Sterling Real Estate Trust 10-Q 13 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 13, 2023
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-54295
Entity Registrant Name	Sterling Real Estate Trust
Entity Incorporation, State or Country Code	ND
Entity Tax Identification Number	90-0115411
Entity Address, Address Line One	4340 18th Ave S., Suite 200
Entity Address, City or Town	Fargo
Entity Address, State or Province	ND
Entity Address, Postal Zip Code	58103
City Area Code	701
Local Phone Number	353-2720
Title of 12(b) Security	Common Shares, par value $0.01 per share
No Trading Symbol Flag	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,270,129
Entity Central Index Key	0001412502
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Land and land improvements	$ 128,038	$ 129,682
Building and improvements	836,855	834,356
Construction in progress	9,690	7,110
Real estate investments	974,583	971,148
Less accumulated depreciation	(211,212)	(194,849)
Real estate investments, net	763,371	776,299
Cash and cash equivalents	17,896	3,257
Restricted deposits	9,294	9,323
Investment in securities	5,323	29,371
Investment in unconsolidated affiliates	27,313	29,423
Notes receivable	9,229	8,448
Lease intangible assets, less accumulated amortization	3,143	5,290
Other assets, net	29,900	27,312
Total Assets	865,469	888,723
LIABILITIES
Mortgage notes payable, net	520,193	506,167
Notes payable		26,500
Lines of credit	0	1,008
Dividends payable	8,551	8,493
Tenant security deposits payable	7,073	6,368
Lease intangible liabilities, less accumulated amortization	507	646
Accrued expenses and other liabilities	17,232	16,075
Total Liabilities	553,556	565,257
COMMITMENTS and CONTINGENCIES - Note 13
SHAREHOLDERS' EQUITY
Beneficial interest	124,931	123,996
Operating partnership	168,635	183,048
Partially owned properties	2,581	2,640
Accumulated other comprehensive income	15,766	13,782
Total Shareholders' Equity	311,913	323,466
Total liabilities and shareholders' equity	$ 865,469	$ 888,723

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income from rental operations
Real estate rental income	$ 36,201	$ 34,531	$ 106,930	$ 101,264
Expenses from rental operations
Operating expenses	16,237	14,363	50,711	42,209
Real estate taxes	3,792	3,565	11,395	10,700
Depreciation and amortization	5,990	6,120	19,026	17,865
Interest	5,377	5,081	16,064	14,882
Total expenses from rental operations	31,396	29,129	97,196	85,656
Administration of REIT
Administration of REIT	1,229	1,471	3,680	4,087
Total expenses	32,625	30,600	100,876	89,743
Income from operations	3,576	3,931	6,054	11,521
Other (loss) income
Equity in (losses) of unconsolidated affiliates	(666)	(499)	(2,538)	(1,923)
Other income	506	271	1,254	714
Gain on sale or conversion of real estate investments		6,557	2,597	9,897
Gain on involuntary conversion		56	89	603
Total other income	(160)	6,385	1,402	9,291
Net income	3,416	10,316	7,456	20,812
Operating partnership	2,119	6,601	4,717	13,277
Partially owned properties	30	(53)	(59)	(15)
Net income attributable to Sterling Real Estate Trust	$ 1,267	$ 3,768	$ 2,798	$ 7,550
Net income attributable to Sterling Real Estate Trust per common share, basic	$ 0.11	$ 0.35	$ 0.25	$ 0.71
Net income attributable to Sterling Real Estate Trust per common share, diluted	$ 0.49	$ 0.35	$ 1.03	$ 0.71
Comprehensive income:
Net income	$ 3,416	$ 10,316	$ 7,456	$ 20,812
Other comprehensive gain - change in fair value of interest rate swaps	2,339	4,967	1,984	15,306
Comprehensive income:	5,755	15,283	9,440	36,118
Comprehensive income (loss) attributable to noncontrolling interest	3,611	9,707	5,904	23,021
Comprehensive income attributable to Sterling Real Estate Trust	$ 2,144	$ 5,576	$ 3,536	$ 13,097
Weighted average Common Shares outstanding, basic	11,157,000	10,685,000	11,050,000	10,572,000
Weighted average Common Shares outstanding, diluted	11,157,000	10,685,000	11,050,000	10,572,000

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Shares	Paid-in Capital	Accumulated Distributions in Excess of Earnings	Total Beneficial Interest	Noncontrolling Interest in Operating Partnership	Noncontrolling Interest in Partially Owned Properties	Accumulated Other Comprehensive Income (Loss)	Total
Beginning Balance at Dec. 31, 2021		$ 148,562	$ (31,706)	$ 116,856	$ 176,954	$ 2,657	$ (950)	$ 295,517
Beginning Balance (in shares) at Dec. 31, 2021	10,342
Contribution of assets in exchange for the issuance of noncontrolling interest shares					10,180			10,180
Shares/units redeemed		(401)		(401)	(335)			(736)
Shares/units redeemed (in shares)	(18)
Dividends and distributions declared			(3,007)	(3,007)	(5,359)			(8,366)
Dividends reinvested - stock dividend		1,716		1,716				1,716
Dividends reinvested - stock dividend (in shares)	79
Issuance of shares under optional purchase plan		1,313		1,313				1,313
Issuance of shares under optional purchase plan (in shares)	57
Change in fair value of interest rate swaps							6,524	6,524
Net income (loss)			1,214	1,214	2,145	30		3,389
Ending balance at Mar. 31, 2022		151,190	(33,499)	117,691	183,585	2,687	5,574	309,537
Ending balance (in shares) at Mar. 31, 2022	10,460
Beginning Balance at Dec. 31, 2021		148,562	(31,706)	116,856	176,954	2,657	(950)	295,517
Beginning Balance (in shares) at Dec. 31, 2021	10,342
Change in fair value of interest rate swaps								15,306
Net income (loss)								20,812
Ending balance at Sep. 30, 2022		156,091	(33,270)	122,821	185,758	2,642	14,356	325,577
Ending balance (in shares) at Sep. 30, 2022	10,680
Beginning Balance at Mar. 31, 2022		151,190	(33,499)	117,691	183,585	2,687	5,574	309,537
Beginning Balance (in shares) at Mar. 31, 2022	10,460
Shares/units redeemed		(386)		(386)	(138)			(524)
Shares/units redeemed (in shares)	(18)
Dividends and distributions declared			(3,037)	(3,037)	(5,357)			(8,394)
Dividends reinvested - stock dividend		1,877		1,877				1,877
Dividends reinvested - stock dividend (in shares)	86
Issuance of shares under optional purchase plan		806		806				806
Issuance of shares under optional purchase plan (in shares)	35
Change in fair value of interest rate swaps							3,815	3,815
Net income (loss)			2,568	2,568	4,531	8		7,107
Ending balance at Jun. 30, 2022		153,487	(33,968)	119,519	182,621	2,695	9,389	314,224
Ending balance (in shares) at Jun. 30, 2022	10,563
Shares issued under trustee compensation plan		65		65				65
Shares issued under trustee compensation plan (in shares)	3
Contribution of assets in exchange for the issuance of noncontrolling interest shares					2,210			2,210
Shares/units redeemed		(310)		(310)	(293)			(603)
Shares/units redeemed (in shares)	(14)
Dividends and distributions declared			(3,070)	(3,070)	(5,381)			(8,451)
Dividends reinvested - stock dividend		1,910		1,910				1,910
Dividends reinvested - stock dividend (in shares)	87
Issuance of shares under optional purchase plan		939		939				939
Issuance of shares under optional purchase plan (in shares)	41
Change in fair value of interest rate swaps							4,967	4,967
Net income (loss)			3,768	3,768	6,601	(53)		10,316
Ending balance at Sep. 30, 2022		156,091	(33,270)	122,821	185,758	2,642	14,356	325,577
Ending balance (in shares) at Sep. 30, 2022	10,680
Beginning Balance at Dec. 31, 2022		159,003	(35,007)	123,996	183,048	2,640	13,782	323,466
Beginning Balance (in shares) at Dec. 31, 2022	10,810
Shares/units redeemed		(181)		(181)	(915)			(1,096)
Shares/units redeemed (in shares)	(8)
Dividends and distributions declared			(3,147)	(3,147)	(5,373)			(8,520)
Dividends reinvested - stock dividend		1,962		1,962				1,962
Dividends reinvested - stock dividend (in shares)	90
Issuance of shares under optional purchase plan		1,291		1,291				1,291
Issuance of shares under optional purchase plan (in shares)	56
Change in fair value of interest rate swaps							(2,378)	(2,378)
Net income (loss)			(240)	(240)	(408)	(40)		(688)
Ending balance at Mar. 31, 2023		162,075	(38,394)	123,681	176,352	2,600	11,404	314,037
Ending balance (in shares) at Mar. 31, 2023	10,948
Beginning Balance at Dec. 31, 2022		159,003	(35,007)	123,996	183,048	2,640	13,782	323,466
Beginning Balance (in shares) at Dec. 31, 2022	10,810
Change in fair value of interest rate swaps								1,984
Net income (loss)								7,456
Ending balance at Sep. 30, 2023		166,667	(41,736)	124,931	168,635	2,581	15,766	311,913
Ending balance (in shares) at Sep. 30, 2023	11,152
Beginning Balance at Mar. 31, 2023		162,075	(38,394)	123,681	176,352	2,600	11,404	314,037
Beginning Balance (in shares) at Mar. 31, 2023	10,948
Shares/units redeemed		(978)		(978)	(1,884)			(2,862)
Shares/units redeemed (in shares)	(45)
Dividends and distributions declared			(3,173)	(3,173)	(5,348)			(8,521)
Dividends reinvested - stock dividend		1,996		1,996				1,996
Dividends reinvested - stock dividend (in shares)	91
Issuance of shares under optional purchase plan		951		951				951
Issuance of shares under optional purchase plan (in shares)	41
Change in fair value of interest rate swaps							2,023	2,023
Net income (loss)			1,771	1,771	3,007	(49)		4,729
Ending balance at Jun. 30, 2023		164,044	(39,796)	124,248	172,127	2,551	13,427	312,353
Ending balance (in shares) at Jun. 30, 2023	11,035
Shares issued under trustee compensation plan		72		72				72
Shares issued under trustee compensation plan (in shares)	3
Shares/units redeemed		(230)		(230)	(267)			(497)
Shares/units redeemed (in shares)	(11)
Dividends and distributions declared			(3,207)	(3,207)	(5,344)			(8,551)
Dividends reinvested - stock dividend		1,889		1,889				1,889
Dividends reinvested - stock dividend (in shares)	86
Issuance of shares under optional purchase plan		892		892				892
Issuance of shares under optional purchase plan (in shares)	39
Change in fair value of interest rate swaps							2,339	2,339
Net income (loss)			1,267	1,267	2,119	30		3,416
Ending balance at Sep. 30, 2023		$ 166,667	$ (41,736)	$ 124,931	$ 168,635	$ 2,581	$ 15,766	$ 311,913
Ending balance (in shares) at Sep. 30, 2023	11,152

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net income	$ 7,456	$ 20,812
Adjustments to reconcile net income to net cash provided by operating activities
Gain on sale of real estate investments	(2,596)	(9,897)
Gain on involuntary conversion	(89)	(603)
Change in fair value of securities	(321)	(62)
Equity in loss of unconsolidated affiliates	2,538	1,923
Distributions of earnings of unconsolidated affiliates		219
Allowance for uncollectible accounts receivable	(453)	(164)
Depreciation	17,482	16,445
Amortization	1,544	1,420
Amortization of debt issuance costs	445	506
Effects on operating cash flows due to changes in
Other assets	(326)	(1,426)
Tenant security deposits payable	705	1,080
Accrued expenses and other liabilities	(485)	(1,496)
NET CASH PROVIDED BY OPERATING ACTIVITIES	25,900	28,757
INVESTING ACTIVITIES
Gross purchase of securities		(42,000)
Proceeds from maturity of securities	24,369
Purchase of real estate investment properties		(26,365)
Capital expenditures and tenant improvements	(7,465)	(8,251)
Proceeds from sale of real estate investments and non-real estate investments	5,082	22,441
Proceeds from involuntary conversion	111	1,049
Investment in unconsolidated affiliates	(2,546)	(10,068)
Distributions in excess of earnings received from unconsolidated affiliates	2,118	408
Notes receivable issued net of payments received	(781)	(292)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	20,888	(63,078)
FINANCING ACTIVITIES
Payments for financing, debt issuance	(186)	(305)
Principal payments on special assessments payable	(59)
Proceeds from issuance of mortgage notes payable	41,250	37,569
Principal payments on mortgage notes payable	(24,668)	(16,239)
Payments on lines of credit	(1,008)
Payment on notes payable	(26,500)
Proceeds from issuance of shares under optional purchase plan	3,134	3,058
Shares/units redeemed	(4,455)	(1,863)
Dividends/distributions paid	(19,686)	(18,824)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(32,178)	3,396
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS	14,610	(30,925)
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD	12,580	60,656
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD	$ 27,190	$ 29,731

