Sterling Real Estate Trust 10-Q 11 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 09, 2022
Document And Entity Information [Abstract]
Entity Registrant Name	Sterling Real Estate Trust
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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, Suite 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, par value $0.01 per share
Trading Symbol	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,568,510
Entity Central Index Key	0001412502
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Land and land improvements	$ 126,432	$ 125,338
Building and improvements	778,050	763,003
Construction in progress	6,995	8,361
Real estate investments	911,477	896,702
Less accumulated depreciation	(184,198)	(179,155)
Real estate investments, net	727,279	717,547
Cash and cash equivalents	49,854	51,507
Restricted deposits	11,639	9,149
Investment in unconsolidated affiliates	23,852	18,658
Notes receivable	6,893	7,457
Lease intangible assets, less accumulated amortization	6,011	6,246
Other assets, net	14,734	10,302
Total Assets	840,262	820,866
LIABILITIES
Mortgage notes payable, net	502,140	493,142
Dividends payable	8,366	7,567
Tenant security deposits payable	5,587	5,225
Lease intangible liabilities, less accumulated amortization	766	811
Accrued expenses and other liabilities	13,866	18,604
Total Liabilities	530,725	525,349
COMMITMENTS and CONTINGENCIES - Note 13
SHAREHOLDERS' EQUITY
Beneficial interest	117,691	116,856
Operating partnership	183,585	176,954
Partially owned properties	2,687	2,657
Accumulated other comprehensive income (loss)	5,574	(950)
Total Shareholders' Equity	309,537	295,517
Total liabilities and shareholders' equity	$ 840,262	$ 820,866

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income from rental operations
Real estate rental income	$ 32,916	$ 31,760
Expenses from rental operations
Operating expenses	14,689	12,107
Real estate taxes	3,497	3,244
Depreciation and amortization	5,782	5,328
Interest	4,845	4,287
Total expenses from rental operations	28,813	24,966
Administration of REIT
Administration of REIT	1,217	1,201
Total expenses	30,030	26,167
Income from operations	2,886	5,593
Other income
Equity in losses of unconsolidated affiliates	(1,141)	(27)
Other income	315	270
Gain on sale or conversion of real estate investments	1,329
Total other income	503	243
Net income	3,389	5,836
Net income attributable to noncontrolling interest in operating partnership	2,145	3,753
Net income attributable to noncontrolling interest in partially owned properties	30	31
Net income attributable to Sterling Real Estate Trust	$ 1,214	$ 2,052
Net income attributable to Sterling Real Estate Trust per common share, basic	$ 120	$ 210
Net income attributable to Sterling Real Estate Trust per common share, diluted	$ 0.12	$ 0.21
Comprehensive income:
Net income	$ 3,389	$ 5,836
Other comprehensive gain - change in fair value of interest rate swaps	6,524	2,384
Comprehensive income	9,913	8,220
Comprehensive income attributable to noncontrolling interest	6,342	5,324
Comprehensive income attributable to Sterling Real Estate Trust	$ 3,571	$ 2,896
Weighted average Common Shares outstanding, basic	10,465,000	9,983,000
Weighted average Common Shares outstanding, diluted	10,465,000	9,983,000

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ 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, 2020		$ 139,105	$ (29,739)	$ 109,366	$ 181,621	$ 2,346	$ (1,805)	$ 291,528
Beginning Balance (in shares) at Dec. 31, 2020	9,855
Shares/units redeemed		(777)		(777)	(628)			(1,405)
Shares/units redeemed (in shares)	(41)
Dividends and distributions declared			(2,642)	(2,642)	(4,835)			(7,477)
Dividends reinvested - stock dividend		1,686		1,686				1,686
Dividends reinvested - stock dividend (in shares)	89
Issuance of shares under optional purchase plan		1,307		1,307				1,307
Issuance of shares under optional purchase plan (in shares)	65
Change in fair value of interest rate swaps							2,384	2,384
Net income			2,052	2,052	3,753	31		5,836
Ending balance at Mar. 31, 2021		141,321	(30,329)	110,992	179,911	2,377	579	293,859
Ending balance (in shares) at Mar. 31, 2021	9,968
Beginning Balance at Dec. 31, 2021		148,562	(31,706)	116,856	176,954	2,657	(950)	295,517
Beginning Balance (in shares) at Dec. 31, 2021	10,342
Contribution of assets in exchange for the issuance of noncontrolling interest shares					10,180			10,180
Shares/units redeemed		(401)		(401)	(335)			(736)
Shares/units redeemed (in shares)	(18)
Dividends and distributions declared			(3,007)	(3,007)	(5,359)			(8,366)
Dividends reinvested - stock dividend		1,716		1,716				1,716
Dividends reinvested - stock dividend (in shares)	79
Issuance of shares under optional purchase plan		1,313		1,313				1,313
Issuance of shares under optional purchase plan (in shares)	57
Change in fair value of interest rate swaps							6,524	6,524
Net income			1,214	1,214	2,145	30		3,389
Ending balance at Mar. 31, 2022		$ 151,190	$ (33,499)	$ 117,691	$ 183,585	$ 2,687	$ 5,574	$ 309,537
Ending balance (in shares) at Mar. 31, 2022	10,460

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES
Net income	$ 3,389	$ 5,836
Adjustments to reconcile net income to net cash provided by operating activities
Gain on sale of real estate investments	(1,329)
Equity in loss of unconsolidated affiliates	1,141	27
Distributions of earnings of unconsolidated affiliates	4	57
Allowance for uncollectible accounts receivable	(544)	(47)
Depreciation	5,390	5,006
Amortization	392	315
Amortization of debt issuance costs	157	130
Effects on operating cash flows due to changes in
Other assets	1,583	229
Tenant security deposits payable	362	176
Accrued expenses and other liabilities	(3,088)	(2,820)
NET CASH PROVIDED BY OPERATING ACTIVITIES	7,457	8,909
INVESTING ACTIVITIES
Purchase of real estate investment properties	(4,893)
Capital expenditures and tenant improvements	(2,402)	(3,686)
Proceeds from sale of real estate investments and non-real estate investments	2,622
Proceeds from involuntary conversion	261	1,642
Investment in unconsolidated affiliates	(6,444)	(2,090)
Distributions in excess of earnings received from unconsolidated affiliates	105	1
Notes receivable issued net of payments received	564	17
NET CASH USED IN INVESTING ACTIVITIES	(10,187)	(4,116)
FINANCING ACTIVITIES
Payments for financing, debt issuance	(95)	(154)
Payments on investment certificates and subordinated debt		(25)
Proceeds from issuance of mortgage notes payable and subordinated debt	12,867	18,485
Principal payments on mortgage notes payable	(3,931)	(14,528)
Proceeds from issuance of shares under optional purchase plan	1,313	1,307
Shares/units redeemed	(736)	(1,405)
Dividends/distributions paid	(5,851)	(5,761)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	3,567	(2,081)
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS	837	2,712
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD	60,656	27,635
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD	$ 61,493	$ 30,347

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Disclosures - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD
Cash and cash equivalents	$ 49,854	$ 13,888
Restricted deposits	11,639	16,459
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS, END OF PERIOD	61,493	30,347
SCHEDULE OF CASH FLOW INFORMATION
Cash paid during the period for interest, net of capitalized interest	4,698	4,144
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Dividends reinvested	1,716	1,686
Dividends declared and not paid	3,007	2,642
UPREIT distributions declared and not paid	5,359	4,835
Acquisition of assets in exchange for the issuance of noncontrolling interest units in UPREIT	10,180
Increase in land improvements due to increase in special assessments payable		26
Unrealized gain (loss) on interest rate swaps	6,524	2,384
Acquisition of assets through assumption of debt and liabilities	(15,073)
Capitalized interest and real estate taxes related to construction in progress	$ 23	$ 95

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2022
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 or the “Operating Partnership”) 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 March 31, 2022 and December 31, 2021, Sterling owned approximately 35.94% and 36.27%, respectively, of the Operating Partnership. ​

PRINCIPAL ACTIVITY AND SIGNIFIC

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
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 should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2021, which have previously been filed with the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted from this report on Form 10-Q pursuant to the rules and regulations of the SEC. ​ The results for the interim periods shown in this report are not necessarily indicative of future financial results. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary to present fairly our consolidated financial statements as of and for the year ended March 31, 2022. These adjustments are of a normal recurring nature. ​ Principles of Consolidation ​ The consolidated financial statements include the accounts of , Properties, LLLP, and wholly owned limited liability companies. All significant intercompany transactions and balances have been eliminated in consolidation. ​ As of March 31, 2022, the Trust owned approximately 35.94% 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. The Trust will consolidate the operations of a joint venture if the Trust determines that it is the primary beneficiary of a variable interest entity (VIE) and has substantial influence and control of the entity. ​ In instances where the Trust determines that it is not the primary beneficiary of a VIE and 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 (losses) of unconsolidated affiliates 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 affiliates 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 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 fair value at acquisition date of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease intangibles, (iv) acquired above and below market lease intangibles, and (v) assumed financing that is determined to be above or below market, if any. Transaction costs related to acquisitions are accounted for as asset acquisitions and capitalized as a cost of the property. ​ For tangible assets acquired, including land, building and other improvements, the Trust considers available comparable market and industry information in estimating acquisition date fair value. Key factors considered in the calculation of fair value of both real property and intangible assets include the current market rent values, “dark” periods (building in vacant status), direct costs estimated with obtaining a new tenant, discount rates, escalation factors, standard lease terms, and tenant improvement costs. ​ 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 expensed 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 investment properties are reviewed for potential impairment at the end of each reporting period or 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. ​ Based on evaluation, there were no impairment losses during the three months ended March 31, 2022 and 2021. ​ Federal Income Taxes ​ We have elected to be taxed as a REIT under the Internal Revenue Code, as amended. A REIT calculates taxable income similar to other domestic corporations, with the major difference being a REIT is entitled to a deduction for dividends paid. A REIT is generally required to distribute each year at least 90% of its taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate tax on such income. REIT shareholders are generally taxed on REIT distributions of ordinary income in the same manner as they are taxed on other corporate distributions. ​ We intend to continue to qualify as a REIT and, provided we maintain such status, will not be taxed on the portion of the income that is distributed to shareholders. In addition, we intend to distribute all of our taxable income; therefore, no provisions or liabilities for income taxes have been recorded in the financial statements. ​ We follow ASC Topic 740, Income Taxes, ​ 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 March 31, 2022, 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 during the three months ended March 31, 2022 and therefore, basic earnings per common share was equal to diluted earnings per common share for both periods. ​ For the three months ended March 31, 2022 and 2021, Sterling’s denominators for the basic and diluted earnings per common share were approximately 10,465,000 and 9,983,000 , respectively. ​

