquisition, Buildings	64
Gross Amount at which carried at close of period, Land	1,049
Gross Amount at which carried at close of period, Buildings	4,986
Gross Amount at which carried at close of period, Total	6,035
Depreciation	$ 405
Date of Construction or Acquisition	Oct. 24, 2018
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Briar Pointe
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,315
Initial cost to company, Land	384
Initial cost to company, Buildings	1,551
Gross Amount at which carried at close of period, Land	384
Gross Amount at which carried at close of period, Buildings	1,551
Gross Amount at which carried at close of period, Total	1,935
Depreciation	$ 23
Date of Construction or Acquisition	Jun. 1, 2021
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	$ 4,942
Initial cost to company, Land	613
Initial cost to company, Buildings	7,676
Costs capitalized subsequent to acquisition, Land	14
Costs capitalized subsequent to acquisition, Buildings	61
Gross Amount at which carried at close of period, Land	627
Gross Amount at which carried at close of period, Buildings	7,737
Gross Amount at which carried at close of period, Total	8,364
Depreciation	$ 980
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	$ 2,884
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	$ 682
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	$ 2,001
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	318
Gross Amount at which carried at close of period, Land	258
Gross Amount at which carried at close of period, Buildings	2,276
Gross Amount at which carried at close of period, Total	2,534
Depreciation	$ 703
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 \| Brownstone
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,964
Initial cost to company, Land	780
Initial cost to company, Buildings	3,610
Gross Amount at which carried at close of period, Land	780
Gross Amount at which carried at close of period, Buildings	3,610
Gross Amount at which carried at close of period, Total	4,390
Depreciation	$ 53
Date of Construction or Acquisition	Jun. 1, 2021
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	$ 1,664
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	213
Gross Amount at which carried at close of period, Land	337
Gross Amount at which carried at close of period, Buildings	2,058
Gross Amount at which carried at close of period, Total	2,395
Depreciation	$ 427
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	$ 1,680
Initial cost to company, Land	613
Initial cost to company, Buildings	1,221
Costs capitalized subsequent to acquisition, Land	(326)
Costs capitalized subsequent to acquisition, Buildings	416
Gross Amount at which carried at close of period, Land	287
Gross Amount at which carried at close of period, Buildings	1,637
Gross Amount at which carried at close of period, Total	1,924
Depreciation	$ 369
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	$ 518
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	$ 232
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	$ 6,132
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	554
Gross Amount at which carried at close of period, Land	799
Gross Amount at which carried at close of period, Buildings	7,624
Gross Amount at which carried at close of period, Total	8,423
Depreciation	$ 2,382
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	$ 513
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	$ 96
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	29
Gross Amount at which carried at close of period, Land	134
Gross Amount at which carried at close of period, Buildings	1,097
Gross Amount at which carried at close of period, Total	1,231
Depreciation	$ 83
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	$ 640
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	$ 226
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	$ 415
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	$ 46
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	$ 332
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	$ 122
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	274
Gross Amount at which carried at close of period, Land	174
Gross Amount at which carried at close of period, Buildings	1,709
Gross Amount at which carried at close of period, Total	1,883
Depreciation	$ 492
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	$ 704
Initial cost to company, Land	192
Initial cost to company, Buildings	1,129
Costs capitalized subsequent to acquisition, Land	6
Costs capitalized subsequent to acquisition, Buildings	62
Gross Amount at which carried at close of period, Land	198
Gross Amount at which carried at close of period, Buildings	1,191
Gross Amount at which carried at close of period, Total	1,389
Depreciation	$ 91
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	$ 308
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	$ 27
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	$ 2,529
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	583
Gross Amount at which carried at close of period, Land	295
Gross Amount at which carried at close of period, Buildings	3,950
Gross Amount at which carried at close of period, Total	4,245
Depreciation	$ 1,197
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	$ 1,047
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	240
Gross Amount at which carried at close of period, Land	254
Gross Amount at which carried at close of period, Buildings	1,492
Gross Amount at which carried at close of period, Total	1,746
Depreciation	$ 371
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	$ 617
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	$ 184