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Disclosures - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD
Cash and cash equivalents	$ 17,896	$ 20,464
Restricted deposits	9,294	9,267
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS, END OF PERIOD	27,190	29,731
SCHEDULE OF CASH FLOW INFORMATION
Cash paid during the period for interest, net of capitalized interest	15,493	14,412
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Dividends reinvested	5,848	5,503
Dividends declared and not paid	3,207	3,070
UPREIT distributions declared and not paid	5,344	5,381
Shares issued pursuant to trustee compensation plan	72	65
Acquisition of assets in exchange for the issuance of noncontrolling interest units in UPREIT		12,390
Increase in land improvements due to increase in special assessments payable	300	217
Unrealized gain on interest rate swaps	$ 1,984	15,306
Acquisition of assets through assumption of debt and liabilities		38,755
Capitalized interest and real estate taxes related to construction in progress		$ 68

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2023
ORGANIZATION
ORGANIZATION	Note 1 - Organization ​ Sterling Real Estate Trust d/b/a Sterling Multifamily Trust (“Sterling”, “the Trust” or “the Company”) is a registered, but unincorporated business trust organized in North Dakota in December 2002. Sterling has elected to be taxed as a Real Estate Investment Trust (“REIT”) under Sections 856-860 of the Internal Revenue Code. ​ Sterling previously established an Operating Partnership (“Sterling Properties, LLLP” or the “Operating Partnership”) and transferred all of its assets and liabilities to the Operating Partnership in exchange for general partnership units. As the general partner, Sterling has management responsibility for all activities of the Operating Partnership. As of September 30, 2023 and December 31, 2022, Sterling owned approximately 37.50% and 36.60%, respectively, of the Operating Partnership. ​

PRINCIPAL ACTIVITY AND SIGNIFIC

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2023
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES ​ Basis of Presentation ​ The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2022, which have previously been filed with the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted from this report on Form 10-Q pursuant to the rules and regulations of the SEC. ​ The results for the interim periods shown in this report are not necessarily indicative of future financial results. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary to present fairly our consolidated financial statements as of and for the three and nine months ended September 30, 2023. These adjustments are of a normal recurring nature. ​ Principles of Consolidation ​ The consolidated financial statements include the accounts of , Properties, LLLP, and wholly-owned limited liability companies. All significant intercompany transactions and balances have been eliminated in consolidation. ​ As of September 30, 2023 the Trust owned approximately 37.50% 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 individual’s respective redemption plan, 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. The Trust will consolidate the operations of a joint venture if the Trust determines that it is the primary beneficiary of a variable interest entity (VIE) and has substantial influence and control of the entity. ​ In instances where the Trust determines that it is not the primary beneficiary of a VIE and the Trust does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Trust will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Trust’s operations but instead its share of operations will be reflected as equity in earnings (losses) of unconsolidated affiliates on its consolidated statements of operations and comprehensive income. 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 accounting. ​ The Operating Partnership meets the criteria as a variable interest entity (“VIE”). The Trust’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Trust’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Trust’s debt is an obligation of the Operating Partnership, and the Trust guarantees the unsecured debt obligations of the Operating Partnership. ​ Concentration of Credit Risk ​ Our cash balances are maintained in various bank deposit accounts. The bank deposit amounts in these accounts may exceed federally insured limits at various times throughout the year. ​ Use of Estimates ​ The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. ​ Real Estate Investments ​ Real estate investments are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. ​ ​ During the third quarter, the Company completed a reassessment of the capitalization policy and determined that the Company would remove a stipulation for certain tangible assets to pass an additional percentage test of an amount of an entire property as well as add a new category related to Renovations and Improvement Projects that improve or extend the life of real estate assets. This reassessment was accounted for as a change in accounting estimate and was made on a prospective basis effective July 1, 2023. The change on policy did not have a significant impact on depreciation expense. ​ The Trust allocates the purchase price of each acquired investment property accounted for as an asset acquisition based upon the relative fair value at acquisition date of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease intangibles, (iv) acquired above and below market lease intangibles, and (v) assumed financing that is determined to be above or below market, if any. Transaction costs related to acquisitions accounted for as asset acquisitions are capitalized as a cost of the property. ​ For tangible assets acquired, including land, building and other improvements, the Trust considers available comparable market and industry information in estimating acquisition date fair value. Key factors considered in the calculation of fair value of both real property and intangible assets include the current market rent values, “dark” periods (building in vacant status), direct costs estimated with obtaining a new tenant, discount rates, escalation factors, standard lease terms, and tenant improvement costs. ​ Furniture and fixtures are stated at cost less accumulated depreciation. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for routine maintenance and repairs, which do not add to the value or extend useful lives, are expensed as incurred. ​ Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method over the following estimated useful lives: ​ ​ ​ ​ ​ Buildings and improvements 40 years Furniture, fixtures and equipment 5 ​ The Trust’s investment properties are reviewed for potential impairment at the end of each reporting period or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At the end of each reporting period, the Trust separately determines whether impairment indicators exist for each property. ​ Based on evaluation, there were no impairment losses during the three months ended September 30, 2023 and 2022. ​ Federal Income Taxes ​ We have elected to be taxed as a REIT under the Internal Revenue Code, as amended. A REIT calculates taxable income similar to other domestic corporations, with the major difference being a REIT is entitled to a deduction for dividends paid. A REIT is generally required to distribute each year at least 90% of its taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate tax on such income. REIT shareholders are generally taxed on REIT distributions of ordinary income in the same manner as they are taxed on other corporate distributions. ​ We intend to continue to qualify as a REIT and, provided we maintain such status, will not be taxed on the portion of the income that is distributed to shareholders. In addition, we intend to distribute all of our taxable income; therefore, no provisions or liabilities for income taxes have been recorded in the financial statements. ​ We follow FASB ASC Topic 740, Income Taxes, ​ Revenue Recognition ​ The Trust is the lessor for its residential and commercial leases. Leases are analyzed on an individual basis to determine lease classification. As of September 30, 2023 all leases analyzed under the Trust’s lease classification process were determined to be operating leases. ​ ​ Earnings per Common Share ​ Basic earnings per common share is computed by dividing net income available to common shareholders (the “numerator”) by the weighted average number of common shares outstanding (the “denominator”) during the period. Sterling had no dilutive potential common shares during the three and nine months ended September 30, 2023 and therefore, basic earnings per common share was equal to diluted earnings per common share for both periods. ​ For the nine months ended September 30, 2023 and 2022, Sterling’s denominators for the basic and diluted earnings per common share were approximately 11,050,000 and 10,572,000 , respectively.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2023
SEGMENT REPORTING
SEGMENT REPORTING	NOTE 3 – segment reporting ​ We report our results in two reportable segments: residential and commercial properties. Our residential properties include multifamily properties. Our commercial properties include retail, office, industrial, restaurant and medical properties. We assess and measure operating results based on net operating income (“NOI”), which we define as total real estate segment revenues less real estate expenses (which consist of real estate taxes, property management fees, utilities, repairs and maintenance, insurance, and property administrative and management fees). We believe NOI is an important measure of operating performance even though it should not be considered an alternative to net income or cash flow from operating activities. NOI is unaffected by financing, depreciation, amortization, legal and professional fees, and certain general and administrative expenses. The accounting policies of each segment are consistent with those described in Note 2 of this report. ​ Segment Revenues and Net Operating Income ​ The revenues and net operating income for the reportable segments (residential and commercial) are summarized as follows for the three and nine months ended September 30, 2023 and 2022, along with reconciliations to the consolidated financial statements. Segment assets are also reconciled to total assets as reported in the consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2023 ​ Three months ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential Commercial Total Residential Commercial Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ (in thousands) Income from rental operations ​ $ 30,993 ​ $ 5,208 ​ $ 36,201 ​ $ 29,226 ​ $ 5,305 ​ $ 34,531 Expenses from rental operations ​ ​ 18,513 ​ ​ 1,516 ​ ​ 20,029 ​ ​ 16,211 ​ ​ 1,717 ​ ​ 17,928 Net operating income ​ $ 12,480 ​ $ 3,692 ​ $ 16,172 ​ $ 13,015 ​ $ 3,588 ​ $ 16,603 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ 5,990 ​ ​ ​ ​ ​ ​ ​ ​ 6,120 Interest ​ ​ ​ ​ ​ ​ ​ ​ 5,377 ​ ​ ​ ​ ​ ​ ​ ​ 5,081 Administration of REIT ​ ​ ​ ​ ​ ​ ​ ​ 1,229 ​ ​ ​ ​ ​ ​ ​ ​ 1,471 Other loss (income) ​ ​ ​ ​ ​ ​ ​ ​ 160 ​ ​ ​ ​ ​ ​ ​ ​ (6,385) Net income ​ ​ ​ ​ ​ ​ ​ $ 3,416 ​ ​ ​ ​ ​ ​ ​ $ 10,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2023 ​ Nine months ended September 30, 2022 ​ Residential Commercial Total Residential Commercial Total ​ ​ (in thousands) ​ (in thousands) Income from rental operations ​ $ 91,486 ​ $ 15,444 ​ $ 106,930 ​ $ 85,222 ​ $ 16,042 ​ $ 101,264 Expenses from rental operations ​ ​ 57,446 ​ ​ 4,660 ​ ​ 62,106 ​ ​ 47,964 ​ ​ 4,945 ​ ​ 52,909 Net operating income ​ $ 34,040 ​ $ 10,784 ​ $ 44,824 ​ $ 37,258 ​ $ 11,097 ​ $ 48,355 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ 19,026 ​ ​ ​ ​ ​ ​ ​ ​ 17,865 Interest ​ ​ ​ ​ ​ ​ ​ ​ 16,064 ​ ​ ​ ​ ​ ​ ​ ​ 14,882 Administration of REIT ​ ​ ​ ​ ​ ​ ​ ​ 3,680 ​ ​ ​ ​ ​ ​ ​ ​ 4,087 Other income ​ ​ ​ ​ ​ ​ ​ ​ (1,402) ​ ​ ​ ​ ​ ​ ​ ​ (9,291) Net income ​ ​ ​ ​ ​ ​ ​ $ 7,456 ​ ​ ​ ​ ​ ​ ​ $ 20,812 ​ Segment Assets and Accumulated Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 Residential Commercial Total ​ ​ (in thousands) Real estate investments ​ $ 787,439 ​ $ 187,144 ​ $ 974,583 Accumulated depreciation ​ ​ (160,703) ​ ​ (50,509) ​ ​ (211,212) Total real estate investments, net ​ $ 626,736 ​ $ 136,635 ​ $ 763,371 Lease intangible assets, less accumulated amortization ​ ​ — ​ ​ 3,143 ​ ​ 3,143 Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ 17,896 Restricted deposits ​ ​ ​ ​ ​ ​ ​ ​ 9,294 Investment in securities ​ ​ ​ ​ ​ ​ ​ ​ 5,323 Investment in unconsolidated affiliates ​ ​ ​ ​ ​ ​ ​ ​ 27,313 Notes receivable ​ ​ ​ ​ ​ ​ ​ ​ 9,229 Other assets, net ​ ​ ​ ​ ​ ​ ​ ​ 29,900 Total Assets ​ ​ ​ ​ ​ ​ ​ $ 865,469 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

RESTRICTED DEPOSITS AND FUNDED

RESTRICTED DEPOSITS AND FUNDED RESERVES	9 Months Ended
	Sep. 30, 2023
RESTRICTED DEPOSITS AND FUNDED RESERVES
RESTRICTED DEPOSITS AND FUNDED RESERVES	​ ​ NOTE 4 – Restricted deposits and FUNDED reserves ​ The following table summarizes the Trust’s restricted deposits and funded reserves. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ As of December 31, ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ (in thousands) Tenant security deposits ​ ​ ​ ​ $ 6,894 ​ $ 6,242 Real estate tax and insurance escrows ​ ​ ​ ​ ​ 671 ​ ​ 1,336 Replacement reserves ​ ​ ​ ​ ​ 1,729 ​ ​ 1,745 ​ ​ ​ ​ ​ $ 9,294 ​ $ 9,323 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