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2022
SEGMENT REPORTING
SEGMENT REPORTING	NOTE 3 – segment reporting ​ We report our results in two reportable segments: residential and commercial properties. Our residential properties include multifamily properties. Our commercial properties include retail, office, industrial, restaurant and medical properties. We assess and measure operating results based on net operating income (“NOI”), which we define as total real estate segment revenues less real estate expenses (which consist of real estate taxes, property management fees, utilities, repairs and maintenance, insurance, and property administrative and management fees). We believe NOI is an important measure of operating performance even though it should not be considered an alternative to net income or cash flow from operating activities. NOI is unaffected by financing, depreciation, amortization, legal and professional fees, and certain general and administrative expenses. The accounting policies of each segment are consistent with those described in Note 2 of this report. ​ Segment Revenues and Net Operating Income ​ The revenues and net operating income for the reportable segments (residential and commercial) are summarized as follows for the years ended March 31, 2022 and 2021, along with reconciliations to the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 ​ Three months ended March 31, 2021 ​ Residential Commercial Total Residential Commercial Total ​ ​ (in thousands) ​ (in thousands) Income from rental operations ​ $ 27,494 ​ $ 5,422 ​ $ 32,916 ​ $ 25,959 ​ $ 5,801 ​ $ 31,760 Expenses from rental operations ​ ​ 16,508 ​ ​ 1,678 ​ ​ 18,186 ​ ​ 13,847 ​ ​ 1,504 ​ ​ 15,351 Net operating income ​ $ 10,986 ​ $ 3,744 ​ $ 14,730 ​ $ 12,112 ​ $ 4,297 ​ $ 16,409 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ 5,782 ​ ​ ​ ​ ​ ​ ​ ​ 5,328 Interest ​ ​ ​ ​ ​ ​ ​ ​ 4,845 ​ ​ ​ ​ ​ ​ ​ ​ 4,287 Administration of REIT ​ ​ ​ ​ ​ ​ ​ ​ 1,217 ​ ​ ​ ​ ​ ​ ​ ​ 1,201 Other income ​ ​ ​ ​ ​ ​ ​ ​ (503) ​ ​ ​ ​ ​ ​ ​ ​ (243) Net income ​ ​ ​ ​ ​ ​ ​ $ 3,389 ​ ​ ​ ​ ​ ​ ​ $ 5,836 ​ Segment Assets and Accumulated Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 Residential Commercial Total ​ ​ (in thousands) Real estate investments ​ $ 707,962 ​ $ 203,515 ​ $ 911,477 Accumulated depreciation ​ ​ (136,986) ​ ​ (47,212) ​ ​ (184,198) Total real estate investments, net ​ $ 570,976 ​ $ 156,303 ​ $ 727,279 Intangible assets, less accumulated amortization ​ ​ 173 ​ ​ 5,838 ​ ​ 6,011 Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ 49,854 Restricted deposits ​ ​ ​ ​ ​ ​ ​ ​ 11,639 Investment in unconsolidated affiliates ​ ​ ​ ​ ​ ​ ​ ​ 23,852 Notes receivable ​ ​ ​ ​ ​ ​ ​ ​ 6,893 Other assets, net ​ ​ ​ ​ ​ ​ ​ ​ 14,734 Total Assets ​ ​ ​ ​ ​ ​ ​ $ 840,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) Total real estate investments, net ​ $ 559,622 ​ $ 157,925 ​ $ 717,547 Intangible assets, less accumulated amortization ​ ​ — ​ ​ 6,246 ​ ​ 6,246 Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ 51,507 Restricted deposits ​ ​ ​ ​ ​ ​ ​ ​ 9,149 Investment in unconsolidated affiliates ​ ​ ​ ​ ​ ​ ​ ​ 18,658 Notes receivable ​ ​ ​ ​ ​ ​ ​ ​ 7,457 Other assets, net ​ ​ ​ ​ ​ ​ ​ ​ 10,302 Total Assets ​ ​ ​ ​ ​ ​ ​ $ 820,866 ​

RESTRICTED DEPOSITS AND FUNDED

RESTRICTED DEPOSITS AND FUNDED RESERVES	3 Months Ended
	Mar. 31, 2022
RESTRICTED DEPOSITS AND FUNDED RESERVES
RESTRICTED DEPOSITS AND FUNDED RESERVES	​ NOTE 4 – restricted deposits and funded reserves ​ The following table summarizes the Trust’s restricted deposits and funded reserves. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, ​ As of December 31, ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ (in thousands) Tenant security deposits ​ ​ ​ ​ $ 5,490 ​ $ 5,165 Real estate tax and insurance escrows ​ ​ ​ ​ ​ 877 ​ ​ 1,355 Replacement reserves ​ ​ ​ ​ ​ 1,808 ​ ​ 1,791 Other funded reserves ​ ​ ​ ​ ​ 3,464 ​ ​ 838 ​ ​ ​ ​ ​ $ 11,639 ​ $ 9,149 ​

INVESTMENT IN UNCONSOLIDATED AF

INVESTMENT IN UNCONSOLIDATED AFFILIATES	3 Months Ended
	Mar. 31, 2022
INVESTMENT IN UNCONSOLIDATED AFFILIATES
INVESTMENT IN UNCONSOLIDATED AFFILIATES	NOTE 5 – INVESTMENT IN UNCONSOLIDATED AFFILIATES ​ The Company’s investments in unconsolidated real estate ventures, are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Investment in Unconsolidated Affiliates at Unconsolidated Affiliates ​ ​ Date Acquired ​ ​ Trust Ownership Interest ​ March 31, 2022 ​ December 31, 2021 Banner Building ​ ​ 2007 ​ ​ 66.67% ​ $ 4,082 ​ $ 60 Grand Forks INREIT, LLC ​ ​ 2003 ​ ​ 50% ​ ​ 2,442 ​ ​ 2,493 SE Savage, LLC ​ ​ 2019 ​ ​ 60% ​ ​ 2,324 ​ ​ 2,946 SE Maple Grove, LLC ​ ​ 2019 ​ ​ 60% ​ ​ 2,303 ​ ​ 2,823 SE Rogers, LLC ​ ​ 2020 ​ ​ 60% ​ ​ 2,961 ​ ​ 2,986 ST Oak Cliff, LLC ​ ​ 2021 ​ ​ 70% ​ ​ 6,725 ​ ​ 4,324 SE Brooklyn Park, LLC ​ ​ 2021 ​ ​ 60% ​ ​ 3,015 ​ ​ 3,026 ​ ​ ​ ​ ​ ​ ​ ​ $ 23,852 ​ $ 18,658 ​ 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 March 31, 2022 and December 31, 2021 of $- and $6,022, respectively. ​ 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 March 31, 2022 and December 31, 2021 of $9,730 and $9,794, 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. The property is encumbered by a first mortgage with a balance at March 31, 2022 of $31,000. The Trust is jointly and severally liable for the full mortgage balance. At December 31, 2021, the property was encumbered by a first mortgage of $26,210 and a second mortgage to Sterling Properties, LLLP of $6,129. Additionally, at March 31, 2022, a Promissory Note and Loan Agreement was entered into between SE Savage, LLC, the Borrower, and Sterling Properties, LLLP, the Lender, for $1,397, and is an unsecured obligation of the Borrower. The note is considered to be additional at-risk funds to the Operating Partnership, in SE Savage, LLC, and is included in Notes Receivable on the Consolidated Balance Sheet at March 31, 2022. ​ The Operating Partnership owns a 60% interest in a limited liability company that that holds a multifamily property. The entity is encumbered by a first mortgage with a balance at both March 31, 2022 and December 31, 2021 of $24,788. The property is also encumbered by a second mortgage to Sterling Properties, LLLP with a balance at March 31, 2022 and December 31, 2021 of $2,878 and $727, respectively. ​ The Operating Partnership owns a 60% interest in a limited liability company that is currently developing a multifamily property. The LLC holds land located in Rogers, Minnesota, with total assets of $27,231 and $22,847 at March 31, 2022 and December 31, 2021, respectively. The entity is encumbered by a first mortgage that has a balance of $20,631 and $15,688 at March 31, 2022 and December 31, 2021, respectively. The Company is jointly and severally liable for the full mortgage balance. ​ The Operating Partnership owns a 70% interest in a limited liability company, with a related party. The entity is currently developing a multifamily property. As of March 31, 2022 and December 31, 2021, the Operating Partnership has contributed $6,778 and $4,361, respectively, in cash to the entity. The entity holds land located in Dallas, Texas with total assets of $11,711 and $7,394 at March 31, 2022 and December 31, 2021, respectively. The entity is encumbered by a construction mortgage. There is no balance outstanding related to the mortgage at March 31, 2022. The Company is jointly and severally liable for the full mortgage balance. ​ The Operating Partnership owns a 60% interest in a limited liability company, with an unrelated third party. The entity is currently developing a multifamily property. As of both March 31, 2022 and 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 $13,957 and $5,478 at March 31, 2022 and December 31, 2021, respectively. The entity is encumbered by a first mortgage that has a balance of $6,861 at March 31, 2022. There was no balance outstanding related to the first mortgage at December 31, 2021. The Company is jointly and severally liable for the full mortgage balance. ​ The following is a summary of the financial position of the unconsolidated affiliates at March 31, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 ​ ​ (in thousands) ASSETS ​ ​ ​ ​ ​ ​ Real estate investments ​ $ 152,403 ​ $ 134,839 Accumulated depreciation ​ ​ (12,767) ​ ​ (10,940) ​ ​ ​ 139,636 ​ ​ 123,899 Cash and cash equivalents ​ ​ 1,213 ​ ​ 1,131 Restricted deposits ​ ​ 574 ​ ​ 650 Intangible assets, less accumulated amortization ​ ​ 145 ​ ​ 41 Other assets, net ​ ​ 349 ​ ​ 909 Total Assets ​ $ 141,917 ​ $ 126,630 ​ ​ ​ ​ ​ ​ ​ LIABILITIES ​ ​ ​ ​ ​ ​ Mortgage notes payable, net ​ $ 95,843 ​ $ 87,996 Tenant security deposits payable ​ ​ 125 ​ ​ 108 Accrued expenses and other liabilities ​ ​ 7,665 ​ ​ 8,029 Total Liabilities ​ $ 103,633 ​ $ 96,133 SHAREHOLDERS' EQUITY ​ ​ ​ ​ ​ ​ Total Shareholders' Equity ​ $ 38,284 ​ $ 30,497 ​ ​ ​ ​ ​ ​ ​ Total liabilities and shareholders' equity ​ $ 141,917 ​ $ 126,630 ​ The following is a summary of results of operations of the unconsolidated affiliates for the three months ended March 31, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2022 2021 ​ ​ (in thousands) Income from rental operations ​ $ 1,730 ​ $ 880 Expenses from rental operations ​ ​ 812 ​ ​ 234 Net operating income ​ $ 918 ​ $ 646 Depreciation and Amortization ​ ​ 1,827 ​ ​ 247 Interest ​ ​ 1,012 ​ ​ 417 Other expense ​ ​ 10 ​ ​ - Net loss ​ $ (1,931) ​ $ (18) ​

