Sterling Real Estate Trust 10-K15 Mar 232022 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Mar. 14, 2023	Jun. 30, 2022
Document And Entity Information [Abstract]
Entity Registrant Name	Sterling Real Estate Trust
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Ste. 200
Entity Address, City or Town	Fargo
Entity Address, State or Province	ND
Entity Address, Postal Zip Code	58103
City Area Code	701
Local Phone Number	353-2720
Title of 12(b) Security	Common Shares of Beneficial Interest, par value $0.01 per share
No Trading Symbol Flag	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float				$ 0
Entity Common Stock, Shares Outstanding			10,947,790
Entity Central Index Key	0001412502
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Auditor Name	RSM US LLP	Baker Tilly US, LLP
Auditor Firm ID	49	23
Auditor Location	Minneapolis, Minnesota	Chicago, Illinois

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Land and land improvements	$ 129,682	$ 125,338
Building and improvements	834,356	763,003
Construction in progress	7,110	8,361
Real estate investments	971,148	896,702
Less accumulated depreciation	(194,849)	(179,155)
Real estate investments, net	776,299	717,547
Cash and cash equivalents	3,257	51,507
Restricted deposits	9,323	9,149
Investment in securities	29,371
Investment in unconsolidated affiliates	29,423	18,658
Notes receivable	8,448	7,457
Lease intangible assets, less accumulated amortization	5,290	6,246
Other assets, net	27,312	10,302
Total Assets	888,723	820,866
LIABILITIES
Mortgage notes payable, net	506,167	493,142
Notes payable	26,500
Lines of credit	1,008
Dividends payable	8,493	7,567
Tenant security deposits payable	6,368	5,225
Lease intangible liabilities, less accumulated amortization	646	811
Accrued expenses and other liabilities	16,075	18,604
Total Liabilities	565,257	525,349
COMMITMENTS and CONTINGENCIES - Note 17
SHAREHOLDERS' EQUITY
Beneficial interest	123,996	116,856
Operating partnership	183,048	176,954
Partially owned properties	2,640	2,657
Accumulated other comprehensive income (loss)	13,782	(950)
Total Shareholders' Equity	323,466	295,517
Total liabilities and shareholders' equity	$ 888,723	$ 820,866

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income from rental operations
Real estate rental income	$ 135,060	$ 129,324	$ 124,616
Expenses from rental operations
Operating expenses	56,893	51,063	47,071
Real estate taxes	14,245	13,706	12,498
Depreciation and amortization	24,679	22,203	21,214
Interest	19,994	18,142	17,097
Total expenses from rental operations	115,811	105,114	97,880
Loss on impairment of property	561
Administration of REIT
Administration of REIT	5,247	4,381	4,217
Total expenses	121,619	109,495	102,097
Income from operations	13,441	19,829	22,519
Other income
Equity in (losses) gains of unconsolidated affiliates	(2,339)	(261)	263
Other income	1,293	1,935	455
Gain on sale or conversion of real estate investments	11,090	1,710	3,383
Gain on involuntary conversion	1,047	1,225	360
Total other income	11,091	4,609	4,461
Net (loss) income	24,532	24,438	26,980
Net income attributable to noncontrolling interest in operating partnership	15,628	15,783	17,645
Net income attributable to noncontrolling interest in partially owned properties	(17)	(139)	(70)
Net income attributable to Sterling Real Estate Trust	$ 8,921	$ 8,794	$ 9,405
Net income attributable to Sterling Real Estate Trust per common share, basic	$ 0.84	$ 0.87	$ 0.97
Net income attributable to Sterling Real Estate Trust per common share, diluted	$ 0.84	$ 0.87	$ 0.97
Comprehensive income:
Net income	$ 24,532	$ 24,438	$ 26,980
Other comprehensive gain (loss) - change in fair value of interest rate swaps	14,732	855	(1,842)
Comprehensive income	39,264	25,293	25,138
Comprehensive income attributable to noncontrolling interest	24,989	16,193	16,373
Comprehensive income attributable to Sterling Real Estate Trust	$ 14,275	$ 9,100	$ 8,765
Weighted average Common Shares outstanding, basic	10,632,000	10,160,000	9,694,000
Weighted average Common Shares outstanding, diluted	10,632,000	10,160,000	9,694,000

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Shares	Paid-in Capital	Accumulated Distributions in Excess of Earnings	Total Beneficial Interest	Noncontrolling Interest in Operating Partnership	Noncontrolling Interest in Partially Owned Properties	Accumulated Other Comprehensive Income (Loss)	Total
Beginning Balance at Dec. 31, 2019		$ 131,261	$ (28,888)	$ 102,373	$ 174,221	$ 2,416	$ 37	$ 279,047
Beginning Balance (in shares) at Dec. 31, 2019	9,436,000
Shares issued under trustee compensation plan		64		64				64
Shares issued under trustee compensation plan (in shares)	3,000
Contribution of assets in exchange for the issuance of noncontrolling interest shares					10,293			10,293
Shares/units redeemed		(2,321)		(2,321)	(1,216)			(3,537)
Shares/units redeemed (in shares)	(127,000)
Dividends and distributions declared			(10,256)	(10,256)	(19,322)			(29,578)
Dividends reinvested - stock dividend		6,511		6,511				$ 6,511
Dividends reinvested - stock dividend (in shares)	356,000							356,000
Issuance of shares under optional purchase plan		3,590		3,590				$ 3,590
Issuance of shares under optional purchase plan (in shares)	187,000
Change in fair value of interest rate swaps							(1,842)	(1,842)
Net income			9,405	9,405	17,645	(70)		26,980
Ending balance at Dec. 31, 2020		139,105	(29,739)	109,366	181,621	2,346	(1,805)	291,528
Ending balance (in shares) at Dec. 31, 2020	9,855,000
Shares issued under trustee compensation plan		57		57				57
Shares issued under trustee compensation plan (in shares)	3,000
Contribution of assets in exchange for the issuance of noncontrolling interest shares					2,883			2,883
Shares/units redeemed		(1,552)		(1,552)	(4,014)			(5,566)
Shares/units redeemed (in shares)	(82,000)
Dividends and distributions declared			(10,761)	(10,761)	(19,319)			(30,080)
Dividends reinvested - stock dividend		6,888		6,888				$ 6,888
Dividends reinvested - stock dividend (in shares)	363,000							363,000
Issuance of shares under optional purchase plan		4,064		4,064				$ 4,064
Issuance of shares under optional purchase plan (in shares)	203,000
Change in fair value of interest rate swaps							855	855
Contributions from consolidated real estate entity noncontrolling interests						450		450
Net income			8,794	8,794	15,783	(139)		24,438
Ending balance at Dec. 31, 2021		148,562	(31,706)	116,856	176,954	2,657	(950)	$ 295,517
Ending balance (in shares) at Dec. 31, 2021	10,342,000							10,342,000
Shares issued under trustee compensation plan		65		65				$ 65
Shares issued under trustee compensation plan (in shares)	3,000
Contribution of assets in exchange for the issuance of noncontrolling interest shares					12,870			12,870
Shares/units redeemed		(1,155)		(1,155)	(922)			(2,077)
Shares/units redeemed (in shares)	(53,000)
Dividends and distributions declared			(12,222)	(12,222)	(21,482)			(33,704)
Dividends reinvested - stock dividend		7,468		7,468				$ 7,468
Dividends reinvested - stock dividend (in shares)	341,000							342,000
Issuance of shares under optional purchase plan		4,063		4,063				$ 4,063
Issuance of shares under optional purchase plan (in shares)	177,000
Change in fair value of interest rate swaps							14,732	14,732
Net income			8,921	8,921	15,628	(17)		24,532
Ending balance at Dec. 31, 2022		$ 159,003	$ (35,007)	$ 123,996	$ 183,048	$ 2,640	$ 13,782	$ 323,466
Ending balance (in shares) at Dec. 31, 2022	10,810,000							10,810,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES
Net income	$ 24,532	$ 24,438	$ 26,980
Adjustments to reconcile net income to net cash provided by operating activities
Gain on sale or conversion of real estate investments	(11,090)	(1,710)	(3,383)
Loss on impairment of property	561
Gain on involuntary conversion	(1,047)	(1,225)	(360)
Change in fair value of securities	(322)
Equity in loss (gain) of unconsolidated affiliates	2,339	261	(263)
Distributions of earnings of unconsolidated affiliates	261	233	361
Allowance for uncollectible accounts receivable	(281)	(667)	540
Depreciation	22,161	20,918	19,770
Amortization	2,518	1,285	1,418
Amortization of debt issuance costs	675	608	634
Effects on operating cash flows due to changes in
Other assets	(209)	807	(177)
Tenant security deposits payable	1,143	349	328
Accrued expenses and other liabilities	(471)	(242)	(1,159)
NET CASH PROVIDED BY OPERATING ACTIVITIES	40,770	45,055	44,689
INVESTING ACTIVITIES
Gross purchase of securities	(29,130)
Proceeds from maturity of securities	81
Purchase of real estate investment properties	(81,974)	(35,915)	(13,377)
Capital expenditures and tenant improvements	(9,623)	(18,007)	(31,136)
Proceeds from sale of real estate investments and non-real estate investments	25,463	5,610	12,502
Proceeds from involuntary conversion	1,579	4,095	1,288
Investment in unconsolidated affiliates	(13,869)	(9,493)	(2,264)
Distributions in excess of earnings received from unconsolidated affiliates	504		422
Notes receivable issued net of payments received	(991)	(5,431)	(726)
NET CASH USED IN INVESTING ACTIVITIES	(107,960)	(59,141)	(33,291)
FINANCING ACTIVITIES
Payments for financing, debt issuance	(408)	(1,283)	(484)
Payments on investment certificates and subordinated debt		(25)	(100)
Principal payments on special assessments payable			(498)
Proceeds from issuance of mortgage notes payable and subordinated debt	37,569	116,180	71,175
Principal payments on mortgage notes payable	(22,231)	(43,641)	(48,553)
Advances on lines of credit	1,008	818,689	30,964
Payments on lines of credit		(818,689)	(30,964)
Proceeds from notes payable	26,500
Proceeds from issuance of shares under optional purchase plan	4,063	4,064	3,590
Shares/units redeemed	(2,077)	(5,566)	(3,537)
Dividends/distributions paid	(25,310)	(22,622)	(22,738)
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	19,114	47,107	(1,145)
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS	(48,076)	33,021	10,253
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD	60,656	27,635	17,382
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD	$ 12,580	$ 60,656	$ 27,635

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Disclosures - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD
Cash and cash equivalents	$ 3,257	$ 51,507	$ 11,716
Restricted deposits	9,323	9,149	15,919
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS, END OF PERIOD	12,580	60,656	27,635
SCHEDULE OF CASH FLOW INFORMATION
Cash paid during the period for interest, net of capitalized interest	19,305	17,332	16,491
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Dividends reinvested	7,468	6,888	6,511
Dividends declared and not paid	3,108	2,740	2,608
UPREIT distributions declared and not paid	5,385	4,827	4,838
Shares issued pursuant to trustee compensation plan	65	57	64
Acquisition of assets in exchange for the issuance of noncontrolling interest units in UPREIT	12,870	2,883	10,293
Increase in land improvements due to increase in special assessments payable	219	235	231
Unrealized gain (loss) on interest rate swaps	14,732	855	(1,842)
Acquisition of assets through assumption of debt and liabilities	406	569	6,193
Capitalized interest and real estate taxes related to construction in progress	$ 91	$ 250	$ 644

ORGANIZATION

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 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”) and transferred all of its assets and liabilities to the operating partnership in exchange for general partnership units. As the general partner, Sterling has management responsibility for all activities of the operating partnership. As of December 31, 2022 and 2021, Sterling owned approximately 36.60% and 36.22%, respectively, of the operating partnership.

PRINCIPAL ACTIVITY AND SIGNIFIC

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 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 include the accounts of Sterling and all subsidiaries for which we maintain a controlling interest. The accompanying consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). Principles of Consolidation The consolidated financial statements include the accounts of , Properties, LLLP, and wholly owned limited liability companies and partially-owned limited liability companies. All significant intercompany transactions and balances have been eliminated in consolidation. As of December 31, 2022, the Trust owned approximately 36.60% 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 LLLP Agreement and the redemptions plans, these persons have the right to request the Operating Partnership redeem their OP Units following a specified restricted period. All redemptions are at the sole discretion of the Trust, acting for itself or in its capacity as General Partner of the Operating Partnership, and further subject to the conditions and limitations of the LLLP Agreement and redemption plans, as the same may be amended or modified from time to time. If the Trust accepts a redemption request, the redemption of OP Units shall be made in cash in an amount 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 and in its sole and absolute discretion, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Trust so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Trust’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Trust issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Trust an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT.” Additionally, we evaluate the need to consolidate affiliates based on standards set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). In determining whether we have a requirement to consolidate the accounts of an entity, management considers factors such as our ownership interest, our authority to make decisions and contractual and substantive participating rights of the limited partners and shareholders, as well as whether the entity is a variable interest entity (“VIE”) for which we have both: a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and b) the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE. In instances where the Trust determines that it is not the primary beneficiary of a VIE or the Trust does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Trust will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Trust’s operations but instead its share of operations will be reflected as equity in earnings (loss) of unconsolidated entity on its consolidated statements of operations and comprehensive loss. Additionally, the Trust’s net investment in the joint venture will be reflected as investment in unconsolidated entity on the consolidated balance sheets. See Note 5 for additional details regarding variable interest entities where the Trust uses the equity method of investing. The operating partnership meets the criteria as a variable interest entity (“VIE”). The Trust’s sole significant asset is its investment in the operating partnership. The Trust is the primary beneficiary of the Operating Partnership and accordingly consolidated 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. The Trust may acquire property using a reverse like-kind exchange structure (a “Reverse 1031 Like-Kind Exchange”) under the Code to defer taxable gains on the subsequent sale of real estate property. As such, the acquired property (the “Parked Property”) remains in the possession of a VIE whose legal equity interests are owned by a qualified intermediary engaged to execute the Reverse 1031 Like-Kind Exchange until the subsequent sale transaction and the Reverse 1031 Like-Kind Exchange are completed. Although the VIE is legally owned by the qualified intermediary, the Trust retains essentially all of the legal and economic benefits and obligations related to the VIE (which holds the legal title to the Parked Property prior to the completion of the Reverse 1031 Like-Kind Exchange) and, as its designated manager, has the key decision-making power over the Parked Property. The VIE (including the Parked Property) is included in the Trust’s consolidated financial statements as a consolidated VIE until legal title is transferred to the Trust upon completion of the Reverse 1031 Like-Kind Exchange. Concentration of Credit Risk Our cash balances are maintained in various bank deposit accounts. The bank deposit amounts in these accounts may exceed federally insured limits at various times throughout the year. Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Investments Real estate investments are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. The Trust allocates the purchase price of each acquired investment property accounted for as an asset acquisition based upon the relative acquisition date fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, and (v) assumed financing that is determined to be above or below market, if any. Transaction costs related to acquisitions accounted for as asset acquisitions are capitalized as incurred and included as a cost of the building in the accompanying balance sheet. Furniture and fixtures are stated at cost less accumulated depreciation. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for routine maintenance and repairs, which do not add to the value or extend useful lives, are charged to expense as incurred. Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method over the following estimated useful lives: Buildings and improvements 40 years Furniture, fixtures and equipment 5 - 9 years The Trust’s 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. Examples of situations considered to be impairment indicators include, but are not limited to: o a substantial decline or negative cash flows; o continued low occupancy rates; o continued difficulty in leasing space; o significant financially troubled tenants; o a change in plan to sell a property prior to the end of its useful life or holding period; o a significant decrease in market price not in line with general market trends; and o any other quantitative or qualitative events or factors deemed significant by the Trust’s management or Board of Trustees. If the presence of one or more impairment indicators as described above is identified with respect to an investment property, the asset is tested for recoverability by comparing its carrying value to the estimated future undiscounted cash flows. An investment property is considered to be impaired when the estimated future undiscounted cash flows are less than its current carrying value. When performing a test for recoverability or estimating the fair value of an impaired investment property, the Trust makes complex or subjective assumptions which include, but are not limited to: o projected operating cash flows considering factors such as vacancy rates, rental rates, lease terms, tenant financial strength, demographics, holding period and property location; o projected capital expenditures; o projected cash flows from the eventual disposition of an operating property using a property specific capitalization rate; o comparable selling prices; and o property specific discount rates for fair value estimates as necessary. To the extent impairment has occurred, the Trust will record an impairment charge calculated as the excess of the carrying value of the asset over its fair value for impairment of real estate investments. Based on evaluation, there were was one impairment loss of $561 during the year ended December 31, 2022. There were no impairment losses during the years ended December 2021 and 2020. Cash and Cash Equivalents and Restricted Deposits We classify highly liquid investments with a maturity of three months or less when purchased as cash equivalents. certain properties to be used for future building renovations or tenant improvements. As of December 31, 2022 and December 31, 2021, the Trust did not hold any U.S. Treasury Bills ‘Securities’ in cash and cash equivalents. As of December 31, 2022, all U.S. Treasury Bills are classified as Level 1 investments in the fair value hierarchy. Investments in U.S. Treasury Bills Treasury Bills are short-term debt obligations with maturities of one year or less issued by the U.S. Treasury Department and backed by the U.S. Government. Treasury Bills yield no interest, but are issued at a discount to the redemption price. We classify our investments in U.S. Treasury Bills as investments in securities. We use quoted market prices to determine the fair value of our investments in U.S. Treasury Bills. Investment in Unconsolidated Affiliates We account for unconsolidated affiliates using the equity method of accounting per guidance established under ASC 323, Investments – Equity Method and Joint Ventures (“ASC 323”). The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for our share of equity in the affiliates’ earnings (losses), contributions and distributions. We evaluate the carrying amount of the investments for impairment in accordance with ASC 323. Unconsolidated affiliates are reviewed for potential impairment if the carrying amount of the investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether impairment is other-than-temporary, we consider whether we have the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an affiliate for potential impairment can require our management to exercise significant judgments. No impairment losses were recorded related to the unconsolidated affiliates for the years ended December 31, 2022, 2021 and 2020. Other Assets Other assets are comprised of the following as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 (in thousands) Due from related party $ 50 $ 336 Accounts receivable, net 5,821 5,342 Insurance claim receivable 3,846 145 Fair value of interest rate swap 13,782 698 Other assets 181 192 Financing fees, less accumulated amortization 86 18 Lease costs, less accumulated amortization 1,799 2,065 Prepaid expenses 1,747 1,506 Total other assets, net $ 27,312 $ 10,302 Note receivable, Notes receivable are issued periodically and are secured and interest bearing. The Trust has one note receivable for a commercial tenant bearing a 6.5% per annum interest rate which matures in 2025. Accrued Expenses and Other liabilities Accrued Expenses and other liabilities are comprised of the following as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 (in thousands) Special assessments payable $ 647 $ 690 Due to related party 1,408 473 Accounts payable - trade 2,340 3,272 Retainage payable 3 86 Fair value of interest rate swap — 1,648 Deferred insurance proceeds 2 476 Accrued interest expense 1,318 1,323 Accrued real estate taxes 7,275 6,653 Accrued unearned rent 2,936 3,055 Other liabilities 146 928 Total accrued expenses and other liabilities $ 16,075 $ 18,604 Debt Issuance Costs We amortize external debt issuance costs related to notes and mortgage notes using the effective interest rate method, over the life term of the related debt. We record debt issuance costs net of amortization, on our consolidated balance sheets as an offset to their related debt. We record debt issuance costs related to revolving lines of credit as financing fees in other assets, regardless of whether a balance on the line of credit is outstanding. We record the amortization of all debt issuance costs as interest expense. Noncontrolling Interest A noncontrolling interest in a subsidiary (minority interest) is in most cases an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest, and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and other comprehensive income. Operating Partnership: Interests in the operating partnership held by limited partners are represented by operating partnership units. The operating partnership’s income is allocated to holders of units based upon the ratio of their holdings to the total units outstanding during the period. Capital contributions, distributions, syndication costs, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the operating partnership agreement. Partially Owned Properties: The Trust reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Trust that are not wholly owned by the Trust. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interest in partially owned properties in the consolidated statements of operations and other comprehensive income. Federal Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code, as amended. A REIT calculates taxable income like other domestic corporations, with the major difference being a REIT is entitled to a deduction for dividends paid. A REIT is generally required to distribute each year at least 90% of its taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate tax on such income. REIT shareholders are taxed on REIT distributions similar to corporate distributions. A summary of the tax characterization of the dividends paid to shareholders of the Company’s common stock for the years ended December 31, 2022, 2021 and 2020 follows: Tax Year Ended December 31, Dividend % Dividend % Dividend % 2022 2022 2021 2021 2020 2020 Tax status Ordinary income $ 0.6374 55.43 % $ 0.9833 92.76 % $ 0.8994 84.95 % Capital gain — — % 0.0767 7.24 % — — % Return of capital 0.5126 44.57 % — — % 0.1593 15.05 % $ 1.1500 100.00 % $ 1.0600 100.00 % $ 1.0587 100.00 % We intend to continue to qualify as a REIT and, provided we maintain such status, will not be taxed on the portion of the income that is distributed to shareholders. In addition, we intend to distribute all our taxable income; therefore, no provisions or liabilities for income taxes have been recorded in the consolidated financial statements. Sterling conducts its business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through its Operating Partnership – Sterling Properties, LLLP. The Operating Partnership is organized as a limited liability limited partnership. Income or loss is allocated to the partners in accordance with the provisions of the Internal Revenue Code 704(b) and 704(c). UPREIT status allows non-recognition of gain by an owner of appreciated real estate if that owner contributes the real estate to a partnership in exchange for a partnership interest. The conversion of a partnership interest to shares of beneficial interest in the REIT will be a taxable event to the limited partner. We follow ASC Topic 740, Income Taxes, The operating partnership has elected to record related interest and penalties, if any, as income tax expense on the consolidated statements of operations and other comprehensive income. Revenue Recognition We record base rents on a straight-line basis. The monthly base rent income according to the terms of our leases is adjusted with the purpose that average monthly rent is recorded for each tenant over the term of its lease. The straight-line rent adjustment increased revenue by $302 and $550 for the years ended December 31, 2022 and 2021, respectively. The straight-line receivable balance included in receivables on the consolidated balance sheets as of December 31, 2022 and 2021, was $3,756 and $3,569, respectively. We receive payments for expense reimbursements from substantially all our multi-tenant commercial tenants throughout the year based on estimated. The Trust is the lessor for its residential and commercial leases. Leases are analyzed on an individual basis to determine lease classification. As of December 31, 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 as of December 31, 2022, 2021 and 2020 and therefore, basic earnings per common share was equal to diluted earnings per common share for both periods. As the calculation does not include net income attributable to the Operating Partnership, Operating Partnership Units are not included in the calculation, and does not have any impact on earnings per share. For the years ended December 31, 2022, 2021 and 2020, Sterling’s denominators for the basic and diluted earnings per common share were approximately 10,632,000 , 10,160,000 , and 9,694,000 , respectively. Reclassifications Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year’s presentation. These reclassifications have not changed the results of operations or equity. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying Consolidated Financial Statements.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
SEGMENT REPORTING	Dec. 31, 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, and medical properties. We assess and measure operating results based on net operating income (“NOI”), which we define as total real estate revenues less real estate expenses (which consist of real estate taxes, property management fees, utilities, repairs and maintenance, insurance and direct administrative costs). We believe NOI is an important measure of operating performance even though it should not be considered an alternative to net income or cash flow from operating activities. Segment Revenues and Net Operating Income The revenues and net operating income for the reportable segments (residential and commercial) are summarized as follows for the years ended December 31, 2022, 2021 and 2020, along with reconciliations to the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements for the years ended December 31, 2022 and 2021. Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Residential Commercial Total Residential Commercial Total Residential Commercial Total (in thousands) (in thousands) (in thousands) Income from rental operations $ 113,968 $ 21,092 $ 135,060 $ 107,284 $ 22,040 $ 129,324 $ 98,576 $ 26,040 $ 124,616 Expenses from rental operations 64,647 6,491 71,138 57,454 7,315 64,769 52,686 6,883 59,569 Net operating income $ 49,321 $ 14,601 $ 63,922 $ 49,830 $ 14,725 $ 64,555 $ 45,890 $ 19,157 $ 65,047 Depreciation and amortization 24,679 22,203 21,214 Interest 19,994 18,142 17,097 Administration of REIT 5,247 4,381 4,217 Other income (10,530) (4,609) (4,461) Net income $ 24,532 $ 24,438 $ 26,980 Segment Assets and Accumulated Depreciation As of December 31, 2022 Residential Commercial Total (in thousands) Real estate investments $ 779,424 $ 191,724 $ 971,148 Accumulated depreciation (147,115) (47,734) (194,849) Total real estate investments, net $ 632,309 $ 143,990 $ 776,299 Lease intangible assets, less accumulated amortization 839 4,451 5,290 Cash and cash equivalents 3,257 Restricted deposits 9,323 Investment in securities 29,371 Investment in unconsolidated affiliates 29,423 Notes receivable 8,448 Other assets, net 27,312 Total Assets $ 888,723 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 Lease 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	12 Months Ended
RESTRICTED DEPOSITS AND FUNDED RESERVES	Dec. 31, 2022
RESTRICTED DEPOSITS AND FUNDED RESERVES
RESTRICTED DEPOSITS AND FUNDED RESERVES	NOTE 4 - RESTRICTED DEPOSITS AND FUNDED RESERVES As of December 31, As of December 31, 2022 2021 (in thousands) Tenant security deposits $ 6,242 $ 5,165 Real estate tax and insurance escrows 1,336 1,355 Replacement reserves 1,745 1,791 Other funded reserves — 838 $ 9,323 $ 9,149

INVESTMENT IN UNCONSOLIDATED AF

INVESTMENT IN UNCONSOLIDATED AFFILIATES	12 Months Ended
INVESTMENT IN UNCONSOLIDATED AFFILIATES	Dec. 31, 2022
INVESTMENT IN UNCONSOLIDATED AFFILIATES
INVESTMENT IN UNCONSOLIDATED AFFILIATES	NOTE 5 – Investment in unconsolidated affiliates Total Investment in Unconsolidated Affiliates at Unconsolidated Affiliates Date Acquired Trust Ownership Interest December 31, 2022 December 31, 2021 Banner Building 2007 66.67% $ (614) $ 60 Grand Forks INREIT, LLC 2003 50% 4,961 2,493 SE Savage, LLC 2019 60% 1,660 2,946 SE Maple Grove, LLC 2019 60% 1,836 2,823 SE Rogers, LLC 2020 60% 2,413 2,986 ST Oak Cliff, LLC 2021 70% 9,098 4,324 SE Brooklyn Park, LLC 2021 60% 2,914 3,026 SE Fossil Creek, LLC 2022 70% 7,155 - $ 29,423 $ 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 December 31, 2022 and 2021 of $6,951 and $6,329, respectively. The Trust is jointly and severally liable for the full mortgage balance. The operating partnership is a 50% owner of a tenant in common through 100% ownership in a limited liability company. The property is located in Grand Forks, North Dakota. The property is encumbered by a non-recourse first mortgage with a balance at December 31, 2022 and 2021 of $9,520 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 of $30,726 at December 31, 2022. 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 December 31, 2022, SE Savage, LLC has an outstanding Promissory Note with Sterling Properties, LLLP, for $1,397, and is an unsecured obligation of SE Savage, LLC. 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 December 31, 2022. The Operating Partnership owns a 60% interest in a limited liability company that holds a multifamily property. The entity is encumbered by a first mortgage with a balance at both December 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 December 31, 2022 and December 31, 2021 of $3,643 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 $32,864 and $22,847 at December 31, 2022 and December 31, 2021, respectively. The entity encumbered by a first mortgage has a balance of $25,742 and $15,688 at December 31, 2022 and December 31, 2021, respectively. The Company is jointly and severally liable for the full mortgage balance. The property is also encumbered by a second mortgage to Sterling Properties, LLLP with a balance at December 31, 2022 of $2,938. 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 December 31, 2022, the Operating Partnership has contributed $9,300 in cash to the entity. The entity holds land located in Dallas, Texas with total assets of $40,404 and $7,394 at December 31, 2022 and December 31, 2021, respectively. The entity is encumbered by a construction mortgage with a balance of $23,409 at December 31, 2022. There was no balance outstanding related to the construction mortgage at December 31, 2021. 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. The entity is located in Brooklyn Park, Minnesota, with total assets of $30,490 and $5,478 at December 31, 2022 and December 31, 2021, respectively. The entity is encumbered by a first mortgage that has a balance of $24,448 at December 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. During the second quarter of 2022, the Operating Partnership entered into a joint venture arrangement. Through the joint venture, 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 December 31, 2022, the Operating Partnership has contributed $7,190 in cash to the entity. The entity holds land located in Fort Worth, Texas with total assets of $11,083 at December 31, 2022. The following is a summary of the financial position of the unconsolidated affiliates at December 31, 2022 and 2021. December 31, 2022 December 31, 2021 (in thousands) ASSETS Real estate investments $ 218,747 $ 134,839 Accumulated depreciation (16,490) (10,940) 202,257 123,899 Cash and cash equivalents 3,093 1,131 Restricted deposits 1,034 650 Intangible assets, less accumulated amortization 542 41 Other assets, net 827 909 Total Assets $ 207,753 $ 126,630 LIABILITIES Mortgage notes payable, net $ 152,246 $ 87,996 Tenant security deposits payable 192 108 Accrued expenses and other liabilities 8,217 8,029 Total Liabilities $ 160,655 $ 96,133 SHAREHOLDERS' EQUITY Total Shareholders' Equity $ 47,098 $ 30,497 Total liabilities and shareholders' equity $ 207,753 $ 126,630 The following is a summary of results of operations of the unconsolidated affiliates for the years ended the years ended December 31, 2022, 2021 and 2020. The year ended December 31, 2022 2021 2020 (in thousands) Income from rental operations $ 9,545 $ 4,746 $ 3,001 Expenses from rental operations 3,668 1,632 928 Net operating income $ 5,877 $ 3,114 $ 2,073 Depreciation and Amortization 5,678 1,248 688 Interest 4,148 2,275 970 Other Income (91) - (24) Net (loss) income $ (3,858) $ (409) $ 439

LEASE INTANGIBLES

LEASE INTANGIBLES	12 Months Ended
LEASE INTANGIBLES	Dec. 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 December 31, 2022 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 15,528 $ (10,960) $ 4,568 Above-market leases 1,897 (1,175) 722 $ 17,425 $ (12,135) $ 5,290 Lease Intangible Liabilities Below-market leases $ (2,379) $ 1,733 $ (646) 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) 2023 $ 1,597 $ 151 2024 757 151 2025 757 151 2026 606 80 2027 498 42 Thereafter 1,075 71 $ 5,290 $ 646 The weighted average amortization period for the intangible assets (in-place leases, above-market leases) and intangible liabilities (below-market leases) acquired as of December 31, 2022 was 2.9 years. The portion of the purchase price allocated to acquire above and below market lease intangibles is amortized on a straight-line basis over the life of the related lease as an adjustment to rental income. Amortization pertaining to above market lease intangibles of $145, $154, and $186 for the years ended December 31, 2022, 2021 and 2020, respectively, was recorded as a reduction to income from rental operations. Amortization pertaining to below market lease intangibles of $164, $183, and $213 for the years ended December 31, 2022, 2021 and 2020, respectively, was recorded as an increase to income from rental operations.