INVESTMENT IN UNCONSOLIDATED AF

INVESTMENT IN UNCONSOLIDATED AFFILIATES	9 Months Ended
	Sep. 30, 2023
INVESTMENT IN UNCONSOLIDATED AFFILIATES
INVESTMENT IN UNCONSOLIDATED AFFILIATES	NOTE 5 – Investment in unconsolidated affiliates ​ The Company’s investments in unconsolidated real estate ventures, are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Investment in Unconsolidated Affiliates at Unconsolidated Affiliates ​ ​ Date Acquired ​ ​ Trust Ownership Interest ​ September 30, 2023 ​ December 31, 2022 Banner Building ​ ​ 2007 ​ ​ 66.67% ​ $ (466) ​ $ (614) Grand Forks INREIT, LLC ​ ​ 2003 ​ ​ 50% ​ ​ 5,059 ​ ​ 4,961 SE Savage, LLC ​ ​ 2019 ​ ​ 60% ​ ​ 1,157 ​ ​ 1,660 SE Maple Grove, LLC ​ ​ 2019 ​ ​ 60% ​ ​ 906 ​ ​ 1,836 SE Rogers, LLC ​ ​ 2020 ​ ​ 60% ​ ​ 1,601 ​ ​ 2,413 ST Oak Cliff, LLC ​ ​ 2021 ​ ​ 70% ​ ​ 8,040 ​ ​ 9,098 SE Brooklyn Park, LLC ​ ​ 2021 ​ ​ 60% ​ ​ 1,823 ​ ​ 2,914 SE Fossil Creek, LLC ​ ​ 2022 ​ ​ 70% ​ ​ 9,193 ​ ​ 7,155 ​ ​ ​ ​ ​ ​ ​ ​ $ 27,313 ​ $ 29,423 ​ 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 September 30, 2023 and December 31, 2022 of $6,770 and $6,951, respectively. The Trust is jointly and severally liable for the full mortgage balance. ​ The Operating Partnership owns 50% interest as 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 September 30, 2023 and December 31, 2022 of $9,011 and $9,520, 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, with an unrelated third party, that holds a multifamily property. The entity is encumbered by a first mortgage with a balance of $30,411 and $30,726 at September 30, 2023 and December 31, 2022, respectively. The property is also encumbered by a second mortgage to Sterling Properties, LLLP with a balance of $562 and $1,397 at September 30, 2023 and December 31, 2022, 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, with an unrelated third party, that holds a multifamily property. The entity is encumbered by a construction mortgage with a balance of $24,751 and $24,788 at September 30, 2023 and December 31, 2022, respectively. The property is also encumbered by a second mortgage to Sterling Properties, LLLP with a balance at both September 30, 2023 and December 31, 2022 of $3,643. The Trust 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, that is currently developing a multifamily property. The LLC holds land located in Rogers, Minnesota, with total assets of $31,030 and $32,864 at September 30, 2023 and December 31, 2022, respectively. The entity encumbered by a construction mortgage has a balance of $25,742 at both September 30, 2023 and December 31, 2022. The property is also encumbered by a second mortgage to Sterling Properties, LLLP with a balance at September 30, 2023 and December 31, 2022 of $2,348 and $2,938, respectively. The Trust is jointly and severally liable for the full mortgage balance. ​ The Operating Partnership owns a 70% interest in a limited liability company, with a related party. The entity is currently developing a multifamily property. As of both September 30, 2023 and 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 $48,014 and $40,404 at September 30, 2023 and December 31, 2022, respectively. The entity is encumbered by a construction mortgage with a balance of $35,864 and $23,409 at September 30, 2023 and December 31, 2022, 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, 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 $30,380 and $30,490 at September 30, 2023 and December 31, 2022, respectively. The entity is encumbered by a construction mortgage that has a balance of $24,592 and $24,448 at September 30, 2023 and December 31, 2022, respectively. The entity is also encumbered by a second mortgage to Sterling Properties, LLLP with a balance at September 30, 2023 of $2,538. There was no balance outstanding related to the second mortgage at December 31, 2022. The Trust is jointly and severally liable for the full mortgage balance. ​ The Operating Partnership owns a 70% interest in a limited liability company, with a related party. The entity is currently developing a multifamily property. As of September 30, 2023 and December 31, 2022 the Operating Partnership has contributed $9,275 and $7,190, respectively, in cash to the entity. The entity holds land located in Fort Worth, Texas with total assets of $36,352 and $11,083 at September 30, 2023 and December 31, 2022, respectively. The entity is encumbered by a construction mortgage with a balance outstanding related to the mortgage at September 30, 2023 of $19,209. There was no outstanding balance related to the construction mortgage at December 31, 2022. The Trust is jointly and severally liable for the full mortgage balance. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following is a summary of the financial position of the unconsolidated affiliates at September 30, 2023 and December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 ​ ​ (in thousands) ASSETS ​ ​ ​ ​ ​ ​ Real estate investments ​ $ 253,832 ​ $ 218,747 Accumulated depreciation ​ ​ (23,780) ​ ​ (16,490) ​ ​ ​ 230,052 ​ ​ 202,257 Cash and cash equivalents ​ ​ 2,380 ​ ​ 3,093 Restricted deposits ​ ​ 478 ​ ​ 1,034 Intangible assets, less accumulated amortization ​ ​ 836 ​ ​ 542 Other assets, net ​ ​ 787 ​ ​ 827 Total Assets ​ $ 234,533 ​ $ 207,753 ​ ​ ​ ​ ​ ​ ​ LIABILITIES ​ ​ ​ ​ ​ ​ Mortgage notes payable, net ​ $ 184,581 ​ $ 152,246 Tenant security deposits payable ​ ​ 333 ​ ​ 192 Accrued expenses and other liabilities ​ ​ 6,402 ​ ​ 8,217 Total Liabilities ​ $ 191,316 ​ $ 160,655 SHAREHOLDERS' EQUITY ​ ​ ​ ​ ​ ​ Total Shareholders' Equity ​ $ 43,217 ​ $ 47,098 ​ ​ ​ ​ ​ ​ ​ Total liabilities and shareholders' equity ​ $ 234,533 ​ $ 207,753 ​ The following is a summary of results of operations of the unconsolidated affiliates for the three and nine months ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2023 2022 2023 2022 ​ ​ (in thousands) ​ ​ (in thousands) Income from rental operations ​ $ 5,244 ​ $ 2,638 ​ $ 13,584 ​ $ 6,444 Expenses from rental operations ​ ​ 2,070 ​ ​ 957 ​ ​ 5,564 ​ ​ 2,451 Net operating income ​ $ 3,174 ​ $ 1,681 ​ $ 8,020 ​ $ 3,993 Depreciation and Amortization ​ ​ 2,418 ​ ​ 1,316 ​ ​ 7,350 ​ ​ 4,331 Interest ​ ​ 1,700 ​ ​ 1,178 ​ ​ 4,493 ​ ​ 2,854 Other expense ​ ​ - ​ ​ 2 ​ ​ 14 ​ ​ 13 Net loss ​ $ (944) ​ $ (815) ​ $ (3,837) ​ $ (3,205) ​

LEASE INTANGIBLES

LEASE INTANGIBLES	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 Intangibles Amortization Intangibles, net Lease Intangible Assets ​ (in thousands) In-place leases ​ $ 13,927 ​ $ (11,296) ​ $ 2,631 Above-market leases ​ ​ 1,415 ​ ​ (903) ​ ​ 512 ​ ​ $ 15,342 ​ $ (12,199) ​ $ 3,143 Lease Intangible Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Below-market leases ​ $ (2,314) ​ $ 1,807 ​ $ (507) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ 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 (October 1, 2023 - December 31, 2023) ​ $ 160 ​ $ 37 2024 ​ ​ 641 ​ ​ 147 2025 ​ ​ 641 ​ ​ 147 2026 ​ ​ 490 ​ ​ 77 2027 ​ ​ 381 ​ ​ 38 Thereafter ​ ​ 830 ​ ​ 61 ​ ​ $ 3,143 ​ $ 507 ​

LINES OF CREDIT

LINES OF CREDIT	9 Months Ended
	Sep. 30, 2023
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 December 2026 ​ Certain lines of credit agreements include covenants that, in part, impose maintenance of certain debt service coverage and debt to net worth ratios. ​

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	Sep. 30, 2023
NOTES PAYABLE
NOTES PAYABLE	NOTE 8 - NOTES PAYABLE ​ On December 29, 2022, the Trust entered into a $26,500 note payable. The note payable was paid off on January 13, 2023, which effectively cancelled the promissory note. As of September 30, 2023, the Trust did not have any outstanding balance on notes payable. As of December 31, 2022, the balance on the note payable was $26,500. ​ The following table summarizes the Trust’s mortgage notes payable. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Balance At ​ ​ September 30, ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ (in thousands) Fixed rate mortgage notes payable (a) ​ $ 522,072 ​ $ 508,305 Variable rate mortgage notes payable ​ ​ - ​ ​ - Mortgage notes payable ​ ​ 522,072 ​ ​ 508,305 Less unamortized debt issuance costs ​ ​ 1,879 ​ ​ 2,138 ​ ​ $ 520,193 ​ $ 506,167 (a) Includes $103,952 and $106,033 of variable rate mortgage debt that was swapped to a fixed rate at September 30, 2023 and December 31, 2022, respectively. ​ We are required to make the following principal payments on our outstanding mortgage notes payable for each of the five succeeding fiscal years and thereafter as follows: ​ ​ ​ ​ ​ Years ending December 31, Amount ​ ​ (in thousands) 2023 (October 1, 2023 - December 31, 2023) ​ $ 29,092 2024 ​ ​ 22,366 2025 ​ ​ 53,293 2026 ​ ​ 70,819 2027 ​ ​ 78,219 Thereafter ​ ​ 268,283 Total payments ​ $ 522,072 ​

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 2023
DERIVATIVES AND HEDGING ACTIVITIES
DERIVATIVES AND HEDGING ACTIVITIES	​ ​ NOTE 9 – DERIVATIVES AND HEDGING ACTIVITIES ​ As part of our interest rate risk management strategy, we have used derivative instruments to manage our exposure to interest rate movements and add stability to interest expense. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty. In exchange, the Trust makes fixed rate payments over the life of the agreement without exchange of the underlying notional amount. ​ As of September 30, 2023, 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 qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) and are reclassified into interest expense as interest payments are made on the Trust’s variable rate debt. During the next twelve months, the Trust estimates that an additional $4,203 will be reclassified as a decrease to interest expense. ​ The following table summarizes the Trust’s interest rate swaps as of September 30, 2023, which effectively convert one month floating rate LIBOR or 30-day average SOFR to a fixed rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed ​ ​ Effective Date ​ Notional ​ Interest Rate ​ Maturity Date November 1, 2019 $ 6,418 ​ 3.15% ​ November 1, 2029 November 1, 2019 $ 4,464 ​ 3.28% ​ November 1, 2029 January 10, 2020 $ 2,911 ​ 3.39% ​ January 10, 2030 December 2, 2020 $ 12,093 ​ 2.91% ​ December 2, 2027 July 1, 2021 $ 25,177 ​ 2.99% ​ July 1, 2031 November 10, 2021 $ 27,616 ​ 3.54% ​ August 1, 2029 December 1, 2021 $ 10,590 ​ 3.32% ​ December 1, 2031 August 15, 2022 $ 1,456 ​ 3.07% ​ June 15, 2030 August 15, 2022 $ 2,821 ​ 3.07% ​ June 15, 2030 August 15, 2022 $ 1,576 ​ 2.94% ​ June 15, 2030 August 15, 2022 $ 4,170 ​ 2.94% ​ June 15, 2030 May 10, 2023 $ 4,660 ​ 2.79% ​ June 10, 2030 ​ The following table summarizes the Trust’s interest rate swaps that were designated as cash flow hedges of interest rate risk: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Instruments ​ Notional Interest Rate Derivatives ​ September 30, 2023 ​ December 31, 2022 ​ September 30, 2023 ​ December 31, 2022 Interest rate swaps ​ 12 ​ 12 $ 103,952 $ 106,033 ​ The table below presents the estimated fair value of the Trust’s derivative financial instruments as well as their classification in the accompanying consolidated balance sheets. The valuation techniques are described in Note 10 to the consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives designated as ​ September 30, 2023 ​ December 31, 2022 cash flow hedges: ​ Balance Sheet Location ​ Fair Value ​ Balance Sheet Location ​ Fair Value Interest rate swaps ​ Other assets, net $ 15,766 ​ Other assets, net $ 13,782 ​ The carrying amounts of the swaps have been adjusted to their fair value at the end of the quarter, which because of changes in forecasted levels and 30-day average SOFR, resulted in reporting an asset for the fair value of the future net payments forecasted under the swap. The interest rate swap is accounted for as an effective hedge in accordance with ASC 815-20 whereby it is recorded at fair value and changes in fair value are recorded to other comprehensive income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table presents the effect of the Trust’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive income for the three months ended September 30, 2023and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of Gain ​ ​ ​ ​ Amount of Gain ​ 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 ​ ​ 2023 ​ ​ ​ 2023 Interest rate swaps $ (2,339) ​ Interest expense $ (1,017) ​ ​ 2022 ​ ​ ​ 2022 Interest rate swaps $ (4,967) ​ Interest expense $ (71) ​ The following table presents the effect of the Trust’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive income for the nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of Gain ​ ​ ​ ​ Amount of Gain ​ 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 ​ ​ 2023 ​ ​ ​ 2023 Interest rate swaps $ (1,984) ​ Interest expense $ (2,698) ​ ​ 2022 ​ ​ ​ 2022 Interest rate swaps $ (15,306) ​ Interest expense $ 548 ​ Credit-risk-related Contingent Features ​ The Trust’s agreements with each of its derivative counterparties also contain a provision whereby if the Trust consolidates with, merges with or into, or transfers all or substantially all of its assets to another entity and the creditworthiness of the resulting, surviving or transferee entity, is materially weaker than the Trust’s, the counterparty has the right to terminate the derivative obligations. .