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	$ 3,073
Initial cost to company, Land	2,270
Initial cost to company, Buildings	5,681
Costs capitalized subsequent to acquisition, Buildings	794
Gross Amount at which carried at close of period, Land	2,270
Gross Amount at which carried at close of period, Buildings	6,475
Gross Amount at which carried at close of period, Total	8,745
Depreciation	$ 1,299
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	$ 1,471
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	$ 426
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	$ 4,712
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	653
Gross Amount at which carried at close of period, Land	592
Gross Amount at which carried at close of period, Buildings	6,575
Gross Amount at which carried at close of period, Total	7,167
Depreciation	$ 2,163
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	$ 6,437
Initial cost to company, Land	844
Initial cost to company, Buildings	9,924
Costs capitalized subsequent to acquisition, Buildings	552
Gross Amount at which carried at close of period, Land	844
Gross Amount at which carried at close of period, Buildings	10,476
Gross Amount at which carried at close of period, Total	11,320
Depreciation	$ 2,201
Date of Construction or Acquisition	May 31, 2013
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	$ 3,781
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	180
Gross Amount at which carried at close of period, Land	704
Gross Amount at which carried at close of period, Buildings	5,967
Gross Amount at which carried at close of period, Total	6,671
Depreciation	$ 1,670
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	$ 830
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	$ 212
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	$ 830
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	$ 208
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	$ 3,241
Initial cost to company, Land	792
Initial cost to company, Buildings	5,396
Costs capitalized subsequent to acquisition, Land	1
Costs capitalized subsequent to acquisition, Buildings	197
Gross Amount at which carried at close of period, Land	793
Gross Amount at which carried at close of period, Buildings	5,593
Gross Amount at which carried at close of period, Total	6,386
Depreciation	$ 627
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	$ 668
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	$ 57
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	$ 953
Initial cost to company, Land	141
Initial cost to company, Buildings	875
Costs capitalized subsequent to acquisition, Buildings	118
Gross Amount at which carried at close of period, Land	141
Gross Amount at which carried at close of period, Buildings	993
Gross Amount at which carried at close of period, Total	1,134
Depreciation	$ 188
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	169
Gross Amount at which carried at close of period, Land	77
Gross Amount at which carried at close of period, Buildings	999
Gross Amount at which carried at close of period, Total	1,076
Depreciation	$ 314
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	$ 547
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	$ 80
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	$ 5,237
Initial cost to company, Land	820
Initial cost to company, Buildings	7,573
Costs capitalized subsequent to acquisition, Buildings	84
Gross Amount at which carried at close of period, Land	820
Gross Amount at which carried at close of period, Buildings	7,657
Gross Amount at which carried at close of period, Total	8,477
Depreciation	$ 205
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	$ 2,599
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	918
Gross Amount at which carried at close of period, Land	306
Gross Amount at which carried at close of period, Buildings	4,896
Gross Amount at which carried at close of period, Total	5,202
Depreciation	$ 1,403
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 \| Flagstone
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 5,240
Initial cost to company, Land	1,535
Initial cost to company, Buildings	6,258
Gross Amount at which carried at close of period, Land	1,535
Gross Amount at which carried at close of period, Buildings	6,258
Gross Amount at which carried at close of period, Total	7,793
Depreciation	$ 91
Date of Construction or Acquisition	Jun. 1, 2021
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	$ 4,947
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	1,368
Gross Amount at which carried at close of period, Land	502
Gross Amount at which carried at close of period, Buildings	6,958
Gross Amount at which carried at close of period, Total	7,460
Depreciation	$ 1,925
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	$ 338
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	$ 148
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	$ 41
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	$ 694
Initial cost to company, Land	118
Initial cost to company, Buildings	681
Costs capitalized subsequent to acquisition, Land	2
Costs capitalized subsequent to acquisition, Buildings	292
Gross Amount at which carried at close of period, Land	120
Gross Amount at which carried at close of period, Buildings	973
Gross Amount at which carried at close of period, Total	1,093
Depreciation	$ 212
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	$ 4,191
Initial cost to company, Land	606
Initial cost to company, Buildings	6,073
Costs capitalized subsequent to acquisition, Buildings	168
Gross Amount at which carried at close of period, Land	606
Gross Amount at which carried at close of period, Buildings	6,241