LINES OF CREDIT

LINES OF CREDIT	12 Months Ended
LINES OF CREDIT	Dec. 31, 2022
LINES OF CREDIT
LINES OF CREDIT	NOTE 7 – LINES OF CREDIT We have a $4,915 variable rate (floating SOFR plus 2.00% ) line of credit agreement with Bremer Bank, which expires in December 2026 ; and a $5,000 variable rate (floating SOFR plus 2.00% ) line of credit agreement with Bremer Bank, which expires December 2026 . The lines of credit are secured by specific properties. At December 31, 2022, the Bremer line of credit secures one letter of credit totaling $50 , leaving $8,857 available and unused under the agreements. These operating lines are designed to enhance treasury management activities and more effectively manage cash balances. As of December 31, 2022 and December 31, 2021, there was a balance of $1,008 and $- , respectively. Certain lines of credit agreements include covenants that, in part, impose maintenance of certain debt service coverage, debt to net worth ratios, and debt yield ratios. As of December 31, 2022 and 2021, no properties were out of compliance.

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
NOTES PAYABLE	Dec. 31, 2022
NOTES PAYABLE.
MORTGAGE NOTES PAYABLE	NOTE 8 - NOTES PAYABLE On December 29, 2022, the Trust entered into a $26,500 note payable. The note payable bears interest at a rate of one percentage point under the “Prime Rate” as published in the Wall Street Journal, with principal plus accrued and unpaid interest due and payable on February 1, 2023. The Borrower may prepay the New Promissory Note without penalty. As of December 31, 2021, the Trust did not have any outstanding balances on notes payable. The following table summarizes the Company’s mortgage notes payable. Principal Balance At December 31, December 31, 2022 2021 (in thousands) Fixed rate mortgage notes payable (a) $ 508,305 $ 490,413 Variable rate mortgage notes payable - 5,237 Mortgage notes payable 508,305 495,650 Less unamortized debt issuance costs 2,138 2,508 $ 506,167 $ 493,142 (a) Includes $106,033 and $108,734 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2022 and 2021, respectively. As of December 31, 2022, we had 115 fixed rate mortgage loan with effective interest rates ranging from 2.43% to 6.85% per annum, and a weighted average effective interest rate of 3.79% per annum. As of December 31, 2021, we had 114 fixed rate and one variable rate mortgage loan with effective interest rates ranging from 2.09% to 6.85% per annum, and a weighted average effective interest rate of 3.83% per annum on fixed rate loans and 2.10% per annum on variable rate loans. The majority of the Company’s mortgages payable require monthly payments of principal and interest. Certain mortgages require reserves for real estate taxes and certain other costs. Mortgages are secured by the respective properties, assignment of rents, business assets, deeds to secure debt, deeds of trust and/or cash deposits with the lender. Additionally, certain mortgage note agreements include covenants that, in part, impose maintenance of certain debt service coverage and debt to worth ratios. As of December 31, 2022, eight loans were out of compliance due to increased repair and maintenance costs related to unit renovations and increased utility costs. The loans were secured by various properties with a total outstanding balance of $17,687. Annual waivers were received from the lenders on all loans out of compliance as of December 31, 2022. As of December 31, 2021, five loans were out of compliance due increased repair and maintenance costs related to unit renovations, bad debt allowance, and increased vacancies in the North Dakota and Minnesota markets. The loans were secured by various properties with a total outstanding balance of $9,915. Annual waivers were received from the lenders on all loans out of compliance as of December 31, 2021. 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) 2023 $ 53,341 2024 22,376 2025 53,130 2026 45,546 2027 77,845 Thereafter 256,067 Total payments $ 508,305

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	12 Months Ended
DERIVATIVES AND HEDGING ACTIVITIES	Dec. 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 interest rate derivatives to manage our exposure to interest rate movements and add stability to interest expense. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Trust making fixed rate payments over the life of the agreement without exchange of the underlying notional amount. As of December 31, 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) income” and are reclassified into interest expense as interest payments are made on the Company’s variable rate debt. During the next 12 months, the Trust estimates that an additional $2,311 will be reclassified as a decrease to interest expense. The following table summarizes the Trust’s interest rate swaps designated as cash flow hedges as of December 31, 2022: Fixed Effective Date Notional Interest Rate Maturity Date November 1, 2019 $ 6,575 3.15% November 1, 2029 November 1, 2019 $ 4,572 3.28% November 1, 2029 January 10, 2020 $ 2,979 3.39% January 10, 2030 July 1, 2020 $ 4,743 2.79% June 10, 2030 December 2, 2020 $ 12,362 2.91% December 2, 2027 July 1, 2021 $ 25,678 2.99% July 1, 2031 November 10, 2021 $ 28,047 3.54% August 1, 2029 December 1, 2021 $ 10,813 3.32% December 1, 2031 August 15, 2022 $ 1,491 3.07% June 15, 2030 August 15, 2022 $ 2,888 3.07% June 15, 2030 August 15, 2022 $ 1,614 2.94% June 15, 2030 August 15, 2022 $ 4,271 2.94% June 15, 2030 The following table summarizes the Company’s interest rate swaps that were designated as cash flow hedges of interest rate risk: Number of Instruments Notional Interest Rate Derivatives December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Interest rate swaps 12 12 $ 106,033 $ 108,734 The table below presents the estimated fair value of the Company’s derivative financial instruments as well as their classification in the accompanying consolidated balance sheets. The valuation techniques are described in Note 10 to the consolidated financial statements. Derivatives designated as December 31, 2022 December 31, 2021 cash flow hedges: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other assets, net $ 13,782 Other assets, net $ 698 Interest rate swaps Accrued expenses and other liabilities $ — Accrued expenses and other liabilities $ 1,648 The following table presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive income (loss) for the years ended December 31, 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 $ (14,732) Interest expense $ 94 2021 2021 Interest rate swaps $ (855) Interest expense $ 670 Credit-risk-related Contingent Features The Trust has agreements with each of its derivative counterparties that contain a provision whereby if the Trust defaults on the related indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Trust could also be declared in default on its corresponding derivative obligation. As of December 31, 2022, the termination value of derivatives in a liability position was $0 and the termination value of derivatives in an asset position was $13,782. As December 31, 2022, the Trust has pledged the properties related to the loans which are hedged as collateral .

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	12 Months Ended
FAIR VALUE MEASUREMENT	Dec. 31, 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: December 31, 2022 December 31, 2021 Carrying Carrying Value Fair Value Value Fair Value (in thousands) Financial assets: Investment in securities $ 29,371 $ 29,371 $ — $ — Notes receivable $ 8,448 $ 9,789 $ 7,457 $ 9,840 Derivative assets $ 13,782 $ 13,782 $ 698 $ 698 Financial liabilities: Mortgage notes payable $ 508,305 $ 466,245 $ 495,650 $ 508,285 Derivative liabilities $ — $ — $ 1,648 $ 1,648 The carrying values shown in the table are included in the consolidated balance sheets under the captions indicated in Note 10. ASC 820-10 established a three-level valuation hierarchy for fair value measurement. Management uses these valuation techniques to establish the fair value of the assets at the measurement date. These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect management’s assumptions. These two types of inputs create the following fair value hierarchy: ● Level 1 – Quoted prices for identical instruments in active markets. ● Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose significant inputs are observable. ● Level 3 – Instruments whose significant inputs are unobservable. The guidance requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Recurring Fair Value Measurements The following table presents the Trust’s financial instruments, which are measured at fair value on a recurring basis, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. Level 1 Level 2 Level 3 Total (in thousands) December 31, 2022 Derivative assets $ — $ 13,782 $ — $ 13,782 December 31, 2021 Derivative assets $ — $ 698 $ — $ 698 Derivative liabilities $ — $ 1,648 $ — $ 1,648 Derivatives: The fair value of interest rate swaps is determined using a discounted cash flow analysis on the expected future cash flows of the derivative. The Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements. Fair Value Disclosures The following table presents the Company’s financial assets and liabilities, which are measured at fair value for disclosure purposes, by the level in the fair value hierarchy within which they fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. Level 1 Level 2 Level 3 Total (in thousands) December 31, 2022 U.S. Treasury Bills $ 29,371 $ — $ — $ 29,371 Mortgage notes payable $ — $ — $ 466,245 $ 466,245 Notes receivable $ — $ — $ 9,789 $ 9,789 December 31, 2021 Mortgage notes payable $ — $ — $ 508,285 $ 508,285 Notes receivable $ — $ — $ 9,840 $ 9,840 U.S. Treasury Bills: The Trust estimates the fair value of its Treasury Bills by using quoted market prices. Mortgage notes payable: The Trust estimates the fair value of its mortgage notes payable by discounting the future cash flows of each instrument at rates currently offered to the Trust for similar debt instruments of comparable maturities by the Trust’s lenders. The rates used range from 5.75% to 6.00% and from 3.25% to 3.35% December 31, 2022 and 2021, respectively. Notes receivable: The Trust estimates the fair value of its notes receivable by discounting future cash flows of each instrument at rates currently offered to the Trust for similar note instruments of comparable maturities by the Trust’s lenders. The fair value rate ranged from 3.25% to 7.25% December 31, 2021 and 2022, respectively.

NONCONTROLLING INTEREST OF UNIT

NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP	12 Months Ended
	Dec. 31, 2022
NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP
NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP	NOTE 11 – NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP As of December 31, 2022 and 2021, outstanding limited partnership units totaled 18,730,000 and 18,212,000, respectively. Total aggregate distributions per unit for the years ended December 31, 2022, 2021 and 2020 were $1.1500, $1.0600 and $1.0587, respectively. The operating partnership declared fourth quarter distributions of $5,385 and $4,827, to limited partners payable in January 2023 and 2022, respectively. During the year ended December 31, 2022, there were no limited partnership units of the operating partnership exchanged for common shares of the trust. Provided the Trust’s redemption plan exists, and subject to the conditions and limitations contained in such redemption plan (including, without limitation, applicable holding periods and ownership limitations), and further subject to the conditions and limitations set forth in the LLLP Agreement of the Operating Partnership, a Limited Partner may request the redemption of its limited partnership units for cash (a “Redemption Request”) or the exchange of its limited partnership units for Sterling common shares (an “Exchange Request”). Such request must be made in accordance with the redemption plan. Upon receipt of any Redemption or Exchange Request, as the case may be, the Trust may, at its sole and absolute discretion, acting for itself or as General Partner of the Operating Partnership, elect to redeem or exchange such limited partnership units. The Trust may, in its sole discretion, terminate, amend or suspend the redemption plan if such action is determined to be in the best interest of the Operating Partnership.

REDEMPTION PLANS

REDEMPTION PLANS	12 Months Ended
REDEMPTION PLANS	Dec. 31, 2022
REDEMPTION PLANS
REDEMPTION PLANS	NOTE 12 – REDEMPTION PLANS Our Board of Trustees has approved redemption plans that enable our shareholders to sell their common shares and the partners of our operating partnership to sell their limited partnership units to us, after they have held the securities for at least one year and subject to other conditions and limitations described in the plans. Our redemption plans currently provide that the maximum amount that can be redeemed under the plan is $55,000 worth of securities. As of December 31, 2022, there were $14,684 worth of securities left to be redeemed under the redemption plan. Currently, the fixed redemption price is $21.85 per share or unit under the plans which price became effective January 1, 2022. Prior to January 1, 2022, the redemption price was $19.00 per share or unit under the plan. Prior to January 1, 2021, the redemption price was $18.25 per share or unit under the plan. We may redeem securities under the plans provided the aggregate total has not been exceeded if we have sufficient funds to do so. The plans will terminate in the event the shares become listed on any national securities exchange, the subject of bona fide quotes on any inter-dealer quotation system or electronic communications network or are the subject of bona fide quotes in the pink sheets. Additionally, the Board, in its sole discretion, may terminate, amend or suspend the redemption plans, either or both of them, if it determines to do so in its sole discretion. During the years ended December 31, 2022, 2021 and 2020, the Company redeemed 53,000, 82,000 and 127,000 common shares valued at $1,155, $1,552 and $2,321, respectively. In addition, during the years ended December 31, 2022, 2021 and 2020, the Company redeemed 42,000, 211,000 and 66,000 units valued at $922, $4,014 and $1,216, respectively.

BENEFICIAL INTEREST

BENEFICIAL INTEREST	12 Months Ended
BENEFICIAL INTEREST	Dec. 31, 2022
BENEFICIAL INTEREST
BENEFICIAL INTEREST	NOTE 13 – BENEFICIAL INTEREST We are authorized to issue 100,000,000 common shares of beneficial interest with $0.01 par value and 50,000,000 preferred shares with $0.01 par value, which collectively represent the beneficial interest of Sterling. As of December 31, 2022 and 2021, there were 10,810,000 and 10,342,000 common shares outstanding. We had no preferred shares outstanding as of either date. Dividends paid to holders of common shares were $1.1500 per share, $1.0600 per share and $1.0587 per share for the years ended December 31, 2022, 2021 and 2020, respectively.

DIVIDEND REINVESTMENT PLAN

DIVIDEND REINVESTMENT PLAN	12 Months Ended
DIVIDEND REINVESTMENT PLAN	Dec. 31, 2022
DIVIDEND REINVESTMENT PLAN
DIVIDEND REINVESTMENT PLAN	NOTE 14 – DIVIDEND REINVESTMENT PLAN Our Board of Trustees approved a dividend reinvestment plan to provide existing holders of our common shares with a convenient method to purchase additional common shares without payment of brokerage commissions, fees or service charges. On July 20, 2012, we registered with the Securities Exchange Commission 2,000,000 common shares to be issued under the plan on Form S-3D, which automatically became effective on July 20, 2012. On July 11, 2017, we registered with the Securities Exchange Commission an additional 2,000,000 common shares to be issued under the plan on Form S-3D, which automatically became effective on July 11, 2017. On November 3, 2020, we registered with the Securities Exchange Commission an additional 2,000,000 common shares to be issued under the plan on Form S-3D, which automatically became effective on November 3, 2020. Under this plan, eligible shareholders may elect to have all or a portion (but not less than 25%) of the cash dividends they receive automatically reinvested in our common shares. If an eligible shareholder elects to reinvest cash dividends under the plan, the shareholder may also make additional optional cash purchases of our common shares, not to exceed $10 per fiscal quarter without our prior approval. The purchase price per common share under the plan equals 95% of the estimated value per common share for dividend reinvestments and equals 100% of the estimated value per common share for additional optional cash purchases, as determined by our Board of Trustees. In addition, eligible shareholders may not in any calendar year purchase or receive via transfer more than $40 additional optional cash purchases of Common Shares. The estimated value per common share was $23.00 and $20.00 at December 31, 2022 and 2021, respectively. Therefore, the purchase price per common share for dividend reinvestments was $21.85 and $19.00 and for additional optional cash purchases was $23.00 and $20.00 at December 31, 2022 and 2021, respectively. The Board, in its sole discretion, may amend, suspend or terminate the plan at any time, without the consent of shareholders, upon a ten-day notice to participants. In the year ended December 31, 2022, 342,000 shares were issued pursuant to dividend reinvestments and 177,000 shares were issued pursuant to additional optional cash purchases under the plan. In the year ended December 31, 2021, 363,000 shares were issued pursuant to dividend reinvestments and 203,000 shares were issued pursuant to additional optional cash purchases under the plan. In the year ended December 31, 2020, 356,000 shares were issued pursuant to dividend reinvestments and 187,000 shares were issued pursuant to additional optional cash purchases under the plan.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 15 – RELATED PARTY TRANSACTIONS Effective January 1, 2021, Trustmark Enterprises, Inc. was formed to act as the holding company for Sterling Management, LLC and GOLDMARK Property Management, Inc. In connection with this restructuring transaction, the owners of Trustmark Enterprises, Inc. indirectly own Sterling Management, LLC and GOLDMARK Property Management, Inc. Trustmark Enterprises, Inc. is owned in part by the Trust’s Chief Executive Officer and Trustee Mr. Kenneth P. Regan, by Trustee Mr. James S. Wieland, and by President Joel S. Thomsen. In addition, Mr. Regan serves as the Executive Chairman of the Advisor, and Messrs. Wieland, and Thomsen serve on the Board of Governors of both the Advisor and GOLDMARK Property Management, Inc. Sterling Management, LLC (the “Advisor”), is a North Dakota limited liability company formed in November 2002. The Advisor is responsible for managing day-to-day affairs, overseeing capital projects, and identifying, acquiring, and disposing investments on behalf of the trust. GOLDMARK Property Management, Inc., is a North Dakota corporation formed in 1981. GOLDMARK Property Management, Inc. performs property management services for the Trust. We have a historical and ongoing relationship with Bell Bank. Bell Bank has provided the Trust certain financial services throughout the relationship. Mr. Wieland, a Trustee, also serves as a Board Member of Bell Bank. Mr. Wieland could have an indirect material interest in any such engagement and related transactions. The Trust has a historical and ongoing relationship with Trumont Group and Trumont Construction. Trumont Group provides development services for current joint venture projects in which the Operating Partnership is an investor. 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 years ended December 31, 2022, 2021 and 2020, we paid property management and administrative fees to GOLDMARK Property Management, Inc. of $13,833, $12,836, and $12,796, respectively. Management fees which approximate 5% of net collected rents, account for $5,499, $5,271, and $4,851 of these fees during the years ended December 31, 2022, 2021 and 2020. In addition, during the years ended December 31, 2022, 2021, and 2020, we paid repair and maintenance expenses, and payroll related expenses to GOLDMARK Property Management, Inc. totaling $7,744, $6,536, and $6,549, 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 Advisor may receive fees related to management of the Trust, acquiring, disposing, or developing real estate property, project management fees, and financing fees related to lending relationships, 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 24, 2022, and is effective until March 31, 2023. The below table summarizes the fees incurred to our Advisor. Year Ended December 31, 2022 2021 2020 (in thousands) Fee: Advisory $ 3,683 $ 3,348 $ 3,116 Acquisition $ 1,321 $ 375 $ 708 Disposition $ 703 $ 146 $ 319 Financing $ 83 $ 224 $ 133 Project Management $ 450 $ 572 $ 365 The below table summarizes the fees payable to our Advisor. Payable at December 31, December 31, 2022 2021 (in thousands) Fee: Advisory $ 632 $ 296 Acquisition $ 387 $ - Development $ - $ 79 Disposition $ 72 $ - Financing $ - $ 38 Project Management $ 12 $ 98 Operating Partnership Units Issued in Connection with Acquisitions During the year ended December 31, 2022, 510,000 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 $11,741. During the year ended December 31, 2021, there were no Operating Partnership units issued directly or indirectly, to affiliated entities. During the year ended December 31, 2020, 208,000 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 $4,671. Commissions During the years ended December 31, 2022, 2021 and 2020, we incurred real estate commissions of $567, $312, and $633, respectively, to GOLDMARK Commercial Real Estate, Inc., in which Messrs. Regan and Wieland jointly own a controlling interest. As of December 31, 2022, there were commissions of $183 payable to GOLDMARK Commercial Real Estate. As of December 2021 and 2020, there were no unpaid commissions to GOLDMARK Commercial Real Estate. During the years ended December 31, 2022, 2021 and 2020, we incurred real estate commissions of $418, $217, and $308, respectively to GOLDMARK Property Management. As of December 31, 2022, there were commissions of $92 payable to GOLDMARK Property Management. As of December 31, 2021 and 2020 there were no unpaid commissions to GOLDMARK Property Management. Rental Income During the years ended December 31, 2022, 2021 and 2020, we received rental income of $130, $106, and $85, respectively, under an operating lease agreement with our Advisor. During the years ended December 31, 2022, 2021 and 2020, we received no rental income, $19, and $57, respectively, under an operating lease agreement with GOLDMARK Commercial Real Estate, Inc. During the years ended December 31, 2022, 2021 and 2020, we received rental income of $267, $294, and $268, respectively, under operating lease agreements with GOLDMARK Property Management, Inc. During the years ended December 31, 2022, 2021 and 2020, we received rental income of $859, $404, and $484, respectively, under operating lease agreements with Bell Bank. Other operational costs During the years ended December 31, 2022, 2021 and 2020, the Trust incurred $207, $276, and $240, respectively, for general costs related to business operations as well as capital expenditures related to construction in progress that were paid to related parties. At December 31, 2022 and 2021, there were no operational outstanding liabilities and $128, respectively. During the years ended December 31, 2022 and 2020, the Trust received did not receive related parties reimbursement for expenses paid that were associated with capital projects. During the year ended December 31, 2021, the Trust received $1,000 from related parties for reimbursement for expenses paid that were associated with capital projects. No reimbursements for operational receivables were received during the year ended December 31, 2022. At December 31, 2022, operational receivables outstanding due from related parties was $50 and $336, respectively. Debt Financing At December 31, 2022 and 2021, the Trust had $64,123 and $66,365, respectively, of outstanding principal on loans entered into with Bell Bank. During the years ended December 31, 2022, 2021 and 2020, the Trust incurred interest expense on debt held with Bell Bank of $2,480, $2,508, and $2,438, respectively. Accrued interest at December 31, 2022 and 2021, related to this debt was $130 and $148, respectively. A December 31, 2022 and 2021, the Trust had $26,500 and $-, respectively, of outstanding principal on notes payable entered into with Bell Bank. During the years ended December 31, 2022, 2021 and 2020, the Trust did not incur interest expense on note payable held with Bell Bank. Mezzanine Financing The Trust offers mezzanine financing to joint ventures, see note 5 for investment in unconsolidated affiliates. As of December 31, 2022 and 2021, Sterling issued $5,854 and $6,855, respectively, in second mortgage financing to related entities. During the years ended December 31, 2022 and 2021, the Trust earned interest income of $350 and $212, respectively, related to the second mortgage financing. No interest income was earned during the year ended December 31, 2020. Insurance Services The Trust retains insurance services from Bell Insurance. Policies provided by these services provide insurance coverage for the Trust’s Commercial segment as well as Director and Officer general and liability coverage. At December 31, 2022, 2021, and 2020 total premiums incurred for this policy were $48, $166 and $118, respectively. Tenant Improvement Arrangements During the year ended December 31, 2021, the Trust paid $2,782 in tenant improvement costs associated with a lease agreement with Trustmark Enterprises, Inc. There were no tenant improvement costs incurred during the years ended December 31, 2022 and 2020. At December 31, 2022, no costs were owed to related parties for tenant improvement costs. Development Arrangements Effective August 25, 2021, The Trust purchased a 70% interest in ST Oak Cliff Dallas, LLC. The purpose of the entity is to develop and construct a 318-unit multifamily property located in Dallas, Texas. The partnering investee, TG Oak Cliff Dallas, LLC is owned in part by Kenneth P. Regan, the Trust’s Chief Executive Officer and Trustee. Mr. Regan is also a partner in Trumont Group, the developer engaged by ST Oak Cliff Dallas, LLC to oversee the development of the property. Further, Mr. Regan is also a partner in Trumont Construction, the company who was engaged to oversee the day-to-day construction operations of the property. During the years ended December 31, 2022 and 2021, the Trust incurred and paid $411 and $256, respectively, in development fees to Trumont Group. No such fees were paid during the year ended December 31, 2020. At December 31, 2022 the Trust owed $- and $51, respectively, in development fees to Trumont Group. During the years ended December 31, 2022 and 2021, the Trust incurred and paid $799 and $71, respectively, in construction fees to Trumont Construction. No such fees were paid during the year ended December 31, 2020. At December 31, 2022 the Trust owed $71 and $29, respectively, in construction fees to Trumont Construction. During the years ended December 31, 2022 and 2021, the Trust incurred and paid $639 and $41, respectively, in general construction costs to Trumont Construction. No such fees were paid during the year ended December 31, 2020. At December 31, 2022 there was $81 of general construction costs were owed to Trumont Construction. At December 31, 2021, no general construction costs were owed to Trumont Construction.

RENTALS UNDER OPERATING LEASES

RENTALS UNDER OPERATING LEASES / RENTAL INCOME	12 Months Ended
RENTALS UNDER OPERATING LEASES / RENTAL INCOME	Dec. 31, 2022
RENTALS UNDER OPERATING LEASES / RENTAL INCOME
RENTALS UNDER OPERATING LEASES / RENTAL INCOME	NOTE 16 - RENTALS UNDER OPERATING LEASES / RENTAL INCOME Residential apartment units are rented to individual tenants with lease terms of one year or less. Commercial properties are leased to tenants under terms expiring at various dates through 2038 . Lease terms often include renewal options. As of December 31, 2022, we derived 84.4% of our revenues from residential leases that are generally for terms of one-year or less. The residential leases may include lease income related to such items as parking, storage and non-refundable deposits that we treat as a single lease component because amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore we subsequently recognize lease income over the lease term on a straight-line basis. Residential leases are renewable upon consent of both parties on an annual or monthly basis. As of December 31, 2022, we derived 15.6% of our revenues from commercial leases primarily under long-term lease agreements. Substantially all commercial leases contain fixed escalations, or, in some instances, changes based on the Consumer Price Index, which occur at specified times during the term of the lease. In certain commercial leases, variable lease income, such as percentage rent, is recognized when rents are earned. We recognize rental income and rental abatements from our commercial leases on a straight-line basis over the lease term. Recognition of rental income commences when control of the leased space has been transferred to the tenant. We recognize variable income from pass-through expenses on an accrual basis over the periods in which the expenses were incurred. Pass-through expenses are comprised of real estate taxes, operating expenses and common area maintenance costs which are reimbursed by tenants in accordance with specific allowable costs per tenant lease agreements. When we pay pass-through expenses, subject to reimbursement by the tenant, they are included within operating expenses, excluding real estate taxes, and reimbursements are included within “real estate rental income” along with the associated base rent in the accompanying consolidated financial statements. We record base rents on a straight-line basis. The monthly base rent income according to the terms of our leases is adjusted so that an average monthly rent is recorded for each tenant over the term of its lease. The straight-line rent adjustment increased revenue by $302 for the year ended December 31, 2022, and increased revenue by $550 for the year ended December 31, 2021. The straight-line receivable balance included in other assets on the consolidated balance sheets as of the years ended December 31, 2022 and 2021 was $3,756 and $3,569 respectively. We receive payments for expense reimbursements from substantially all our multi-tenant commercial tenants throughout the year based on estimates. Lease income related to the Trust’s operating leases is comprised of the following: Year ended December 31, 2022 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 109,769 $ 16,091 $ 125,860 Lease income related to variable lease payments — 4,510 4,510 Other (a) (804) 332 (472) Lease Income (b) $ 108,965 $ 20,933 $ 129,898 (a) For the year ended December 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 year ended December 31, 2022, of $5,162 , which is accounted for under the revenue recognition standard. Year ended December 31, 2021 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 103,039 $ 16,490 $ 119,529 Lease income related to variable lease payments — 4,576 4,576 Other (c) (538) 630 92 Lease Income (d) $ 102,501 $ 21,696 $ 124,197 (c) For the year ended December 31, 2021, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements. (d) Excludes other rental income for the year ended December 31, 2021, of $5,127 , which is accounted for under the revenue recognition standard. Commercial space is rented under long-term agreements. Minimum future rentals on non-cancelable operating leases as of December 31, 2022 are as follows: Years ending December 31, Amount (in thousands) 2023 $ 15,216 2024 14,940 2025 14,556 2026 13,156 2027 11,719 Thereafter 42,734 $ 112,321

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 17 - COMMITMENTS AND CONTINGENCIES Environmental Matters Federal law (and the laws of some states in which we own or may acquire properties) imposes liability on a landowner for the presence on the premises of hazardous substances or wastes (as defined by present and future federal and state laws and regulations). This liability is without regard to fault or knowledge of the presence of such substances and may be imposed jointly and severally upon all succeeding landowners. If such hazardous substance is discovered on a property acquired by us, we could incur liability for the removal of the substances and the cleanup of the property. There can be no assurance that we would have effective remedies against prior owners of the property. In addition, we may be liable to tenants and may find it difficult or impossible to sell the property either prior to or following such a cleanup. Risk of Uninsured Property Losses We maintain property damage, fire loss, and liability insurance. However, there are certain types of losses (generally of a catastrophic nature) which may be either uninsurable or not economically insurable. Such excluded risks may include war, earthquakes, tornados, certain environmental hazards, and floods. Should such events occur, (i) we might suffer a loss of capital invested, (ii) tenants may suffer losses and may be unable to pay rent for the spaces, and (iii) we may suffer a loss of profits which might be anticipated from one or more properties. Litigation The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of such matters cannot be predicted with certainty, management believes, based on currently available information, that the outcome of such matters will not have a material effect on the consolidated financial statements of the Trust.