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	9 Months Ended
	Sep. 30, 2023
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 ​ ​ Carrying ​ ​ ​ ​ Carrying ​ ​ ​ ​ Value Fair Value Value Fair Value ​ ​ (in thousands) Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in securities ​ $ 5,323 ​ $ 5,323 ​ $ 29,371 ​ $ 29,371 Notes receivable ​ $ 9,229 ​ $ 10,025 ​ $ 8,448 ​ $ 9,789 Derivative assets ​ $ 15,766 ​ $ 15,766 ​ $ 13,782 ​ $ 13,782 ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ 522,072 ​ $ 467,284 ​ $ 508,305 ​ $ 466,245 ​ ASC 820-10 established a three-level valuation hierarchy for fair value measurement. Management uses these valuation techniques to establish the fair value of the assets at the measurement date. These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect management’s assumptions. ​ These two types of inputs create the following fair value hierarchy: ● Level 1 – Quoted prices for identical instruments in active markets; ● Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose significant inputs are observable; ● Level 3 – Instruments whose significant inputs are unobservable. ​ The guidance requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. ​ Recurring Fair Value Measurements ​ The following table presents the Company’s financial instruments, which are measured at fair value on a recurring basis, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ — ​ $ 15,766 ​ $ — ​ $ 15,766 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ — ​ $ 13,782 ​ $ — ​ $ 13,782 ​ Derivatives: ​ The Company has determined that its derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements. ​ Fair Value Disclosures ​ The following table presents the Trust’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) September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bills ​ $ 5,323 ​ $ — ​ $ — ​ $ 5,323 Mortgage notes payable ​ $ — ​ $ — ​ $ 467,284 ​ $ 467,284 Notes receivable ​ $ — ​ $ — ​ $ 10,025 ​ $ 10,025 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bills ​ $ 29,371 ​ $ — ​ $ — ​ $ 29,371 Mortgage notes payable ​ $ — ​ $ — ​ $ 466,245 ​ $ 466,245 Notes receivable ​ $ — ​ $ — ​ $ 9,789 ​ $ 9,789 ​ Mortgage notes payable: ​ Notes receivable:

LEASES

LEASES	9 Months Ended
	Sep. 30, 2023
LEASES
LEASES	NOTE 11 – LEASES ​ As of September 30, 2023, we derived 85.1% of our revenues from residential leases that are generally for terms of one year or less. The residential leases may include lease income related items such as parking, storage and non-refundable deposits that we treat as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore we subsequently recognize lease income over the lease term on a straight-line basis. Residential leases are renewable upon consent of both parties on an annual or monthly basis. ​ As of September 30, 2023, we derived 14.9% of our revenues from commercial leases primarily under long-term lease agreements. Substantially all commercial leases contain fixed escalations or, in some instances, changes based on the Consumer Price Index, which occur at specified times during the term of the lease. In certain commercial leases, variable lease income, such as percentage rent, is recognized when rents are earned. We recognize rental income and rental abatements from our commercial leases on a straight-line basis over the lease term. Recognition of rental income commences when control of the leased space has been transferred to the tenant. ​ ​ ​ We recognize variable income from pass-through expenses on an accrual basis over the periods in which the expenses were incurred. Pass-through expenses are comprised of real estate taxes, operating expenses and common area maintenance costs which are reimbursed by tenants in accordance with specific allowable costs per tenant lease agreements. When we pay pass-through expenses, subject to reimbursement by the tenant, they are included within operating expenses, excluding real estate taxes, and reimbursements are included within “real estate rental income” along with the associated base rent in the accompanying consolidated financial statements. ​ Lease income related to the Company’s operating leases is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2023 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 30,070 ​ $ 3,910 ​ $ 33,980 Lease income related to variable lease payments ​ ​ — ​ ​ 1,204 ​ ​ 1,204 Other (a) ​ ​ (468) ​ ​ 65 ​ ​ (403) Lease Income (b) ​ $ 29,602 ​ $ 5,179 ​ $ 34,781 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2022 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 27,993 ​ $ 4,057 ​ $ 32,050 Lease income related to variable lease payments ​ ​ — ​ ​ 1,113 ​ ​ 1,113 Other (a) ​ ​ (150) ​ ​ 113 ​ ​ (37) Lease Income (b) ​ $ 27,843 ​ $ 5,283 ​ $ 33,126 ​ (a) For the three months ended September 30, 2023 and 2022, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements. (b) Excludes other rental income for the three months ended September 30, 2023 and 2022 of $1,420 and $1,405 , respectively, which is accounted for under the revenue recognition standard. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2023 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 87,891 ​ $ 11,774 ​ $ 99,665 Lease income related to variable lease payments ​ ​ — ​ ​ 3,300 ​ ​ 3,300 Other (a) ​ ​ (747) ​ ​ 246 ​ ​ (501) Lease Income (b) ​ $ 87,144 ​ $ 15,320 ​ $ 102,464 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2022 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 81,928 ​ $ 12,240 ​ $ 94,168 Lease income related to variable lease payments ​ ​ — ​ ​ 3,401 ​ ​ 3,401 Other (a) ​ ​ (513) ​ ​ 277 ​ ​ (236) Lease Income (b) ​ $ 81,415 ​ $ 15,918 ​ $ 97,333 ​ ​ (a) For the nine months ended September 30, 2023 and 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 nine months ended September 30, 2023 and 2022 of $4,466 and $3,931 , respectively, which is accounted for under the revenue recognition standard. ​ As of September 30, 2023, non-cancelable commercial operating leases provide for future minimum rental income as follows. Residential leases are not included, as the terms are generally for one year or less. ​ ​ ​ ​ ​ Years ending December 31, Amount ​ ​ (in thousands) 2023 (October 1, 2023 - December 31, 2023) ​ $ 3,814 2024 ​ ​ 14,951 2025 ​ ​ 14,462 2026 ​ ​ 13,061 2027 ​ ​ 11,606 Thereafter ​ ​ 43,398 ​ ​ $ 101,292 ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 12 – 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 Fees ​ During the nine months ended September 30, 2023 and 2022, we paid fees to GOLDMARK Property Management, Inc. related to the management of properties, on-site staff costs and other miscellaneous fees required to run the property of $11,101, and $10,485, respectively. Management fees paid during the nine months ended September 30, 2023 and 2022 approximated 5% of net collected rent. In addition, during the nine months ended September 30, 2023 and 2022, we paid repair and maintenance expenses, and payroll related expenses to GOLDMARK Property Management, Inc. totaling $7,440 and $5,578, respectively. ​ Advisory Agreement ​ We are an externally managed trust and as such, although we have a Board of Trustees and Executive Officers responsible for our management, we have no paid employees. The following is a brief description of the current fees and compensation that may be and was received by the Advisor under the Advisory Agreement, which must be renewed on an annual basis and approved by a majority of the independent trustees. The Advisory Agreement was approved by the Board of Trustees (including all the independent Trustees) on March 23, 2023, and is effective until March 31, 2024. ​ ​ The below table summarizes the fees incurred to our Advisor. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months ended September 30, ​ ​ 2023 ​ 2022 ​ ​ (in thousands) Fee: ​ ​ ​ ​ ​ ​ Advisory ​ $ 2,852 ​ $ 2,739 Acquisition ​ $ - ​ $ 934 Disposition ​ $ 204 ​ $ 631 Financing ​ $ 83 ​ $ 83 Project Management ​ $ 335 ​ $ 420 ​ ​ ​ ​ ​ The below table summarizes the fees payable to our Advisor. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable at ​ ​ September 30, ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ (in thousands) Fee: ​ ​ ​ ​ ​ ​ Advisory ​ $ 318 ​ $ 632 Acquisition ​ $ - ​ $ 387 Disposition ​ $ - ​ $ 72 Project Management ​ $ - ​ $ 12 ​ Operating Partnership Units Issued in Connection with Acquisitions ​ During the nine months ended September 30, 2023, there were no Operating Partnership units issued. ​ During the nine months ended September 30, 2022, 510,000 Operating Partnerships 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. ​ Commissions ​ During the nine months ended September 30, 2023, there were no real estate commissions paid to GOLDMARK Commercial Real Estate. During the nine months ended September 30, 2022, we incurred real estate commissions of $371 to GOLDMARK Commercial Real Estate, Inc., in which Messrs. Regan and Wieland jointly own a controlling interest. As of September 30, 2023 there were no commissions payable to Goldmark Commercial Real Estate. As of December 31, 2022, there were commissions of $183 payable to GOLDMARK Commercial Real Estate. ​ During the nine months ended September 30, 2023, there were no commission paid to GOLDMARK Property Management. During the nine months ended September 30, 2022, we incurred real estate commissions of $319, to GOLDMARK Property Management. September 30, 2023, there were no unpaid commissions to GOLDMARK Commercial Real Estate. As of December 31, 2022, there were commissions of $92 payable to GOLDMARK Property Management. ​ Rental Income ​ During the nine months ended September 30, 2023 and 2022, we received rental income of $204 and $200, respectively, under an operating lease agreement with GOLDMARK Property Management, Inc. ​ During the nine months ended September 30, 2023 and 2022, we received rental income of $99 and $97, respectively, under an operating lease agreement with our Advisor. ​ During the nine months ended September 30, 2023 and 2022, we received rental income of $735 and $639, respectively, under operating lease agreements with Bell Bank. ​ Other operational costs ​ During the nine months ended September 30, 2023 and 2022, the Trust incurred $77 and $420 per Q2 2022, 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 September 30, 2023 and December 31, 2022, there were no operational outstanding liabilities. ​ Debt Financing ​ At September 30, 2023 and December 31, 2022, the Trust had $60,836 and $64,691, respectively, of outstanding principal on loans entered into with Bell Bank. During the nine months ended September 30, 2023 and 2022, the Trust incurred interest expense on debt held with Bell Bank of $1,809 and $491, respectively. Accrued interest as of September 30, 2023 and December 31, 2022 related to this debt was $123 and $130, respectively. ​ ​ ​ ​ Mezzanine Financing ​ The Trust offers mezzanine financing to joint ventures, see note 5 for investment in unconsolidated affiliates. At September 30, 2023 and December 31, 2022, Sterling issued $9,091 and $5,854 respectively, in second mortgage financing to related entries. ​ During the nine months ended September 30, 2023 and 2022, the Trust earned interest income of $532 and $334 respectively, related to the second mortgage financing. ​ Insurance Services ​ The Trust retains insurance services from Bell Insurance. Policies provided by these services provide insurance coverage for the Trust’s Commercial and Residential Segment as well as Director and Officer general and liability coverage. For the nine months ended September 30, 2023, total premiums incurred for this policy were $131. No premiums were incurred during the nine months ended September 30, 2022. ​ Development Arrangements ​ During the nine months ended September 30, 2023 and 2022, the Trust incurred $- and $717 , respectively, in development fees to Trumont Group. At September 30, 2023 and December 31, 2022, the Trust had no costs owed for development fees to Trumont Group. ​ During the nine months ended September 30, 2023 and 2022, the Trust incurred $442 and $734 , respectively, in construction fees to Trumont Construction. At September 30, 2023 and December 31, 2022, the Trust owed $- and $71 , respectively for construction fees to Trumont Construction. ​ During the nine months ended September 30, 2023 and 2022, the Trust incurred $323 and $284 , respectively, in general construction costs to Trumont Construction. At September 30, 2023 and December 31, 2022, the Trust owed $- and $81 , respectively, for general construction costs.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 13 - COMMITMENTS AND CONTINGENCIES ​ Environmental Matters ​ Federal law (and the laws of some states in which we own or may acquire properties) imposes liability on a landowner for the presence on the premises of hazardous substances or wastes (as defined by present and future federal and state laws and regulations). This liability is without regard to fault or knowledge of the presence of such substances and may be imposed jointly and severally upon all succeeding landowners. If such hazardous substance is discovered on a property acquired by us, we could incur liability for the removal of the substances and the cleanup of the property. ​ There can be no assurance that we would have effective remedies against prior owners of the property. In addition, we may be liable to tenants and may find it difficult or impossible to sell the property either prior to or following such a cleanup. ​ ​ Risk of Uninsured Property Losses ​ We maintain property damage, fire loss, and liability insurance. However, there are certain types of losses (generally of a catastrophic nature) which may be either uninsurable or not economically insurable. Such excluded risks may include war, earthquakes, 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 Trust is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of such matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material effect on the financial statements of the Trust. ​

