Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 13, 2024 | Jun. 30, 2023 | |
Document And Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 South Ste. 200 | ||
Entity Address, City or Town | Fargo | ||
Entity Address, State or Province | ND | ||
Entity Address, Postal Zip Code | 58103 | ||
City Area Code | 701 | ||
Local Phone Number | 353-2720 | ||
Title of 12(b) Security | Common Shares of Beneficial Interest, par value $0.01 per share | ||
No Trading Symbol Flag | true | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 11,331,382 | ||
Entity Central Index Key | 0001412502 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Auditor Name | RSM US LLP | ||
Auditor Firm ID | 49 | ||
Auditor Location | Minneapolis, Minnesota |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Land and land improvements | $ 127,204 | $ 129,682 |
Building and improvements | 835,551 | 834,356 |
Construction in progress | 8,049 | 7,110 |
Real estate investments | 970,804 | 971,148 |
Less accumulated depreciation | (214,584) | (194,849) |
Real estate investments, net | 756,220 | 776,299 |
Cash and cash equivalents | 26,919 | 3,257 |
Restricted deposits | 10,142 | 9,323 |
Investments | 29,371 | |
Investment in unconsolidated affiliates | 26,601 | 29,423 |
Notes receivable | 8,885 | 8,448 |
Assets held for sale | 1,568 | |
Lease intangible assets, less accumulated amortization | 2,983 | 5,290 |
Other assets, net | 21,515 | 27,312 |
Total Assets | 854,833 | 888,723 |
LIABILITIES | ||
Mortgage notes payable, net | 518,119 | 506,167 |
Notes payable | 26,500 | |
Lines of credit | 1,008 | |
Dividends payable | 8,579 | 8,493 |
Tenant security deposits payable | 7,104 | 6,368 |
Lease intangible liabilities, less accumulated amortization | 470 | 646 |
Liabilities related to assets held for sale | 2 | |
Accrued expenses and other liabilities | 19,239 | 16,075 |
Total Liabilities | 553,513 | 565,257 |
COMMITMENTS and CONTINGENCIES - Note 17 | ||
SHAREHOLDERS' EQUITY | ||
Beneficial interest | 124,095 | 123,996 |
Operating partnership | 163,308 | 183,048 |
Partially owned properties | 2,555 | 2,640 |
Accumulated other comprehensive income | 11,362 | 13,782 |
Total Shareholders' Equity | 301,320 | 323,466 |
Total liabilities and shareholders' equity | $ 854,833 | $ 888,723 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income from rental operations | |||
Real estate rental income | $ 143,631 | $ 135,060 | $ 129,324 |
Expenses from rental operations | |||
Operating expenses | 67,846 | 56,893 | 51,063 |
Real estate taxes | 16,203 | 14,245 | 13,706 |
Depreciation and amortization | 25,004 | 24,679 | 22,203 |
Interest | 21,435 | 19,994 | 18,142 |
Total expenses from rental operations | 130,488 | 115,811 | 105,114 |
Loss on impairment of property | 2,603 | 561 | |
Administration of REIT | |||
Administration of REIT | 5,430 | 5,247 | 4,381 |
Total expenses | 138,521 | 121,619 | 109,495 |
Income from operations | 5,110 | 13,441 | 19,829 |
Other (loss) income | |||
Equity in (losses) of unconsolidated affiliates | (2,959) | (2,339) | (261) |
Other income | 2,214 | 1,293 | 1,935 |
Gain on sale or conversion of real estate investments | 2,597 | 11,090 | 1,710 |
Gain on involuntary conversion | 694 | 1,047 | 1,225 |
Total other income | 2,546 | 11,091 | 4,609 |
Income from continuing operations | 7,656 | 24,532 | 24,438 |
Net income | 7,656 | 24,532 | 24,438 |
Net income (loss) attributable to noncontrolling interest: | |||
Operating partnership | 4,848 | 15,628 | 15,783 |
Partially owned properties | (85) | (17) | (139) |
Net income attributable to Sterling Real Estate Trust | $ 2,893 | $ 8,921 | $ 8,794 |
Net income attributable to Sterling Real Estate Trust per common share, basic | $ 0.26 | $ 0.84 | $ 0.87 |
Net income attributable to Sterling Real Estate Trust per common share, diluted | $ 0.26 | $ 0.84 | $ 0.87 |
Comprehensive income: | |||
Net income | $ 7,656 | $ 24,532 | $ 24,438 |
Other comprehensive gain - change in fair value of interest rate swaps | (2,420) | 14,732 | 855 |
Comprehensive income: | 5,236 | 39,264 | 25,293 |
Comprehensive income attributable to noncontrolling interest | 3,247 | 24,989 | 16,193 |
Comprehensive income attributable to Sterling Real Estate Trust | $ 1,989 | $ 14,275 | $ 9,100 |
Weighted average Common Shares outstanding, basic | 11,104,000 | 10,632,000 | 10,160,000 |
Weighted average Common Shares outstanding, diluted | 11,104,000 | 10,632,000 | 10,160,000 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Shares | Paid-in Capital | Accumulated Distributions in Excess of Earnings | Total Beneficial Interest | Noncontrolling Interest in Operating Partnership | Noncontrolling Interest in Partially Owned Properties | Accumulated Other Comprehensive Income (Loss) | Total |
Beginning Balance at Dec. 31, 2020 | $ 139,105 | $ (29,739) | $ 109,366 | $ 181,621 | $ 2,346 | $ (1,805) | $ 291,528 | |
Beginning Balance (in shares) at Dec. 31, 2020 | 9,855,000 | |||||||
Shares issued under trustee compensation plan | 57 | 57 | 57 | |||||
Shares issued under trustee compensation plan (in shares) | 3,000 | |||||||
Contribution of assets in exchange for the issuance of noncontrolling interest shares | 2,883 | 2,883 | ||||||
Shares/units redeemed | (1,552) | (1,552) | (4,014) | (5,566) | ||||
Shares/units redeemed (in shares) | (82,000) | |||||||
Dividends and distributions declared | (10,761) | (10,761) | (19,319) | (30,080) | ||||
Dividends reinvested - stock dividend | 6,888 | 6,888 | $ 6,888 | |||||
Dividends reinvested - stock dividend (in shares) | 363,000 | 363,000 | ||||||
Issuance of shares under optional purchase plan | 4,064 | 4,064 | $ 4,064 | |||||
Issuance of shares under optional purchase plan (in shares) | 203,000 | |||||||
Change in fair value of interest rate swaps | 855 | 855 | ||||||
Contributions from consolidated real estate entity noncontrolling interests | 450 | 450 | ||||||
Net income (loss) | 8,794 | 8,794 | 15,783 | (139) | 24,438 | |||
Ending balance at Dec. 31, 2021 | 148,562 | (31,706) | 116,856 | 176,954 | 2,657 | (950) | 295,517 | |
Ending balance (in shares) at Dec. 31, 2021 | 10,342,000 | |||||||
Shares issued under trustee compensation plan | 65 | 65 | 65 | |||||
Shares issued under trustee compensation plan (in shares) | 3,000 | |||||||
Contribution of assets in exchange for the issuance of noncontrolling interest shares | 12,870 | 12,870 | ||||||
Shares/units redeemed | (1,155) | (1,155) | (922) | (2,077) | ||||
Shares/units redeemed (in shares) | (53,000) | |||||||
Dividends and distributions declared | (12,222) | (12,222) | (21,482) | (33,704) | ||||
Dividends reinvested - stock dividend | 7,468 | 7,468 | $ 7,468 | |||||
Dividends reinvested - stock dividend (in shares) | 341,000 | 342,000 | ||||||
Issuance of shares under optional purchase plan | 4,063 | 4,063 | $ 4,063 | |||||
Issuance of shares under optional purchase plan (in shares) | 177,000 | |||||||
Change in fair value of interest rate swaps | 14,732 | 14,732 | ||||||
Net income (loss) | 8,921 | 8,921 | 15,628 | (17) | 24,532 | |||
Ending balance at Dec. 31, 2022 | 159,003 | (35,007) | 123,996 | 183,048 | 2,640 | 13,782 | $ 323,466 | |
Ending balance (in shares) at Dec. 31, 2022 | 10,810,000 | 10,810,000 | ||||||
Shares issued under trustee compensation plan | 72 | 72 | $ 72 | |||||
Shares issued under trustee compensation plan (in shares) | 3,000 | |||||||
Shares/units redeemed | (1,813) | (1,813) | (3,181) | (4,994) | ||||
Shares/units redeemed (in shares) | (83,000) | |||||||
Dividends and distributions declared | (12,763) | (12,763) | (21,412) | (34,175) | ||||
Dividends reinvested - stock dividend | 7,732 | 7,732 | $ 7,732 | |||||
Dividends reinvested - stock dividend (in shares) | 354,000 | 353,000 | ||||||
Issuance of shares under optional purchase plan | 3,983 | 3,983 | $ 3,983 | |||||
Issuance of shares under optional purchase plan (in shares) | 173,000 | |||||||
Change in fair value of interest rate swaps | (2,420) | (2,420) | ||||||
Net income (loss) | 2,893 | 2,893 | 4,848 | (85) | 7,656 | |||
Ending balance at Dec. 31, 2023 | $ 168,977 | $ (44,877) | $ 124,100 | $ 163,303 | $ 2,555 | $ 11,362 | $ 301,320 | |
Ending balance (in shares) at Dec. 31, 2023 | 11,257,000 | 11,257,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | |||
Net income | $ 7,656 | $ 24,532 | $ 24,438 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Gain on sale of real estate investments | (2,597) | (11,090) | (1,710) |
Loss on impairment of property | 2,603 | 561 | |
Gain on involuntary conversion | (694) | (1,047) | (1,225) |
Change in fair value of securities | 5,002 | (322) | |
Equity in loss of unconsolidated affiliates | 2,959 | 2,339 | 261 |
Distributions of earnings of unconsolidated affiliates | 261 | 233 | |
Allowance for uncollectible accounts receivable | (203) | (281) | (667) |
Depreciation | 23,257 | 22,161 | 20,918 |
Amortization | 1,747 | 2,518 | 1,285 |
Amortization of debt issuance costs | 627 | 675 | 608 |
Effects on operating cash flows due to changes in | |||
Other assets | 5,126 | (209) | 807 |
Tenant security deposits payable | 736 | 1,143 | 349 |
Accrued expenses and other liabilities | 2,327 | (471) | (242) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 48,546 | 40,770 | 45,055 |
INVESTING ACTIVITIES | |||
Gross purchase of securities | (29,130) | ||
Proceeds from maturity of securities | 24,369 | 81 | |
Purchase of real estate investment properties | (81,974) | (35,915) | |
Capital expenditures and tenant improvements | (12,180) | (9,623) | (18,007) |
Proceeds from sale of real estate investments and non-real estate investments | 5,068 | 25,463 | 5,610 |
Proceeds from involuntary conversion | 63 | 1,579 | 4,095 |
Investment in unconsolidated affiliates | (2,621) | (13,869) | (9,493) |
Distributions in excess of earnings received from unconsolidated affiliates | 2,483 | 504 | |
Notes receivable issued net of payments received | (437) | (991) | (5,431) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 16,745 | (107,960) | (59,141) |
FINANCING ACTIVITIES | |||
Payments for financing, debt issuance | (525) | (408) | (1,283) |
Reinvested proceeds from investment certificates | (25) | ||
Principal payments on special assessments payable | (74) | ||
Proceeds from issuance of mortgage notes payable | 67,911 | 37,569 | 116,180 |
Principal payments on mortgage notes payable | (53,246) | (22,231) | (43,641) |
Advances on lines of credit | 1,008 | 818,689 | |
Payments on lines of credit | (1,008) | (818,689) | |
Payment on notes payable | (26,500) | ||
Proceeds from notes payable | 26,500 | ||
Proceeds from issuance of shares under optional purchase plan | 3,983 | 4,063 | 4,064 |
Shares/units redeemed | (4,995) | (2,077) | (5,566) |
Dividends/distributions paid | (26,356) | (25,310) | (22,622) |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (40,810) | 19,114 | 47,107 |
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS | 24,481 | (48,076) | 33,021 |
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD | 12,580 | 60,656 | 27,635 |
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD | $ 37,061 | $ 12,580 | $ 60,656 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Disclosures - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD | |||
Cash and cash equivalents | $ 26,919 | $ 3,257 | $ 51,507 |
Restricted deposits | 10,142 | 9,323 | 9,149 |
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS, END OF PERIOD | 37,061 | 12,580 | 60,656 |
SCHEDULE OF CASH FLOW INFORMATION | |||
Cash paid during the period for interest, net of capitalized interest | 20,593 | 19,305 | 17,332 |
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Dividends reinvested | 7,732 | 7,468 | 6,888 |
Dividends declared and not paid | 3,237 | 3,108 | 2,740 |
UPREIT distributions declared and not paid | 5,342 | 5,385 | 4,827 |
Shares issued pursuant to trustee compensation plan | 72 | 65 | 57 |
Acquisition of assets in exchange for the issuance of noncontrolling interest units in UPREIT | 12,870 | 2,883 | |
Increase in land improvements due to increase in special assessments payable | 320 | 219 | 235 |
Unrealized (loss) gain on interest rate swaps | (2,420) | 14,732 | 855 |
Acquisition of assets through assumption of debt and liabilities | 406 | 569 | |
Capitalized interest and real estate taxes related to construction in progress | $ 106 | $ 91 | $ 250 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 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”) and transferred all of its assets and liabilities to the operating partnership in exchange for general partnership units. As the general partner, Sterling has management responsibility for all activities of the operating partnership. As of December 31, 2023 and 2022, Sterling owned approximately 37.72% and 36.60%, respectively, of the operating partnership. |
PRINCIPAL ACTIVITY AND SIGNIFIC
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 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 include the accounts of Sterling and all subsidiaries for which we maintain a controlling interest. The accompanying consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). Principles of Consolidation The consolidated financial statements include the accounts of , Properties, LLLP, and wholly owned limited liability companies and partially-owned limited liability companies. All significant intercompany transactions and balances have been eliminated in consolidation. As of December 31, 2023, the Trust owned approximately 37.72% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to the Operating Partnership in exchange for OP Units. Under the LLLP Agreement and the redemptions plans, these persons have the right to request the Operating Partnership redeem their OP Units following a specified restricted period. All redemptions are at the sole discretion of the Trust, acting for itself or in its capacity as General Partner of the Operating Partnership, and further subject to the conditions and limitations of the LLLP Agreement and redemption plans, as the same may be amended or modified from time to time. If the Trust accepts a redemption request, the redemption of OP Units shall be made in cash in an amount equal to the fair value of an equivalent number of common shares of the Trust. In lieu of delivering cash, however, the Trust, as the Operating Partnership’s general partner, may, at its option and in its sole and absolute discretion, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Trust so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Trust’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Trust issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Trust an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT.” Additionally, we evaluate the need to consolidate affiliates based on standards set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). In determining whether we have a requirement to consolidate the accounts of an entity, management considers factors such as our ownership interest, our authority to make decisions and contractual and substantive participating rights of the limited partners and shareholders, as well as whether the entity is a variable interest entity (“VIE”) for which we have both: a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and b) the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE. In instances where the Trust determines that it is not the primary beneficiary of a VIE or the Trust does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Trust will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Trust’s operations but instead its share of operations will be reflected as equity in earnings (loss) of unconsolidated entity on its consolidated statements of operations and comprehensive loss. Additionally, the Trust’s net investment in the joint venture will be reflected as investment in unconsolidated entity on the consolidated balance sheets. See Note 5 for additional details regarding variable interest entities where the Trust uses the equity method of investing. The operating partnership meets the criteria as a variable interest entity (“VIE”). The Trust’s sole significant asset is its investment in the operating partnership. The Trust is the primary beneficiary of the Operating Partnership and accordingly consolidated the Operating Partnership. As a result, substantially all of the Trust’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Trust’s debt is an obligation of the Operating Partnership, and the Trust guarantees the unsecured debt obligations of the Operating Partnership. The Trust may acquire property using a reverse like-kind exchange structure (a “Reverse 1031 Like-Kind Exchange”) under the Code to defer taxable gains on the subsequent sale of real estate property. As such, the acquired property (the “Parked Property”) remains in the possession of a VIE whose legal equity interests are owned by a qualified intermediary engaged to execute the Reverse 1031 Like-Kind Exchange until the subsequent sale transaction and the Reverse 1031 Like-Kind Exchange are completed. Although the VIE is legally owned by the qualified intermediary, the Trust retains essentially all of the legal and economic benefits and obligations related to the VIE (which holds the legal title to the Parked Property prior to the completion of the Reverse 1031 Like-Kind Exchange) and, as its designated manager, has the key decision-making power over the Parked Property. The VIE (including the Parked Property) is included in the Trust’s consolidated financial statements as a consolidated VIE until legal title is transferred to the Trust upon completion of the Reverse 1031 Like-Kind Exchange. Concentration of Credit Risk Our cash balances are maintained in various bank deposit accounts. The bank deposit amounts in these accounts may exceed federally insured limits at various times throughout the year. Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Investments Real estate investments are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. The Trust allocates the purchase price of each acquired investment property accounted for as an asset acquisition based upon the relative acquisition date fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, and (v) assumed financing that is determined to be above or below market, if any. Transaction costs related to acquisitions accounted for as asset acquisitions are capitalized as incurred and included as a cost of the building in the accompanying balance sheet. Furniture and fixtures are stated at cost less accumulated depreciation. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for routine maintenance and repairs, which do not add to the value or extend useful lives, are charged to expense as incurred. Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method over the following estimated useful lives: Buildings and improvements 40 years Furniture, fixtures and equipment 5-9 years 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’s investment properties are reviewed for potential impairment at the end of each reporting period or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At the end of each reporting period, the Trust separately determines whether impairment indicators exist for each property. Examples of situations considered to be impairment indicators include, but are not limited to: o a substantial decline or negative cash flows; o continued low occupancy rates; o continued difficulty in leasing space; o significant financially troubled tenants; o a change in plan to sell a property prior to the end of its useful life or holding period; o a significant decrease in market price not in line with general market trends; and o any other quantitative or qualitative events or factors deemed significant by the Trust’s management or Board of Trustees. If the presence of one or more impairment indicators as described above is identified with respect to an investment property, the asset is tested for recoverability by comparing its carrying value to the estimated future undiscounted cash flows. An investment property is considered to be impaired when the estimated future undiscounted cash flows are less than its current carrying value. When performing a test for recoverability or estimating the fair value of an impaired investment property, the Trust makes complex or subjective assumptions which include, but are not limited to: o projected operating cash flows considering factors such as vacancy rates, rental rates, lease terms, tenant financial strength, demographics, holding period and property location; o projected capital expenditures; o projected cash flows from the eventual disposition of an operating property using a property specific capitalization rate; o comparable selling prices; and o property specific discount rates for fair value estimates as necessary. To the extent impairment has occurred, the Trust will record an impairment charge calculated as the excess of the carrying value of the asset over its fair value for impairment of real estate investments. Based on evaluation, there was one impairment loss of $2,603 during the year ended December 31, 2023, and there was one impairment loss of $561 during the year ended December 31, 2022. There were no impairment losses during the year ended December 31, 2021. Properties Held for Sale We account for our properties held for sale in accordance with ASC 360, Property, Plant and Equipment (“ASC 360”), which addresses financial accounting and reporting in a perdio in which a component or group of components of an entity either has been disposed or or is classified as held for sale. In accordance with ASC 360, at such time as a property is held for sale, such property is carried at the lower of (1) its carrying amount or (2) fair value less costs to sell. In addition, a property being held for sale ceases to be depreciated. We classify operating properties as properties held for sale in the period in which all of the following criteria are met: ● management, having the authority to approve the action, commits to a plan to sell the asset; ● the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; ● an active program to locate a buyer and other actions required to complete the plan to sell the asset has been initiated; ● the sale of the asset is probable and the transfer of the asset is expected to qualify for recognition as a completed sale within one year; ● the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and ● given the actions required to complete the plan to sell the asset, it is unlikely that significant changes to the plan would be made or that the plan would be withdrawn. The results of operations of a component of an entity that either has been disposed of or is classified as held-for-sale under the requirements of ASC 360 is reported in discontinued operations in accordance with ASC 205, Presentation of Financial Statements (“ASC 205”) if such disposal or classification represents a strategic shift that has (or will have) a major effect on our operations and financial results. The Trust had one property held for sale as of December 31, 2023. There were no properties held for sale as of December 31, 2022. See Note 18. Cash and Cash Equivalents and Restricted Deposits We classify highly liquid investments with a maturity of three months or less when purchased as cash equivalents. certain properties to be used for future building renovations or tenant improvements . Investments Treasury Bills are short-term debt obligations with maturities of one year or less issued by the U.S. Treasury Department and backed by the U.S. Government. Treasury Bills yield no interest, but are issued at a discount to the redemption price. We classify our investments in U.S. Treasury Bills as money held for investments. We use quoted market prices to determine the fair value of our investments in U.S. Treasury Bills. Investment in Unconsolidated Affiliates We account for unconsolidated affiliates using the equity method of accounting per guidance established under ASC 323, Investments – Equity Method and Joint Ventures (“ASC 323”). The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for our share of equity in the affiliates’ earnings (losses), contributions and distributions. We evaluate the carrying amount of the investments for impairment in accordance with ASC 323. Unconsolidated affiliates are reviewed for potential impairment if the carrying amount of the investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether impairment is other-than-temporary, we consider whether we have the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an affiliate for potential impairment can require our management to exercise significant judgments. No impairment losses were recorded related to the unconsolidated affiliates for the years ended December 31, 2023, 2022 and 2021. Other Assets Other assets are comprised of the following as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 (in thousands) Due from related party $ 54 $ 50 Accounts receivable, net 6,225 5,821 Insurance claim receivable 396 3,846 Fair value of interest rate swap 11,362 13,782 Other assets 302 181 Financing fees, less accumulated amortization 46 86 Lease costs, less accumulated amortization 1,542 1,799 Prepaid expenses 1,588 1,747 Total other assets, net $ 21,515 $ 27,312 Note receivable Notes receivable are issued periodically and are secured and interest bearing. The Trust has one note receivable for a commercial tenant bearing a 6.5% per annum interest rate which matures in 2025. The Trust also has four note receivables as disclosed in note 5. Accrued Expenses and Other liabilities Accrued Expenses and other liabilities are comprised of the following as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 (in thousands) Special assessments payable $ 877 $ 647 Due to related party 676 1,408 Accounts payable - trade 3,385 2,340 Retainage payable — 3 Deferred insurance proceeds 95 2 Accrued interest expense 1,413 1,318 Accrued real estate taxes 9,296 7,275 Accrued unearned rent 3,344 2,936 Other liabilities 153 146 Total accrued expenses and other liabilities $ 19,239 $ 16,075 Debt Issuance Costs We amortize external debt issuance costs related to notes and mortgage notes using the effective interest rate method, over the life term of the related debt. We record debt issuance costs net of amortization, on our consolidated balance sheets as an offset to their related debt. We record debt issuance costs related to revolving lines of credit as financing fees in other assets, regardless of whether a balance on the line of credit is outstanding. We record the amortization of all debt issuance costs as interest expense. Noncontrolling Interest A noncontrolling interest in a subsidiary (minority interest) is in most cases an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest, and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and other comprehensive income. Operating Partnership: Interests in the operating partnership held by limited partners are represented by operating partnership units. The operating partnership’s income is allocated to holders of units based upon the ratio of their holdings to the total units outstanding during the period. Capital contributions, distributions, syndication costs, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the operating partnership agreement. Partially Owned Properties: The Trust reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Trust that are not wholly owned by the Trust. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interest in partially owned properties in the consolidated statements of operations and other comprehensive income. Federal Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code, as amended. A REIT calculates taxable income like other domestic corporations, with the major difference being a REIT is entitled to a deduction for dividends paid. A REIT is generally required to distribute each year at least 90% of its taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate tax on such income. REIT shareholders are taxed on REIT distributions similar to corporate distributions. A summary of the tax characterization of the dividends paid to shareholders of the Company’s common stock for the years ended December 31, 2023, 2022 and 2021 follows: Tax Year Ended December 31, Dividend % Dividend % Dividend % 2023 2023 2022 2022 2021 2021 Tax status Ordinary income $ 0.6226 54.14 % $ 0.6374 55.43 % $ 0.9833 92.76 % Capital gain — — % — — % 0.0767 7.24 % Return of capital 0.5274 45.86 % 0.5126 44.57 % — — % $ 1.1500 100.00 % $ 1.1500 100.00 % $ 1.0600 100.00 % We intend to continue to qualify as a REIT and, provided we maintain such status, will not be taxed on the portion of the income that is distributed to shareholders. In addition, we intend to distribute all our taxable income; therefore, no provisions or liabilities for income taxes have been recorded in the consolidated financial statements. Sterling conducts its business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through its Operating Partnership – Sterling Properties, LLLP. The Operating Partnership is organized as a limited liability limited partnership. Income or loss is allocated to the partners in accordance with the provisions of the Internal Revenue Code 704(b) and 704(c). UPREIT status allows non-recognition of gain by an owner of appreciated real estate if that owner contributes the real estate to a partnership in exchange for a partnership interest. The conversion of a partnership interest to shares of beneficial interest in the REIT will be a taxable event to the limited partner. We follow ASC Topic 740, Income Taxes, The operating partnership has elected to record related interest and penalties, if any, as income tax expense on the consolidated statements of operations and other comprehensive income. Revenue Recognition We record base rents on a straight-line basis. The monthly base rent income according to the terms of our leases is adjusted with the purpose that average monthly rent is recorded for each tenant over the term of its lease. The straight-line rent adjustment increased revenue by $291 and $302 for the year ended December 31, 2023 and 2022, respectively. The straight-line receivable balance included in receivables on the consolidated balance sheets as of December 31, 2023 and 2022, was $3,686 and $3,756, respectively. We receive payments for expense reimbursements from substantially all our multi-tenant commercial tenants throughout the year based on estimated. The Trust is the lessor for its residential and commercial leases. Leases are analyzed on an individual basis to determine lease classification. As of December 31, 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 as of December 31, 2023, 2022 and 2021 and therefore, basic earnings per common share was equal to diluted earnings per common share for both periods. As the calculation does not include net income attributable to the Operating Partnership, Operating Partnership Units are not included in the calculation, and does not have any impact on earnings per share. For the years ended December 31, 2023, 2022 and 2021, Sterling’s denominators for the basic diluted common Reclassifications Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year’s presentation. These reclassifications have not changed the results of operations or equity. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying Consolidated Financial Statements. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 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, and medical properties. We assess and measure operating results based on net operating income (“NOI”), which we define as total real estate revenues less real estate expenses (which consist of real estate taxes, property management fees, utilities, repairs and maintenance, insurance and direct administrative costs). We believe NOI is an important measure of operating performance even though it should not be considered an alternative to net income or cash flow from operating activities. Segment Revenues and Net Operating Income The revenues and net operating income for the reportable segments (residential and commercial) are summarized as follows for the years ended December 31, 2023, 2022 and 2021, along with reconciliations to the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements for the years ended December 31, 2023 and 2022. Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2021 Residential Commercial Total Residential Commercial Total Residential Commercial Total (in thousands) (in thousands) (in thousands) Income from rental operations $ 123,202 $ 20,429 $ 143,631 $ 113,968 $ 21,092 $ 135,060 $ 107,284 $ 22,040 $ 129,324 Expenses from rental operations 77,750 6,299 84,049 64,647 6,491 71,138 57,454 7,315 64,769 Net operating income $ 45,452 $ 14,130 $ 59,582 $ 49,321 $ 14,601 $ 63,922 $ 49,830 $ 14,725 $ 64,555 Depreciation and amortization 25,004 24,679 22,203 Interest 21,435 19,994 18,142 Administration of REIT 5,430 5,247 4,381 Loss on impairment of property 2,603 561 — Other income (2,546) (11,091) (4,609) Net income $ 7,656 $ 24,532 $ 24,438 Segment Assets and Accumulated Depreciation As of December 31, 2023 Residential Commercial Total (in thousands) Real estate investments $ 789,249 $ 181,555 $ 970,804 Accumulated depreciation (164,793) (49,791) (214,584) Total real estate investments, net $ 624,456 $ 131,764 $ 756,220 Lease intangible assets, less accumulated amortization — 2,983 2,983 Cash and cash equivalents 26,919 Restricted deposits 10,142 Investment in unconsolidated affiliates 26,601 Notes receivable 8,885 Assets held for sale 1,568 Other assets, net 21,515 Total Assets $ 854,833 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 | 12 Months Ended |
Dec. 31, 2023 | |
RESTRICTED DEPOSITS AND FUNDED RESERVES | |
RESTRICTED DEPOSITS AND FUNDED RESERVES | NOTE 4 - RESTRICTED DEPOSITS AND FUNDED RESERVES As of December 31, As of December 31, 2023 2022 (in thousands) Tenant security deposits $ 6,945 $ 6,242 Real estate tax and insurance escrows 676 1,336 Replacement reserves 1,443 1,745 Other funded reserves 1,078 — $ 10,142 $ 9,323 |
INVESTMENT IN UNCONSOLIDATED AF
INVESTMENT IN UNCONSOLIDATED AFFILIATES | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENT IN UNCONSOLIDATED AFFILIATES | |