DISPOSITIONS

DISPOSITIONS	12 Months Ended
DISPOSITIONS	Dec. 31, 2022
DISPOSITIONS
DISPOSITIONS	NOTE 18 – DISPOSITIONS During the year ended December 31, 2022, the Operating Partnership sold five properties. We sold a retail property located in Savage, Minnesota for a sale price of During the year ended December 31, 2021, the Operating Partnership sold two properties. We sold a retail property located in Waite Park, Minnesota, for a sale price of $900 and recognized a gain of $2 in April 2021. We sold a residential property located in Moorhead, Minnesota, for a sale price of $4,950 and recognized a gain of $1,708 in June 2021. During the year ended December 31, 2020, the Operating Partnership sold three properties. We sold a retail property located in Apple Valley, Minnesota, for a sale price of $3,670 and recognized a gain of $1,456 in March 2020. We sold an office property located in St. Cloud, Minnesota, for a sale price of $2,050 and recognized a gain of $1 in May 2020. We sold an office property located in Bismarck, North Dakota for a sale price of $7,000 and recognized a gain of $1,926 in December 2020.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
ACQUISITIONS	Dec. 31, 2022
ACQUISITIONS
ACQUISITIONS	NOTE 19 –ACQUISITIONS The Company acquired the following properties during the year ended December 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 5/31/22 Desoto Estates Grand Forks, ND Apartment Complex 68 units 5,863 5/31/22 Desoto Townhomes Grand Forks, ND Townhomes 24 units 3,226 5/31/22 Desoto Apartments East Grand Forks, MN Apartment Complex 24 units 1,230 6/10/22 Diamond Bend Mandan, ND Apartment Complex 78 units 10,919 9/13/22 Newgate Apartments Bismarck, ND Apartment Complex 46 units 2,444 12/1/22 Chandler 1898 Grand Forks, ND Apartment Complex 12 units 498 12/29/22 Prose Fossil Creek Fort Worth, TX Apartment Complex 270 units 55,591 $ 94,844 The acquisition of Prose Fossil Creek was made utilizing a Reverse 1031 Like-Kind Exchange that was entered into at closing. As such, as of December 29, 2022, Prose Fossil Creek is in the possession of a qualified intermediary engaged to execute the Reverse 1031 Like-Kind Exchange until the sale transaction and the Reverse 1031 Like-Kind Exchange are completed. The Trust retains essentially all of the legal and economic benefits and obligations related to Prose Fossil Creek prior to the completion of the Reverse 1031 Like-Kind Exchange. Accordingly, Prose Fossil Creek is included in the Trust’s consolidated financial statements as a consolidated VIE until legal title is transferred to the Trust upon completion of the Reverse 1031 Like-Kind Exchange. Total consideration given for acquisitions the year ended December 31, 2022 was completed through issuing approximately 560,000 limited partnership units of the operating partnership valued at $23.00 per unit for an aggregate consideration of approximately $12,870. The value of units issued in exchange for property is determined through a value established annually by our Board of Trustees and reflects the fair value at the time of issuance. The Company acquired the following properties during the year ended December 31, 2021. Date Property Name Location Property Type Units/ Square Footage/ Acres Purchase Price 6/1/21 Flagstone Fargo, ND Apartment Complex 120 units $ 7,723 6/1/21 Brownstone Fargo, ND Apartment Complex 72 units 4,362 6/1/21 Briar Pointe Fargo, ND Apartment Complex 30 units 1,929 7/1/21 Oxford Fargo, ND Apartment Complex 144 units 10,066 7/1/21 Pinehurst Fargo, ND Apartment Complex 210 units 14,718 $ 38,798 Total consideration given for acquisitions the year ended December 31, 2021 was completed through issuing approximately 144,000 limited partnership units of the operating partnership valued at $20.00 per unit for an aggregate consideration of approximately $2,883. The value of units issued in exchange for property is determined through a value established annually by our Board of Trustees and reflects the fair value at the time of issuance. The Company acquired the following properties during the year ended December 31, 2020. Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price 1/12/20 Wolf Creek Fargo, ND Apartment complex 54 units $ 5,227 1/31/20 Columbia Park Village Grand Forks, ND Apartment complex 12 units 642 3/1/20 Belmont East & West Bismarck, ND Apartment complex 5,348 sq. ft. 1,568 3/1/20 Eastbrook Bismarck, ND Apartment complex 24 units 1,358 3/1/20 Hawn Fargo, ND Apartment complex 48 units 2,524 3/1/20 Rosser Bismarck, ND Apartment complex 24 units 1,359 8/28/20 Trustmark (a) Fargo, ND Office building units 6,588 9/15/20 Foxtail Townhomes Fargo, ND Apartment complex 30 units 1,434 12/17/20 Evergreen Terrace Omaha, NE Apartment complex 144 units 2,970 $ 23,670 Total consideration given for acquisitions during the year ended December 31, 2020, was completed through issuing approximately 535,000 limited partnership units of the operating partnership valued at $19.25 per unit for an aggregate consideration of approximately $10,293. The value of units issued in exchange for property is determined through a value established annually by our Board of Trustees and reflects the fair value at the time of issuance. In 2022, cash flows were reclassified to updated presentation resulting prior period to be updated to align with reclassification. The following table summarizes the allocation of the purchase price, before prorations, the Company recorded in conjunction with the acquisitions discussed above: Year Ended December 31, 2022 2021 2020 Real estate investment acquired $ 93,515 $ 39,344 $ 29,775 Acquired lease intangible assets 1,732 - 46 Assumed Assets 3 23 38 Total Assets Acquired $ 95,250 $ 39,367 $ 29,859 Other liabilities (406) (569) (6,189) Net assets acquired 94,844 38,798 23,670 Equity/limited partnership unit consideration (12,870) (2,883) (10,293) Net cash consideration $ 81,974 $ 35,915 $ 13,377

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2022
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	NOTE 20 - SUBSEQUENT EVENTS On January 1, 2023, Damon K. Gleave and Michael P. Carlson owned shares in Trustmark Enterprises, Inc. On January 13, 2023, the Trust obtained financing on a residential property for $27,500. On January 13, 2023, the Trust paid off a note for $26,500 with Bell Bank that was set to mature on February 1, 2023. On January 17, 2023, we paid a dividend or distribution of $0.2875 per share on our common shares of beneficial interest or limited partnership units, to common shareholders and limited unit holders of record on December 31, 2022. On February 24, 2023, Barry L. Schmeiss resigned as Chief Investment Officer of the Trust. Pending acquisitions and dispositions are subject to numerous conditions and contingencies and there are no assurances that the transactions will be completed. We have evaluated subsequent events through the date of this filing. We are not aware of any other subsequent events which would require recognition or disclosure in the consolidated financial statements.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation - By Property	12 Months Ended
	Dec. 31, 2022
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Industrial to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Guardian Building Products Fargo, ND $ 2,487 $ 820 $ 2,554 $ 60 $ (94) $ 880 $ 2,460 $ 3,340 $ 641 08/29/2012 40 Titan Machinery Bismarck, ND 2,069 950 1,395 32 — 982 1,395 2,377 279 01/28/2015 40 Titan Machinery Dickinson, ND 1,816 354 1,096 400 — 754 1,096 1,850 297 07/30/2012 40 Titan Machinery Fargo, ND 2,471 781 1,947 515 — 1,296 1,947 3,243 499 10/30/2012 40 Titan Machinery Marshall, MN 4,674 300 3,648 81 — 381 3,648 4,029 1,026 11/01/2011 40 Titan Machinery Minot, ND — 618 1,654 — — 618 1,654 2,272 431 08/01/2012 40 Titan Machinery North Platte, NE — 325 1,269 — — 325 1,269 1,594 223 01/29/2016 40 Titan Machinery Sioux City, IA 3,699 315 2,472 — — 315 2,472 2,787 572 10/25/2013 40 Total $ 17,216 $ 4,463 $ 16,035 $ 1,088 $ (94) $ 5,551 $ 15,941 $ 21,492 $ 3,968 Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Land to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Taco Bell Denver, CO $ 389 $ 669 $ — $ — $ — $ 669 $ — $ 669 $ — 06/14/2011 West 80 Rochester, MN — 1,364 — — — 1,364 — 1,364 — 08/29/2016 Total $ 389 $ 2,033 $ — $ — $ — $ 2,033 $ — $ 2,033 $ — Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Medical to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Bio-Life Bismarck, ND $ 2,091 $ 306 $ 2,255 $ 11 $ 123 $ 317 $ 2,378 $ 2,695 $ 968 01/03/2008 9 - 40 Bio-Life Grand Forks, ND 2,150 457 2,230 1 158 458 2,388 2,846 994 01/03/2008 10 - 40 Bio-Life Janesville, WI 1,786 250 1,857 — 123 250 1,980 2,230 819 01/03/2008 9 - 40 Bio-Life Mankato, MN 2,271 390 2,111 280 1,154 670 3,265 3,935 1,273 01/03/2008 11 - 40 Bio-Life Marquette, MI — 213 2,793 — 123 213 2,916 3,129 1,170 01/03/2008 9 - 40 Bio-Life Onalaska, WI 1,723 208 1,853 — 323 208 2,176 2,384 880 01/03/2008 11 - 40 Bio-Life Oshkosh, WI 1,773 293 1,705 — 146 293 1,851 2,144 785 01/03/2008 10 - 40 Bio-Life Sheboygan, WI 2,022 623 1,611 — 248 623 1,859 2,482 768 01/03/2008 10 - 40 Bio-Life Stevens Point, WI 1,935 119 2,184 — 123 119 2,307 2,426 941 01/03/2008 9 - 40 Total $ 15,751 $ 2,859 $ 18,599 $ 292 $ 2,521 $ 3,151 $ 21,120 $ 24,271 $ 8,598 Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Residential to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Amberwood Grand Forks, ND $ 2,376 $ 426 $ 3,304 $ 3 $ 178 $ 429 $ 3,482 $ 3,911 $ 552 09/13/2016 20 - 40 Arbor I/400 Bismarck, ND 350 73 516 4 65 77 581 658 142 06/04/2013 40 Arbor II/404 Bismarck, ND 358 73 538 6 43 79 581 660 128 11/01/2013 40 Arbor III/406 Bismarck, ND 356 71 536 7 43 78 579 657 128 11/01/2013 40 Ashbury Fargo, ND 2,287 314 3,774 26 25 340 3,799 4,139 578 12/19/2016 40 Auburn II Fargo, ND 825 105 883 12 87 117 970 1,087 372 03/23/2007 20 - 40 Autumn Ridge Grand Forks, ND 5,162 1,072 8,875 44 67 1,116 8,942 10,058 3,687 08/16/2004 9 - 40 Barrett Arms Crookston, MN 723 37 1,001 — 177 37 1,178 1,215 241 01/02/2014 40 Bayview Fargo, ND 2,350 284 3,447 59 2,020 343 5,467 5,810 1,455 12/31/2007 20 - 40 Belmont East and West Bismarck, ND 742 167 1,424 2 8 169 1,432 1,601 102 03/1/2020 40 Berkshire Fargo, ND 401 31 406 7 53 38 459 497 155 03/31/2008 20 - 40 Betty Ann Fargo, ND 421 74 738 6 140 80 878 958 267 08/31/2009 40 Birchwood 1 Fargo, ND 228 72 342 4 42 76 384 460 46 12/01/2017 40 Birchwood 2 Fargo, ND 1,342 234 2,099 52 288 286 2,387 2,673 290 12/01/2017 40 Bradbury Apartments Bismarck, ND 1,791 1,049 4,922 — 81 1,049 5,003 6,052 532 10/24/2018 40 Briar Pointe Fargo, ND 1,283 384 1,551 — — 384 1,551 1,935 61 06/01/2021 40 Bridgeport Fargo, ND 4,839 613 7,676 14 61 627 7,737 8,364 1,174 12/19/2016 40 Bristol Park Grand Forks, ND 2,801 985 3,976 — 779 985 4,755 5,740 804 02/01/2016 40 Brookfield Fargo, ND 1,945 228 1,958 30 318 258 2,276 2,534 761 08/01/2008 20 - 40 Brownstone Fargo, ND 2,891 780 3,610 — — 780 3,610 4,390 143 06/01/2021 40 Cambridge (FKA 44th Street) Fargo, ND 1,614 333 1,845 4 237 337 2,082 2,419 480 02/06/2013 40 Candlelight Fargo, ND 1,583 613 1,221 (326) 589 287 1,810 2,097 412 11/30/2012 40 Carling Manor Grand Forks, ND 498 69 656 1 61 70 717 787 250 03/31/2008 40 Carlton Place Fargo, ND 5,885 703 7,070 96 714 799 7,784 8,583 2,576 09/01/2008 20 - 40 Carr Fargo, ND 583 66 759 4 41 70 800 870 116 01/17/2017 40 Cedars 4 Fargo, ND — 134 1,068 — 29 134 1,097 1,231 111 12/31/2018 40 Chandler 1802 Grand Forks, ND 613 133 1,114 — 108 133 1,222 1,355 256 01/02/2014 40 Chandler 1834 Grand Forks, ND 399 112 552 — 39 112 591 703 61 09/1/2018 40 Chandler 1866 Grand Forks, ND 318 31 270 — 59 31 329 360 130 01/03/2005 20 - 40 Chandler 1898 Grand Forks, ND — 114 357 — — 114 357 471 1 12/1/2022 40 Cherry Creek (FKA Village) Grand Forks, ND — 173 1,435 1 274 174 1,709 1,883 534 11/01/2008 40 Cityside Apartments Fargo, ND 676 192 1,129 6 62 198 1,191 1,389 126 11/30/2018 40 Columbia Park Village I Grand Forks, ND 295 102 546 — — 102 546 648 41 01/31/2020 40 Columbia West Grand Forks, ND 2,379 294 3,367 1 591 295 3,958 4,253 1,298 09/01/2008 20 - 40 Country Club Fargo, ND 1,006 252 1,252 2 240 254 1,492 1,746 410 05/02/2011 20 - 40 Countryside Fargo, ND 593 135 677 — 68 135 745 880 203 05/02/2011 40 Courtyard St. Louis Park, MN 2,865 2,270 5,681 — 794 2,270 6,475 8,745 1,466 09/03/2013 5 - 40 Dakota Manor Fargo, ND 1,391 249 2,236 20 182 269 2,418 2,687 486 08/07/2014 40 Danbury Fargo, ND 4,572 381 5,869 211 653 592 6,522 7,114 2,317 12/31/2007 20 - 40 Dellwood Estates Anoka, MN 6,177 844 9,924 — 861 844 10,785 11,629 2,468 05/31/2013 40 Deer Park Hutchinson, MN 8,838 1,784 12,545 — — 1,784 12,545 14,329 287 02/28/2022 40 Desoto Estates Grand Forks, ND 4,155 955 4,869 — — 955 4,869 5,824 81 05/31/2022 40 Desoto Townhomes Grand Forks, ND 1,589 464 2,767 — — 464 2,767 3,231 46 05/31/2022 40 Diamond Bend Mandan, ND 6,825 722 9,789 — — 722 9,789 10,511 143 06/10/2022 40 Eagle Run West Fargo, ND 3,659 576 5,787 128 180 704 5,967 6,671 1,822 08/12/2010 40 Eagle Sky I Bismarck, ND 801 115 1,292 — 104 115 1,396 1,511 248 03/01/2016 40 Eagle Sky II Bismarck, ND 801 135 1,279 — 173 135 1,452 1,587 245 03/01/2016 40 East Bridge Fargo, ND 3,143 792 5,396 1 301 793 5,697 6,490 770 07/03/2017 40 Eastbrook Bismarck, ND 639 145 1,233 — — 145 1,233 1,378 87 01/31/2020 40 Echo Manor Hutchinson, MN 911 141 875 — 118 141 993 1,134 215 01/02/2014 20 - 40 Emerald Court Fargo, ND — 66 830 11 180 77 1,010 1,087 340 03/31/2008 20 - 40 Essex Fargo, ND 525 212 642 — 68 212 710 922 98 06/01/2017 40 Evergreen Terrace Omaha, NE 5,060 820 7,573 — 84 820 7,657 8,477 399 12/17/2020 40 Fairview Bismarck, ND 2,502 267 3,978 39 918 306 4,896 5,202 1,527 12/31/2008 20 - 40 Flagstone Fargo, ND 5,110 1,535 6,258 — — 1,535 6,258 7,793 248 06/01/2021 40 Flickertail Fargo, ND 4,799 426 5,590 76 1,674 502 7,264 7,766 2,132 12/31/2008 40 Forest Avenue Fargo, ND 324 61 637 8 64 69 701 770 166 02/06/2013 40 Foxtail Creek Townhomes Fargo, ND — 267 1,221 — — 267 1,221 1,488 71 09/15/2020 40 Galleria III Fargo, ND 667 118 681 2 292 120 973 1,093 237 11/09/2010 40 Garden Grove Bismarck, ND 4,089 606 6,073 — 168 606 6,241 6,847 1,050 05/04/2016 5 - 40 Georgetown on the River Fridley, MN 16,522 4,620 23,833 8 4,117 4,628 27,950 32,578 5,451 12/19/2014 5 - 40 Glen Pond Eagan, MN 35,566 3,761 20,569 38 960 3,799 21,529 25,328 5,842 12/02/2011 20 - 40 Glen Pond Addition Eagan, MN 6,056 876 15,408 — — 876 15,408 16,284 899 09/30/2020 40 Granger Court I Fargo, ND 1,908 279 1,926 25 301 304 2,227 2,531 479 06/04/2013 20 - 40 Hannifin Bismarck, ND 403 81 607 5 52 86 659 745 147 11/01/2013 40 Harrison and Richfield Grand Forks, ND 4,904 756 6,346 7 321 763 6,667 7,430 2,578 07/01/2007 5 - 40 Hartford Apartments Fargo, ND 833 154 1,233 — 14 154 1,247 1,401 132 10/1/2018 40 Hawn Fargo, ND 1,491 280 2,277 — — 280 2,277 2,557 161 03/01/2020 40 Highland Meadows Bismarck, ND 5,440 1,532 8,513 — 457 1,532 8,970 10,502 1,271 05/01/2017 5 - 40 Hunters Run I Fargo, ND 473 50 419 5 (2) 55 417 472 163 03/23/2007 40 Hunters Run II Fargo, ND 430 44 441 2 — 46 441 487 160 07/01/2008 40 Huntington Fargo, ND 314 86 309 4 15 90 324 414 60 08/04/2015 40 Islander Fargo, ND 732 98 884 49 115 147 999 1,146 270 07/01/2011 40 Jadestone Fargo, ND 498 212 554 — 127 212 681 893 90 06/01/2017 40 Kennedy Fargo, ND 354 84 588 7 91 91 679 770 161 02/06/2013 20 - 40 Library Lane Grand Forks, ND 2,006 301 2,332 16 189 317 2,521 2,838 937 10/01/2007 20 - 40 Madison Grand Forks, ND 272 95 497 — 100 95 597 692 102 09/01/2015 40 Maple Ridge Omaha, NE 7,749 766 5,608 59 3,715 825 9,323 10,148 2,582 08/01/2008 20 - 40 Maplewood Maplewood, MN 8,556 3,120 11,655 — 2,411 3,120 14,066 17,186 2,537 12/19/2014 5 - 40 Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale Fargo, ND 4,235 783 5,839 1 491 784 6,330 7,114 1,899 01/01/2009 20 - 40 Martha Alice Fargo, ND 421 74 738 6 183 80 921 1,001 279 08/31/2009 20 - 40 Mayfair Grand Forks, ND — 80 1,043 4 123 84 1,166 1,250 394 07/01/2008 20 - 40 Monticello Fargo, ND 544 60 752 14 111 74 863 937 184 11/08/2013 20 - 40 Montreal Courts Little Canada, MN 16,802 5,809 19,565 15 3,605 5,824 23,170 28,994 4,961 10/02/2013 5 - 40 Morningside Apartments Fargo, ND 458 85 673 — 42 85 715 800 71 11/30/2018 40 Newgate Bismarck, ND 1,503 538 1,755 — — 538 1,755 2,293 15 09/13/2022 40 Oak Court Fargo, ND 2,502 270 2,210 29 436 299 2,646 2,945 899 04/30/2008 28 - 40 Oakview Townhomes Grand Forks, ND 3,473 822 4,698 1 471 823 5,169 5,992 767 01/11/2017 40 Oxford Fargo, ND 6,679 1,655 8,563 — — 1,655 8,563 10,218 321 07/01/2021 40 Pacific Park I Fargo, ND 526 95 777 3 130 98 907 1,005 205 02/06/2013 40 Pacific Park II Fargo, ND 450 111 865 4 140 115 1,005 1,120 225 02/06/2013 40 Pacific South Fargo, ND 278 58 459 2 16 60 475 535 114 02/06/2013 40 Park Circle Fargo, ND 547 196 716 7 17 203 733 936 102 06/01/2017 40 Parkview Arms Bismarck, ND — 373 3,845 — 365 373 4,210 4,583 784 05/13/2015 5 - 40 Parkwest Gardens West Fargo, ND 3,010 713 5,712 39 1,390 752 7,102 7,854 1,396 06/30/2014 20 - 40 Parkwood Fargo, ND — 126 1,143 14 23 140 1,166 1,306 407 08/01/2008 40 Pebble Creek Bismarck, ND 3,588 260 2,818 31 (62) 291 2,756 3,047 958 03/19/2008 20 - 40 Pinehurst Fargo, ND 9,716 2,368 12,614 — — 2,368 12,614 14,982 473 07/01/2021 40 Plumtree Fargo, ND 516 100 782 — 29 100 811 911 114 05/01/2017 40 Prairiewood Courts Fargo, ND — 308 1,730 28 143 336 1,873 2,209 725 09/01/2006 20 - 40 Prairiewood Meadows Fargo, ND 3,781 736 852 11 367 747 1,219 1,966 232 09/30/2012 40 Prose Fossil Creek Fort Worth, TX — 5,451 46,811 — — 5,451 46,811 52,262 98 12/29/2022 40 Quail Creek Springfield, MO 5,317 1,529 7,396 — 1,656 1,529 9,052 10,581 1,537 02/03/2015 5 - 40 Robinwood Coon Rapids, MN 4,129 1,380 6,133 — 711 1,380 6,844 8,224 1,333 12/19/2014 40 Rosedale Estates Roseville, MN 13,916 4,680 20,591 — 836 4,680 21,427 26,107 4,289 12/19/2014 5 - 40 Rosegate Fargo, ND 2,888 251 2,978 49 132 300 3,110 3,410 1,136 04/30/2008 20 - 40 Rosser Bismarck, ND 688 156 1,216 — 86 156 1,302 1,458 88 03/01/2020 40 Roughrider Grand Forks, ND 373 100 448 — 117 100 565 665 93 08/01/2016 5 - 40 Saddlebrook West Fargo, ND 1,306 148 1,262 203 105 351 1,367 1,718 462 12/31/2008 40 Sage Park New Brighton, MN 9,307 2,520 13,985 — 1,061 2,520 15,046 17,566 3,031 12/19/2014 5 - 40 Sargent Fargo, ND 940 164 1,529 4 17 168 1,546 1,714 233 01/10/2017 40 Schrock Fargo, ND 425 71 626 3 66 74 692 766 152 06/04/2013 40 Sheridan Pointe Fargo, ND 1,976 292 2,387 21 39 313 2,426 2,739 547 10/01/2013 40 Sierra Ridge Bismarck, ND 6,575 754 8,795 151 863 905 9,658 10,563 2,987 09/01/2006 40 Somerset Fargo, ND — 300 3,400 43 57 343 3,457 3,800 1,235 07/01/2008 40 Southgate Fargo, ND 4,744 803 5,267 20 64 823 5,331 6,154 2,015 07/01/2007 20 - 40 Southview III Grand Forks, ND — 99 522 1 116 100 638 738 170 08/01/2011 40 Southview Villages Fargo, ND 2,376 268 2,483 16 645 284 3,128 3,412 1,012 10/01/2007 20 - 40 Spring Fargo, ND 429 76 822 75 24 151 846 997 210 02/06/2013 20 - 40 Stanford Court Grand Forks, ND — 291 3,866 — 454 291 4,320 4,611 997 02/06/2013 20 - 40 Stonefield-Phase I Bismarck, ND 7,500 2,804 11,060 227 802 3,031 11,862 14,893 2,273 08/01/2014 20 - 40 Stonefield-Phase II Bismarck, ND 4,766 1,201 3,678 486 5,754 1,687 9,432 11,119 1,345 10/23/2014 40 Stonefield-Phase III Bismarck, ND — 1,079 — 238 — 1,317 — 1,317 — 10/23/2014 Stonybrook Omaha, NE 6,124 1,439 8,003 — 1,574 1,439 9,577 11,016 3,088 01/20/2009 20 - 40 Summerfield Fargo, ND 469 129 599 6 82 135 681 816 120 08/04/2015 40 Summit Point Fargo, ND 3,284 681 5,434 22 449 703 5,883 6,586 1,020 10/01/2015 20 - 40 Sunchase Fargo, ND 1,011 181 1,563 14 86 195 1,649 1,844 234 05/01/2017 40 Sunset Ridge Bismarck, ND 10,813 1,759 9,560 36 145 1,795 9,705 11,500 3,234 06/06/2008 9 - 40 Sunview Grand Forks, ND — 144 1,578 2 241 146 1,819 1,965 587 12/31/2008 20 - 40 Sunwood Fargo, ND 2,491 358 3,252 38 541 396 3,793 4,189 1,304 07/01/2007 20 - 40 Thunder Creek Fargo, ND 2,645 633 4,063 1 551 634 4,614 5,248 525 03/1/2018 25 - 40 Twin Oaks Hutchinson, MN 5,203 816 3,245 — 149 816 3,394 4,210 692 10/01/2014 40 Twin Parks Fargo, ND — 119 2,072 43 227 162 2,299 2,461 757 10/01/2008 20 - 40 Valley Homes Duplexes Grand Forks, ND 998 356 1,668 1 418 357 2,086 2,443 390 01/22/2015 40 Valley View Golden Valley, MN 4,107 1,190 6,076 — 458 1,190 6,534 7,724 1,274 12/19/2014 5 - 40 Village Park Fargo, ND 609 219 1,932 51 80 270 2,012 2,282 725 04/30/2008 40 Village West Fargo, ND 2,154 357 2,274 61 126 418 2,400 2,818 836 04/30/2008 40 Washington Grand Forks, ND 350 74 592 — 75 74 667 741 108 05/04/2016 40 Westcourt Fargo, ND 2,294 287 2,914 28 195 315 3,109 3,424 702 01/02/2014 5 - 40 West Oak Fargo, ND 608 85 692 47 36 132 728 860 116 01/17/2017 40 Westside Hawley, MN 456 59 360 — 99 59 459 518 127 02/01/2010 40 Westwind Fargo, ND 561 49 455 1 95 50 550 600 206 04/30/2008 20 - 40 Westwood Fargo, ND 3,108 597 6,341 91 764 688 7,105 7,793 2,378 06/05/2008 20 - 40 Willow Park Fargo, ND 3,228 288 5,286 39 799 327 6,085 6,412 1,943 12/31/2008 40 Wolf Creek Fargo, ND 2,979 1,082 4,210 — 28 1,082 4,238 5,320 319 01/12/2020 40 Woodland Pines Omaha, NE 6,047 842 10,596 — 1,372 842 11,968 12,810 1,199 11/30/2018 40 Total $ 400,085 $ 93,455 $ 588,087 $ 3,013 $ 57,599 $ 96,468 $ 645,686 $ 742,154 $ 122,246 Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Office to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed 32nd Avenue Fargo, ND $ 4,763 $ 635 $ 3,298 $ 87 $ 1,226 $ 722 $ 4,524 $ 5,246 $ 1,651 03/16/2004 3 - 40 Bell Plaza Bloomington, MN 30,662 6,912 34,672 — 4,635 6,912 39,307 46,219 11,707 08/13/2015 3 - 40 Trustmark Fargo, ND 6,915 2,089 4,718 14 6,298 2,103 11,016 13,119 712 08/28/2020 40 First International Bank & Trust Moorhead, MN — 210 712 5 88 215 800 1,015 295 05/13/2011 10 - 40 Four Points Fargo, ND — 70 1,238 — 175 70 1,413 1,483 520 10/18/2007 5 - 40 Gate City Grand Forks, ND — 382 893 1 810 383 1,703 2,086 405 03/31/2008 40 Goldmark Office Park Fargo, ND 12,362 1,160 11,788 65 8,832 1,225 20,620 21,845 5,289 07/01/2007 1 - 40 Great American Bldg Fargo, ND 1,064 511 1,290 22 447 533 1,737 2,270 760 02/01/2005 28 - 40 Midtown Plaza Minot, ND 1,103 30 1,213 — 97 30 1,310 1,340 565 01/01/2004 5 - 40 Parkway office building (FKA Echelon) Fargo, ND 1,619 278 1,491 42 82 320 1,573 1,893 611 05/15/2007 9 - 40 Redpath White Bear Lake, MN 2,849 1,195 1,787 — — 1,195 1,787 2,982 309 02/01/2016 40 Wells Fargo Center Duluth, MN — 600 7,195 (115) 2,740 485 9,935 10,420 3,537 07/11/2007 4 - 40 Total $ 61,337 $ 14,072 $ 70,295 $ 121 $ 25,430 $ 14,193 $ 95,725 $ 109,918 $ 26,361 Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Retail to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Applebees Coon Rapids, MN — 750 875 8 — 758 875 1,633 281 03/09/2010 40 Dairy Queen Apple Valley, MN 1,898 845 828 — — 845 828 1,673 90 09/17/2018 40 Dairy Queen Dickinson, ND — 329 658 1 — 330 658 988 181 01/19/2012 40 Dairy Queen Moorhead, MN — 243 787 2 — 245 787 1,032 230 05/13/2011 20 Family Dollar Mandan, ND — 166 649 — 54 166 703 869 198 12/14/2010 40 OReilly Mandan, ND — 115 449 — 27 115 476 591 138 12/14/2010 40 Walgreens Alexandria, LA 548 1,090 2,973 — — 1,090 2,973 4,063 969 12/18/2009 28 - 40 Walgreens Batesville, AR 4,623 472 6,405 — — 472 6,405 6,877 2,162 07/09/2009 40 Walgreens Denver, CO 2,984 2,349 2,358 — — 2,349 2,358 4,707 683 06/14/2011 40 Walgreens Fayetteville, AR 3,474 636 4,732 — — 636 4,732 5,368 1,597 07/09/2009 40 Walgreens Laurel, MS — 1,280 2,984 — — 1,280 2,984 4,264 933 07/30/2010 40 Total $ 13,527 $ 8,275 $ 23,698 $ 11 $ 81 $ 8,286 $ 23,779 $ 32,065 $ 7,462 Grand Totals $ 508,305 $ 125,157 $ 716,714 $ 4,525 $ 85,537 $ 129,682 $ 802,251 $ 931,933 $ 168,635 Notes: (a) The costs capitalized subsequent to acquisition is net of dispositions. (b) The changes in total real estate investments for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): 2022 2021 2020 Balance at January 1, $ 896,702 $ 845,288 $ 802,028 Purchase of real estate investments 103,252 63,299 57,799 Sale and disposal of real estate investment (26,960) (8,184) (15,467) Property held for sale — 1,578 (1,578) Provision for asset impairment (561) — — Construction in progress not yet placed in service (1,285) (5,279) 2,506 Balance at December 31, $ 971,148 $ 896,702 $ 845,288 (c) The changes in accumulated depreciation for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): 2022 2021 2020 Balance at January 1, $ 179,155 $ 160,575 $ 146,316 Depreciation expense 22,161 20,917 19,770 Property held for sale — 749 (749) Sale and disposal of real estate investment (6,467) (3,086) (4,762) Balance at December 31, $ 194,849 $ 179,155 $ 160,575 (d) The aggregate cost of our real estate for federal income tax purposes is $763,298.