DISPOSITIONS

DISPOSITIONS	9 Months Ended
	Sep. 30, 2023
DISPOSITIONS
DISPOSITIONS	NOTE 14 – DISPOSITIONS ​ During the nine months ended September 30, 2023, the Operating Partnership disposed of two properties. One property located in Coon Rapids, Minnesota was disposed of for $3,448 with a recognized gain of $1,531 . The other property was located in White Bear Lake, Minnesota was disposed of for $4,710 with a recognized gain of $1,066 . During the nine months ended September 30, 2022 the Operating Partnership disposed of four properties. One property located in Savage, Minnesota was disposed of for $2,700 with a recognized gain of $1,328 . One property located in Moorhead, Minnesota was disposed of for $6,400 with a recognized gain of $2,012 . One property located in Edina, Minnesota was disposed of for $15,320 with a recognized gain of $6,728 . The other property located in East Grand Forks, MN was disposed of for $1,200 with a recognized loss of $171 . ​

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 2023
ACQUISITIONS
ACQUISITIONS	NOTE 15 – ACQUISITIONS ​ The Trust had no acquisitions during the nine months ended September 30, 2023. ​ The Trust had six acquisitions during the nine months ended September 30, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ Property Name ​ Location ​ Property Type ​ ​ Units/ Square Footage/ Acres ​ ​ Purchase Price ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 38,755 ​ ​ Total consideration given for acquisitions through September 30, 2022 was completed through issuing approximately 539,000 limited partnership units of the Operating Partnership valued at $23.00 per unit for an aggregate consideration of approximately $12,390. 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ ​ 2023 ​ 2022 Real estate investment acquired ​ ​ $ - ​ $ 38,296 Acquired lease intangible assets ​ ​ ​ - ​ ​ 749 Assumed Assets ​ ​ ​ - ​ ​ 3 Total Assets Acquired ​ ​ $ - ​ $ 39,048 Other liabilities ​ ​ ​ - ​ ​ (293) Net assets acquired ​ ​ ​ - ​ ​ 38,755 Equity/limited partnership unit consideration ​ ​ ​ - ​ ​ (12,390) Net cash consideration ​ ​ $ - ​ $ 26,365 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2023
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	NOTE 16 - SUBSEQUENT EVENTS ​ On October 16, 2023, we paid a dividend or distribution of $0.2875 per share on our common shares of beneficial interest or limited partnership units, respectively, to common shareholders and limited partnership unit holders of record on September 30, 2023. ​ Pending acquisitions and dispositions are subject to numerous conditions and contingencies and there are no assurances that the transactions will be completed. ​ We have evaluated subsequent events through the date of this filing. We are not aware of any other subsequent events which would require recognition or disclosure in the consolidated financial statements.

PRINCIPAL ACTIVITY AND SIGNIF_2

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation ​ The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2022, which have previously been filed with the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted from this report on Form 10-Q pursuant to the rules and regulations of the SEC. ​ The results for the interim periods shown in this report are not necessarily indicative of future financial results. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary to present fairly our consolidated financial statements as of and for the three and nine months ended September 30, 2023. These adjustments are of a normal recurring nature. ​
Principles of Consolidation	Principles of Consolidation ​ The consolidated financial statements include the accounts of , Properties, LLLP, and wholly-owned limited liability companies. All significant intercompany transactions and balances have been eliminated in consolidation. ​ As of September 30, 2023 the Trust owned approximately 37.50% 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 individual’s respective redemption plan, 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. The Trust will consolidate the operations of a joint venture if the Trust determines that it is the primary beneficiary of a variable interest entity (VIE) and has substantial influence and control of the entity. ​ In instances where the Trust determines that it is not the primary beneficiary of a VIE and the Trust does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Trust will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Trust’s operations but instead its share of operations will be reflected as equity in earnings (losses) of unconsolidated affiliates on its consolidated statements of operations and comprehensive income. 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 accounting. ​ The Operating Partnership meets the criteria as a variable interest entity (“VIE”). The Trust’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Trust’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Trust’s debt is an obligation of the Operating Partnership, and the Trust guarantees the unsecured debt obligations of the Operating Partnership.
Concentration of Credit Risk	Concentration of Credit Risk ​ Our cash balances are maintained in various bank deposit accounts. The bank deposit amounts in these accounts may exceed federally insured limits at various times throughout the year.
Use of Estimates	Use of Estimates ​ The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. ​
Real Estate Investments	Real Estate Investments ​ Real estate investments are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. ​ ​ During the third quarter, the Company completed a reassessment of the capitalization policy and determined that the Company would remove a stipulation for certain tangible assets to pass an additional percentage test of an amount of an entire property as well as add a new category related to Renovations and Improvement Projects that improve or extend the life of real estate assets. This reassessment was accounted for as a change in accounting estimate and was made on a prospective basis effective July 1, 2023. The change on policy did not have a significant impact on depreciation expense. ​ The Trust allocates the purchase price of each acquired investment property accounted for as an asset acquisition based upon the relative fair value at acquisition date of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease intangibles, (iv) acquired above and below market lease intangibles, and (v) assumed financing that is determined to be above or below market, if any. Transaction costs related to acquisitions accounted for as asset acquisitions are capitalized as a cost of the property. ​ For tangible assets acquired, including land, building and other improvements, the Trust considers available comparable market and industry information in estimating acquisition date fair value. Key factors considered in the calculation of fair value of both real property and intangible assets include the current market rent values, “dark” periods (building in vacant status), direct costs estimated with obtaining a new tenant, discount rates, escalation factors, standard lease terms, and tenant improvement costs. ​ Furniture and fixtures are stated at cost less accumulated depreciation. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for routine maintenance and repairs, which do not add to the value or extend useful lives, are expensed as incurred. ​ Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method over the following estimated useful lives: ​ ​ ​ ​ ​ Buildings and improvements 40 years Furniture, fixtures and equipment 5 ​ The Trust’s investment properties are reviewed for potential impairment at the end of each reporting period or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At the end of each reporting period, the Trust separately determines whether impairment indicators exist for each property. ​ Based on evaluation, there were no impairment losses during the three months ended September 30, 2023 and 2022.
Federal Income Taxes	Federal Income Taxes ​ We have elected to be taxed as a REIT under the Internal Revenue Code, as amended. A REIT calculates taxable income similar to other domestic corporations, with the major difference being a REIT is entitled to a deduction for dividends paid. A REIT is generally required to distribute each year at least 90% of its taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate tax on such income. REIT shareholders are generally taxed on REIT distributions of ordinary income in the same manner as they are taxed on other corporate distributions. ​ We intend to continue to qualify as a REIT and, provided we maintain such status, will not be taxed on the portion of the income that is distributed to shareholders. In addition, we intend to distribute all of our taxable income; therefore, no provisions or liabilities for income taxes have been recorded in the financial statements. ​ We follow FASB ASC Topic 740, Income Taxes, ​
Revenue Recognition	Revenue Recognition ​ The Trust is the lessor for its residential and commercial leases. Leases are analyzed on an individual basis to determine lease classification. As of September 30, 2023 all leases analyzed under the Trust’s lease classification process were determined to be operating leases.
Earnings per Common Share	Earnings per Common Share ​ Basic earnings per common share is computed by dividing net income available to common shareholders (the “numerator”) by the weighted average number of common shares outstanding (the “denominator”) during the period. Sterling had no dilutive potential common shares during the three and nine months ended September 30, 2023 and therefore, basic earnings per common share was equal to diluted earnings per common share for both periods. ​ For the nine months ended September 30, 2023 and 2022, Sterling’s denominators for the basic and diluted earnings per common share were approximately 11,050,000 and 10,572,000 , respectively.

PRINCIPAL ACTIVITY AND SIGNIF_3

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2023
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Summary of Estimated Useful Life	​ ​ ​ ​ Buildings and improvements 40 years Furniture, fixtures and equipment 5

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2023
SEGMENT REPORTING
Summary of Segment Revenues and Net Operating Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2023 ​ Three months ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential Commercial Total Residential Commercial Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ (in thousands) Income from rental operations ​ $ 30,993 ​ $ 5,208 ​ $ 36,201 ​ $ 29,226 ​ $ 5,305 ​ $ 34,531 Expenses from rental operations ​ ​ 18,513 ​ ​ 1,516 ​ ​ 20,029 ​ ​ 16,211 ​ ​ 1,717 ​ ​ 17,928 Net operating income ​ $ 12,480 ​ $ 3,692 ​ $ 16,172 ​ $ 13,015 ​ $ 3,588 ​ $ 16,603 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ 5,990 ​ ​ ​ ​ ​ ​ ​ ​ 6,120 Interest ​ ​ ​ ​ ​ ​ ​ ​ 5,377 ​ ​ ​ ​ ​ ​ ​ ​ 5,081 Administration of REIT ​ ​ ​ ​ ​ ​ ​ ​ 1,229 ​ ​ ​ ​ ​ ​ ​ ​ 1,471 Other loss (income) ​ ​ ​ ​ ​ ​ ​ ​ 160 ​ ​ ​ ​ ​ ​ ​ ​ (6,385) Net income ​ ​ ​ ​ ​ ​ ​ $ 3,416 ​ ​ ​ ​ ​ ​ ​ $ 10,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2023 ​ Nine months ended September 30, 2022 ​ Residential Commercial Total Residential Commercial Total ​ ​ (in thousands) ​ (in thousands) Income from rental operations ​ $ 91,486 ​ $ 15,444 ​ $ 106,930 ​ $ 85,222 ​ $ 16,042 ​ $ 101,264 Expenses from rental operations ​ ​ 57,446 ​ ​ 4,660 ​ ​ 62,106 ​ ​ 47,964 ​ ​ 4,945 ​ ​ 52,909 Net operating income ​ $ 34,040 ​ $ 10,784 ​ $ 44,824 ​ $ 37,258 ​ $ 11,097 ​ $ 48,355 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ 19,026 ​ ​ ​ ​ ​ ​ ​ ​ 17,865 Interest ​ ​ ​ ​ ​ ​ ​ ​ 16,064 ​ ​ ​ ​ ​ ​ ​ ​ 14,882 Administration of REIT ​ ​ ​ ​ ​ ​ ​ ​ 3,680 ​ ​ ​ ​ ​ ​ ​ ​ 4,087 Other income ​ ​ ​ ​ ​ ​ ​ ​ (1,402) ​ ​ ​ ​ ​ ​ ​ ​ (9,291) Net income ​ ​ ​ ​ ​ ​ ​ $ 7,456 ​ ​ ​ ​ ​ ​ ​ $ 20,812
Summary of Segment Assets and Accumulated Depreciation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 Residential Commercial Total ​ ​ (in thousands) Real estate investments ​ $ 787,439 ​ $ 187,144 ​ $ 974,583 Accumulated depreciation ​ ​ (160,703) ​ ​ (50,509) ​ ​ (211,212) Total real estate investments, net ​ $ 626,736 ​ $ 136,635 ​ $ 763,371 Lease intangible assets, less accumulated amortization ​ ​ — ​ ​ 3,143 ​ ​ 3,143 Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ 17,896 Restricted deposits ​ ​ ​ ​ ​ ​ ​ ​ 9,294 Investment in securities ​ ​ ​ ​ ​ ​ ​ ​ 5,323 Investment in unconsolidated affiliates ​ ​ ​ ​ ​ ​ ​ ​ 27,313 Notes receivable ​ ​ ​ ​ ​ ​ ​ ​ 9,229 Other assets, net ​ ​ ​ ​ ​ ​ ​ ​ 29,900 Total Assets ​ ​ ​ ​ ​ ​ ​ $ 865,469 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