INVESTMENT IN UNCONSOLIDATED AFFILIATES | NOTE 5 – Investment in unconsolidated affiliates Total Investment in Unconsolidated Affiliates at Unconsolidated Affiliates Date Acquired Trust Ownership Interest December 31, 2023 December 31, 2022 Banner Building 2007 66.67% $ (478) $ (614) Grand Forks INREIT, LLC 2003 50% 5,193 4,961 SE Savage, LLC 2019 60% 954 1,660 SE Maple Grove, LLC 2019 60% 735 1,836 SE Rogers, LLC 2020 60% 1,419 2,413 ST Oak Cliff, LLC 2021 70% 7,920 9,098 SE Brooklyn Park, LLC 2021 60% 1,748 2,914 ST Fossil Creek, LLC 2022 70% 9,110 7,155 $ 26,601 $ 29,423 Banner Building - the operating partnership owns a 66.67% interest as tenant in common in an office building in Fargo, North Dakota. The property is encumbered by a first mortgage with a balance at December 31, 2023 and 2022 of $6,724 and $6,951, respectively. The Trust is jointly and severally liable for the full mortgage balance. Grand Forks INREIT, LLC - the operating partnership is a 50% owner of a tenant in common through 100% ownership in a limited liability company. The property is located in Grand Forks, North Dakota. The property is encumbered by a non-recourse first mortgage with a balance at December 31, 2023 and 2022 of $8,948 and $9,520, respectively. The Trust is jointly and severally liable for the full mortgage balance. SE Savage, LLC - the Operating Partnership owns a 60% interest in a limited liability company that holds a multifamily property. The property is encumbered by a first mortgage with a balance of $30,305 and $30,726 at December 31, 2023 and December 31, 2022. The Trust is jointly and severally liable for the full mortgage balance. Additionally SE Savage, LLC has an outstanding Promissory Note with Sterling Properties, LLLP, for $468 and $1,397 as of December 31, 2023 and December 31, 2022, and is an unsecured obligation of SE Savage, LLC. The note is included in Notes Receivable on the Consolidated Balance Sheet at December 31, 2023 and December 31, 2022. SE Maple Grove, LLC - the Operating Partnership owns a 60% interest in a limited liability company that holds a multifamily property. The entity is encumbered by a first mortgage with a balance at December 31, 2023 and December 31, 2022 of $24,633 and $24,788, respectively. The property is also encumbered by a second mortgage to Sterling Properties, LLLP with a balance at both December 31, 2023 and December 31, 2022 of $3,643. The note is included in Notes Receivable on the Consolidated Balance Sheet at December 31, 2023 and December 31, 2022. SE Rogers, LLC - the Operating Partnership owns a 60% interest in a limited liability company that is currently developing a multifamily property. The LLC holds land located in Rogers, Minnesota, with total assets of $30,576 and $32,864 at December 31, 2023 and December 31, 2022, respectively. The entity is encumbered by a first mortgage with a balance of $25,742 at both December 31, 2023 and December 31, 2022. The Company is jointly and severally liable for the full mortgage balance. The property is also encumbered by a second mortgage to Sterling Properties, LLLP with a balance at December 31, 2023 of $2,117 and December 31, 2022 of $2,938. The note is included in Notes Receivable on the Consolidated Balance Sheet at December 31, 2023 and December 31, 2022. ST Oak Cliff, LLC - the Operating Partnership owns a 70% interest in a limited liability company, with a related party. The entity is currently developing a multifamily property. As of December 31, 2023, the Operating Partnership has contributed $9,300 in cash to the entity. The entity holds land located in Dallas, Texas with total assets of $48,738 and $40,404 at December 31, 2023 and December 31, 2022, respectively. The entity is encumbered by a construction mortgage with a balance of $36,246 and $23,409 at December 31, 2023 and December 31, 2022, respectively. The Company is jointly and severally liable for the full mortgage balance. SE Brooklyn Park, LLC - the Operating Partnership owns a 60% interest in a limited liability company, with an unrelated third party. The entity is located in Brooklyn Park, Minnesota, with total assets of $30,325 and $30,490 at December 31, 2023 and December 31, 2022, respectively. The entity is encumbered by a first mortgage with a balance of $24,592 and $24,448 at December 31, 2023 and December 31, 2022, respectively. The Company is jointly and severally liable for the full mortgage balance. The property is also encumbered by a second mortgage to Sterling Properties, LLLP with a balance at December 31, 2023 of $2,538. There was no balance outstanding related to the second mortgage as of December 31, 2022. The note is included in Notes Receivable on the Consolidated Balance Sheet at December 31, 2023 and December 31, 2022. ST Fossil Creek, LLC - the Operating Partnership owns a 70% interest in a limited liability company, with a related party. The entity is currently developing a multifamily property. As of December 31, 2023, the Operating Partnership has contributed $9,275 in cash to the entity. The entity holds land located in Fort Worth, Texas with total assets of $43,517 and $11,083 at December 31, 2023 and December 31, 2022, respectively. The entity is encumbered by a construction mortgage with a balance of $26,657 at December 31, 2023. There was no balance outstanding related to the construction mortgage at December 31, 2022. The Company is jointly and severally liable for the full mortgage balance. The following is a summary of the financial position of the unconsolidated affiliates at December 31, 2023 and 2022. December 31, 2023 December 31, 2022 (in thousands) ASSETS Real estate investments $ 261,901 $ 218,747 Accumulated depreciation (26,191) (16,490) 235,710 202,257 Cash and cash equivalents 3,388 3,093 Restricted deposits 883 1,034 Intangible assets, less accumulated amortization 813 542 Other assets, net 780 827 Total Assets $ 241,574 $ 207,753 LIABILITIES Mortgage notes payable, net $ 191,890 $ 152,246 Tenant security deposits payable 340 192 Accrued expenses and other liabilities 7,208 8,217 Total Liabilities $ 199,438 $ 160,655 SHAREHOLDERS' EQUITY Total Shareholders' Equity $ 42,136 $ 47,098 Total liabilities and shareholders' equity $ 241,574 $ 207,753 The following is a summary of results of operations of the unconsolidated affiliates for the years ended the years ended December 31, 2023, 2022 and 2021. The year ended December 31, 2023 2022 2021 (in thousands) Income from rental operations $ 19,202 $ 9,545 $ 4,746 Expenses from rental operations 7,687 3,668 1,632 Net operating income $ 11,515 $ 5,877 $ 3,114 Depreciation and Amortization 9,784 5,678 1,248 Interest 6,180 4,148 2,275 Other Income 13 (91) - Net loss $ (4,462) $ (3,858) $ (409) |
LEASE INTANGIBLES
LEASE INTANGIBLES | 12 Months Ended |
Dec. 31, 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 December 31, 2023 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 13,927 $ (11,434) $ 2,493 Above-market leases 1,415 (925) 490 $ 15,342 $ (12,359) $ 2,983 Lease Intangible Liabilities Below-market leases $ (2,314) $ 1,844 $ (470) 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) 2024 $ 641 $ 147 2025 641 147 2026 490 77 2027 381 38 2028 311 19 Thereafter 519 42 $ 2,983 $ 470 The weighted average amortization period for the intangible assets (in-place leases, above-market leases) and intangible liabilities (below-market leases) acquired as of December 31, 2023 was 2.6 years. The portion of the purchase price allocated to acquire above and below market lease intangibles is amortized on a straight-line basis over the life of the related lease as an adjustment to rental income. Amortization pertaining to above market lease intangibles of $100, $145, and $154 for the years ended December 31, 2023, 2022 and 2021, respectively, was recorded as a reduction to income from rental operations. Amortization pertaining to below market lease intangibles of $148, $164, and $183 for the years ended December 31, 2023, 2022 and 2021, respectively, was recorded as an increase to income from rental operations. |
LINES OF CREDIT
LINES OF CREDIT | 12 Months Ended |
Dec. 31, 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, debt to net worth ratios, and debt yield ratios. As of December 31, 2023, no properties were out of compliance. |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2023 | |
NOTES PAYABLE | |
NOTES PAYABLE | NOTE 8 - NOTES PAYABLE As of December 31, 2023 and 2022, the Trust had an outstanding balance on notes payable of $- and $26,500, respectively. The following table summarizes the Company’s mortgage notes payable. Principal Balance At December 31, December 31, 2023 2022 (in thousands) Fixed rate mortgage notes payable (a) $ 520,155 $ 508,305 Variable rate mortgage notes payable - - Mortgage notes payable 520,155 508,305 Less unamortized debt issuance costs 2,036 2,138 $ 518,119 $ 506,167 (a) Includes $103,246 and $106,033 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2023 and 2022, respectively. As of December 31, 2023, we had 111 fixed rate mortgage loan with effective interest rates ranging from 2.43% to 6.85% per annum, and a weighted average effective interest rate of 3.93% per annum. As of December 31, 2022, we had 115 fixed rate and one variable rate mortgage loan with effective interest rates ranging from 2.43% to 6.85% per annum, and a weighted average effective interest rate of 3.79% per annum. The majority of the Company’s mortgages payable require monthly payments of principal and interest. Certain mortgages require reserves for real estate taxes and certain other costs. Mortgages are secured by the respective properties, assignment of rents, business assets, deeds to secure debt, deeds of trust and/or cash deposits with the lender. Additionally, certain mortgage note agreements include covenants that, in part, impose maintenance of certain debt service coverage and debt to worth ratios. As of December 31, 2023, ten loans were out of compliance due to increased repair and maintenance costs related to unit renovations and increased utility costs. The loans were secured by various properties with a total outstanding balance of $17,687. Annual waivers were received from the lenders on all loans out of compliance as of December 31, 2023. As of December 31, 2022, eight loans were out of compliance due increased repair and maintenance costs related to unit renovations, bad debt allowance, and increased vacancies in the North Dakota and Minnesota markets. The loans were secured by various properties with a total outstanding balance of $9,915. Annual waivers were received from the lenders on all loans out of compliance as of December 31, 2022. 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) 2024 $ 22,304 2025 53,288 2026 69,259 2027 79,821 2028 41,680 Thereafter 253,803 Total payments $ 520,155 |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 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 interest rate derivatives to manage our exposure to interest rate movements and add stability to interest expense. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Trust making fixed rate payments over the life of the agreement without exchange of the underlying notional amount. As of December 31, 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 that qualify as cash flow hedges are recorded in “Accumulated other comprehensive (loss) income” and are reclassified into interest expense as interest payments are made on the Company’s variable rate debt. During the next 12 months, the Trust estimates that an additional $4,128 will be reclassified as a decrease to interest expense. The following table summarizes the Trust’s interest rate swaps designated as cash flow hedges as of December 31, 2023: Fixed Effective Date Notional Interest Rate Maturity Date November 1, 2019 $ 6,365 3.15% November 1, 2029 November 1, 2019 $ 4,427 3.28% November 1, 2029 January 10, 2020 $ 2,888 3.39% January 10, 2030 December 2, 2020 $ 12,001 2.91% December 2, 2027 July 1, 2021 $ 25,006 2.99% July 1, 2031 November 10, 2021 $ 27,471 3.54% August 1, 2029 December 1, 2021 $ 10,516 3.32% December 1, 2031 August 15, 2022 $ 1,444 3.07% June 15, 2030 August 15, 2022 $ 2,798 3.07% June 15, 2030 August 15, 2022 $ 1,563 2.94% June 15, 2030 August 15, 2022 $ 4,135 2.94% June 15, 2030 May 10, 2023 $ 4,632 2.79% June 10, 2030 The following table summarizes the Company’s interest rate swaps that were designated as cash flow hedges of interest rate risk: Number of Instruments Notional Interest Rate Derivatives December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Interest rate swaps 12 12 $ 103,246 $ 106,033 The table below presents the estimated fair value of the Company’s derivative financial instruments as well as their classification in the accompanying consolidated balance sheets. The valuation techniques are described in Note 10 to the consolidated financial statements. Derivatives designated as December 31, 2023 December 31, 2022 cash flow hedges: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other assets, net $ 11,362 Other assets, net $ 13,782 The following table presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive income (loss) for the years ended December 31, 2023 and 2022: Location of Gain 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 $ 2,420 Interest expense $ (3,743) 2022 2022 Interest rate swaps $ (14,732) Interest expense $ 94 Credit-risk-related Contingent Features The Trust has agreements with each of its derivative counterparties that contain a provision whereby if the Trust defaults on the related indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Trust could also be declared in default on its corresponding derivative obligation. As of December 31, 2023, the termination value of derivatives in a liability position was $0 and the termination value of derivatives in an asset position was $11,362. As December 31, 2023, the Trust has pledged the properties related to the loans which are hedged as collateral . |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended |
Dec. 31, 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: December 31, 2023 December 31, 2022 Carrying Carrying Value Fair Value Value Fair Value (in thousands) Financial assets: Investments $ - $ - $ 29,371 $ 29,371 Notes receivable $ 8,885 $ 10,025 $ 8,448 $ 9,789 Derivative assets $ 11,362 $ 11,362 $ 13,782 $ 13,782 Financial liabilities: Mortgage notes payable $ 520,155 $ 477,344 $ 508,305 $ 466,245 The carrying values shown in the table are included in the consolidated balance sheets under the captions indicated in Note 10. ASC 820-10 established a three-level valuation hierarchy for fair value measurement. Management uses these valuation techniques to establish the fair value of the assets at the measurement date. These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect management’s assumptions. These two types of inputs create the following fair value hierarchy: ● Level 1 – Quoted prices for identical instruments in active markets. ● Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose significant inputs are observable. ● Level 3 – Instruments whose significant inputs are unobservable. The guidance requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Recurring Fair Value Measurements The following table presents the Trust’s financial instruments, which are measured at fair value on a recurring basis, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. Level 1 Level 2 Level 3 Total (in thousands) December 31, 2023 Derivative assets $ — $ 11,362 $ — $ 11,362 December 31, 2022 Derivative assets $ — $ 13,782 $ — $ 13,782 Derivatives: The fair value of interest rate swaps is determined using a discounted cash flow analysis on the expected future cash flows of the derivative. The Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements. Fair Value Disclosures The following table presents the Company’s financial assets and liabilities, which are measured at fair value for disclosure purposes, by the level in the fair value hierarchy within which they fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. Level 1 Level 2 Level 3 Total (in thousands) December 31, 2023 Mortgage notes payable $ — $ — $ 477,344 $ 477,344 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 U.S. Treasury Bills: The Trust estimates the fair value of its Treasury Bills by using quoted market prices. Mortgage notes payable: The Trust estimates the fair value of its mortgage notes payable by discounting the future cash flows of each instrument at rates currently offered to the Trust for similar debt instruments of comparable maturities by the Trust’s lenders. The rates used range from 5.85% to 6.00% and from 5.75% to 6.00% at December 31, 2023 and 2022, respectively. Notes receivable: The Trust estimates the fair value of its notes receivable by discounting future cash flows of each instrument at rates currently offered to the Trust for similar note instruments of comparable maturities by the Trust’s lenders. The fair value rate was 7.25% December 31, 2023 and 2022. |
NONCONTROLLING INTEREST OF UNIT
NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP | 12 Months Ended |
Dec. 31, 2023 | |
NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP | |
NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP | NOTE 11 – NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP As of December 31, 2023 and 2022, outstanding limited partnership units totaled 18,584,000 and 18,730,000, respectively. Total aggregate distributions per unit for the years ended December 31, 2023, 2022 and 2021were $1.1500, $1.1500 and $1.06, respectively. The operating partnership declared fourth quarter distributions of $5,342 and $5,385, to limited partners payable in January 2024 and 2023, respectively. During the year ended December 31, 2023, there were no limited partnership units of the operating partnership exchanged for common shares of the trust. Provided the Trust’s redemption plan exists, and subject to the conditions and limitations contained in such redemption plan (including, without limitation, applicable holding periods and ownership limitations), and further subject to the conditions and limitations set forth in the LLLP Agreement of the Operating Partnership, a Limited Partner may request the redemption of its limited partnership units for cash (a “Redemption Request”) or the exchange of its limited partnership units for Sterling common shares (an “Exchange Request”). Such request must be made in accordance with the redemption plan. Upon receipt of any Redemption or Exchange Request, as the case may be, the Trust may, at its sole and absolute discretion, acting for itself or as General Partner of the Operating Partnership, elect to redeem or exchange such limited partnership units. The Trust may, in its sole discretion, terminate, amend or suspend the redemption plan if such action is determined to be in the best interest of the Operating Partnership. |
REDEMPTION PLANS
REDEMPTION PLANS | 12 Months Ended |
Dec. 31, 2023 | |
REDEMPTION PLANS | |
REDEMPTION PLANS | NOTE 12 – REDEMPTION PLANS Our Board of Trustees has approved redemption plans that enable our shareholders to sell their common shares and the partners of our operating partnership to sell their limited partnership units to us, after they have held the securities for at least one year and subject to other conditions and limitations described in the plans. Our redemption plans currently provide that the maximum amount that can be redeemed under the plan is $55,000 worth of securities. As of December 31, 2023, there were $9,689 worth of securities left to be redeemed under the redemption plan. Currently, the fixed redemption price is $21.85 per share or unit under the plans which price became effective January 1, 2022. Prior to January 1, 2022, the redemption price was $19.00 per share or unit under the plan. Prior to January 1, 2021, the redemption price was $18.25 per share or unit under the plan. We may redeem securities under the plans provided the aggregate total has not been exceeded if we have sufficient funds to do so. The plans will terminate in the event the shares become listed on any national securities exchange, the subject of bona fide quotes on any inter-dealer quotation system or electronic communications network or are the subject of bona fide quotes in the pink sheets. Additionally, the Board, in its sole discretion, may terminate, amend or suspend the redemption plans, either or both of them, if it determines to do so in its sole discretion. During the years ended December 31, 2023, 2022 and 2021, the Company redeemed 83,000, 53,000 and 82,000 common shares valued at $1,813, $1,155 and $1,552, respectively. In addition, during the years ended December 31, 2023, 2022 and 2021, the Company redeemed 144,000, 42,000 and 211,000 units valued at $3,181, $922 and $4,014, respectively. |
BENEFICIAL INTEREST
BENEFICIAL INTEREST | 12 Months Ended |
Dec. 31, 2023 | |
BENEFICIAL INTEREST | |
BENEFICIAL INTEREST | NOTE 13 – BENEFICIAL INTEREST We are authorized to issue 100,000,000 common shares of beneficial interest with $0.01 par value and 50,000,000 preferred shares with $0.01 par value, which collectively represent the beneficial interest of Sterling. As of December 31, 2023 and 2022, there were 11,257,000 and 10,810,000 common shares outstanding. We had no preferred shares outstanding as of either date. Dividends paid to holders of common shares were $1.1500 per share, $1.1500 per share and $1.0600 per share for the years ended December 31, 2023, 2022 and 2021, respectively. |
DIVIDEND REINVESTMENT PLAN
DIVIDEND REINVESTMENT PLAN | 12 Months Ended |
Dec. 31, 2023 | |
DIVIDEND REINVESTMENT PLAN | |
DIVIDEND REINVESTMENT PLAN | NOTE 14 – DIVIDEND REINVESTMENT PLAN Our Board of Trustees approved a dividend reinvestment plan to provide existing holders of our common shares with a convenient method to purchase additional common shares without payment of brokerage commissions, fees or service charges. On July 20, 2012, we registered with the Securities Exchange Commission 2,000,000 common shares to be issued under the plan on Form S-3D, which automatically became effective on July 20, 2012. On July 11, 2017, we registered with the Securities Exchange Commission an additional 2,000,000 common shares to be issued under the plan on Form S-3D, which automatically became effective on July 11, 2017. On November 3, 2020, we registered with the Securities Exchange Commission an additional 2,000,000 common shares to be issued under the plan on Form S-3D, which automatically became effective on November 3, 2020. Under this plan, eligible shareholders may elect to have all or a portion (but not less than 25%) of the cash dividends they receive automatically reinvested in our common shares. If an eligible shareholder elects to reinvest cash dividends under the plan, the shareholder may also make additional optional cash purchases of our common shares, not to exceed $10 per fiscal quarter without our prior approval. The purchase price per common share under the plan equals 95% of the estimated value per common share for dividend reinvestments and equals 100% of the estimated value per common share for additional optional cash purchases, as determined by our Board of Trustees. In addition, eligible shareholders may not in any calendar year purchase or receive via transfer more than $40 additional optional cash purchases of Common Shares. The estimated value per common share was $23.00 and $23.00 at December 31, 2023 and 2022, respectively. Therefore, the purchase price per common share for dividend reinvestments was $21.85 and $21.85 and for additional optional cash purchases was $23.00 and $23.00 at December 31, 2023 and 2022, respectively. The Board, in its sole discretion, may amend, suspend or terminate the plan at any time, without the consent of shareholders, upon a ten-day notice to participants. In the year ended December 31, 2023, 353,000 shares were issued pursuant to dividend reinvestments and 173,000 shares were issued pursuant to additional optional cash purchases under the plan. In the year ended December 31, 2022, 342,000 shares were issued pursuant to dividend reinvestments and 177,000 shares were issued pursuant to additional optional cash purchases under the plan. In the year ended December 31, 2021, 363,000 shares were issued pursuant to dividend reinvestments and 203,000 shares were issued pursuant to additional optional cash purchases under the plan. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 15 – RELATED PARTY TRANSACTIONS Effective January 1, 2021, Trustmark Enterprises, Inc. was formed to act as the holding company for Sterling Management, LLC and GOLDMARK Property Management, Inc. In connection with this restructuring transaction, the owners of Trustmark Enterprises, Inc. indirectly own Sterling Management, LLC and GOLDMARK Property Management, Inc. Trustmark Enterprises, Inc. is owned in part by the Trust’s Chief Executive Officer and Trustee Mr. Kenneth P. Regan, by Trustee Mr. James S. Wieland, President Joel S. Thomsen, General Counsel and Secretary Michael P. Carlson and by Chief Financial Officer and Treasurer Damon K. Gleave . In addition, Mr. Regan serves as the Executive Chairman of the Advisor, and Messrs. Wieland, and Thomsen serve on the Board of Governors of both the Advisor and GOLDMARK Property Management, Inc. Sterling Management, LLC (the “Advisor”), is a North Dakota limited liability company formed in November 2002. The Advisor is responsible for managing day-to-day affairs, overseeing capital projects, and identifying, acquiring, and disposing investments on behalf of the trust. GOLDMARK Property Management, Inc., is a North Dakota corporation formed in 1981. GOLDMARK Property Management, Inc. performs property management services for the Trust. We have a historical and ongoing relationship with Bell Bank. Bell Bank has provided the Trust certain financial services throughout the relationship. Mr. Wieland, a Trustee, also serves as a Board Member of Bell Bank. Mr. Wieland could have an indirect material interest in any such engagement and related transactions. The Trust has a historical and ongoing relationship with Trumont Group and Trumont Construction. Trumont Group provides development services for current joint venture projects in which the Operating Partnership is an investor. Trumont Construction has been engaged to construct the properties associated with these joint ventures. Mr. Regan, Chief Executive Officer and trustee, is a partner in both Trumont Group and Trumont Construction and has a direct material interest in any engagement or related transaction, the Trust enters into, with these entities. Property Management Fee During the years ended December 31, 2023, 2022 and 2021, we paid property management and administrative fees to GOLDMARK Property Management, Inc. of $15,069, 13,833, and $12,836, respectively. Management fees which approximate 5% of net collected rents, account for $5,755, $5,499, and $5,271 of these fees during the years ended December 31, 2023, 2022 and 2021. In addition, the years ended December 31, 2023, 2022 and 2021, we paid repair and maintenance expenses, and payroll related expenses to GOLDMARK Property Management, Inc. totaling $9,936, $7,744, and $6,536, respectively Advisory Agreement We are an externally managed trust and as such, although we have a Board of Trustees and executive officers responsible for our management, we have no paid employees. The Advisor may receive fees related to management of the Trust, acquiring, disposing, or developing real estate property, project management fees, and financing fees related to lending relationships, under the Advisory Agreement, which must be renewed on an annual basis and approved by a majority of the independent trustees. The Advisory Agreement was approved by the Board of Trustees (including all the independent Trustees) on March 23, 2023, and is effective until March 31, 2024. The below table summarizes the fees incurred to our Advisor. Year Ended December 31, 2023 2022 2021 (in thousands) Fee: Advisory $ 3,807 $ 3,683 $ 3,348 Acquisition $ - $ 1,321 $ 375 Disposition $ 204 $ 703 $ 146 Financing $ 121 $ 83 $ 224 Project Management $ 682 $ 450 $ 572 The below table summarizes the fees payable to our Advisor. Payable at December 31, December 31, 2023 2022 (in thousands) Fee: Advisory $ 316 $ 632 Acquisition $ - $ 387 Disposition $ - $ 72 Project Management $ - $ 12 Operating Partnership Units Issued in Connection with Acquisitions During the year ended December 31, 2023, there were no Operating Partnership units issued directly or indirectly, to affiliated entities During the year ended December 31, 2022, 510,000 Operating Partnership units were issued to an entity affiliated with Messrs. Regan and Wieland, two of our trustees, in connection with the acquisition of various properties. The aggregate value of these units was $11,741. During the year ended December 31, 2021, there were no Operating Partnership units issued directly or indirectly, to affiliated entities. Commissions During the years ended December 31, 2023, 2022 and 2021, we incurred real estate commissions of $-, $567, and $312, respectively, to GOLDMARK Commercial Real Estate, Inc., in which Messrs. Regan and Wieland jointly own a controlling interest. As of December 31, 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. As of December 31, 2021, there were no unpaid commissions to GOLDMARK Commercial Real Estate. During the years ended December 31, 2023, 2022 and 2021, we incurred real estate commissions of $-, $418, and $217, respectively to GOLDMARK Property Management. As of December 31, 2023, there were no commission payable to GOLDMARK Property Management. As of December 31, 2022, there were commissions of $92 payable to GOLDMARK Property Management. As of December 31, 2021, there were no unpaid commissions to GOLDMARK Property Management. Rental Income During the years ended December 31, 2023, 2022 and 2021, we received rental income of $133, $130, and $106 , respectively, under an operating lease agreement with our Advisor. During the year ended December 31, 2023 and 2022, we received no rental income, and during the year ended December 31, 2021 we received rental income of $19, under an operating lease agreement with GOLDMARK Commercial Real Estate, Inc. During the years ended December 31, 2023, 2022 and 2021, we received rental income of $273, $267, and $294, respectively, under operating lease agreements with GOLDMARK Property Management, Inc. During the years ended December 31, 2023, 2022 and 2021, we received rental income of $1,005, $859, and $404, respectively, under operating lease agreements with Bell Bank. Other operational costs During the years ended December 31, 2023, 2022 and 2021, the Trust incurred $670, $207, and $276, respectively, for general costs related to business operations as well as capital expenditures related to construction in progress that were paid to related parties. At December 31, 2023 and 2022, there were no operational outstanding liabilities. During the year ended December 31, 2023, the Trust received did not receive related parties reimbursement for expenses paid that were associated with capital projects. No reimbursements for operational receivables were received during the year ended December 31, 2022. At December 31, 2023, operational receivables outstanding due from related parties was $54 and $50, respectively. Debt Financing At December 31, 2023, and 2022, the Trust had $60,262 and $64,123, respectively, of outstanding principal on loans entered into with Bell Bank. During the years ended December 31, 2023, 2022 and 2021, the Trust incurred interest expense on debt held with Bell Bank of $2,398, $2,480, and $2,508, respectively. Accrued interest at December 31, 2023 and 2022, related to this debt was $128 and $130, respectively. A December 31, 2023 and December 31, 2022, the Trust had $- and $26,500, respectively, of outstanding principal on notes payable entered into with Bell Bank. During the years ended December 31, 2023, 2022 and 2021, the Trust did not incur interest expense on note payable held with Bell Bank. Mezzanine Financing The Trust offers mezzanine financing to joint ventures, see note 5 for investment in unconsolidated affiliates. As of the year ended December 31, 2023 and 2022, Sterling issued $8,766 and $5,854, respectively, in second mortgage financing to related entities. During the year ended December 31, 2023 and 2022, the Trust earned interest income of $671 and $350, 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 segment as well as Director and Officer general and liability coverage. At the years ended December 31, 2023, 2022 and 2021, total premiums incurred for this policy were $165, $48, and $166, respectively. Tenant Improvement Arrangements During the year ended December 31, 2023 and 2022, there were no tenant improvement costs incurred during. During the year ended December 31, 2021, the Trust paid $2,782 in tenant improvement costs associated with a lease agreement with Trustmark Enterprises, Inc. Development Arrangements Effective May 16, 2022, The Trust purchased a 70% interest in ST Fossil Creek Fort Worth, LLC. The purpose of the entity is to develop and construct a 228-unit multifamily property located in Fort Worth, Texas. The partnering investee, TG Fossil Creek Fort Worth, LLC is owned in part by Kenneth P. Regan, the Trust’s Chief Executive Officer and Trustee. Mr. Regan is also a partner in Trumont Group, the developer engaged by ST Fossil Creek Fort Worth, LLC to oversee the development of the property. Further, Mr. Regan is also a partner in Trumont Construction, the company who was engaged to oversee the day-to-day construction operations of the property. During the year ended December 31, 2023 and 2022, the Trust incurred and paid $- and $411, respectively, in development fees to Trumont Group. At the year ended December 31, 2023 and 2022, the Trust owed $- and $51, respectively, in development fees to Trumont Group. During the year ended December 31, 2023 and 2022, the Trust incurred and paid $459 and $799, respectively, in construction fees to Trumont Construction. At the year ended December 31, 2023 and 2022, the Trust owed $37 and $81, respectively, in construction fees to Trumont Construction. During the year ended December 31, 2023 and 2022, the Trust incurred and paid $344 and $639, respectively, in general construction costs to Trumont Construction. At the year ended December 31, 2023 and 2022, no general construction costs were owed to Trumont Construction. |
RENTALS UNDER OPERATING LEASES
RENTALS UNDER OPERATING LEASES / RENTAL INCOME | 12 Months Ended |
Dec. 31, 2023 | |
RENTALS UNDER OPERATING LEASES / RENTAL INCOME | |