PRINCIPAL ACTIVITY AND SIGNIF_2

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of Sterling and all subsidiaries for which we maintain a controlling interest. The accompanying consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”).
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of , Properties, LLLP, and wholly owned limited liability companies and partially-owned limited liability companies. All significant intercompany transactions and balances have been eliminated in consolidation. As of December 31, 2022, the Trust owned approximately 36.60% 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 LLLP Agreement and the redemptions plans, these persons have the right to request the Operating Partnership redeem their OP Units following a specified restricted period. All redemptions are at the sole discretion of the Trust, acting for itself or in its capacity as General Partner of the Operating Partnership, and further subject to the conditions and limitations of the LLLP Agreement and redemption plans, as the same may be amended or modified from time to time. If the Trust accepts a redemption request, the redemption of OP Units shall be made in cash in an amount 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 and in its sole and absolute discretion, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Trust so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Trust’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Trust issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Trust an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT.” Additionally, we evaluate the need to consolidate affiliates based on standards set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). In determining whether we have a requirement to consolidate the accounts of an entity, management considers factors such as our ownership interest, our authority to make decisions and contractual and substantive participating rights of the limited partners and shareholders, as well as whether the entity is a variable interest entity (“VIE”) for which we have both: a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and b) the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE. In instances where the Trust determines that it is not the primary beneficiary of a VIE or the Trust does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Trust will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Trust’s operations but instead its share of operations will be reflected as equity in earnings (loss) of unconsolidated entity on its consolidated statements of operations and comprehensive loss. Additionally, the Trust’s net investment in the joint venture will be reflected as investment in unconsolidated entity on the consolidated balance sheets. See Note 5 for additional details regarding variable interest entities where the Trust uses the equity method of investing. The operating partnership meets the criteria as a variable interest entity (“VIE”). The Trust’s sole significant asset is its investment in the operating partnership. The Trust is the primary beneficiary of the Operating Partnership and accordingly consolidated 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. The Trust may acquire property using a reverse like-kind exchange structure (a “Reverse 1031 Like-Kind Exchange”) under the Code to defer taxable gains on the subsequent sale of real estate property. As such, the acquired property (the “Parked Property”) remains in the possession of a VIE whose legal equity interests are owned by a qualified intermediary engaged to execute the Reverse 1031 Like-Kind Exchange until the subsequent sale transaction and the Reverse 1031 Like-Kind Exchange are completed. Although the VIE is legally owned by the qualified intermediary, the Trust retains essentially all of the legal and economic benefits and obligations related to the VIE (which holds the legal title to the Parked Property prior to the completion of the Reverse 1031 Like-Kind Exchange) and, as its designated manager, has the key decision-making power over the Parked Property. The VIE (including the Parked Property) is included in the Trust’s consolidated financial statements as a consolidated VIE until legal title is transferred to the Trust upon completion of the Reverse 1031 Like-Kind Exchange.
Concentration of Credit Risk	Concentration of Credit Risk Our cash balances are maintained in various bank deposit accounts. The bank deposit amounts in these accounts may exceed federally insured limits at various times throughout the year.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Real Estate Investments	Real Estate Investments Real estate investments are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. The Trust allocates the purchase price of each acquired investment property accounted for as an asset acquisition based upon the relative acquisition date fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, and (v) assumed financing that is determined to be above or below market, if any. Transaction costs related to acquisitions accounted for as asset acquisitions are capitalized as incurred and included as a cost of the building in the accompanying balance sheet. Furniture and fixtures are stated at cost less accumulated depreciation. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for routine maintenance and repairs, which do not add to the value or extend useful lives, are charged to expense as incurred. Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method over the following estimated useful lives: Buildings and improvements 40 years Furniture, fixtures and equipment 5 - 9 years The Trust’s 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. Examples of situations considered to be impairment indicators include, but are not limited to: o a substantial decline or negative cash flows; o continued low occupancy rates; o continued difficulty in leasing space; o significant financially troubled tenants; o a change in plan to sell a property prior to the end of its useful life or holding period; o a significant decrease in market price not in line with general market trends; and o any other quantitative or qualitative events or factors deemed significant by the Trust’s management or Board of Trustees. If the presence of one or more impairment indicators as described above is identified with respect to an investment property, the asset is tested for recoverability by comparing its carrying value to the estimated future undiscounted cash flows. An investment property is considered to be impaired when the estimated future undiscounted cash flows are less than its current carrying value. When performing a test for recoverability or estimating the fair value of an impaired investment property, the Trust makes complex or subjective assumptions which include, but are not limited to: o projected operating cash flows considering factors such as vacancy rates, rental rates, lease terms, tenant financial strength, demographics, holding period and property location; o projected capital expenditures; o projected cash flows from the eventual disposition of an operating property using a property specific capitalization rate; o comparable selling prices; and o property specific discount rates for fair value estimates as necessary. To the extent impairment has occurred, the Trust will record an impairment charge calculated as the excess of the carrying value of the asset over its fair value for impairment of real estate investments. Based on evaluation, there were was one impairment loss of $561 during the year ended December 31, 2022. There were no impairment losses during the years ended December 2021 and 2020.
Cash and Cash Equivalents and Restricted Deposits	Cash and Cash Equivalents and Restricted Deposits We classify highly liquid investments with a maturity of three months or less when purchased as cash equivalents. certain properties to be used for future building renovations or tenant improvements. As of December 31, 2022 and December 31, 2021, the Trust did not hold any U.S. Treasury Bills ‘Securities’ in cash and cash equivalents. As of December 31, 2022, all U.S. Treasury Bills are classified as Level 1 investments in the fair value hierarchy.
Investments in U.S. Treasury Bills	Investments in U.S. Treasury Bills Treasury Bills are short-term debt obligations with maturities of one year or less issued by the U.S. Treasury Department and backed by the U.S. Government. Treasury Bills yield no interest, but are issued at a discount to the redemption price. We classify our investments in U.S. Treasury Bills as investments in securities. We use quoted market prices to determine the fair value of our investments in U.S. Treasury Bills.
Investment in Unconsolidated Affiliates	Investment in Unconsolidated Affiliates We account for unconsolidated affiliates using the equity method of accounting per guidance established under ASC 323, Investments – Equity Method and Joint Ventures (“ASC 323”). The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for our share of equity in the affiliates’ earnings (losses), contributions and distributions. We evaluate the carrying amount of the investments for impairment in accordance with ASC 323. Unconsolidated affiliates are reviewed for potential impairment if the carrying amount of the investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether impairment is other-than-temporary, we consider whether we have the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an affiliate for potential impairment can require our management to exercise significant judgments. No impairment losses were recorded related to the unconsolidated affiliates for the years ended December 31, 2022, 2021 and 2020.
Other Assets	Other Assets Other assets are comprised of the following as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 (in thousands) Due from related party $ 50 $ 336 Accounts receivable, net 5,821 5,342 Insurance claim receivable 3,846 145 Fair value of interest rate swap 13,782 698 Other assets 181 192 Financing fees, less accumulated amortization 86 18 Lease costs, less accumulated amortization 1,799 2,065 Prepaid expenses 1,747 1,506 Total other assets, net $ 27,312 $ 10,302
Note receivable	Note receivable, Notes receivable are issued periodically and are secured and interest bearing. The Trust has one note receivable for a commercial tenant bearing a 6.5% per annum interest rate which matures in 2025.
Accrued Expenses and Other liabilities	Accrued Expenses and Other liabilities Accrued Expenses and other liabilities are comprised of the following as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 (in thousands) Special assessments payable $ 647 $ 690 Due to related party 1,408 473 Accounts payable - trade 2,340 3,272 Retainage payable 3 86 Fair value of interest rate swap — 1,648 Deferred insurance proceeds 2 476 Accrued interest expense 1,318 1,323 Accrued real estate taxes 7,275 6,653 Accrued unearned rent 2,936 3,055 Other liabilities 146 928 Total accrued expenses and other liabilities $ 16,075 $ 18,604
Debt Issuance Costs	Debt Issuance Costs We amortize external debt issuance costs related to notes and mortgage notes using the effective interest rate method, over the life term of the related debt. We record debt issuance costs net of amortization, on our consolidated balance sheets as an offset to their related debt. We record debt issuance costs related to revolving lines of credit as financing fees in other assets, regardless of whether a balance on the line of credit is outstanding. We record the amortization of all debt issuance costs as interest expense.
Noncontrolling Interest	Noncontrolling Interest A noncontrolling interest in a subsidiary (minority interest) is in most cases an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest, and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and other comprehensive income. Operating Partnership: Interests in the operating partnership held by limited partners are represented by operating partnership units. The operating partnership’s income is allocated to holders of units based upon the ratio of their holdings to the total units outstanding during the period. Capital contributions, distributions, syndication costs, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the operating partnership agreement. Partially Owned Properties: The Trust reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Trust that are not wholly owned by the Trust. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interest in partially owned properties in the consolidated statements of operations and other comprehensive income.
Federal Income Taxes	Federal Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code, as amended. A REIT calculates taxable income like other domestic corporations, with the major difference being a REIT is entitled to a deduction for dividends paid. A REIT is generally required to distribute each year at least 90% of its taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate tax on such income. REIT shareholders are taxed on REIT distributions similar to corporate distributions. A summary of the tax characterization of the dividends paid to shareholders of the Company’s common stock for the years ended December 31, 2022, 2021 and 2020 follows: Tax Year Ended December 31, Dividend % Dividend % Dividend % 2022 2022 2021 2021 2020 2020 Tax status Ordinary income $ 0.6374 55.43 % $ 0.9833 92.76 % $ 0.8994 84.95 % Capital gain — — % 0.0767 7.24 % — — % Return of capital 0.5126 44.57 % — — % 0.1593 15.05 % $ 1.1500 100.00 % $ 1.0600 100.00 % $ 1.0587 100.00 % We intend to continue to qualify as a REIT and, provided we maintain such status, will not be taxed on the portion of the income that is distributed to shareholders. In addition, we intend to distribute all our taxable income; therefore, no provisions or liabilities for income taxes have been recorded in the consolidated financial statements. Sterling conducts its business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through its Operating Partnership – Sterling Properties, LLLP. The Operating Partnership is organized as a limited liability limited partnership. Income or loss is allocated to the partners in accordance with the provisions of the Internal Revenue Code 704(b) and 704(c). UPREIT status allows non-recognition of gain by an owner of appreciated real estate if that owner contributes the real estate to a partnership in exchange for a partnership interest. The conversion of a partnership interest to shares of beneficial interest in the REIT will be a taxable event to the limited partner. We follow ASC Topic 740, Income Taxes, The operating partnership has elected to record related interest and penalties, if any, as income tax expense on the consolidated statements of operations and other comprehensive income.
Revenue Recognition	Revenue Recognition We record base rents on a straight-line basis. The monthly base rent income according to the terms of our leases is adjusted with the purpose that average monthly rent is recorded for each tenant over the term of its lease. The straight-line rent adjustment increased revenue by $302 and $550 for the years ended December 31, 2022 and 2021, respectively. The straight-line receivable balance included in receivables on the consolidated balance sheets as of December 31, 2022 and 2021, was $3,756 and $3,569, respectively. We receive payments for expense reimbursements from substantially all our multi-tenant commercial tenants throughout the year based on estimated. The Trust is the lessor for its residential and commercial leases. Leases are analyzed on an individual basis to determine lease classification. As of December 31, 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 as of December 31, 2022, 2021 and 2020 and therefore, basic earnings per common share was equal to diluted earnings per common share for both periods. As the calculation does not include net income attributable to the Operating Partnership, Operating Partnership Units are not included in the calculation, and does not have any impact on earnings per share. For the years ended December 31, 2022, 2021 and 2020, Sterling’s denominators for the basic and diluted earnings per common share were approximately 10,632,000 , 10,160,000 , and 9,694,000 , respectively.
Reclassifications	Reclassifications Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year’s presentation. These reclassifications have not changed the results of operations or equity.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying Consolidated Financial Statements.

PRINCIPAL ACTIVITY AND SIGNIF_3

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Summary of Estimated Useful Life	Buildings and improvements 40 years Furniture, fixtures and equipment 5 - 9 years
Schedule of other assets	December 31, 2022 December 31, 2021 (in thousands) Due from related party $ 50 $ 336 Accounts receivable, net 5,821 5,342 Insurance claim receivable 3,846 145 Fair value of interest rate swap 13,782 698 Other assets 181 192 Financing fees, less accumulated amortization 86 18 Lease costs, less accumulated amortization 1,799 2,065 Prepaid expenses 1,747 1,506 Total other assets, net $ 27,312 $ 10,302
Schedule of accrued expenses and other liabilities	December 31, 2022 December 31, 2021 (in thousands) Special assessments payable $ 647 $ 690 Due to related party 1,408 473 Accounts payable - trade 2,340 3,272 Retainage payable 3 86 Fair value of interest rate swap — 1,648 Deferred insurance proceeds 2 476 Accrued interest expense 1,318 1,323 Accrued real estate taxes 7,275 6,653 Accrued unearned rent 2,936 3,055 Other liabilities 146 928 Total accrued expenses and other liabilities $ 16,075 $ 18,604
Schedule of Tax Status	Tax Year Ended December 31, Dividend % Dividend % Dividend % 2022 2022 2021 2021 2020 2020 Tax status Ordinary income $ 0.6374 55.43 % $ 0.9833 92.76 % $ 0.8994 84.95 % Capital gain — — % 0.0767 7.24 % — — % Return of capital 0.5126 44.57 % — — % 0.1593 15.05 % $ 1.1500 100.00 % $ 1.0600 100.00 % $ 1.0587 100.00 %

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
SEGMENT REPORTING (Tables)	Dec. 31, 2022
SEGMENT REPORTING
Summary of Segment Revenues and Net Operating Income	Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Residential Commercial Total Residential Commercial Total Residential Commercial Total (in thousands) (in thousands) (in thousands) Income from rental operations $ 113,968 $ 21,092 $ 135,060 $ 107,284 $ 22,040 $ 129,324 $ 98,576 $ 26,040 $ 124,616 Expenses from rental operations 64,647 6,491 71,138 57,454 7,315 64,769 52,686 6,883 59,569 Net operating income $ 49,321 $ 14,601 $ 63,922 $ 49,830 $ 14,725 $ 64,555 $ 45,890 $ 19,157 $ 65,047 Depreciation and amortization 24,679 22,203 21,214 Interest 19,994 18,142 17,097 Administration of REIT 5,247 4,381 4,217 Other income (10,530) (4,609) (4,461) Net income $ 24,532 $ 24,438 $ 26,980
Summary of Segment Assets and Accumulated Depreciation	As of December 31, 2022 Residential Commercial Total (in thousands) Real estate investments $ 779,424 $ 191,724 $ 971,148 Accumulated depreciation (147,115) (47,734) (194,849) Total real estate investments, net $ 632,309 $ 143,990 $ 776,299 Lease intangible assets, less accumulated amortization 839 4,451 5,290 Cash and cash equivalents 3,257 Restricted deposits 9,323 Investment in securities 29,371 Investment in unconsolidated affiliates 29,423 Notes receivable 8,448 Other assets, net 27,312 Total Assets $ 888,723 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 Lease 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)	12 Months Ended
RESTRICTED DEPOSITS AND FUNDED RESERVES (Tables)	Dec. 31, 2022
RESTRICTED DEPOSITS AND FUNDED RESERVES
Schedule of restricted deposits	As of December 31, As of December 31, 2022 2021 (in thousands) Tenant security deposits $ 6,242 $ 5,165 Real estate tax and insurance escrows 1,336 1,355 Replacement reserves 1,745 1,791 Other funded reserves — 838 $ 9,323 $ 9,149

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED AFFILIATES (Tables)	12 Months Ended
INVESTMENT IN UNCONSOLIDATED AFFILIATES (Tables)	Dec. 31, 2022
INVESTMENT IN UNCONSOLIDATED AFFILIATES
Schedule of investments in unconsolidated real estate ventures	Total Investment in Unconsolidated Affiliates at Unconsolidated Affiliates Date Acquired Trust Ownership Interest December 31, 2022 December 31, 2021 Banner Building 2007 66.67% $ (614) $ 60 Grand Forks INREIT, LLC 2003 50% 4,961 2,493 SE Savage, LLC 2019 60% 1,660 2,946 SE Maple Grove, LLC 2019 60% 1,836 2,823 SE Rogers, LLC 2020 60% 2,413 2,986 ST Oak Cliff, LLC 2021 70% 9,098 4,324 SE Brooklyn Park, LLC 2021 60% 2,914 3,026 SE Fossil Creek, LLC 2022 70% 7,155 - $ 29,423 $ 18,658
Schedule of financial information of unconsolidated entities	The following is a summary of the financial position of the unconsolidated affiliates at December 31, 2022 and 2021. December 31, 2022 December 31, 2021 (in thousands) ASSETS Real estate investments $ 218,747 $ 134,839 Accumulated depreciation (16,490) (10,940) 202,257 123,899 Cash and cash equivalents 3,093 1,131 Restricted deposits 1,034 650 Intangible assets, less accumulated amortization 542 41 Other assets, net 827 909 Total Assets $ 207,753 $ 126,630 LIABILITIES Mortgage notes payable, net $ 152,246 $ 87,996 Tenant security deposits payable 192 108 Accrued expenses and other liabilities 8,217 8,029 Total Liabilities $ 160,655 $ 96,133 SHAREHOLDERS' EQUITY Total Shareholders' Equity $ 47,098 $ 30,497 Total liabilities and shareholders' equity $ 207,753 $ 126,630 The following is a summary of results of operations of the unconsolidated affiliates for the years ended the years ended December 31, 2022, 2021 and 2020. The year ended December 31, 2022 2021 2020 (in thousands) Income from rental operations $ 9,545 $ 4,746 $ 3,001 Expenses from rental operations 3,668 1,632 928 Net operating income $ 5,877 $ 3,114 $ 2,073 Depreciation and Amortization 5,678 1,248 688 Interest 4,148 2,275 970 Other Income (91) - (24) Net (loss) income $ (3,858) $ (409) $ 439

LEASE INTANGIBLES (Tables)

LEASE INTANGIBLES (Tables)	12 Months Ended
LEASE INTANGIBLES (Tables)	Dec. 31, 2022
LEASE INTANGIBLES
Schedule of Intangible Assets and Liabilities and Accumulated Amortization	Lease Accumulated Lease As of December 31, 2022 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 15,528 $ (10,960) $ 4,568 Above-market leases 1,897 (1,175) 722 $ 17,425 $ (12,135) $ 5,290 Lease Intangible Liabilities Below-market leases $ (2,379) $ 1,733 $ (646) 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 of Lease Intangible Assets and Liabilities	Intangible Intangible Years ending December 31, Assets Liabilities (in thousands) 2023 $ 1,597 $ 151 2024 757 151 2025 757 151 2026 606 80 2027 498 42 Thereafter 1,075 71 $ 5,290 $ 646

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
NOTES PAYABLE (Tables)	Dec. 31, 2022
NOTES PAYABLE.
Schedule of Mortgage Notes Payable	Principal Balance At December 31, December 31, 2022 2021 (in thousands) Fixed rate mortgage notes payable (a) $ 508,305 $ 490,413 Variable rate mortgage notes payable - 5,237 Mortgage notes payable 508,305 495,650 Less unamortized debt issuance costs 2,138 2,508 $ 506,167 $ 493,142 (a) Includes $106,033 and $108,734 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2022 and 2021, respectively.
Scheduled Maturities of Mortgage Notes Payable	Years ending December 31, Amount (in thousands) 2023 $ 53,341 2024 22,376 2025 53,130 2026 45,546 2027 77,845 Thereafter 256,067 Total payments $ 508,305

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	12 Months Ended
DERIVATIVES AND HEDGING ACTIVITIES (Tables)	Dec. 31, 2022
DERIVATIVES AND HEDGING ACTIVITIES
Schedule of interest rate swaps	The following table summarizes the Trust’s interest rate swaps designated as cash flow hedges as of December 31, 2022: Fixed Effective Date Notional Interest Rate Maturity Date November 1, 2019 $ 6,575 3.15% November 1, 2029 November 1, 2019 $ 4,572 3.28% November 1, 2029 January 10, 2020 $ 2,979 3.39% January 10, 2030 July 1, 2020 $ 4,743 2.79% June 10, 2030 December 2, 2020 $ 12,362 2.91% December 2, 2027 July 1, 2021 $ 25,678 2.99% July 1, 2031 November 10, 2021 $ 28,047 3.54% August 1, 2029 December 1, 2021 $ 10,813 3.32% December 1, 2031 August 15, 2022 $ 1,491 3.07% June 15, 2030 August 15, 2022 $ 2,888 3.07% June 15, 2030 August 15, 2022 $ 1,614 2.94% June 15, 2030 August 15, 2022 $ 4,271 2.94% June 15, 2030 The following table summarizes the Company’s interest rate swaps that were designated as cash flow hedges of interest rate risk: Number of Instruments Notional Interest Rate Derivatives December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Interest rate swaps 12 12 $ 106,033 $ 108,734
Schedule of the estimated fair value of derivatives	Derivatives designated as December 31, 2022 December 31, 2021 cash flow hedges: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other assets, net $ 13,782 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 $ (14,732) Interest expense $ 94 2021 2021 Interest rate swaps $ (855) Interest expense $ 670

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
FAIR VALUE MEASUREMENT (Tables)	Dec. 31, 2022
FAIR VALUE MEASUREMENT
Carrying Value and Estimated Fair Value of Company's Financial Instruments	December 31, 2022 December 31, 2021 Carrying Carrying Value Fair Value Value Fair Value (in thousands) Financial assets: Investment in securities $ 29,371 $ 29,371 $ — $ — Notes receivable $ 8,448 $ 9,789 $ 7,457 $ 9,840 Derivative assets $ 13,782 $ 13,782 $ 698 $ 698 Financial liabilities: Mortgage notes payable $ 508,305 $ 466,245 $ 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) December 31, 2022 Derivative assets $ — $ 13,782 $ — $ 13,782 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) December 31, 2022 U.S. Treasury Bills $ 29,371 $ — $ — $ 29,371 Mortgage notes payable $ — $ — $ 466,245 $ 466,245 Notes receivable $ — $ — $ 9,789 $ 9,789 December 31, 2021 Mortgage notes payable $ — $ — $ 508,285 $ 508,285 Notes receivable $ — $ — $ 9,840 $ 9,840

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Schedule of fees incurred and payable to Advisor	Year Ended December 31, 2022 2021 2020 (in thousands) Fee: Advisory $ 3,683 $ 3,348 $ 3,116 Acquisition $ 1,321 $ 375 $ 708 Disposition $ 703 $ 146 $ 319 Financing $ 83 $ 224 $ 133 Project Management $ 450 $ 572 $ 365 The below table summarizes the fees payable to our Advisor. Payable at December 31, December 31, 2022 2021 (in thousands) Fee: Advisory $ 632 $ 296 Acquisition $ 387 $ - Development $ - $ 79 Disposition $ 72 $ - Financing $ - $ 38 Project Management $ 12 $ 98

RENTALS UNDER OPERATING LEASE_2

RENTALS UNDER OPERATING LEASES / RENTAL INCOME (Tables)	12 Months Ended
RENTALS UNDER OPERATING LEASES / RENTAL INCOME (Tables)	Dec. 31, 2022
RENTALS UNDER OPERATING LEASES / RENTAL INCOME
Schedule of lease Income related to the Company's operating leases	Year ended December 31, 2022 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 109,769 $ 16,091 $ 125,860 Lease income related to variable lease payments — 4,510 4,510 Other (a) (804) 332 (472) Lease Income (b) $ 108,965 $ 20,933 $ 129,898 (a) For the year ended December 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 year ended December 31, 2022, of $5,162 , which is accounted for under the revenue recognition standard. Year ended December 31, 2021 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 103,039 $ 16,490 $ 119,529 Lease income related to variable lease payments — 4,576 4,576 Other (c) (538) 630 92 Lease Income (d) $ 102,501 $ 21,696 $ 124,197 (c) For the year ended December 31, 2021, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements. (d) Excludes other rental income for the year ended December 31, 2021, of $5,127 , which is accounted for under the revenue recognition standard.
Schedule of future minimum rental income	Years ending December 31, Amount (in thousands) 2023 $ 15,216 2024 14,940 2025 14,556 2026 13,156 2027 11,719 Thereafter 42,734 $ 112,321

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
ACQUISITIONS (Tables)	Dec. 31, 2022
ACQUISITIONS
Schedule of acquisition date fair values, before prorations recorded in conjunction with acquisitions	Year Ended December 31, 2022 2021 2020 Real estate investment acquired $ 93,515 $ 39,344 $ 29,775 Acquired lease intangible assets 1,732 - 46 Assumed Assets 3 23 38 Total Assets Acquired $ 95,250 $ 39,367 $ 29,859 Other liabilities (406) (569) (6,189) Net assets acquired 94,844 38,798 23,670 Equity/limited partnership unit consideration (12,870) (2,883) (10,293) Net cash consideration $ 81,974 $ 35,915 $ 13,377
Real Estate Property Acquisitions 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 5/31/22 Desoto Estates Grand Forks, ND Apartment Complex 68 units 5,863 5/31/22 Desoto Townhomes Grand Forks, ND Townhomes 24 units 3,226 5/31/22 Desoto Apartments East Grand Forks, MN Apartment Complex 24 units 1,230 6/10/22 Diamond Bend Mandan, ND Apartment Complex 78 units 10,919 9/13/22 Newgate Apartments Bismarck, ND Apartment Complex 46 units 2,444 12/1/22 Chandler 1898 Grand Forks, ND Apartment Complex 12 units 498 12/29/22 Prose Fossil Creek Fort Worth, TX Apartment Complex 270 units 55,591 $ 94,844
Real Estate Property Acquisitions 2021
ACQUISITIONS
Schedule of acquisitions	Date Property Name Location Property Type Units/ Square Footage/ Acres Purchase Price 6/1/21 Flagstone Fargo, ND Apartment Complex 120 units $ 7,723 6/1/21 Brownstone Fargo, ND Apartment Complex 72 units 4,362 6/1/21 Briar Pointe Fargo, ND Apartment Complex 30 units 1,929 7/1/21 Oxford Fargo, ND Apartment Complex 144 units 10,066 7/1/21 Pinehurst Fargo, ND Apartment Complex 210 units 14,718 $ 38,798
Real Estate Property Acquisitions 2020
ACQUISITIONS
Schedule of acquisitions	Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price 1/12/20 Wolf Creek Fargo, ND Apartment complex 54 units $ 5,227 1/31/20 Columbia Park Village Grand Forks, ND Apartment complex 12 units 642 3/1/20 Belmont East & West Bismarck, ND Apartment complex 5,348 sq. ft. 1,568 3/1/20 Eastbrook Bismarck, ND Apartment complex 24 units 1,358 3/1/20 Hawn Fargo, ND Apartment complex 48 units 2,524 3/1/20 Rosser Bismarck, ND Apartment complex 24 units 1,359 8/28/20 Trustmark (a) Fargo, ND Office building units 6,588 9/15/20 Foxtail Townhomes Fargo, ND Apartment complex 30 units 1,434 12/17/20 Evergreen Terrace Omaha, NE Apartment complex 144 units 2,970 $ 23,670

Organization - Additional Infor

Organization - Additional Information (Details)	Dec. 31, 2022	Dec. 31, 2021
ORGANIZATION
Ownership in operating partnership (as a percent)	36.60%	36.22%

Principal Activity and Signif_4

Principal Activity and Significant Accounting Policies - Principles of Consolidation (Details)	Dec. 31, 2022	Dec. 31, 2021
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Ownership in operating partnership (as a percent)	36.60%	36.22%

Principal Activity and Signif_5

Principal Activity and Significant Accounting Policies - Real Estate Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate Investments
Loss on impairment of property	$ 561	$ 0	$ 0
Impairment losses related to the unconsolidated affiliates	$ 0	$ 0	$ 0
Building and improvements
Real Estate Investments
Estimated useful life	40 years
Furniture and fixtures \| Minimum
Real Estate Investments
Estimated useful life	5 years
Furniture and fixtures \| Maximum
Real Estate Investments
Estimated useful life	9 years

Principal Activity and Signif_6

Principal Activity and Significant Accounting Policies - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Due from related party	$ 50	$ 336
Accounts receivable, net	5,821	5,342
Insurance claim receivable	3,846	145
Fair value of interest rate swap	13,782	698
Other assets	181	192
Financing fees, less accumulated amortization	86	18
Lease costs, less accumulated amortization	1,799	2,065
Prepaid expenses	1,747	1,506
Other Assets, Total	$ 27,312	$ 10,302

Principal Activity and Signif_7

Principal Activity and Significant Accounting Policies - Note receivable (Details)	Dec. 31, 2022 item
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Interest rate (as a percent)	6.50%
Number of note receivable	1

Principal Activity and Signif_8

Principal Activity and Significant Accounting Policies - Accrued Expenses and Other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Special assessments payable	$ 647	$ 690
Due to related party	1,408	473
Accounts payable - trade	2,340	3,272
Retainage payable	3	86
Fair value of interest rate swap		1,648
Deferred insurance proceeds	2	476
Accrued interest expense	1,318	1,323
Accrued real estate taxes	7,275	6,653
Accrued unearned rent	2,936	3,055
Other liabilities	146	928
Total accrued expenses and other liabilities	$ 16,075	$ 18,604

Principal Activity and Signif_9

Principal Activity and Significant Accounting Policies - Federal Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Taxable income to be distributed	90%
Retainable taxable income	10%
Tax characterization of dividends paid
Ordinary income	$ 0.6374	$ 0.9833	$ 0.8994
Capital Gain		0.0767
Return of capital	0.5126		0.1593
Total	$ 1.1500	$ 1.0600	$ 1.0587
Ordinary income (as a percent)	55.43%	92.76%	84.95%
Capital Gain (as a percent)		7.24%
Return of capital (as a percent)	44.57%		15.05%
Total (as a percent)	100%	100%	100%
Provisions or liabilities for income taxes	$ 0

Principal Activity and Signi_10

Principal Activity and Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue Recognition
(Decrease)/Increase in revenue due to straight - line adjustment	$ 302	$ 550
Straight - line receivable	$ 3,756	$ 3,569

Principal Activity and Signi_11

Principal Activity and Significant Accounting Policies - Earnings Per Common Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings per Common Share
Dilutive potential common shares	0	0	0
Weighted average common shares outstanding, basic	10,632,000	10,160,000	9,694,000
Weighted average common shares outstanding, diluted	10,632,000	10,160,000	9,694,000

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2022 segment
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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEGMENT REPORTING
Income from rental operations	$ 135,060	$ 129,324	$ 124,616
Expenses from rental operations	71,138	64,769	59,569
Net operating income	63,922	64,555	65,047
Depreciation and amortization	24,679	22,203	21,214
Interest	19,994	18,142	17,097
Administration of REIT	5,247	4,381	4,217
Other income	(10,530)	(4,609)	(4,461)
Net (loss) income	24,532	24,438	26,980
Residential
SEGMENT REPORTING
Income from rental operations	113,968	107,284	98,576
Expenses from rental operations	64,647	57,454	52,686
Net operating income	49,321	49,830	45,890
Commercial
SEGMENT REPORTING
Income from rental operations	21,092	22,040	26,040
Expenses from rental operations	6,491	7,315	6,883
Net operating income	$ 14,601	$ 14,725	$ 19,157

Segment Reporting - Summary o_2

Segment Reporting - Summary of Segment Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEGMENT REPORTING
Real estate investments	$ 971,148	$ 896,702	$ 845,288	$ 802,028
Accumulated depreciation	(194,849)	(179,155)	(160,575)	$ (146,316)
Total real estate investments, net	776,299	717,547
Lease intangible assets, less accumulated amortization	5,290	6,246
Cash and cash equivalents	3,257	51,507	11,716
Restricted deposits	9,323	9,149	$ 15,919
Investment in securities	29,371
Investment in unconsolidated affiliates	29,423	18,658
Notes receivable	8,448	7,457
Other assets, net	27,312	10,302
Other assets, net		10,302
Total Assets	888,723	820,866
Residential
SEGMENT REPORTING
Real estate investments	779,424	692,722
Accumulated depreciation	(147,115)	(133,100)
Total real estate investments, net	632,309	559,622
Lease intangible assets, less accumulated amortization	839
Commercial
SEGMENT REPORTING
Real estate investments	191,724	203,980
Accumulated depreciation	(47,734)	(46,055)
Total real estate investments, net	143,990	157,925
Lease intangible assets, less accumulated amortization	$ 4,451	$ 6,246