Gross Amount at which carried at close of period, Total	6,847
Depreciation	$ 892
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	$ 16,979
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	4,117
Gross Amount at which carried at close of period, Land	4,628
Gross Amount at which carried at close of period, Buildings	29,129
Gross Amount at which carried at close of period, Total	33,757
Depreciation	$ 4,938
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	$ 36,334
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	960
Gross Amount at which carried at close of period, Land	3,799
Gross Amount at which carried at close of period, Buildings	21,529
Gross Amount at which carried at close of period, Total	25,328
Depreciation	$ 5,300
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
Encumbrances	$ 6,176
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	$ 514
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	$ 1,995
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	203
Gross Amount at which carried at close of period, Land	304
Gross Amount at which carried at close of period, Buildings	2,822
Gross Amount at which carried at close of period, Total	3,126
Depreciation	$ 570
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	$ 2,753
Initial cost to company, Land	652
Initial cost to company, Buildings	3,858
Costs capitalized subsequent to acquisition, Land	81
Costs capitalized subsequent to acquisition, Buildings	428
Gross Amount at which carried at close of period, Land	733
Gross Amount at which carried at close of period, Buildings	4,286
Gross Amount at which carried at close of period, Total	5,019
Depreciation	$ 819
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	$ 420
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	$ 131
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	$ 5,112
Initial cost to company, Land	756
Initial cost to company, Buildings	6,346
Costs capitalized subsequent to acquisition, Land	7
Costs capitalized subsequent to acquisition, Buildings	316
Gross Amount at which carried at close of period, Land	763
Gross Amount at which carried at close of period, Buildings	6,662
Gross Amount at which carried at close of period, Total	7,425
Depreciation	$ 2,409
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	$ 858
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	$ 101
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	$ 1,536
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	$ 104
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	$ 5,537
Initial cost to company, Land	1,532
Initial cost to company, Buildings	8,513
Costs capitalized subsequent to acquisition, Buildings	417
Gross Amount at which carried at close of period, Land	1,532
Gross Amount at which carried at close of period, Buildings	8,930
Gross Amount at which carried at close of period, Total	10,462
Depreciation	$ 1,041
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	$ 488
Initial cost to company, Land	50
Initial cost to company, Buildings	419
Costs capitalized subsequent to acquisition, Land	5
Costs capitalized subsequent to acquisition, Buildings	(2)
Gross Amount at which carried at close of period, Land	55
Gross Amount at which carried at close of period, Buildings	417
Gross Amount at which carried at close of period, Total	472
Depreciation	$ 153
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	$ 457
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	$ 149
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	$ 329
Initial cost to company, Land	86
Initial cost to company, Buildings	309
Costs capitalized subsequent to acquisition, Land	4
Costs capitalized subsequent to acquisition, Buildings	15
Gross Amount at which carried at close of period, Land	90
Gross Amount at which carried at close of period, Buildings	324
Gross Amount at which carried at close of period, Total	414
Depreciation	$ 52
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	$ 763
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	$ 245
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	$ 519
Initial cost to company, Land	212
Initial cost to company, Buildings	554
Costs capitalized subsequent to acquisition, Buildings	127
Gross Amount at which carried at close of period, Land	212
Gross Amount at which carried at close of period, Buildings	681
Gross Amount at which carried at close of period, Total	893
Depreciation	$ 73
Date of Construction or Acquisition	Jun. 1, 2017
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	$ 369
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	$ 143
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	$ 2,070
Initial cost to company, Land	301
Initial cost to company, Buildings	2,332
Costs capitalized subsequent to acquisition, Land	16
Costs capitalized subsequent to acquisition, Buildings	189
Gross Amount at which carried at close of period, Land	317
Gross Amount at which carried at close of period, Buildings	2,521
Gross Amount at which carried at close of period, Total	2,838
Depreciation	$ 873
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	$ 284
Initial cost to company, Land	95
Initial cost to company, Buildings	497
Costs capitalized subsequent to acquisition, Buildings	100
Gross Amount at which carried at close of period, Land	95
Gross Amount at which carried at close of period, Buildings	597
Gross Amount at which carried at close of period, Total	692
Depreciation	$ 86
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	$ 7,909
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	3,715
Gross Amount at which carried at close of period, Land	825
Gross Amount at which carried at close of period, Buildings	9,323