RENTALS UNDER OPERATING LEASES / RENTAL INCOME | NOTE 16 - RENTALS UNDER OPERATING LEASES / RENTAL INCOME Residential apartment units are rented to individual tenants with lease terms of one year or less. Commercial properties are leased to tenants under terms expiring at various dates through 2038. Lease terms often include renewal options. As of December 31, 2023, we derived 85.8% of our revenues from residential leases that are generally for terms of one-year or less. The residential leases may include lease income related to such items as parking, storage and non-refundable deposits that we treat as a single lease component because amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore we subsequently recognize lease income over the lease term on a straight-line basis. Residential leases are renewable upon consent of both parties on an annual or monthly basis. As of December 31, 2023, we derived 14.2% of our revenues from commercial leases primarily under long-term lease agreements. Substantially all commercial leases contain fixed escalations, or, in some instances, changes based on the Consumer Price Index, which occur at specified times during the term of the lease. In certain commercial leases, variable lease income, such as percentage rent, is recognized when rents are earned. We recognize rental income and rental abatements from our commercial leases on a straight-line basis over the lease term. Recognition of rental income commences when control of the leased space has been transferred to the tenant. We recognize variable income from pass-through expenses on an accrual basis over the periods in which the expenses were incurred. Pass-through expenses are comprised of real estate taxes, operating expenses and common area maintenance costs which are reimbursed by tenants in accordance with specific allowable costs per tenant lease agreements. When we pay pass-through expenses, subject to reimbursement by the tenant, they are included within operating expenses, excluding real estate taxes, and reimbursements are included within “real estate rental income” along with the associated base rent in the accompanying consolidated financial statements. We record base rents on a straight-line basis. The monthly base rent income according to the terms of our leases is adjusted so that an average monthly rent is recorded for each tenant over the term of its lease. The straight-line rent adjustment increased revenue by $291 for the year ended December 31, 2023, and increased revenue by $302 for the year ended December 31, 2022. The straight-line receivable balance included in other assets on the consolidated balance sheets as of the year ended December 31, 2023 and 2022 was $3,686 and $3,756 respectively. We receive payments for expense reimbursements from substantially all our multi-tenant commercial tenants throughout the year based on estimates. Lease income related to the Trust’s operating leases is comprised of the following: Year ended December 31, 2023 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 118,323 $ 15,672 $ 133,995 Lease income related to variable lease payments — 4,430 4,430 Other (a) (1,113) 166 (947) Lease Income (b) $ 117,210 $ 20,268 $ 137,478 (a) For the year ended December 31, 2023, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements. (b) Excludes other rental income for the year ended December 31, 2023, of $6,153 , which is accounted for under the revenue recognition standard. Year ended December 31, 2022 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 109,769 $ 16,091 $ 125,860 Lease income related to variable lease payments — 4,510 4,510 Other (a) (804) 332 (472) Lease Income (b) $ 108,965 $ 20,933 $ 129,898 (c) For the year ended December 31, 2022, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements. (d) Excludes other rental income for the year ended December 31, 2022, of $5,162 , which is accounted for under the revenue recognition standard. Commercial space is rented under long-term agreements. Minimum future rentals on non-cancelable operating leases as of December 31, 2023 are as follows: Years ending December 31, Amount (in thousands) 2024 $ 15,444 2025 15,251 2026 14,918 2027 13,529 2028 12,062 Thereafter 43,403 $ 114,607 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 17 - COMMITMENTS AND CONTINGENCIES Environmental Matters Federal law (and the laws of some states in which we own or may acquire properties) imposes liability on a landowner for the presence on the premises of hazardous substances or wastes (as defined by present and future federal and state laws and regulations). This liability is without regard to fault or knowledge of the presence of such substances and may be imposed jointly and severally upon all succeeding landowners. If such hazardous substance is discovered on a property acquired by us, we could incur liability for the removal of the substances and the cleanup of the property. There can be no assurance that we would have effective remedies against prior owners of the property. In addition, we may be liable to tenants and may find it difficult or impossible to sell the property either prior to or following such a cleanup. Risk of Uninsured Property Losses We maintain property damage, fire loss, and liability insurance. However, there are certain types of losses (generally of a catastrophic nature) which may be either uninsurable or not economically insurable. Such excluded risks may include war, earthquakes, tornados, certain environmental hazards, and floods. Should such events occur, (i) we might suffer a loss of capital invested, (ii) tenants may suffer losses and may be unable to pay rent for the spaces, and (iii) we may suffer a loss of profits which might be anticipated from one or more properties. Litigation The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of such matters cannot be predicted with certainty, management believes, based on currently available information, that the outcome of such matters will not have a material effect on the consolidated financial statements of the Trust. |
DISPOSITIONS
DISPOSITIONS | 12 Months Ended |
Dec. 31, 2023 | |
DISPOSITIONS | |
DISPOSITIONS | NOTE 18 – DISPOSITIONS During the year ended December 31, 2023, the Operating Partnership sold two properties. We sold a retail property located in Coon Rapids, Minnesota for a sale price of in May 2023. We sold an office property located in White Bear Lake, Minnesota for a sales price of During the year ended December 31, 2022, the Operating Partnership sold five properties. We sold a retail property located in Savage, Minnesota for a sale price of During the year ended December 31, 2021, the Operating Partnership sold two properties. We sold a retail property located in Waite Park, Minnesota, for a sale price of $900 and recognized a gain of $2 in April 2021. We sold a residential property located in Moorhead, Minnesota, for a sale price of $4,950 and recognized a gain of $1,708 in June 2021. During the year ended December 31, 2023, the Company entered into a purchase agreement to sell one retail property located in Apple Valley, Minnesota. The property qualified for held for sale accounting treatment on or prior to December 31, 2023, at which time depreciation and amortization ceased. As such, the assets and liabilities associated with this property were separately classified as held for sale in the consolidated balance sheet as of December 31, 2023. We expect to sell the property in the first quarter of 2024. The following table shows the net book value of assets held for sale. December 31, December 31, 2023 2022 (in thousands) ASSETS Real estate investments Land and land improvements $ 845 $ — Building and improvements 828 — Real estate investments 1,673 — Less accumulated depreciation (110) — Real estate investments, net 1,563 — Other assets, net 5 — Total Assets $ 1,568 $ — LIABILITIES Accrued expenses and other liabilities $ 2 $ — Total Liabilities $ 2 $ — |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2023 | |
ACQUISITIONS | |
ACQUISITIONS | NOTE 19 –ACQUISITIONS The Company did not acquire any properties during the year ended December 31, 2023. The Company acquired the following properties during the year ended December 31, 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 12/1/22 Chandler 1898 Grand Forks, ND Apartment Complex 12 units 498 12/29/22 Prose Fossil Creek Fort Worth, TX Apartment Complex 270 units 55,591 $ 94,844 The acquisition of Prose Fossil Creek was made utilizing a Reverse 1031 Like-Kind Exchange that was entered into at closing. As such, as of December 29, 2022, Prose Fossil Creek is in the possession of a qualified intermediary engaged to execute the Reverse 1031 Like-Kind Exchange until the sale transaction and the Reverse 1031 Like-Kind Exchange are completed. The Trust retains essentially all of the legal and economic benefits and obligations related to Prose Fossil Creek prior to the completion of the Reverse 1031 Like-Kind Exchange. Accordingly, Prose Fossil Creek is included in the Trust’s consolidated financial statements as a consolidated VIE until legal title is transferred to the Trust upon completion of the Reverse 1031 Like-Kind Exchange. Total consideration given for acquisitions for the year ended December 31, 2022 was completed through issuing approximately 560,000 limited partnership units of the operating partnership valued at $23.00 per unit for an aggregate consideration of approximately $12,870. The value of units issued in exchange for property is determined through a value established annually by our Board of Trustees and reflects the fair value at the time of issuance. The Company acquired the following properties during the year ended December 31, 2021. Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price 6/1/21 Flagstone Fargo, ND Apartment complex 120 units $ 7,723 6/1/21 Brownstone Fargo, ND Apartment complex 72 units 4,362 6/1/21 Briar Pointe Fargo, ND Apartment complex 30 units 1,929 7/1/21 Oxford Fargo, ND Apartment complex 144 units 10,066 7/1/21 Pinehurst Fargo, ND Apartment complex 210 units 14,718 $ 38,798 Total consideration given for acquisitions the year ended December 31, 2021 was completed through issuing approximately 144,000 limited partnership units of the operating partnership valued at $20.00 per unit for an aggregate consideration of approximately $2,883. The value of units issued in exchange for property is determined through a value established annually by our Board of Trustees and reflects the fair value at the time of issuance. In 2022, cash flows were reclassified to updated presentation resulting prior period to be updated to align with reclassification. The following table summarizes the allocation of the purchase price, before prorations, the Company recorded in conjunction with the acquisitions discussed above: Year Ended December 31, 2023 2022 Real estate investment acquired $ - $ 93,515 Acquired lease intangible assets - 1,732 Assumed Assets - 3 Total Assets Acquired $ - $ 95,250 Other liabilities - (406) Net assets acquired - 94,844 Equity/limited partnership unit consideration - (12,870) Net cash consideration $ - $ 81,974 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS. | |
SUBSEQUENT EVENTS | NOTE 20 - SUBSEQUENT EVENTS On January 1, 2024 Megan Schreiner was appointed as President by the Board of Trustees. On January 1, 2024 Luke Swenson was appointed as Chief Investment Officer by the Board of Trustees. On January 16, 2024 we paid a dividend or distribution of $0.2875 per share on our common shares of beneficial interest or limited partnership units, to common shareholders and limited unit holders of record on December 31, 2023. On January 25, 2024, the Trust disposed of a retail property located in Apple Valley, MN for a sales price of $1,600. Pending acquisitions and dispositions are subject to numerous conditions and contingencies and there are no assurances that the transactions will be completed. We have evaluated subsequent events through the date of this filing. We are not aware of any other subsequent events which would require recognition or disclosure in the consolidated financial statements. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation - By Property | 12 Months Ended |
Dec. 31, 2023 | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Industrial to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Guardian Building Products Fargo, ND $ 2,406 $ 820 $ 2,554 $ 60 $ (94) $ 880 $ 2,460 $ 3,340 $ 703 08/29/2012 40 Titan Machinery Bismarck, ND 2,005 950 1,395 32 — 982 1,395 2,377 314 01/28/2015 40 Titan Machinery Dickinson, ND 1,761 354 1,096 400 — 754 1,096 1,850 324 07/30/2012 40 Titan Machinery Fargo, ND 2,368 781 1,947 515 — 1,296 1,947 3,243 547 10/30/2012 40 Titan Machinery Marshall, MN 4,533 300 3,648 81 — 381 3,648 4,029 1,117 11/01/2011 40 Titan Machinery Minot, ND — 618 1,654 — — 618 1,654 2,272 472 08/01/2012 40 Titan Machinery North Platte, NE — 325 1,269 — — 325 1,269 1,594 255 01/29/2016 40 Titan Machinery Sioux City, IA 3,588 315 2,472 — — 315 2,472 2,787 633 10/25/2013 40 Total $ 16,661 $ 4,463 $ 16,035 $ 1,088 $ (94) $ 5,551 $ 15,941 $ 21,492 $ 4,365 Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Land to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Taco Bell Denver, CO $ 378 $ 669 $ — $ — $ — $ 669 $ — $ 669 $ — 06/14/2011 Rochester Development Land Rochester, MN — 1,364 — — — 1,364 — 1,364 — 08/29/2016 Total $ 378 $ 2,033 $ — $ — $ — $ 2,033 $ — $ 2,033 $ — Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Medical to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Bio-Life Bismarck, ND $ 2,031 $ 306 $ 2,255 $ 11 $ 123 $ 317 $ 2,378 $ 2,695 $ 1,025 01/03/2008 9 - 40 Bio-Life Grand Forks, ND 2,088 457 2,230 1 158 458 2,388 2,846 1,050 01/03/2008 10 - 40 Bio-Life Janesville, WI 1,735 250 1,857 — 123 250 1,980 2,230 865 01/03/2008 9 - 40 Bio-Life Mankato, MN 2,206 390 2,111 280 1,154 670 3,265 3,935 1,366 01/03/2008 11 - 40 Bio-Life Marquette, MI — 213 2,793 — 123 213 2,916 3,129 1,240 01/03/2008 9 - 40 Bio-Life Onalaska, WI 1,675 208 1,853 — 323 208 2,176 2,384 935 01/03/2008 11 - 40 Bio-Life Oshkosh, WI 1,722 293 1,705 — 146 293 1,851 2,144 828 01/03/2008 10 - 40 Bio-Life Sheboygan, WI 1,965 623 1,611 — 248 623 1,859 2,482 811 01/03/2008 10 - 40 Bio-Life Stevens Point, WI 1,879 119 2,184 — 123 119 2,307 2,426 996 01/03/2008 9 - 40 Total $ 15,301 $ 2,859 $ 18,599 $ 292 $ 2,521 $ 3,151 $ 21,120 $ 24,271 $ 9,116 Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Residential to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Amberwood Grand Forks, ND $ 2,274 $ 426 $ 3,304 $ 3 $ 331 $ 429 $ 3,635 $ 4,064 $ 643 09/13/2016 20 - 40 Arbor I/400 Bismarck, ND 335 73 516 4 65 77 581 658 158 06/04/2013 40 Arbor II/404 Bismarck, ND 342 73 538 6 43 79 581 660 143 11/01/2013 40 Arbor III/406 Bismarck, ND 340 71 536 7 107 78 643 721 143 11/01/2013 40 Ashbury Fargo, ND 2,214 314 3,774 26 25 340 3,799 4,139 674 12/19/2016 40 Auburn II Fargo, ND 790 105 883 12 87 117 970 1,087 396 03/23/2007 20 - 40 Autumn Ridge Grand Forks, ND 5,023 1,072 8,875 44 67 1,116 8,942 10,058 3,910 08/16/2004 9 - 40 Barrett Arms Crookston, MN 690 37 1,001 — 177 37 1,178 1,215 271 01/02/2014 40 Bayview Fargo, ND 2,179 284 3,447 59 2,020 343 5,467 5,810 1,628 12/31/2007 20 - 40 Belmont East and West Bismarck, ND 708 167 1,424 2 8 169 1,432 1,601 138 03/1/2020 — 40 — Berkshire Fargo, ND 380 31 406 7 53 38 459 497 166 03/31/2008 20 - 40 Betty Ann Fargo, ND 397 74 738 6 140 80 878 958 289 08/31/2009 40 Birchwood 1 Fargo, ND 220 72 342 4 42 76 384 460 56 12/01/2017 40 Birchwood 2 Fargo, ND 1,298 234 2,099 52 516 286 2,615 2,901 352 12/01/2017 40 Bradbury Apartments Bismarck, ND 1,724 1,049 4,922 — 139 1,049 5,061 6,110 660 10/24/18 40 Briar Pointe Fargo, ND 1,249 384 1,551 — — 384 1,551 1,935 100 06/01/2021 40 Bridgeport Fargo, ND 4,731 613 7,676 14 202 627 7,878 8,505 1,370 12/19/2016 40 Bristol Park Grand Forks, ND 2,715 985 3,976 — 786 985 4,762 5,747 928 02/01/2016 40 Brookfield Fargo, ND 1,887 228 1,958 30 318 258 2,276 2,534 819 08/01/2008 20 - 40 Brownstone Fargo, ND 2,815 780 3,610 — — 780 3,610 4,390 233 06/01/2021 — 40 — Cambridge (FKA 44th Street) Fargo, ND 1,563 333 1,845 4 237 337 2,082 2,419 533 02/06/2013 40 Candlelight Fargo, ND 1,483 613 1,221 (326) 589 287 1,810 2,097 457 11/30/2012 40 Carling Manor Grand Forks, ND 477 69 656 1 61 70 717 787 268 03/31/2008 40 Carlton Place Fargo, ND 5,629 703 7,070 96 736 799 7,806 8,605 2,773 09/01/2008 20 - 40 Carr Fargo, ND 567 66 759 4 41 70 800 870 136 01/17/2017 40 Cedars 4 Fargo, ND — 134 1,068 — 29 134 1,097 1,231 138 12/31/18 40 Chandler 1802 Grand Forks, ND 585 133 1,114 — 108 133 1,222 1,355 287 01/02/2014 40 Chandler 1834 Grand Forks, ND 382 112 552 — 51 112 603 715 76 9/1/18 40 Chandler 1866 Grand Forks, ND 303 31 270 — 59 31 329 360 139 01/03/2005 20 - 40 Chandler 1898 Grand Forks, ND — 114 357 1 89 115 446 561 11 12/1/22 Cherry Creek (FKA Village) Grand Forks, ND — 173 1,435 1 459 174 1,894 2,068 578 11/01/2008 40 Cityside Apartments Fargo, ND 647 192 1,129 6 62 198 1,191 1,389 160 11/30/18 40 Columbia Park Village I Grand Forks, ND 281 102 546 — — 102 546 648 55 01/31/2020 — 40 — Columbia West Grand Forks, ND 2,221 294 3,367 1 591 295 3,958 4,253 1,399 09/01/2008 20 - 40 Country Club Fargo, ND 964 252 1,252 2 240 254 1,492 1,746 449 05/02/2011 20 - 40 Countryside Fargo, ND 569 135 677 — 68 135 745 880 222 05/02/2011 40 Courtyard St. Louis Park, MN 2,648 2,270 5,681 — 794 2,270 6,475 8,745 1,632 09/03/2013 5 - 40 Dakota Manor Fargo, ND 1,308 249 2,236 20 228 269 2,464 2,733 546 08/07/2014 40 Danbury Fargo, ND 4,427 381 5,869 211 827 592 6,696 7,288 2,493 12/31/2007 20 - 40 Dellwood Estates Anoka, MN 5,904 844 9,924 — 861 844 10,785 11,629 2,742 05/31/2013 40 Deer Park Hutchinson, MN 8,613 1,784 12,408 — 184 1,784 12,592 14,376 596 2/28/22 Desoto Estates Grand Forks, ND 4,070 955 4,869 — — 955 4,869 5,824 203 5/31/22 Desoto Townhomes Grand Forks, ND 1,556 464 2,767 — — 464 2,767 3,231 115 5/31/22 Diamond Bend Mandan, ND 6,690 722 9,789 27 — 749 9,789 10,538 388 6/10/22 Eagle Run West Fargo, ND 3,531 576 5,657 381 257 957 5,914 6,871 1,930 08/12/2010 40 Eagle Sky I Bismarck, ND — 115 1,292 — 104 115 1,396 1,511 283 03/01/2016 40 Eagle Sky II Bismarck, ND — 135 1,279 — 173 135 1,452 1,587 282 03/01/2016 40 East Bridge Fargo, ND 3,049 792 5,396 1 301 793 5,697 6,490 914 07/03/2017 40 Eastbrook Bismarck, ND 609 145 1,233 — — 145 1,233 1,378 118 01/31/2020 — 40 — Echo Manor Hutchinson, MN 869 141 875 — 118 141 993 1,134 243 01/02/2014 20 - 40 Emerald Court Fargo, ND — 66 830 11 180 77 1,010 1,087 366 03/31/2008 20 - 40 Essex Fargo, ND 503 212 642 — 77 212 719 931 116 06/01/2017 40 Evergreen Terrace Omaha, NE 4,883 820 7,573 — 477 820 8,050 8,870 604 12/17/20 — 40 — Fairview Bismarck, ND 2,401 267 3,978 39 918 306 4,896 5,202 1,651 12/31/2008 20 - 40 Flagstone Fargo, ND 4,977 1,535 6,258 — — 1,535 6,258 7,793 404 06/01/2021 — 40 — Flickertail Fargo, ND 5,957 426 5,590 76 1,674 502 7,264 7,766 2,343 12/31/2008 40 Forest Avenue Fargo, ND 310 61 637 8 64 69 701 770 184 02/06/2013 40 Foxtail Creek Townhomes Fargo, ND — 267 1,221 — — 267 1,221 1,488 102 09/15/2020 — 40 — Galleria III Fargo, ND 640 118 681 2 335 120 1,016 1,136 261 11/09/2010 40 Garden Grove Bismarck, ND 3,983 606 6,073 — 168 606 6,241 6,847 1,207 05/04/2016 5 - 40 Georgetown on the River Fridley, MN 16,046 4,620 23,792 8 6,350 4,628 30,142 34,770 6,178 12/19/2014 5 - 40 Glen Pond Eagan, MN 34,765 3,761 20,569 38 1,031 3,799 21,600 25,399 6,386 12/02/2011 20 - 40 Glen Pond Addition Eagan, MN 5,931 876 15,408 — — 876 15,408 16,284 1,284 09/30/2020 — 40 — Granger Court I Fargo, ND 1,820 279 1,926 25 439 304 2,365 2,669 539 06/04/2013 20 - 40 Hannifin Bismarck, ND 385 81 607 5 110 86 717 803 164 11/01/2013 40 Harrison and Richfield Grand Forks, ND — 756 6,346 7 587 763 6,933 7,696 2,748 07/01/2007 5 - 40 Hartford Apartments Fargo, ND 808 154 1,233 — 14 154 1,247 1,401 163 10/1/18 40 Hawn Fargo, ND 1,444 280 2,277 — 244 280 2,521 2,801 219 03/01/2020 — 40 — Highland Meadows Bismarck, ND 5,338 1,532 8,513 — 675 1,532 9,188 10,720 1,504 05/01/2017 5 - 40 Hunters Run I Fargo, ND 457 50 419 5 (2) 55 417 472 174 03/23/2007 40 Hunters Run II Fargo, ND 403 44 441 2 — 46 441 487 171 07/01/2008 40 Huntington Fargo, ND 297 86 309 4 15 90 324 414 68 08/04/2015 40 Islander Fargo, ND 700 98 884 49 326 147 1,210 1,357 300 07/01/2011 40 Jadestone Fargo, ND 477 212 554 — 136 212 690 902 108 06/01/2017 40 Kennedy Fargo, ND 338 84 588 7 91 91 679 770 179 02/06/2013 20 - 40 Library Lane Grand Forks, ND 1,938 301 2,332 20 189 321 2,521 2,842 1,002 10/01/2007 20 - 40 Madison Grand Forks, ND 260 95 497 — 111 95 608 703 117 09/01/2015 40 Maple Ridge Omaha, NE 7,583 766 5,608 59 3,715 825 9,323 10,148 2,828 08/01/2008 20 - 40 Maplewood Maplewood, MN 8,310 3,120 11,655 7 2,970 3,127 14,625 17,752 2,900 12/19/2014 5 - 40 Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale Fargo, ND 4,049 783 5,839 1 670 784 6,509 7,293 2,064 01/01/2009 20 - 40 Martha Alice Fargo, ND 397 74 738 6 183 80 921 1,001 303 08/31/2009 20 - 40 Mayfair Grand Forks, ND — 80 1,043 5 123 85 1,166 1,251 423 07/01/2008 20 - 40 Monticello Fargo, ND 510 60 752 8 111 68 863 931 206 11/08/2013 20 - 40 Montreal Courts Little Canada, MN 26,661 5,809 19,565 15 3,618 5,824 23,183 29,007 5,552 10/02/2013 5 - 40 Morningside Apartments Fargo, ND 439 85 673 — 42 85 715 800 89 11/30/18 40 Newgate Bismarck, ND 1,467 538 1,755 19 30 557 1,785 2,342 59 9/13/22 Oak Court Fargo, ND 2,422 270 2,210 29 436 299 2,646 2,945 966 04/30/2008 28 - 40 Oakview Townhomes Grand Forks, ND 3,353 822 4,698 — 471 822 5,169 5,991 899 01/11/2017 40 Oxford Fargo, ND 6,504 1,655 8,563 — — 1,655 8,563 10,218 535 07/01/2021 40 Pacific Park I Fargo, ND 503 95 777 3 130 98 907 1,005 227 02/06/2013 40 Pacific Park II Fargo, ND 431 111 865 4 140 115 1,005 1,120 250 02/06/2013 40 Pacific South Fargo, ND 266 58 459 2 56 60 515 575 126 02/06/2013 40 Park Circle Fargo, ND 523 196 716 7 17 203 733 936 121 06/01/2017 40 Parkview Arms Bismarck, ND — 373 3,845 — 365 373 4,210 4,583 889 05/13/2015 5 - 40 Parkwest Gardens West Fargo, ND 2,815 713 5,712 39 1,450 752 7,162 7,914 1,578 06/30/2014 20 - 40 Parkwood Fargo, ND — 126 1,143 14 203 140 1,346 1,486 438 08/01/2008 40 Pebble Creek Bismarck, ND — 260 2,302 31 (62) 291 2,240 2,531 825 03/19/2008 20 - 40 Pinehurst Fargo, ND 9,461 2,368 12,614 — — 2,368 12,614 14,982 788 07/01/2021 — 40 — Plumtree Fargo, ND 502 100 782 — 29 100 811 911 135 05/01/2017 40 Prairiewood Courts Fargo, ND — 308 1,730 28 203 336 1,933 2,269 773 09/01/2006 20 - 40 Prairiewood Meadows Fargo, ND 3,675 736 761 11 3,211 747 3,972 4,719 302 09/30/2012 40 Cobalt Apartments Fort Worth, TX 27,500 5,451 46,811 — — 5,451 46,811 52,262 1,268 12/29/22 Quail Creek Springfield, MO 4,967 1,529 7,396 — 1,656 1,529 9,052 10,581 1,763 02/03/2015 5 - 40 Robinwood Coon Rapids, MN 4,011 1,380 6,133 — 711 1,380 6,844 8,224 1,509 12/19/2014 40 Rosedale Estates Roseville, MN 13,501 4,680 20,591 — 1,016 4,680 21,607 26,287 4,831 12/19/2014 5 - 40 Rosegate Fargo, ND 2,798 251 2,978 49 132 300 3,110 3,410 1,214 04/30/2008 20 - 40 Rosser Bismarck, ND 656 156 1,216 — 109 156 1,325 1,481 122 03/01/2020 — 40 — Roughrider Grand Forks, ND 357 100 448 — 117 100 565 665 107 08/01/2016 5 - 40 Saddlebrook West Fargo, ND 1,252 148 1,262 203 105 351 1,367 1,718 497 12/31/2008 40 Sage Park New Brighton, MN 9,039 2,520 13,985 — 1,176 2,520 15,161 17,681 3,419 12/19/2014 5 - 40 Sargent Fargo, ND 905 164 1,529 4 17 168 1,546 1,714 272 01/10/2017 40 Schrock Fargo, ND 408 71 626 3 66 74 692 766 170 06/04/2013 40 Sheridan Pointe Fargo, ND 1,914 292 2,387 21 96 313 2,483 2,796 608 10/01/2013 40 Sierra Ridge Bismarck, ND 6,365 754 8,795 151 917 905 9,712 10,617 3,233 09/01/2006 40 Somerset Fargo, ND — 300 3,400 43 189 343 3,589 3,932 1,324 07/01/2008 40 Southgate Fargo, ND 4,632 803 5,267 20 64 823 5,331 6,154 2,149 07/01/2007 20 - 40 Southview III Grand Forks, ND — 99 522 3 116 102 638 740 186 08/01/2011 40 Southview Villages Fargo, ND 2,297 268 2,483 16 715 284 3,198 3,482 1,099 10/01/2007 20 - 40 Spring Fargo, ND 410 76 822 75 24 151 846 997 232 02/06/2013 20 - 40 Stanford Court Grand Forks, ND — 291 3,854 — 630 291 4,484 4,775 1,107 02/06/2013 20 - 40 Stonefield-Phase I Bismarck, ND 7,212 2,804 10,043 227 802 3,031 10,845 13,876 2,337 08/01/2014 20 - 40 Stonefield-Phase II Bismarck, ND 4,667 1,201 3,678 486 5,754 1,687 9,432 11,119 1,581 10/23/2014 40 Stonefield-Phase III Bismarck, ND — 1,079 — 238 — 1,317 — 1,317 — 10/23/2014 n/a Stonybrook Omaha, NE 5,867 1,439 8,003 — 1,586 1,439 9,589 11,028 3,335 01/20/2009 20 - 40 Summerfield Fargo, ND 450 129 599 6 82 135 681 816 138 08/04/2015 40 Summit Point Fargo, ND 3,161 681 5,434 22 450 703 5,884 6,587 1,169 10/01/2015 20 - 40 Sunchase Fargo, ND 984 181 1,563 14 86 195 1,649 1,844 276 05/01/2017 40 Sunset Ridge Bismarck, ND 10,516 1,759 9,529 36 146 1,795 9,675 11,470 3,468 06/06/2008 9 - 40 Sunview Grand Forks, ND — 144 1,578 3 241 147 1,819 1,966 634 12/31/2008 20 - 40 Sunwood Fargo, ND 2,716 358 3,252 38 589 396 3,841 4,237 1,401 07/01/2007 20 - 40 Thunder Creek Fargo, ND 2,567 633 4,063 1 634 634 4,697 5,331 649 03/1/2018 25 - 40 Twin Oaks Hutchinson, MN 5,012 816 3,245 — 156 816 3,401 4,217 778 10/01/2014 40 Twin Parks Fargo, ND 1,820 119 2,072 43 227 162 2,299 2,461 815 10/01/2008 20 - 40 Valley Homes Duplexes Grand Forks, ND 953 356 1,668 — 431 356 2,099 2,455 446 01/22/2015 40 Valley View Golden Valley, MN 3,987 1,190 6,076 — 468 1,190 6,544 7,734 1,439 12/19/2014 5 - 40 Village Park Fargo, ND 573 219 1,852 51 80 270 1,932 2,202 745 04/30/2008 40 Village West Fargo, ND 2,069 357 2,274 61 127 418 2,401 2,819 896 04/30/2008 40 Washington Grand Forks, ND 329 74 592 — 76 74 668 742 125 05/04/2016 40 Westcourt Fargo, ND 2,222 287 2,914 28 353 315 3,267 3,582 782 01/02/2014 5 - 40 West Oak Fargo, ND 592 85 692 47 73 132 765 897 135 01/17/2017 40 Westside Hawley, MN 435 59 360 — 116 59 476 535 139 02/01/2010 40 Westwind Fargo, ND 532 49 455 1 95 50 550 600 222 04/30/2008 20 - 40 Westwood Fargo, ND 2,865 597 6,341 91 849 688 7,190 7,878 2,558 06/05/2008 20 - 40 Willow Park Fargo, ND 4,911 288 5,286 39 812 327 6,098 6,425 2,095 12/31/2008 40 Wolf Creek Fargo, ND 2,888 1,082 4,210 — 28 1,082 4,238 5,320 427 01/12/2020 — 40 — Woodland Pines Omaha, NE 5,920 842 10,596 — 1,373 842 11,969 12,811 1,501 11/30/18 40 Total $ 420,448 $ 93,455 $ 586,032 $ 3,320 $ 68,203 $ 96,775 $ 654,235 $ 751,010 $ 138,262 Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Office to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Bluemont Lakes Financial Center Fargo, ND $ 4,631 $ 635 $ 3,298 $ 87 $ 269 $ 722 $ 3,567 $ 4,289 $ 1,819 03/16/2004 3 - 40 Bell Plaza Bloomington, MN 29,852 6,912 34,343 — 5,149 6,912 39,492 46,404 13,089 08/13/2015 3 - 40 Trustmark Fargo, ND 6,746 2,089 4,718 14 6,545 2,103 11,263 13,366 1,276 08/28/2020 — 40 — First International Bank & Trust Moorhead, MN — 210 642 5 1,046 215 1,688 1,903 244 05/13/2011 10 - 40 Four Points Fargo, ND — 70 1,238 11 175 81 1,413 1,494 567 10/18/2007 5 - 40 Gate City Grand Forks, ND — 382 893 1 955 383 1,848 2,231 465 03/31/2008 40 Goldmark Office Park Fargo, ND 12,001 1,160 11,788 65 8,832 1,225 20,620 21,845 5,811 07/01/2007 1 - 40 Great American Bldg Fargo, ND 1,018 511 1,290 22 447 533 1,737 2,270 803 02/01/2005 28 - 40 Midtown Plaza Minot, ND 1,068 30 1,213 — 97 30 1,310 1,340 602 01/01/2004 5 - 40 Parkway office building (FKA Echelon) Fargo, ND 1,572 278 1,491 42 82 320 1,573 1,893 654 05/15/2007 9 - 40 Wells Fargo Center Duluth, MN — 600 2,765 (115) 2,785 485 5,550 6,035 1,992 07/11/2007 4 - 40 Total $ 56,888 $ 12,877 $ 63,679 $ 132 $ 26,382 $ 13,009 $ 90,061 $ 103,070 $ 27,322 Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Retail to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Dairy Queen Apple Valley, MN — 845 828 — — 845 828 1,673 110 9/17/18 40 Dairy Queen Dickinson, ND — 329 658 1 — 330 658 988 197 01/19/2012 40 Dairy Queen Moorhead, MN — 243 787 2 — 245 787 1,032 249 05/13/2011 20 Family Dollar Mandan, ND — 167 649 — 54 167 703 870 216 12/14/2010 40 OReilly Mandan, ND — 115 449 — 27 115 476 591 150 12/14/2010 40 Walgreens Alexandria, LA — 1,090 2,973 — — 1,090 2,973 4,063 1,043 12/18/2009 28 - 40 Walgreens Batesville, AR 4,341 473 6,405 — — 473 6,405 6,878 2,322 07/09/2009 40 Walgreens Denver, CO 2,900 2,349 2,358 — — 2,349 2,358 4,707 742 06/14/2011 40 Walgreens Fayetteville, AR 3,245 636 4,732 — — 636 4,732 5,368 1,715 07/09/2009 40 Walgreens Laurel, MS — 1,280 2,984 — — 1,280 2,984 4,264 1,007 07/30/2010 40 Total $ 10,486 $ 7,527 $ 22,823 $ 3 $ 81 $ 7,530 $ 22,904 $ 30,434 $ 7,751 Grand Totals $ 520,162 $ 123,214 $ 707,168 $ 4,835 $ 97,093 $ 128,049 $ 804,261 $ 932,310 $ 186,816 Notes: (a) The costs capitalized subsequent to acquisition is net of dispositions. (b) The changes in total real estate investments for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands): 2023 2022 2021 Balance at January 1, $ 971,148 $ 896,702 $ 845,288 Purchase of real estate investments 11,875 103,252 63,299 Sale and disposal of real estate investment (11,485) (26,960) (8,184) Property held for sale (1,673) — 1,578 Provision for asset impairment — (561) — Construction in progress not yet placed in service 939 (1,285) (5,279) Balance at December 31, $ 970,804 $ 971,148 $ 896,702 (c) The changes in accumulated depreciation for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands): 2023 2022 2021 Balance at January 1, $ 194,849 $ 179,155 $ 160,575 Depreciation expense 23,257 22,161 20,917 Property held for sale (110) — 749 Sale and disposal of real estate investment (3,412) (6,467) (3,086) Balance at December 31, $ 214,584 $ 194,849 $ 179,155 (d) The aggregate cost of our real estate for federal income tax purposes is $745,494 . |
PRINCIPAL ACTIVITY AND SIGNIF_2
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Sterling and all subsidiaries for which we maintain a controlling interest. The accompanying consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of , Properties, LLLP, and wholly owned limited liability companies and partially-owned limited liability companies. All significant intercompany transactions and balances have been eliminated in consolidation. As of December 31, 2023, the Trust owned approximately 37.72% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to the Operating Partnership in exchange for OP Units. Under the LLLP Agreement and the redemptions plans, these persons have the right to request the Operating Partnership redeem their OP Units following a specified restricted period. All redemptions are at the sole discretion of the Trust, acting for itself or in its capacity as General Partner of the Operating Partnership, and further subject to the conditions and limitations of the LLLP Agreement and redemption plans, as the same may be amended or modified from time to time. If the Trust accepts a redemption request, the redemption of OP Units shall be made in cash in an amount equal to the fair value of an equivalent number of common shares of the Trust. In lieu of delivering cash, however, the Trust, as the Operating Partnership’s general partner, may, at its option and in its sole and absolute discretion, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Trust so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Trust’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Trust issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Trust an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT.” Additionally, we evaluate the need to consolidate affiliates based on standards set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). In determining whether we have a requirement to consolidate the accounts of an entity, management considers factors such as our ownership interest, our authority to make decisions and contractual and substantive participating rights of the limited partners and shareholders, as well as whether the entity is a variable interest entity (“VIE”) for which we have both: a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and b) the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE. In instances where the Trust determines that it is not the primary beneficiary of a VIE or the Trust does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Trust will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Trust’s operations but instead its share of operations will be reflected as equity in earnings (loss) of unconsolidated entity on its consolidated statements of operations and comprehensive loss. Additionally, the Trust’s net investment in the joint venture will be reflected as investment in unconsolidated entity on the consolidated balance sheets. See Note 5 for additional details regarding variable interest entities where the Trust uses the equity method of investing. The operating partnership meets the criteria as a variable interest entity (“VIE”). The Trust’s sole significant asset is its investment in the operating partnership. The Trust is the primary beneficiary of the Operating Partnership and accordingly consolidated the Operating Partnership. As a result, substantially all of the Trust’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Trust’s debt is an obligation of the Operating Partnership, and the Trust guarantees the unsecured debt obligations of the Operating Partnership. The Trust may acquire property using a reverse like-kind exchange structure (a “Reverse 1031 Like-Kind Exchange”) under the Code to defer taxable gains on the subsequent sale of real estate property. As such, the acquired property (the “Parked Property”) remains in the possession of a VIE whose legal equity interests are owned by a qualified intermediary engaged to execute the Reverse 1031 Like-Kind Exchange until the subsequent sale transaction and the Reverse 1031 Like-Kind Exchange are completed. Although the VIE is legally owned by the qualified intermediary, the Trust retains essentially all of the legal and economic benefits and obligations related to the VIE (which holds the legal title to the Parked Property prior to the completion of the Reverse 1031 Like-Kind Exchange) and, as its designated manager, has the key decision-making power over the Parked Property. The VIE (including the Parked Property) is included in the Trust’s consolidated financial statements as a consolidated VIE until legal title is transferred to the Trust upon completion of the Reverse 1031 Like-Kind Exchange. |
Concentration of Credit Risk | Concentration of Credit Risk Our cash balances are maintained in various bank deposit accounts. The bank deposit amounts in these accounts may exceed federally insured limits at various times throughout the year. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Real Estate Investments | Real Estate Investments Real estate investments are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. The Trust allocates the purchase price of each acquired investment property accounted for as an asset acquisition based upon the relative acquisition date fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, and (v) assumed financing that is determined to be above or below market, if any. Transaction costs related to acquisitions accounted for as asset acquisitions are capitalized as incurred and included as a cost of the building in the accompanying balance sheet. Furniture and fixtures are stated at cost less accumulated depreciation. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for routine maintenance and repairs, which do not add to the value or extend useful lives, are charged to expense as incurred. Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method over the following estimated useful lives: Buildings and improvements 40 years Furniture, fixtures and equipment 5-9 years 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’s investment properties are reviewed for potential impairment at the end of each reporting period or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At the end of each reporting period, the Trust separately determines whether impairment indicators exist for each property. Examples of situations considered to be impairment indicators include, but are not limited to: o a substantial decline or negative cash flows; o continued low occupancy rates; o continued difficulty in leasing space; o significant financially troubled tenants; o a change in plan to sell a property prior to the end of its useful life or holding period; o a significant decrease in market price not in line with general market trends; and o any other quantitative or qualitative events or factors deemed significant by the Trust’s management or Board of Trustees. If the presence of one or more impairment indicators as described above is identified with respect to an investment property, the asset is tested for recoverability by comparing its carrying value to the estimated future undiscounted cash flows. An investment property is considered to be impaired when the estimated future undiscounted cash flows are less than its current carrying value. When performing a test for recoverability or estimating the fair value of an impaired investment property, the Trust makes complex or subjective assumptions which include, but are not limited to: o projected operating cash flows considering factors such as vacancy rates, rental rates, lease terms, tenant financial strength, demographics, holding period and property location; o projected capital expenditures; o projected cash flows from the eventual disposition of an operating property using a property specific capitalization rate; o comparable selling prices; and o property specific discount rates for fair value estimates as necessary. To the extent impairment has occurred, the Trust will record an impairment charge calculated as the excess of the carrying value of the asset over its fair value for impairment of real estate investments. Based on evaluation, there was one impairment loss of $2,603 during the year ended December 31, 2023, and there was one impairment loss of $561 during the year ended December 31, 2022. There were no impairment losses during the year ended December 31, 2021. |