Restricted Deposits And Funde_3

Restricted Deposits And Funded Reserves - Summary of Restricted Deposits and Funded Reserves (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
RESTRICTED DEPOSITS AND FUNDED RESERVES
Tenant security deposits	$ 6,242	$ 5,165
Real estate tax and insurance escrows	1,336	1,355
Replacement reserves	1,745	1,791
Other funded reserves		838
Restricted deposits, Total	$ 9,323	$ 9,149	$ 15,919

Investment in Unconsolidated _3

Investment in Unconsolidated Affiliates - Total investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Aug. 25, 2021
Investment in Unconsolidated Affiliates
Investment in unconsolidated affiliates	$ 29,423	$ 18,658
ST Oak Cliff, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)			70%
Operating Partnership
Investment in Unconsolidated Affiliates
Investment in unconsolidated affiliates	$ 29,423	18,658
Operating Partnership \| Banner Building
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	66.67%
Investment in unconsolidated affiliates		60
Investment in unconsolidated affiliates	$ (614)
Operating Partnership \| Grand Forks Market Place Retail Center
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	50%
Investment in unconsolidated affiliates	$ 4,961	2,493
Operating Partnership \| SE Savage, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60%
Investment in unconsolidated affiliates	$ 1,660	2,946
Operating Partnership \| SE Maple Grove, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60%
Investment in unconsolidated affiliates	$ 1,836	2,823
Operating Partnership \| SE Rogers
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60%
Investment in unconsolidated affiliates	$ 2,413	2,986
Operating Partnership \| ST Oak Cliff, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	70%
Investment in unconsolidated affiliates	$ 9,098	4,324
Operating Partnership \| SE Brooklyn Park, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60%
Investment in unconsolidated affiliates	$ 2,914	$ 3,026
Operating Partnership \| SE Fossil Creek, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	70%
Investment in unconsolidated affiliates	$ 7,155

Investment in Unconsolidated _4

Investment in Unconsolidated Affiliates - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 25, 2021 item
SE Savage, LLC \| First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	$ 30,726	$ 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	3,643	727
SE Rogers
Investment in Unconsolidated Affiliates
Assets of unconsolidated investee	32,864	22,847
Mortgage balance	23,409
SE Rogers \| First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	25,742	15,688
ST Oak Cliff, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)			70%
Number of units \| item			318
Assets of unconsolidated investee	40,404	7,394
Mortgage balance	0
SE Brooklyn Park, LLC
Investment in Unconsolidated Affiliates
Assets of unconsolidated investee	30,490	5,478
SE Brooklyn Park, LLC \| First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	24,448	0
Sterling Properties LLLP \| Second Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	2,938
SE Fossil Creek, LLC
Investment in Unconsolidated Affiliates
Assets of unconsolidated investee	$ 11,083
Operating Partnership \| Banner Building
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	66.67%
Mortgage balance	$ 6,951	6,329
Operating Partnership \| Grand Forks Market Place Retail Center
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	50%
Percentage of interest	100%
Mortgage balance	$ 9,520	$ 9,794
Operating Partnership \| SE Savage, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60%
Operating Partnership \| SE Maple Grove, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60%
Operating Partnership \| SE Rogers
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60%
Operating Partnership \| ST Oak Cliff, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	70%
Operating Partnership \| SE Brooklyn Park, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60%
Operating Partnership \| Sterling Properties LLLP
Investment in Unconsolidated Affiliates
Cash contribution	$ 9,300
Operating Partnership \| SE Fossil Creek, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	70%
Cash contribution	$ 7,190

Investment in Unconsolidated _5

Investment in Unconsolidated Affiliates - Summary of financial position (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Real estate investments	$ 971,148	$ 896,702	$ 845,288	$ 802,028
Accumulated depreciation	(194,849)	(179,155)	(160,575)	(146,316)
Total real estate investments, net	776,299	717,547
Cash and cash equivalents	3,257	51,507	11,716
Restricted deposits	9,323	9,149	15,919
Intangible assets, less accumulated amortization	5,290	6,246
Other assets, net	27,312	10,302
Total Assets	888,723	820,866
LIABILITIES
Tenant security deposits payable	6,368	5,225
Accrued expenses and other liabilities	16,075	18,604
Total Liabilities	565,257	525,349
SHAREHOLDERS' EQUITY
Total Shareholders' Equity	323,466	295,517	$ 291,528	$ 279,047
Total liabilities and shareholders' equity	888,723	820,866
Unconsolidated Affiliates
ASSETS
Real estate investments	218,747	134,839
Accumulated depreciation	(16,490)	(10,940)
Total real estate investments, net	202,257	123,899
Cash and cash equivalents	3,093	1,131
Restricted deposits	1,034	650
Intangible assets, less accumulated amortization	542	41
Other assets, net	827	909
Total Assets	207,753	126,630
LIABILITIES
Mortgage notes payable, net	152,246	87,996
Tenant security deposits payable	192	108
Accrued expenses and other liabilities	8,217	8,029
Total Liabilities	160,655	96,133
SHAREHOLDERS' EQUITY
Total Shareholders' Equity	47,098	30,497
Total liabilities and shareholders' equity	$ 207,753	$ 126,630

Investment in Unconsolidated _6

Investment in Unconsolidated Affiliates - Summary of results of operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment in Unconsolidated Affiliates
Income from rental operations	$ 135,060	$ 129,324	$ 124,616
Expenses from rental operations	115,811	105,114	97,880
Income from operations	13,441	19,829	22,519
Depreciation and amortization	24,679	22,203	21,214
Interest	19,994	18,142	17,097
Other Income	1,293	1,935	455
Net (loss) income	24,532	24,438	26,980
Unconsolidated Affiliates
Investment in Unconsolidated Affiliates
Income from rental operations	9,545	4,746	3,001
Expenses from rental operations	3,668	1,632	928
Income from operations	5,877	3,114	2,073
Depreciation and amortization	5,678	1,248	688
Interest	4,148	2,275	970
Other Income	(91)		(24)
Net (loss) income	$ (3,858)	$ (409)	$ 439

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Intangible Assets and Liabilities and Accumulated Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets
Lease Intangibles	$ 17,425	$ 18,072
Accumulated Amortization	(12,135)	(11,826)
Total	5,290	6,246
Intangible Liabilities
Below-market lease	(2,379)	(2,525)
Below-market lease, accumulated amortization	1,733	1,714
Below-market lease, net	(646)	(811)
Amortization expense	2,518	1,285	$ 1,418
Amortization of Below Market Lease	164	183	213
In-place leases
Intangible Assets
Lease Intangibles	15,528	15,455
Accumulated Amortization	(10,960)	(10,381)
Total	4,568	5,074
Above-market leases
Intangible Assets
Lease Intangibles	1,897	2,617
Accumulated Amortization	(1,175)	(1,445)
Total	722	1,172
Intangible Liabilities
Amortization expense	$ 145	$ 154	$ 186

Lease Intangibles - Schedule _2

Lease Intangibles - Schedule of Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets
2023	$ 1,597
2024	757
2025	757
2026	606
2027	498
Thereafter	1,075
Total	5,290	$ 6,246
Intangible Liabilities
2023	151
2024	151
2025	151
2026	80
2027	42
Thereafter	71
Total	$ 646	$ 811
Amortization period	2 years 10 months 24 days

Lines of Credit - Additional In

Lines of Credit - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property item	Dec. 31, 2021 USD ($) property
Lines of Credit
Line of credit outstanding	$ 1,008
Number of properties out of compliance with debt covenant \| property	0	0
Bremer Bank
Lines of Credit
Number of letters of credit secured \| item	1
Letters of credit total	$ 50
Unused line of credit	8,857
Line of credit outstanding	1,008
Bremer Bank Agreement One
Lines of Credit
Agreed line of credit	$ 4,915
Expiration date	Dec. 01, 2026
Bremer Bank Agreement One \| SOFR
Lines of Credit
Variable interest rate of line of credit	2%
Bremer Bank Agreement Two
Lines of Credit
Agreed line of credit	$ 5,000
Expiration date	Dec. 01, 2026
Bremer Bank Agreement Two \| SOFR
Lines of Credit
Variable interest rate of line of credit	2%

Notes Payable - Summary (Detail

Notes Payable - Summary (Details) $ in Thousands		12 Months Ended
Notes Payable - Summary (Details) $ in Thousands	Dec. 29, 2022 USD ($)	Dec. 31, 2022 USD ($) item loan	Dec. 31, 2021 USD ($) item loan
MORTGAGE NOTES PAYABLE
Long-term debt, gross		$ 508,305
Mortgage Notes Payable
MORTGAGE NOTES PAYABLE
Long-term debt, gross		508,305	$ 495,650
Less unamortized debt issuance costs		2,138	2,508
Long-term debt, net		$ 506,167	$ 493,142
Number of mortgage loans out of compliance \| loan		8	5
Outstanding balance of loans out of compliance, in aggregate		$ 17,687	$ 9,915
Notes Payable to Banks
MORTGAGE NOTES PAYABLE
Face amount of debt	$ 26,500
Notes Payable to Banks \| Prime Rate
MORTGAGE NOTES PAYABLE
Basis reduction on variable rate (as a percent)	1%
Fixed rate mortgage notes payable \| Mortgage Notes Payable
MORTGAGE NOTES PAYABLE
Long-term debt, gross		508,305	490,413
Debt swapped from variable to fixed rate		$ 106,033	$ 108,734
Number of mortgage loans \| item		115	114
Fixed rate mortgage notes payable \| Mortgage Notes Payable \| Minimum
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)		2.43%	2.09%
Fixed rate mortgage notes payable \| Mortgage Notes Payable \| Maximum
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)		6.85%	6.85%
Fixed rate mortgage notes payable \| Mortgage Notes Payable \| Weighted Average
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)		3.79%	3.83%
Variable rate mortgage notes payable \| Mortgage Notes Payable
MORTGAGE NOTES PAYABLE
Long-term debt, gross			$ 5,237
Number of mortgage loans \| item			1
Variable rate mortgage notes payable \| Mortgage Notes Payable \| Weighted Average
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)			2.10%

Notes Payable - Scheduled Matur

Notes Payable - Scheduled Maturities of Mortgage Notes Payable (Details) $ in Thousands	Dec. 31, 2022 USD ($)
NOTES PAYABLE.
2023	$ 53,341
2024	22,376
2025	53,130
2026	45,546
2027	77,845
Thereafter	256,067
Total payments	$ 508,305

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Other (Details) - Interest rate swap $ in Thousands	Dec. 31, 2022 USD ($) instrument	Dec. 31, 2021 instrument
Derivatives and Hedging Activities
Estimated amount to be reclassified over the next 12 months, as a decrease to interest expense \| $	$ 2,311
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	12 Months Ended
	Dec. 31, 2022 USD ($) instrument	Dec. 31, 2021 USD ($) instrument
Interest rate swap
Derivatives and Hedging Activities
Notional amount	$ 106,033	$ 108,734
Number of instruments \| instrument	12	12
Interest Rate Swap, one, November 2029
Derivatives and Hedging Activities
Notional amount	$ 6,575
Fixed interest rate (as a percent)	3.15%
Derivative maturity date	Nov. 01, 2029
Interest Rate Swap, two, November 2029
Derivatives and Hedging Activities
Notional amount	$ 4,572
Fixed interest rate (as a percent)	3.28%
Derivative maturity date	Nov. 01, 2029
Interest Rate Swap, January 2030
Derivatives and Hedging Activities
Notional amount	$ 2,979
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	$ 4,743
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	$ 12,362
Fixed interest rate (as a percent)	2.91%
Derivative maturity date	Dec. 02, 2027
Interest Rate Swap, July 2031
Derivatives and Hedging Activities
Notional amount	$ 25,678
Fixed interest rate (as a percent)	2.99%
Derivative maturity date	Jul. 01, 2031
Interest Rate Swap, August 2029
Derivatives and Hedging Activities
Notional amount	$ 28,047
Fixed interest rate (as a percent)	3.54%
Derivative maturity date	Aug. 01, 2029
Interest Rate Swap, Dec 2031
Derivatives and Hedging Activities
Notional amount	$ 10,813
Fixed interest rate (as a percent)	3.32%
Derivative maturity date	Dec. 01, 2031
Interest Rate Swap, two, June 2030
Derivatives and Hedging Activities
Notional amount	$ 1,491
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	$ 2,888
Fixed interest rate (as a percent)	3.07%
Derivative maturity date	Jun. 15, 2030
Interest Rate Swap, four, June 2030
Derivatives and Hedging Activities
Notional amount	$ 1,614
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	$ 4,271
Fixed interest rate (as a percent)	2.94%
Derivative maturity date	Jun. 15, 2030

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other assets, net
Derivatives and Hedging Activities
Fair value, derivative assets	$ 13,782	$ 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivatives and Hedging Activities
Amount of (Gain)/Loss Recognized in Other Comprehensive Income on Derivatives	$ (14,732)	$ (855)	$ 1,842
Interest expense
Derivatives and Hedging Activities
Amount of (Gain)/Loss Recognized in Other Comprehensive Income on Derivatives	94	670
Interest rate swap
Derivatives and Hedging Activities
Amount of (Gain)/Loss Recognized in Other Comprehensive Income on Derivatives	$ (14,732)	$ (855)

Derivatives and Hedging Activ_7

Derivatives and Hedging Activities - Credit-Risk Related Contingent Features (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Credit-risk-related Contingent Features
Termination value of interest rate derivatives in liability position	$ 0
Termination value of interest rate derivatives in asset position	$ 13,782

Fair Value Measurement - Carryi

Fair Value Measurement - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial assets:
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Net Amount	Other Assets, Net Amount
Financial liabilities:
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities Current And Noncurrent	Accrued Liabilities Current And Noncurrent
Carrying Value
Financial assets:
Investment in securities	$ 29,371
Notes receivable	8,448	$ 7,457
Derivative assets	13,782	698
Financial liabilities:
Mortgage notes payable	508,305	495,650
Derivative liabilities		1,648
Fair Value
Financial assets:
Investment in securities	29,371
Notes receivable	9,789	9,840
Derivative assets	13,782	698
Financial liabilities:
Mortgage notes payable	$ 466,245	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	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurements
Derivative assets	$ 13,782	$ 698
Derivative liabilities		1,648
Level 2
Fair Value Measurements
Derivative assets	$ 13,782	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	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurements
U.S. Treasury Bills	$ 29,371
Mortgage notes payable	466,245	$ 508,285
Notes receivable	9,789	9,840
Level 1
Fair Value Measurements
U.S. Treasury Bills	29,371
Level 3
Fair Value Measurements
Mortgage notes payable	466,245	508,285
Notes receivable	$ 9,789	$ 9,840

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - Measurement Input, Discount Rate	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Minimum
Fair Value Disclosures
Discount rates used to estimate fair value of mortgages and notes payable	5.75	3.25
Receivables, measurement input	3.25	3.25
Maximum
Fair Value Disclosures
Discount rates used to estimate fair value of mortgages and notes payable	6	3.35
Receivables, measurement input	7.25	7.25

Noncontrolling Interest of Un_2

Noncontrolling Interest of Unitholders in Operating Partnership - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest
Distributions per unit	$ 1.1500	$ 1.0600	$ 1.0587
Limited Partnership [Member]
Noncontrolling Interest
Total units	18,730,000	18,212,000
Units converted by limited partners into common shares	0
Operating Partnership
Noncontrolling Interest
Declared distributions	$ 5,385	$ 4,827

Redemption Plans - Additional I

Redemption Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 01, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Redemption plans
Redemption of shares, value		$ 2,077	$ 5,566	$ 3,537
Redemption Plans [Member]
Redemption plans
Amount of securities redemption		55,000
Remaining securities to be redeemed		$ 14,684
Redemption price of securities	$ 21.85		$ 19	$ 18.25
Redemption of shares		53,000	82,000	127,000
Redemption of shares, value		$ 1,155	$ 1,552	$ 2,321
Additional redemption of units		42,000	211,000	66,000
Additional redemption of units, value		$ 922	$ 4,014	$ 1,216

Beneficial Interest - Additiona

Beneficial Interest - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Beneficial Interest
Common shares, outstanding	10,810,000	10,342,000
Preferred shares, outstanding	0	0
Dividends paid	$ 1.1500	$ 1.0600	$ 1.0587
Total Beneficial Interest
Beneficial Interest
Common shares, authorized	100,000,000
Common shares, par value	$ 0.01
Preferred shares, authorized	50,000,000
Preferred shares, par value	$ 0.01

Dividend Reinvestment Plan - Ad

Dividend Reinvestment Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 03, 2020	Jul. 11, 2017	Jul. 20, 2012
DIVIDEND REINVESTMENT PLAN
Common shares to be issued				2,000,000	2,000,000	2,000,000
Minimum percentage of cash dividends	25%
Maximum additional cash purchase of common shares per fiscal quarter	$ 10
Percentage estimated value for dividend reinvestments	95%
Percentage estimated value for additional optional cash purchases	100%
Maximum amount of optional additional shares available for purchase	$ 40
Estimated value per common share	$ 23	$ 20
Purchase price per common share for dividend reinvestments	21.85	19
Purchase price per common share additional optional cash purchases	$ 23	$ 20
Notice period to participants	10 days
Shares issued pursuant to dividend reinvestments	342,000	363,000	356,000
Shares issued pursuant to additional optional cash purchases under the plan	177,000	203,000	187,000

Related Party Transactions - Pr

Related Party Transactions - Property Management and Board of Trustee Fees (Details) - GOLDMARK Property Management - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transactions
Management fee, amount paid	$ 13,833	$ 12,836	$ 12,796
Management fees paid expressed as a percentage of net collected rents	5%
Management fees as percent of net collected rents	$ 5,499	5,271	4,851
Repair and maintenance related payroll and payroll related expenses	$ 7,744	$ 6,536	$ 6,549

Related Party Transactions - Ad

Related Party Transactions - Advisory Agreement and Other (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) employee shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Aug. 25, 2021 item
Related Party Transactions
Number of paid employees \| employee	0
Received reimbursement for expenses paid	$ 0	$ 1,000,000	$ 0
Operation receivables outstanding	50,000	336,000
Rental income	125,860,000	119,529,000
Interest income	350,000	212,000	0
Costs and expenditures incurred due to construction in progress	207,000	276,000	240,000
Operational liabilities outstanding	0	128,000
Due to related party	1,408,000	473,000
Outstanding receivable from related party	50,000	336,000
Insurance receivable	3,846,000	145,000
Tenant improvement costs associated with lease agreement		2,782,000
Tenant improvement costs			0
Due to related parties tenant improvement costs		0
Mezzanine Financing
Related Party Transactions
Loan to related party	5,854,000	6,855,000
Sterling Management, LLC
Related Party Transactions
Advisory management fees	3,683,000	3,348,000	3,116,000
Advisory management fees outstanding	632,000	296,000
Acquisition fees	1,321,000	375,000	708,000
Acquisition fees outstanding	387,000
Development fees outstanding		79,000
Disposition fees	703,000	146,000	319,000
Disposition fees outstanding	72,000
Financing fees	83,000	224,000	133,000
Financing fees outstanding		38,000
Project management fee	450,000	572,000	365,000
Project management fee outstanding	12,000	98,000
Rental income	130,000	106,000	85,000
GOLDMARK Property Management
Related Party Transactions
Real estate commissions	418,000	217,000	308,000
Real estate commissions outstanding	92,000	0	0
Rental income	267,000	294,000	268,000
GOLDMARK Commercial Real Estate
Related Party Transactions
Real estate commissions	567,000	312,000	633,000
Real estate commissions outstanding	183,000	0	0
Rental income	$ 0	19,000	$ 57,000
Entity Affiliated With Messrs Regan and Wieland
Related Party Transactions
Number of operating partnership (OP) units issued in connection with the acquisition of various properties \| shares	510,000		208,000
Value of operating partnership (OP) units issued in connection with the acquisition of various properties	$ 11,741,000		$ 4,671,000
Trumont Group, LLC
Related Party Transactions
Development fee	411,000	256,000	0
Development fees outstanding		51,000
Trumont Construction, LLC
Related Party Transactions
Construction fees	799,000	71,000	0
Construction fees payable	71,000	29,000
General construction costs	639,000	41,000	0
General construction costs payable	81,000	0
Bell Bank
Related Party Transactions
Rental income	859,000	404,000	484,000
Outstanding on principal loans	64,123,000	66,365,000
Interest expense incurred	2,480,000	2,508,000	2,438,000
Accrued interest	130,000	148,000
Total premiums paid	48,000	$ 166,000	$ 118,000
Bell Bank \| Notes Payable to Banks
Related Party Transactions
Notes payable related to parties.	$ 26,500,000
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%
Number of units \| item				318

Rentals Under Operating Lease_3

Rentals Under Operating Leases / Rental Income - Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue from leases
(Decrease)/Increase in revenue due to straight - line adjustment	$ 302	$ 550
Straight - line receivable	$ 3,756	$ 3,569
Commercial Property
Revenue from leases
Operating lease expiration year	2038
Percentage of revenue from leases primarily under long-term lease agreements	15.60%
Residential Property
Revenue from leases
Percentage of revenue from leases that are generally for terms of one year or less	84.40%
Residential Property \| Maximum
Revenue from leases
Term of lease	1 year

Rentals Under Operating Lease_4

Rentals Under Operating Leases / Rental Income - Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lease income:
Lease income related to fixed lease payments	$ 125,860	$ 119,529
Lease income related to variable lease payments	4,510	4,576
Other	(472)	92
Lease income	$ 129,898	$ 124,197
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Real Estate Revenue Net	Real Estate Revenue Net
Rental income accounted for under revenue recognition standard:
Other rental income	$ 5,162	$ 5,127
Residential
Lease income:
Lease income related to fixed lease payments	109,769	103,039
Other	(804)	(538)
Lease income	108,965	102,501
Commercial
Lease income:
Lease income related to fixed lease payments	16,091	16,490
Lease income related to variable lease payments	4,510	4,576
Other	332	630
Lease income	$ 20,933	$ 21,696

Rentals Under Operating Lease_5

Rentals Under Operating Leases / Rental Income- Future minimum rental income (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Future minimum rental income:
2023	$ 15,216
2024	14,940
2025	14,556
2026	13,156
2027	11,719
Thereafter	42,734
Total	$ 112,321

Dispositions (Details)

1 Months Ended

12 Months Ended

Dec. 31, 2022 USD ($)

Sep. 30, 2022 USD ($)

Aug. 31, 2022 USD ($)

May 31, 2022 USD ($)

Mar. 31, 2022 USD ($)

Jun. 30, 2021 USD ($)

Apr. 30, 2021 USD ($)

Dec. 31, 2020 USD ($)

May 31, 2020 USD ($)

Mar. 31, 2020 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($) property

Dec. 31, 2020 USD ($)

Dispositions

Gain on sale of real estate

$ 11,090,000

$ 1,710,000

$ 3,383,000

Disposed of by Sale

Dispositions

Number of dispositions

Property, Savage, MN | Disposed of by Sale

Dispositions

Proceeds from sale of real estate investments

$ 2,700,000

Gain on sale of real estate

$ 1,328,000

Moorhead, Minnesota | Disposed of by Sale

Dispositions

Proceeds from sale of real estate investments

$ 6,400,000

Gain on sale of real estate

$ 2,012,000

Property, Edina Minnesota | Disposed of by Sale

Dispositions

Proceeds from sale of real estate investments

$ 15,320,000

Gain on sale of real estate

$ 6,728,000

Property, East Grand Forks, MN | Disposed of by Sale

Dispositions

Proceeds from sale of real estate investments

$ 1,200,000

Gain on sale of real estate

$ 171,000

Property, Bloomington, MN Member | Disposed of by Sale

Dispositions

Proceeds from sale of real estate investments

$ 2,888,000

Gain on sale of real estate

$ 1,193,000

Retail Property, Waite Park, Minnesota | Disposed of by Sale

Dispositions

Sale price

$ 900,000

Gain on sale of real estate

$ 2,000

Residential Property, Moorhead, Minnesota | Disposed of by Sale

Dispositions

Sale price

$ 4,950,000

Gain on sale of real estate

$ 1,708,000

Retail Property, Apple Valley, MN | Disposed of by Sale

Dispositions

Proceeds from sale of real estate investments

$ 3,670,000

Gain on sale of real estate

$ 1,456,000

Retail Property, St, Cloud, Minnesota | Disposed of by Sale

Dispositions

Proceeds from sale of real estate investments

$ 2,050,000

Gain on sale of real estate

$ 1,000

Retail Property, Bismarck, ND | Disposed of by Sale

Dispositions

Proceeds from sale of real estate investments

$ 7,000,000

Gain on sale of real estate

$ 1,926,000

Acquisitions - Purchases, Curre

Acquisitions - Purchases, Current Year (Details) $ / shares in Units, $ in Thousands							12 Months Ended
	Dec. 29, 2022 USD ($) item	Dec. 01, 2022 USD ($) item	Sep. 13, 2022 USD ($) item	Jun. 10, 2022 USD ($) item	May 31, 2022 USD ($) item	Feb. 28, 2022 USD ($) item	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Acquisitions
Acquisition price							$ 94,844	$ 38,798	$ 23,670
Real Estate Property Acquisitions 2022
Acquisitions
Acquisition price							$ 12,870
Aggregate number of limited partnership units issued for acquisition \| shares							560,000
Price per limited partnership unit issued for acquisition, price one \| $ / shares							$ 23
Deer Park, Hutchinson, MN
Acquisitions
Units acquired \| item						138
Acquisition price						$ 15,073
Desota Estates, Grand Forks, ND
Acquisitions
Units acquired \| item					68
Acquisition price					$ 5,863
Desota Townhomes, Grand Forks, ND
Acquisitions
Units acquired \| item					24
Acquisition price					$ 3,226
Desota Apartments, East Grand Forks, MN
Acquisitions
Units acquired \| item					24
Acquisition price					$ 1,230
Diamond Bend, Mandan, ND
Acquisitions
Units acquired \| item				78
Acquisition price				$ 10,919
Newgate Apartments, Bismarck, ND
Acquisitions
Units acquired \| item			46
Acquisition price			$ 2,444
Chandler 1898, Grand Forks, ND
Acquisitions
Units acquired \| item		12
Acquisition price		$ 498
Prose Fossil Creek, Fort Worth, TX
Acquisitions
Units acquired \| item	270
Acquisition price	$ 55,591

Acquisitions - Purchases, Prior

Acquisitions - Purchases, Prior Year (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Jul. 01, 2021 USD ($) item	Jun. 01, 2021 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)
Acquisitions
Acquisition price			$ 94,844	$ 38,798	$ 23,670
Real Estate Property Acquisitions 2021
Acquisitions
Acquisition price				$ 2,883
Aggregate number of limited partnership units issued for acquisition \| shares				144,000
Price per limited partnership unit issued for acquisition, price one \| $ / shares				$ 20
Flagstone, Fargo, ND
Acquisitions
Units acquired \| item		120
Acquisition price		$ 7,723
Brownstone, Fargo, ND
Acquisitions
Units acquired \| item		72
Acquisition price		$ 4,362
Briar Pointe, Fargo, ND
Acquisitions
Units acquired \| item		30
Acquisition price		$ 1,929
Oxford Fargo, ND
Acquisitions
Units acquired \| item	144
Acquisition price	$ 10,066
Pinehurst Fargo, ND
Acquisitions
Units acquired \| item	210
Acquisition price	$ 14,718

Acquisitions - Purchases, Secon

Acquisitions - Purchases, Second Prior Year (Details) $ / shares in Units, $ in Thousands							12 Months Ended
	Dec. 17, 2020 USD ($) item	Sep. 15, 2020 USD ($) item	Aug. 28, 2020 USD ($)	Mar. 01, 2020 USD ($) ft² item	Jan. 31, 2020 USD ($) item	Jan. 12, 2020 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) $ / shares shares
ACQUISITIONS
Acquisition price							$ 94,844	$ 38,798	$ 23,670
Real Estate Property Acquisitions 2020
ACQUISITIONS
Aggregate number of limited partnership units issued for acquisition \| shares									535,000
Price per limited partnership unit issued for acquisition, price one \| $ / shares									$ 19.25
Aggregate value of limited partnership units issued for acquisition									$ 10,293
Wolf Creek, Fargo, ND
ACQUISITIONS
Units acquired \| item						54
Acquisition price						$ 5,227
Columbia Park Village, Grand Forks, ND
ACQUISITIONS
Units acquired \| item					12
Acquisition price					$ 642
Belmont East & West, Bismarck, ND
ACQUISITIONS
Acquisition price				$ 1,568
Area of the property purchased \| ft²				5,348
Eastbrook, Bismarck, ND
ACQUISITIONS
Units acquired \| item				24
Acquisition price				$ 1,358
Hawn, Fargo, ND
ACQUISITIONS
Units acquired \| item				48
Acquisition price				$ 2,524
Rosser, Bismarck, ND
ACQUISITIONS
Units acquired \| item				24
Acquisition price				$ 1,359
Trustmark Fargo, ND
ACQUISITIONS
Acquisition price			$ 6,588
Foxtail Townhomes, Fargo, ND
ACQUISITIONS
Units acquired \| item		30
Acquisition price		$ 1,434
Evergreen Terrace, Omaha, NE
ACQUISITIONS
Units acquired \| item	144
Acquisition price	$ 2,970

Acquisitions - Summary of Acqui

Acquisitions - Summary of Acquisition Date Fair Values (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Acquisition date fair values
Real estate investment acquired	$ 776,299	$ 717,547
Acquired lease intangible assets	5,290	6,246
Total Assets	888,723	820,866
Asset Acquisitions
Acquisition date fair values
Real estate investment acquired	93,515	39,344	$ 29,775
Acquired lease intangible assets	1,732		46
Assumed assets	3	23	38
Total Assets	95,250	39,367	29,859
Other liabilities	(406)	(569)	(6,189)
Net assets acquired	94,844	38,798	23,670
Equity/limited partnership unit consideration	(12,870)	(2,883)	(10,293)
Net cash consideration	$ 81,974	$ 35,915	$ 13,377

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Jan. 17, 2023	Jan. 13, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2022
Subsequent Events
Dividend or distribution paid			$ 1.1500	$ 1.0600	$ 1.0587
Notes Payable to Banks
Subsequent Events
Residential property financing value						$ 26,500
Subsequent Event
Subsequent Events
Dividend or distribution paid	$ 0.2875
Subsequent Event \| Residential Property Financing
Subsequent Events
Residential property financing value		$ 27,500
Subsequent Event \| Notes Payable to Banks
Subsequent Events
Repayments of Notes Payable		$ 26,500