RESTRICTED DEPOSITS AND FUNDE_2

RESTRICTED DEPOSITS AND FUNDED RESERVES (Tables)	9 Months Ended
	Sep. 30, 2023
RESTRICTED DEPOSITS AND FUNDED RESERVES
Schedule of restricted deposits and funded reserves	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ As of December 31, ​ ​ ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ (in thousands) Tenant security deposits ​ ​ ​ ​ $ 6,894 ​ $ 6,242 Real estate tax and insurance escrows ​ ​ ​ ​ ​ 671 ​ ​ 1,336 Replacement reserves ​ ​ ​ ​ ​ 1,729 ​ ​ 1,745 ​ ​ ​ ​ ​ $ 9,294 ​ $ 9,323 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED AFFILIATES (Tables)	9 Months Ended
	Sep. 30, 2023
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 ​ September 30, 2023 ​ December 31, 2022 Banner Building ​ ​ 2007 ​ ​ 66.67% ​ $ (466) ​ $ (614) Grand Forks INREIT, LLC ​ ​ 2003 ​ ​ 50% ​ ​ 5,059 ​ ​ 4,961 SE Savage, LLC ​ ​ 2019 ​ ​ 60% ​ ​ 1,157 ​ ​ 1,660 SE Maple Grove, LLC ​ ​ 2019 ​ ​ 60% ​ ​ 906 ​ ​ 1,836 SE Rogers, LLC ​ ​ 2020 ​ ​ 60% ​ ​ 1,601 ​ ​ 2,413 ST Oak Cliff, LLC ​ ​ 2021 ​ ​ 70% ​ ​ 8,040 ​ ​ 9,098 SE Brooklyn Park, LLC ​ ​ 2021 ​ ​ 60% ​ ​ 1,823 ​ ​ 2,914 SE Fossil Creek, LLC ​ ​ 2022 ​ ​ 70% ​ ​ 9,193 ​ ​ 7,155 ​ ​ ​ ​ ​ ​ ​ ​ $ 27,313 ​ $ 29,423
Schedule of financial position of unconsolidated entities	​ The following is a summary of the financial position of the unconsolidated affiliates at September 30, 2023 and December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 ​ ​ (in thousands) ASSETS ​ ​ ​ ​ ​ ​ Real estate investments ​ $ 253,832 ​ $ 218,747 Accumulated depreciation ​ ​ (23,780) ​ ​ (16,490) ​ ​ ​ 230,052 ​ ​ 202,257 Cash and cash equivalents ​ ​ 2,380 ​ ​ 3,093 Restricted deposits ​ ​ 478 ​ ​ 1,034 Intangible assets, less accumulated amortization ​ ​ 836 ​ ​ 542 Other assets, net ​ ​ 787 ​ ​ 827 Total Assets ​ $ 234,533 ​ $ 207,753 ​ ​ ​ ​ ​ ​ ​ LIABILITIES ​ ​ ​ ​ ​ ​ Mortgage notes payable, net ​ $ 184,581 ​ $ 152,246 Tenant security deposits payable ​ ​ 333 ​ ​ 192 Accrued expenses and other liabilities ​ ​ 6,402 ​ ​ 8,217 Total Liabilities ​ $ 191,316 ​ $ 160,655 SHAREHOLDERS' EQUITY ​ ​ ​ ​ ​ ​ Total Shareholders' Equity ​ $ 43,217 ​ $ 47,098 ​ ​ ​ ​ ​ ​ ​ Total liabilities and shareholders' equity ​ $ 234,533 ​ $ 207,753 ​ The following is a summary of results of operations of the unconsolidated affiliates for the three and nine months ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2023 2022 2023 2022 ​ ​ (in thousands) ​ ​ (in thousands) Income from rental operations ​ $ 5,244 ​ $ 2,638 ​ $ 13,584 ​ $ 6,444 Expenses from rental operations ​ ​ 2,070 ​ ​ 957 ​ ​ 5,564 ​ ​ 2,451 Net operating income ​ $ 3,174 ​ $ 1,681 ​ $ 8,020 ​ $ 3,993 Depreciation and Amortization ​ ​ 2,418 ​ ​ 1,316 ​ ​ 7,350 ​ ​ 4,331 Interest ​ ​ 1,700 ​ ​ 1,178 ​ ​ 4,493 ​ ​ 2,854 Other expense ​ ​ - ​ ​ 2 ​ ​ 14 ​ ​ 13 Net loss ​ $ (944) ​ $ (815) ​ $ (3,837) ​ $ (3,205) ​

LEASE INTANGIBLES (Tables)

LEASE INTANGIBLES (Tables)	9 Months Ended
	Sep. 30, 2023
LEASE INTANGIBLES
Schedule of Intangible Assets, Liabilities and Accumulated Amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease ​ Accumulated ​ Lease As of September 30, 2023 Intangibles Amortization Intangibles, net Lease Intangible Assets ​ (in thousands) In-place leases ​ $ 13,927 ​ $ (11,296) ​ $ 2,631 Above-market leases ​ ​ 1,415 ​ ​ (903) ​ ​ 512 ​ ​ $ 15,342 ​ $ (12,199) ​ $ 3,143 Lease Intangible Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Below-market leases ​ $ (2,314) ​ $ 1,807 ​ $ (507) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)
Schedule of estimated aggregate amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible ​ Intangible Years ending December 31, Assets Liabilities ​ ​ (in thousands) 2023 (October 1, 2023 - December 31, 2023) ​ $ 160 ​ $ 37 2024 ​ ​ 641 ​ ​ 147 2025 ​ ​ 641 ​ ​ 147 2026 ​ ​ 490 ​ ​ 77 2027 ​ ​ 381 ​ ​ 38 Thereafter ​ ​ 830 ​ ​ 61 ​ ​ $ 3,143 ​ $ 507 ​

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2023
NOTES PAYABLE
Schedule of Mortgage Notes Payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Balance At ​ ​ September 30, ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ (in thousands) Fixed rate mortgage notes payable (a) ​ $ 522,072 ​ $ 508,305 Variable rate mortgage notes payable ​ ​ - ​ ​ - Mortgage notes payable ​ ​ 522,072 ​ ​ 508,305 Less unamortized debt issuance costs ​ ​ 1,879 ​ ​ 2,138 ​ ​ $ 520,193 ​ $ 506,167 (a) Includes $103,952 and $106,033 of variable rate mortgage debt that was swapped to a fixed rate at September 30, 2023 and December 31, 2022, respectively.
Scheduled Maturities of Mortgage Notes Payable	​ ​ ​ ​ ​ Years ending December 31, Amount ​ ​ (in thousands) 2023 (October 1, 2023 - December 31, 2023) ​ $ 29,092 2024 ​ ​ 22,366 2025 ​ ​ 53,293 2026 ​ ​ 70,819 2027 ​ ​ 78,219 Thereafter ​ ​ 268,283 Total payments ​ $ 522,072 ​

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2023
DERIVATIVES AND HEDGING ACTIVITIES
Schedule of interest rate swaps	The following table summarizes the Trust’s interest rate swaps as of September 30, 2023, which effectively convert one month floating rate LIBOR or 30-day average SOFR to a fixed rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed ​ ​ Effective Date ​ Notional ​ Interest Rate ​ Maturity Date November 1, 2019 $ 6,418 ​ 3.15% ​ November 1, 2029 November 1, 2019 $ 4,464 ​ 3.28% ​ November 1, 2029 January 10, 2020 $ 2,911 ​ 3.39% ​ January 10, 2030 December 2, 2020 $ 12,093 ​ 2.91% ​ December 2, 2027 July 1, 2021 $ 25,177 ​ 2.99% ​ July 1, 2031 November 10, 2021 $ 27,616 ​ 3.54% ​ August 1, 2029 December 1, 2021 $ 10,590 ​ 3.32% ​ December 1, 2031 August 15, 2022 $ 1,456 ​ 3.07% ​ June 15, 2030 August 15, 2022 $ 2,821 ​ 3.07% ​ June 15, 2030 August 15, 2022 $ 1,576 ​ 2.94% ​ June 15, 2030 August 15, 2022 $ 4,170 ​ 2.94% ​ June 15, 2030 May 10, 2023 $ 4,660 ​ 2.79% ​ June 10, 2030 ​ The following table summarizes the Trust’s interest rate swaps that were designated as cash flow hedges of interest rate risk: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Instruments ​ Notional Interest Rate Derivatives ​ September 30, 2023 ​ December 31, 2022 ​ September 30, 2023 ​ December 31, 2022 Interest rate swaps ​ 12 ​ 12 $ 103,952 $ 106,033
Schedule of the estimated fair value of derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives designated as ​ September 30, 2023 ​ December 31, 2022 cash flow hedges: ​ Balance Sheet Location ​ Fair Value ​ Balance Sheet Location ​ Fair Value Interest rate swaps ​ Other assets, net $ 15,766 ​ Other assets, net $ 13,782
Schedule of the effect of the derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of Gain ​ ​ ​ ​ Amount of Gain ​ 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 ​ ​ 2023 ​ ​ ​ 2023 Interest rate swaps $ (2,339) ​ Interest expense $ (1,017) ​ ​ 2022 ​ ​ ​ 2022 Interest rate swaps $ (4,967) ​ Interest expense $ (71) ​ The following table presents the effect of the Trust’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive income for the nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of Gain ​ ​ ​ ​ Amount of Gain ​ 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 ​ ​ 2023 ​ ​ ​ 2023 Interest rate swaps $ (1,984) ​ Interest expense $ (2,698) ​ ​ 2022 ​ ​ ​ 2022 Interest rate swaps $ (15,306) ​ Interest expense $ 548

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	9 Months Ended
	Sep. 30, 2023
FAIR VALUE MEASUREMENT
Carrying Value and Estimated Fair Value of Company's Financial Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ December 31, 2022 ​ ​ Carrying ​ ​ ​ ​ Carrying ​ ​ ​ ​ Value Fair Value Value Fair Value ​ ​ (in thousands) Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in securities ​ $ 5,323 ​ $ 5,323 ​ $ 29,371 ​ $ 29,371 Notes receivable ​ $ 9,229 ​ $ 10,025 ​ $ 8,448 ​ $ 9,789 Derivative assets ​ $ 15,766 ​ $ 15,766 ​ $ 13,782 ​ $ 13,782 ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ 522,072 ​ $ 467,284 ​ $ 508,305 ​ $ 466,245
Schedule of Fair Value of Liabilities on Recurring Basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ — ​ $ 15,766 ​ $ — ​ $ 15,766 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ — ​ $ 13,782 ​ $ — ​ $ 13,782
Fair Value of Company's Financial Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bills ​ $ 5,323 ​ $ — ​ $ — ​ $ 5,323 Mortgage notes payable ​ $ — ​ $ — ​ $ 467,284 ​ $ 467,284 Notes receivable ​ $ — ​ $ — ​ $ 10,025 ​ $ 10,025 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bills ​ $ 29,371 ​ $ — ​ $ — ​ $ 29,371 Mortgage notes payable ​ $ — ​ $ — ​ $ 466,245 ​ $ 466,245 Notes receivable ​ $ — ​ $ — ​ $ 9,789 ​ $ 9,789

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2023
LEASES
Schedule of lease Income related to the Company's operating leases	​ Lease income related to the Company’s operating leases is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2023 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 30,070 ​ $ 3,910 ​ $ 33,980 Lease income related to variable lease payments ​ ​ — ​ ​ 1,204 ​ ​ 1,204 Other (a) ​ ​ (468) ​ ​ 65 ​ ​ (403) Lease Income (b) ​ $ 29,602 ​ $ 5,179 ​ $ 34,781 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2022 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 27,993 ​ $ 4,057 ​ $ 32,050 Lease income related to variable lease payments ​ ​ — ​ ​ 1,113 ​ ​ 1,113 Other (a) ​ ​ (150) ​ ​ 113 ​ ​ (37) Lease Income (b) ​ $ 27,843 ​ $ 5,283 ​ $ 33,126 ​ (a) For the three months ended September 30, 2023 and 2022, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements. (b) Excludes other rental income for the three months ended September 30, 2023 and 2022 of $1,420 and $1,405 , respectively, which is accounted for under the revenue recognition standard. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2023 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 87,891 ​ $ 11,774 ​ $ 99,665 Lease income related to variable lease payments ​ ​ — ​ ​ 3,300 ​ ​ 3,300 Other (a) ​ ​ (747) ​ ​ 246 ​ ​ (501) Lease Income (b) ​ $ 87,144 ​ $ 15,320 ​ $ 102,464 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2022 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 81,928 ​ $ 12,240 ​ $ 94,168 Lease income related to variable lease payments ​ ​ — ​ ​ 3,401 ​ ​ 3,401 Other (a) ​ ​ (513) ​ ​ 277 ​ ​ (236) Lease Income (b) ​ $ 81,415 ​ $ 15,918 ​ $ 97,333 ​ ​ (a) For the nine months ended September 30, 2023 and 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 nine months ended September 30, 2023 and 2022 of $4,466 and $3,931 , respectively, which is accounted for under the revenue recognition standard.
Schedule of future minimum rental income	​ ​ ​ ​ ​ Years ending December 31, Amount ​ ​ (in thousands) 2023 (October 1, 2023 - December 31, 2023) ​ $ 3,814 2024 ​ ​ 14,951 2025 ​ ​ 14,462 2026 ​ ​ 13,061 2027 ​ ​ 11,606 Thereafter ​ ​ 43,398 ​ ​ $ 101,292 ​

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2023
RELATED PARTY TRANSACTIONS
Schedule of fees incurred and payable to Advisor	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months ended September 30, ​ ​ 2023 ​ 2022 ​ ​ (in thousands) Fee: ​ ​ ​ ​ ​ ​ Advisory ​ $ 2,852 ​ $ 2,739 Acquisition ​ $ - ​ $ 934 Disposition ​ $ 204 ​ $ 631 Financing ​ $ 83 ​ $ 83 Project Management ​ $ 335 ​ $ 420 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable at ​ ​ September 30, ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ (in thousands) Fee: ​ ​ ​ ​ ​ ​ Advisory ​ $ 318 ​ $ 632 Acquisition ​ $ - ​ $ 387 Disposition ​ $ - ​ $ 72 Project Management ​ $ - ​ $ 12