Properties Held for Sale | Properties Held for Sale We account for our properties held for sale in accordance with ASC 360, Property, Plant and Equipment (“ASC 360”), which addresses financial accounting and reporting in a perdio in which a component or group of components of an entity either has been disposed or or is classified as held for sale. In accordance with ASC 360, at such time as a property is held for sale, such property is carried at the lower of (1) its carrying amount or (2) fair value less costs to sell. In addition, a property being held for sale ceases to be depreciated. We classify operating properties as properties held for sale in the period in which all of the following criteria are met: ● management, having the authority to approve the action, commits to a plan to sell the asset; ● the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; ● an active program to locate a buyer and other actions required to complete the plan to sell the asset has been initiated; ● the sale of the asset is probable and the transfer of the asset is expected to qualify for recognition as a completed sale within one year; ● the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and ● given the actions required to complete the plan to sell the asset, it is unlikely that significant changes to the plan would be made or that the plan would be withdrawn. The results of operations of a component of an entity that either has been disposed of or is classified as held-for-sale under the requirements of ASC 360 is reported in discontinued operations in accordance with ASC 205, Presentation of Financial Statements (“ASC 205”) if such disposal or classification represents a strategic shift that has (or will have) a major effect on our operations and financial results. The Trust had one property held for sale as of December 31, 2023. There were no properties held for sale as of December 31, 2022. See Note 18. |
Cash and Cash Equivalents and Restricted Deposits | Cash and Cash Equivalents and Restricted Deposits We classify highly liquid investments with a maturity of three months or less when purchased as cash equivalents. certain properties to be used for future building renovations or tenant improvements . |
Investments | Investments Treasury Bills are short-term debt obligations with maturities of one year or less issued by the U.S. Treasury Department and backed by the U.S. Government. Treasury Bills yield no interest, but are issued at a discount to the redemption price. We classify our investments in U.S. Treasury Bills as money held for investments. We use quoted market prices to determine the fair value of our investments in U.S. Treasury Bills. |
Investment in Unconsolidated Affiliates | Investment in Unconsolidated Affiliates We account for unconsolidated affiliates using the equity method of accounting per guidance established under ASC 323, Investments – Equity Method and Joint Ventures (“ASC 323”). The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for our share of equity in the affiliates’ earnings (losses), contributions and distributions. We evaluate the carrying amount of the investments for impairment in accordance with ASC 323. Unconsolidated affiliates are reviewed for potential impairment if the carrying amount of the investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether impairment is other-than-temporary, we consider whether we have the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an affiliate for potential impairment can require our management to exercise significant judgments. No impairment losses were recorded related to the unconsolidated affiliates for the years ended December 31, 2023, 2022 and 2021. |
Other Assets | Other Assets Other assets are comprised of the following as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 (in thousands) Due from related party $ 54 $ 50 Accounts receivable, net 6,225 5,821 Insurance claim receivable 396 3,846 Fair value of interest rate swap 11,362 13,782 Other assets 302 181 Financing fees, less accumulated amortization 46 86 Lease costs, less accumulated amortization 1,542 1,799 Prepaid expenses 1,588 1,747 Total other assets, net $ 21,515 $ 27,312 |
Note receivable | Note receivable Notes receivable are issued periodically and are secured and interest bearing. The Trust has one note receivable for a commercial tenant bearing a 6.5% per annum interest rate which matures in 2025. The Trust also has four note receivables as disclosed in note 5. |
Accrued Expenses and Other liabilities | Accrued Expenses and Other liabilities Accrued Expenses and other liabilities are comprised of the following as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 (in thousands) Special assessments payable $ 877 $ 647 Due to related party 676 1,408 Accounts payable - trade 3,385 2,340 Retainage payable — 3 Deferred insurance proceeds 95 2 Accrued interest expense 1,413 1,318 Accrued real estate taxes 9,296 7,275 Accrued unearned rent 3,344 2,936 Other liabilities 153 146 Total accrued expenses and other liabilities $ 19,239 $ 16,075 |
Debt Issuance Costs | Debt Issuance Costs We amortize external debt issuance costs related to notes and mortgage notes using the effective interest rate method, over the life term of the related debt. We record debt issuance costs net of amortization, on our consolidated balance sheets as an offset to their related debt. We record debt issuance costs related to revolving lines of credit as financing fees in other assets, regardless of whether a balance on the line of credit is outstanding. We record the amortization of all debt issuance costs as interest expense. |
Noncontrolling Interest | Noncontrolling Interest A noncontrolling interest in a subsidiary (minority interest) is in most cases an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest, and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and other comprehensive income. Operating Partnership: Interests in the operating partnership held by limited partners are represented by operating partnership units. The operating partnership’s income is allocated to holders of units based upon the ratio of their holdings to the total units outstanding during the period. Capital contributions, distributions, syndication costs, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the operating partnership agreement. Partially Owned Properties: The Trust reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Trust that are not wholly owned by the Trust. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interest in partially owned properties in the consolidated statements of operations and other comprehensive income. |
Federal Income Taxes | Federal Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code, as amended. A REIT calculates taxable income like other domestic corporations, with the major difference being a REIT is entitled to a deduction for dividends paid. A REIT is generally required to distribute each year at least 90% of its taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate tax on such income. REIT shareholders are taxed on REIT distributions similar to corporate distributions. A summary of the tax characterization of the dividends paid to shareholders of the Company’s common stock for the years ended December 31, 2023, 2022 and 2021 follows: Tax Year Ended December 31, Dividend % Dividend % Dividend % 2023 2023 2022 2022 2021 2021 Tax status Ordinary income $ 0.6226 54.14 % $ 0.6374 55.43 % $ 0.9833 92.76 % Capital gain — — % — — % 0.0767 7.24 % Return of capital 0.5274 45.86 % 0.5126 44.57 % — — % $ 1.1500 100.00 % $ 1.1500 100.00 % $ 1.0600 100.00 % We intend to continue to qualify as a REIT and, provided we maintain such status, will not be taxed on the portion of the income that is distributed to shareholders. In addition, we intend to distribute all our taxable income; therefore, no provisions or liabilities for income taxes have been recorded in the consolidated financial statements. Sterling conducts its business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through its Operating Partnership – Sterling Properties, LLLP. The Operating Partnership is organized as a limited liability limited partnership. Income or loss is allocated to the partners in accordance with the provisions of the Internal Revenue Code 704(b) and 704(c). UPREIT status allows non-recognition of gain by an owner of appreciated real estate if that owner contributes the real estate to a partnership in exchange for a partnership interest. The conversion of a partnership interest to shares of beneficial interest in the REIT will be a taxable event to the limited partner. We follow ASC Topic 740, Income Taxes, The operating partnership has elected to record related interest and penalties, if any, as income tax expense on the consolidated statements of operations and other comprehensive income. |
Revenue Recognition | Revenue Recognition We record base rents on a straight-line basis. The monthly base rent income according to the terms of our leases is adjusted with the purpose that average monthly rent is recorded for each tenant over the term of its lease. The straight-line rent adjustment increased revenue by $291 and $302 for the year ended December 31, 2023 and 2022, respectively. The straight-line receivable balance included in receivables on the consolidated balance sheets as of December 31, 2023 and 2022, was $3,686 and $3,756, respectively. We receive payments for expense reimbursements from substantially all our multi-tenant commercial tenants throughout the year based on estimated. The Trust is the lessor for its residential and commercial leases. Leases are analyzed on an individual basis to determine lease classification. As of December 31, 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 as of December 31, 2023, 2022 and 2021 and therefore, basic earnings per common share was equal to diluted earnings per common share for both periods. As the calculation does not include net income attributable to the Operating Partnership, Operating Partnership Units are not included in the calculation, and does not have any impact on earnings per share. For the years ended December 31, 2023, 2022 and 2021, Sterling’s denominators for the basic diluted common |
Reclassifications | Reclassifications Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year’s presentation. These reclassifications have not changed the results of operations or equity. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying Consolidated Financial Statements. |
PRINCIPAL ACTIVITY AND SIGNIF_3
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | |
Summary of Estimated Useful Life | Buildings and improvements 40 years Furniture, fixtures and equipment 5-9 years |
Schedule of other assets | December 31, 2023 December 31, 2022 (in thousands) Due from related party $ 54 $ 50 Accounts receivable, net 6,225 5,821 Insurance claim receivable 396 3,846 Fair value of interest rate swap 11,362 13,782 Other assets 302 181 Financing fees, less accumulated amortization 46 86 Lease costs, less accumulated amortization 1,542 1,799 Prepaid expenses 1,588 1,747 Total other assets, net $ 21,515 $ 27,312 |
Schedule of accrued expenses and other liabilities | December 31, 2023 December 31, 2022 (in thousands) Special assessments payable $ 877 $ 647 Due to related party 676 1,408 Accounts payable - trade 3,385 2,340 Retainage payable — 3 Deferred insurance proceeds 95 2 Accrued interest expense 1,413 1,318 Accrued real estate taxes 9,296 7,275 Accrued unearned rent 3,344 2,936 Other liabilities 153 146 Total accrued expenses and other liabilities $ 19,239 $ 16,075 |
Schedule of Tax Status | Tax Year Ended December 31, Dividend % Dividend % Dividend % 2023 2023 2022 2022 2021 2021 Tax status Ordinary income $ 0.6226 54.14 % $ 0.6374 55.43 % $ 0.9833 92.76 % Capital gain — — % — — % 0.0767 7.24 % Return of capital 0.5274 45.86 % 0.5126 44.57 % — — % $ 1.1500 100.00 % $ 1.1500 100.00 % $ 1.0600 100.00 % |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SEGMENT REPORTING | |
Summary of Segment Revenues and Net Operating Income | Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2021 Residential Commercial Total Residential Commercial Total Residential Commercial Total (in thousands) (in thousands) (in thousands) Income from rental operations $ 123,202 $ 20,429 $ 143,631 $ 113,968 $ 21,092 $ 135,060 $ 107,284 $ 22,040 $ 129,324 Expenses from rental operations 77,750 6,299 84,049 64,647 6,491 71,138 57,454 7,315 64,769 Net operating income $ 45,452 $ 14,130 $ 59,582 $ 49,321 $ 14,601 $ 63,922 $ 49,830 $ 14,725 $ 64,555 Depreciation and amortization 25,004 24,679 22,203 Interest 21,435 19,994 18,142 Administration of REIT 5,430 5,247 4,381 Loss on impairment of property 2,603 561 — Other income (2,546) (11,091) (4,609) Net income $ 7,656 $ 24,532 $ 24,438 |
Summary of Segment Assets and Accumulated Depreciation | As of December 31, 2023 Residential Commercial Total (in thousands) Real estate investments $ 789,249 $ 181,555 $ 970,804 Accumulated depreciation (164,793) (49,791) (214,584) Total real estate investments, net $ 624,456 $ 131,764 $ 756,220 Lease intangible assets, less accumulated amortization — 2,983 2,983 Cash and cash equivalents 26,919 Restricted deposits 10,142 Investment in unconsolidated affiliates 26,601 Notes receivable 8,885 Assets held for sale 1,568 Other assets, net 21,515 Total Assets $ 854,833 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) | 12 Months Ended |
Dec. 31, 2023 | |
RESTRICTED DEPOSITS AND FUNDED RESERVES | |
Schedule of restricted deposits and funded reserves | As of December 31, As of December 31, 2023 2022 (in thousands) Tenant security deposits $ 6,945 $ 6,242 Real estate tax and insurance escrows 676 1,336 Replacement reserves 1,443 1,745 Other funded reserves 1,078 — $ 10,142 $ 9,323 |
INVESTMENT IN UNCONSOLIDATED _2
INVESTMENT IN UNCONSOLIDATED AFFILIATES (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2023 December 31, 2022 Banner Building 2007 66.67% $ (478) $ (614) Grand Forks INREIT, LLC 2003 50% 5,193 4,961 SE Savage, LLC 2019 60% 954 1,660 SE Maple Grove, LLC 2019 60% 735 1,836 SE Rogers, LLC 2020 60% 1,419 2,413 ST Oak Cliff, LLC 2021 70% 7,920 9,098 SE Brooklyn Park, LLC 2021 60% 1,748 2,914 ST Fossil Creek, LLC 2022 70% 9,110 7,155 $ 26,601 $ 29,423 |
Schedule of financial position of unconsolidated entities | The following is a summary of the financial position of the unconsolidated affiliates at December 31, 2023 and 2022. December 31, 2023 December 31, 2022 (in thousands) ASSETS Real estate investments $ 261,901 $ 218,747 Accumulated depreciation (26,191) (16,490) 235,710 202,257 Cash and cash equivalents 3,388 3,093 Restricted deposits 883 1,034 Intangible assets, less accumulated amortization 813 542 Other assets, net 780 827 Total Assets $ 241,574 $ 207,753 LIABILITIES Mortgage notes payable, net $ 191,890 $ 152,246 Tenant security deposits payable 340 192 Accrued expenses and other liabilities 7,208 8,217 Total Liabilities $ 199,438 $ 160,655 SHAREHOLDERS' EQUITY Total Shareholders' Equity $ 42,136 $ 47,098 Total liabilities and shareholders' equity $ 241,574 $ 207,753 The following is a summary of results of operations of the unconsolidated affiliates for the years ended the years ended December 31, 2023, 2022 and 2021. The year ended December 31, 2023 2022 2021 (in thousands) Income from rental operations $ 19,202 $ 9,545 $ 4,746 Expenses from rental operations 7,687 3,668 1,632 Net operating income $ 11,515 $ 5,877 $ 3,114 Depreciation and Amortization 9,784 5,678 1,248 Interest 6,180 4,148 2,275 Other Income 13 (91) - Net loss $ (4,462) $ (3,858) $ (409) |
LEASE INTANGIBLES (Tables)
LEASE INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LEASE INTANGIBLES | |
Schedule of intangible assets and liabilities and accumulated amortization | Lease Accumulated Lease As of December 31, 2023 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 13,927 $ (11,434) $ 2,493 Above-market leases 1,415 (925) 490 $ 15,342 $ (12,359) $ 2,983 Lease Intangible Liabilities Below-market leases $ (2,314) $ 1,844 $ (470) 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 of lease intangible assets and liabilities | Intangible Intangible Years ending December 31, Assets Liabilities (in thousands) 2024 $ 641 $ 147 2025 641 147 2026 490 77 2027 381 38 2028 311 19 Thereafter 519 42 $ 2,983 $ 470 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
NOTES PAYABLE | |
Schedule of Mortgage Notes Payable | Principal Balance At December 31, December 31, 2023 2022 (in thousands) Fixed rate mortgage notes payable (a) $ 520,155 $ 508,305 Variable rate mortgage notes payable - - Mortgage notes payable 520,155 508,305 Less unamortized debt issuance costs 2,036 2,138 $ 518,119 $ 506,167 (a) Includes $103,246 and $106,033 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2023 and 2022, respectively. |
Scheduled Maturities of Mortgage Notes Payable | Years ending December 31, Amount (in thousands) 2024 $ 22,304 2025 53,288 2026 69,259 2027 79,821 2028 41,680 Thereafter 253,803 Total payments $ 520,155 |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
DERIVATIVES AND HEDGING ACTIVITIES | |
Schedule of interest rate swaps | The following table summarizes the Trust’s interest rate swaps designated as cash flow hedges as of December 31, 2023: Fixed Effective Date Notional Interest Rate Maturity Date November 1, 2019 $ 6,365 3.15% November 1, 2029 November 1, 2019 $ 4,427 3.28% November 1, 2029 January 10, 2020 $ 2,888 3.39% January 10, 2030 December 2, 2020 $ 12,001 2.91% December 2, 2027 July 1, 2021 $ 25,006 2.99% July 1, 2031 November 10, 2021 $ 27,471 3.54% August 1, 2029 December 1, 2021 $ 10,516 3.32% December 1, 2031 August 15, 2022 $ 1,444 3.07% June 15, 2030 August 15, 2022 $ 2,798 3.07% June 15, 2030 August 15, 2022 $ 1,563 2.94% June 15, 2030 August 15, 2022 $ 4,135 2.94% June 15, 2030 May 10, 2023 $ 4,632 2.79% June 10, 2030 The following table summarizes the Company’s interest rate swaps that were designated as cash flow hedges of interest rate risk: Number of Instruments Notional Interest Rate Derivatives December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Interest rate swaps 12 12 $ 103,246 $ 106,033 |
Schedule of the estimated fair value of derivatives | Derivatives designated as December 31, 2023 December 31, 2022 cash flow hedges: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other assets, net $ 11,362 Other assets, net $ 13,782 |
Schedule of the effect of the derivatives | Location of Gain 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 $ 2,420 Interest expense $ (3,743) 2022 2022 Interest rate swaps $ (14,732) Interest expense $ 94 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FAIR VALUE MEASUREMENT | |
Carrying Value and Estimated Fair Value of Company's Financial Instruments | December 31, 2023 December 31, 2022 Carrying Carrying Value Fair Value Value Fair Value (in thousands) Financial assets: Investments $ - $ - $ 29,371 $ 29,371 Notes receivable $ 8,885 $ 10,025 $ 8,448 $ 9,789 Derivative assets $ 11,362 $ 11,362 $ 13,782 $ 13,782 Financial liabilities: Mortgage notes payable $ 520,155 $ 477,344 $ 508,305 $ 466,245 |
Schedule of Fair Value of Liabilities on Recurring Basis | Level 1 Level 2 Level 3 Total (in thousands) December 31, 2023 Derivative assets $ — $ 11,362 $ — $ 11,362 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) December 31, 2023 Mortgage notes payable $ — $ — $ 477,344 $ 477,344 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 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTY TRANSACTIONS | |
Schedule of fees incurred and payable to Advisor | Year Ended December 31, 2023 2022 2021 (in thousands) Fee: Advisory $ 3,807 $ 3,683 $ 3,348 Acquisition $ - $ 1,321 $ 375 Disposition $ 204 $ 703 $ 146 Financing $ 121 $ 83 $ 224 Project Management $ 682 $ 450 $ 572 The below table summarizes the fees payable to our Advisor. Payable at December 31, December 31, 2023 2022 (in thousands) Fee: Advisory $ 316 $ 632 Acquisition $ - $ 387 Disposition $ - $ 72 Project Management $ - $ 12 |
RENTALS UNDER OPERATING LEASE_2
RENTALS UNDER OPERATING LEASES / RENTAL INCOME (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RENTALS UNDER OPERATING LEASES / RENTAL INCOME | |
Schedule of lease Income related to the Company's operating leases | Year ended December 31, 2023 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 118,323 $ 15,672 $ 133,995 Lease income related to variable lease payments — 4,430 4,430 Other (a) (1,113) 166 (947) Lease Income (b) $ 117,210 $ 20,268 $ 137,478 (a) For the year ended December 31, 2023, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements. (b) Excludes other rental income for the year ended December 31, 2023, of $6,153 , which is accounted for under the revenue recognition standard. Year ended December 31, 2022 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 109,769 $ 16,091 $ 125,860 Lease income related to variable lease payments — 4,510 4,510 Other (a) (804) 332 (472) Lease Income (b) $ 108,965 $ 20,933 $ 129,898 (c) For the year ended December 31, 2022, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements. (d) Excludes other rental income for the year ended December 31, 2022, of $5,162 , which is accounted for under the revenue recognition standard. |
Schedule of future minimum rental income | Years ending December 31, Amount (in thousands) 2024 $ 15,444 2025 15,251 2026 14,918 2027 13,529 2028 12,062 Thereafter 43,403 $ 114,607 |
DISPOSITIONS (Tables)
DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
DISPOSITIONS | |
Schedule of net book value of assets held for sale | December 31, December 31, 2023 2022 (in thousands) ASSETS Real estate investments Land and land improvements $ 845 $ — Building and improvements 828 — Real estate investments 1,673 — Less accumulated depreciation (110) — Real estate investments, net 1,563 — Other assets, net 5 — Total Assets $ 1,568 $ — LIABILITIES Accrued expenses and other liabilities $ 2 $ — Total Liabilities $ 2 $ — |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
ACQUISITIONS | |
Schedule of acquisition date fair values, before prorations recorded in conjunction with acquisitions | Year Ended December 31, 2023 2022 Real estate investment acquired $ - $ 93,515 Acquired lease intangible assets - 1,732 Assumed Assets - 3 Total Assets Acquired $ - $ 95,250 Other liabilities - (406) Net assets acquired - 94,844 Equity/limited partnership unit consideration - (12,870) Net cash consideration $ - $ 81,974 |
Real Estate Property Acquisitions 2022 | |
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 12/1/22 Chandler 1898 Grand Forks, ND Apartment Complex 12 units 498 12/29/22 Prose Fossil Creek Fort Worth, TX Apartment Complex 270 units 55,591 $ 94,844 |
Real Estate Property Acquisitions 2021 | |
ACQUISITIONS | |
Schedule of acquisitions | Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price 6/1/21 Flagstone Fargo, ND Apartment complex 120 units $ 7,723 6/1/21 Brownstone Fargo, ND Apartment complex 72 units 4,362 6/1/21 Briar Pointe Fargo, ND Apartment complex 30 units 1,929 7/1/21 Oxford Fargo, ND Apartment complex 144 units 10,066 7/1/21 Pinehurst Fargo, ND Apartment complex 210 units 14,718 $ 38,798 |
ORGANIZATION - Additional Infor
ORGANIZATION - Additional Information (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
ORGANIZATION | ||
Ownership in operating partnership (as a percent) | 37.72% | 36.60% |
PRINCIPAL ACTIVITY AND SIGNIF_4
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | ||
Ownership in operating partnership (as a percent) | 37.72% | 36.60% |
PRINCIPAL ACTIVITY AND SIGNIF_5
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES - Real Estate Investments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) | |
Real Estate Investments | |||
Loss on impairment of property | $ 2,603 | $ 561 | $ 0 |
Impairment losses related to the unconsolidated affiliates | $ 0 | $ 0 | $ 0 |
Assets Held for Sale | |||
Real Estate Investments | |||
Number of dispositions | property | 1 | 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 - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | ||
Due from related party | $ 54 | $ 50 |
Accounts receivable, net | 6,225 | 5,821 |
Insurance claim receivable | 396 | 3,846 |
Fair value of interest rate swap | 11,362 | 13,782 |
Other assets | 302 | 181 |
Financing fees, less accumulated amortization | 46 | 86 |
Lease costs, less accumulated amortization | 1,542 | 1,799 |
Prepaid expenses | 1,588 | 1,747 |
Total other assets, net | $ 21,515 | $ 27,312 |
PRINCIPAL ACTIVITY AND SIGNIF_7
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES - Note receivable (Details) | Dec. 31, 2023 item |
Note Receivable For A Commercial Tenant | |
Note Receivable | |
Interest rate (as a percent) | 6.50% |
Number of note receivable | 1 |
Notes Receivable In Relation To Investments In Unconsolidated Affiliates | |
Note Receivable | |
Number of note receivable | 4 |
PRINCIPAL ACTIVITY AND SIGNIF_8
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES - Accrued Expenses and Other liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | ||
Special assessments payable | $ 877 | $ 647 |
Due to related party | 676 | 1,408 |
Accounts payable - trade | 3,385 | 2,340 |
Retainage payable | 3 | |
Deferred insurance proceeds | 95 | 2 |
Accrued interest expense | 1,413 | 1,318 |
Accrued real estate taxes | 9,296 | 7,275 |
Accrued unearned rent | 3,344 | 2,936 |
Other liabilities | 153 | 146 |
Total accrued expenses and other liabilities | $ 19,239 | $ 16,075 |
PRINCIPAL ACTIVITY AND SIGNIF_9
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES - Federal Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | |||
Taxable income to be distributed | 90% | ||
Retainable taxable income | 10% | ||
Tax characterization of dividends paid | |||
Ordinary income | $ 0.6226 | $ 0.6374 | $ 0.9833 |
Capital Gain | 0.0767 | ||
Return of capital | 0.5274 | 0.5126 | |
Total | $ 1.1500 | $ 1.1500 | $ 1.0600 |
Ordinary income (as a percent) | 54.14% | 55.43% | 92.76% |
Capital Gain (as a percent) | 7.24% | ||
Return of capital (as a percent) | 45.86% | 44.57% | |
Total (as a percent) | 100% | 100% | 100% |
Provisions or liabilities for income taxes | $ 0 |
PRINCIPAL ACTIVITY AND SIGNI_10
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue Recognition | ||
(Decrease)/Increase in revenue due to straight - line adjustment | $ 291 | $ 302 |
Straight - line receivable | $ 3,686 | $ 3,756 |
PRINCIPAL ACTIVITY AND SIGNI_11
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Common Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per Common Share | |||
Dilutive potential common shares | 0 | 0 | 0 |
Weighted average common shares outstanding, basic | 11,104,000 | 10,632,000 | 10,160,000 |
Weighted average common shares outstanding, diluted | 11,104,000 | 10,632,000 | 10,160,000 |
SEGMENT REPORTING - Additional
SEGMENT REPORTING - Additional Information (Details) | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEGMENT REPORTING | |||
Income from rental operations | $ 143,631 | $ 135,060 | $ 129,324 |
Expenses from rental operations | 84,049 | 71,138 | 64,769 |
Net operating income | 59,582 | 63,922 | 64,555 |
Depreciation and amortization | 25,004 | 24,679 | 22,203 |
Interest | 21,435 | 19,994 | 18,142 |
Administration of REIT | 5,430 | 5,247 | 4,381 |
Loss on impairment of property | 2,603 | 561 | 0 |
Other income | (2,546) | (11,091) | (4,609) |
Net income | 7,656 | 24,532 | 24,438 |
Residential | |||
SEGMENT REPORTING | |||
Income from rental operations | 123,202 | 113,968 | 107,284 |
Expenses from rental operations | 77,750 | 64,647 | 57,454 |
Net operating income | 45,452 | 49,321 | 49,830 |
Commercial | |||
SEGMENT REPORTING | |||
Income from rental operations | 20,429 | 21,092 | 22,040 |
Expenses from rental operations | 6,299 | 6,491 | 7,315 |
Net operating income | $ 14,130 | $ 14,601 | $ 14,725 |
SEGMENT REPORTING - Summary o_2
SEGMENT REPORTING - Summary of Segment Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
SEGMENT REPORTING | ||||
Real estate investments | $ 970,804 | $ 971,148 | $ 896,702 | $ 845,288 |
Accumulated depreciation | (214,584) | (194,849) | (179,155) | $ (160,575) |
Total real estate investments, net | 756,220 | 776,299 | ||
Lease intangible assets, less accumulated amortization | 2,983 | 5,290 | ||
Cash and cash equivalents | 26,919 | 3,257 | 51,507 | |
Restricted deposits | 10,142 | 9,323 | $ 9,149 | |
Investment in securities | 29,371 | |||
Investment in unconsolidated affiliates | 26,601 | 29,423 | ||
Notes receivable | 8,885 | 8,448 | ||
Assets held for sale | 1,568 | |||
Other assets, net | 21,515 | 27,312 | ||
Total Assets | 854,833 | 888,723 | ||
Unconsolidated affiliates | ||||
SEGMENT REPORTING | ||||
Real estate investments | 261,901 | 218,747 | ||
Accumulated depreciation | (26,191) | (16,490) | ||
Total real estate investments, net | 235,710 | 202,257 | ||
Lease intangible assets, less accumulated amortization | 813 | 542 | ||
Cash and cash equivalents | 3,388 | 3,093 | ||
Restricted deposits | 883 | 1,034 | ||
Other assets, net | 780 | 827 | ||
Total Assets | 241,574 | 207,753 | ||
Residential | ||||
SEGMENT REPORTING | ||||
Real estate investments | 789,249 | 779,424 | ||
Accumulated depreciation | (164,793) | (147,115) | ||
Total real estate investments, net | 624,456 | 632,309 | ||
Lease intangible assets, less accumulated amortization | 839 | |||
Commercial | ||||
SEGMENT REPORTING | ||||
Real estate investments | 181,555 | 191,724 | ||
Accumulated depreciation | (49,791) | (47,734) | ||
Total real estate investments, net | 131,764 | 143,990 | ||
Lease intangible assets, less accumulated amortization | $ 2,983 | $ 4,451 |
RESTRICTED DEPOSITS AND FUNDE_3
RESTRICTED DEPOSITS AND FUNDED RESERVES - Summary of Restricted Deposits and Funded Reserves (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
RESTRICTED DEPOSITS AND FUNDED RESERVES | |||
Tenant security deposits | $ 6,945 | $ 6,242 | |
Real estate tax and insurance escrows | 676 | 1,336 | |
Replacement reserves | 1,443 | 1,745 | |
Other funded reserves | 1,078 | ||
Restricted deposits, Total | $ 10,142 | $ 9,323 | $ 9,149 |
INVESTMENT IN UNCONSOLIDATED _3
INVESTMENT IN UNCONSOLIDATED AFFILIATES - Total investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investment in Unconsolidated Affiliates | ||
Investment in unconsolidated affiliates | $ 26,601 | $ 29,423 |
Operating Partnership | Banner Building | ||
Investment in Unconsolidated Affiliates | ||
Ownership interest (as a percent) | 66.67% | |
Investment in unconsolidated affiliates | $ (478) | (614) |
Operating Partnership | Grand Forks Market Place Retail Center | ||
Investment in Unconsolidated Affiliates | ||
Ownership interest (as a percent) | 50% | |
Investment in unconsolidated affiliates | $ 5,193 | 4,961 |
Operating Partnership | SE Savage, LLC | ||
Investment in Unconsolidated Affiliates | ||
Ownership interest (as a percent) | 60% | |
Investment in unconsolidated affiliates | $ 954 | 1,660 |
Operating Partnership | SE Maple Grove, LLC | ||
Investment in Unconsolidated Affiliates | ||
Ownership interest (as a percent) | 60% | |
Investment in unconsolidated affiliates | $ 735 | 1,836 |
Operating Partnership | SE Rogers, LLC | ||
Investment in Unconsolidated Affiliates | ||
Ownership interest (as a percent) | 60% | |
Investment in unconsolidated affiliates | $ 1,419 | 2,413 |
Operating Partnership | ST Oak Cliff, LLC | ||
Investment in Unconsolidated Affiliates | ||
Ownership interest (as a percent) | 70% | |
Investment in unconsolidated affiliates | $ 7,920 | 9,098 |
Operating Partnership | SE Brooklyn Park, LLC | ||
Investment in Unconsolidated Affiliates | ||
Ownership interest (as a percent) | 60% | |
Investment in unconsolidated affiliates | $ 1,748 | 2,914 |
Operating Partnership | SE Fossil Creek, LLC | ||
Investment in Unconsolidated Affiliates | ||
Ownership interest (as a percent) | 70% | |
Investment in unconsolidated affiliates | $ 9,110 | $ 7,155 |
INVESTMENT IN UNCONSOLIDATED _4
INVESTMENT IN UNCONSOLIDATED AFFILIATES - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Banner Building | First Mortgage | ||
Investment in Unconsolidated Affiliates | ||
Mortgage balance | $ 6,724 | $ 6,951 |
Grand Forks Market Place Retail Center | First Mortgage | ||
Investment in Unconsolidated Affiliates | ||
Mortgage balance | 8,948 | 9,520 |
SE Savage, LLC | First Mortgage | ||
Investment in Unconsolidated Affiliates | ||
Mortgage balance | 30,305 | 30,726 |
SE Savage, LLC | Promissory Note | ||
Investment in Unconsolidated Affiliates | ||
Face amount of debt | 468 | 1,397 |
SE Maple Grove, LLC | First Mortgage | ||
Investment in Unconsolidated Affiliates | ||
Mortgage balance | 24,633 | 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 | 30,576 | 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 | 2,117 | 2,938 |
ST Oak Cliff, LLC | ||
Investment in Unconsolidated Affiliates | ||
Assets of unconsolidated investee | 48,738 | 40,404 |
Mortgage balance | 36,246 | 23,409 |
SE Brooklyn Park, LLC | ||
Investment in Unconsolidated Affiliates | ||
Assets of unconsolidated investee | 30,325 | 30,490 |
SE Brooklyn Park, LLC | First Mortgage | ||
Investment in Unconsolidated Affiliates | ||
Mortgage balance | 24,592 | 24,448 |
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 | 43,517 | 11,083 |
Mortgage balance | $ 26,657 | $ 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% | |
Cash contribution | $ 9,300 | |
Operating Partnership | SE Brooklyn Park, LLC | ||
Investment in Unconsolidated Affiliates | ||
Ownership interest (as a percent) | 60% | |
Operating Partnership | SE Fossil Creek, LLC | ||
Investment in Unconsolidated Affiliates | ||
Ownership interest (as a percent) | 70% | |
Cash contribution | $ 9,275 |
INVESTMENT IN UNCONSOLIDATED _5
INVESTMENT IN UNCONSOLIDATED AFFILIATES - Summary of financial position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||||
Real estate investments | $ 970,804 | $ 971,148 | $ 896,702 | $ 845,288 |
Accumulated depreciation | (214,584) | (194,849) | (179,155) | (160,575) |
Total real estate investments, net | 756,220 | 776,299 | ||
Cash and cash equivalents | 26,919 | 3,257 | 51,507 | |
Restricted deposits | 10,142 | 9,323 | 9,149 | |
Intangible assets, less accumulated amortization | 2,983 | 5,290 | ||
Other assets, net | 21,515 | 27,312 | ||
Total Assets | 854,833 | 888,723 | ||
LIABILITIES | ||||
Tenant security deposits payable | 7,104 | 6,368 | ||
Accrued expenses and other liabilities | 19,239 | 16,075 | ||
Total Liabilities | 553,513 | 565,257 | ||
SHAREHOLDERS' EQUITY | ||||
Total Shareholders' Equity | 301,320 | 323,466 | $ 295,517 | $ 291,528 |
Total liabilities and shareholders' equity | 854,833 | 888,723 | ||
Unconsolidated affiliates | ||||
ASSETS | ||||
Real estate investments | 261,901 | 218,747 | ||
Accumulated depreciation | (26,191) | (16,490) | ||
Total real estate investments, net | 235,710 | 202,257 | ||
Cash and cash equivalents | 3,388 | 3,093 | ||
Restricted deposits | 883 | 1,034 | ||
Intangible assets, less accumulated amortization | 813 | 542 | ||
Other assets, net | 780 | 827 | ||