LEASE INTANGIBLES

LEASE INTANGIBLES	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Intangibles Amortization Intangibles, net Lease Intangible Assets ​ (in thousands) In-place leases ​ $ 15,462 ​ $ (10,533) ​ $ 4,929 Above-market leases ​ ​ 2,466 ​ ​ (1,384) ​ ​ 1,082 ​ ​ $ 17,928 ​ $ (11,917) ​ $ 6,011 Lease Intangible Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Below-market leases ​ $ (2,525) ​ $ 1,759 ​ $ (766) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ ​ 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 (April 1, 2022 - December 31, 2022) ​ $ 872 ​ $ 119 2023 ​ ​ 827 ​ ​ 151 2024 ​ ​ 827 ​ ​ 151 2025 ​ ​ 827 ​ ​ 151 2026 ​ ​ 676 ​ ​ 80 Thereafter ​ ​ 1,982 ​ ​ 114 ​ ​ $ 6,011 ​ $ 766 ​

LINES OF CREDIT

LINES OF CREDIT	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, the Bremer Bank 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 March 31, 2022 or December 31, 2021. ​ Certain lines of credit agreements include covenants that, in part, impose maintenance of certain debt service coverage and debt to net worth ratios. ​

MORTGAGE NOTES PAYABLE

MORTGAGE NOTES PAYABLE	3 Months Ended
	Mar. 31, 2022
MORTGAGE NOTES PAYABLE
MORTGAGE NOTES PAYABLE	NOTE 8 - MORTGAGE NOTES PAYABLE ​ The following table summarizes the Trust’s mortgage notes payable. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Balance At ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ (in thousands) Fixed rate mortgage notes payable (a) ​ $ 499,349 ​ $ 490,413 Variable rate mortgage notes payable ​ ​ 5,237 ​ ​ 5,237 Mortgage notes payable ​ ​ 504,586 ​ ​ 495,650 Less unamortized debt issuance costs ​ ​ 2,446 ​ ​ 2,508 ​ ​ $ 502,140 ​ $ 493,142 (a) Includes $108,314 and $ 108,734 of variable rate mortgage debt that was swapped to a fixed rate at March 31, 2022 and December 31, 2021, respectively. ​ 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 (April 1, 2022 - December 31, 2022) ​ $ 18,273 2023 ​ ​ 52,706 2024 ​ ​ 22,279 2025 ​ ​ 52,734 2026 ​ ​ 45,131 Thereafter ​ ​ 313,463 Total payments ​ $ 504,586 ​

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2022
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 derivative instruments 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 March 31, 2022, 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 and are reclassified into interest expense as interest payments are made on the Trust’s variable rate debt. Over the next twelve months, the Trust estimates that an additional $1,137 will be reclassified as an interest expense. ​ The following table summarizes the Trust’s interest rate swaps as of March 31, 2022, which effectively convert on month floating rate LIBOR to a fixed rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed ​ ​ Effective Date ​ Notional ​ Interest Rate ​ Maturity Date November 1, 2019 $ 6,780 ​ 3.15% ​ November 1, 2029 November 1, 2019 $ 4,677 ​ 3.28% ​ November 1, 2029 January 10, 2020 $ 3,044 ​ 3.39% ​ January 10, 2030 June 11, 2020 $ 1,524 ​ 3.07% ​ June 15, 2030 June 11, 2020 $ 2,953 ​ 3.07% ​ June 15, 2030 June 15, 2020 $ 1,651 ​ 2.94% ​ June 15, 2030 June 15, 2020 $ 4,369 ​ 2.94% ​ June 15, 2030 July 1, 2020 $ 4,825 ​ 2.79% ​ June 10, 2030 December 2, 2020 $ 12,626 ​ 2.91% ​ December 2, 2027 July 1, 2021 $ 26,119 ​ 2.99% ​ July 1, 2031 November 10, 2021 $ 28,465 ​ 3.54% ​ August 1, 2029 December 1, 2021 $ 11,028 ​ 3.32% ​ December 1, 2031 ​ The following table summarizes the Trust’s interest rate swaps that were designated as cash flow hedges of interest rate risk: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Instruments ​ Notional Interest Rate Derivatives ​ March 31, 2022 ​ December 31, 2021 ​ March 31, 2022 ​ December 31, 2021 Interest rate swaps ​ 12 ​ 12 $ 108,061 $ 108,734 ​ The table below presents the estimated fair value of the Trust’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 ​ March 31, 2022 ​ December 31, 2021 cash flow hedges: ​ Balance Sheet Location ​ Fair Value ​ Balance Sheet Location ​ Fair Value Interest rate swaps ​ Other assets, net $ 5,574 ​ Other assets, net $ 698 Interest rate swaps ​ Accrued expenses and other liabilities $ — ​ Accrued expenses and other liabilities $ 1,648 ​ The carrying amount of the swaps have been adjusted to their fair value at the end of the quarter, which because of changes in forecasted levels of LIBOR, resulted in reporting an asset and liability for the fair value of the future net payments forecasted under the swap. The interest rate swap is accounted for as an effective hedge in accordance with ASC 815-20 whereby it is recorded at fair value and changes in fair value are recorded to comprehensive income. ​ The following table presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive loss (income) for the quarters ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ 2022 ​ ​ ​ 2022 Interest rate swaps $ (6,524) ​ Interest expense $ 361 ​ ​ 2021 ​ ​ ​ 2021 Interest rate swaps $ (2,384) ​ Interest expense $ 115 ​ Credit-risk-related Contingent Features ​ The Trust’s agreements with each of its derivative counterparties also contain a provision whereby if the Trust consolidates with, merges with or into, or transfers all or substantially all of its assets to another entity and the creditworthiness of the resulting, surviving or transferee entity, is materially weaker than the Trust’s, the counterparty has the right to terminate the derivative obligations. As of March 31, 2022, the termination value of derivatives in an asset position was $5,574. As of March 31, 2022, the Trust has pledged the properties related to the loans which are hedged as collateral.

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	3 Months Ended
	Mar. 31, 2022
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ Carrying ​ ​ ​ ​ Carrying ​ ​ ​ ​ Value Fair Value Value Fair Value ​ ​ (in thousands) Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes receivable ​ $ 6,893 ​ $ 7,919 ​ $ 7,457 ​ $ 9,840 Derivative assets ​ $ 5,574 ​ $ 5,574 ​ $ 698 ​ $ 698 ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ 504,586 ​ $ 520,213 ​ $ 495,650 ​ $ 508,285 Derivative liabilities ​ $ — ​ $ — ​ $ 1,648 ​ $ 1,648 ​ ASC 820-10 established a three-level valuation hierarchy for fair value measurement. Management uses these valuation techniques to establish the fair value of the assets at the measurement date. These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect management’s assumptions. ​ These two types of inputs create the following fair value hierarchy: ​ ● Level 1 – Quoted prices for identical instruments in active markets. ● Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose significant inputs are observable. ● Level 3 – Instruments whose significant inputs are unobservable. ​ The guidance requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. ​ Recurring Fair Value Measurements ​ The following table presents the Company’s financial instruments, which are measured at fair value on a recurring basis, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ — ​ $ 5,574 ​ $ — ​ $ 5,574 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ — ​ $ 698 ​ $ — ​ $ 698 Derivative liabilities ​ $ — ​ $ 1,648 ​ $ — ​ $ 1,648 ​ Derivatives: ​ The Company has determined that its derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements. ​ 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) March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ — ​ $ — ​ $ 520,213 ​ $ 520,213 Notes receivable ​ $ — ​ $ — ​ $ 7,919 ​ $ 7,919 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ — ​ $ — ​ $ 508,285 ​ $ 508,285 Notes receivable ​ $ — ​ $ — ​ $ 9,840 ​ $ 9,840 ​ Mortgage notes payable: ​ Notes receivable:

LEASES

LEASES	3 Months Ended
	Mar. 31, 2022
LEASES
LEASES	NOTE 11 – LEASES ​ As of March 31, 2022, we derived 83.5% of our revenues from residential leases that are generally for terms of one year or less. The residential leases may include lease income related items such as parking, storage, and non-refundable deposits that we treat as a single lease component because the 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 March 31, 2022, we derived 16.5% 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 . ​ Lease income related to the Company’s operating leases is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 26,498 ​ $ 4,067 ​ $ 30,565 Lease income related to variable lease payments ​ ​ — ​ ​ 1,176 ​ ​ 1,176 Other (a) ​ ​ (169) ​ ​ 95 ​ ​ (74) Lease Income (b) ​ $ 26,329 ​ $ 5,338 ​ $ 31,667 ​ (a) For the three months ended March 31, 2022, “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 three months ended March 31, 2022 of $1,249 , which is accounted for under the revenue recognition standard. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 24,834 ​ $ 4,382 ​ $ 29,216 Lease income related to variable lease payments ​ ​ — ​ ​ 1,094 ​ ​ 1,094 Other (c) ​ ​ (135) ​ ​ 294 ​ ​ 159 Lease Income (d) ​ $ 24,699 ​ $ 5,770 ​ $ 30,469 ​ (c) For the three months ended March 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. (d) Excludes other rental income for the three months ended March 31, 2021 of $1,291 , respectively, which is accounted for under the revenue recognition standard. ​ As of March 31, 2022, non-cancelable commercial operating leases provide for future minimum rental income as follows. Apartment leases are not included as the terms are generally for one year or less. ​ ​ ​ ​ ​ Years ending December 31, Amount ​ ​ (in thousands) 2022 (April 1, 2022- December 31, 2022) ​ $ 11,715 2023 ​ ​ 15,123 2024 ​ ​ 14,447 2025 ​ ​ 14,272 2026 ​ ​ 13,015 Thereafter ​ ​ 54,882 ​ ​ $ 123,454 ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 12 – RELATED PARTY TRANSACTIONS ​ Sterling Management, LLC (the “Advisor”), 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., a North Dakota limited liability company formed in 1981. GOLDMARK Property Management 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. ​ The Trust has a historical and ongoing relationship with Trumont Group and Trumont Construction. Trumont Group provides development services for current joint venture projects the Operating Partnership is an investor in. Trumont Construction has been engaged to construct the properties associated with these joint ventures. Mr. Regan, Chief Executive Officer and trustee, is a partner in both Trumont Group and Trumont Construction and has a direct material interest in any engagement or related transaction, the Trust enters into, with these entities. ​ Property Management Fee ​ During the year ended March 31, 2022 and 2021, we paid fees to GOLDMARK Property Management, Inc. related to the management of properties, on-site staff costs and other miscellaneous fees required to run the property of $3,429 and $3,064, respectively. Management fees paid during the year ended March 31, 2022 and 2021 approximated 5% of net collected rents. In addition, during the year ended March 31, 2022 and 2021, we paid repair and maintenance expenses, and payroll related expenses to GOLDMARK Property Management, Inc. totaling $1,799 and $1,696, respectively. ​ 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 and was 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 23, 2022 and is effective until March 31, 2023. ​ The below table summarizes the fees incurred to our Advisor. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended March 31, ​ ​ 2022 ​ 2021 ​ ​ (in thousands) Fee: ​ ​ ​ ​ ​ ​ Advisory ​ $ 898 ​ $ 807 Acquisition ​ $ 358 ​ $ 302 Disposition ​ $ 66 ​ $ - Financing ​ $ 32 ​ $ 43 Project Management ​ $ 206 ​ $ 71 ​ The below table summarizes the fees payable to our Advisor. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable at ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ (in thousands) Fee: ​ ​ ​ ​ ​ ​ Advisory ​ $ 303 ​ $ 296 Financing ​ $ - ​ $ 38 Development ​ $ - ​ $ 79 Project Management ​ $ 105 ​ $ 98 ​ Operating Partnership Units Issued in Connection with Acquisitions ​ During the three months ended March 31, 2022, 443,000 Operating Partnership units were issued to an entity 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 $10,180. ​ During the three months ended March 31, 2021, there were no Operating Partnership units issued. ​ Commissions ​ During the three months ended March 31, 2022 and 2021, we incurred real estate commissions of $244 and $250, respectively, to GOLDMARK Commercial Real Estate, Inc., in which Messrs. Regan and Wieland jointly own a controlling interest. As of March 31, 2022 and December 31, 2021, there were no unpaid commissions to GOLDMARK Commercial Real Estate. ​ During the three months ended March 31, 2022, we incurred real estate commissions of $163, to GOLDMARK Property Management. There were no commissions paid to GOLDMARK Property Management for the three months ended March 31, 2021. As of March 31, 2022 and December 31, 2021, there were no unpaid commissions to GOLDMARK Commercial Real Estate. ​ Rental Income ​ During the three months ended March 31, 2022 and 2021, we received rental income of $66 and $67, respectively, under an operating lease agreement with GOLDMARK Property Management, Inc. ​ During the three months ended March 31, 2022, we received no rental income from GOLDMARK Commercial Real Estate. During the three months ended March 31, 2021 we received rental income of $14, under an operating lease agreement with GOLDMARK Commercial Real Estate, Inc. ​ During the three months ended March 31, 2022 and 2021, we received rental income of $32 and $21, respectively, under operating lease agreements with our Advisor. ​ During the three months ended March 31, 2022 and 2021, we received rental income of $209 and $122, respectively, under an operating lease agreement with Bell Bank. ​ Other operational activity ​ During the three months ended March 31, 2022 and 2021, the Trust incurred $206 and $174, 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 March 31, 2022 and December 31, 2021, operational outstanding liabilities were $189 and $128, respectively. ​ Debt Financing ​ At March 31, 2022 and December 31, 2021, the Trust had $65,802 and $66,365, respectively, of outstanding principal on loans entered into with Bell Bank. During the three months ended March 31, 2022 and 2021, the Trust incurred interest expense on debt held with Bell Bank of $618 and $587, respectively. Accrued interest as of March 31, 2022 and December 31, 2021, related to this debt was $146 and $148, respectively. Development Arrangements ​ During the three months ended March 31, 2022, the Trust incurred $153 in development fees to Trumont Group. No such fees were paid during the three months ended March 31, 2021. At March 31, 2022 and December 31, 2021, the Trust owed $51 for development fees to Trumont Group. ​ During the three months ended March 31, 2022, the Trust incurred $96 in construction fees to Trumont Construction. No such fees were paid during the three months ended March 31, 2021. At March 31, 2022 and December 31, 2021, the Trust owed $74 and $29, respectively for construction fees to Trumont Construction. ​ During the three months ended March 31, 2022, the Trust incurred $118 in general construction costs to Trumont Construction. No such fees were paid during the three months ended March 31, 2021. At March 31, 2022, the Trust owed $42 for general construction costs. At December 31, 2021, no general construction costs were owed to Trumont Construction.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 13 - 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, tornadoes, 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 Trust is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of such matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material effect on the financial statements of the Trust. ​

DISPOSITIONS

DISPOSITIONS	3 Months Ended
	Mar. 31, 2022
DISPOSITIONS
DISPOSITIONS	NOTE 14 – DISPOSITIONS ​ During the year ended March 31, 2022, the Trust disposed of one property located in Savage, Minnesota, for $2,700 and recognized a gain of $1,329. During the year ended March 31, 2021, the Operating Partnership did not dispose of any properties. ​

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2022
ACQUISITIONS
ACQUISITIONS	NOTE 15 – ACQUISITIONS ​ The Trust had one acquisition during the three months ended March 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ Property Name ​ Location ​ Property Type ​ ​ Units/ Square Footage/ Acres ​ ​ Total Acquisition Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2/28/22 ​ Deer Park ​ Hutchinson, MN ​ Apartment Complex ​ ​ 138 units ​ $ 15,073 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 15,073 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total consideration given for acquisitions through March 31, 2022 was completed through issuing approximately 443,000 limited partnership units of the Operating Partnership valued at $23 per unit for an aggregate consideration of approximately $10,180, and cash of $4,893 . The value of units issued in exchange for property is determined through a value established annually by our Board of Trustees and reflects the fair value at the time of issuance. The following table summarizes the acquisition date fair values, before pro-rations, the Company recorded in conjunction with the acquisitions discussed above: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ ​ 2022 ​ 2021 ​ ​ ​ (in thousands) Real estate investment acquired ​ ​ $ 14,831 ​ $ - Acquired lease intangible assets ​ ​ ​ 260 ​ ​ - Assumed Assets ​ ​ ​ 2 ​ ​ - Total Assets Acquired ​ ​ $ 15,093 ​ $ - Other liabilities ​ ​ ​ (20) ​ ​ - Net assets acquired ​ ​ ​ 15,073 ​ ​ - Equity/limited partnership unit consideration ​ ​ ​ (10,180) ​ ​ - Net cash consideration ​ ​ $ 4,893 ​ $ - ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2022
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	​ NOTE 16 - SUBSEQUENT EVENTS ​ On April 15, 2022, we paid a dividend or distribution of $0.2875 per share on our common shares of beneficial interest or limited partnership units, respectively, to common shareholders and limited partnership unit holders of record on March 31, 2022. ​ On May 2, 2022, the Trust received proceeds of $2,013 , related to a note receivable that was outstanding at March 31, 2022. ​ 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.