Gross Amount at which carried at close of period, Total	10,148
Depreciation	$ 2,328
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	$ 8,793
Initial cost to company, Land	3,120
Initial cost to company, Buildings	11,655
Costs capitalized subsequent to acquisition, Buildings	1,744
Gross Amount at which carried at close of period, Land	3,120
Gross Amount at which carried at close of period, Buildings	13,399
Gross Amount at which carried at close of period, Total	16,519
Depreciation	$ 2,190
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
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 4,413
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	450
Gross Amount at which carried at close of period, Land	784
Gross Amount at which carried at close of period, Buildings	6,289
Gross Amount at which carried at close of period, Total	7,073
Depreciation	$ 1,737
Date of Construction or Acquisition	Jan. 1, 2009
Residential Property \| Maplewood Bend \| 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 \| 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	$ 444
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	$ 255
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	4
Costs capitalized subsequent to acquisition, Buildings	123
Gross Amount at which carried at close of period, Land	84
Gross Amount at which carried at close of period, Buildings	1,166
Gross Amount at which carried at close of period, Total	1,250
Depreciation	$ 364
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	$ 578
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	60
Gross Amount at which carried at close of period, Land	67
Gross Amount at which carried at close of period, Buildings	812
Gross Amount at which carried at close of period, Total	879
Depreciation	$ 162
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	$ 17,229
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	3,605
Gross Amount at which carried at close of period, Land	5,824
Gross Amount at which carried at close of period, Buildings	23,170
Gross Amount at which carried at close of period, Total	28,994
Depreciation	$ 4,370
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	$ 477
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	$ 53
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	$ 2,578
Initial cost to company, Land	270
Initial cost to company, Buildings	2,210
Costs capitalized subsequent to acquisition, Land	29
Costs capitalized subsequent to acquisition, Buildings	436
Gross Amount at which carried at close of period, Land	299
Gross Amount at which carried at close of period, Buildings	2,646
Gross Amount at which carried at close of period, Total	2,945
Depreciation	$ 832
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	$ 3,590
Initial cost to company, Land	822
Initial cost to company, Buildings	4,698
Costs capitalized subsequent to acquisition, Buildings	471
Gross Amount at which carried at close of period, Land	822
Gross Amount at which carried at close of period, Buildings	5,169
Gross Amount at which carried at close of period, Total	5,991
Depreciation	$ 635
Date of Construction or Acquisition	Jan. 11, 2017
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Oxford
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 6,849
Initial cost to company, Land	1,655
Initial cost to company, Buildings	8,563
Gross Amount at which carried at close of period, Land	1,655
Gross Amount at which carried at close of period, Buildings	8,563
Gross Amount at which carried at close of period, Total	10,218
Depreciation	$ 107
Date of Construction or Acquisition	Jul. 1, 2021
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	$ 549
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	$ 183
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	$ 470
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	$ 201
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	$ 290
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	$ 102
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	$ 569
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	$ 84
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	$ 682
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	$ 3,196
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	1,390
Gross Amount at which carried at close of period, Land	752
Gross Amount at which carried at close of period, Buildings	7,102
Gross Amount at which carried at close of period, Total	7,854
Depreciation	$ 1,214
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	14
Costs capitalized subsequent to acquisition, Buildings	23
Gross Amount at which carried at close of period, Land	140
Gross Amount at which carried at close of period, Buildings	1,166
Gross Amount at which carried at close of period, Total	1,306
Depreciation	$ 377
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	$ 3,735
Initial cost to company, Land	260
Initial cost to company, Buildings	3,704
Costs capitalized subsequent to acquisition, Land	31
Costs capitalized subsequent to acquisition, Buildings	(62)
Gross Amount at which carried at close of period, Land	291
Gross Amount at which carried at close of period, Buildings	3,642
Gross Amount at which carried at close of period, Total	3,933
Depreciation	$ 1,191
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 \| Pinehurst
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 9,963
Initial cost to company, Land	2,368
Initial cost to company, Buildings	12,614
Gross Amount at which carried at close of period, Land	2,368
Gross Amount at which carried at close of period, Buildings	12,614
Gross Amount at which carried at close of period, Total	14,982
Depreciation	$ 158