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2023
ACQUISITIONS
Schedule of acquisitions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ Property Name ​ Location ​ Property Type ​ ​ Units/ Square Footage/ Acres ​ ​ Purchase Price ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 38,755 ​
Schedule of acquisition date fair values, before prorations recorded in conjunction with acquisitions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ ​ 2023 ​ 2022 Real estate investment acquired ​ ​ $ - ​ $ 38,296 Acquired lease intangible assets ​ ​ ​ - ​ ​ 749 Assumed Assets ​ ​ ​ - ​ ​ 3 Total Assets Acquired ​ ​ $ - ​ $ 39,048 Other liabilities ​ ​ ​ - ​ ​ (293) Net assets acquired ​ ​ ​ - ​ ​ 38,755 Equity/limited partnership unit consideration ​ ​ ​ - ​ ​ (12,390) Net cash consideration ​ ​ $ - ​ $ 26,365 ​

ORGANIZATION - Additional Infor

ORGANIZATION - Additional Information (Details)	Sep. 30, 2023	Dec. 31, 2022
ORGANIZATION
Ownership in operating partnership (as a percent)	37.50%	36.60%

PRINCIPAL ACTIVITY AND SIGNIF_4

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details)	Sep. 30, 2023	Dec. 31, 2022
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Ownership in operating partnership (as a percent)	37.50%	36.60%

PRINCIPAL ACTIVITY AND SIGNIF_5

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES - Real Estate Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Real Estate Investments
Loss on impairment of property	$ 0	$ 0
Building and improvements
Real Estate Investments
Estimated useful life	40 years
Furniture, fixtures and equipment | Minimum
Real Estate Investments
Estimated useful life	5 years
Furniture, fixtures and equipment | Maximum
Real Estate Investments
Estimated useful life	9 years

PRINCIPAL ACTIVITY AND SIGNIF_6

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES - Federal Income Taxes (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Taxable income to be distributed	90%
Retainable taxable income	10%
Provisions or liabilities for income taxes	$ 0

PRINCIPAL ACTIVITY AND SIGNIF_7

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Common Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings per Common Share
Dilutive potential common shares	0		0
Weighted average common shares outstanding, basic	11,157,000	10,685,000	11,050,000	10,572,000
Weighted average common shares outstanding, diluted	11,157,000	10,685,000	11,050,000	10,572,000

SEGMENT REPORTING - Additional

SEGMENT REPORTING - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 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	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
SEGMENT REPORTING
Income from rental operations	$ 36,201			$ 34,531			$ 106,930	$ 101,264
Expenses from rental operations	20,029			17,928			62,106	52,909
Net operating income	16,172			16,603			44,824	48,355
Depreciation and amortization	5,990			6,120			19,026	17,865
Interest	5,377			5,081			16,064	14,882
Administration of REIT	1,229			1,471			3,680	4,087
Other loss (income)	160			(6,385)			(1,402)	(9,291)
Net income	3,416	$ 4,729	$ (688)	10,316	$ 7,107	$ 3,389	7,456	20,812
Residential
SEGMENT REPORTING
Income from rental operations	30,993			29,226			91,486	85,222
Expenses from rental operations	18,513			16,211			57,446	47,964
Net operating income	12,480			13,015			34,040	37,258
Commercial
SEGMENT REPORTING
Income from rental operations	5,208			5,305			15,444	16,042
Expenses from rental operations	1,516			1,717			4,660	4,945
Net operating income	$ 3,692			$ 3,588			$ 10,784	$ 11,097

SEGMENT REPORTING - Summary o_2

SEGMENT REPORTING - Summary of Segment Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
SEGMENT REPORTING
Real estate investments	$ 974,583	$ 971,148
Accumulated depreciation	(211,212)	(194,849)
Total real estate investments, net	763,371	776,299
Lease intangible assets, less accumulated amortization	3,143	5,290
Cash and cash equivalents	17,896	3,257	$ 20,464
Restricted deposits	9,294	9,323	$ 9,267
Investment in securities	5,323	29,371
Investment in unconsolidated affiliates	27,313	29,423
Notes receivable	9,229	8,448
Other assets, net	29,900	27,312
Total Assets	865,469	888,723
Unconsolidated affiliates
SEGMENT REPORTING
Real estate investments	253,832	218,747
Accumulated depreciation	(23,780)	(16,490)
Total real estate investments, net	230,052	202,257
Lease intangible assets, less accumulated amortization	836	542
Cash and cash equivalents	2,380	3,093
Restricted deposits	478	1,034
Other assets, net	787	827
Total Assets	234,533	207,753
Residential
SEGMENT REPORTING
Real estate investments	787,439	779,424
Accumulated depreciation	(160,703)	(147,115)
Total real estate investments, net	626,736	632,309
Lease intangible assets, less accumulated amortization		839
Commercial
SEGMENT REPORTING
Real estate investments	187,144	191,724
Accumulated depreciation	(50,509)	(47,734)
Total real estate investments, net	136,635	143,990
Lease intangible assets, less accumulated amortization	$ 3,143	$ 4,451

RESTRICTED DEPOSITS AND FUNDE_3

RESTRICTED DEPOSITS AND FUNDED RESERVES - Summary of Restricted Deposits and Funded Reserves (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
RESTRICTED DEPOSITS AND FUNDED RESERVES
Tenant security deposits	$ 6,894	$ 6,242
Real estate tax and insurance escrows	671	1,336
Replacement reserves	1,729	1,745
Restricted deposits, Total	$ 9,294	$ 9,323	$ 9,267

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED AFFILIATES - Total investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investment in Unconsolidated Affiliates
Investment in unconsolidated affiliates	$ 27,313	$ 29,423
Operating Partnership
Investment in Unconsolidated Affiliates
Investment in unconsolidated affiliates	$ 27,313	29,423
Operating Partnership | Banner Building
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	66.67%
Investment in unconsolidated affiliates	$ (466)	(614)
Operating Partnership | Grand Forks Market Place Retail Center
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	50%
Investment in unconsolidated affiliates	$ 5,059	4,961
Operating Partnership | SE Savage, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60%
Investment in unconsolidated affiliates	$ 1,157	1,660
Operating Partnership | SE Maple Grove, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60%
Investment in unconsolidated affiliates	$ 906	1,836
Operating Partnership | SE Rogers, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60%
Investment in unconsolidated affiliates	$ 1,601	2,413
Operating Partnership | ST Oak Cliff, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	70%
Investment in unconsolidated affiliates	$ 8,040	9,098
Operating Partnership | SE Brooklyn Park, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	60%
Investment in unconsolidated affiliates	$ 1,823	2,914
Operating Partnership | SE Fossil Creek, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	70%
Investment in unconsolidated affiliates	$ 9,193	$ 7,155

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED AFFILIATES - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Banner Building | First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	$ 6,770	$ 6,951
Grand Forks Market Place Retail Center | First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	9,011	9,520
SE Savage, LLC | First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	30,411	30,726
SE Savage, LLC | Second Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	562	1,397
SE Maple Grove, LLC | First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	24,751	24,788
SE Maple Grove, LLC | Second Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	3,643	3,643
SE Rogers, LLC
Investment in Unconsolidated Affiliates
Assets of unconsolidated investee	31,030	32,864
SE Rogers, LLC | First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	25,742	25,742
SE Rogers, LLC | Second Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	2,348	2,938
ST Oak Cliff, LLC
Investment in Unconsolidated Affiliates
Assets of unconsolidated investee	48,014	40,404
Mortgage balance	35,864	23,409
ST Oak Cliff, LLC | First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	24,592	24,448
SE Brooklyn Park, LLC
Investment in Unconsolidated Affiliates
Assets of unconsolidated investee	30,380	30,490
SE Brooklyn Park, LLC | Second Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	2,538	0
SE Fossil Creek, LLC
Investment in Unconsolidated Affiliates
Assets of unconsolidated investee	36,352	11,083
Mortgage balance	$ 19,209	0
Operating Partnership | Banner Building
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	66.67%
Operating Partnership | Grand Forks Market Place Retail Center
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	50%
Percentage of interest	100%
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, LLC
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	9,300
Operating Partnership | SE Fossil Creek, LLC
Investment in Unconsolidated Affiliates
Ownership interest (as a percent)	70%
Cash contribution	$ 9,275	$ 7,190

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED AFFILIATES - Summary of financial position (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Real estate investments	$ 974,583			$ 971,148
Accumulated depreciation	(211,212)			(194,849)
Total real estate investments, net	763,371			776,299
Cash and cash equivalents	17,896			3,257	$ 20,464
Restricted deposits	9,294			9,323	9,267
Intangible assets, less accumulated amortization	3,143			5,290
Other assets, net	29,900			27,312
Total Assets	865,469			888,723
LIABILITIES
Tenant security deposits payable	7,073			6,368
Accrued expenses and other liabilities	17,232			16,075
Total Liabilities	553,556			565,257
SHAREHOLDERS' EQUITY
Total Shareholders' Equity	311,913	$ 312,353	$ 314,037	323,466	$ 325,577	$ 314,224	$ 309,537	$ 295,517
Total liabilities and shareholders' equity	865,469			888,723
Unconsolidated affiliates
ASSETS
Real estate investments	253,832			218,747
Accumulated depreciation	(23,780)			(16,490)
Total real estate investments, net	230,052			202,257
Cash and cash equivalents	2,380			3,093
Restricted deposits	478			1,034
Intangible assets, less accumulated amortization	836			542
Other assets, net	787			827
Total Assets	234,533			207,753
LIABILITIES
Mortgage notes payable, net	184,581			152,246
Tenant security deposits payable	333			192
Accrued expenses and other liabilities	6,402			8,217
Total Liabilities	191,316			160,655
SHAREHOLDERS' EQUITY
Total Shareholders' Equity	43,217			47,098
Total liabilities and shareholders' equity	$ 234,533			$ 207,753

INVESTMENT IN UNCONSOLIDATED _6

INVESTMENT IN UNCONSOLIDATED AFFILIATES - Summary of results of operations (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Investment in Unconsolidated Affiliates
Income from rental operations	$ 36,201			$ 34,531			$ 106,930	$ 101,264
Expenses from rental operations	31,396			29,129			97,196	85,656
Income from operations	3,576			3,931			6,054	11,521
Depreciation and Amortization	5,990			6,120			19,026	17,865
Interest	5,377			5,081			16,064	14,882
Net income	3,416	$ 4,729	$ (688)	10,316	$ 7,107	$ 3,389	7,456	20,812
Unconsolidated affiliates
Investment in Unconsolidated Affiliates
Income from rental operations	5,244			2,638			13,584	6,444
Expenses from rental operations	2,070			957			5,564	2,451
Income from operations	3,174			1,681			8,020	3,993
Depreciation and Amortization	2,418			1,316			7,350	4,331
Interest	1,700			1,178			4,493	2,854
Other expense				2			14	13
Net income	$ (944)			$ (815)			$ (3,837)	$ (3,205)

LEASE INTANGIBLES - Schedule of

LEASE INTANGIBLES - Schedule of Intangible Assets and Liabilities and Accumulated Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Lease Intangible Assets
Lease Intangibles	$ 15,342	$ 17,425
Accumulated Amortization	(12,199)	(12,135)
Total	3,143	5,290
Lease Intangible Liabilities
Below-market lease	(2,314)	(2,379)
Below-market lease, accumulated amortization	1,807	1,733
Below-market lease, net	(507)	(646)
In-place leases
Lease Intangible Assets
Lease Intangibles	13,927	15,528
Accumulated Amortization	(11,296)	(10,960)
Total	2,631	4,568
Above-market leases
Lease Intangible Assets
Lease Intangibles	1,415	1,897
Accumulated Amortization	(903)	(1,175)
Total	$ 512	$ 722

LEASE INTANGIBLES - Schedule _2

LEASE INTANGIBLES - Schedule of Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Intangible Assets
2023 (October 1, 2023 - December 31, 2023)	$ 160
2024	641
2025	641
2026	490
2027	381
Thereafter	830
Total	3,143	$ 5,290
Intangible Liabilities
2023 (October 1, 2023 - December 31, 2023)	37
2024	147
2025	147
2026	77
2027	38
Thereafter	61
Total	$ 507	$ 646

LINES OF CREDIT - Additional In

LINES OF CREDIT - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Lines of Credit
Line of credit outstanding	$ 0	$ 1,008
Bremer Bank
Lines of Credit
Unused line of credit	9,915
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) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 29, 2022
MORTGAGE NOTES PAYABLE
Long-term debt, gross	$ 522,072
Mortgage Notes Payable
MORTGAGE NOTES PAYABLE
Long-term debt, gross	522,072	$ 508,305
Less unamortized debt issuance costs	1,879	2,138
Long-term debt, net	520,193	506,167
Notes Payable to Banks
MORTGAGE NOTES PAYABLE
Face amount of debt			$ 26,500
Long-term debt, net	0	26,500
Fixed rate mortgage notes payable | Mortgage Notes Payable
MORTGAGE NOTES PAYABLE
Long-term debt, gross	522,072	508,305
Debt swapped from variable to fixed rate	$ 103,952	$ 106,033