PRINCIPAL ACTIVITY AND SIGNIF_2

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation ​ The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2021, which have previously been filed with the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted from this report on Form 10-Q pursuant to the rules and regulations of the SEC. ​ The results for the interim periods shown in this report are not necessarily indicative of future financial results. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary to present fairly our consolidated financial statements as of and for the year ended March 31, 2022. These adjustments are of a normal recurring nature.
Principles of Consolidation	Principles of Consolidation ​ The consolidated financial statements include the accounts of , Properties, LLLP, and wholly owned limited liability companies. All significant intercompany transactions and balances have been eliminated in consolidation. ​ As of March 31, 2022, the Trust owned approximately 35.94% 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. The Trust will consolidate the operations of a joint venture if the Trust determines that it is the primary beneficiary of a variable interest entity (VIE) and has substantial influence and control of the entity. ​ In instances where the Trust determines that it is not the primary beneficiary of a VIE and 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 (losses) of unconsolidated affiliates 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 affiliates 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 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 fair value at acquisition date of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease intangibles, (iv) acquired above and below market lease intangibles, and (v) assumed financing that is determined to be above or below market, if any. Transaction costs related to acquisitions are accounted for as asset acquisitions and capitalized as a cost of the property. ​ For tangible assets acquired, including land, building and other improvements, the Trust considers available comparable market and industry information in estimating acquisition date fair value. Key factors considered in the calculation of fair value of both real property and intangible assets include the current market rent values, “dark” periods (building in vacant status), direct costs estimated with obtaining a new tenant, discount rates, escalation factors, standard lease terms, and tenant improvement costs. ​ 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 expensed 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 investment properties are reviewed for potential impairment at the end of each reporting period or 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. ​ Based on evaluation, there were no impairment losses during the three months ended March 31, 2022 and 2021. ​
Federal Income Taxes	Federal Income Taxes ​ We have elected to be taxed as a REIT under the Internal Revenue Code, as amended. A REIT calculates taxable income similar to other domestic corporations, with the major difference being a REIT is entitled to a deduction for dividends paid. A REIT is generally required to distribute each year at least 90% of its taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate tax on such income. REIT shareholders are generally taxed on REIT distributions of ordinary income in the same manner as they are taxed on other corporate distributions. ​ We intend to continue to qualify as a REIT and, provided we maintain such status, will not be taxed on the portion of the income that is distributed to shareholders. In addition, we intend to distribute all of our taxable income; therefore, no provisions or liabilities for income taxes have been recorded in the financial statements. ​ We follow ASC Topic 740, Income Taxes,
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 March 31, 2022, 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 during the three months ended March 31, 2022 and therefore, basic earnings per common share was equal to diluted earnings per common share for both periods. ​ For the three months ended March 31, 2022 and 2021, Sterling’s denominators for the basic and diluted earnings per common share were approximately 10,465,000 and 9,983,000 , respectively.

PRINCIPAL ACTIVITY AND SIGNIF_3

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2022
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Summary of Estimated Useful Life	​ ​ ​ ​ Buildings and improvements 40 years Furniture, fixtures and equipment 5 - 9 years

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2022
SEGMENT REPORTING
Summary of Segment Revenues and Net Operating Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 ​ Three months ended March 31, 2021 ​ Residential Commercial Total Residential Commercial Total ​ ​ (in thousands) ​ (in thousands) Income from rental operations ​ $ 27,494 ​ $ 5,422 ​ $ 32,916 ​ $ 25,959 ​ $ 5,801 ​ $ 31,760 Expenses from rental operations ​ ​ 16,508 ​ ​ 1,678 ​ ​ 18,186 ​ ​ 13,847 ​ ​ 1,504 ​ ​ 15,351 Net operating income ​ $ 10,986 ​ $ 3,744 ​ $ 14,730 ​ $ 12,112 ​ $ 4,297 ​ $ 16,409 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ 5,782 ​ ​ ​ ​ ​ ​ ​ ​ 5,328 Interest ​ ​ ​ ​ ​ ​ ​ ​ 4,845 ​ ​ ​ ​ ​ ​ ​ ​ 4,287 Administration of REIT ​ ​ ​ ​ ​ ​ ​ ​ 1,217 ​ ​ ​ ​ ​ ​ ​ ​ 1,201 Other income ​ ​ ​ ​ ​ ​ ​ ​ (503) ​ ​ ​ ​ ​ ​ ​ ​ (243) Net income ​ ​ ​ ​ ​ ​ ​ $ 3,389 ​ ​ ​ ​ ​ ​ ​ $ 5,836
Summary of Segment Assets and Accumulated Depreciation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 Residential Commercial Total ​ ​ (in thousands) Real estate investments ​ $ 707,962 ​ $ 203,515 ​ $ 911,477 Accumulated depreciation ​ ​ (136,986) ​ ​ (47,212) ​ ​ (184,198) Total real estate investments, net ​ $ 570,976 ​ $ 156,303 ​ $ 727,279 Intangible assets, less accumulated amortization ​ ​ 173 ​ ​ 5,838 ​ ​ 6,011 Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ 49,854 Restricted deposits ​ ​ ​ ​ ​ ​ ​ ​ 11,639 Investment in unconsolidated affiliates ​ ​ ​ ​ ​ ​ ​ ​ 23,852 Notes receivable ​ ​ ​ ​ ​ ​ ​ ​ 6,893 Other assets, net ​ ​ ​ ​ ​ ​ ​ ​ 14,734 Total Assets ​ ​ ​ ​ ​ ​ ​ $ 840,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) Total real estate investments, net ​ $ 559,622 ​ $ 157,925 ​ $ 717,547 Intangible assets, less accumulated amortization ​ ​ — ​ ​ 6,246 ​ ​ 6,246 Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ 51,507 Restricted deposits ​ ​ ​ ​ ​ ​ ​ ​ 9,149 Investment in unconsolidated affiliates ​ ​ ​ ​ ​ ​ ​ ​ 18,658 Notes receivable ​ ​ ​ ​ ​ ​ ​ ​ 7,457 Other assets, net ​ ​ ​ ​ ​ ​ ​ ​ 10,302 Total Assets ​ ​ ​ ​ ​ ​ ​ $ 820,866

RESTRICTED DEPOSITS AND FUNDE_2

RESTRICTED DEPOSITS AND FUNDED RESERVES (Tables)	3 Months Ended
	Mar. 31, 2022
RESTRICTED DEPOSITS AND FUNDED RESERVES
Schedule of restricted deposits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, ​ As of December 31, ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ (in thousands) Tenant security deposits ​ ​ ​ ​ $ 5,490 ​ $ 5,165 Real estate tax and insurance escrows ​ ​ ​ ​ ​ 877 ​ ​ 1,355 Replacement reserves ​ ​ ​ ​ ​ 1,808 ​ ​ 1,791 Other funded reserves ​ ​ ​ ​ ​ 3,464 ​ ​ 838 ​ ​ ​ ​ ​ $ 11,639 ​ $ 9,149

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED AFFILIATES (Tables)	3 Months Ended
	Mar. 31, 2022
INVESTMENT IN UNCONSOLIDATED AFFILIATES
Schedule of investments in unconsolidated real estate ventures	​ The Company’s investments in unconsolidated real estate ventures, are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Investment in Unconsolidated Affiliates at Unconsolidated Affiliates ​ ​ Date Acquired ​ ​ Trust Ownership Interest ​ March 31, 2022 ​ December 31, 2021 Banner Building ​ ​ 2007 ​ ​ 66.67% ​ $ 4,082 ​ $ 60 Grand Forks INREIT, LLC ​ ​ 2003 ​ ​ 50% ​ ​ 2,442 ​ ​ 2,493 SE Savage, LLC ​ ​ 2019 ​ ​ 60% ​ ​ 2,324 ​ ​ 2,946 SE Maple Grove, LLC ​ ​ 2019 ​ ​ 60% ​ ​ 2,303 ​ ​ 2,823 SE Rogers, LLC ​ ​ 2020 ​ ​ 60% ​ ​ 2,961 ​ ​ 2,986 ST Oak Cliff, LLC ​ ​ 2021 ​ ​ 70% ​ ​ 6,725 ​ ​ 4,324 SE Brooklyn Park, LLC ​ ​ 2021 ​ ​ 60% ​ ​ 3,015 ​ ​ 3,026 ​ ​ ​ ​ ​ ​ ​ ​ $ 23,852 ​ $ 18,658 ​
Schedule of financial information of unconsolidated entities	The following is a summary of the financial position of the unconsolidated affiliates at March 31, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 December 31, 2021 ​ ​ (in thousands) ASSETS ​ ​ ​ ​ ​ ​ Real estate investments ​ $ 152,403 ​ $ 134,839 Accumulated depreciation ​ ​ (12,767) ​ ​ (10,940) ​ ​ ​ 139,636 ​ ​ 123,899 Cash and cash equivalents ​ ​ 1,213 ​ ​ 1,131 Restricted deposits ​ ​ 574 ​ ​ 650 Intangible assets, less accumulated amortization ​ ​ 145 ​ ​ 41 Other assets, net ​ ​ 349 ​ ​ 909 Total Assets ​ $ 141,917 ​ $ 126,630 ​ ​ ​ ​ ​ ​ ​ LIABILITIES ​ ​ ​ ​ ​ ​ Mortgage notes payable, net ​ $ 95,843 ​ $ 87,996 Tenant security deposits payable ​ ​ 125 ​ ​ 108 Accrued expenses and other liabilities ​ ​ 7,665 ​ ​ 8,029 Total Liabilities ​ $ 103,633 ​ $ 96,133 SHAREHOLDERS' EQUITY ​ ​ ​ ​ ​ ​ Total Shareholders' Equity ​ $ 38,284 ​ $ 30,497 ​ ​ ​ ​ ​ ​ ​ Total liabilities and shareholders' equity ​ $ 141,917 ​ $ 126,630 ​ The following is a summary of results of operations of the unconsolidated affiliates for the three months ended March 31, 2022 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2022 2021 ​ ​ (in thousands) Income from rental operations ​ $ 1,730 ​ $ 880 Expenses from rental operations ​ ​ 812 ​ ​ 234 Net operating income ​ $ 918 ​ $ 646 Depreciation and Amortization ​ ​ 1,827 ​ ​ 247 Interest ​ ​ 1,012 ​ ​ 417 Other expense ​ ​ 10 ​ ​ - Net loss ​ $ (1,931) ​ $ (18)