Date of Construction or Acquisition	Jul. 1, 2021
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	$ 530
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	$ 94
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	143
Gross Amount at which carried at close of period, Land	336
Gross Amount at which carried at close of period, Buildings	1,873
Gross Amount at which carried at close of period, Total	2,209
Depreciation	$ 677
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
Initial cost to company, Land	$ 736
Initial cost to company, Buildings	852
Costs capitalized subsequent to acquisition, Land	11
Costs capitalized subsequent to acquisition, Buildings	24
Gross Amount at which carried at close of period, Land	747
Gross Amount at which carried at close of period, Buildings	876
Gross Amount at which carried at close of period, Total	1,623
Depreciation	$ 202
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	$ 5,654
Initial cost to company, Land	1,529
Initial cost to company, Buildings	7,396
Costs capitalized subsequent to acquisition, Buildings	358
Gross Amount at which carried at close of period, Land	1,529
Gross Amount at which carried at close of period, Buildings	7,754
Gross Amount at which carried at close of period, Total	9,283
Depreciation	$ 1,315
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	$ 4,244
Initial cost to company, Land	1,380
Initial cost to company, Buildings	6,133
Costs capitalized subsequent to acquisition, Buildings	711
Gross Amount at which carried at close of period, Land	1,380
Gross Amount at which carried at close of period, Buildings	6,844
Gross Amount at which carried at close of period, Total	8,224
Depreciation	$ 1,157
Date of Construction or Acquisition	Dec. 19, 2014
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	$ 14,315
Initial cost to company, Land	4,680
Initial cost to company, Buildings	20,591
Costs capitalized subsequent to acquisition, Buildings	692
Gross Amount at which carried at close of period, Land	4,680
Gross Amount at which carried at close of period, Buildings	21,283
Gross Amount at which carried at close of period, Total	25,963
Depreciation	$ 3,753
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	$ 2,975
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	132
Gross Amount at which carried at close of period, Land	300
Gross Amount at which carried at close of period, Buildings	3,110
Gross Amount at which carried at close of period, Total	3,410
Depreciation	$ 1,059
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	$ 719
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	$ 56
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	$ 388
Initial cost to company, Land	100
Initial cost to company, Buildings	448
Costs capitalized subsequent to acquisition, Buildings	117
Gross Amount at which carried at close of period, Land	100
Gross Amount at which carried at close of period, Buildings	565
Gross Amount at which carried at close of period, Total	665
Depreciation	$ 79
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	$ 1,359
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	$ 428
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	$ 9,565
Initial cost to company, Land	2,520
Initial cost to company, Buildings	13,985
Costs capitalized subsequent to acquisition, Buildings	1,061
Gross Amount at which carried at close of period, Land	2,520
Gross Amount at which carried at close of period, Buildings	15,046
Gross Amount at which carried at close of period, Total	17,566
Depreciation	$ 2,644
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	$ 974
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	$ 194
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	$ 443
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	$ 135
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	$ 2,037
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	39
Gross Amount at which carried at close of period, Land	313
Gross Amount at which carried at close of period, Buildings	2,426
Gross Amount at which carried at close of period, Total	2,739
Depreciation	$ 486
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	$ 6,780
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	845
Gross Amount at which carried at close of period, Land	905
Gross Amount at which carried at close of period, Buildings	9,640
Gross Amount at which carried at close of period, Total	10,545
Depreciation	$ 2,744
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	$ 2,764
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	$ 1,147
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	$ 4,852
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	(44)
Gross Amount at which carried at close of period, Land	823
Gross Amount at which carried at close of period, Buildings	5,223
Gross Amount at which carried at close of period, Total	6,046
Depreciation	$ 1,881
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, Land	1
Costs capitalized subsequent to acquisition, Buildings	79
Gross Amount at which carried at close of period, Land	100
Gross Amount at which carried at close of period, Buildings	601
Gross Amount at which carried at close of period, Total	701
Depreciation	$ 154
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	$ 2,453
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	379
Gross Amount at which carried at close of period, Land	284
Gross Amount at which carried at close of period, Buildings	2,862
Gross Amount at which carried at close of period, Total	3,146
Depreciation	$ 937
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	$ 448
Initial cost to company, Land	76
Initial cost to company, Buildings	822
Costs capitalized subsequent to acquisition, Land	75