Total Assets | 241,574 | 207,753 | ||
LIABILITIES | ||||
Mortgage notes payable, net | 191,890 | 152,246 | ||
Tenant security deposits payable | 340 | 192 | ||
Accrued expenses and other liabilities | 7,208 | 8,217 | ||
Total Liabilities | 199,438 | 160,655 | ||
SHAREHOLDERS' EQUITY | ||||
Total Shareholders' Equity | 42,136 | 47,098 | ||
Total liabilities and shareholders' equity | $ 241,574 | $ 207,753 |
INVESTMENT IN UNCONSOLIDATED _6
INVESTMENT IN UNCONSOLIDATED AFFILIATES - Summary of results of operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investment in Unconsolidated Affiliates | |||
Income from rental operations | $ 143,631 | $ 135,060 | $ 129,324 |
Expenses from rental operations | 130,488 | 115,811 | 105,114 |
Income from operations | 5,110 | 13,441 | 19,829 |
Depreciation and Amortization | 25,004 | 24,679 | 22,203 |
Interest | 21,435 | 19,994 | 18,142 |
Other income | 2,214 | 1,293 | 1,935 |
Net income | 7,656 | 24,532 | 24,438 |
Unconsolidated affiliates | |||
Investment in Unconsolidated Affiliates | |||
Income from rental operations | 19,202 | 9,545 | 4,746 |
Expenses from rental operations | 7,687 | 3,668 | 1,632 |
Income from operations | 11,515 | 5,877 | 3,114 |
Depreciation and Amortization | 9,784 | 5,678 | 1,248 |
Interest | 6,180 | 4,148 | 2,275 |
Other income | (91) | ||
Other expense | 13 | ||
Net income | $ (4,462) | $ (3,858) | $ (409) |
LEASE INTANGIBLES - Schedule of
LEASE INTANGIBLES - Schedule of Intangible Assets and Liabilities and Accumulated Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease Intangible Assets | |||
Lease Intangibles | $ 15,342 | $ 17,425 | |
Accumulated Amortization | (12,359) | (12,135) | |
Total | 2,983 | 5,290 | |
Lease Intangible Liabilities | |||
Below-market lease | (2,314) | (2,379) | |
Below-market lease, accumulated amortization | 1,844 | 1,733 | |
Below-market lease, net | (470) | (646) | |
Amortization expense | 1,747 | 2,518 | $ 1,285 |
In-place leases | |||
Lease Intangible Assets | |||
Lease Intangibles | 13,927 | 15,528 | |
Accumulated Amortization | (11,434) | (10,960) | |
Total | 2,493 | 4,568 | |
Above-market leases | |||
Lease Intangible Assets | |||
Lease Intangibles | 1,415 | 1,897 | |
Accumulated Amortization | (925) | (1,175) | |
Total | 490 | 722 | |
Lease Intangible Liabilities | |||
Amortization expense | $ 100 | $ 145 | $ 154 |
LEASE INTANGIBLES - Schedule _2
LEASE INTANGIBLES - Schedule of Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets | |||
2024 | $ 641 | ||
2025 | 641 | ||
2026 | 490 | ||
2027 | 381 | ||
2028 | 311 | ||
Thereafter | 519 | ||
Total | 2,983 | $ 5,290 | |
Intangible Liabilities | |||
2024 | 147 | ||
2025 | 147 | ||
2026 | 77 | ||
2027 | 38 | ||
2028 | 19 | ||
Thereafter | 42 | ||
Total | $ 470 | 646 | |
Amortization period | 2 years 7 months 6 days | ||
Amortization of Below Market Lease | $ 148 | $ 164 | $ 183 |
LINES OF CREDIT - Additional In
LINES OF CREDIT - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) | |
Lines of Credit | ||
Line of credit outstanding | $ 1,008 | |
Number of properties out of compliance with debt covenant | property | 0 | |
Bremer Bank | ||
Lines of Credit | ||
Unused line of credit | $ 9,915 | |
Line of credit outstanding | $ 1,008 | |
Bremer Bank Agreement One | ||
Lines of Credit | ||
Agreed line of credit | $ 4,915 | |
Expiration date | Dec. 01, 2026 | |
Bremer Bank Agreement One | SOFR | ||
Lines of Credit | ||
Variable interest rate of line of credit | 2% | |
Bremer Bank Agreement Two | ||
Lines of Credit | ||
Agreed line of credit | $ 5,000 | |
Expiration date | Dec. 01, 2026 | |
Bremer Bank Agreement Two | SOFR | ||
Lines of Credit | ||
Variable interest rate of line of credit | 2% |
NOTES PAYABLE - Summary (Detail
NOTES PAYABLE - Summary (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) item loan | Dec. 31, 2022 USD ($) loan item | |
MORTGAGE NOTES PAYABLE | ||
Long-term debt, gross | $ 520,155 | |
Mortgage Notes Payable | ||
MORTGAGE NOTES PAYABLE | ||
Long-term debt, gross | 520,155 | $ 508,305 |
Less unamortized debt issuance costs | 2,036 | 2,138 |
Long-term debt, net | $ 518,119 | $ 506,167 |
Number of mortgage loans out of compliance | loan | 10 | 8 |
Outstanding balance of loans out of compliance, in aggregate | $ 17,687 | $ 9,915 |
Notes Payable to Banks | ||
MORTGAGE NOTES PAYABLE | ||
Long-term debt, net | 26,500 | |
Fixed rate mortgage notes payable | Mortgage Notes Payable | ||
MORTGAGE NOTES PAYABLE | ||
Long-term debt, gross | 520,155 | 508,305 |
Debt swapped from variable to fixed rate | $ 103,246 | $ 106,033 |
Number of mortgage loans | item | 111 | 115 |
Fixed rate mortgage notes payable | Mortgage Notes Payable | Minimum | ||
MORTGAGE NOTES PAYABLE | ||
Effective interest rate (as a percent) | 2.43% | 2.43% |
Fixed rate mortgage notes payable | Mortgage Notes Payable | Maximum | ||
MORTGAGE NOTES PAYABLE | ||
Effective interest rate (as a percent) | 6.85% | 6.85% |
Fixed rate mortgage notes payable | Mortgage Notes Payable | Weighted Average | ||
MORTGAGE NOTES PAYABLE | ||
Effective interest rate (as a percent) | 3.93% | 3.79% |
Variable rate mortgage notes payable | Mortgage Notes Payable | ||
MORTGAGE NOTES PAYABLE | ||
Number of mortgage loans | item | 1 |
NOTES PAYABLE - Scheduled Matur
NOTES PAYABLE - Scheduled Maturities of Mortgage Notes Payable (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
NOTES PAYABLE | |
2024 | $ 22,304 |
2025 | 53,288 |
2026 | 69,259 |
2027 | 79,821 |
2028 | 41,680 |
Thereafter | 253,803 |
Total payments | $ 520,155 |
DERIVATIVES AND HEDGING ACTIV_3
DERIVATIVES AND HEDGING ACTIVITIES - Other (Details) - Interest rate swap $ in Thousands | Dec. 31, 2023 USD ($) instrument | Dec. 31, 2022 instrument |
Derivatives and Hedging Activities | ||
Estimated amount to be reclassified over the next 12 months, as a decrease to interest expense | $ | $ 4,128 | |
Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivatives and Hedging Activities | ||
Number of instruments | instrument | 12 | 12 |
DERIVATIVES AND HEDGING ACTIV_4
DERIVATIVES AND HEDGING ACTIVITIES - Summary (Details) - Designated as Hedging Instrument - Cash Flow Hedging $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) instrument | Dec. 31, 2022 USD ($) instrument | |
Interest rate swap | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 103,246 | $ 106,033 |
Number of instruments | instrument | 12 | 12 |
Interest Rate Swap, one, November 2029 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 6,365 | |
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 | $ 4,427 | |
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 | $ 2,888 | |
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 | $ 12,001 | |
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 | $ 25,006 | |
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 | $ 27,471 | |
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 | $ 10,516 | |
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 | $ 1,444 | |
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 | $ 2,798 | |
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 | $ 1,563 | |
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 | $ 4,135 | |
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 | $ 4,632 | |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Other assets, net | ||
Derivatives and Hedging Activities | ||
Fair value, derivative assets | $ 11,362 | $ 13,782 |
DERIVATIVES AND HEDGING ACTIV_6
DERIVATIVES AND HEDGING ACTIVITIES - Gain-Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivatives and Hedging Activities | |||
Amount of Gain Recognized in Other Comprehensive Income on Derivatives | $ 2,420 | $ (14,732) | $ (855) |
Interest rate swap | |||
Derivatives and Hedging Activities | |||
Amount of Gain Recognized in Other Comprehensive Income on Derivatives | 2,420 | (14,732) | |
Interest expense | |||
Derivatives and Hedging Activities | |||
Amount of (Gain)/Loss Reclassified from AOCI into Income | $ (3,743) | $ 94 |
DERIVATIVES AND HEDGING ACTIV_7
DERIVATIVES AND HEDGING ACTIVITIES - Credit-Risk Related Contingent Features (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Credit-risk-related Contingent Features | |
Termination value of interest rate derivatives in liability position | $ 0 |
Termination value of interest rate derivatives in asset position | $ 11,362 |
FAIR VALUE MEASUREMENT - Carryi
FAIR VALUE MEASUREMENT - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 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: | ||
Investments | $ 29,371 | |
Notes receivable | $ 8,885 | 8,448 |
Derivative assets | 11,362 | 13,782 |
Financial liabilities: | ||
Mortgage notes payable | 520,155 | 508,305 |
Fair Value | ||
Financial assets: | ||
Investments | 29,371 | |
Notes receivable | 10,025 | 9,789 |
Derivative assets | 11,362 | 13,782 |
Financial liabilities: | ||
Mortgage notes payable | $ 477,344 | $ 466,245 |
FAIR VALUE MEASUREMENT - Schedu
FAIR VALUE MEASUREMENT - Schedule of Fair Value of Assets on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Measurements | ||
Derivative assets | $ 11,362 | $ 13,782 |
Level 2 | ||
Fair Value Measurements | ||
Derivative assets | $ 11,362 | $ 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Measurements | ||
U.S. Treasury Bills | $ 29,371 | |
Mortgage notes payable | $ 477,344 | 466,245 |
Notes receivable | 10,025 | 9,789 |
Level 1 | ||
Fair Value Measurements | ||
U.S. Treasury Bills | 29,371 | |
Level 3 | ||
Fair Value Measurements | ||
Mortgage notes payable | 477,344 | 466,245 |
Notes receivable | $ 10,025 | $ 9,789 |
FAIR VALUE MEASUREMENT - Additi
FAIR VALUE MEASUREMENT - Additional Information (Details) - Measurement Input, Discount Rate | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures | ||
Discount rates used to estimate fair value of mortgages and notes payable | 0.0725 | 0.0725 |
Minimum | ||
Fair Value Disclosures | ||
Discount rates used to estimate fair value of mortgages and notes payable | 0.0585 | 0.0575 |
Maximum | ||
Fair Value Disclosures | ||
Discount rates used to estimate fair value of mortgages and notes payable | 0.0600 | 0.0600 |
NONCONTROLLING INTEREST OF UN_2
NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Noncontrolling Interest | |||||
Distributions per unit | $ 1.1500 | $ 1.1500 | $ 1.06 | ||
Limited Partnership [Member] | |||||
Noncontrolling Interest | |||||
Total units | 18,584,000 | 18,730,000 | 18,584,000 | 18,730,000 | |
Units converted by limited partners into common shares | 0 | ||||
Operating Partnership | |||||
Noncontrolling Interest | |||||
Declared distributions | $ 5,342 | $ 5,385 |
REDEMPTION PLANS - Additional I
REDEMPTION PLANS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Jan. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Redemption plans | |||||
Redemption of shares, value | $ 4,994 | $ 2,077 | $ 5,566 | ||
Redemption Plans [Member] | |||||
Redemption plans | |||||
Amount of securities redemption | 55,000 | ||||
Remaining securities to be redeemed | $ 9,689 | ||||
Redemption price of securities | $ 21.85 | $ 19 | $ 18.25 | ||
Redemption of shares | 83,000 | 53,000 | 82,000 | ||
Redemption of shares, value | $ 1,813 | $ 1,155 | $ 1,552 | ||
Additional redemption of units | 144,000 | 42,000 | 211,000 | ||
Additional redemption of units, value | $ 3,181 | $ 922 | $ 4,014 |
BENEFICIAL INTEREST - Additiona
BENEFICIAL INTEREST - Additional Information (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Beneficial Interest | |||
Common shares, outstanding | 11,257,000 | 10,810,000 | |
Preferred shares, outstanding | 0 | 0 | |
Dividends paid | $ 1.1500 | $ 1.1500 | $ 1.0600 |
Total Beneficial Interest | |||
Beneficial Interest | |||
Common shares, authorized | 100,000,000 | ||
Common shares, par value | $ 0.01 | ||
Preferred shares, authorized | 50,000,000 | ||
Preferred shares, par value | $ 0.01 |
DIVIDEND REINVESTMENT PLAN - Ad
DIVIDEND REINVESTMENT PLAN - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 03, 2020 | Jul. 11, 2017 | Jul. 20, 2012 | |
DIVIDEND REINVESTMENT PLAN | ||||||
Common shares to be issued | 2,000,000 | 2,000,000 | 2,000,000 | |||
Minimum percentage of cash dividends | 25% | |||||
Maximum additional cash purchase of common shares per fiscal quarter | $ 10 | |||||
Percentage estimated value for dividend reinvestments | 95% | |||||
Percentage estimated value for additional optional cash purchases | 100% | |||||
Maximum amount of optional additional shares available for purchase | $ 40 | |||||
Estimated value per common share | $ 23 | $ 23 | ||||
Purchase price per common share for dividend reinvestments | 21.85 | 21.85 | ||||
Purchase price per common share additional optional cash purchases | $ 23 | $ 23 | ||||
Notice period to participants | 10 days | |||||
Shares issued pursuant to dividend reinvestments | 353,000 | 342,000 | 363,000 | |||
Shares issued pursuant to additional optional cash purchases under the plan | 173,000 | 177,000 | 203,000 |
RELATED PARTY TRANSACTIONS - Pr
RELATED PARTY TRANSACTIONS - Property Management and Board of Trustee Fees (Details) - GOLDMARK Property Management - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions | |||
Management fee, amount paid | $ 15,069 | $ 13,833 | $ 12,836 |
Management fees paid expressed as a percentage of net collected rents | 5% | ||
Management fees as percent of net collected rents | $ 5,755 | 5,499 | 5,271 |
Repair and maintenance related payroll and payroll related expenses | $ 9,936 | $ 7,744 | $ 6,536 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Advisory Agreement and Other (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) employee shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | May 16, 2022 | |
Related Party Transactions | ||||
Number of paid employees | employee | 0 | |||
Received reimbursement for expenses paid | $ 0 | $ 0 | ||
Operation receivables outstanding | 54,000 | 50,000 | ||
Rental income | 133,995,000 | 125,860,000 | ||
Costs and expenditures incurred due to construction in progress | 670,000 | 207,000 | $ 276,000 | |
Operational liabilities outstanding | 0 | 0 | ||
Notes payable | 26,500,000 | |||
Accrued interest | 1,413,000 | 1,318,000 | ||
Insurance receivable | 396,000 | 3,846,000 | ||
Tenant improvement costs associated with lease agreement | 0 | 0 | 2,782,000 | |
Mezzanine Financing | ||||
Related Party Transactions | ||||
Interest income | 671,000 | 350,000 | ||
Loan to related party | 8,766,000 | 5,854,000 | ||
Sterling Management, LLC | ||||
Related Party Transactions | ||||
Advisory management fees | 3,807,000 | 3,683,000 | 3,348,000 | |
Advisory management fees outstanding | 316,000 | 632,000 | ||
Acquisition fees | 1,321,000 | 375,000 | ||
Acquisition fees outstanding | 387,000 | |||
Disposition fees | 204,000 | 703,000 | 146,000 | |
Disposition fees outstanding | 72,000 | |||
Financing fees | 121,000 | 83,000 | 224,000 | |
Project management fee | 682,000 | 450,000 | 572,000 | |
Project management fee outstanding | 12,000 | |||
Rental income | 133,000 | 130,000 | 106,000 | |
GOLDMARK Property Management | ||||
Related Party Transactions | ||||
Real estate commissions | 418,000 | 217,000 | ||
Real estate commissions outstanding | 0 | 92,000 | 0 | |
Rental income | 273,000 | 267,000 | 294,000 | |
GOLDMARK Commercial Real Estate | ||||
Related Party Transactions | ||||
Real estate commissions | 567,000 | 312,000 | ||
Real estate commissions outstanding | 0 | 183,000 | 0 | |
Rental income | 0 | $ 0 | 19,000 | |
Entity Affiliated With Messrs Regan and Wieland | ||||
Related Party Transactions | ||||
Number of operating partnership (OP) units issued in connection with the acquisition of various properties | shares | 510,000 | |||
Value of operating partnership (OP) units issued in connection with the acquisition of various properties | $ 11,741,000 | |||
Trumont Group, LLC | ||||
Related Party Transactions | ||||
Development fee | 411,000 | |||
Development fees outstanding | 51,000 | |||
Trumont Construction, LLC | ||||
Related Party Transactions | ||||
Construction fees | 459,000 | 799,000 | ||
Construction fees payable | 37,000 | 81,000 | ||
General construction costs | 344,000 | 639,000 | ||
General construction costs payable | 0 | 0 | ||
Bell Bank | ||||
Related Party Transactions | ||||
Rental income | 1,005,000 | 859,000 | 404,000 | |
Outstanding on principal loans | 60,262,000 | 64,123,000 | ||
Interest expense incurred | 2,398,000 | 2,480,000 | 2,508,000 | |
Accrued interest | 128,000 | 130,000 | ||
Total premiums paid | 165,000 | 48,000 | 166,000 | |
Bell Bank | Notes Payable to Banks | ||||
Related Party Transactions | ||||
Notes payable | 26,500,000 | |||
Interest expense incurred | $ 0 | $ 0 | $ 0 | |
Affiliated Entities | ||||
Related Party Transactions | ||||
Number of operating partnership (OP) units issued in connection with the acquisition of various properties | shares | 0 | 0 | ||
ST Fossil Creek Fort Worth, LLC | ||||
Related Party Transactions | ||||
Ownership interest (as a percent) | 70% |
RENTALS UNDER OPERATING LEASE_3
RENTALS UNDER OPERATING LEASES / RENTAL INCOME- Other (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from leases | ||
(Decrease)/Increase in revenue due to straight - line adjustment | $ 291 | $ 302 |
Straight - line receivable | $ 3,686 | $ 3,756 |
Commercial Property | ||
Revenue from leases | ||
Operating lease expiration year | 2038 | |
Percentage of revenue from leases primarily under long-term lease agreements | 14.20% | |
Residential Property | ||
Revenue from leases | ||
Percentage of revenue from leases that are generally for terms of one year or less | 85.80% | |
Residential Property | Maximum | ||
Revenue from leases | ||
Term of lease | 1 year |
RENTALS UNDER OPERATING LEASE_4
RENTALS UNDER OPERATING LEASES / RENTAL INCOME- Lease Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease income: | ||
Lease income related to fixed lease payments | $ 133,995 | $ 125,860 |
Lease income related to variable lease payments | 4,430 | 4,510 |
Other (a) | (947) | (472) |
Lease Income (b) | $ 137,478 | $ 129,898 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Real Estate Revenue Net | Real Estate Revenue Net |
Rental income accounted for under revenue recognition standard: | ||
Other rental income | $ 6,153 | $ 5,162 |
Residential | ||
Lease income: | ||
Lease income related to fixed lease payments | 118,323 | 109,769 |
Other (a) | (1,113) | (804) |
Lease Income (b) | 117,210 | 108,965 |
Commercial | ||
Lease income: | ||
Lease income related to fixed lease payments | 15,672 | 16,091 |
Lease income related to variable lease payments | 4,430 | 4,510 |
Other (a) | 166 | 332 |
Lease Income (b) | $ 20,268 | $ 20,933 |
RENTALS UNDER OPERATING LEASE_5
RENTALS UNDER OPERATING LEASES / RENTAL INCOME- Future minimum rental income (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Future minimum rental income: | |
2024 | $ 15,444 |
2025 | 15,251 |
2026 | 14,918 |
2027 | 13,529 |
2028 | 12,062 |
Thereafter | 43,403 |
Total | $ 114,607 |
DISPOSITIONS (Details)
DISPOSITIONS (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
May 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Aug. 31, 2022 USD ($) | May 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Apr. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) property | |
Dispositions | |||||||||||
Gain on sale of real estate | $ 2,597 | $ 11,090 | $ 1,710 | ||||||||
Disposed of by Sale | |||||||||||
Dispositions | |||||||||||
Number of dispositions | property | 2 | 5 | 2 | ||||||||
Assets Held for Sale | |||||||||||
Dispositions | |||||||||||
Number of dispositions | property | 1 | 0 | |||||||||
Property, Savage, MN | Disposed of by Sale | |||||||||||
Dispositions | |||||||||||
Proceeds from sale of real estate investments | $ 2,700 | ||||||||||
Gain on sale of real estate | $ 1,328 | ||||||||||
Moorhead, Minnesota | Disposed of by Sale | |||||||||||
Dispositions | |||||||||||
Proceeds from sale of real estate investments | $ 6,400 | ||||||||||
Gain on sale of real estate | $ 2,012 | ||||||||||
Property, Edina Minnesota | Disposed of by Sale | |||||||||||
Dispositions | |||||||||||
Proceeds from sale of real estate investments | $ 15,320 | ||||||||||
Gain on sale of real estate | $ 6,728 | ||||||||||
Property, East Grand Forks, MN | Disposed of by Sale | |||||||||||
Dispositions | |||||||||||
Proceeds from sale of real estate investments | $ 1,200 | ||||||||||
Gain on sale of real estate | $ 171 | ||||||||||
Property, Bloomington, MN Member | Disposed of by Sale | |||||||||||
Dispositions | |||||||||||
Proceeds from sale of real estate investments | $ 2,888 | ||||||||||
Gain on sale of real estate | $ 1,193 | ||||||||||
Retail Property, Waite Park, Minnesota | Disposed of by Sale | |||||||||||
Dispositions | |||||||||||
Sale price | $ 900 | ||||||||||
Gain on sale of real estate | $ 2 | ||||||||||
Residential Property, Moorhead, Minnesota | Disposed of by Sale | |||||||||||
Dispositions | |||||||||||
Sale price | $ 4,950 | ||||||||||
Gain on sale of real estate | $ 1,708 | ||||||||||
Coon Rapids, Minnesota | Disposed of by Sale | |||||||||||
Dispositions | |||||||||||
Sale price | $ 3,448 | ||||||||||
Gain on sale of real estate | 1,531 | ||||||||||
White Bear Lake, Minnesota | Disposed of by Sale | |||||||||||
Dispositions | |||||||||||
Sale price | 4,710 | ||||||||||
Gain on sale of real estate | $ 1,066 | ||||||||||
Retail Property Apple Valley, Minnesota | Assets Held for Sale | |||||||||||
Dispositions | |||||||||||
Number of dispositions | property | 1 |
DISPOSITIONS - Asset held for s
DISPOSITIONS - Asset held for sale (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
ASSETS | |
Total Assets | $ 1,568 |
LIABILITIES | |
Total Liabilities | 2 |
Retail Property Apple Valley, Minnesota | Disposal Group Held for sale Not Discontinued Operations | |
ASSETS | |
Land and land improvements | 845 |
Building and improvements | 828 |
Real estate investments, net | 1,673 |
Less accumulated depreciation | (110) |
Real estate investments, net | 1,563 |
Other assets, net | 5 |
Total Assets | 1,568 |
LIABILITIES | |
Accrued expenses and other liabilities | 2 |
Total Liabilities | $ 2 |
ACQUISITIONS- Purchases, Prior
ACQUISITIONS- Purchases, Prior Year (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Dec. 29, 2022 USD ($) item | Dec. 01, 2022 USD ($) item | Sep. 13, 2022 USD ($) item | Jun. 10, 2022 USD ($) item | May 31, 2022 USD ($) item | Feb. 28, 2022 USD ($) item | Dec. 31, 2023 property | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | |
Acquisitions | |||||||||
Acquisition price | $ 94,844 | $ 38,798 | |||||||
Number of acquisitions | property | 0 | ||||||||
Real Estate Property Acquisitions 2022 | |||||||||
Acquisitions | |||||||||
Acquisition price | $ 12,870 | ||||||||
Aggregate number of limited partnership units issued for acquisition | shares | 560,000 | ||||||||
Price per limited partnership unit issued for acquisition, price one | $ / shares | $ 23 | ||||||||
Deer Park, Hutchinson, MN | |||||||||
Acquisitions | |||||||||
Units acquired | item | 138 | ||||||||
Acquisition price | $ 15,073 | ||||||||
Desota Estates, Grand Forks, ND | |||||||||
Acquisitions | |||||||||
Units acquired | item | 68 | ||||||||
Acquisition price | $ 5,863 | ||||||||
Desota Townhomes, Grand Forks, ND | |||||||||
Acquisitions | |||||||||
Units acquired | item | 24 | ||||||||
Acquisition price | $ 3,226 | ||||||||
Desota Apartments, East Grand Forks, MN | |||||||||
Acquisitions | |||||||||
Units acquired | item | 24 | ||||||||
Acquisition price | $ 1,230 | ||||||||
Diamond Bend, Mandan, ND | |||||||||
Acquisitions | |||||||||
Units acquired | item | 78 | ||||||||
Acquisition price | $ 10,919 | ||||||||
Newgate Apartments, Bismarck, ND | |||||||||
Acquisitions | |||||||||
Units acquired | item | 46 | ||||||||
Acquisition price | $ 2,444 | ||||||||
Chandler 1898, Grand Forks, ND | |||||||||
Acquisitions | |||||||||
Units acquired | item | 12 | ||||||||
Acquisition price | $ 498 | ||||||||
Prose Fossil Creek, Fort Worth, TX | |||||||||
Acquisitions | |||||||||
Units acquired | item | 270 | ||||||||
Acquisition price | $ 55,591 |
ACQUISITIONS- Purchases, Prio_2
ACQUISITIONS- Purchases, Prior Year Two (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jul. 01, 2021 USD ($) item | Jun. 01, 2021 USD ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) $ / shares shares | |
Acquisitions | ||||
Acquisition price | $ 94,844 | $ 38,798 | ||
Real Estate Property Acquisitions 2021 | ||||
Acquisitions | ||||
Acquisition price | $ 2,883 | |||
Aggregate number of limited partnership units issued for acquisition | shares | 144,000 | |||
Price per limited partnership unit issued for acquisition, price one | $ / shares | $ 20 | |||
Flagstone, Fargo, ND | ||||
Acquisitions | ||||
Units acquired | item | 120 | |||
Acquisition price | $ 7,723 | |||
Brownstone, Fargo, ND | ||||
Acquisitions | ||||
Units acquired | item | 72 | |||
Acquisition price | $ 4,362 | |||
Briar Pointe, Fargo, ND | ||||
Acquisitions | ||||
Units acquired | item | 30 | |||
Acquisition price | $ 1,929 | |||
Oxford Fargo, ND | ||||
Acquisitions | ||||
Units acquired | item | 144 | |||
Acquisition price | $ 10,066 | |||
Pinehurst Fargo, ND | ||||
Acquisitions | ||||
Units acquired | item | 210 | |||
Acquisition price | $ 14,718 |
ACQUISITIONS- Summary of Acquis
ACQUISITIONS- Summary of Acquisition Date Fair Values (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | |
Acquisition date fair values | ||
Real estate investment acquired | $ 776,299 | $ 756,220 |
Acquired lease intangible assets | 5,290 | 2,983 |
Total Assets | 888,723 | $ 854,833 |
Asset Acquisitions | ||
Acquisition date fair values | ||
Real estate investment acquired | 93,515 | |
Acquired lease intangible assets | 1,732 | |
Assumed assets | 3 | |
Total Assets | 95,250 | |
Other liabilities | (406) | |
Net assets acquired | 94,844 | |
Equity/limited partnership unit consideration | (12,870) | |
Net cash consideration | $ 81,974 |
SUBSEQUENT EVENTS - Additional
SUBSEQUENT EVENTS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Jan. 16, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 25, 2024 | Apr. 30, 2021 | |
Subsequent Events | ||||||
Dividend or distribution paid | $ 1.1500 | $ 1.1500 | $ 1.0600 | |||
Retail Property, Waite Park, Minnesota | Disposed of by Sale | ||||||
Subsequent Events | ||||||
Sale price | $ 900 | |||||
Subsequent Event | ||||||
Subsequent Events | ||||||
Dividend or distribution paid | $ 0.2875 | |||||
Subsequent Event | Retail Property Apple Valley, Minnesota | Disposed of by Sale | ||||||
Subsequent Events | ||||||
Sale price | $ 1,600 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation - By Property (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 520,162 |
Initial cost to company, Land | 123,214 |
Initial cost to company, Buildings | 707,168 |
Costs capitalized subsequent to acquisition, Land | 4,835 |
Costs capitalized subsequent to acquisition, Buildings | 97,093 |
Gross Amount at which carried at close of period, Land | 128,049 |
Gross Amount at which carried at close of period, Buildings | 804,261 |
Gross Amount at which carried at close of period, Total | 932,310 |
Depreciation | 186,816 |
Industrial Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | 16,661 |
Initial cost to company, Land | 4,463 |
Initial cost to company, Buildings | 16,035 |
Costs capitalized subsequent to acquisition, Land | 1,088 |
Costs capitalized subsequent to acquisition, Buildings | (94) |
Gross Amount at which carried at close of period, Land | 5,551 |
Gross Amount at which carried at close of period, Buildings | 15,941 |
Gross Amount at which carried at close of period, Total | 21,492 |
Depreciation | $ 4,365 |
Industrial Property | Guardian Building Products | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,406 |
Initial cost to company, Land | 820 |
Initial cost to company, Buildings | 2,554 |
Costs capitalized subsequent to acquisition, Land | 60 |
Costs capitalized subsequent to acquisition, Buildings | (94) |
Gross Amount at which carried at close of period, Land | 880 |
Gross Amount at which carried at close of period, Buildings | 2,460 |
Gross Amount at which carried at close of period, Total | 3,340 |
Depreciation | $ 703 |
Date of Construction or Acquisition | Aug. 29, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Bismarck, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 2,005 |
Initial cost to company, Land | 950 |
Initial cost to company, Buildings | 1,395 |
Costs capitalized subsequent to acquisition, Land | 32 |
Gross Amount at which carried at close of period, Land | 982 |
Gross Amount at which carried at close of period, Buildings | 1,395 |
Gross Amount at which carried at close of period, Total | 2,377 |
Depreciation | $ 314 |
Date of Construction or Acquisition | Jan. 28, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Dickinson, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Dickinson, ND |
Encumbrances | $ 1,761 |
Initial cost to company, Land | 354 |
Initial cost to company, Buildings | 1,096 |
Costs capitalized subsequent to acquisition, Land | 400 |
Gross Amount at which carried at close of period, Land | 754 |
Gross Amount at which carried at close of period, Buildings | 1,096 |
Gross Amount at which carried at close of period, Total | 1,850 |
Depreciation | $ 324 |
Date of Construction or Acquisition | Jul. 30, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Fargo, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,368 |
Initial cost to company, Land | 781 |
Initial cost to company, Buildings | 1,947 |
Costs capitalized subsequent to acquisition, Land | 515 |
Gross Amount at which carried at close of period, Land | 1,296 |
Gross Amount at which carried at close of period, Buildings | 1,947 |
Gross Amount at which carried at close of period, Total | 3,243 |
Depreciation | $ 547 |
Date of Construction or Acquisition | Oct. 30, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Marshall, MN | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Marshall, MN |
Encumbrances | $ 4,533 |
Initial cost to company, Land | 300 |
Initial cost to company, Buildings | 3,648 |
Costs capitalized subsequent to acquisition, Land | 81 |
Gross Amount at which carried at close of period, Land | 381 |
Gross Amount at which carried at close of period, Buildings | 3,648 |
Gross Amount at which carried at close of period, Total | 4,029 |
Depreciation | $ 1,117 |
Date of Construction or Acquisition | Nov. 01, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Minot, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Minot, ND |
Initial cost to company, Land | $ 618 |
Initial cost to company, Buildings | 1,654 |
Gross Amount at which carried at close of period, Land | 618 |
Gross Amount at which carried at close of period, Buildings | 1,654 |
Gross Amount at which carried at close of period, Total | 2,272 |
Depreciation | $ 472 |
Date of Construction or Acquisition | Aug. 01, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, North Platte, NE | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | North Platte, NE |
Initial cost to company, Land | $ 325 |
Initial cost to company, Buildings | 1,269 |
Gross Amount at which carried at close of period, Land | 325 |
Gross Amount at which carried at close of period, Buildings | 1,269 |
Gross Amount at which carried at close of period, Total | 1,594 |
Depreciation | $ 255 |
Date of Construction or Acquisition | Jan. 29, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Sioux City, IA | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Sioux City, IA |
Encumbrances | $ 3,588 |
Initial cost to company, Land | 315 |
Initial cost to company, Buildings | 2,472 |
Gross Amount at which carried at close of period, Land | 315 |
Gross Amount at which carried at close of period, Buildings | 2,472 |
Gross Amount at which carried at close of period, Total | 2,787 |
Depreciation | $ 633 |
Date of Construction or Acquisition | Oct. 25, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Land Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 378 |
Initial cost to company, Land | 2,033 |
Gross Amount at which carried at close of period, Land | 2,033 |
Gross Amount at which carried at close of period, Total | $ 2,033 |
Land Property | Taco Bell | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Denver, CO |
Encumbrances | $ 378 |
Initial cost to company, Land | 669 |
Gross Amount at which carried at close of period, Land | 669 |
Gross Amount at which carried at close of period, Total | $ 669 |
Date of Construction or Acquisition | Jun. 14, 2011 |
Land Property | Rochester Development Land | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Rochester, MN |
Initial cost to company, Land | $ 1,364 |
Gross Amount at which carried at close of period, Land | 1,364 |
Gross Amount at which carried at close of period, Total | $ 1,364 |
Date of Construction or Acquisition | Aug. 29, 2016 |
Medical Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 15,301 |
Initial cost to company, Land | 2,859 |
Initial cost to company, Buildings | 18,599 |
Costs capitalized subsequent to acquisition, Land | 292 |
Costs capitalized subsequent to acquisition, Buildings | 2,521 |
Gross Amount at which carried at close of period, Land | 3,151 |
Gross Amount at which carried at close of period, Buildings | 21,120 |
Gross Amount at which carried at close of period, Total | 24,271 |
Depreciation | $ 9,116 |
Medical Property | Bio-Life, Bismarck, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 2,031 |
Initial cost to company, Land | 306 |
Initial cost to company, Buildings | 2,255 |
Costs capitalized subsequent to acquisition, Land | 11 |
Costs capitalized subsequent to acquisition, Buildings | 123 |
Gross Amount at which carried at close of period, Land | 317 |
Gross Amount at which carried at close of period, Buildings | 2,378 |
Gross Amount at which carried at close of period, Total | 2,695 |
Depreciation | $ 1,025 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Bismarck, ND | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Medical Property | Bio-Life, Bismarck, ND | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Grand Forks, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 2,088 |
Initial cost to company, Land | 457 |
Initial cost to company, Buildings | 2,230 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 158 |
Gross Amount at which carried at close of period, Land | 458 |
Gross Amount at which carried at close of period, Buildings | 2,388 |
Gross Amount at which carried at close of period, Total | 2,846 |
Depreciation | $ 1,050 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Grand Forks, ND | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 10 years |
Medical Property | Bio-Life, Grand Forks, ND | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Janesville, WI | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Janesville, WI |
Encumbrances | $ 1,735 |
Initial cost to company, Land | 250 |
Initial cost to company, Buildings | 1,857 |
Costs capitalized subsequent to acquisition, Buildings | 123 |
Gross Amount at which carried at close of period, Land | 250 |
Gross Amount at which carried at close of period, Buildings | 1,980 |
Gross Amount at which carried at close of period, Total | 2,230 |
Depreciation | $ 865 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Janesville, WI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Medical Property | Bio-Life, Janesville, WI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Mankato, MN | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Mankato, MN |
Encumbrances | $ 2,206 |
Initial cost to company, Land | 390 |
Initial cost to company, Buildings | 2,111 |