LEASE INTANGIBLES (Tables)

LEASE INTANGIBLES (Tables)	3 Months Ended
	Mar. 31, 2022
LEASE INTANGIBLES
Schedule of Intangible Assets and Liabilities and Accumulated Amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease ​ Accumulated ​ Lease As of March 31, 2022 Intangibles Amortization Intangibles, net Lease Intangible Assets ​ (in thousands) In-place leases ​ $ 15,462 ​ $ (10,533) ​ $ 4,929 Above-market leases ​ ​ 2,466 ​ ​ (1,384) ​ ​ 1,082 ​ ​ $ 17,928 ​ $ (11,917) ​ $ 6,011 Lease Intangible Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Below-market leases ​ $ (2,525) ​ $ 1,759 ​ $ (766) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)
Schedule of Estimated Aggregate Amortization Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible ​ Intangible Years ending December 31, Assets Liabilities ​ ​ (in thousands) 2022 (April 1, 2022 - December 31, 2022) ​ $ 872 ​ $ 119 2023 ​ ​ 827 ​ ​ 151 2024 ​ ​ 827 ​ ​ 151 2025 ​ ​ 827 ​ ​ 151 2026 ​ ​ 676 ​ ​ 80 Thereafter ​ ​ 1,982 ​ ​ 114 ​ ​ $ 6,011 ​ $ 766

MORTGAGE NOTES PAYABLE (Tables)

MORTGAGE NOTES PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2022
MORTGAGE NOTES PAYABLE
Schedule of Mortgage Notes Payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Balance At ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ (in thousands) Fixed rate mortgage notes payable (a) ​ $ 499,349 ​ $ 490,413 Variable rate mortgage notes payable ​ ​ 5,237 ​ ​ 5,237 Mortgage notes payable ​ ​ 504,586 ​ ​ 495,650 Less unamortized debt issuance costs ​ ​ 2,446 ​ ​ 2,508 ​ ​ $ 502,140 ​ $ 493,142 (a) Includes $108,314 and $ 108,734 of variable rate mortgage debt that was swapped to a fixed rate at March 31, 2022 and December 31, 2021, respectively.
Scheduled Maturities of Mortgage Notes Payable	​ ​ ​ ​ ​ Years ending December 31, Amount ​ ​ (in thousands) 2022 (April 1, 2022 - December 31, 2022) ​ $ 18,273 2023 ​ ​ 52,706 2024 ​ ​ 22,279 2025 ​ ​ 52,734 2026 ​ ​ 45,131 Thereafter ​ ​ 313,463 Total payments ​ $ 504,586

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2022
DERIVATIVES AND HEDGING ACTIVITIES
Schedule of interest rate swaps	The following table summarizes the Trust’s interest rate swaps as of March 31, 2022, which effectively convert on month floating rate LIBOR to a fixed rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed ​ ​ Effective Date ​ Notional ​ Interest Rate ​ Maturity Date November 1, 2019 $ 6,780 ​ 3.15% ​ November 1, 2029 November 1, 2019 $ 4,677 ​ 3.28% ​ November 1, 2029 January 10, 2020 $ 3,044 ​ 3.39% ​ January 10, 2030 June 11, 2020 $ 1,524 ​ 3.07% ​ June 15, 2030 June 11, 2020 $ 2,953 ​ 3.07% ​ June 15, 2030 June 15, 2020 $ 1,651 ​ 2.94% ​ June 15, 2030 June 15, 2020 $ 4,369 ​ 2.94% ​ June 15, 2030 July 1, 2020 $ 4,825 ​ 2.79% ​ June 10, 2030 December 2, 2020 $ 12,626 ​ 2.91% ​ December 2, 2027 July 1, 2021 $ 26,119 ​ 2.99% ​ July 1, 2031 November 10, 2021 $ 28,465 ​ 3.54% ​ August 1, 2029 December 1, 2021 $ 11,028 ​ 3.32% ​ December 1, 2031 ​ The following table summarizes the Trust’s interest rate swaps that were designated as cash flow hedges of interest rate risk: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Instruments ​ Notional Interest Rate Derivatives ​ March 31, 2022 ​ December 31, 2021 ​ March 31, 2022 ​ December 31, 2021 Interest rate swaps ​ 12 ​ 12 $ 108,061 $ 108,734
Schedule of the estimated fair value of derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives Derivatives designated as ​ March 31, 2022 ​ December 31, 2021 cash flow hedges: ​ Balance Sheet Location ​ Fair Value ​ Balance Sheet Location ​ Fair Value Interest rate swaps ​ Other assets, net $ 5,574 ​ Other assets, net $ 698 Interest rate swaps ​ Accrued expenses and other liabilities $ — ​ Accrued expenses and other liabilities $ 1,648
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 ​ ​ 2022 ​ ​ ​ 2022 Interest rate swaps $ (6,524) ​ Interest expense $ 361 ​ ​ 2021 ​ ​ ​ 2021 Interest rate swaps $ (2,384) ​ Interest expense $ 115

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	3 Months Ended
	Mar. 31, 2022
FAIR VALUE MEASUREMENT
Carrying Value and Estimated Fair Value of Company's Financial Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ December 31, 2021 ​ ​ Carrying ​ ​ ​ ​ Carrying ​ ​ ​ ​ Value Fair Value Value Fair Value ​ ​ (in thousands) Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes receivable ​ $ 6,893 ​ $ 7,919 ​ $ 7,457 ​ $ 9,840 Derivative assets ​ $ 5,574 ​ $ 5,574 ​ $ 698 ​ $ 698 ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ 504,586 ​ $ 520,213 ​ $ 495,650 ​ $ 508,285 Derivative liabilities ​ $ — ​ $ — ​ $ 1,648 ​ $ 1,648
Schedule of Fair Value of Liabilities on Recurring Basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ — ​ $ 5,574 ​ $ — ​ $ 5,574 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ — ​ $ 698 ​ $ — ​ $ 698 Derivative liabilities ​ $ — ​ $ 1,648 ​ $ — ​ $ 1,648
Fair Value of Company's Financial Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ — ​ $ — ​ $ 520,213 ​ $ 520,213 Notes receivable ​ $ — ​ $ — ​ $ 7,919 ​ $ 7,919 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ — ​ $ — ​ $ 508,285 ​ $ 508,285 Notes receivable ​ $ — ​ $ — ​ $ 9,840 ​ $ 9,840

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2022
LEASES
Schedule of Lease Income related to the Trust's Operating Leases	​ Lease income related to the Company’s operating leases is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 26,498 ​ $ 4,067 ​ $ 30,565 Lease income related to variable lease payments ​ ​ — ​ ​ 1,176 ​ ​ 1,176 Other (a) ​ ​ (169) ​ ​ 95 ​ ​ (74) Lease Income (b) ​ $ 26,329 ​ $ 5,338 ​ $ 31,667 ​ (a) For the three months ended March 31, 2022, “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 three months ended March 31, 2022 of $1,249 , which is accounted for under the revenue recognition standard. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2021 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 24,834 ​ $ 4,382 ​ $ 29,216 Lease income related to variable lease payments ​ ​ — ​ ​ 1,094 ​ ​ 1,094 Other (c) ​ ​ (135) ​ ​ 294 ​ ​ 159 Lease Income (d) ​ $ 24,699 ​ $ 5,770 ​ $ 30,469 ​ (c) For the three months ended March 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. (d) Excludes other rental income for the three months ended March 31, 2021 of $1,291 , respectively, which is accounted for under the revenue recognition standard.
Schedule of Future Minimum Rental Income	​ ​ ​ ​ ​ Years ending December 31, Amount ​ ​ (in thousands) 2022 (April 1, 2022- December 31, 2022) ​ $ 11,715 2023 ​ ​ 15,123 2024 ​ ​ 14,447 2025 ​ ​ 14,272 2026 ​ ​ 13,015 Thereafter ​ ​ 54,882 ​ ​ $ 123,454

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2022
RELATED PARTY TRANSACTIONS
Schedule of fees incurred and payable to Advisor	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended March 31, ​ ​ 2022 ​ 2021 ​ ​ (in thousands) Fee: ​ ​ ​ ​ ​ ​ Advisory ​ $ 898 ​ $ 807 Acquisition ​ $ 358 ​ $ 302 Disposition ​ $ 66 ​ $ - Financing ​ $ 32 ​ $ 43 Project Management ​ $ 206 ​ $ 71 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable at ​ ​ March 31, ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ (in thousands) Fee: ​ ​ ​ ​ ​ ​ Advisory ​ $ 303 ​ $ 296 Financing ​ $ - ​ $ 38 Development ​ $ - ​ $ 79 Project Management ​ $ 105 ​ $ 98

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2022
ACQUISITIONS
Schedule of acquisitions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ Property Name ​ Location ​ Property Type ​ ​ Units/ Square Footage/ Acres ​ ​ Total Acquisition Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2/28/22 ​ Deer Park ​ Hutchinson, MN ​ Apartment Complex ​ ​ 138 units ​ $ 15,073 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 15,073 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of acquisition date fair values, before prorations recorded in conjunction with acquisitions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ ​ 2022 ​ 2021 ​ ​ ​ (in thousands) Real estate investment acquired ​ ​ $ 14,831 ​ $ - Acquired lease intangible assets ​ ​ ​ 260 ​ ​ - Assumed Assets ​ ​ ​ 2 ​ ​ - Total Assets Acquired ​ ​ $ 15,093 ​ $ - Other liabilities ​ ​ ​ (20) ​ ​ - Net assets acquired ​ ​ ​ 15,073 ​ ​ - Equity/limited partnership unit consideration ​ ​ ​ (10,180) ​ ​ - Net cash consideration ​ ​ $ 4,893 ​ $ -