Costs capitalized subsequent to acquisition, Buildings	15
Gross Amount at which carried at close of period, Land	151
Gross Amount at which carried at close of period, Buildings	837
Gross Amount at which carried at close of period, Total	988
Depreciation	$ 188
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	454
Gross Amount at which carried at close of period, Land	291
Gross Amount at which carried at close of period, Buildings	4,320
Gross Amount at which carried at close of period, Total	4,611
Depreciation	$ 889
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	$ 163
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	$ 7,776
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	802
Gross Amount at which carried at close of period, Land	3,031
Gross Amount at which carried at close of period, Buildings	13,870
Gross Amount at which carried at close of period, Total	16,901
Depreciation	$ 2,338
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	$ 4,862
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	5,704
Gross Amount at which carried at close of period, Land	1,653
Gross Amount at which carried at close of period, Buildings	8,235
Gross Amount at which carried at close of period, Total	9,888
Depreciation	$ 944
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	$ 6,372
Initial cost to company, Land	1,439
Initial cost to company, Buildings	8,003
Costs capitalized subsequent to acquisition, Buildings	1,574
Gross Amount at which carried at close of period, Land	1,439
Gross Amount at which carried at close of period, Buildings	9,577
Gross Amount at which carried at close of period, Total	11,016
Depreciation	$ 2,842
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	$ 488
Initial cost to company, Land	129
Initial cost to company, Buildings	599
Costs capitalized subsequent to acquisition, Land	6
Costs capitalized subsequent to acquisition, Buildings	50
Gross Amount at which carried at close of period, Land	135
Gross Amount at which carried at close of period, Buildings	649
Gross Amount at which carried at close of period, Total	784
Depreciation	$ 103
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	$ 3,401
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	450
Gross Amount at which carried at close of period, Land	703
Gross Amount at which carried at close of period, Buildings	5,884
Gross Amount at which carried at close of period, Total	6,587
Depreciation	$ 871
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	$ 1,040
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	$ 192
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	$ 11,100
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	75
Gross Amount at which carried at close of period, Land	1,795
Gross Amount at which carried at close of period, Buildings	11,087
Gross Amount at which carried at close of period, Total	12,882
Depreciation	$ 3,483
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	2
Costs capitalized subsequent to acquisition, Buildings	225
Gross Amount at which carried at close of period, Land	146
Gross Amount at which carried at close of period, Buildings	1,803
Gross Amount at which carried at close of period, Total	1,949
Depreciation	$ 540
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	$ 2,562
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	460
Gross Amount at which carried at close of period, Land	396
Gross Amount at which carried at close of period, Buildings	3,712
Gross Amount at which carried at close of period, Total	4,108
Depreciation	$ 1,209
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 \| Thunder Creek
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,721
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	268
Gross Amount at which carried at close of period, Land	634
Gross Amount at which carried at close of period, Buildings	4,331
Gross Amount at which carried at close of period, Total	4,965
Depreciation	$ 409
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	$ 3,000
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	$ 607
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	$ 1,966
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	227
Gross Amount at which carried at close of period, Land	162
Gross Amount at which carried at close of period, Buildings	2,299
Gross Amount at which carried at close of period, Total	2,461
Depreciation	$ 700
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	$ 1,043
Initial cost to company, Land	356
Initial cost to company, Buildings	1,668
Costs capitalized subsequent to acquisition, Buildings	418
Gross Amount at which carried at close of period, Land	356
Gross Amount at which carried at close of period, Buildings	2,086
Gross Amount at which carried at close of period, Total	2,442
Depreciation	$ 334
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	$ 4,223
Initial cost to company, Land	1,190
Initial cost to company, Buildings	6,076
Costs capitalized subsequent to acquisition, Buildings	347
Gross Amount at which carried at close of period, Land	1,190
Gross Amount at which carried at close of period, Buildings	6,423
Gross Amount at which carried at close of period, Total	7,613
Depreciation	$ 1,109
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	$ 644
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	$ 673
Date of Construction or Acquisition	Apr. 30, 2008
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	$ 2,236
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	$ 775
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	$ 371
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	$ 92
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	$ 2,365