Costs capitalized subsequent to acquisition, Land | 280 |
Costs capitalized subsequent to acquisition, Buildings | 1,154 |
Gross Amount at which carried at close of period, Land | 670 |
Gross Amount at which carried at close of period, Buildings | 3,265 |
Gross Amount at which carried at close of period, Total | 3,935 |
Depreciation | $ 1,366 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Mankato, MN | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 11 years |
Medical Property | Bio-Life, Mankato, MN | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Marquette, MI | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Marquette, MI |
Initial cost to company, Land | $ 213 |
Initial cost to company, Buildings | 2,793 |
Costs capitalized subsequent to acquisition, Buildings | 123 |
Gross Amount at which carried at close of period, Land | 213 |
Gross Amount at which carried at close of period, Buildings | 2,916 |
Gross Amount at which carried at close of period, Total | 3,129 |
Depreciation | $ 1,240 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Marquette, MI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Medical Property | Bio-Life, Marquette, MI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Onalaska, WI | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Onalaska, WI |
Encumbrances | $ 1,675 |
Initial cost to company, Land | 208 |
Initial cost to company, Buildings | 1,853 |
Costs capitalized subsequent to acquisition, Buildings | 323 |
Gross Amount at which carried at close of period, Land | 208 |
Gross Amount at which carried at close of period, Buildings | 2,176 |
Gross Amount at which carried at close of period, Total | 2,384 |
Depreciation | $ 935 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Onalaska, WI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 11 years |
Medical Property | Bio-Life, Onalaska, WI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Oshkosh, WI | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Oshkosh, WI |
Encumbrances | $ 1,722 |
Initial cost to company, Land | 293 |
Initial cost to company, Buildings | 1,705 |
Costs capitalized subsequent to acquisition, Buildings | 146 |
Gross Amount at which carried at close of period, Land | 293 |
Gross Amount at which carried at close of period, Buildings | 1,851 |
Gross Amount at which carried at close of period, Total | 2,144 |
Depreciation | $ 828 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Oshkosh, WI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 10 years |
Medical Property | Bio-Life, Oshkosh, WI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Sheboygan, WI | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Sheboygan, WI |
Encumbrances | $ 1,965 |
Initial cost to company, Land | 623 |
Initial cost to company, Buildings | 1,611 |
Costs capitalized subsequent to acquisition, Buildings | 248 |
Gross Amount at which carried at close of period, Land | 623 |
Gross Amount at which carried at close of period, Buildings | 1,859 |
Gross Amount at which carried at close of period, Total | 2,482 |
Depreciation | $ 811 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Sheboygan, WI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 10 years |
Medical Property | Bio-Life, Sheboygan, WI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Stevens Point, WI | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Stevens Point, WI |
Encumbrances | $ 1,879 |
Initial cost to company, Land | 119 |
Initial cost to company, Buildings | 2,184 |
Costs capitalized subsequent to acquisition, Buildings | 123 |
Gross Amount at which carried at close of period, Land | 119 |
Gross Amount at which carried at close of period, Buildings | 2,307 |
Gross Amount at which carried at close of period, Total | 2,426 |
Depreciation | $ 996 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Stevens Point, WI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Medical Property | Bio-Life, Stevens Point, WI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 420,448 |
Initial cost to company, Land | 93,455 |
Initial cost to company, Buildings | 586,032 |
Costs capitalized subsequent to acquisition, Land | 3,320 |
Costs capitalized subsequent to acquisition, Buildings | 68,203 |
Gross Amount at which carried at close of period, Land | 96,775 |
Gross Amount at which carried at close of period, Buildings | 654,235 |
Gross Amount at which carried at close of period, Total | 751,010 |
Depreciation | $ 138,262 |
Residential Property | Amberwood | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 2,274 |
Initial cost to company, Land | 426 |
Initial cost to company, Buildings | 3,304 |
Costs capitalized subsequent to acquisition, Land | 3 |
Costs capitalized subsequent to acquisition, Buildings | 331 |
Gross Amount at which carried at close of period, Land | 429 |
Gross Amount at which carried at close of period, Buildings | 3,635 |
Gross Amount at which carried at close of period, Total | 4,064 |
Depreciation | $ 643 |
Date of Construction or Acquisition | Sep. 13, 2016 |
Residential Property | Amberwood | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Amberwood | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Arbor I/400 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 335 |
Initial cost to company, Land | 73 |
Initial cost to company, Buildings | 516 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 65 |
Gross Amount at which carried at close of period, Land | 77 |
Gross Amount at which carried at close of period, Buildings | 581 |
Gross Amount at which carried at close of period, Total | 658 |
Depreciation | $ 158 |
Date of Construction or Acquisition | Jun. 04, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Arbor II/404 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 342 |
Initial cost to company, Land | 73 |
Initial cost to company, Buildings | 538 |
Costs capitalized subsequent to acquisition, Land | 6 |
Costs capitalized subsequent to acquisition, Buildings | 43 |
Gross Amount at which carried at close of period, Land | 79 |
Gross Amount at which carried at close of period, Buildings | 581 |
Gross Amount at which carried at close of period, Total | 660 |
Depreciation | $ 143 |
Date of Construction or Acquisition | Nov. 01, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Arbor III/406 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 340 |
Initial cost to company, Land | 71 |
Initial cost to company, Buildings | 536 |
Costs capitalized subsequent to acquisition, Land | 7 |
Costs capitalized subsequent to acquisition, Buildings | 107 |
Gross Amount at which carried at close of period, Land | 78 |
Gross Amount at which carried at close of period, Buildings | 643 |
Gross Amount at which carried at close of period, Total | 721 |
Depreciation | $ 143 |
Date of Construction or Acquisition | Nov. 01, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Ashbury | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,214 |
Initial cost to company, Land | 314 |
Initial cost to company, Buildings | 3,774 |
Costs capitalized subsequent to acquisition, Land | 26 |
Costs capitalized subsequent to acquisition, Buildings | 25 |
Gross Amount at which carried at close of period, Land | 340 |
Gross Amount at which carried at close of period, Buildings | 3,799 |
Gross Amount at which carried at close of period, Total | 4,139 |
Depreciation | $ 674 |
Date of Construction or Acquisition | Dec. 19, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Auburn II | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 790 |
Initial cost to company, Land | 105 |
Initial cost to company, Buildings | 883 |
Costs capitalized subsequent to acquisition, Land | 12 |
Costs capitalized subsequent to acquisition, Buildings | 87 |
Gross Amount at which carried at close of period, Land | 117 |
Gross Amount at which carried at close of period, Buildings | 970 |
Gross Amount at which carried at close of period, Total | 1,087 |
Depreciation | $ 396 |
Date of Construction or Acquisition | Mar. 23, 2007 |
Residential Property | Auburn II | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Auburn II | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Autumn Ridge | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 5,023 |
Initial cost to company, Land | 1,072 |
Initial cost to company, Buildings | 8,875 |
Costs capitalized subsequent to acquisition, Land | 44 |
Costs capitalized subsequent to acquisition, Buildings | 67 |
Gross Amount at which carried at close of period, Land | 1,116 |
Gross Amount at which carried at close of period, Buildings | 8,942 |
Gross Amount at which carried at close of period, Total | 10,058 |
Depreciation | $ 3,910 |
Date of Construction or Acquisition | Aug. 16, 2004 |
Residential Property | Autumn Ridge | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Residential Property | Autumn Ridge | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Barrett Arms | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Crookston, MN |
Encumbrances | $ 690 |
Initial cost to company, Land | 37 |
Initial cost to company, Buildings | 1,001 |
Costs capitalized subsequent to acquisition, Buildings | 177 |
Gross Amount at which carried at close of period, Land | 37 |
Gross Amount at which carried at close of period, Buildings | 1,178 |
Gross Amount at which carried at close of period, Total | 1,215 |
Depreciation | $ 271 |
Date of Construction or Acquisition | Jan. 02, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Bayview | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,179 |
Initial cost to company, Land | 284 |
Initial cost to company, Buildings | 3,447 |
Costs capitalized subsequent to acquisition, Land | 59 |
Costs capitalized subsequent to acquisition, Buildings | 2,020 |
Gross Amount at which carried at close of period, Land | 343 |
Gross Amount at which carried at close of period, Buildings | 5,467 |
Gross Amount at which carried at close of period, Total | 5,810 |
Depreciation | $ 1,628 |
Date of Construction or Acquisition | Dec. 31, 2007 |
Residential Property | Bayview | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Bayview | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Belmont East and West | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 708 |
Initial cost to company, Land | 167 |
Initial cost to company, Buildings | 1,424 |
Costs capitalized subsequent to acquisition, Land | 2 |
Costs capitalized subsequent to acquisition, Buildings | 8 |
Gross Amount at which carried at close of period, Land | 169 |
Gross Amount at which carried at close of period, Buildings | 1,432 |
Gross Amount at which carried at close of period, Total | 1,601 |
Depreciation | $ 138 |
Date of Construction or Acquisition | Mar. 01, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Berkshire | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 380 |
Initial cost to company, Land | 31 |
Initial cost to company, Buildings | 406 |
Costs capitalized subsequent to acquisition, Land | 7 |
Costs capitalized subsequent to acquisition, Buildings | 53 |
Gross Amount at which carried at close of period, Land | 38 |
Gross Amount at which carried at close of period, Buildings | 459 |
Gross Amount at which carried at close of period, Total | 497 |
Depreciation | $ 166 |
Date of Construction or Acquisition | Mar. 31, 2008 |
Residential Property | Berkshire | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Berkshire | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Betty Ann | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 397 |
Initial cost to company, Land | 74 |
Initial cost to company, Buildings | 738 |
Costs capitalized subsequent to acquisition, Land | 6 |
Costs capitalized subsequent to acquisition, Buildings | 140 |
Gross Amount at which carried at close of period, Land | 80 |
Gross Amount at which carried at close of period, Buildings | 878 |
Gross Amount at which carried at close of period, Total | 958 |
Depreciation | $ 289 |
Date of Construction or Acquisition | Aug. 31, 2009 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Birchwood 1 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 220 |
Initial cost to company, Land | 72 |
Initial cost to company, Buildings | 342 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 42 |
Gross Amount at which carried at close of period, Land | 76 |
Gross Amount at which carried at close of period, Buildings | 384 |
Gross Amount at which carried at close of period, Total | 460 |
Depreciation | $ 56 |
Date of Construction or Acquisition | Dec. 01, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Birchwood 2 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,298 |
Initial cost to company, Land | 234 |
Initial cost to company, Buildings | 2,099 |
Costs capitalized subsequent to acquisition, Land | 52 |
Costs capitalized subsequent to acquisition, Buildings | 516 |
Gross Amount at which carried at close of period, Land | 286 |
Gross Amount at which carried at close of period, Buildings | 2,615 |
Gross Amount at which carried at close of period, Total | 2,901 |
Depreciation | $ 352 |
Date of Construction or Acquisition | Dec. 01, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Bradbury Apartments | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 1,724 |
Initial cost to company, Land | 1,049 |
Initial cost to company, Buildings | 4,922 |
Costs capitalized subsequent to acquisition, Buildings | 139 |
Gross Amount at which carried at close of period, Land | 1,049 |
Gross Amount at which carried at close of period, Buildings | 5,061 |
Gross Amount at which carried at close of period, Total | 6,110 |
Depreciation | $ 660 |
Date of Construction or Acquisition | Oct. 24, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Briar Pointe | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,249 |
Initial cost to company, Land | 384 |
Initial cost to company, Buildings | 1,551 |
Gross Amount at which carried at close of period, Land | 384 |
Gross Amount at which carried at close of period, Buildings | 1,551 |
Gross Amount at which carried at close of period, Total | 1,935 |
Depreciation | $ 100 |
Date of Construction or Acquisition | Jun. 01, 2021 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Bridgeport | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,731 |
Initial cost to company, Land | 613 |
Initial cost to company, Buildings | 7,676 |
Costs capitalized subsequent to acquisition, Land | 14 |
Costs capitalized subsequent to acquisition, Buildings | 202 |
Gross Amount at which carried at close of period, Land | 627 |
Gross Amount at which carried at close of period, Buildings | 7,878 |
Gross Amount at which carried at close of period, Total | 8,505 |
Depreciation | $ 1,370 |
Date of Construction or Acquisition | Dec. 19, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Bristol Park | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 2,715 |
Initial cost to company, Land | 985 |
Initial cost to company, Buildings | 3,976 |
Costs capitalized subsequent to acquisition, Buildings | 786 |
Gross Amount at which carried at close of period, Land | 985 |
Gross Amount at which carried at close of period, Buildings | 4,762 |
Gross Amount at which carried at close of period, Total | 5,747 |
Depreciation | $ 928 |
Date of Construction or Acquisition | Feb. 01, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Brookfield | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,887 |
Initial cost to company, Land | 228 |
Initial cost to company, Buildings | 1,958 |
Costs capitalized subsequent to acquisition, Land | 30 |
Costs capitalized subsequent to acquisition, Buildings | 318 |
Gross Amount at which carried at close of period, Land | 258 |
Gross Amount at which carried at close of period, Buildings | 2,276 |
Gross Amount at which carried at close of period, Total | 2,534 |
Depreciation | $ 819 |
Date of Construction or Acquisition | Aug. 01, 2008 |
Residential Property | Brookfield | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Brookfield | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Brownstone | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,815 |
Initial cost to company, Land | 780 |
Initial cost to company, Buildings | 3,610 |
Gross Amount at which carried at close of period, Land | 780 |
Gross Amount at which carried at close of period, Buildings | 3,610 |
Gross Amount at which carried at close of period, Total | 4,390 |
Depreciation | $ 233 |
Date of Construction or Acquisition | Jun. 01, 2021 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Cambridge (FKA 44th Street) | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,563 |
Initial cost to company, Land | 333 |
Initial cost to company, Buildings | 1,845 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 237 |
Gross Amount at which carried at close of period, Land | 337 |
Gross Amount at which carried at close of period, Buildings | 2,082 |
Gross Amount at which carried at close of period, Total | 2,419 |
Depreciation | $ 533 |
Date of Construction or Acquisition | Feb. 06, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Candlelight | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,483 |
Initial cost to company, Land | 613 |
Initial cost to company, Buildings | 1,221 |
Costs capitalized subsequent to acquisition, Land | (326) |
Costs capitalized subsequent to acquisition, Buildings | 589 |
Gross Amount at which carried at close of period, Land | 287 |
Gross Amount at which carried at close of period, Buildings | 1,810 |
Gross Amount at which carried at close of period, Total | 2,097 |
Depreciation | $ 457 |
Date of Construction or Acquisition | Nov. 30, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Carling Manor | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 477 |
Initial cost to company, Land | 69 |
Initial cost to company, Buildings | 656 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 61 |
Gross Amount at which carried at close of period, Land | 70 |
Gross Amount at which carried at close of period, Buildings | 717 |
Gross Amount at which carried at close of period, Total | 787 |
Depreciation | $ 268 |
Date of Construction or Acquisition | Mar. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Carlton Place | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 5,629 |
Initial cost to company, Land | 703 |
Initial cost to company, Buildings | 7,070 |
Costs capitalized subsequent to acquisition, Land | 96 |
Costs capitalized subsequent to acquisition, Buildings | 736 |
Gross Amount at which carried at close of period, Land | 799 |
Gross Amount at which carried at close of period, Buildings | 7,806 |
Gross Amount at which carried at close of period, Total | 8,605 |
Depreciation | $ 2,773 |
Date of Construction or Acquisition | Sep. 01, 2008 |
Residential Property | Carlton Place | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Carlton Place | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Carr | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 567 |
Initial cost to company, Land | 66 |
Initial cost to company, Buildings | 759 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 41 |
Gross Amount at which carried at close of period, Land | 70 |
Gross Amount at which carried at close of period, Buildings | 800 |
Gross Amount at which carried at close of period, Total | 870 |
Depreciation | $ 136 |
Date of Construction or Acquisition | Jan. 17, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Cedars 4 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 134 |
Initial cost to company, Buildings | 1,068 |
Costs capitalized subsequent to acquisition, Buildings | 29 |
Gross Amount at which carried at close of period, Land | 134 |
Gross Amount at which carried at close of period, Buildings | 1,097 |
Gross Amount at which carried at close of period, Total | 1,231 |
Depreciation | $ 138 |
Date of Construction or Acquisition | Dec. 31, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Chandler 1802 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 585 |
Initial cost to company, Land | 133 |
Initial cost to company, Buildings | 1,114 |
Costs capitalized subsequent to acquisition, Buildings | 108 |
Gross Amount at which carried at close of period, Land | 133 |
Gross Amount at which carried at close of period, Buildings | 1,222 |
Gross Amount at which carried at close of period, Total | 1,355 |
Depreciation | $ 287 |
Date of Construction or Acquisition | Jan. 02, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Chandler 1834 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 382 |
Initial cost to company, Land | 112 |
Initial cost to company, Buildings | 552 |
Costs capitalized subsequent to acquisition, Buildings | 51 |
Gross Amount at which carried at close of period, Land | 112 |
Gross Amount at which carried at close of period, Buildings | 603 |
Gross Amount at which carried at close of period, Total | 715 |
Depreciation | $ 76 |
Date of Construction or Acquisition | Sep. 01, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Chandler 1866 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 303 |
Initial cost to company, Land | 31 |
Initial cost to company, Buildings | 270 |
Costs capitalized subsequent to acquisition, Buildings | 59 |
Gross Amount at which carried at close of period, Land | 31 |
Gross Amount at which carried at close of period, Buildings | 329 |
Gross Amount at which carried at close of period, Total | 360 |
Depreciation | $ 139 |
Date of Construction or Acquisition | Jan. 03, 2005 |
Residential Property | Chandler 1866 | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Chandler 1866 | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Chandler 1898 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 114 |
Initial cost to company, Buildings | 357 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 89 |
Gross Amount at which carried at close of period, Land | 115 |
Gross Amount at which carried at close of period, Buildings | 446 |
Gross Amount at which carried at close of period, Total | 561 |
Depreciation | $ 11 |
Date of Construction or Acquisition | Dec. 01, 2022 |
Residential Property | Cherry Creek (FKA Village) | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 173 |
Initial cost to company, Buildings | 1,435 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 459 |
Gross Amount at which carried at close of period, Land | 174 |
Gross Amount at which carried at close of period, Buildings | 1,894 |
Gross Amount at which carried at close of period, Total | 2,068 |
Depreciation | $ 578 |
Date of Construction or Acquisition | Nov. 01, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Cityside Apartments | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 647 |
Initial cost to company, Land | 192 |
Initial cost to company, Buildings | 1,129 |
Costs capitalized subsequent to acquisition, Land | 6 |
Costs capitalized subsequent to acquisition, Buildings | 62 |
Gross Amount at which carried at close of period, Land | 198 |
Gross Amount at which carried at close of period, Buildings | 1,191 |
Gross Amount at which carried at close of period, Total | 1,389 |
Depreciation | $ 160 |
Date of Construction or Acquisition | Nov. 30, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Columbia Park Village I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 281 |
Initial cost to company, Land | 102 |
Initial cost to company, Buildings | 546 |
Gross Amount at which carried at close of period, Land | 102 |
Gross Amount at which carried at close of period, Buildings | 546 |
Gross Amount at which carried at close of period, Total | 648 |
Depreciation | $ 55 |
Date of Construction or Acquisition | Jan. 31, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Columbia West | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 2,221 |
Initial cost to company, Land | 294 |
Initial cost to company, Buildings | 3,367 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 591 |
Gross Amount at which carried at close of period, Land | 295 |
Gross Amount at which carried at close of period, Buildings | 3,958 |
Gross Amount at which carried at close of period, Total | 4,253 |
Depreciation | $ 1,399 |
Date of Construction or Acquisition | Sep. 01, 2008 |
Residential Property | Columbia West | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Columbia West | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Country Club | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 964 |
Initial cost to company, Land | 252 |
Initial cost to company, Buildings | 1,252 |
Costs capitalized subsequent to acquisition, Land | 2 |
Costs capitalized subsequent to acquisition, Buildings | 240 |
Gross Amount at which carried at close of period, Land | 254 |
Gross Amount at which carried at close of period, Buildings | 1,492 |
Gross Amount at which carried at close of period, Total | 1,746 |
Depreciation | $ 449 |
Date of Construction or Acquisition | May 02, 2011 |
Residential Property | Country Club | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Country Club | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Countryside | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 569 |
Initial cost to company, Land | 135 |
Initial cost to company, Buildings | 677 |
Costs capitalized subsequent to acquisition, Buildings | 68 |
Gross Amount at which carried at close of period, Land | 135 |
Gross Amount at which carried at close of period, Buildings | 745 |
Gross Amount at which carried at close of period, Total | 880 |
Depreciation | $ 222 |
Date of Construction or Acquisition | May 02, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Courtyard | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | St. Louis Park, MN |
Encumbrances | $ 2,648 |
Initial cost to company, Land | 2,270 |
Initial cost to company, Buildings | 5,681 |
Costs capitalized subsequent to acquisition, Buildings | 794 |
Gross Amount at which carried at close of period, Land | 2,270 |
Gross Amount at which carried at close of period, Buildings | 6,475 |
Gross Amount at which carried at close of period, Total | 8,745 |
Depreciation | $ 1,632 |
Date of Construction or Acquisition | Sep. 03, 2013 |
Residential Property | Courtyard | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Courtyard | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Dakota Manor | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,308 |
Initial cost to company, Land | 249 |
Initial cost to company, Buildings | 2,236 |
Costs capitalized subsequent to acquisition, Land | 20 |
Costs capitalized subsequent to acquisition, Buildings | 228 |
Gross Amount at which carried at close of period, Land | 269 |
Gross Amount at which carried at close of period, Buildings | 2,464 |
Gross Amount at which carried at close of period, Total | 2,733 |
Depreciation | $ 546 |
Date of Construction or Acquisition | Aug. 07, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Danbury | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,427 |
Initial cost to company, Land | 381 |
Initial cost to company, Buildings | 5,869 |
Costs capitalized subsequent to acquisition, Land | 211 |
Costs capitalized subsequent to acquisition, Buildings | 827 |
Gross Amount at which carried at close of period, Land | 592 |
Gross Amount at which carried at close of period, Buildings | 6,696 |
Gross Amount at which carried at close of period, Total | 7,288 |
Depreciation | $ 2,493 |
Date of Construction or Acquisition | Dec. 31, 2007 |
Residential Property | Danbury | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Danbury | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Dellwood Estates | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Anoka, MN |
Encumbrances | $ 5,904 |
Initial cost to company, Land | 844 |
Initial cost to company, Buildings | 9,924 |
Costs capitalized subsequent to acquisition, Buildings | 861 |
Gross Amount at which carried at close of period, Land | 844 |
Gross Amount at which carried at close of period, Buildings | 10,785 |
Gross Amount at which carried at close of period, Total | 11,629 |
Depreciation | $ 2,742 |
Date of Construction or Acquisition | May 31, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Deer Park | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Hutchinson, MN |
Encumbrances | $ 8,613 |
Initial cost to company, Land | 1,784 |
Initial cost to company, Buildings | 12,408 |
Costs capitalized subsequent to acquisition, Buildings | 184 |
Gross Amount at which carried at close of period, Land | 1,784 |
Gross Amount at which carried at close of period, Buildings | 12,592 |
Gross Amount at which carried at close of period, Total | 14,376 |
Depreciation | $ 596 |
Date of Construction or Acquisition | Feb. 28, 2022 |
Residential Property | Desoto Estates | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 4,070 |
Initial cost to company, Land | 955 |
Initial cost to company, Buildings | 4,869 |
Gross Amount at which carried at close of period, Land | 955 |
Gross Amount at which carried at close of period, Buildings | 4,869 |
Gross Amount at which carried at close of period, Total | 5,824 |
Depreciation | $ 203 |
Date of Construction or Acquisition | May 31, 2022 |
Residential Property | Desoto Townhomes | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 1,556 |
Initial cost to company, Land | 464 |
Initial cost to company, Buildings | 2,767 |
Gross Amount at which carried at close of period, Land | 464 |
Gross Amount at which carried at close of period, Buildings | 2,767 |
Gross Amount at which carried at close of period, Total | 3,231 |
Depreciation | $ 115 |
Date of Construction or Acquisition | May 31, 2022 |
Residential Property | Diamond Bend | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Mandan, ND |
Encumbrances | $ 6,690 |
Initial cost to company, Land | 722 |
Initial cost to company, Buildings | 9,789 |
Costs capitalized subsequent to acquisition, Land | 27 |
Gross Amount at which carried at close of period, Land | 749 |
Gross Amount at which carried at close of period, Buildings | 9,789 |
Gross Amount at which carried at close of period, Total | 10,538 |
Depreciation | $ 388 |
Date of Construction or Acquisition | Jun. 10, 2022 |
Residential Property | Eagle Run | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | West Fargo, ND |
Encumbrances | $ 3,531 |
Initial cost to company, Land | 576 |
Initial cost to company, Buildings | 5,657 |
Costs capitalized subsequent to acquisition, Land | 381 |
Costs capitalized subsequent to acquisition, Buildings | 257 |
Gross Amount at which carried at close of period, Land | 957 |
Gross Amount at which carried at close of period, Buildings | 5,914 |
Gross Amount at which carried at close of period, Total | 6,871 |
Depreciation | $ 1,930 |
Date of Construction or Acquisition | Aug. 12, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Eagle Sky I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Initial cost to company, Land | $ 115 |
Initial cost to company, Buildings | 1,292 |
Costs capitalized subsequent to acquisition, Buildings | 104 |
Gross Amount at which carried at close of period, Land | 115 |
Gross Amount at which carried at close of period, Buildings | 1,396 |
Gross Amount at which carried at close of period, Total | 1,511 |
Depreciation | $ 283 |
Date of Construction or Acquisition | Mar. 01, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Eagle Sky II | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Initial cost to company, Land | $ 135 |
Initial cost to company, Buildings | 1,279 |
Costs capitalized subsequent to acquisition, Buildings | 173 |
Gross Amount at which carried at close of period, Land | 135 |
Gross Amount at which carried at close of period, Buildings | 1,452 |
Gross Amount at which carried at close of period, Total | 1,587 |
Depreciation | $ 282 |
Date of Construction or Acquisition | Mar. 01, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | East Bridge | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 3,049 |
Initial cost to company, Land | 792 |
Initial cost to company, Buildings | 5,396 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 301 |
Gross Amount at which carried at close of period, Land | 793 |
Gross Amount at which carried at close of period, Buildings | 5,697 |
Gross Amount at which carried at close of period, Total | 6,490 |
Depreciation | $ 914 |
Date of Construction or Acquisition | Jul. 03, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Eastbrook | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 609 |
Initial cost to company, Land | 145 |
Initial cost to company, Buildings | 1,233 |
Gross Amount at which carried at close of period, Land | 145 |
Gross Amount at which carried at close of period, Buildings | 1,233 |
Gross Amount at which carried at close of period, Total | 1,378 |
Depreciation | $ 118 |
Date of Construction or Acquisition | Jan. 31, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Echo Manor | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Hutchinson, MN |
Encumbrances | $ 869 |
Initial cost to company, Land | 141 |
Initial cost to company, Buildings | 875 |
Costs capitalized subsequent to acquisition, Buildings | 118 |
Gross Amount at which carried at close of period, Land | 141 |
Gross Amount at which carried at close of period, Buildings | 993 |
Gross Amount at which carried at close of period, Total | 1,134 |
Depreciation | $ 243 |
Date of Construction or Acquisition | Jan. 02, 2014 |
Residential Property | Echo Manor | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Echo Manor | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Emerald Court | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 66 |
Initial cost to company, Buildings | 830 |
Costs capitalized subsequent to acquisition, Land | 11 |
Costs capitalized subsequent to acquisition, Buildings | 180 |
Gross Amount at which carried at close of period, Land | 77 |
Gross Amount at which carried at close of period, Buildings | 1,010 |
Gross Amount at which carried at close of period, Total | 1,087 |
Depreciation | $ 366 |
Date of Construction or Acquisition | Mar. 31, 2008 |
Residential Property | Emerald Court | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Emerald Court | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Essex | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 503 |
Initial cost to company, Land | 212 |
Initial cost to company, Buildings | 642 |
Costs capitalized subsequent to acquisition, Buildings | 77 |
Gross Amount at which carried at close of period, Land | 212 |
Gross Amount at which carried at close of period, Buildings | 719 |
Gross Amount at which carried at close of period, Total | 931 |
Depreciation | $ 116 |
Date of Construction or Acquisition | Jun. 01, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Evergreen Terrace | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Omaha, NE |
Encumbrances | $ 4,883 |
Initial cost to company, Land | 820 |
Initial cost to company, Buildings | 7,573 |
Costs capitalized subsequent to acquisition, Buildings | 477 |
Gross Amount at which carried at close of period, Land | 820 |
Gross Amount at which carried at close of period, Buildings | 8,050 |
Gross Amount at which carried at close of period, Total | 8,870 |
Depreciation | $ 604 |
Date of Construction or Acquisition | Dec. 17, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Fairview | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 2,401 |
Initial cost to company, Land | 267 |
Initial cost to company, Buildings | 3,978 |
Costs capitalized subsequent to acquisition, Land | 39 |
Costs capitalized subsequent to acquisition, Buildings | 918 |
Gross Amount at which carried at close of period, Land | 306 |
Gross Amount at which carried at close of period, Buildings | 4,896 |
