Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |||
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 | |
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 | ||||||
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 |