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	171
Gross Amount at which carried at close of period, Land	315
Gross Amount at which carried at close of period, Buildings	3,085
Gross Amount at which carried at close of period, Total	3,400
Depreciation	$ 625
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	$ 525
Initial cost to company, Land	85
Initial cost to company, Buildings	692
Costs capitalized subsequent to acquisition, Land	47
Costs capitalized subsequent to acquisition, Buildings	37
Gross Amount at which carried at close of period, Land	132
Gross Amount at which carried at close of period, Buildings	729
Gross Amount at which carried at close of period, Total	861
Depreciation	$ 97
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	$ 477
Initial cost to company, Land	59
Initial cost to company, Buildings	360
Costs capitalized subsequent to acquisition, Buildings	100
Gross Amount at which carried at close of period, Land	59
Gross Amount at which carried at close of period, Buildings	460
Gross Amount at which carried at close of period, Total	519
Depreciation	$ 116
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	$ 590
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	$ 191
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	$ 3,341
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	627
Gross Amount at which carried at close of period, Land	688
Gross Amount at which carried at close of period, Buildings	6,968
Gross Amount at which carried at close of period, Total	7,656
Depreciation	$ 2,199
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	$ 3,382
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	799
Gross Amount at which carried at close of period, Land	327
Gross Amount at which carried at close of period, Buildings	6,085
Gross Amount at which carried at close of period, Total	6,412
Depreciation	$ 1,790
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	$ 3,066
Initial cost to company, Land	1,082
Initial cost to company, Buildings	4,210
Costs capitalized subsequent to acquisition, Buildings	28
Gross Amount at which carried at close of period, Land	1,082
Gross Amount at which carried at close of period, Buildings	4,238
Gross Amount at which carried at close of period, Total	5,320
Depreciation	$ 211
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	$ 6,170
Initial cost to company, Land	842
Initial cost to company, Buildings	10,596
Costs capitalized subsequent to acquisition, Buildings	1,373
Gross Amount at which carried at close of period, Land	842
Gross Amount at which carried at close of period, Buildings	11,969
Gross Amount at which carried at close of period, Total	12,811
Depreciation	$ 897
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	$ 55,881
Initial cost to company, Land	17,063
Initial cost to company, Buildings	78,481
Costs capitalized subsequent to acquisition, Land	107
Costs capitalized subsequent to acquisition, Buildings	21,967
Gross Amount at which carried at close of period, Land	17,170
Gross Amount at which carried at close of period, Buildings	100,448
Gross Amount at which carried at close of period, Total	117,618
Depreciation	$ 25,895
Office Property \| Bluemont Lakes Financial Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 4,891
Initial cost to company, Land	635
Initial cost to company, Buildings	3,298
Costs capitalized subsequent to acquisition, Land	87
Costs capitalized subsequent to acquisition, Buildings	269
Gross Amount at which carried at close of period, Land	722
Gross Amount at which carried at close of period, Buildings	3,567
Gross Amount at which carried at close of period, Total	4,289
Depreciation	$ 1,506
Date of Construction or Acquisition	Mar. 16, 2004
Office Property \| Bluemont Lakes Financial Center \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	3 years
Office Property \| Bluemont Lakes Financial Center \| 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	$ 31,438
Initial cost to company, Land	6,912
Initial cost to company, Buildings	35,143
Costs capitalized subsequent to acquisition, Buildings	3,746
Gross Amount at which carried at close of period, Land	6,912
Gross Amount at which carried at close of period, Buildings	38,889
Gross Amount at which carried at close of period, Total	45,801
Depreciation	$ 10,500
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
Costs capitalized subsequent to acquisition, Buildings	5,119
Gross Amount at which carried at close of period, Land	2,089
Gross Amount at which carried at close of period, Buildings	9,837
Gross Amount at which carried at close of period, Total	11,926
Depreciation	$ 188
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	5
Costs capitalized subsequent to acquisition, Buildings	88
Gross Amount at which carried at close of period, Land	215
Gross Amount at which carried at close of period, Buildings	800
Gross Amount at which carried at close of period, Total	1,015
Depreciation	$ 268
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	175
Gross Amount at which carried at close of period, Land	70
Gross Amount at which carried at close of period, Buildings	1,413
Gross Amount at which carried at close of period, Total	1,483
Depreciation	$ 473
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	700
Gross Amount at which carried at close of period, Land	383
Gross Amount at which carried at close of period, Buildings	1,593
Gross Amount at which carried at close of period, Total	1,976
Depreciation	$ 359
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	$ 12,713
Initial cost to company, Land	1,160
Initial cost to company, Buildings	11,870
Costs capitalized subsequent to acquisition, Land	65
Costs capitalized subsequent to acquisition, Buildings	8,515