Gross Amount at which carried at close of period, Total | 5,202 |
Depreciation | $ 1,651 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Residential Property | Fairview | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Fairview | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Flagstone | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,977 |
Initial cost to company, Land | 1,535 |
Initial cost to company, Buildings | 6,258 |
Gross Amount at which carried at close of period, Land | 1,535 |
Gross Amount at which carried at close of period, Buildings | 6,258 |
Gross Amount at which carried at close of period, Total | 7,793 |
Depreciation | $ 404 |
Date of Construction or Acquisition | Jun. 01, 2021 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Flickertail | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 5,957 |
Initial cost to company, Land | 426 |
Initial cost to company, Buildings | 5,590 |
Costs capitalized subsequent to acquisition, Land | 76 |
Costs capitalized subsequent to acquisition, Buildings | 1,674 |
Gross Amount at which carried at close of period, Land | 502 |
Gross Amount at which carried at close of period, Buildings | 7,264 |
Gross Amount at which carried at close of period, Total | 7,766 |
Depreciation | $ 2,343 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Forest Avenue | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 310 |
Initial cost to company, Land | 61 |
Initial cost to company, Buildings | 637 |
Costs capitalized subsequent to acquisition, Land | 8 |
Costs capitalized subsequent to acquisition, Buildings | 64 |
Gross Amount at which carried at close of period, Land | 69 |
Gross Amount at which carried at close of period, Buildings | 701 |
Gross Amount at which carried at close of period, Total | 770 |
Depreciation | $ 184 |
Date of Construction or Acquisition | Feb. 06, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Foxtail Creek Townhomes | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 267 |
Initial cost to company, Buildings | 1,221 |
Gross Amount at which carried at close of period, Land | 267 |
Gross Amount at which carried at close of period, Buildings | 1,221 |
Gross Amount at which carried at close of period, Total | 1,488 |
Depreciation | $ 102 |
Date of Construction or Acquisition | Sep. 15, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Galleria III | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 640 |
Initial cost to company, Land | 118 |
Initial cost to company, Buildings | 681 |
Costs capitalized subsequent to acquisition, Land | 2 |
Costs capitalized subsequent to acquisition, Buildings | 335 |
Gross Amount at which carried at close of period, Land | 120 |
Gross Amount at which carried at close of period, Buildings | 1,016 |
Gross Amount at which carried at close of period, Total | 1,136 |
Depreciation | $ 261 |
Date of Construction or Acquisition | Nov. 09, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Garden Grove | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 3,983 |
Initial cost to company, Land | 606 |
Initial cost to company, Buildings | 6,073 |
Costs capitalized subsequent to acquisition, Buildings | 168 |
Gross Amount at which carried at close of period, Land | 606 |
Gross Amount at which carried at close of period, Buildings | 6,241 |
Gross Amount at which carried at close of period, Total | 6,847 |
Depreciation | $ 1,207 |
Date of Construction or Acquisition | May 04, 2016 |
Residential Property | Garden Grove | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Garden Grove | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Georgetown on the River | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fridley, MN |
Encumbrances | $ 16,046 |
Initial cost to company, Land | 4,620 |
Initial cost to company, Buildings | 23,792 |
Costs capitalized subsequent to acquisition, Land | 8 |
Costs capitalized subsequent to acquisition, Buildings | 6,350 |
Gross Amount at which carried at close of period, Land | 4,628 |
Gross Amount at which carried at close of period, Buildings | 30,142 |
Gross Amount at which carried at close of period, Total | 34,770 |
Depreciation | $ 6,178 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Residential Property | Georgetown on the River | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Georgetown on the River | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Glen Pond | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Eagan, MN |
Encumbrances | $ 34,765 |
Initial cost to company, Land | 3,761 |
Initial cost to company, Buildings | 20,569 |
Costs capitalized subsequent to acquisition, Land | 38 |
Costs capitalized subsequent to acquisition, Buildings | 1,031 |
Gross Amount at which carried at close of period, Land | 3,799 |
Gross Amount at which carried at close of period, Buildings | 21,600 |
Gross Amount at which carried at close of period, Total | 25,399 |
Depreciation | $ 6,386 |
Date of Construction or Acquisition | Dec. 02, 2011 |
Residential Property | Glen Pond | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Glen Pond | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Glen Pond Addition | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Eagan, MN |
Encumbrances | $ 5,931 |
Initial cost to company, Land | 876 |
Initial cost to company, Buildings | 15,408 |
Gross Amount at which carried at close of period, Land | 876 |
Gross Amount at which carried at close of period, Buildings | 15,408 |
Gross Amount at which carried at close of period, Total | 16,284 |
Depreciation | $ 1,284 |
Date of Construction or Acquisition | Sep. 30, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Granger Court I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,820 |
Initial cost to company, Land | 279 |
Initial cost to company, Buildings | 1,926 |
Costs capitalized subsequent to acquisition, Land | 25 |
Costs capitalized subsequent to acquisition, Buildings | 439 |
Gross Amount at which carried at close of period, Land | 304 |
Gross Amount at which carried at close of period, Buildings | 2,365 |
Gross Amount at which carried at close of period, Total | 2,669 |
Depreciation | $ 539 |
Date of Construction or Acquisition | Jun. 04, 2013 |
Residential Property | Granger Court I | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Granger Court I | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Hannifin | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 385 |
Initial cost to company, Land | 81 |
Initial cost to company, Buildings | 607 |
Costs capitalized subsequent to acquisition, Land | 5 |
Costs capitalized subsequent to acquisition, Buildings | 110 |
Gross Amount at which carried at close of period, Land | 86 |
Gross Amount at which carried at close of period, Buildings | 717 |
Gross Amount at which carried at close of period, Total | 803 |
Depreciation | $ 164 |
Date of Construction or Acquisition | Nov. 01, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Harrison and Richfield | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 756 |
Initial cost to company, Buildings | 6,346 |
Costs capitalized subsequent to acquisition, Land | 7 |
Costs capitalized subsequent to acquisition, Buildings | 587 |
Gross Amount at which carried at close of period, Land | 763 |
Gross Amount at which carried at close of period, Buildings | 6,933 |
Gross Amount at which carried at close of period, Total | 7,696 |
Depreciation | $ 2,748 |
Date of Construction or Acquisition | Jul. 01, 2007 |
Residential Property | Harrison and Richfield | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Harrison and Richfield | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Hartford Apartments | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 808 |
Initial cost to company, Land | 154 |
Initial cost to company, Buildings | 1,233 |
Costs capitalized subsequent to acquisition, Buildings | 14 |
Gross Amount at which carried at close of period, Land | 154 |
Gross Amount at which carried at close of period, Buildings | 1,247 |
Gross Amount at which carried at close of period, Total | 1,401 |
Depreciation | $ 163 |
Date of Construction or Acquisition | Oct. 01, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Hawn | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,444 |
Initial cost to company, Land | 280 |
Initial cost to company, Buildings | 2,277 |
Costs capitalized subsequent to acquisition, Buildings | 244 |
Gross Amount at which carried at close of period, Land | 280 |
Gross Amount at which carried at close of period, Buildings | 2,521 |
Gross Amount at which carried at close of period, Total | 2,801 |
Depreciation | $ 219 |
Date of Construction or Acquisition | Mar. 01, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Highland Meadows | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 5,338 |
Initial cost to company, Land | 1,532 |
Initial cost to company, Buildings | 8,513 |
Costs capitalized subsequent to acquisition, Buildings | 675 |
Gross Amount at which carried at close of period, Land | 1,532 |
Gross Amount at which carried at close of period, Buildings | 9,188 |
Gross Amount at which carried at close of period, Total | 10,720 |
Depreciation | $ 1,504 |
Date of Construction or Acquisition | May 01, 2017 |
Residential Property | Highland Meadows | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Highland Meadows | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Hunters Run I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 457 |
Initial cost to company, Land | 50 |
Initial cost to company, Buildings | 419 |
Costs capitalized subsequent to acquisition, Land | 5 |
Costs capitalized subsequent to acquisition, Buildings | (2) |
Gross Amount at which carried at close of period, Land | 55 |
Gross Amount at which carried at close of period, Buildings | 417 |
Gross Amount at which carried at close of period, Total | 472 |
Depreciation | $ 174 |
Date of Construction or Acquisition | Mar. 23, 2007 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Hunters Run II | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 403 |
Initial cost to company, Land | 44 |
Initial cost to company, Buildings | 441 |
Costs capitalized subsequent to acquisition, Land | 2 |
Gross Amount at which carried at close of period, Land | 46 |
Gross Amount at which carried at close of period, Buildings | 441 |
Gross Amount at which carried at close of period, Total | 487 |
Depreciation | $ 171 |
Date of Construction or Acquisition | Jul. 01, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Huntington | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 297 |
Initial cost to company, Land | 86 |
Initial cost to company, Buildings | 309 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 15 |
Gross Amount at which carried at close of period, Land | 90 |
Gross Amount at which carried at close of period, Buildings | 324 |
Gross Amount at which carried at close of period, Total | 414 |
Depreciation | $ 68 |
Date of Construction or Acquisition | Aug. 04, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Islander | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 700 |
Initial cost to company, Land | 98 |
Initial cost to company, Buildings | 884 |
Costs capitalized subsequent to acquisition, Land | 49 |
Costs capitalized subsequent to acquisition, Buildings | 326 |
Gross Amount at which carried at close of period, Land | 147 |
Gross Amount at which carried at close of period, Buildings | 1,210 |
Gross Amount at which carried at close of period, Total | 1,357 |
Depreciation | $ 300 |
Date of Construction or Acquisition | Jul. 01, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Jadestone | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 477 |
Initial cost to company, Land | 212 |
Initial cost to company, Buildings | 554 |
Costs capitalized subsequent to acquisition, Buildings | 136 |
Gross Amount at which carried at close of period, Land | 212 |
Gross Amount at which carried at close of period, Buildings | 690 |
Gross Amount at which carried at close of period, Total | 902 |
Depreciation | $ 108 |
Date of Construction or Acquisition | Jun. 01, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Kennedy | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 338 |
Initial cost to company, Land | 84 |
Initial cost to company, Buildings | 588 |
Costs capitalized subsequent to acquisition, Land | 7 |
Costs capitalized subsequent to acquisition, Buildings | 91 |
Gross Amount at which carried at close of period, Land | 91 |
Gross Amount at which carried at close of period, Buildings | 679 |
Gross Amount at which carried at close of period, Total | 770 |
Depreciation | $ 179 |
Date of Construction or Acquisition | Feb. 06, 2013 |
Residential Property | Kennedy | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Kennedy | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Library Lane | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 1,938 |
Initial cost to company, Land | 301 |
Initial cost to company, Buildings | 2,332 |
Costs capitalized subsequent to acquisition, Land | 20 |
Costs capitalized subsequent to acquisition, Buildings | 189 |
Gross Amount at which carried at close of period, Land | 321 |
Gross Amount at which carried at close of period, Buildings | 2,521 |
Gross Amount at which carried at close of period, Total | 2,842 |
Depreciation | $ 1,002 |
Date of Construction or Acquisition | Oct. 01, 2007 |
Residential Property | Library Lane | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Library Lane | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Madison | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 260 |
Initial cost to company, Land | 95 |
Initial cost to company, Buildings | 497 |
Costs capitalized subsequent to acquisition, Buildings | 111 |
Gross Amount at which carried at close of period, Land | 95 |
Gross Amount at which carried at close of period, Buildings | 608 |
Gross Amount at which carried at close of period, Total | 703 |
Depreciation | $ 117 |
Date of Construction or Acquisition | Sep. 01, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Maple Ridge | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Omaha, NE |
Encumbrances | $ 7,583 |
Initial cost to company, Land | 766 |
Initial cost to company, Buildings | 5,608 |
Costs capitalized subsequent to acquisition, Land | 59 |
Costs capitalized subsequent to acquisition, Buildings | 3,715 |
Gross Amount at which carried at close of period, Land | 825 |
Gross Amount at which carried at close of period, Buildings | 9,323 |
Gross Amount at which carried at close of period, Total | 10,148 |
Depreciation | $ 2,828 |
Date of Construction or Acquisition | Aug. 01, 2008 |
Residential Property | Maple Ridge | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Maple Ridge | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Maplewood | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Maplewood, MN |
Encumbrances | $ 8,310 |
Initial cost to company, Land | 3,120 |
Initial cost to company, Buildings | 11,655 |
Costs capitalized subsequent to acquisition, Land | 7 |
Costs capitalized subsequent to acquisition, Buildings | 2,970 |
Gross Amount at which carried at close of period, Land | 3,127 |
Gross Amount at which carried at close of period, Buildings | 14,625 |
Gross Amount at which carried at close of period, Total | 17,752 |
Depreciation | $ 2,900 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Residential Property | Maplewood | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Maplewood | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,049 |
Initial cost to company, Land | 783 |
Initial cost to company, Buildings | 5,839 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 670 |
Gross Amount at which carried at close of period, Land | 784 |
Gross Amount at which carried at close of period, Buildings | 6,509 |
Gross Amount at which carried at close of period, Total | 7,293 |
Depreciation | $ 2,064 |
Date of Construction or Acquisition | Jan. 01, 2009 |
Residential Property | Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Martha Alice | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 397 |
Initial cost to company, Land | 74 |
Initial cost to company, Buildings | 738 |
Costs capitalized subsequent to acquisition, Land | 6 |
Costs capitalized subsequent to acquisition, Buildings | 183 |
Gross Amount at which carried at close of period, Land | 80 |
Gross Amount at which carried at close of period, Buildings | 921 |
Gross Amount at which carried at close of period, Total | 1,001 |
Depreciation | $ 303 |
Date of Construction or Acquisition | Aug. 31, 2009 |
Residential Property | Martha Alice | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Martha Alice | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Mayfair | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 80 |
Initial cost to company, Buildings | 1,043 |
Costs capitalized subsequent to acquisition, Land | 5 |
Costs capitalized subsequent to acquisition, Buildings | 123 |
Gross Amount at which carried at close of period, Land | 85 |
Gross Amount at which carried at close of period, Buildings | 1,166 |
Gross Amount at which carried at close of period, Total | 1,251 |
Depreciation | $ 423 |
Date of Construction or Acquisition | Jul. 01, 2008 |
Residential Property | Mayfair | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Mayfair | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Monticello | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 510 |
Initial cost to company, Land | 60 |
Initial cost to company, Buildings | 752 |
Costs capitalized subsequent to acquisition, Land | 8 |
Costs capitalized subsequent to acquisition, Buildings | 111 |
Gross Amount at which carried at close of period, Land | 68 |
Gross Amount at which carried at close of period, Buildings | 863 |
Gross Amount at which carried at close of period, Total | 931 |
Depreciation | $ 206 |
Date of Construction or Acquisition | Nov. 08, 2013 |
Residential Property | Monticello | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Monticello | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Montreal Courts | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Little Canada, MN |
Encumbrances | $ 26,661 |
Initial cost to company, Land | 5,809 |
Initial cost to company, Buildings | 19,565 |
Costs capitalized subsequent to acquisition, Land | 15 |
Costs capitalized subsequent to acquisition, Buildings | 3,618 |
Gross Amount at which carried at close of period, Land | 5,824 |
Gross Amount at which carried at close of period, Buildings | 23,183 |
Gross Amount at which carried at close of period, Total | 29,007 |
Depreciation | $ 5,552 |
Date of Construction or Acquisition | Oct. 02, 2013 |
Residential Property | Montreal Courts | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Montreal Courts | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Morningside Apartments | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 439 |
Initial cost to company, Land | 85 |
Initial cost to company, Buildings | 673 |
Costs capitalized subsequent to acquisition, Buildings | 42 |
Gross Amount at which carried at close of period, Land | 85 |
Gross Amount at which carried at close of period, Buildings | 715 |
Gross Amount at which carried at close of period, Total | 800 |
Depreciation | $ 89 |
Date of Construction or Acquisition | Nov. 30, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Newgate | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 1,467 |
Initial cost to company, Land | 538 |
Initial cost to company, Buildings | 1,755 |
Costs capitalized subsequent to acquisition, Land | 19 |
Costs capitalized subsequent to acquisition, Buildings | 30 |
Gross Amount at which carried at close of period, Land | 557 |
Gross Amount at which carried at close of period, Buildings | 1,785 |
Gross Amount at which carried at close of period, Total | 2,342 |
Depreciation | $ 59 |
Date of Construction or Acquisition | Sep. 13, 2022 |
Residential Property | Oak Court | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,422 |
Initial cost to company, Land | 270 |
Initial cost to company, Buildings | 2,210 |
Costs capitalized subsequent to acquisition, Land | 29 |
Costs capitalized subsequent to acquisition, Buildings | 436 |
Gross Amount at which carried at close of period, Land | 299 |
Gross Amount at which carried at close of period, Buildings | 2,646 |
Gross Amount at which carried at close of period, Total | 2,945 |
Depreciation | $ 966 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Residential Property | Oak Court | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 28 years |
Residential Property | Oak Court | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Oakview Townhomes | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 3,353 |
Initial cost to company, Land | 822 |
Initial cost to company, Buildings | 4,698 |
Costs capitalized subsequent to acquisition, Buildings | 471 |
Gross Amount at which carried at close of period, Land | 822 |
Gross Amount at which carried at close of period, Buildings | 5,169 |
Gross Amount at which carried at close of period, Total | 5,991 |
Depreciation | $ 899 |
Date of Construction or Acquisition | Jan. 11, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Oxford | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 6,504 |
Initial cost to company, Land | 1,655 |
Initial cost to company, Buildings | 8,563 |
Gross Amount at which carried at close of period, Land | 1,655 |
Gross Amount at which carried at close of period, Buildings | 8,563 |
Gross Amount at which carried at close of period, Total | 10,218 |
Depreciation | $ 535 |
Date of Construction or Acquisition | Jul. 01, 2021 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Pacific Park I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 503 |
Initial cost to company, Land | 95 |
Initial cost to company, Buildings | 777 |
Costs capitalized subsequent to acquisition, Land | 3 |
Costs capitalized subsequent to acquisition, Buildings | 130 |
Gross Amount at which carried at close of period, Land | 98 |
Gross Amount at which carried at close of period, Buildings | 907 |
Gross Amount at which carried at close of period, Total | 1,005 |
Depreciation | $ 227 |
Date of Construction or Acquisition | Feb. 06, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Pacific Park II | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 431 |
Initial cost to company, Land | 111 |
Initial cost to company, Buildings | 865 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 140 |
Gross Amount at which carried at close of period, Land | 115 |
Gross Amount at which carried at close of period, Buildings | 1,005 |
Gross Amount at which carried at close of period, Total | 1,120 |
Depreciation | $ 250 |
Date of Construction or Acquisition | Feb. 06, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Pacific South | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 266 |
Initial cost to company, Land | 58 |
Initial cost to company, Buildings | 459 |
Costs capitalized subsequent to acquisition, Land | 2 |
Costs capitalized subsequent to acquisition, Buildings | 56 |
Gross Amount at which carried at close of period, Land | 60 |
Gross Amount at which carried at close of period, Buildings | 515 |
Gross Amount at which carried at close of period, Total | 575 |
Depreciation | $ 126 |
Date of Construction or Acquisition | Feb. 06, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Park Circle | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 523 |
Initial cost to company, Land | 196 |
Initial cost to company, Buildings | 716 |
Costs capitalized subsequent to acquisition, Land | 7 |
Costs capitalized subsequent to acquisition, Buildings | 17 |
Gross Amount at which carried at close of period, Land | 203 |
Gross Amount at which carried at close of period, Buildings | 733 |
Gross Amount at which carried at close of period, Total | 936 |
Depreciation | $ 121 |
Date of Construction or Acquisition | Jun. 01, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Parkview Arms | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Initial cost to company, Land | $ 373 |
Initial cost to company, Buildings | 3,845 |
Costs capitalized subsequent to acquisition, Buildings | 365 |
Gross Amount at which carried at close of period, Land | 373 |
Gross Amount at which carried at close of period, Buildings | 4,210 |
Gross Amount at which carried at close of period, Total | 4,583 |
Depreciation | $ 889 |
Date of Construction or Acquisition | May 13, 2015 |
Residential Property | Parkview Arms | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Parkview Arms | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Parkwest Gardens | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | West Fargo, ND |
Encumbrances | $ 2,815 |
Initial cost to company, Land | 713 |
Initial cost to company, Buildings | 5,712 |
Costs capitalized subsequent to acquisition, Land | 39 |
Costs capitalized subsequent to acquisition, Buildings | 1,450 |
Gross Amount at which carried at close of period, Land | 752 |
Gross Amount at which carried at close of period, Buildings | 7,162 |
Gross Amount at which carried at close of period, Total | 7,914 |
Depreciation | $ 1,578 |
Date of Construction or Acquisition | Jun. 30, 2014 |
Residential Property | Parkwest Gardens | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Parkwest Gardens | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Parkwood | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 126 |
Initial cost to company, Buildings | 1,143 |
Costs capitalized subsequent to acquisition, Land | 14 |
Costs capitalized subsequent to acquisition, Buildings | 203 |
Gross Amount at which carried at close of period, Land | 140 |
Gross Amount at which carried at close of period, Buildings | 1,346 |
Gross Amount at which carried at close of period, Total | 1,486 |
Depreciation | $ 438 |
Date of Construction or Acquisition | Aug. 01, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Pebble Creek | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Initial cost to company, Land | $ 260 |
Initial cost to company, Buildings | 2,302 |
Costs capitalized subsequent to acquisition, Land | 31 |
Costs capitalized subsequent to acquisition, Buildings | (62) |
Gross Amount at which carried at close of period, Land | 291 |
Gross Amount at which carried at close of period, Buildings | 2,240 |
Gross Amount at which carried at close of period, Total | 2,531 |
Depreciation | $ 825 |
Date of Construction or Acquisition | Mar. 19, 2008 |
Residential Property | Pebble Creek | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Pebble Creek | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Pinehurst | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 9,461 |
Initial cost to company, Land | 2,368 |
Initial cost to company, Buildings | 12,614 |
Gross Amount at which carried at close of period, Land | 2,368 |
Gross Amount at which carried at close of period, Buildings | 12,614 |
Gross Amount at which carried at close of period, Total | 14,982 |
Depreciation | $ 788 |
Date of Construction or Acquisition | Jul. 01, 2021 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Plumtree | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 502 |
Initial cost to company, Land | 100 |
Initial cost to company, Buildings | 782 |
Costs capitalized subsequent to acquisition, Buildings | 29 |
Gross Amount at which carried at close of period, Land | 100 |
Gross Amount at which carried at close of period, Buildings | 811 |
Gross Amount at which carried at close of period, Total | 911 |
Depreciation | $ 135 |
Date of Construction or Acquisition | May 01, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Prairiewood Courts | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 308 |
Initial cost to company, Buildings | 1,730 |
Costs capitalized subsequent to acquisition, Land | 28 |
Costs capitalized subsequent to acquisition, Buildings | 203 |
Gross Amount at which carried at close of period, Land | 336 |
Gross Amount at which carried at close of period, Buildings | 1,933 |
Gross Amount at which carried at close of period, Total | 2,269 |
Depreciation | $ 773 |
Date of Construction or Acquisition | Sep. 01, 2006 |
Residential Property | Prairiewood Courts | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Prairiewood Courts | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Prairiewood Meadows | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 3,675 |
Initial cost to company, Land | 736 |
Initial cost to company, Buildings | 761 |
Costs capitalized subsequent to acquisition, Land | 11 |
Costs capitalized subsequent to acquisition, Buildings | 3,211 |
Gross Amount at which carried at close of period, Land | 747 |
Gross Amount at which carried at close of period, Buildings | 3,972 |
Gross Amount at which carried at close of period, Total | 4,719 |
Depreciation | $ 302 |
Date of Construction or Acquisition | Sep. 30, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Cobalt Apartments | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fort Worth, TX |
Encumbrances | $ 27,500 |
Initial cost to company, Land | 5,451 |
Initial cost to company, Buildings | 46,811 |
Gross Amount at which carried at close of period, Land | 5,451 |
Gross Amount at which carried at close of period, Buildings | 46,811 |
Gross Amount at which carried at close of period, Total | 52,262 |
Depreciation | $ 1,268 |
Date of Construction or Acquisition | Dec. 29, 2022 |
Residential Property | Quail Creek | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Springfield, MO |
Encumbrances | $ 4,967 |
Initial cost to company, Land | 1,529 |
Initial cost to company, Buildings | 7,396 |
Costs capitalized subsequent to acquisition, Buildings | 1,656 |
Gross Amount at which carried at close of period, Land | 1,529 |
Gross Amount at which carried at close of period, Buildings | 9,052 |
Gross Amount at which carried at close of period, Total | 10,581 |
Depreciation | $ 1,763 |
Date of Construction or Acquisition | Feb. 03, 2015 |
Residential Property | Quail Creek | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Quail Creek | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Robinwood | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Coon Rapids, MN |
Encumbrances | $ 4,011 |
Initial cost to company, Land | 1,380 |
Initial cost to company, Buildings | 6,133 |
Costs capitalized subsequent to acquisition, Buildings | 711 |
Gross Amount at which carried at close of period, Land | 1,380 |
Gross Amount at which carried at close of period, Buildings | 6,844 |
Gross Amount at which carried at close of period, Total | 8,224 |
Depreciation | $ 1,509 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Rosedale Estates | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Roseville, MN |
Encumbrances | $ 13,501 |
Initial cost to company, Land | 4,680 |
Initial cost to company, Buildings | 20,591 |
Costs capitalized subsequent to acquisition, Buildings | 1,016 |
Gross Amount at which carried at close of period, Land | 4,680 |
Gross Amount at which carried at close of period, Buildings | 21,607 |
Gross Amount at which carried at close of period, Total | 26,287 |
Depreciation | $ 4,831 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Residential Property | Rosedale Estates | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Rosedale Estates | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Rosegate | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,798 |
Initial cost to company, Land | 251 |
Initial cost to company, Buildings | 2,978 |
Costs capitalized subsequent to acquisition, Land | 49 |
Costs capitalized subsequent to acquisition, Buildings | 132 |
Gross Amount at which carried at close of period, Land | 300 |
Gross Amount at which carried at close of period, Buildings | 3,110 |
Gross Amount at which carried at close of period, Total | 3,410 |
Depreciation | $ 1,214 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Residential Property | Rosegate | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Rosegate | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Rosser | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 656 |
Initial cost to company, Land | 156 |
Initial cost to company, Buildings | 1,216 |
Costs capitalized subsequent to acquisition, Buildings | 109 |
Gross Amount at which carried at close of period, Land | 156 |
Gross Amount at which carried at close of period, Buildings | 1,325 |
Gross Amount at which carried at close of period, Total | 1,481 |
Depreciation | $ 122 |
Date of Construction or Acquisition | Mar. 01, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Roughrider | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 357 |
Initial cost to company, Land | 100 |
Initial cost to company, Buildings | 448 |
Costs capitalized subsequent to acquisition, Buildings | 117 |
Gross Amount at which carried at close of period, Land | 100 |
Gross Amount at which carried at close of period, Buildings | 565 |
Gross Amount at which carried at close of period, Total | 665 |
Depreciation | $ 107 |
Date of Construction or Acquisition | Aug. 01, 2016 |
Residential Property | Roughrider | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Roughrider | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Saddlebrook | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | West Fargo, ND |
Encumbrances | $ 1,252 |
Initial cost to company, Land | 148 |
Initial cost to company, Buildings | 1,262 |
Costs capitalized subsequent to acquisition, Land | 203 |
Costs capitalized subsequent to acquisition, Buildings | 105 |
Gross Amount at which carried at close of period, Land | 351 |
Gross Amount at which carried at close of period, Buildings | 1,367 |
Gross Amount at which carried at close of period, Total | 1,718 |
Depreciation | $ 497 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sage Park | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | New Brighton, MN |
Encumbrances | $ 9,039 |
Initial cost to company, Land | 2,520 |
Initial cost to company, Buildings | 13,985 |
Costs capitalized subsequent to acquisition, Buildings | 1,176 |
Gross Amount at which carried at close of period, Land | 2,520 |
Gross Amount at which carried at close of period, Buildings | 15,161 |
Gross Amount at which carried at close of period, Total | 17,681 |
Depreciation | $ 3,419 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Residential Property | Sage Park | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Sage Park | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sargent | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 905 |
Initial cost to company, Land | 164 |
Initial cost to company, Buildings | 1,529 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 17 |
Gross Amount at which carried at close of period, Land | 168 |
Gross Amount at which carried at close of period, Buildings | 1,546 |
Gross Amount at which carried at close of period, Total | 1,714 |
Depreciation | $ 272 |
Date of Construction or Acquisition | Jan. 10, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Schrock | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 408 |
Initial cost to company, Land | 71 |
Initial cost to company, Buildings | 626 |
Costs capitalized subsequent to acquisition, Land | 3 |
Costs capitalized subsequent to acquisition, Buildings | 66 |
Gross Amount at which carried at close of period, Land | 74 |
Gross Amount at which carried at close of period, Buildings | 692 |
Gross Amount at which carried at close of period, Total | 766 |
Depreciation | $ 170 |
Date of Construction or Acquisition | Jun. 04, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sheridan Pointe | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,914 |