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - By Property (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 508,305
Initial cost to company, Land	125,157
Initial cost to company, Buildings	716,714
Costs capitalized subsequent to acquisition, Land	4,525
Costs capitalized subsequent to acquisition, Buildings	85,537
Gross Amount at which carried at close of period, Land	129,682
Gross Amount at which carried at close of period, Buildings	802,251
Gross Amount at which carried at close of period, Total	931,933
Depreciation	168,635
Industrial Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	17,216
Initial cost to company, Land	4,463
Initial cost to company, Buildings	16,035
Costs capitalized subsequent to acquisition, Land	1,088
Costs capitalized subsequent to acquisition, Buildings	(94)
Gross Amount at which carried at close of period, Land	5,551
Gross Amount at which carried at close of period, Buildings	15,941
Gross Amount at which carried at close of period, Total	21,492
Depreciation	$ 3,968
Industrial Property \| Guardian Building Products
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,487
Initial cost to company, Land	820
Initial cost to company, Buildings	2,554
Costs capitalized subsequent to acquisition, Land	60
Costs capitalized subsequent to acquisition, Buildings	(94)
Gross Amount at which carried at close of period, Land	880
Gross Amount at which carried at close of period, Buildings	2,460
Gross Amount at which carried at close of period, Total	3,340
Depreciation	$ 641
Date of Construction or Acquisition	Aug. 29, 2012
Life on which depreciation on latest income statement is computed	40 years
Industrial Property \| Titan Machinery, Bismarck, ND
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 2,069
Initial cost to company, Land	950
Initial cost to company, Buildings	1,395
Costs capitalized subsequent to acquisition, Land	32
Gross Amount at which carried at close of period, Land	982
Gross Amount at which carried at close of period, Buildings	1,395
Gross Amount at which carried at close of period, Total	2,377
Depreciation	$ 279
Date of Construction or Acquisition	Jan. 28, 2015
Life on which depreciation on latest income statement is computed	40 years
Industrial Property \| Titan Machinery, Dickinson, ND
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Dickinson, ND
Encumbrances	$ 1,816
Initial cost to company, Land	354
Initial cost to company, Buildings	1,096
Costs capitalized subsequent to acquisition, Land	400
Gross Amount at which carried at close of period, Land	754
Gross Amount at which carried at close of period, Buildings	1,096
Gross Amount at which carried at close of period, Total	1,850
Depreciation	$ 297
Date of Construction or Acquisition	Jul. 30, 2012
Life on which depreciation on latest income statement is computed	40 years
Industrial Property \| Titan Machinery, Fargo, ND
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,471
Initial cost to company, Land	781
Initial cost to company, Buildings	1,947
Costs capitalized subsequent to acquisition, Land	515
Gross Amount at which carried at close of period, Land	1,296
Gross Amount at which carried at close of period, Buildings	1,947
Gross Amount at which carried at close of period, Total	3,243
Depreciation	$ 499
Date of Construction or Acquisition	Oct. 30, 2012
Life on which depreciation on latest income statement is computed	40 years
Industrial Property \| Titan Machinery, Marshall, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Marshall, MN
Encumbrances	$ 4,674
Initial cost to company, Land	300
Initial cost to company, Buildings	3,648
Costs capitalized subsequent to acquisition, Land	81
Gross Amount at which carried at close of period, Land	381
Gross Amount at which carried at close of period, Buildings	3,648
Gross Amount at which carried at close of period, Total	4,029
Depreciation	$ 1,026
Date of Construction or Acquisition	Nov. 01, 2011
Life on which depreciation on latest income statement is computed	40 years
Industrial Property \| Titan Machinery, Minot, ND
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Minot, ND
Initial cost to company, Land	$ 618
Initial cost to company, Buildings	1,654
Gross Amount at which carried at close of period, Land	618
Gross Amount at which carried at close of period, Buildings	1,654
Gross Amount at which carried at close of period, Total	2,272
Depreciation	$ 431
Date of Construction or Acquisition	Aug. 01, 2012
Life on which depreciation on latest income statement is computed	40 years
Industrial Property \| Titan Machinery, North Platte, NE
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	North Platte, NE
Initial cost to company, Land	$ 325
Initial cost to company, Buildings	1,269
Gross Amount at which carried at close of period, Land	325
Gross Amount at which carried at close of period, Buildings	1,269
Gross Amount at which carried at close of period, Total	1,594
Depreciation	$ 223
Date of Construction or Acquisition	Jan. 29, 2016
Life on which depreciation on latest income statement is computed	40 years
Industrial Property \| Titan Machinery, Sioux City, IA
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Sioux City, IA
Encumbrances	$ 3,699
Initial cost to company, Land	315
Initial cost to company, Buildings	2,472
Gross Amount at which carried at close of period, Land	315
Gross Amount at which carried at close of period, Buildings	2,472
Gross Amount at which carried at close of period, Total	2,787
Depreciation	$ 572
Date of Construction or Acquisition	Oct. 25, 2013
Life on which depreciation on latest income statement is computed	40 years
Land Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 389
Initial cost to company, Land	2,033
Gross Amount at which carried at close of period, Land	2,033
Gross Amount at which carried at close of period, Total	$ 2,033
Land Property \| Taco Bell
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Denver, CO
Encumbrances	$ 389
Initial cost to company, Land	669
Gross Amount at which carried at close of period, Land	669
Gross Amount at which carried at close of period, Total	$ 669
Date of Construction or Acquisition	Jun. 14, 2011
Land Property \| West 80
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Rochester, MN
Initial cost to company, Land	$ 1,364
Gross Amount at which carried at close of period, Land	1,364
Gross Amount at which carried at close of period, Total	$ 1,364
Date of Construction or Acquisition	Aug. 29, 2016
Medical Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 15,751
Initial cost to company, Land	2,859
Initial cost to company, Buildings	18,599
Costs capitalized subsequent to acquisition, Land	292
Costs capitalized subsequent to acquisition, Buildings	2,521
Gross Amount at which carried at close of period, Land	3,151
Gross Amount at which carried at close of period, Buildings	21,120
Gross Amount at which carried at close of period, Total	24,271
Depreciation	$ 8,598
Medical Property \| Bio-Life, Bismarck, ND
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 2,091
Initial cost to company, Land	306
Initial cost to company, Buildings	2,255
Costs capitalized subsequent to acquisition, Land	11
Costs capitalized subsequent to acquisition, Buildings	123
Gross Amount at which carried at close of period, Land	317
Gross Amount at which carried at close of period, Buildings	2,378
Gross Amount at which carried at close of period, Total	2,695
Depreciation	$ 968
Date of Construction or Acquisition	Jan. 03, 2008
Medical Property \| Bio-Life, Bismarck, ND \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	9 years
Medical Property \| Bio-Life, Bismarck, ND \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Medical Property \| Bio-Life, Grand Forks, ND
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 2,150
Initial cost to company, Land	457
Initial cost to company, Buildings	2,230
Costs capitalized subsequent to acquisition, Land	1
Costs capitalized subsequent to acquisition, Buildings	158
Gross Amount at which carried at close of period, Land	458
Gross Amount at which carried at close of period, Buildings	2,388
Gross Amount at which carried at close of period, Total	2,846
Depreciation	$ 994
Date of Construction or Acquisition	Jan. 03, 2008
Medical Property \| Bio-Life, Grand Forks, ND \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	10 years
Medical Property \| Bio-Life, Grand Forks, ND \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Medical Property \| Bio-Life, Janesville, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Janesville, WI
Encumbrances	$ 1,786
Initial cost to company, Land	250
Initial cost to company, Buildings	1,857
Costs capitalized subsequent to acquisition, Buildings	123
Gross Amount at which carried at close of period, Land	250
Gross Amount at which carried at close of period, Buildings	1,980
Gross Amount at which carried at close of period, Total	2,230
Depreciation	$ 819
Date of Construction or Acquisition	Jan. 03, 2008
Medical Property \| Bio-Life, Janesville, WI \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	9 years
Medical Property \| Bio-Life, Janesville, WI \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Medical Property \| Bio-Life, Mankato, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Mankato, MN
Encumbrances	$ 2,271
Initial cost to company, Land	390
Initial cost to company, Buildings	2,111
Costs capitalized subsequent to acquisition, Land	280
Costs capitalized subsequent to acquisition, Buildings	1,154
Gross Amount at which carried at close of period, Land	670
Gross Amount at which carried at close of period, Buildings	3,265
Gross Amount at which carried at close of period, Total	3,935
Depreciation	$ 1,273
Date of Construction or Acquisition	Jan. 03, 2008
Medical Property \| Bio-Life, Mankato, MN \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	11 years
Medical Property \| Bio-Life, Mankato, MN \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Medical Property \| Bio-Life, Marquette, MI
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Marquette, MI
Initial cost to company, Land	$ 213
Initial cost to company, Buildings	2,793
Costs capitalized subsequent to acquisition, Buildings	123
Gross Amount at which carried at close of period, Land	213
Gross Amount at which carried at close of period, Buildings	2,916
Gross Amount at which carried at close of period, Total	3,129
Depreciation	$ 1,170
Date of Construction or Acquisition	Jan. 03, 2008
Medical Property \| Bio-Life, Marquette, MI \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	9 years
Medical Property \| Bio-Life, Marquette, MI \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Medical Property \| Bio-Life, Onalaska, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Onalaska, WI
Encumbrances	$ 1,723
Initial cost to company, Land	208
Initial cost to company, Buildings	1,853
Costs capitalized subsequent to acquisition, Buildings	323
Gross Amount at which carried at close of period, Land	208
Gross Amount at which carried at close of period, Buildings	2,176
Gross Amount at which carried at close of period, Total	2,384
Depreciation	$ 880
Date of Construction or Acquisition	Jan. 03, 2008
Medical Property \| Bio-Life, Onalaska, WI \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	11 years
Medical Property \| Bio-Life, Onalaska, WI \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Medical Property \| Bio-Life, Oshkosh, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Oshkosh, WI
Encumbrances	$ 1,773
Initial cost to company, Land	293
Initial cost to company, Buildings	1,705
Costs capitalized subsequent to acquisition, Buildings	146
Gross Amount at which carried at close of period, Land	293
Gross Amount at which carried at close of period, Buildings	1,851
Gross Amount at which carried at close of period, Total	2,144
Depreciation	$ 785
Date of Construction or Acquisition	Jan. 03, 2008
Medical Property \| Bio-Life, Oshkosh, WI \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	10 years
Medical Property \| Bio-Life, Oshkosh, WI \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Medical Property \| Bio-Life, Sheboygan, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Sheboygan, WI
Encumbrances	$ 2,022
Initial cost to company, Land	623
Initial cost to company, Buildings	1,611
Costs capitalized subsequent to acquisition, Buildings	248
Gross Amount at which carried at close of period, Land	623
Gross Amount at which carried at close of period, Buildings	1,859
Gross Amount at which carried at close of period, Total	2,482
Depreciation	$ 768
Date of Construction or Acquisition	Jan. 03, 2008
Medical Property \| Bio-Life, Sheboygan, WI \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	10 years
Medical Property \| Bio-Life, Sheboygan, WI \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Medical Property \| Bio-Life, Stevens Point, WI
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Stevens Point, WI
Encumbrances	$ 1,935
Initial cost to company, Land	119
Initial cost to company, Buildings	2,184
Costs capitalized subsequent to acquisition, Buildings	123
Gross Amount at which carried at close of period, Land	119
Gross Amount at which carried at close of period, Buildings	2,307
Gross Amount at which carried at close of period, Total	2,426
Depreciation	$ 941
Date of Construction or Acquisition	Jan. 03, 2008
Medical Property \| Bio-Life, Stevens Point, WI \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	9 years
Medical Property \| Bio-Life, Stevens Point, WI \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 400,085
Initial cost to company, Land	93,455
Initial cost to company, Buildings	588,087
Costs capitalized subsequent to acquisition, Land	3,013
Costs capitalized subsequent to acquisition, Buildings	57,599
Gross Amount at which carried at close of period, Land	96,468
Gross Amount at which carried at close of period, Buildings	645,686
Gross Amount at which carried at close of period, Total	742,154
Depreciation	$ 122,246
Residential Property \| Amberwood
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 2,376
Initial cost to company, Land	426
Initial cost to company, Buildings	3,304
Costs capitalized subsequent to acquisition, Land	3
Costs capitalized subsequent to acquisition, Buildings	178
Gross Amount at which carried at close of period, Land	429
Gross Amount at which carried at close of period, Buildings	3,482
Gross Amount at which carried at close of period, Total	3,911
Depreciation	$ 552
Date of Construction or Acquisition	Sep. 13, 2016
Residential Property \| Amberwood \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Amberwood \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Arbor I/400
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 350
Initial cost to company, Land	73
Initial cost to company, Buildings	516
Costs capitalized subsequent to acquisition, Land	4
Costs capitalized subsequent to acquisition, Buildings	65
Gross Amount at which carried at close of period, Land	77
Gross Amount at which carried at close of period, Buildings	581
Gross Amount at which carried at close of period, Total	658
Depreciation	$ 142
Date of Construction or Acquisition	Jun. 04, 2013
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Arbor II/404
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 358
Initial cost to company, Land	73
Initial cost to company, Buildings	538
Costs capitalized subsequent to acquisition, Land	6
Costs capitalized subsequent to acquisition, Buildings	43
Gross Amount at which carried at close of period, Land	79
Gross Amount at which carried at close of period, Buildings	581
Gross Amount at which carried at close of period, Total	660
Depreciation	$ 128
Date of Construction or Acquisition	Nov. 01, 2013
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Arbor III/406
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 356
Initial cost to company, Land	71
Initial cost to company, Buildings	536
Costs capitalized subsequent to acquisition, Land	7
Costs capitalized subsequent to acquisition, Buildings	43
Gross Amount at which carried at close of period, Land	78
Gross Amount at which carried at close of period, Buildings	579
Gross Amount at which carried at close of period, Total	657
Depreciation	$ 128
Date of Construction or Acquisition	Nov. 01, 2013
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Ashbury
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,287
Initial cost to company, Land	314
Initial cost to company, Buildings	3,774
Costs capitalized subsequent to acquisition, Land	26
Costs capitalized subsequent to acquisition, Buildings	25
Gross Amount at which carried at close of period, Land	340
Gross Amount at which carried at close of period, Buildings	3,799
Gross Amount at which carried at close of period, Total	4,139
Depreciation	$ 578
Date of Construction or Acquisition	Dec. 19, 2016
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Auburn II
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 825
Initial cost to company, Land	105
Initial cost to company, Buildings	883
Costs capitalized subsequent to acquisition, Land	12
Costs capitalized subsequent to acquisition, Buildings	87
Gross Amount at which carried at close of period, Land	117
Gross Amount at which carried at close of period, Buildings	970
Gross Amount at which carried at close of period, Total	1,087
Depreciation	$ 372
Date of Construction or Acquisition	Mar. 23, 2007
Residential Property \| Auburn II \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Auburn II \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Autumn Ridge
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 5,162
Initial cost to company, Land	1,072
Initial cost to company, Buildings	8,875
Costs capitalized subsequent to acquisition, Land	44
Costs capitalized subsequent to acquisition, Buildings	67
Gross Amount at which carried at close of period, Land	1,116
Gross Amount at which carried at close of period, Buildings	8,942
Gross Amount at which carried at close of period, Total	10,058
Depreciation	$ 3,687
Date of Construction or Acquisition	Aug. 16, 2004
Residential Property \| Autumn Ridge \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	9 years
Residential Property \| Autumn Ridge \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Barrett Arms
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Crookston, MN
Encumbrances	$ 723
Initial cost to company, Land	37
Initial cost to company, Buildings	1,001
Costs capitalized subsequent to acquisition, Buildings	177
Gross Amount at which carried at close of period, Land	37
Gross Amount at which carried at close of period, Buildings	1,178
Gross Amount at which carried at close of period, Total	1,215
Depreciation	$ 241
Date of Construction or Acquisition	Jan. 02, 2014
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Bayview
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,350
Initial cost to company, Land	284
Initial cost to company, Buildings	3,447
Costs capitalized subsequent to acquisition, Land	59
Costs capitalized subsequent to acquisition, Buildings	2,020
Gross Amount at which carried at close of period, Land	343
Gross Amount at which carried at close of period, Buildings	5,467
Gross Amount at which carried at close of period, Total	5,810
Depreciation	$ 1,455
Date of Construction or Acquisition	Dec. 31, 2007
Residential Property \| Bayview \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Bayview \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Belmont East and West
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 742
Initial cost to company, Land	167
Initial cost to company, Buildings	1,424
Costs capitalized subsequent to acquisition, Land	2
Costs capitalized subsequent to acquisition, Buildings	8
Gross Amount at which carried at close of period, Land	169
Gross Amount at which carried at close of period, Buildings	1,432
Gross Amount at which carried at close of period, Total	1,601
Depreciation	$ 102
Date of Construction or Acquisition	Mar. 01, 2020
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Berkshire
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 401
Initial cost to company, Land	31
Initial cost to company, Buildings	406
Costs capitalized subsequent to acquisition, Land	7
Costs capitalized subsequent to acquisition, Buildings	53
Gross Amount at which carried at close of period, Land	38
Gross Amount at which carried at close of period, Buildings	459
Gross Amount at which carried at close of period, Total	497
Depreciation	$ 155
Date of Construction or Acquisition	Mar. 31, 2008
Residential Property \| Berkshire \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Berkshire \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Betty Ann
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 421
Initial cost to company, Land	74
Initial cost to company, Buildings	738
Costs capitalized subsequent to acquisition, Land	6
Costs capitalized subsequent to acquisition, Buildings	140
Gross Amount at which carried at close of period, Land	80
Gross Amount at which carried at close of period, Buildings	878
Gross Amount at which carried at close of period, Total	958
Depreciation	$ 267
Date of Construction or Acquisition	Aug. 31, 2009
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Birchwood 1
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 228
Initial cost to company, Land	72
Initial cost to company, Buildings	342
Costs capitalized subsequent to acquisition, Land	4
Costs capitalized subsequent to acquisition, Buildings	42
Gross Amount at which carried at close of period, Land	76
Gross Amount at which carried at close of period, Buildings	384
Gross Amount at which carried at close of period, Total	460
Depreciation	$ 46
Date of Construction or Acquisition	Dec. 01, 2017
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Birchwood 2
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,342
Initial cost to company, Land	234
Initial cost to company, Buildings	2,099
Costs capitalized subsequent to acquisition, Land	52
Costs capitalized subsequent to acquisition, Buildings	288
Gross Amount at which carried at close of period, Land	286
Gross Amount at which carried at close of period, Buildings	2,387
Gross Amount at which carried at close of period, Total	2,673
Depreciation	$ 290
Date of Construction or Acquisition	Dec. 01, 2017
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Bradbury Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 1,791
Initial cost to company, Land	1,049
Initial cost to company, Buildings	4,922
Costs capitalized subsequent to acquisition, Buildings	81
Gross Amount at which carried at close of period, Land	1,049
Gross Amount at which carried at close of period, Buildings	5,003
Gross Amount at which carried at close of period, Total	6,052
Depreciation	$ 532
Date of Construction or Acquisition	Oct. 24, 2018
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Briar Pointe
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,283
Initial cost to company, Land	384
Initial cost to company, Buildings	1,551
Gross Amount at which carried at close of period, Land	384
Gross Amount at which carried at close of period, Buildings	1,551
Gross Amount at which carried at close of period, Total	1,935
Depreciation	$ 61
Date of Construction or Acquisition	Jun. 01, 2021
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Bridgeport
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 4,839
Initial cost to company, Land	613
Initial cost to company, Buildings	7,676
Costs capitalized subsequent to acquisition, Land	14
Costs capitalized subsequent to acquisition, Buildings	61
Gross Amount at which carried at close of period, Land	627
Gross Amount at which carried at close of period, Buildings	7,737
Gross Amount at which carried at close of period, Total	8,364
Depreciation	$ 1,174
Date of Construction or Acquisition	Dec. 19, 2016
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Bristol Park
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 2,801
Initial cost to company, Land	985
Initial cost to company, Buildings	3,976
Costs capitalized subsequent to acquisition, Buildings	779
Gross Amount at which carried at close of period, Land	985
Gross Amount at which carried at close of period, Buildings	4,755
Gross Amount at which carried at close of period, Total	5,740
Depreciation	$ 804
Date of Construction or Acquisition	Feb. 01, 2016
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Brookfield
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,945
Initial cost to company, Land	228
Initial cost to company, Buildings	1,958
Costs capitalized subsequent to acquisition, Land	30
Costs capitalized subsequent to acquisition, Buildings	318
Gross Amount at which carried at close of period, Land	258
Gross Amount at which carried at close of period, Buildings	2,276
Gross Amount at which carried at close of period, Total	2,534
Depreciation	$ 761
Date of Construction or Acquisition	Aug. 01, 2008
Residential Property \| Brookfield \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Brookfield \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Brownstone
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,891
Initial cost to company, Land	780
Initial cost to company, Buildings	3,610
Gross Amount at which carried at close of period, Land	780
Gross Amount at which carried at close of period, Buildings	3,610
Gross Amount at which carried at close of period, Total	4,390
Depreciation	$ 143
Date of Construction or Acquisition	Jun. 01, 2021
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Cambridge (FKA 44th Street)
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,614
Initial cost to company, Land	333
Initial cost to company, Buildings	1,845
Costs capitalized subsequent to acquisition, Land	4
Costs capitalized subsequent to acquisition, Buildings	237
Gross Amount at which carried at close of period, Land	337
Gross Amount at which carried at close of period, Buildings	2,082
Gross Amount at which carried at close of period, Total	2,419
Depreciation	$ 480
Date of Construction or Acquisition	Feb. 06, 2013
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Candlelight
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,583
Initial cost to company, Land	613
Initial cost to company, Buildings	1,221
Costs capitalized subsequent to acquisition, Land	(326)
Costs capitalized subsequent to acquisition, Buildings	589
Gross Amount at which carried at close of period, Land	287
Gross Amount at which carried at close of period, Buildings	1,810
Gross Amount at which carried at close of period, Total	2,097
Depreciation	$ 412
Date of Construction or Acquisition	Nov. 30, 2012
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Carling Manor
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 498
Initial cost to company, Land	69
Initial cost to company, Buildings	656
Costs capitalized subsequent to acquisition, Land	1
Costs capitalized subsequent to acquisition, Buildings	61
Gross Amount at which carried at close of period, Land	70
Gross Amount at which carried at close of period, Buildings	717
Gross Amount at which carried at close of period, Total	787
Depreciation	$ 250
Date of Construction or Acquisition	Mar. 31, 2008
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Carlton Place
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 5,885
Initial cost to company, Land	703
Initial cost to company, Buildings	7,070
Costs capitalized subsequent to acquisition, Land	96
Costs capitalized subsequent to acquisition, Buildings	714
Gross Amount at which carried at close of period, Land	799
Gross Amount at which carried at close of period, Buildings	7,784
Gross Amount at which carried at close of period, Total	8,583
Depreciation	$ 2,576
Date of Construction or Acquisition	Sep. 01, 2008
Residential Property \| Carlton Place \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Carlton Place \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Carr
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 583
Initial cost to company, Land	66
Initial cost to company, Buildings	759
Costs capitalized subsequent to acquisition, Land	4
Costs capitalized subsequent to acquisition, Buildings	41
Gross Amount at which carried at close of period, Land	70
Gross Amount at which carried at close of period, Buildings	800
Gross Amount at which carried at close of period, Total	870
Depreciation	$ 116
Date of Construction or Acquisition	Jan. 17, 2017
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Cedars 4
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Initial cost to company, Land	$ 134
Initial cost to company, Buildings	1,068
Costs capitalized subsequent to acquisition, Buildings	29
Gross Amount at which carried at close of period, Land	134
Gross Amount at which carried at close of period, Buildings	1,097
Gross Amount at which carried at close of period, Total	1,231
Depreciation	$ 111
Date of Construction or Acquisition	Dec. 31, 2018
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Chandler 1802
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 613
Initial cost to company, Land	133
Initial cost to company, Buildings	1,114
Costs capitalized subsequent to acquisition, Buildings	108
Gross Amount at which carried at close of period, Land	133
Gross Amount at which carried at close of period, Buildings	1,222
Gross Amount at which carried at close of period, Total	1,355
Depreciation	$ 256
Date of Construction or Acquisition	Jan. 02, 2014
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Chandler 1834
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 399
Initial cost to company, Land	112
Initial cost to company, Buildings	552
Costs capitalized subsequent to acquisition, Buildings	39
Gross Amount at which carried at close of period, Land	112
Gross Amount at which carried at close of period, Buildings	591
Gross Amount at which carried at close of period, Total	703
Depreciation	$ 61
Date of Construction or Acquisition	Sep. 01, 2018
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Chandler 1866
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 318
Initial cost to company, Land	31
Initial cost to company, Buildings	270
Costs capitalized subsequent to acquisition, Buildings	59
Gross Amount at which carried at close of period, Land	31
Gross Amount at which carried at close of period, Buildings	329
Gross Amount at which carried at close of period, Total	360
Depreciation	$ 130
Date of Construction or Acquisition	Jan. 03, 2005
Residential Property \| Chandler 1866 \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Chandler 1866 \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Chandler 1898
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Initial cost to company, Land	$ 114
Initial cost to company, Buildings	357
Gross Amount at which carried at close of period, Land	114
Gross Amount at which carried at close of period, Buildings	357
Gross Amount at which carried at close of period, Total	471
Depreciation	$ 1
Date of Construction or Acquisition	Dec. 01, 2022
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Cherry Creek (FKA Village)
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Initial cost to company, Land	$ 173
Initial cost to company, Buildings	1,435
Costs capitalized subsequent to acquisition, Land	1
Costs capitalized subsequent to acquisition, Buildings	274
Gross Amount at which carried at close of period, Land	174
Gross Amount at which carried at close of period, Buildings	1,709
Gross Amount at which carried at close of period, Total	1,883
Depreciation	$ 534
Date of Construction or Acquisition	Nov. 01, 2008
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Cityside Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 676
Initial cost to company, Land	192
Initial cost to company, Buildings	1,129
Costs capitalized subsequent to acquisition, Land	6
Costs capitalized subsequent to acquisition, Buildings	62
Gross Amount at which carried at close of period, Land	198
Gross Amount at which carried at close of period, Buildings	1,191
Gross Amount at which carried at close of period, Total	1,389
Depreciation	$ 126
Date of Construction or Acquisition	Nov. 30, 2018
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Columbia Park Village I
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 295
Initial cost to company, Land	102
Initial cost to company, Buildings	546
Gross Amount at which carried at close of period, Land	102
Gross Amount at which carried at close of period, Buildings	546
Gross Amount at which carried at close of period, Total	648
Depreciation	$ 41
Date of Construction or Acquisition	Jan. 31, 2020
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Columbia West
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 2,379
Initial cost to company, Land	294
Initial cost to company, Buildings	3,367
Costs capitalized subsequent to acquisition, Land	1
Costs capitalized subsequent to acquisition, Buildings	591
Gross Amount at which carried at close of period, Land	295
Gross Amount at which carried at close of period, Buildings	3,958
Gross Amount at which carried at close of period, Total	4,253
Depreciation	$ 1,298
Date of Construction or Acquisition	Sep. 01, 2008
Residential Property \| Columbia West \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Columbia West \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Country Club
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,006
Initial cost to company, Land	252
Initial cost to company, Buildings	1,252
Costs capitalized subsequent to acquisition, Land	2
Costs capitalized subsequent to acquisition, Buildings	240
Gross Amount at which carried at close of period, Land	254
Gross Amount at which carried at close of period, Buildings	1,492
Gross Amount at which carried at close of period, Total	1,746
Depreciation	$ 410
Date of Construction or Acquisition	May 02, 2011
Residential Property \| Country Club \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Country Club \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Countryside
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 593
Initial cost to company, Land	135
Initial cost to company, Buildings	677
Costs capitalized subsequent to acquisition, Buildings	68
Gross Amount at which carried at close of period, Land	135
Gross Amount at which carried at close of period, Buildings	745
Gross Amount at which carried at close of period, Total	880
Depreciation	$ 203
Date of Construction or Acquisition	May 02, 2011
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Courtyard
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	St. Louis Park, MN
Encumbrances	$ 2,865
Initial cost to company, Land	2,270
Initial cost to company, Buildings	5,681
Costs capitalized subsequent to acquisition, Buildings	794
Gross Amount at which carried at close of period, Land	2,270
Gross Amount at which carried at close of period, Buildings	6,475
Gross Amount at which carried at close of period, Total	8,745
Depreciation	$ 1,466
Date of Construction or Acquisition	Sep. 03, 2013
Residential Property \| Courtyard \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Residential Property \| Courtyard \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Dakota Manor
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,391
Initial cost to company, Land	249
Initial cost to company, Buildings	2,236
Costs capitalized subsequent to acquisition, Land	20
Costs capitalized subsequent to acquisition, Buildings	182
Gross Amount at which carried at close of period, Land	269
Gross Amount at which carried at close of period, Buildings	2,418
Gross Amount at which carried at close of period, Total	2,687
Depreciation	$ 486
Date of Construction or Acquisition	Aug. 07, 2014
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Danbury
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 4,572
Initial cost to company, Land	381
Initial cost to company, Buildings	5,869
Costs capitalized subsequent to acquisition, Land	211
Costs capitalized subsequent to acquisition, Buildings	653
Gross Amount at which carried at close of period, Land	592
Gross Amount at which carried at close of period, Buildings	6,522
Gross Amount at which carried at close of period, Total	7,114
Depreciation	$ 2,317
Date of Construction or Acquisition	Dec. 31, 2007
Residential Property \| Danbury \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Danbury \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Dellwood Estates
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Anoka, MN
Encumbrances	$ 6,177
Initial cost to company, Land	844
Initial cost to company, Buildings	9,924
Costs capitalized subsequent to acquisition, Buildings	861
Gross Amount at which carried at close of period, Land	844
Gross Amount at which carried at close of period, Buildings	10,785
Gross Amount at which carried at close of period, Total	11,629
Depreciation	$ 2,468
Date of Construction or Acquisition	May 31, 2013
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Deer Park
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Hutchinson, MN
Encumbrances	$ 8,838
Initial cost to company, Land	1,784
Initial cost to company, Buildings	12,545
Gross Amount at which carried at close of period, Land	1,784
Gross Amount at which carried at close of period, Buildings	12,545
Gross Amount at which carried at close of period, Total	14,329
Depreciation	$ 287
Date of Construction or Acquisition	Feb. 28, 2022
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Desoto Estates
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 4,155
Initial cost to company, Land	955
Initial cost to company, Buildings	4,869
Gross Amount at which carried at close of period, Land	955
Gross Amount at which carried at close of period, Buildings	4,869
Gross Amount at which carried at close of period, Total	5,824
Depreciation	$ 81
Date of Construction or Acquisition	May 31, 2022
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Desoto Townhomes
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 1,589
Initial cost to company, Land	464
Initial cost to company, Buildings	2,767
Gross Amount at which carried at close of period, Land	464
Gross Amount at which carried at close of period, Buildings	2,767
Gross Amount at which carried at close of period, Total	3,231
Depreciation	$ 46
Date of Construction or Acquisition	May 31, 2022
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Diamond Bend
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Mandan, ND
Encumbrances	$ 6,825
Initial cost to company, Land	722
Initial cost to company, Buildings	9,789
Gross Amount at which carried at close of period, Land	722
Gross Amount at which carried at close of period, Buildings	9,789