NOTES PAYABLE - Scheduled Matur

NOTES PAYABLE - Scheduled Maturities of Mortgage Notes Payable (Details) $ in Thousands	Sep. 30, 2023 USD ($)
NOTES PAYABLE
2023 (October 1, 2023 - December 31, 2023)	$ 29,092
2024	22,366
2025	53,293
2026	70,819
2027	78,219
Thereafter	268,283
Total payments	$ 522,072

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Other (Details) - Interest rate swap $ in Thousands	Sep. 30, 2023 USD ($) instrument	Dec. 31, 2022 instrument
Derivatives and Hedging Activities
Estimated amount to be reclassified over the next 12 months, as a increase to interest expense | $	$ 4,203
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	9 Months Ended
	Sep. 30, 2023 USD ($) instrument	Dec. 31, 2022 USD ($) instrument
Interest rate swap
Derivatives and Hedging Activities
Notional amount	$ 103,952	$ 106,033
Number of instruments | instrument	12	12
Interest Rate Swap, one, November 2029
Derivatives and Hedging Activities
Notional amount	$ 6,418
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	$ 4,464
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	$ 2,911
Fixed interest rate (as a percent)	3.39%
Derivative maturity date	Jan. 10, 2030
Interest Rate Swap, December 2027
Derivatives and Hedging Activities
Notional amount	$ 12,093
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	$ 25,177
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	$ 27,616
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	$ 10,590
Fixed interest rate (as a percent)	3.32%
Derivative maturity date	Dec. 01, 2031
Interest Rate Swap, one, June 2030
Derivatives and Hedging Activities
Notional amount	$ 1,456
Fixed interest rate (as a percent)	3.07%
Derivative maturity date	Jun. 15, 2030
Interest Rate Swap, two, June 2030
Derivatives and Hedging Activities
Notional amount	$ 2,821
Fixed interest rate (as a percent)	3.07%
Derivative maturity date	Jun. 15, 2030
Interest Rate Swap, three, June 2030
Derivatives and Hedging Activities
Notional amount	$ 1,576
Fixed interest rate (as a percent)	2.94%
Derivative maturity date	Jun. 15, 2030
Interest Rate Swap, four, June 2030
Derivatives and Hedging Activities
Notional amount	$ 4,170
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	$ 4,660
Fixed interest rate (as a percent)	2.79%
Derivative maturity date	Jun. 10, 2030

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES - Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other assets, net
Derivatives and Hedging Activities
Fair value, derivative assets	$ 15,766	$ 13,782

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITIES - Gain-Loss (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivatives and Hedging Activities
Amount of Gain Recognized in Other Comprehensive Income on Derivatives	$ (2,339)	$ (2,023)	$ 2,378	$ (4,967)	$ (3,815)	$ (6,524)	$ (1,984)	$ (15,306)
Interest rate swap
Derivatives and Hedging Activities
Amount of Gain Recognized in Other Comprehensive Income on Derivatives	(2,339)			(4,967)			(1,984)	(15,306)
Interest expense
Derivatives and Hedging Activities
Amount of (Gain)/Loss Reclassified from AOCI into Income	$ (1,017)			$ (71)			$ (2,698)	$ 548

DERIVATIVES AND HEDGING ACTIV_7

DERIVATIVES AND HEDGING ACTIVITIES - Credit-Risk Related Contingent Features (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Credit-risk-related Contingent Features
Termination value of interest rate derivatives in asset position	$ 15,766

FAIR VALUE MEASUREMENT - Carryi

FAIR VALUE MEASUREMENT - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financial assets:
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Net Amount	Other Assets, Net Amount
Carrying Value
Financial assets:
Investment in securities	$ 5,323	$ 29,371
Notes receivable	9,229	8,448
Derivative assets	15,766	13,782
Financial liabilities:
Mortgage notes payable	522,072	508,305
Fair Value
Financial assets:
Investment in securities	5,323	29,371
Notes receivable	10,025	9,789
Derivative assets	15,766	13,782
Financial liabilities:
Mortgage notes payable	$ 467,284	$ 466,245

FAIR VALUE MEASUREMENT - Schedu

FAIR VALUE MEASUREMENT - Schedule of Fair Value of Assets on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value Measurements
Derivative assets	$ 15,766	$ 13,782
Level 2
Fair Value Measurements
Derivative assets	$ 15,766	$ 13,782

FAIR VALUE MEASUREMENT - Fair V

FAIR VALUE MEASUREMENT - Fair Value of Company's Financial Assets and Liabilities (Details) - Fair Value - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value Measurements
U.S. Treasury Bills	$ 5,323	$ 29,371
Mortgage notes payable	467,284	466,245
Notes receivable	10,025	9,789
Level 1
Fair Value Measurements
U.S. Treasury Bills	5,323	29,371
Level 3
Fair Value Measurements
Mortgage notes payable	467,284	466,245
Notes receivable	$ 10,025	$ 9,789

FAIR VALUE MEASUREMENT - Additi

FAIR VALUE MEASUREMENT - Additional Information (Details) - Measurement Input, Discount Rate	Sep. 30, 2023	Dec. 31, 2022
Fair Value Disclosures
Discount rates used to estimate fair value of notes receivable	0.0725
Minimum
Fair Value Disclosures
Discount rates used to estimate fair value of mortgages and notes payable	0.0670	0.0575
Discount rates used to estimate fair value of notes receivable		0.0325
Maximum
Fair Value Disclosures
Discount rates used to estimate fair value of mortgages and notes payable	0.0680	0.0600
Discount rates used to estimate fair value of notes receivable		0.0725

LEASES- Other (Details)

LEASES- Other (Details)	Sep. 30, 2023
Residential
Revenue from leases
Percentage of revenue from leases that are generally for terms of one year or less	85.10%
Commercial
Revenue from leases
Percentage of revenue from leases primarily under long-term lease agreements	14.90%

LEASES- Lease Income (Details)

LEASES- Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lease income:
Lease income related to fixed lease payments	$ 33,980	$ 32,050	$ 99,665	$ 94,168
Lease income related to variable lease payments	1,204	1,113	3,300	3,401
Other (a)	(403)	(37)	(501)	(236)
Lease Income (b)	$ 34,781	$ 33,126	$ 102,464	$ 97,333
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Real Estate Revenue Net	Real Estate Revenue Net	Real Estate Revenue Net	Real Estate Revenue Net
Rental income accounted for under revenue recognition standard:
Other rental income	$ 1,420	$ 1,405	$ 4,466	$ 3,931
Residential
Lease income:
Lease income related to fixed lease payments	30,070	27,993	87,891	81,928
Other (a)	(468)	(150)	(747)	(513)
Lease Income (b)	29,602	27,843	87,144	81,415
Commercial
Lease income:
Lease income related to fixed lease payments	3,910	4,057	11,774	12,240
Lease income related to variable lease payments	1,204	1,113	3,300	3,401
Other (a)	65	113	246	277
Lease Income (b)	$ 5,179	$ 5,283	$ 15,320	$ 15,918

LEASES- Future minimum rental i

LEASES- Future minimum rental income (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Future minimum rental income:
2023 (October 1, 2023 - December 31, 2023)	$ 3,814
2024	14,951
2025	14,462
2026	13,061
2027	11,606
Thereafter	43,398
Total	$ 101,292

RELATED PARTY TRANSACTIONS - Pr

RELATED PARTY TRANSACTIONS - Property Management and Board of Trustee Fees (Details) - GOLDMARK Property Management - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Related Party Transactions
Management fee, amount paid	$ 11,101	$ 10,485
Management fees paid expressed as a percentage of net collected rents	5%	5%
Repair and maintenance related payroll and payroll related expenses	$ 7,440	$ 5,578

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Advisory Agreement and Other (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) employee shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transactions
Number of paid employees | employee			0
Rental income	$ 33,980	$ 32,050	$ 99,665	$ 94,168
Costs and expenditures incurred due to construction in progress			77	420
Operational liabilities outstanding	0		0		$ 0
Mezzanine Financing
Related Party Transactions
Loan to related party			9,091		5,854
Interest income			532	334
Sterling Management, LLC
Related Party Transactions
Advisory management fees			2,852	2,739
Advisory management fees outstanding	318		318		632
Acquisition fees				934
Acquisition fees outstanding					387
Disposition fees			204	631
Disposition fees outstanding					72
Financing fees			83	83
Project management fee			335	420
Project management fee outstanding					12
Rental income			99	97
GOLDMARK Property Management
Related Party Transactions
Real estate commissions			0	319
Real estate commissions outstanding	0		0		92
Rental income			204	200
GOLDMARK Commercial Real Estate
Related Party Transactions
Real estate commissions			0	371
Real estate commissions outstanding	0		$ 0		183
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
Value of operating partnership (OP) units issued in connection with the acquisition of various properties			$ 11,741
Trumont Group, LLC
Related Party Transactions
Development fee				717
Development fees outstanding	0		0		0
Trumont Construction, LLC
Related Party Transactions
Construction fees			442	734
Construction fees payable					71
General construction costs			323	284
General construction costs payable					81
Bell Bank
Related Party Transactions
Rental income			735	639
Outstanding on principal loans	60,836		60,836		64,691
Interest expense incurred			1,809	491
Accrued interest	$ 123		123		$ 130
Total premiums paid			$ 131	$ 0
Affiliated Entities
Related Party Transactions
Number of operating partnership (OP) units issued in connection with the acquisition of various properties | shares			0

DISPOSITIONS (Details)

DISPOSITIONS (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property
Dispositions
Number of dispositions | property	2	4
Gain on sale of real estate	$ 2,596	$ 9,897
Property, Savage, MN | Disposed of by Sale
Dispositions
Number of dispositions | property		1
Sale price		$ 2,700
Gain on sale of real estate		$ 1,328
Property, Moorhead, MN | Disposed of by Sale
Dispositions
Number of dispositions | property		1
Sale price		$ 6,400
Gain on sale of real estate		$ 2,012
Property, Edina Minnesota | Disposed of by Sale
Dispositions
Number of dispositions | property		1
Sale price		$ 15,320
Gain on sale of real estate		$ 6,728
Property, East Grand Forks, MN | Disposed of by Sale
Dispositions
Number of dispositions | property		1
Sale price		$ 1,200
Gain on sale of real estate		$ (171)
Coon Rapids, Minnesota | Disposed of by Sale
Dispositions
Number of dispositions | property	1
Sale price	$ 3,448
Gain on sale of real estate	$ 1,531
White Bear Lake, Minnesota | Disposed of by Sale
Dispositions
Number of dispositions | property	1
Sale price	$ 4,710
Gain on sale of real estate	$ 1,066

ACQUISITIONS- Purchases (Detail

ACQUISITIONS- Purchases (Details) $ / shares in Units, $ in Thousands					9 Months Ended
	Sep. 13, 2022 USD ($) property	Jun. 10, 2022 USD ($) property	May 31, 2022 USD ($) property	Feb. 28, 2022 USD ($) property	Sep. 30, 2023 property	Sep. 30, 2022 USD ($) property $ / shares shares
Acquisitions
Acquisition price						$ 38,755
Number of acquisitions | property					0	6
Real Estate Property Acquisitions 2022
Acquisitions
Aggregate number of limited partnership units issued for acquisition | shares						539,000
Price per limited partnership unit issued for acquisition, price one | $ / shares						$ 23
Aggregate value of limited partnership units issued for acquisition						$ 12,390
Consideration in cash to pay for acquisitions						$ 26,365
Deer Park, Hutchinson, MN
Acquisitions
Units acquired | property				138
Acquisition price				$ 15,073
Desota Estates, Grand Forks, ND
Acquisitions
Units acquired | property			68
Acquisition price			$ 5,863
Desota Townhomes, Grand Forks, ND
Acquisitions
Units acquired | property			24
Acquisition price			$ 3,226
Desota Apartments, East Grand Forks, MN
Acquisitions
Units acquired | property			24
Acquisition price			$ 1,230
Diamond Bend, Mandan, ND
Acquisitions
Units acquired | property		78
Acquisition price		$ 10,919
Newgate Apartments, Bismarck, ND
Acquisitions
Units acquired | property	46
Acquisition price	$ 2,444

ACQUISITIONS- Summary of Acquis

ACQUISITIONS- Summary of Acquisition Date Fair Values (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Acquisition date fair values
Real estate investment acquired		$ 763,371	$ 776,299
Acquired lease intangible assets		3,143	5,290
Net assets acquired		$ 865,469	$ 888,723
Real Estate Property Acquisitions 2022
Acquisition date fair values
Real estate investment acquired	$ 38,296
Acquired lease intangible assets	749
Assumed assets	3
Net assets acquired	39,048
Other liabilities	(293)
Net assets acquired	38,755
Equity/limited partnership unit consideration	(12,390)
Net cash consideration	$ 26,365

SUBSEQUENT EVENTS - Additional

SUBSEQUENT EVENTS - Additional Information (Details)	Oct. 16, 2023 $ / shares
Subsequent Event
Subsequent Events
Dividend or distribution paid	$ 0.2875

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,267	$ 3,768	$ 2,798	$ 7,550

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false