Organization - Additional Infor

Organization - Additional Information (Details)	Mar. 31, 2022	Dec. 31, 2021
ORGANIZATION
Ownership in operating partnership (as a percent)	35.94%	36.27%

Principal Activity and Signif_4

Principal Activity and Significant Accounting Policies - Principles of Consolidation (Details)	Mar. 31, 2022	Dec. 31, 2021
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Ownership in operating partnership (as a percent)	35.94%	36.27%

Principal Activity and Signif_5

Principal Activity and Significant Accounting Policies - Real Estate Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Real Estate Investments
Loss on impairment of property	$ 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 - Federal Income Taxes (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Taxable income to be distributed	90.00%
Retainable taxable income	10.00%
Provisions or liabilities for income taxes	$ 0

Principal Activity and Signif_7

Principal Activity and Significant Accounting Policies - Earnings Per Common Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings per Common Share
Dilutive potential common shares	0
Weighted average common shares outstanding, basic	10,465,000	9,983,000
Weighted average common shares outstanding, diluted	10,465,000	9,983,000

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022segment
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
	Mar. 31, 2022	Mar. 31, 2021
SEGMENT REPORTING
Income from rental operations	$ 32,916	$ 31,760
Expenses from rental operations	18,186	15,351
Net operating income	14,730	16,409
Depreciation and amortization	5,782	5,328
Interest	4,845	4,287
Administration of REIT	1,217	1,201
Other (income)/expense	(503)	(243)
Net income	3,389	5,836
Residential
SEGMENT REPORTING
Income from rental operations	27,494	25,959
Expenses from rental operations	16,508	13,847
Net operating income	10,986	12,112
Commercial
SEGMENT REPORTING
Income from rental operations	5,422	5,801
Expenses from rental operations	1,678	1,504
Net operating income	$ 3,744	$ 4,297

Segment Reporting - Summary o_2

Segment Reporting - Summary of Segment Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
SEGMENT REPORTING
Real estate investments	$ 911,477	$ 896,702
Accumulated depreciation	(184,198)	(179,155)
Real estate investments, net	727,279	717,547
Cash and cash equivalents	49,854	51,507	$ 13,888
Restricted deposits	11,639	9,149	$ 16,459
Investment in unconsolidated affiliates	23,852	18,658
Notes receivable	6,893	7,457
Acquired lease intangible assets	6,011	6,246
Other assets, net	14,734	10,302
Total Assets	840,262	820,866
Residential
SEGMENT REPORTING
Real estate investments	707,962	692,722
Accumulated depreciation	(136,986)	(133,100)
Real estate investments, net	570,976	559,622
Acquired lease intangible assets	173
Commercial
SEGMENT REPORTING
Real estate investments	203,515	203,980
Accumulated depreciation	(47,212)	(46,055)
Real estate investments, net	156,303	157,925
Acquired lease intangible assets	$ 5,838	$ 6,246

Restricted Deposits And Funde_3

Restricted Deposits And Funded Reserves - Summary of Restricted Deposits and Funded Reserves (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
RESTRICTED DEPOSITS AND FUNDED RESERVES
Tenant security deposits	$ 5,490	$ 5,165
Real estate tax and insurance escrows	877	1,355
Replacement reserves	1,808	1,791
Other funded reserves	3,464	838
Restricted deposits , Total	$ 11,639	$ 9,149	$ 16,459

Investment in Unconsolidated _3

Investment in Unconsolidated Affiliates - Total investments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investment in Unconsolidated Affiliates
Investment in unconsolidated affiliates	$ 23,852	$ 18,658
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	$ 4,082	60
Operating Partnership | Grand Forks Market Place Retail Center
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	50.00%
Investment in unconsolidated affiliates	$ 2,442	2,493
Operating Partnership | SE Savage, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60.00%
Investment in unconsolidated affiliates	$ 2,324	2,946
Operating Partnership | SE Maple Grove, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60.00%
Investment in unconsolidated affiliates	$ 2,303	2,823
Operating Partnership | SE Rogers
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60.00%
Investment in unconsolidated affiliates	$ 2,961	2,986
Operating Partnership | ST Oak Cliff, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	70.00%
Investment in unconsolidated affiliates	$ 6,725	4,324
Operating Partnership | SE Brooklyn Park, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60.00%
Investment in unconsolidated affiliates	$ 3,015	$ 3,026

Investment in Unconsolidated _4

Investment in Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Banner Building
Investment in Unconsolidated Affiliates
Mortgage balance		$ 6,022
Grand Forks Market Place Retail Center
Investment in Unconsolidated Affiliates
Mortgage balance	$ 9,730
SE Savage, LLC | First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	31,000	26,210
SE Savage, LLC | Second Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance		6,129
SE Savage, LLC | Promissory Note
Investment in Unconsolidated Affiliates
Face amount of debt	1,397
SE Maple Grove, LLC | First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	24,788	24,788
SE Maple Grove, LLC | Second Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	2,878	727
SE Rogers
Investment in Unconsolidated Affiliates
Assets of unconsolidated investee	27,231	22,847
SE Rogers | First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	$ 20,631	15,688
ST Oak Cliff, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	70.00%
Assets of unconsolidated investee	$ 11,711	7,394
Mortgage balance	$ 0
SE Brooklyn Park, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60.00%
Assets of unconsolidated investee	$ 13,957	5,478
SE Brooklyn Park, LLC | First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	$ 6,861	0
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%
Mortgage balance		9,794
Operating Partnership | SE Savage, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60.00%
Operating Partnership | SE Maple Grove, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60.00%
Operating Partnership | SE Rogers
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60.00%
Operating Partnership | ST Oak Cliff, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	70.00%
Cash contribution	$ 6,778	4,361
Operating Partnership | SE Brooklyn Park, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60.00%
Cash contribution	$ 3,042	$ 3,042

Investment in Unconsolidated _5

Investment in Unconsolidated Affiliates - Summary of financial position (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Real estate investments	$ 911,477	$ 896,702
Accumulated depreciation	(184,198)	(179,155)
Real estate investments, net	727,279	717,547
Cash and cash equivalents	49,854	51,507	$ 13,888
Restricted deposits	11,639	9,149	16,459
Acquired lease intangible assets	6,011	6,246
Other assets, net	14,734	10,302
Total Assets	840,262	820,866
LIABILITIES
Mortgage notes payable, net	502,140	493,142
Tenant security deposits payable	5,587	5,225
Accrued expenses and other liabilities	13,866	18,604
Total Liabilities	530,725	525,349
SHAREHOLDERS' EQUITY
Total Shareholders' Equity	309,537	295,517	$ 293,859	$ 291,528
Total liabilities and shareholders' equity	840,262	820,866
Unconsolidated Affiliates
ASSETS
Real estate investments	152,403	134,839
Accumulated depreciation	(12,767)	(10,940)
Real estate investments, net	139,636	123,899
Cash and cash equivalents	1,213	1,131
Restricted deposits	574	650
Acquired lease intangible assets	145	41
Other assets, net	349	909
Total Assets	141,917	126,630
LIABILITIES
Mortgage notes payable, net	95,843	87,996
Tenant security deposits payable	125	108
Accrued expenses and other liabilities	7,665	8,029
Total Liabilities	103,633	96,133
SHAREHOLDERS' EQUITY
Total Shareholders' Equity	38,284	30,497
Total liabilities and shareholders' equity	$ 141,917	$ 126,630

Investment in Unconsolidated _6

Investment in Unconsolidated Affiliates - Summary of results of operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investment in Unconsolidated Affiliates
Income from rental operations	$ 32,916	$ 31,760
Expenses from rental operations	28,813	24,966
Income from operations	2,886	5,593
Depreciation and amortization	5,782	5,328
Interest	4,845	4,287
Net income	3,389	5,836
Unconsolidated Affiliates
Investment in Unconsolidated Affiliates
Income from rental operations	1,730	880
Expenses from rental operations	812	234
Income from operations	918	646
Depreciation and amortization	1,827	247
Interest	1,012	417
Other expense	10
Net income	$ (1,931)	$ (18)

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Intangible Assets and Liabilities and Accumulated Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Intangible Assets
Lease Intangibles	$ 17,928		$ 18,072
Accumulated Amortization	(11,917)		(11,826)
Total	6,011		6,246
Amortization of Intangible Assets	392	$ 315
Intangible Liabilities
Below-market lease	(2,525)		(2,525)
Below-market lease, accumulated amortization	1,759		1,714
Below-market lease, net	(766)		(811)
In-place leases
Intangible Assets
Lease Intangibles	15,462		15,455
Accumulated Amortization	(10,533)		(10,381)
Total	4,929		5,074
Above-market leases
Intangible Assets
Lease Intangibles	2,466		2,617
Accumulated Amortization	(1,384)		(1,445)
Total	$ 1,082		$ 1,172

Lease Intangibles - Schedule _2

Lease Intangibles - Schedule of Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Intangible Assets
2022 (April 1, 2022 - December 31, 2022)	$ 872
2023	827
2024	827
2025	827
2026	676
Thereafter	1,982
Total	6,011	$ 6,246
Intangible Liabilities
2022 (April 1, 2022 - December 31, 2022)	119
2023	151
2024	151
2025	151
2026	80
Thereafter	114
Total	$ 766	$ 811

Lines of Credit - Additional In

Lines of Credit - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)item	Dec. 31, 2021USD ($)
Bremer Bank
Lines of Credit
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
Number of letters of credit secured | item	2
Letters of credit total	$ 67
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
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) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
MORTGAGE NOTES PAYABLE
Long-term debt, gross	$ 504,586
Mortgage Notes Payable
MORTGAGE NOTES PAYABLE
Long-term debt, gross	504,586	$ 495,650
Less unamortized debt issuance costs	2,446	2,508
Long-term debt, net	502,140	493,142
Fixed rate mortgage notes payable | Mortgage Notes Payable
MORTGAGE NOTES PAYABLE
Long-term debt, gross	499,349	490,413
Debt swapped from variable to fixed rate	108,314	108,734
Variable rate mortgage notes payable | Mortgage Notes Payable
MORTGAGE NOTES PAYABLE
Long-term debt, gross	$ 5,237	$ 5,237