Gross Amount at which carried at close of period, Total	10,511
Depreciation	$ 143
Date of Construction or Acquisition	Jun. 10, 2022
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Eagle Run
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	West Fargo, ND
Encumbrances	$ 3,659
Initial cost to company, Land	576
Initial cost to company, Buildings	5,787
Costs capitalized subsequent to acquisition, Land	128
Costs capitalized subsequent to acquisition, Buildings	180
Gross Amount at which carried at close of period, Land	704
Gross Amount at which carried at close of period, Buildings	5,967
Gross Amount at which carried at close of period, Total	6,671
Depreciation	$ 1,822
Date of Construction or Acquisition	Aug. 12, 2010
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Eagle Sky I
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 801
Initial cost to company, Land	115
Initial cost to company, Buildings	1,292
Costs capitalized subsequent to acquisition, Buildings	104
Gross Amount at which carried at close of period, Land	115
Gross Amount at which carried at close of period, Buildings	1,396
Gross Amount at which carried at close of period, Total	1,511
Depreciation	$ 248
Date of Construction or Acquisition	Mar. 01, 2016
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Eagle Sky II
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 801
Initial cost to company, Land	135
Initial cost to company, Buildings	1,279
Costs capitalized subsequent to acquisition, Buildings	173
Gross Amount at which carried at close of period, Land	135
Gross Amount at which carried at close of period, Buildings	1,452
Gross Amount at which carried at close of period, Total	1,587
Depreciation	$ 245
Date of Construction or Acquisition	Mar. 01, 2016
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| East Bridge
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 3,143
Initial cost to company, Land	792
Initial cost to company, Buildings	5,396
Costs capitalized subsequent to acquisition, Land	1
Costs capitalized subsequent to acquisition, Buildings	301
Gross Amount at which carried at close of period, Land	793
Gross Amount at which carried at close of period, Buildings	5,697
Gross Amount at which carried at close of period, Total	6,490
Depreciation	$ 770
Date of Construction or Acquisition	Jul. 03, 2017
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Eastbrook
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 639
Initial cost to company, Land	145
Initial cost to company, Buildings	1,233
Gross Amount at which carried at close of period, Land	145
Gross Amount at which carried at close of period, Buildings	1,233
Gross Amount at which carried at close of period, Total	1,378
Depreciation	$ 87
Date of Construction or Acquisition	Jan. 31, 2020
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Echo Manor
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Hutchinson, MN
Encumbrances	$ 911
Initial cost to company, Land	141
Initial cost to company, Buildings	875
Costs capitalized subsequent to acquisition, Buildings	118
Gross Amount at which carried at close of period, Land	141
Gross Amount at which carried at close of period, Buildings	993
Gross Amount at which carried at close of period, Total	1,134
Depreciation	$ 215
Date of Construction or Acquisition	Jan. 02, 2014
Residential Property \| Echo Manor \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Echo Manor \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Emerald Court
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Initial cost to company, Land	$ 66
Initial cost to company, Buildings	830
Costs capitalized subsequent to acquisition, Land	11
Costs capitalized subsequent to acquisition, Buildings	180
Gross Amount at which carried at close of period, Land	77
Gross Amount at which carried at close of period, Buildings	1,010
Gross Amount at which carried at close of period, Total	1,087
Depreciation	$ 340
Date of Construction or Acquisition	Mar. 31, 2008
Residential Property \| Emerald Court \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Emerald Court \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Essex
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 525
Initial cost to company, Land	212
Initial cost to company, Buildings	642
Costs capitalized subsequent to acquisition, Buildings	68
Gross Amount at which carried at close of period, Land	212
Gross Amount at which carried at close of period, Buildings	710
Gross Amount at which carried at close of period, Total	922
Depreciation	$ 98
Date of Construction or Acquisition	Jun. 01, 2017
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Evergreen Terrace
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Omaha, NE
Encumbrances	$ 5,060
Initial cost to company, Land	820
Initial cost to company, Buildings	7,573
Costs capitalized subsequent to acquisition, Buildings	84
Gross Amount at which carried at close of period, Land	820
Gross Amount at which carried at close of period, Buildings	7,657
Gross Amount at which carried at close of period, Total	8,477
Depreciation	$ 399
Date of Construction or Acquisition	Dec. 17, 2020
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Fairview
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 2,502
Initial cost to company, Land	267
Initial cost to company, Buildings	3,978
Costs capitalized subsequent to acquisition, Land	39
Costs capitalized subsequent to acquisition, Buildings	918
Gross Amount at which carried at close of period, Land	306
Gross Amount at which carried at close of period, Buildings	4,896
Gross Amount at which carried at close of period, Total	5,202
Depreciation	$ 1,527
Date of Construction or Acquisition	Dec. 31, 2008
Residential Property \| Fairview \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Fairview \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Flagstone
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 5,110
Initial cost to company, Land	1,535
Initial cost to company, Buildings	6,258
Gross Amount at which carried at close of period, Land	1,535
Gross Amount at which carried at close of period, Buildings	6,258
Gross Amount at which carried at close of period, Total	7,793
Depreciation	$ 248
Date of Construction or Acquisition	Jun. 01, 2021
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Flickertail
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 4,799
Initial cost to company, Land	426
Initial cost to company, Buildings	5,590
Costs capitalized subsequent to acquisition, Land	76
Costs capitalized subsequent to acquisition, Buildings	1,674
Gross Amount at which carried at close of period, Land	502
Gross Amount at which carried at close of period, Buildings	7,264
Gross Amount at which carried at close of period, Total	7,766
Depreciation	$ 2,132
Date of Construction or Acquisition	Dec. 31, 2008
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Forest Avenue
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 324
Initial cost to company, Land	61
Initial cost to company, Buildings	637
Costs capitalized subsequent to acquisition, Land	8
Costs capitalized subsequent to acquisition, Buildings	64
Gross Amount at which carried at close of period, Land	69
Gross Amount at which carried at close of period, Buildings	701
Gross Amount at which carried at close of period, Total	770
Depreciation	$ 166
Date of Construction or Acquisition	Feb. 06, 2013
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Foxtail Creek Townhomes
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Initial cost to company, Land	$ 267
Initial cost to company, Buildings	1,221
Gross Amount at which carried at close of period, Land	267
Gross Amount at which carried at close of period, Buildings	1,221
Gross Amount at which carried at close of period, Total	1,488
Depreciation	$ 71
Date of Construction or Acquisition	Sep. 15, 2020
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Galleria III
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 667
Initial cost to company, Land	118
Initial cost to company, Buildings	681
Costs capitalized subsequent to acquisition, Land	2
Costs capitalized subsequent to acquisition, Buildings	292
Gross Amount at which carried at close of period, Land	120
Gross Amount at which carried at close of period, Buildings	973
Gross Amount at which carried at close of period, Total	1,093
Depreciation	$ 237
Date of Construction or Acquisition	Nov. 09, 2010
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Garden Grove
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 4,089
Initial cost to company, Land	606
Initial cost to company, Buildings	6,073
Costs capitalized subsequent to acquisition, Buildings	168
Gross Amount at which carried at close of period, Land	606
Gross Amount at which carried at close of period, Buildings	6,241
Gross Amount at which carried at close of period, Total	6,847
Depreciation	$ 1,050
Date of Construction or Acquisition	May 04, 2016
Residential Property \| Garden Grove \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Residential Property \| Garden Grove \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Georgetown on the River
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fridley, MN
Encumbrances	$ 16,522
Initial cost to company, Land	4,620
Initial cost to company, Buildings	23,833
Costs capitalized subsequent to acquisition, Land	8
Costs capitalized subsequent to acquisition, Buildings	4,117
Gross Amount at which carried at close of period, Land	4,628
Gross Amount at which carried at close of period, Buildings	27,950
Gross Amount at which carried at close of period, Total	32,578
Depreciation	$ 5,451
Date of Construction or Acquisition	Dec. 19, 2014
Residential Property \| Georgetown on the River \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Residential Property \| Georgetown on the River \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Glen Pond
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Eagan, MN
Encumbrances	$ 35,566
Initial cost to company, Land	3,761
Initial cost to company, Buildings	20,569
Costs capitalized subsequent to acquisition, Land	38
Costs capitalized subsequent to acquisition, Buildings	960
Gross Amount at which carried at close of period, Land	3,799
Gross Amount at which carried at close of period, Buildings	21,529
Gross Amount at which carried at close of period, Total	25,328
Depreciation	$ 5,842
Date of Construction or Acquisition	Dec. 02, 2011
Residential Property \| Glen Pond \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Glen Pond \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Glen Pond Addition
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Eagan, MN
Encumbrances	$ 6,056
Initial cost to company, Land	876
Initial cost to company, Buildings	15,408
Gross Amount at which carried at close of period, Land	876
Gross Amount at which carried at close of period, Buildings	15,408
Gross Amount at which carried at close of period, Total	16,284
Depreciation	$ 899
Date of Construction or Acquisition	Sep. 30, 2020
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Granger Court I
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,908
Initial cost to company, Land	279
Initial cost to company, Buildings	1,926
Costs capitalized subsequent to acquisition, Land	25
Costs capitalized subsequent to acquisition, Buildings	301
Gross Amount at which carried at close of period, Land	304
Gross Amount at which carried at close of period, Buildings	2,227
Gross Amount at which carried at close of period, Total	2,531
Depreciation	$ 479
Date of Construction or Acquisition	Jun. 04, 2013
Residential Property \| Granger Court I \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Granger Court I \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Hannifin
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 403
Initial cost to company, Land	81
Initial cost to company, Buildings	607
Costs capitalized subsequent to acquisition, Land	5
Costs capitalized subsequent to acquisition, Buildings	52
Gross Amount at which carried at close of period, Land	86
Gross Amount at which carried at close of period, Buildings	659
Gross Amount at which carried at close of period, Total	745
Depreciation	$ 147
Date of Construction or Acquisition	Nov. 01, 2013
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Harrison and Richfield
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 4,904
Initial cost to company, Land	756
Initial cost to company, Buildings	6,346
Costs capitalized subsequent to acquisition, Land	7
Costs capitalized subsequent to acquisition, Buildings	321
Gross Amount at which carried at close of period, Land	763
Gross Amount at which carried at close of period, Buildings	6,667
Gross Amount at which carried at close of period, Total	7,430
Depreciation	$ 2,578
Date of Construction or Acquisition	Jul. 01, 2007
Residential Property \| Harrison and Richfield \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Residential Property \| Harrison and Richfield \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Hartford Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 833
Initial cost to company, Land	154
Initial cost to company, Buildings	1,233
Costs capitalized subsequent to acquisition, Buildings	14
Gross Amount at which carried at close of period, Land	154
Gross Amount at which carried at close of period, Buildings	1,247
Gross Amount at which carried at close of period, Total	1,401
Depreciation	$ 132
Date of Construction or Acquisition	Oct. 01, 2018
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Hawn
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,491
Initial cost to company, Land	280
Initial cost to company, Buildings	2,277
Gross Amount at which carried at close of period, Land	280
Gross Amount at which carried at close of period, Buildings	2,277
Gross Amount at which carried at close of period, Total	2,557
Depreciation	$ 161
Date of Construction or Acquisition	Mar. 01, 2020
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Highland Meadows
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 5,440
Initial cost to company, Land	1,532
Initial cost to company, Buildings	8,513
Costs capitalized subsequent to acquisition, Buildings	457
Gross Amount at which carried at close of period, Land	1,532
Gross Amount at which carried at close of period, Buildings	8,970
Gross Amount at which carried at close of period, Total	10,502
Depreciation	$ 1,271
Date of Construction or Acquisition	May 01, 2017
Residential Property \| Highland Meadows \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Residential Property \| Highland Meadows \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Hunters Run I
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 473
Initial cost to company, Land	50
Initial cost to company, Buildings	419
Costs capitalized subsequent to acquisition, Land	5
Costs capitalized subsequent to acquisition, Buildings	(2)
Gross Amount at which carried at close of period, Land	55
Gross Amount at which carried at close of period, Buildings	417
Gross Amount at which carried at close of period, Total	472
Depreciation	$ 163
Date of Construction or Acquisition	Mar. 23, 2007
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Hunters Run II
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 430
Initial cost to company, Land	44
Initial cost to company, Buildings	441
Costs capitalized subsequent to acquisition, Land	2
Gross Amount at which carried at close of period, Land	46
Gross Amount at which carried at close of period, Buildings	441
Gross Amount at which carried at close of period, Total	487
Depreciation	$ 160
Date of Construction or Acquisition	Jul. 01, 2008
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Huntington
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 314
Initial cost to company, Land	86
Initial cost to company, Buildings	309
Costs capitalized subsequent to acquisition, Land	4
Costs capitalized subsequent to acquisition, Buildings	15
Gross Amount at which carried at close of period, Land	90
Gross Amount at which carried at close of period, Buildings	324
Gross Amount at which carried at close of period, Total	414
Depreciation	$ 60
Date of Construction or Acquisition	Aug. 04, 2015
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Islander
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 732
Initial cost to company, Land	98
Initial cost to company, Buildings	884
Costs capitalized subsequent to acquisition, Land	49
Costs capitalized subsequent to acquisition, Buildings	115
Gross Amount at which carried at close of period, Land	147
Gross Amount at which carried at close of period, Buildings	999
Gross Amount at which carried at close of period, Total	1,146
Depreciation	$ 270
Date of Construction or Acquisition	Jul. 01, 2011
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Jadestone
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 498
Initial cost to company, Land	212
Initial cost to company, Buildings	554
Costs capitalized subsequent to acquisition, Buildings	127
Gross Amount at which carried at close of period, Land	212
Gross Amount at which carried at close of period, Buildings	681
Gross Amount at which carried at close of period, Total	893
Depreciation	$ 90
Date of Construction or Acquisition	Jun. 01, 2017
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Kennedy
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 354
Initial cost to company, Land	84
Initial cost to company, Buildings	588
Costs capitalized subsequent to acquisition, Land	7
Costs capitalized subsequent to acquisition, Buildings	91
Gross Amount at which carried at close of period, Land	91
Gross Amount at which carried at close of period, Buildings	679
Gross Amount at which carried at close of period, Total	770
Depreciation	$ 161
Date of Construction or Acquisition	Feb. 06, 2013
Residential Property \| Kennedy \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Kennedy \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Library Lane
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 2,006
Initial cost to company, Land	301
Initial cost to company, Buildings	2,332
Costs capitalized subsequent to acquisition, Land	16
Costs capitalized subsequent to acquisition, Buildings	189
Gross Amount at which carried at close of period, Land	317
Gross Amount at which carried at close of period, Buildings	2,521
Gross Amount at which carried at close of period, Total	2,838
Depreciation	$ 937
Date of Construction or Acquisition	Oct. 01, 2007
Residential Property \| Library Lane \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Library Lane \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Madison
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 272
Initial cost to company, Land	95
Initial cost to company, Buildings	497
Costs capitalized subsequent to acquisition, Buildings	100
Gross Amount at which carried at close of period, Land	95
Gross Amount at which carried at close of period, Buildings	597
Gross Amount at which carried at close of period, Total	692
Depreciation	$ 102
Date of Construction or Acquisition	Sep. 01, 2015
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Maple Ridge
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Omaha, NE
Encumbrances	$ 7,749
Initial cost to company, Land	766
Initial cost to company, Buildings	5,608
Costs capitalized subsequent to acquisition, Land	59
Costs capitalized subsequent to acquisition, Buildings	3,715
Gross Amount at which carried at close of period, Land	825
Gross Amount at which carried at close of period, Buildings	9,323
Gross Amount at which carried at close of period, Total	10,148
Depreciation	$ 2,582
Date of Construction or Acquisition	Aug. 01, 2008
Residential Property \| Maple Ridge \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Maple Ridge \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Maplewood
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Maplewood, MN
Encumbrances	$ 8,556
Initial cost to company, Land	3,120
Initial cost to company, Buildings	11,655
Costs capitalized subsequent to acquisition, Buildings	2,411
Gross Amount at which carried at close of period, Land	3,120
Gross Amount at which carried at close of period, Buildings	14,066
Gross Amount at which carried at close of period, Total	17,186
Depreciation	$ 2,537
Date of Construction or Acquisition	Dec. 19, 2014
Residential Property \| Maplewood \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Residential Property \| Maplewood \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 4,235
Initial cost to company, Land	783
Initial cost to company, Buildings	5,839
Costs capitalized subsequent to acquisition, Land	1
Costs capitalized subsequent to acquisition, Buildings	491
Gross Amount at which carried at close of period, Land	784
Gross Amount at which carried at close of period, Buildings	6,330
Gross Amount at which carried at close of period, Total	7,114
Depreciation	$ 1,899
Date of Construction or Acquisition	Jan. 01, 2009
Residential Property \| Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Martha Alice
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 421
Initial cost to company, Land	74
Initial cost to company, Buildings	738
Costs capitalized subsequent to acquisition, Land	6
Costs capitalized subsequent to acquisition, Buildings	183
Gross Amount at which carried at close of period, Land	80
Gross Amount at which carried at close of period, Buildings	921
Gross Amount at which carried at close of period, Total	1,001
Depreciation	$ 279
Date of Construction or Acquisition	Aug. 31, 2009
Residential Property \| Martha Alice \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Martha Alice \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Mayfair
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Initial cost to company, Land	$ 80
Initial cost to company, Buildings	1,043
Costs capitalized subsequent to acquisition, Land	4
Costs capitalized subsequent to acquisition, Buildings	123
Gross Amount at which carried at close of period, Land	84
Gross Amount at which carried at close of period, Buildings	1,166
Gross Amount at which carried at close of period, Total	1,250
Depreciation	$ 394
Date of Construction or Acquisition	Jul. 01, 2008
Residential Property \| Mayfair \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Mayfair \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Monticello
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 544
Initial cost to company, Land	60
Initial cost to company, Buildings	752
Costs capitalized subsequent to acquisition, Land	14
Costs capitalized subsequent to acquisition, Buildings	111
Gross Amount at which carried at close of period, Land	74
Gross Amount at which carried at close of period, Buildings	863
Gross Amount at which carried at close of period, Total	937
Depreciation	$ 184
Date of Construction or Acquisition	Nov. 08, 2013
Residential Property \| Monticello \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Monticello \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Montreal Courts
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Little Canada, MN
Encumbrances	$ 16,802
Initial cost to company, Land	5,809
Initial cost to company, Buildings	19,565
Costs capitalized subsequent to acquisition, Land	15
Costs capitalized subsequent to acquisition, Buildings	3,605
Gross Amount at which carried at close of period, Land	5,824
Gross Amount at which carried at close of period, Buildings	23,170
Gross Amount at which carried at close of period, Total	28,994
Depreciation	$ 4,961
Date of Construction or Acquisition	Oct. 02, 2013
Residential Property \| Montreal Courts \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Residential Property \| Montreal Courts \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Morningside Apartments
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 458
Initial cost to company, Land	85
Initial cost to company, Buildings	673
Costs capitalized subsequent to acquisition, Buildings	42
Gross Amount at which carried at close of period, Land	85
Gross Amount at which carried at close of period, Buildings	715
Gross Amount at which carried at close of period, Total	800
Depreciation	$ 71
Date of Construction or Acquisition	Nov. 30, 2018
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Newgate
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 1,503
Initial cost to company, Land	538
Initial cost to company, Buildings	1,755
Gross Amount at which carried at close of period, Land	538
Gross Amount at which carried at close of period, Buildings	1,755
Gross Amount at which carried at close of period, Total	2,293
Depreciation	$ 15
Date of Construction or Acquisition	Sep. 13, 2022
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Oak Court
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,502
Initial cost to company, Land	270
Initial cost to company, Buildings	2,210
Costs capitalized subsequent to acquisition, Land	29
Costs capitalized subsequent to acquisition, Buildings	436
Gross Amount at which carried at close of period, Land	299
Gross Amount at which carried at close of period, Buildings	2,646
Gross Amount at which carried at close of period, Total	2,945
Depreciation	$ 899
Date of Construction or Acquisition	Apr. 30, 2008
Residential Property \| Oak Court \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	28 years
Residential Property \| Oak Court \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Oakview Townhomes
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 3,473
Initial cost to company, Land	822
Initial cost to company, Buildings	4,698
Costs capitalized subsequent to acquisition, Land	1
Costs capitalized subsequent to acquisition, Buildings	471
Gross Amount at which carried at close of period, Land	823
Gross Amount at which carried at close of period, Buildings	5,169
Gross Amount at which carried at close of period, Total	5,992
Depreciation	$ 767
Date of Construction or Acquisition	Jan. 11, 2017
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Oxford
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 6,679
Initial cost to company, Land	1,655
Initial cost to company, Buildings	8,563
Gross Amount at which carried at close of period, Land	1,655
Gross Amount at which carried at close of period, Buildings	8,563
Gross Amount at which carried at close of period, Total	10,218
Depreciation	$ 321
Date of Construction or Acquisition	Jul. 01, 2021
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Pacific Park I
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 526
Initial cost to company, Land	95
Initial cost to company, Buildings	777
Costs capitalized subsequent to acquisition, Land	3
Costs capitalized subsequent to acquisition, Buildings	130
Gross Amount at which carried at close of period, Land	98
Gross Amount at which carried at close of period, Buildings	907
Gross Amount at which carried at close of period, Total	1,005
Depreciation	$ 205
Date of Construction or Acquisition	Feb. 06, 2013
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Pacific Park II
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 450
Initial cost to company, Land	111
Initial cost to company, Buildings	865
Costs capitalized subsequent to acquisition, Land	4
Costs capitalized subsequent to acquisition, Buildings	140
Gross Amount at which carried at close of period, Land	115
Gross Amount at which carried at close of period, Buildings	1,005
Gross Amount at which carried at close of period, Total	1,120
Depreciation	$ 225
Date of Construction or Acquisition	Feb. 06, 2013
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Pacific South
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 278
Initial cost to company, Land	58
Initial cost to company, Buildings	459
Costs capitalized subsequent to acquisition, Land	2
Costs capitalized subsequent to acquisition, Buildings	16
Gross Amount at which carried at close of period, Land	60
Gross Amount at which carried at close of period, Buildings	475
Gross Amount at which carried at close of period, Total	535
Depreciation	$ 114
Date of Construction or Acquisition	Feb. 06, 2013
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Park Circle
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 547
Initial cost to company, Land	196
Initial cost to company, Buildings	716
Costs capitalized subsequent to acquisition, Land	7
Costs capitalized subsequent to acquisition, Buildings	17
Gross Amount at which carried at close of period, Land	203
Gross Amount at which carried at close of period, Buildings	733
Gross Amount at which carried at close of period, Total	936
Depreciation	$ 102
Date of Construction or Acquisition	Jun. 01, 2017
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Parkview Arms
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Initial cost to company, Land	$ 373
Initial cost to company, Buildings	3,845
Costs capitalized subsequent to acquisition, Buildings	365
Gross Amount at which carried at close of period, Land	373
Gross Amount at which carried at close of period, Buildings	4,210
Gross Amount at which carried at close of period, Total	4,583
Depreciation	$ 784
Date of Construction or Acquisition	May 13, 2015
Residential Property \| Parkview Arms \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Residential Property \| Parkview Arms \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Parkwest Gardens
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	West Fargo, ND
Encumbrances	$ 3,010
Initial cost to company, Land	713
Initial cost to company, Buildings	5,712
Costs capitalized subsequent to acquisition, Land	39
Costs capitalized subsequent to acquisition, Buildings	1,390
Gross Amount at which carried at close of period, Land	752
Gross Amount at which carried at close of period, Buildings	7,102
Gross Amount at which carried at close of period, Total	7,854
Depreciation	$ 1,396
Date of Construction or Acquisition	Jun. 30, 2014
Residential Property \| Parkwest Gardens \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Parkwest Gardens \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Parkwood
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Initial cost to company, Land	$ 126
Initial cost to company, Buildings	1,143
Costs capitalized subsequent to acquisition, Land	14
Costs capitalized subsequent to acquisition, Buildings	23
Gross Amount at which carried at close of period, Land	140
Gross Amount at which carried at close of period, Buildings	1,166
Gross Amount at which carried at close of period, Total	1,306
Depreciation	$ 407
Date of Construction or Acquisition	Aug. 01, 2008
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Pebble Creek
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 3,588
Initial cost to company, Land	260
Initial cost to company, Buildings	2,818
Costs capitalized subsequent to acquisition, Land	31
Costs capitalized subsequent to acquisition, Buildings	(62)
Gross Amount at which carried at close of period, Land	291
Gross Amount at which carried at close of period, Buildings	2,756
Gross Amount at which carried at close of period, Total	3,047
Depreciation	$ 958
Date of Construction or Acquisition	Mar. 19, 2008
Residential Property \| Pebble Creek \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Pebble Creek \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Pinehurst
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 9,716
Initial cost to company, Land	2,368
Initial cost to company, Buildings	12,614
Gross Amount at which carried at close of period, Land	2,368
Gross Amount at which carried at close of period, Buildings	12,614
Gross Amount at which carried at close of period, Total	14,982
Depreciation	$ 473
Date of Construction or Acquisition	Jul. 01, 2021
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Plumtree
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 516
Initial cost to company, Land	100
Initial cost to company, Buildings	782
Costs capitalized subsequent to acquisition, Buildings	29
Gross Amount at which carried at close of period, Land	100
Gross Amount at which carried at close of period, Buildings	811
Gross Amount at which carried at close of period, Total	911
Depreciation	$ 114
Date of Construction or Acquisition	May 01, 2017
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Prairiewood Courts
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Initial cost to company, Land	$ 308
Initial cost to company, Buildings	1,730
Costs capitalized subsequent to acquisition, Land	28
Costs capitalized subsequent to acquisition, Buildings	143
Gross Amount at which carried at close of period, Land	336
Gross Amount at which carried at close of period, Buildings	1,873
Gross Amount at which carried at close of period, Total	2,209
Depreciation	$ 725
Date of Construction or Acquisition	Sep. 01, 2006
Residential Property \| Prairiewood Courts \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Prairiewood Courts \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Prairiewood Meadows
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 3,781
Initial cost to company, Land	736
Initial cost to company, Buildings	852
Costs capitalized subsequent to acquisition, Land	11
Costs capitalized subsequent to acquisition, Buildings	367
Gross Amount at which carried at close of period, Land	747
Gross Amount at which carried at close of period, Buildings	1,219
Gross Amount at which carried at close of period, Total	1,966
Depreciation	$ 232
Date of Construction or Acquisition	Sep. 30, 2012
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Prose Fossil Creek
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fort Worth, TX
Initial cost to company, Land	$ 5,451
Initial cost to company, Buildings	46,811
Gross Amount at which carried at close of period, Land	5,451
Gross Amount at which carried at close of period, Buildings	46,811
Gross Amount at which carried at close of period, Total	52,262
Depreciation	$ 98
Date of Construction or Acquisition	Dec. 29, 2022
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Quail Creek
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Springfield, MO
Encumbrances	$ 5,317
Initial cost to company, Land	1,529
Initial cost to company, Buildings	7,396
Costs capitalized subsequent to acquisition, Buildings	1,656
Gross Amount at which carried at close of period, Land	1,529
Gross Amount at which carried at close of period, Buildings	9,052
Gross Amount at which carried at close of period, Total	10,581
Depreciation	$ 1,537
Date of Construction or Acquisition	Feb. 03, 2015
Residential Property \| Quail Creek \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Residential Property \| Quail Creek \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Robinwood
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Coon Rapids, MN
Encumbrances	$ 4,129
Initial cost to company, Land	1,380
Initial cost to company, Buildings	6,133
Costs capitalized subsequent to acquisition, Buildings	711
Gross Amount at which carried at close of period, Land	1,380
Gross Amount at which carried at close of period, Buildings	6,844
Gross Amount at which carried at close of period, Total	8,224
Depreciation	$ 1,333
Date of Construction or Acquisition	Dec. 19, 2014
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Rosedale Estates
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Roseville, MN
Encumbrances	$ 13,916
Initial cost to company, Land	4,680
Initial cost to company, Buildings	20,591
Costs capitalized subsequent to acquisition, Buildings	836
Gross Amount at which carried at close of period, Land	4,680
Gross Amount at which carried at close of period, Buildings	21,427
Gross Amount at which carried at close of period, Total	26,107
Depreciation	$ 4,289
Date of Construction or Acquisition	Dec. 19, 2014
Residential Property \| Rosedale Estates \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Residential Property \| Rosedale Estates \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Rosegate
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,888
Initial cost to company, Land	251
Initial cost to company, Buildings	2,978
Costs capitalized subsequent to acquisition, Land	49
Costs capitalized subsequent to acquisition, Buildings	132
Gross Amount at which carried at close of period, Land	300
Gross Amount at which carried at close of period, Buildings	3,110
Gross Amount at which carried at close of period, Total	3,410
Depreciation	$ 1,136
Date of Construction or Acquisition	Apr. 30, 2008
Residential Property \| Rosegate \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Rosegate \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Rosser
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 688
Initial cost to company, Land	156
Initial cost to company, Buildings	1,216
Costs capitalized subsequent to acquisition, Buildings	86
Gross Amount at which carried at close of period, Land	156
Gross Amount at which carried at close of period, Buildings	1,302
Gross Amount at which carried at close of period, Total	1,458
Depreciation	$ 88
Date of Construction or Acquisition	Mar. 01, 2020
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Roughrider
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 373
Initial cost to company, Land	100
Initial cost to company, Buildings	448
Costs capitalized subsequent to acquisition, Buildings	117
Gross Amount at which carried at close of period, Land	100
Gross Amount at which carried at close of period, Buildings	565
Gross Amount at which carried at close of period, Total	665
Depreciation	$ 93
Date of Construction or Acquisition	Aug. 01, 2016
Residential Property \| Roughrider \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Residential Property \| Roughrider \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Saddlebrook
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	West Fargo, ND
Encumbrances	$ 1,306
Initial cost to company, Land	148
Initial cost to company, Buildings	1,262
Costs capitalized subsequent to acquisition, Land	203
Costs capitalized subsequent to acquisition, Buildings	105
Gross Amount at which carried at close of period, Land	351
Gross Amount at which carried at close of period, Buildings	1,367
Gross Amount at which carried at close of period, Total	1,718
Depreciation	$ 462
Date of Construction or Acquisition	Dec. 31, 2008
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Sage Park
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	New Brighton, MN
Encumbrances	$ 9,307
Initial cost to company, Land	2,520
Initial cost to company, Buildings	13,985
Costs capitalized subsequent to acquisition, Buildings	1,061