Gross Amount at which carried at close of period, Land	1,225
Gross Amount at which carried at close of period, Buildings	20,385
Gross Amount at which carried at close of period, Total	21,610
Depreciation	$ 4,845
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	$ 1,108
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	447
Gross Amount at which carried at close of period, Land	533
Gross Amount at which carried at close of period, Buildings	1,737
Gross Amount at which carried at close of period, Total	2,270
Depreciation	$ 654
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	$ 1,137
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	$ 527
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	$ 1,664
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	82
Gross Amount at which carried at close of period, Land	320
Gross Amount at which carried at close of period, Buildings	1,573
Gross Amount at which carried at close of period, Total	1,893
Depreciation	$ 567
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	$ 2,930
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	$ 264
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	$ 2,484
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	7,195
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	9,924
Gross Amount at which carried at close of period, Total	10,409
Depreciation	$ 3,260
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	$ 15,105
Initial cost to company, Land	10,250
Initial cost to company, Buildings	25,113
Costs capitalized subsequent to acquisition, Land	22
Costs capitalized subsequent to acquisition, Buildings	81
Gross Amount at which carried at close of period, Land	10,272
Gross Amount at which carried at close of period, Buildings	25,194
Gross Amount at which carried at close of period, Total	35,466
Depreciation	$ 7,190
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	$ 140
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	$ 259
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	$ 125
Date of Construction or Acquisition	Jan. 1, 2010
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
Encumbrances	$ 1,973
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	$ 129
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
Costs capitalized subsequent to acquisition, Land	1
Gross Amount at which carried at close of period, Land	330
Gross Amount at which carried at close of period, Buildings	658
Gross Amount at which carried at close of period, Total	988
Depreciation	$ 164
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	2
Gross Amount at which carried at close of period, Land	245
Gross Amount at which carried at close of period, Buildings	787
Gross Amount at which carried at close of period, Total	1,032
Depreciation	$ 210
Date of Construction or Acquisition	May 13, 2011
Life on which depreciation on latest income statement is computed	20 years
Retail Property \| Family Dollar, Mandan, ND
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Mandan, ND
Initial cost to company, Land	$ 167
Initial cost to company, Buildings	649
Costs capitalized subsequent to acquisition, Buildings	54
Gross Amount at which carried at close of period, Land	167
Gross Amount at which carried at close of period, Buildings	703
Gross Amount at which carried at close of period, Total	870
Depreciation	$ 181
Date of Construction or Acquisition	Dec. 14, 2010
Life on which depreciation on latest income statement is computed	40 years
Retail Property \| OReilly, Mandan, ND
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Mandan, ND
Initial cost to company, Land	$ 115
Initial cost to company, Buildings	449
Costs capitalized subsequent to acquisition, Buildings	27
Gross Amount at which carried at close of period, Land	115
Gross Amount at which carried at close of period, Buildings	476
Gross Amount at which carried at close of period, Total	591
Depreciation	$ 125
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	$ 762
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	$ 894
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	$ 4,886
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	$ 2,002
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	$ 3,065
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	$ 624
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	$ 3,688
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	$ 1,479
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	$ 731
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	$ 858
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, 2021	Dec. 31, 2020	Dec. 31, 2019
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Beginning balance	$ 845,288	$ 802,028	$ 790,696
Purchase of real estate investments	63,299	57,799	5,981
Sale and disposal of real estate investment	(8,184)	(15,467)	(4,422)
Property held for sale	1,578	(1,578)
Provision for asset impairment	0	0	0
Construction in progress not yet placed in service	(5,279)	2,506	9,773
Ending balance	$ 896,702	$ 845,288	$ 802,028

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, 2021	Dec. 31, 2020	Dec. 31, 2019
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Beginning balance	$ 160,575	$ 146,316	$ 128,112
Depreciation expense	20,917	19,770	19,644
Property held for sale	749	(749)
Sale and disposal of real estate investment	(3,086)	(4,762)	(1,440)
Ending balance	$ 179,155	$ 160,575	$ 146,316

Schedule III - Real Estate an_5

Schedule III - Real Estate and Accumulated Depreciation - Other (Details) $ in Thousands	Dec. 31, 2021USD ($)
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
The aggregate cost of our real estate for federal income tax purposes	$ 705,261