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Scheduled Maturities of Mortgage Notes Payable (Details) $ in Thousands	Mar. 31, 2022USD ($)
MORTGAGE NOTES PAYABLE
2022 (April 1, 2022 - December 31, 2022)	$ 18,273
2023	52,706
2024	22,279
2025	52,734
2026	45,131
Thereafter	313,463
Total payments	$ 504,586

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Other (Details) - Interest rate swap $ in Thousands	Mar. 31, 2022USD ($)instrument	Dec. 31, 2021instrument
Derivatives and Hedging Activities
Estimated amount to be reclassified over the next 12 months, as a increase to interest expense | $	$ 1,137
Designated as Hedging Instrument | Cash Flow Hedging
Derivatives and Hedging Activities
Number of instruments | instrument	12	12

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Summary (Details) - Designated as Hedging Instrument - Cash Flow Hedging $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)instrument	Dec. 31, 2021USD ($)instrument
Interest rate swap
Derivatives and Hedging Activities
Notional amount	$ 108,061	$ 108,734
Number of instruments | instrument	12	12
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	$ 4,677
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	$ 3,044
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	$ 1,524
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	$ 2,953
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	$ 1,651
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	$ 4,369
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	$ 4,825
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	$ 12,626
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	$ 26,119
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	$ 11,028
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	$ 28,465
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	Mar. 31, 2022	Dec. 31, 2021
Other assets, net
Derivatives and Hedging Activities
Fair value, derivative assets	$ 5,574	$ 698
Accrued expenses and other liabilities
Derivatives and Hedging Activities
Fair value, derivative liabilities		$ 1,648

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities - Gain-Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivatives and Hedging Activities
Amount of (Gain)/Loss Recognized in Other Comprehensive Income on Derivatives	$ (6,524)	$ (2,384)
Interest expense
Derivatives and Hedging Activities
Amount of (Gain)/Loss Reclassified from AOCI into Income	361	115
Interest rate swap
Derivatives and Hedging Activities
Amount of (Gain)/Loss Recognized in Other Comprehensive Income on Derivatives	$ (6,524)	$ (2,384)

Derivatives and Hedging Activ_7

Derivatives and Hedging Activities - Credit-Risk Related Contingent Features (Details) $ in Thousands	Mar. 31, 2022USD ($)
Credit-risk-related Contingent Features
Termination value of interest rate derivatives in asset position	$ 5,574

Fair Value Measurement - Carryi

Fair Value Measurement - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying Value
Financial assets:
Notes receivable	$ 6,893	$ 7,457
Derivative assets	5,574	698
Financial liabilities:
Mortgage notes payable	504,586	495,650
Derivative liabilities		1,648
Fair Value
Financial assets:
Notes receivable	7,919	9,840
Derivative assets	5,574	698
Financial liabilities:
Mortgage notes payable	$ 520,213	508,285
Derivative liabilities		$ 1,648

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Fair Value of Assets on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurements
Derivative assets	$ 5,574	$ 698
Derivative liabilities		1,648
Level 2
Fair Value Measurements
Derivative assets	$ 5,574	698
Derivative liabilities		$ 1,648

Fair Value Measurement - Fair V

Fair Value Measurement - Fair Value of Company's Financial Assets and Liabilities (Details) - Fair Value - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurements
Mortgage notes payable	$ 520,213	$ 508,285
Notes receivable	7,919	9,840
Level 3
Fair Value Measurements
Mortgage notes payable	520,213	508,285
Notes receivable	$ 7,919	$ 9,840

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - Measurement Input, Discount Rate	Mar. 31, 2022USD ($)	Dec. 31, 2021
Fair Value Disclosures
Discount rates used to estimate fair value of notes receivable	0.0725
Minimum
Fair Value Disclosures
Discount rates used to estimate fair value of mortgages and notes payable	0.0340	0.0325
Discount rates used to estimate fair value of notes receivable		0.0325
Maximum
Fair Value Disclosures
Discount rates used to estimate fair value of mortgages and notes payable	0.0350	0.0335
Discount rates used to estimate fair value of notes receivable		0.0335

Leases - Other (Details)

Leases - Other (Details)	Mar. 31, 2022
Residential
Revenue from leases
Percentage of revenue from leases that are generally for terms of one year or less	83.50%
Commercial
Revenue from leases
Percentage of revenue from leases primarily under long-term lease agreements	16.50%

Leases - Lease Income (Details)

Leases - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease income:
Lease income related to fixed lease payments	$ 30,565	$ 29,216
Lease income related to variable lease payments	1,176	1,094
Other	(74)	159
Lease income	31,667	30,469
Rental income accounted for under revenue recognition standard:
Other rental income	1,249	1,291
Residential
Lease income:
Lease income related to fixed lease payments	26,498	24,834
Other	(169)	(135)
Lease income	26,329	24,699
Commercial
Lease income:
Lease income related to fixed lease payments	4,067	4,382
Lease income related to variable lease payments	1,176	1,094
Other	95	294
Lease income	$ 5,338	$ 5,770

Leases - Future minimum rental

Leases - Future minimum rental income (Details) $ in Thousands	Mar. 31, 2022USD ($)
Future minimum rental income:
2022 (April 1, 2022- December 31, 2022)	$ 11,715
2023	15,123
2024	14,447
2025	14,272
2026	13,015
Thereafter	54,882
Total	$ 123,454

Related Party Transactions - Pr

Related Party Transactions - Property Management and Board of Trustee Fees (Details) - GOLDMARK Property Management - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transactions
Management fee, amount paid	$ 3,429	$ 3,064
Management fees paid expressed as a percentage of net collected rents	5.00%	5.00%
Repair and maintenance related payroll and payroll related expenses	$ 1,799	$ 1,696

Related Party Transactions - Ad

Related Party Transactions - Advisory Agreement and Other (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)employeeshares	Mar. 31, 2021USD ($)shares	Dec. 31, 2021USD ($)
Related Party Transactions
Number of paid employees | employee	0
Rental income	$ 30,565	$ 29,216
Costs and expenditures incurred due to construction in progress	206	174
Operational liabilities outstanding	189		$ 128
Sterling Management, LLC
Related Party Transactions
Advisory management fees	898	807
Advisory management fees outstanding	303		296
Acquisition fees	358	302
Disposition fees	66
Financing fees	32	43
Financing fees outstanding			38
Development fees outstanding			79
Project management fee	206	71
Project management fee outstanding	105		98
Rental income	32	21
GOLDMARK Property Management
Related Party Transactions
Real estate commissions	163	0
Real estate commissions outstanding	0		0
Rental income	66	67
GOLDMARK SCHLOSSMAN Commercial Real Estate Services
Related Party Transactions
Real estate commissions	244	250
Real estate commissions outstanding	0		0
Rental income	$ 0	14
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	443,000
Value of operating partnership (OP) units issued in connection with the acquisition of various properties	$ 10,180
Trumont Group, LLC
Related Party Transactions
Development fee	153	0
Development fees outstanding	51		51
Trumont Construction, LLC
Related Party Transactions
Construction fees	96	0
Construction fees payable	74		29
General construction costs	118	0
General construction costs payable	42		0
Bell Bank
Related Party Transactions
Rental income	209	122
Outstanding on principal loans	65,802		66,365
Interest expense incurred	618	$ 587
Accrued interest	$ 146		$ 148
Affiliated Entities
Related Party Transactions
Number of operating partnership (OP) units issued in connection with the acquisition of various properties | shares		0
ST Oak Cliff, LLC
Related Party Transactions
Ownership interest (as a percent)	70.00%

Dispositions (Details)

Dispositions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)property
Dispositions
Number of dispositions | property	1
Gain on sale of real estate	$ 1,329
Commercial Property Savage Minnesota | Disposed of by Sale
Dispositions
Sale price	2,700
Gain on sale of real estate	$ 1,329

Acquisitions - Purchases, Curre

Acquisitions - Purchases, Current Year (Details) $ / shares in Units, $ in Thousands	Feb. 28, 2022USD ($)	Feb. 08, 2022item	Mar. 31, 2022USD ($)item$ / sharesshares
Acquisitions
Acquisition price			$ 15,073
Number of acquisitions | item			1
Aggregate number of limited partnership units issued for acquisition | shares			443,000
Price per limited partnership unit issued for acquisition, price one | $ / shares			$ 23
Aggregate value of limited partnership units issued for acquisition			$ 10,180
Consideration in cash to pay for acquisitions			$ 4,893
Deer Park, Hutchinson, MN
Acquisitions
Units acquired | item		138
Acquisition price	$ 15,073

Acquisitions - Summary of Acqui

Acquisitions - Summary of Acquisition Date Fair Values (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Acquisition date fair values
Real estate investment acquired	$ 727,279	$ 717,547
Acquired lease intangible assets	6,011	6,246
Total Assets	840,262	$ 820,866
Equity/limited partnership unit consideration	(10,180)
Net cash consideration	4,893
Real Estate Property Acquisitions 2022
Acquisition date fair values
Real estate investment acquired	14,831
Acquired lease intangible assets	260
Assumed assets	2
Total Assets	15,093
Other liabilities	(20)
Net assets acquired	15,073
Equity/limited partnership unit consideration	(10,180)
Net cash consideration	$ 4,893

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	May 02, 2022	Apr. 15, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Events
Proceeds related to note receivable			$ 564	$ 17
Subsequent Event
Subsequent Events
Dividend or distribution paid		$ 0.2875
Proceeds related to note receivable	$ 2,013