Gross Amount at which carried at close of period, Land	2,520
Gross Amount at which carried at close of period, Buildings	15,046
Gross Amount at which carried at close of period, Total	17,566
Depreciation	$ 3,031
Date of Construction or Acquisition	Dec. 19, 2014
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Sage Park \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Residential Property \| Sargent
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 940
Initial cost to company, Land	164
Initial cost to company, Buildings	1,529
Costs capitalized subsequent to acquisition, Land	4
Costs capitalized subsequent to acquisition, Buildings	17
Gross Amount at which carried at close of period, Land	168
Gross Amount at which carried at close of period, Buildings	1,546
Gross Amount at which carried at close of period, Total	1,714
Depreciation	$ 233
Date of Construction or Acquisition	Jan. 10, 2017
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Schrock
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 425
Initial cost to company, Land	71
Initial cost to company, Buildings	626
Costs capitalized subsequent to acquisition, Land	3
Costs capitalized subsequent to acquisition, Buildings	66
Gross Amount at which carried at close of period, Land	74
Gross Amount at which carried at close of period, Buildings	692
Gross Amount at which carried at close of period, Total	766
Depreciation	$ 152
Date of Construction or Acquisition	Jun. 04, 2013
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Sheridan Pointe
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,976
Initial cost to company, Land	292
Initial cost to company, Buildings	2,387
Costs capitalized subsequent to acquisition, Land	21
Costs capitalized subsequent to acquisition, Buildings	39
Gross Amount at which carried at close of period, Land	313
Gross Amount at which carried at close of period, Buildings	2,426
Gross Amount at which carried at close of period, Total	2,739
Depreciation	$ 547
Date of Construction or Acquisition	Oct. 01, 2013
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Sierra Ridge
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 6,575
Initial cost to company, Land	754
Initial cost to company, Buildings	8,795
Costs capitalized subsequent to acquisition, Land	151
Costs capitalized subsequent to acquisition, Buildings	863
Gross Amount at which carried at close of period, Land	905
Gross Amount at which carried at close of period, Buildings	9,658
Gross Amount at which carried at close of period, Total	10,563
Depreciation	$ 2,987
Date of Construction or Acquisition	Sep. 01, 2006
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Somerset
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Initial cost to company, Land	$ 300
Initial cost to company, Buildings	3,400
Costs capitalized subsequent to acquisition, Land	43
Costs capitalized subsequent to acquisition, Buildings	57
Gross Amount at which carried at close of period, Land	343
Gross Amount at which carried at close of period, Buildings	3,457
Gross Amount at which carried at close of period, Total	3,800
Depreciation	$ 1,235
Date of Construction or Acquisition	Jul. 01, 2008
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Southgate
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 4,744
Initial cost to company, Land	803
Initial cost to company, Buildings	5,267
Costs capitalized subsequent to acquisition, Land	20
Costs capitalized subsequent to acquisition, Buildings	64
Gross Amount at which carried at close of period, Land	823
Gross Amount at which carried at close of period, Buildings	5,331
Gross Amount at which carried at close of period, Total	6,154
Depreciation	$ 2,015
Date of Construction or Acquisition	Jul. 01, 2007
Residential Property \| Southgate \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Southgate \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Southview III
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Initial cost to company, Land	$ 99
Initial cost to company, Buildings	522
Costs capitalized subsequent to acquisition, Land	1
Costs capitalized subsequent to acquisition, Buildings	116
Gross Amount at which carried at close of period, Land	100
Gross Amount at which carried at close of period, Buildings	638
Gross Amount at which carried at close of period, Total	738
Depreciation	$ 170
Date of Construction or Acquisition	Aug. 01, 2011
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Southview Villages
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,376
Initial cost to company, Land	268
Initial cost to company, Buildings	2,483
Costs capitalized subsequent to acquisition, Land	16
Costs capitalized subsequent to acquisition, Buildings	645
Gross Amount at which carried at close of period, Land	284
Gross Amount at which carried at close of period, Buildings	3,128
Gross Amount at which carried at close of period, Total	3,412
Depreciation	$ 1,012
Date of Construction or Acquisition	Oct. 01, 2007
Residential Property \| Southview Villages \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Southview Villages \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Spring
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 429
Initial cost to company, Land	76
Initial cost to company, Buildings	822
Costs capitalized subsequent to acquisition, Land	75
Costs capitalized subsequent to acquisition, Buildings	24
Gross Amount at which carried at close of period, Land	151
Gross Amount at which carried at close of period, Buildings	846
Gross Amount at which carried at close of period, Total	997
Depreciation	$ 210
Date of Construction or Acquisition	Feb. 06, 2013
Residential Property \| Spring \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Spring \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Stanford Court
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Initial cost to company, Land	$ 291
Initial cost to company, Buildings	3,866
Costs capitalized subsequent to acquisition, Buildings	454
Gross Amount at which carried at close of period, Land	291
Gross Amount at which carried at close of period, Buildings	4,320
Gross Amount at which carried at close of period, Total	4,611
Depreciation	$ 997
Date of Construction or Acquisition	Feb. 06, 2013
Residential Property \| Stanford Court \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Stanford Court \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Stonefield-Phase I
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 7,500
Initial cost to company, Land	2,804
Initial cost to company, Buildings	11,060
Costs capitalized subsequent to acquisition, Land	227
Costs capitalized subsequent to acquisition, Buildings	802
Gross Amount at which carried at close of period, Land	3,031
Gross Amount at which carried at close of period, Buildings	11,862
Gross Amount at which carried at close of period, Total	14,893
Depreciation	$ 2,273
Date of Construction or Acquisition	Aug. 01, 2014
Residential Property \| Stonefield-Phase I \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Stonefield-Phase I \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Stonefield-Phase II
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 4,766
Initial cost to company, Land	1,201
Initial cost to company, Buildings	3,678
Costs capitalized subsequent to acquisition, Land	486
Costs capitalized subsequent to acquisition, Buildings	5,754
Gross Amount at which carried at close of period, Land	1,687
Gross Amount at which carried at close of period, Buildings	9,432
Gross Amount at which carried at close of period, Total	11,119
Depreciation	$ 1,345
Date of Construction or Acquisition	Oct. 23, 2014
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Stonefield-Phase III
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Initial cost to company, Land	$ 1,079
Costs capitalized subsequent to acquisition, Land	238
Gross Amount at which carried at close of period, Land	1,317
Gross Amount at which carried at close of period, Total	$ 1,317
Date of Construction or Acquisition	Oct. 23, 2014
Residential Property \| Stonybrook
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Omaha, NE
Encumbrances	$ 6,124
Initial cost to company, Land	1,439
Initial cost to company, Buildings	8,003
Costs capitalized subsequent to acquisition, Buildings	1,574
Gross Amount at which carried at close of period, Land	1,439
Gross Amount at which carried at close of period, Buildings	9,577
Gross Amount at which carried at close of period, Total	11,016
Depreciation	$ 3,088
Date of Construction or Acquisition	Jan. 20, 2009
Residential Property \| Stonybrook \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Stonybrook \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Summerfield
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 469
Initial cost to company, Land	129
Initial cost to company, Buildings	599
Costs capitalized subsequent to acquisition, Land	6
Costs capitalized subsequent to acquisition, Buildings	82
Gross Amount at which carried at close of period, Land	135
Gross Amount at which carried at close of period, Buildings	681
Gross Amount at which carried at close of period, Total	816
Depreciation	$ 120
Date of Construction or Acquisition	Aug. 04, 2015
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Summit Point
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 3,284
Initial cost to company, Land	681
Initial cost to company, Buildings	5,434
Costs capitalized subsequent to acquisition, Land	22
Costs capitalized subsequent to acquisition, Buildings	449
Gross Amount at which carried at close of period, Land	703
Gross Amount at which carried at close of period, Buildings	5,883
Gross Amount at which carried at close of period, Total	6,586
Depreciation	$ 1,020
Date of Construction or Acquisition	Oct. 01, 2015
Residential Property \| Summit Point \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Summit Point \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Sunchase
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,011
Initial cost to company, Land	181
Initial cost to company, Buildings	1,563
Costs capitalized subsequent to acquisition, Land	14
Costs capitalized subsequent to acquisition, Buildings	86
Gross Amount at which carried at close of period, Land	195
Gross Amount at which carried at close of period, Buildings	1,649
Gross Amount at which carried at close of period, Total	1,844
Depreciation	$ 234
Date of Construction or Acquisition	May 01, 2017
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Sunset Ridge
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bismarck, ND
Encumbrances	$ 10,813
Initial cost to company, Land	1,759
Initial cost to company, Buildings	9,560
Costs capitalized subsequent to acquisition, Land	36
Costs capitalized subsequent to acquisition, Buildings	145
Gross Amount at which carried at close of period, Land	1,795
Gross Amount at which carried at close of period, Buildings	9,705
Gross Amount at which carried at close of period, Total	11,500
Depreciation	$ 3,234
Date of Construction or Acquisition	Jun. 06, 2008
Residential Property \| Sunset Ridge \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	9 years
Residential Property \| Sunset Ridge \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Sunview
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Initial cost to company, Land	$ 144
Initial cost to company, Buildings	1,578
Costs capitalized subsequent to acquisition, Land	2
Costs capitalized subsequent to acquisition, Buildings	241
Gross Amount at which carried at close of period, Land	146
Gross Amount at which carried at close of period, Buildings	1,819
Gross Amount at which carried at close of period, Total	1,965
Depreciation	$ 587
Date of Construction or Acquisition	Dec. 31, 2008
Residential Property \| Sunview \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Sunview \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Sunwood
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,491
Initial cost to company, Land	358
Initial cost to company, Buildings	3,252
Costs capitalized subsequent to acquisition, Land	38
Costs capitalized subsequent to acquisition, Buildings	541
Gross Amount at which carried at close of period, Land	396
Gross Amount at which carried at close of period, Buildings	3,793
Gross Amount at which carried at close of period, Total	4,189
Depreciation	$ 1,304
Date of Construction or Acquisition	Jul. 01, 2007
Residential Property \| Sunwood \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Sunwood \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Thunder Creek
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,645
Initial cost to company, Land	633
Initial cost to company, Buildings	4,063
Costs capitalized subsequent to acquisition, Land	1
Costs capitalized subsequent to acquisition, Buildings	551
Gross Amount at which carried at close of period, Land	634
Gross Amount at which carried at close of period, Buildings	4,614
Gross Amount at which carried at close of period, Total	5,248
Depreciation	$ 525
Date of Construction or Acquisition	Mar. 01, 2018
Residential Property \| Thunder Creek \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	25 years
Residential Property \| Thunder Creek \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Twin Oaks
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Hutchinson, MN
Encumbrances	$ 5,203
Initial cost to company, Land	816
Initial cost to company, Buildings	3,245
Costs capitalized subsequent to acquisition, Buildings	149
Gross Amount at which carried at close of period, Land	816
Gross Amount at which carried at close of period, Buildings	3,394
Gross Amount at which carried at close of period, Total	4,210
Depreciation	$ 692
Date of Construction or Acquisition	Oct. 01, 2014
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Twin Parks
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Initial cost to company, Land	$ 119
Initial cost to company, Buildings	2,072
Costs capitalized subsequent to acquisition, Land	43
Costs capitalized subsequent to acquisition, Buildings	227
Gross Amount at which carried at close of period, Land	162
Gross Amount at which carried at close of period, Buildings	2,299
Gross Amount at which carried at close of period, Total	2,461
Depreciation	$ 757
Date of Construction or Acquisition	Oct. 01, 2008
Residential Property \| Twin Parks \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Twin Parks \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Valley Homes Duplexes
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 998
Initial cost to company, Land	356
Initial cost to company, Buildings	1,668
Costs capitalized subsequent to acquisition, Land	1
Costs capitalized subsequent to acquisition, Buildings	418
Gross Amount at which carried at close of period, Land	357
Gross Amount at which carried at close of period, Buildings	2,086
Gross Amount at which carried at close of period, Total	2,443
Depreciation	$ 390
Date of Construction or Acquisition	Jan. 22, 2015
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Valley View
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Golden Valley, MN
Encumbrances	$ 4,107
Initial cost to company, Land	1,190
Initial cost to company, Buildings	6,076
Costs capitalized subsequent to acquisition, Buildings	458
Gross Amount at which carried at close of period, Land	1,190
Gross Amount at which carried at close of period, Buildings	6,534
Gross Amount at which carried at close of period, Total	7,724
Depreciation	$ 1,274
Date of Construction or Acquisition	Dec. 19, 2014
Residential Property \| Valley View \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Residential Property \| Valley View \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Village Park
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 609
Initial cost to company, Land	219
Initial cost to company, Buildings	1,932
Costs capitalized subsequent to acquisition, Land	51
Costs capitalized subsequent to acquisition, Buildings	80
Gross Amount at which carried at close of period, Land	270
Gross Amount at which carried at close of period, Buildings	2,012
Gross Amount at which carried at close of period, Total	2,282
Depreciation	$ 725
Date of Construction or Acquisition	Apr. 30, 2008
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Village West
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,154
Initial cost to company, Land	357
Initial cost to company, Buildings	2,274
Costs capitalized subsequent to acquisition, Land	61
Costs capitalized subsequent to acquisition, Buildings	126
Gross Amount at which carried at close of period, Land	418
Gross Amount at which carried at close of period, Buildings	2,400
Gross Amount at which carried at close of period, Total	2,818
Depreciation	$ 836
Date of Construction or Acquisition	Apr. 30, 2008
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Washington
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Encumbrances	$ 350
Initial cost to company, Land	74
Initial cost to company, Buildings	592
Costs capitalized subsequent to acquisition, Buildings	75
Gross Amount at which carried at close of period, Land	74
Gross Amount at which carried at close of period, Buildings	667
Gross Amount at which carried at close of period, Total	741
Depreciation	$ 108
Date of Construction or Acquisition	May 04, 2016
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Westcourt
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,294
Initial cost to company, Land	287
Initial cost to company, Buildings	2,914
Costs capitalized subsequent to acquisition, Land	28
Costs capitalized subsequent to acquisition, Buildings	195
Gross Amount at which carried at close of period, Land	315
Gross Amount at which carried at close of period, Buildings	3,109
Gross Amount at which carried at close of period, Total	3,424
Depreciation	$ 702
Date of Construction or Acquisition	Jan. 02, 2014
Residential Property \| Westcourt \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Residential Property \| Westcourt \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| West Oak
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 608
Initial cost to company, Land	85
Initial cost to company, Buildings	692
Costs capitalized subsequent to acquisition, Land	47
Costs capitalized subsequent to acquisition, Buildings	36
Gross Amount at which carried at close of period, Land	132
Gross Amount at which carried at close of period, Buildings	728
Gross Amount at which carried at close of period, Total	860
Depreciation	$ 116
Date of Construction or Acquisition	Jan. 17, 2017
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Westside
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Hawley, MN
Encumbrances	$ 456
Initial cost to company, Land	59
Initial cost to company, Buildings	360
Costs capitalized subsequent to acquisition, Buildings	99
Gross Amount at which carried at close of period, Land	59
Gross Amount at which carried at close of period, Buildings	459
Gross Amount at which carried at close of period, Total	518
Depreciation	$ 127
Date of Construction or Acquisition	Feb. 01, 2010
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Westwind
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 561
Initial cost to company, Land	49
Initial cost to company, Buildings	455
Costs capitalized subsequent to acquisition, Land	1
Costs capitalized subsequent to acquisition, Buildings	95
Gross Amount at which carried at close of period, Land	50
Gross Amount at which carried at close of period, Buildings	550
Gross Amount at which carried at close of period, Total	600
Depreciation	$ 206
Date of Construction or Acquisition	Apr. 30, 2008
Residential Property \| Westwind \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Westwind \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Westwood
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 3,108
Initial cost to company, Land	597
Initial cost to company, Buildings	6,341
Costs capitalized subsequent to acquisition, Land	91
Costs capitalized subsequent to acquisition, Buildings	764
Gross Amount at which carried at close of period, Land	688
Gross Amount at which carried at close of period, Buildings	7,105
Gross Amount at which carried at close of period, Total	7,793
Depreciation	$ 2,378
Date of Construction or Acquisition	Jun. 05, 2008
Residential Property \| Westwood \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	20 years
Residential Property \| Westwood \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Willow Park
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 3,228
Initial cost to company, Land	288
Initial cost to company, Buildings	5,286
Costs capitalized subsequent to acquisition, Land	39
Costs capitalized subsequent to acquisition, Buildings	799
Gross Amount at which carried at close of period, Land	327
Gross Amount at which carried at close of period, Buildings	6,085
Gross Amount at which carried at close of period, Total	6,412
Depreciation	$ 1,943
Date of Construction or Acquisition	Dec. 31, 2008
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Wolf Creek
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 2,979
Initial cost to company, Land	1,082
Initial cost to company, Buildings	4,210
Costs capitalized subsequent to acquisition, Buildings	28
Gross Amount at which carried at close of period, Land	1,082
Gross Amount at which carried at close of period, Buildings	4,238
Gross Amount at which carried at close of period, Total	5,320
Depreciation	$ 319
Date of Construction or Acquisition	Jan. 12, 2020
Life on which depreciation on latest income statement is computed	40 years
Residential Property \| Woodland Pines
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Omaha, NE
Encumbrances	$ 6,047
Initial cost to company, Land	842
Initial cost to company, Buildings	10,596
Costs capitalized subsequent to acquisition, Buildings	1,372
Gross Amount at which carried at close of period, Land	842
Gross Amount at which carried at close of period, Buildings	11,968
Gross Amount at which carried at close of period, Total	12,810
Depreciation	$ 1,199
Date of Construction or Acquisition	Nov. 30, 2018
Life on which depreciation on latest income statement is computed	40 years
Office Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 61,337
Initial cost to company, Land	14,072
Initial cost to company, Buildings	70,295
Costs capitalized subsequent to acquisition, Land	121
Costs capitalized subsequent to acquisition, Buildings	25,430
Gross Amount at which carried at close of period, Land	14,193
Gross Amount at which carried at close of period, Buildings	95,725
Gross Amount at which carried at close of period, Total	109,918
Depreciation	$ 26,361
Office Property \| 32nd Avenue
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 4,763
Initial cost to company, Land	635
Initial cost to company, Buildings	3,298
Costs capitalized subsequent to acquisition, Land	87
Costs capitalized subsequent to acquisition, Buildings	1,226
Gross Amount at which carried at close of period, Land	722
Gross Amount at which carried at close of period, Buildings	4,524
Gross Amount at which carried at close of period, Total	5,246
Depreciation	$ 1,651
Date of Construction or Acquisition	Mar. 16, 2004
Office Property \| 32nd Avenue \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	3 years
Office Property \| 32nd Avenue \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Office Property \| Bell Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Bloomington, MN
Encumbrances	$ 30,662
Initial cost to company, Land	6,912
Initial cost to company, Buildings	34,672
Costs capitalized subsequent to acquisition, Buildings	4,635
Gross Amount at which carried at close of period, Land	6,912
Gross Amount at which carried at close of period, Buildings	39,307
Gross Amount at which carried at close of period, Total	46,219
Depreciation	$ 11,707
Date of Construction or Acquisition	Aug. 13, 2015
Office Property \| Bell Plaza \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	3 years
Office Property \| Bell Plaza \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Office Property \| Trustmark
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 6,915
Initial cost to company, Land	2,089
Initial cost to company, Buildings	4,718
Costs capitalized subsequent to acquisition, Land	14
Costs capitalized subsequent to acquisition, Buildings	6,298
Gross Amount at which carried at close of period, Land	2,103
Gross Amount at which carried at close of period, Buildings	11,016
Gross Amount at which carried at close of period, Total	13,119
Depreciation	$ 712
Date of Construction or Acquisition	Aug. 28, 2020
Life on which depreciation on latest income statement is computed	40 years
Office Property \| First International Bank & Trust
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Moorhead, MN
Initial cost to company, Land	$ 210
Initial cost to company, Buildings	712
Costs capitalized subsequent to acquisition, Land	5
Costs capitalized subsequent to acquisition, Buildings	88
Gross Amount at which carried at close of period, Land	215
Gross Amount at which carried at close of period, Buildings	800
Gross Amount at which carried at close of period, Total	1,015
Depreciation	$ 295
Date of Construction or Acquisition	May 13, 2011
Office Property \| First International Bank & Trust \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	10 years
Office Property \| First International Bank & Trust \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Office Property \| Four Points
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Initial cost to company, Land	$ 70
Initial cost to company, Buildings	1,238
Costs capitalized subsequent to acquisition, Buildings	175
Gross Amount at which carried at close of period, Land	70
Gross Amount at which carried at close of period, Buildings	1,413
Gross Amount at which carried at close of period, Total	1,483
Depreciation	$ 520
Date of Construction or Acquisition	Oct. 18, 2007
Office Property \| Four Points \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Office Property \| Four Points \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Office Property \| Gate City
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Grand Forks, ND
Initial cost to company, Land	$ 382
Initial cost to company, Buildings	893
Costs capitalized subsequent to acquisition, Land	1
Costs capitalized subsequent to acquisition, Buildings	810
Gross Amount at which carried at close of period, Land	383
Gross Amount at which carried at close of period, Buildings	1,703
Gross Amount at which carried at close of period, Total	2,086
Depreciation	$ 405
Date of Construction or Acquisition	Mar. 31, 2008
Life on which depreciation on latest income statement is computed	40 years
Office Property \| Goldmark Office Park
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 12,362
Initial cost to company, Land	1,160
Initial cost to company, Buildings	11,788
Costs capitalized subsequent to acquisition, Land	65
Costs capitalized subsequent to acquisition, Buildings	8,832
Gross Amount at which carried at close of period, Land	1,225
Gross Amount at which carried at close of period, Buildings	20,620
Gross Amount at which carried at close of period, Total	21,845
Depreciation	$ 5,289
Date of Construction or Acquisition	Jul. 01, 2007
Office Property \| Goldmark Office Park \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	1 year
Office Property \| Goldmark Office Park \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Office Property \| Great American Bldg
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,064
Initial cost to company, Land	511
Initial cost to company, Buildings	1,290
Costs capitalized subsequent to acquisition, Land	22
Costs capitalized subsequent to acquisition, Buildings	447
Gross Amount at which carried at close of period, Land	533
Gross Amount at which carried at close of period, Buildings	1,737
Gross Amount at which carried at close of period, Total	2,270
Depreciation	$ 760
Date of Construction or Acquisition	Feb. 01, 2005
Office Property \| Great American Bldg \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	28 years
Office Property \| Great American Bldg \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Office Property \| Midtown Plaza
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Minot, ND
Encumbrances	$ 1,103
Initial cost to company, Land	30
Initial cost to company, Buildings	1,213
Costs capitalized subsequent to acquisition, Buildings	97
Gross Amount at which carried at close of period, Land	30
Gross Amount at which carried at close of period, Buildings	1,310
Gross Amount at which carried at close of period, Total	1,340
Depreciation	$ 565
Date of Construction or Acquisition	Jan. 01, 2004
Office Property \| Midtown Plaza \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	5 years
Office Property \| Midtown Plaza \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Office Property \| Parkway office building (FKA Echelon)
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fargo, ND
Encumbrances	$ 1,619
Initial cost to company, Land	278
Initial cost to company, Buildings	1,491
Costs capitalized subsequent to acquisition, Land	42
Costs capitalized subsequent to acquisition, Buildings	82
Gross Amount at which carried at close of period, Land	320
Gross Amount at which carried at close of period, Buildings	1,573
Gross Amount at which carried at close of period, Total	1,893
Depreciation	$ 611
Date of Construction or Acquisition	May 15, 2007
Office Property \| Parkway office building (FKA Echelon) \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	9 years
Office Property \| Parkway office building (FKA Echelon) \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Office Property \| Redpath
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	White Bear Lake, MN
Encumbrances	$ 2,849
Initial cost to company, Land	1,195
Initial cost to company, Buildings	1,787
Gross Amount at which carried at close of period, Land	1,195
Gross Amount at which carried at close of period, Buildings	1,787
Gross Amount at which carried at close of period, Total	2,982
Depreciation	$ 309
Date of Construction or Acquisition	Feb. 01, 2016
Life on which depreciation on latest income statement is computed	40 years
Office Property \| Wells Fargo Center
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Duluth, MN
Initial cost to company, Land	$ 600
Initial cost to company, Buildings	7,195
Costs capitalized subsequent to acquisition, Land	(115)
Costs capitalized subsequent to acquisition, Buildings	2,740
Gross Amount at which carried at close of period, Land	485
Gross Amount at which carried at close of period, Buildings	9,935
Gross Amount at which carried at close of period, Total	10,420
Depreciation	$ 3,537
Date of Construction or Acquisition	Jul. 11, 2007
Office Property \| Wells Fargo Center \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	4 years
Office Property \| Wells Fargo Center \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Retail Property
SEC Schedule III, Real Estate and Accumulated Depreciation
Encumbrances	$ 13,527
Initial cost to company, Land	8,275
Initial cost to company, Buildings	23,698
Costs capitalized subsequent to acquisition, Land	11
Costs capitalized subsequent to acquisition, Buildings	81
Gross Amount at which carried at close of period, Land	8,286
Gross Amount at which carried at close of period, Buildings	23,779
Gross Amount at which carried at close of period, Total	32,065
Depreciation	$ 7,462
Retail Property \| Applebees, Coon Rapids, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Coon Rapids, MN
Initial cost to company, Land	$ 750
Initial cost to company, Buildings	875
Costs capitalized subsequent to acquisition, Land	8
Gross Amount at which carried at close of period, Land	758
Gross Amount at which carried at close of period, Buildings	875
Gross Amount at which carried at close of period, Total	1,633
Depreciation	$ 281
Date of Construction or Acquisition	Mar. 09, 2010
Life on which depreciation on latest income statement is computed	40 years
Retail Property \| Dairy Queen, Apple Valley, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Apple Valley, MN
Encumbrances	$ 1,898
Initial cost to company, Land	845
Initial cost to company, Buildings	828
Gross Amount at which carried at close of period, Land	845
Gross Amount at which carried at close of period, Buildings	828
Gross Amount at which carried at close of period, Total	1,673
Depreciation	$ 90
Date of Construction or Acquisition	Sep. 17, 2018
Life on which depreciation on latest income statement is computed	40 years
Retail Property \| Dairy Queen, Dickinson, ND
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Dickinson, ND
Initial cost to company, Land	$ 329
Initial cost to company, Buildings	658
Costs capitalized subsequent to acquisition, Land	1
Gross Amount at which carried at close of period, Land	330
Gross Amount at which carried at close of period, Buildings	658
Gross Amount at which carried at close of period, Total	988
Depreciation	$ 181
Date of Construction or Acquisition	Jan. 19, 2012
Life on which depreciation on latest income statement is computed	40 years
Retail Property \| Dairy Queen, Moorhead, MN
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Moorhead, MN
Initial cost to company, Land	$ 243
Initial cost to company, Buildings	787
Costs capitalized subsequent to acquisition, Land	2
Gross Amount at which carried at close of period, Land	245
Gross Amount at which carried at close of period, Buildings	787
Gross Amount at which carried at close of period, Total	1,032
Depreciation	$ 230
Date of Construction or Acquisition	May 13, 2011
Life on which depreciation on latest income statement is computed	20 years
Retail Property \| Family Dollar, Mandan, ND
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Mandan, ND
Initial cost to company, Land	$ 166
Initial cost to company, Buildings	649
Costs capitalized subsequent to acquisition, Buildings	54
Gross Amount at which carried at close of period, Land	166
Gross Amount at which carried at close of period, Buildings	703
Gross Amount at which carried at close of period, Total	869
Depreciation	$ 198
Date of Construction or Acquisition	Dec. 14, 2010
Life on which depreciation on latest income statement is computed	40 years
Retail Property \| OReilly, Mandan, ND
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Mandan, ND
Initial cost to company, Land	$ 115
Initial cost to company, Buildings	449
Costs capitalized subsequent to acquisition, Buildings	27
Gross Amount at which carried at close of period, Land	115
Gross Amount at which carried at close of period, Buildings	476
Gross Amount at which carried at close of period, Total	591
Depreciation	$ 138
Date of Construction or Acquisition	Dec. 14, 2010
Life on which depreciation on latest income statement is computed	40 years
Retail Property \| Walgreens, Alexandria, LA
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Alexandria, LA
Encumbrances	$ 548
Initial cost to company, Land	1,090
Initial cost to company, Buildings	2,973
Gross Amount at which carried at close of period, Land	1,090
Gross Amount at which carried at close of period, Buildings	2,973
Gross Amount at which carried at close of period, Total	4,063
Depreciation	$ 969
Date of Construction or Acquisition	Dec. 18, 2009
Retail Property \| Walgreens, Alexandria, LA \| Minimum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	28 years
Retail Property \| Walgreens, Alexandria, LA \| Maximum
SEC Schedule III, Real Estate and Accumulated Depreciation
Life on which depreciation on latest income statement is computed	40 years
Retail Property \| Walgreens, Batesville, AR
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Batesville, AR
Encumbrances	$ 4,623
Initial cost to company, Land	472
Initial cost to company, Buildings	6,405
Gross Amount at which carried at close of period, Land	472
Gross Amount at which carried at close of period, Buildings	6,405
Gross Amount at which carried at close of period, Total	6,877
Depreciation	$ 2,162
Date of Construction or Acquisition	Jul. 09, 2009
Life on which depreciation on latest income statement is computed	40 years
Retail Property \| Walgreens, Denver, CO
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Denver, CO
Encumbrances	$ 2,984
Initial cost to company, Land	2,349
Initial cost to company, Buildings	2,358
Gross Amount at which carried at close of period, Land	2,349
Gross Amount at which carried at close of period, Buildings	2,358
Gross Amount at which carried at close of period, Total	4,707
Depreciation	$ 683
Date of Construction or Acquisition	Jun. 14, 2011
Life on which depreciation on latest income statement is computed	40 years
Retail Property \| Walgreens, Fayetteville, AR
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Fayetteville, AR
Encumbrances	$ 3,474
Initial cost to company, Land	636
Initial cost to company, Buildings	4,732
Gross Amount at which carried at close of period, Land	636
Gross Amount at which carried at close of period, Buildings	4,732
Gross Amount at which carried at close of period, Total	5,368
Depreciation	$ 1,597
Date of Construction or Acquisition	Jul. 09, 2009
Life on which depreciation on latest income statement is computed	40 years
Retail Property \| Walgreens, Laurel, MS
SEC Schedule III, Real Estate and Accumulated Depreciation
Physical Location	Laurel, MS
Initial cost to company, Land	$ 1,280
Initial cost to company, Buildings	2,984
Gross Amount at which carried at close of period, Land	1,280
Gross Amount at which carried at close of period, Buildings	2,984
Gross Amount at which carried at close of period, Total	4,264
Depreciation	$ 933
Date of Construction or Acquisition	Jul. 30, 2010
Life on which depreciation on latest income statement is computed	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Changes in Real Estate Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Beginning balance	$ 896,702	$ 845,288	$ 802,028
Purchase of real estate investments	103,252	63,299	57,799
Sale and disposal of real estate investment	(26,960)	(8,184)	(15,467)
Property held for sale		1,578	(1,578)
Provision for asset impairment	(561)	0	0
Construction in progress not yet placed in service	(1,285)	(5,279)	2,506
Ending balance	$ 971,148	$ 896,702	$ 845,288

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Changes in Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Beginning balance	$ 179,155	$ 160,575	$ 146,316
Depreciation expense	22,161	20,917	19,770
Property held for sale		749	(749)
Sale and disposal of real estate investment	(6,467)	(3,086)	(4,762)
Ending balance	$ 194,849	$ 179,155	$ 160,575