Initial cost to company, Land | 292 |
Initial cost to company, Buildings | 2,387 |
Costs capitalized subsequent to acquisition, Land | 21 |
Costs capitalized subsequent to acquisition, Buildings | 96 |
Gross Amount at which carried at close of period, Land | 313 |
Gross Amount at which carried at close of period, Buildings | 2,483 |
Gross Amount at which carried at close of period, Total | 2,796 |
Depreciation | $ 608 |
Date of Construction or Acquisition | Oct. 01, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sierra Ridge | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 6,365 |
Initial cost to company, Land | 754 |
Initial cost to company, Buildings | 8,795 |
Costs capitalized subsequent to acquisition, Land | 151 |
Costs capitalized subsequent to acquisition, Buildings | 917 |
Gross Amount at which carried at close of period, Land | 905 |
Gross Amount at which carried at close of period, Buildings | 9,712 |
Gross Amount at which carried at close of period, Total | 10,617 |
Depreciation | $ 3,233 |
Date of Construction or Acquisition | Sep. 01, 2006 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Somerset | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 300 |
Initial cost to company, Buildings | 3,400 |
Costs capitalized subsequent to acquisition, Land | 43 |
Costs capitalized subsequent to acquisition, Buildings | 189 |
Gross Amount at which carried at close of period, Land | 343 |
Gross Amount at which carried at close of period, Buildings | 3,589 |
Gross Amount at which carried at close of period, Total | 3,932 |
Depreciation | $ 1,324 |
Date of Construction or Acquisition | Jul. 01, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Southgate | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,632 |
Initial cost to company, Land | 803 |
Initial cost to company, Buildings | 5,267 |
Costs capitalized subsequent to acquisition, Land | 20 |
Costs capitalized subsequent to acquisition, Buildings | 64 |
Gross Amount at which carried at close of period, Land | 823 |
Gross Amount at which carried at close of period, Buildings | 5,331 |
Gross Amount at which carried at close of period, Total | 6,154 |
Depreciation | $ 2,149 |
Date of Construction or Acquisition | Jul. 01, 2007 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Southgate | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Southview III | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 99 |
Initial cost to company, Buildings | 522 |
Costs capitalized subsequent to acquisition, Land | 3 |
Costs capitalized subsequent to acquisition, Buildings | 116 |
Gross Amount at which carried at close of period, Land | 102 |
Gross Amount at which carried at close of period, Buildings | 638 |
Gross Amount at which carried at close of period, Total | 740 |
Depreciation | $ 186 |
Date of Construction or Acquisition | Aug. 01, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Southview Villages | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,297 |
Initial cost to company, Land | 268 |
Initial cost to company, Buildings | 2,483 |
Costs capitalized subsequent to acquisition, Land | 16 |
Costs capitalized subsequent to acquisition, Buildings | 715 |
Gross Amount at which carried at close of period, Land | 284 |
Gross Amount at which carried at close of period, Buildings | 3,198 |
Gross Amount at which carried at close of period, Total | 3,482 |
Depreciation | $ 1,099 |
Date of Construction or Acquisition | Oct. 01, 2007 |
Residential Property | Southview Villages | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Southview Villages | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Spring | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 410 |
Initial cost to company, Land | 76 |
Initial cost to company, Buildings | 822 |
Costs capitalized subsequent to acquisition, Land | 75 |
Costs capitalized subsequent to acquisition, Buildings | 24 |
Gross Amount at which carried at close of period, Land | 151 |
Gross Amount at which carried at close of period, Buildings | 846 |
Gross Amount at which carried at close of period, Total | 997 |
Depreciation | $ 232 |
Date of Construction or Acquisition | Feb. 06, 2013 |
Residential Property | Spring | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Spring | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Stanford Court | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 291 |
Initial cost to company, Buildings | 3,854 |
Costs capitalized subsequent to acquisition, Buildings | 630 |
Gross Amount at which carried at close of period, Land | 291 |
Gross Amount at which carried at close of period, Buildings | 4,484 |
Gross Amount at which carried at close of period, Total | 4,775 |
Depreciation | $ 1,107 |
Date of Construction or Acquisition | Feb. 06, 2013 |
Residential Property | Stanford Court | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Stanford Court | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Stonefield-Phase I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 7,212 |
Initial cost to company, Land | 2,804 |
Initial cost to company, Buildings | 10,043 |
Costs capitalized subsequent to acquisition, Land | 227 |
Costs capitalized subsequent to acquisition, Buildings | 802 |
Gross Amount at which carried at close of period, Land | 3,031 |
Gross Amount at which carried at close of period, Buildings | 10,845 |
Gross Amount at which carried at close of period, Total | 13,876 |
Depreciation | $ 2,337 |
Date of Construction or Acquisition | Aug. 01, 2014 |
Residential Property | Stonefield-Phase I | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Stonefield-Phase I | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Stonefield-Phase II | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 4,667 |
Initial cost to company, Land | 1,201 |
Initial cost to company, Buildings | 3,678 |
Costs capitalized subsequent to acquisition, Land | 486 |
Costs capitalized subsequent to acquisition, Buildings | 5,754 |
Gross Amount at which carried at close of period, Land | 1,687 |
Gross Amount at which carried at close of period, Buildings | 9,432 |
Gross Amount at which carried at close of period, Total | 11,119 |
Depreciation | $ 1,581 |
Date of Construction or Acquisition | Oct. 23, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Stonefield-Phase III | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Initial cost to company, Land | $ 1,079 |
Costs capitalized subsequent to acquisition, Land | 238 |
Gross Amount at which carried at close of period, Land | 1,317 |
Gross Amount at which carried at close of period, Total | $ 1,317 |
Date of Construction or Acquisition | Oct. 23, 2014 |
Residential Property | Stonybrook | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Omaha, NE |
Encumbrances | $ 5,867 |
Initial cost to company, Land | 1,439 |
Initial cost to company, Buildings | 8,003 |
Costs capitalized subsequent to acquisition, Buildings | 1,586 |
Gross Amount at which carried at close of period, Land | 1,439 |
Gross Amount at which carried at close of period, Buildings | 9,589 |
Gross Amount at which carried at close of period, Total | 11,028 |
Depreciation | $ 3,335 |
Date of Construction or Acquisition | Jan. 20, 2009 |
Residential Property | Stonybrook | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Stonybrook | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Summerfield | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 450 |
Initial cost to company, Land | 129 |
Initial cost to company, Buildings | 599 |
Costs capitalized subsequent to acquisition, Land | 6 |
Costs capitalized subsequent to acquisition, Buildings | 82 |
Gross Amount at which carried at close of period, Land | 135 |
Gross Amount at which carried at close of period, Buildings | 681 |
Gross Amount at which carried at close of period, Total | 816 |
Depreciation | $ 138 |
Date of Construction or Acquisition | Aug. 04, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Summit Point | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 3,161 |
Initial cost to company, Land | 681 |
Initial cost to company, Buildings | 5,434 |
Costs capitalized subsequent to acquisition, Land | 22 |
Costs capitalized subsequent to acquisition, Buildings | 450 |
Gross Amount at which carried at close of period, Land | 703 |
Gross Amount at which carried at close of period, Buildings | 5,884 |
Gross Amount at which carried at close of period, Total | 6,587 |
Depreciation | $ 1,169 |
Date of Construction or Acquisition | Oct. 01, 2015 |
Residential Property | Summit Point | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Summit Point | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sunchase | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 984 |
Initial cost to company, Land | 181 |
Initial cost to company, Buildings | 1,563 |
Costs capitalized subsequent to acquisition, Land | 14 |
Costs capitalized subsequent to acquisition, Buildings | 86 |
Gross Amount at which carried at close of period, Land | 195 |
Gross Amount at which carried at close of period, Buildings | 1,649 |
Gross Amount at which carried at close of period, Total | 1,844 |
Depreciation | $ 276 |
Date of Construction or Acquisition | May 01, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sunset Ridge | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 10,516 |
Initial cost to company, Land | 1,759 |
Initial cost to company, Buildings | 9,529 |
Costs capitalized subsequent to acquisition, Land | 36 |
Costs capitalized subsequent to acquisition, Buildings | 146 |
Gross Amount at which carried at close of period, Land | 1,795 |
Gross Amount at which carried at close of period, Buildings | 9,675 |
Gross Amount at which carried at close of period, Total | 11,470 |
Depreciation | $ 3,468 |
Date of Construction or Acquisition | Jun. 06, 2008 |
Residential Property | Sunset Ridge | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Residential Property | Sunset Ridge | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sunview | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 144 |
Initial cost to company, Buildings | 1,578 |
Costs capitalized subsequent to acquisition, Land | 3 |
Costs capitalized subsequent to acquisition, Buildings | 241 |
Gross Amount at which carried at close of period, Land | 147 |
Gross Amount at which carried at close of period, Buildings | 1,819 |
Gross Amount at which carried at close of period, Total | 1,966 |
Depreciation | $ 634 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Residential Property | Sunview | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Sunview | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sunwood | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,716 |
Initial cost to company, Land | 358 |
Initial cost to company, Buildings | 3,252 |
Costs capitalized subsequent to acquisition, Land | 38 |
Costs capitalized subsequent to acquisition, Buildings | 589 |
Gross Amount at which carried at close of period, Land | 396 |
Gross Amount at which carried at close of period, Buildings | 3,841 |
Gross Amount at which carried at close of period, Total | 4,237 |
Depreciation | $ 1,401 |
Date of Construction or Acquisition | Jul. 01, 2007 |
Residential Property | Sunwood | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Sunwood | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Thunder Creek | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,567 |
Initial cost to company, Land | 633 |
Initial cost to company, Buildings | 4,063 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 634 |
Gross Amount at which carried at close of period, Land | 634 |
Gross Amount at which carried at close of period, Buildings | 4,697 |
Gross Amount at which carried at close of period, Total | 5,331 |
Depreciation | $ 649 |
Date of Construction or Acquisition | Mar. 01, 2018 |
Residential Property | Thunder Creek | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 25 years |
Residential Property | Thunder Creek | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Twin Oaks | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Hutchinson, MN |
Encumbrances | $ 5,012 |
Initial cost to company, Land | 816 |
Initial cost to company, Buildings | 3,245 |
Costs capitalized subsequent to acquisition, Buildings | 156 |
Gross Amount at which carried at close of period, Land | 816 |
Gross Amount at which carried at close of period, Buildings | 3,401 |
Gross Amount at which carried at close of period, Total | 4,217 |
Depreciation | $ 778 |
Date of Construction or Acquisition | Oct. 01, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Twin Parks | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,820 |
Initial cost to company, Land | 119 |
Initial cost to company, Buildings | 2,072 |
Costs capitalized subsequent to acquisition, Land | 43 |
Costs capitalized subsequent to acquisition, Buildings | 227 |
Gross Amount at which carried at close of period, Land | 162 |
Gross Amount at which carried at close of period, Buildings | 2,299 |
Gross Amount at which carried at close of period, Total | 2,461 |
Depreciation | $ 815 |
Date of Construction or Acquisition | Oct. 01, 2008 |
Residential Property | Twin Parks | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Twin Parks | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Valley Homes Duplexes | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 953 |
Initial cost to company, Land | 356 |
Initial cost to company, Buildings | 1,668 |
Costs capitalized subsequent to acquisition, Buildings | 431 |
Gross Amount at which carried at close of period, Land | 356 |
Gross Amount at which carried at close of period, Buildings | 2,099 |
Gross Amount at which carried at close of period, Total | 2,455 |
Depreciation | $ 446 |
Date of Construction or Acquisition | Jan. 22, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Valley View | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Golden Valley, MN |
Encumbrances | $ 3,987 |
Initial cost to company, Land | 1,190 |
Initial cost to company, Buildings | 6,076 |
Costs capitalized subsequent to acquisition, Buildings | 468 |
Gross Amount at which carried at close of period, Land | 1,190 |
Gross Amount at which carried at close of period, Buildings | 6,544 |
Gross Amount at which carried at close of period, Total | 7,734 |
Depreciation | $ 1,439 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Residential Property | Valley View | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Valley View | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Village Park | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 573 |
Initial cost to company, Land | 219 |
Initial cost to company, Buildings | 1,852 |
Costs capitalized subsequent to acquisition, Land | 51 |
Costs capitalized subsequent to acquisition, Buildings | 80 |
Gross Amount at which carried at close of period, Land | 270 |
Gross Amount at which carried at close of period, Buildings | 1,932 |
Gross Amount at which carried at close of period, Total | 2,202 |
Depreciation | $ 745 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Village West | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,069 |
Initial cost to company, Land | 357 |
Initial cost to company, Buildings | 2,274 |
Costs capitalized subsequent to acquisition, Land | 61 |
Costs capitalized subsequent to acquisition, Buildings | 127 |
Gross Amount at which carried at close of period, Land | 418 |
Gross Amount at which carried at close of period, Buildings | 2,401 |
Gross Amount at which carried at close of period, Total | 2,819 |
Depreciation | $ 896 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Washington | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 329 |
Initial cost to company, Land | 74 |
Initial cost to company, Buildings | 592 |
Costs capitalized subsequent to acquisition, Buildings | 76 |
Gross Amount at which carried at close of period, Land | 74 |
Gross Amount at which carried at close of period, Buildings | 668 |
Gross Amount at which carried at close of period, Total | 742 |
Depreciation | $ 125 |
Date of Construction or Acquisition | May 04, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Westcourt | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,222 |
Initial cost to company, Land | 287 |
Initial cost to company, Buildings | 2,914 |
Costs capitalized subsequent to acquisition, Land | 28 |
Costs capitalized subsequent to acquisition, Buildings | 353 |
Gross Amount at which carried at close of period, Land | 315 |
Gross Amount at which carried at close of period, Buildings | 3,267 |
Gross Amount at which carried at close of period, Total | 3,582 |
Depreciation | $ 782 |
Date of Construction or Acquisition | Jan. 02, 2014 |
Residential Property | Westcourt | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Westcourt | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | West Oak | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 592 |
Initial cost to company, Land | 85 |
Initial cost to company, Buildings | 692 |
Costs capitalized subsequent to acquisition, Land | 47 |
Costs capitalized subsequent to acquisition, Buildings | 73 |
Gross Amount at which carried at close of period, Land | 132 |
Gross Amount at which carried at close of period, Buildings | 765 |
Gross Amount at which carried at close of period, Total | 897 |
Depreciation | $ 135 |
Date of Construction or Acquisition | Jan. 17, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Westside | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Hawley, MN |
Encumbrances | $ 435 |
Initial cost to company, Land | 59 |
Initial cost to company, Buildings | 360 |
Costs capitalized subsequent to acquisition, Buildings | 116 |
Gross Amount at which carried at close of period, Land | 59 |
Gross Amount at which carried at close of period, Buildings | 476 |
Gross Amount at which carried at close of period, Total | 535 |
Depreciation | $ 139 |
Date of Construction or Acquisition | Feb. 01, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Westwind | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 532 |
Initial cost to company, Land | 49 |
Initial cost to company, Buildings | 455 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 95 |
Gross Amount at which carried at close of period, Land | 50 |
Gross Amount at which carried at close of period, Buildings | 550 |
Gross Amount at which carried at close of period, Total | 600 |
Depreciation | $ 222 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Residential Property | Westwind | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Westwind | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Westwood | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,865 |
Initial cost to company, Land | 597 |
Initial cost to company, Buildings | 6,341 |
Costs capitalized subsequent to acquisition, Land | 91 |
Costs capitalized subsequent to acquisition, Buildings | 849 |
Gross Amount at which carried at close of period, Land | 688 |
Gross Amount at which carried at close of period, Buildings | 7,190 |
Gross Amount at which carried at close of period, Total | 7,878 |
Depreciation | $ 2,558 |
Date of Construction or Acquisition | Jun. 05, 2008 |
Residential Property | Westwood | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Westwood | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Willow Park | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,911 |
Initial cost to company, Land | 288 |
Initial cost to company, Buildings | 5,286 |
Costs capitalized subsequent to acquisition, Land | 39 |
Costs capitalized subsequent to acquisition, Buildings | 812 |
Gross Amount at which carried at close of period, Land | 327 |
Gross Amount at which carried at close of period, Buildings | 6,098 |
Gross Amount at which carried at close of period, Total | 6,425 |
Depreciation | $ 2,095 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Wolf Creek | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,888 |
Initial cost to company, Land | 1,082 |
Initial cost to company, Buildings | 4,210 |
Costs capitalized subsequent to acquisition, Buildings | 28 |
Gross Amount at which carried at close of period, Land | 1,082 |
Gross Amount at which carried at close of period, Buildings | 4,238 |
Gross Amount at which carried at close of period, Total | 5,320 |
Depreciation | $ 427 |
Date of Construction or Acquisition | Jan. 12, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Woodland Pines | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Omaha, NE |
Encumbrances | $ 5,920 |
Initial cost to company, Land | 842 |
Initial cost to company, Buildings | 10,596 |
Costs capitalized subsequent to acquisition, Buildings | 1,373 |
Gross Amount at which carried at close of period, Land | 842 |
Gross Amount at which carried at close of period, Buildings | 11,969 |
Gross Amount at which carried at close of period, Total | 12,811 |
Depreciation | $ 1,501 |
Date of Construction or Acquisition | Nov. 30, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 56,888 |
Initial cost to company, Land | 12,877 |
Initial cost to company, Buildings | 63,679 |
Costs capitalized subsequent to acquisition, Land | 132 |
Costs capitalized subsequent to acquisition, Buildings | 26,382 |
Gross Amount at which carried at close of period, Land | 13,009 |
Gross Amount at which carried at close of period, Buildings | 90,061 |
Gross Amount at which carried at close of period, Total | 103,070 |
Depreciation | $ 27,322 |
Office Property | Bluemont Lakes Financial Center | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,631 |
Initial cost to company, Land | 635 |
Initial cost to company, Buildings | 3,298 |
Costs capitalized subsequent to acquisition, Land | 87 |
Costs capitalized subsequent to acquisition, Buildings | 269 |
Gross Amount at which carried at close of period, Land | 722 |
Gross Amount at which carried at close of period, Buildings | 3,567 |
Gross Amount at which carried at close of period, Total | 4,289 |
Depreciation | $ 1,819 |
Date of Construction or Acquisition | Mar. 16, 2004 |
Office Property | Bluemont Lakes Financial Center | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 3 years |
Office Property | Bluemont Lakes Financial Center | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Bell Plaza | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bloomington, MN |
Encumbrances | $ 29,852 |
Initial cost to company, Land | 6,912 |
Initial cost to company, Buildings | 34,343 |
Costs capitalized subsequent to acquisition, Buildings | 5,149 |
Gross Amount at which carried at close of period, Land | 6,912 |
Gross Amount at which carried at close of period, Buildings | 39,492 |
Gross Amount at which carried at close of period, Total | 46,404 |
Depreciation | $ 13,089 |
Date of Construction or Acquisition | Aug. 13, 2015 |
Office Property | Bell Plaza | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 3 years |
Office Property | Bell Plaza | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Trustmark | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 6,746 |
Initial cost to company, Land | 2,089 |
Initial cost to company, Buildings | 4,718 |
Costs capitalized subsequent to acquisition, Land | 14 |
Costs capitalized subsequent to acquisition, Buildings | 6,545 |
Gross Amount at which carried at close of period, Land | 2,103 |
Gross Amount at which carried at close of period, Buildings | 11,263 |
Gross Amount at which carried at close of period, Total | 13,366 |
Depreciation | $ 1,276 |
Date of Construction or Acquisition | Aug. 28, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | First International Bank & Trust | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Moorhead, MN |
Initial cost to company, Land | $ 210 |
Initial cost to company, Buildings | 642 |
Costs capitalized subsequent to acquisition, Land | 5 |
Costs capitalized subsequent to acquisition, Buildings | 1,046 |
Gross Amount at which carried at close of period, Land | 215 |
Gross Amount at which carried at close of period, Buildings | 1,688 |
Gross Amount at which carried at close of period, Total | 1,903 |
Depreciation | $ 244 |
Date of Construction or Acquisition | May 13, 2011 |
Office Property | First International Bank & Trust | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 10 years |
Office Property | First International Bank & Trust | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Four Points | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 70 |
Initial cost to company, Buildings | 1,238 |
Costs capitalized subsequent to acquisition, Land | 11 |
Costs capitalized subsequent to acquisition, Buildings | 175 |
Gross Amount at which carried at close of period, Land | 81 |
Gross Amount at which carried at close of period, Buildings | 1,413 |
Gross Amount at which carried at close of period, Total | 1,494 |
Depreciation | $ 567 |
Date of Construction or Acquisition | Oct. 18, 2007 |
Office Property | Four Points | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Office Property | Four Points | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Gate City | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 382 |
Initial cost to company, Buildings | 893 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 955 |
Gross Amount at which carried at close of period, Land | 383 |
Gross Amount at which carried at close of period, Buildings | 1,848 |
Gross Amount at which carried at close of period, Total | 2,231 |
Depreciation | $ 465 |
Date of Construction or Acquisition | Mar. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Goldmark Office Park | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 12,001 |
Initial cost to company, Land | 1,160 |
Initial cost to company, Buildings | 11,788 |
Costs capitalized subsequent to acquisition, Land | 65 |
Costs capitalized subsequent to acquisition, Buildings | 8,832 |
Gross Amount at which carried at close of period, Land | 1,225 |
Gross Amount at which carried at close of period, Buildings | 20,620 |
Gross Amount at which carried at close of period, Total | 21,845 |
Depreciation | $ 5,811 |
Date of Construction or Acquisition | Jul. 01, 2007 |
Office Property | Goldmark Office Park | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 1 year |
Office Property | Goldmark Office Park | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Great American Bldg | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,018 |
Initial cost to company, Land | 511 |
Initial cost to company, Buildings | 1,290 |
Costs capitalized subsequent to acquisition, Land | 22 |
Costs capitalized subsequent to acquisition, Buildings | 447 |
Gross Amount at which carried at close of period, Land | 533 |
Gross Amount at which carried at close of period, Buildings | 1,737 |
Gross Amount at which carried at close of period, Total | 2,270 |
Depreciation | $ 803 |
Date of Construction or Acquisition | Feb. 01, 2005 |
Office Property | Great American Bldg | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 28 years |
Office Property | Great American Bldg | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Midtown Plaza | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Minot, ND |
Encumbrances | $ 1,068 |
Initial cost to company, Land | 30 |
Initial cost to company, Buildings | 1,213 |
Costs capitalized subsequent to acquisition, Buildings | 97 |
Gross Amount at which carried at close of period, Land | 30 |
Gross Amount at which carried at close of period, Buildings | 1,310 |
Gross Amount at which carried at close of period, Total | 1,340 |
Depreciation | $ 602 |
Date of Construction or Acquisition | Jan. 01, 2004 |
Office Property | Midtown Plaza | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Office Property | Midtown Plaza | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Parkway office building (FKA Echelon) | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,572 |
Initial cost to company, Land | 278 |
Initial cost to company, Buildings | 1,491 |
Costs capitalized subsequent to acquisition, Land | 42 |
Costs capitalized subsequent to acquisition, Buildings | 82 |
Gross Amount at which carried at close of period, Land | 320 |
Gross Amount at which carried at close of period, Buildings | 1,573 |
Gross Amount at which carried at close of period, Total | 1,893 |
Depreciation | $ 654 |
Date of Construction or Acquisition | May 15, 2007 |
Office Property | Parkway office building (FKA Echelon) | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Office Property | Parkway office building (FKA Echelon) | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Wells Fargo Center | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Duluth, MN |
Initial cost to company, Land | $ 600 |
Initial cost to company, Buildings | 2,765 |
Costs capitalized subsequent to acquisition, Land | (115) |
Costs capitalized subsequent to acquisition, Buildings | 2,785 |
Gross Amount at which carried at close of period, Land | 485 |
Gross Amount at which carried at close of period, Buildings | 5,550 |
Gross Amount at which carried at close of period, Total | 6,035 |
Depreciation | $ 1,992 |
Date of Construction or Acquisition | Jul. 11, 2007 |
Office Property | Wells Fargo Center | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 4 years |
Office Property | Wells Fargo Center | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 10,486 |
Initial cost to company, Land | 7,527 |
Initial cost to company, Buildings | 22,823 |
Costs capitalized subsequent to acquisition, Land | 3 |
Costs capitalized subsequent to acquisition, Buildings | 81 |
Gross Amount at which carried at close of period, Land | 7,530 |
Gross Amount at which carried at close of period, Buildings | 22,904 |
Gross Amount at which carried at close of period, Total | 30,434 |
Depreciation | $ 7,751 |
Retail Property | Dairy Queen, Apple Valley, MN | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Apple Valley, MN |
Initial cost to company, Land | $ 845 |
Initial cost to company, Buildings | 828 |
Gross Amount at which carried at close of period, Land | 845 |
Gross Amount at which carried at close of period, Buildings | 828 |
Gross Amount at which carried at close of period, Total | 1,673 |
Depreciation | $ 110 |
Date of Construction or Acquisition | Sep. 17, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Dairy Queen, Dickinson, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Dickinson, ND |
Initial cost to company, Land | $ 329 |
Initial cost to company, Buildings | 658 |
Costs capitalized subsequent to acquisition, Land | 1 |
Gross Amount at which carried at close of period, Land | 330 |
Gross Amount at which carried at close of period, Buildings | 658 |
Gross Amount at which carried at close of period, Total | 988 |
Depreciation | $ 197 |
Date of Construction or Acquisition | Jan. 19, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Dairy Queen, Moorhead, MN | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Moorhead, MN |
Initial cost to company, Land | $ 243 |
Initial cost to company, Buildings | 787 |
Costs capitalized subsequent to acquisition, Land | 2 |
Gross Amount at which carried at close of period, Land | 245 |
Gross Amount at which carried at close of period, Buildings | 787 |
Gross Amount at which carried at close of period, Total | 1,032 |
Depreciation | $ 249 |
Date of Construction or Acquisition | May 13, 2011 |
Life on which depreciation on latest income statement is computed | 20 years |
Retail Property | Family Dollar, Mandan, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Mandan, ND |
Initial cost to company, Land | $ 167 |
Initial cost to company, Buildings | 649 |
Costs capitalized subsequent to acquisition, Buildings | 54 |
Gross Amount at which carried at close of period, Land | 167 |
Gross Amount at which carried at close of period, Buildings | 703 |
Gross Amount at which carried at close of period, Total | 870 |
Depreciation | $ 216 |
Date of Construction or Acquisition | Dec. 14, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | OReilly, Mandan, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Mandan, ND |
Initial cost to company, Land | $ 115 |
Initial cost to company, Buildings | 449 |
Costs capitalized subsequent to acquisition, Buildings | 27 |
Gross Amount at which carried at close of period, Land | 115 |
Gross Amount at which carried at close of period, Buildings | 476 |
Gross Amount at which carried at close of period, Total | 591 |
Depreciation | $ 150 |
Date of Construction or Acquisition | Dec. 14, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Walgreens, Alexandria, LA | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Alexandria, LA |
Initial cost to company, Land | $ 1,090 |
Initial cost to company, Buildings | 2,973 |
Gross Amount at which carried at close of period, Land | 1,090 |
Gross Amount at which carried at close of period, Buildings | 2,973 |
Gross Amount at which carried at close of period, Total | 4,063 |
Depreciation | $ 1,043 |
Date of Construction or Acquisition | Dec. 18, 2009 |
Retail Property | Walgreens, Alexandria, LA | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 28 years |
Retail Property | Walgreens, Alexandria, LA | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Walgreens, Batesville, AR | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Batesville, AR |
Encumbrances | $ 4,341 |
Initial cost to company, Land | 473 |
Initial cost to company, Buildings | 6,405 |
Gross Amount at which carried at close of period, Land | 473 |
Gross Amount at which carried at close of period, Buildings | 6,405 |
Gross Amount at which carried at close of period, Total | 6,878 |
Depreciation | $ 2,322 |
Date of Construction or Acquisition | Jul. 09, 2009 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Walgreens, Denver, CO | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Denver, CO |
Encumbrances | $ 2,900 |
Initial cost to company, Land | 2,349 |
Initial cost to company, Buildings | 2,358 |
Gross Amount at which carried at close of period, Land | 2,349 |
Gross Amount at which carried at close of period, Buildings | 2,358 |
Gross Amount at which carried at close of period, Total | 4,707 |
Depreciation | $ 742 |
Date of Construction or Acquisition | Jun. 14, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Walgreens, Fayetteville, AR | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fayetteville, AR |
Encumbrances | $ 3,245 |
Initial cost to company, Land | 636 |
Initial cost to company, Buildings | 4,732 |
Gross Amount at which carried at close of period, Land | 636 |
Gross Amount at which carried at close of period, Buildings | 4,732 |
Gross Amount at which carried at close of period, Total | 5,368 |
Depreciation | $ 1,715 |
Date of Construction or Acquisition | Jul. 09, 2009 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Walgreens, Laurel, MS | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Laurel, MS |
Initial cost to company, Land | $ 1,280 |
Initial cost to company, Buildings | 2,984 |
Gross Amount at which carried at close of period, Land | 1,280 |
Gross Amount at which carried at close of period, Buildings | 2,984 |
Gross Amount at which carried at close of period, Total | 4,264 |
Depreciation | $ 1,007 |
Date of Construction or Acquisition | Jul. 30, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Changes in Real Estate Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Beginning balance | $ 971,148 | $ 896,702 | $ 845,288 |
Purchase of real estate investments | 11,875 | 103,252 | 63,299 |
Sale and disposal of real estate investment | (11,485) | (26,960) | (8,184) |
Property held for sale | (1,673) | 1,578 | |
Provision for asset impairment | (2,603) | (561) | 0 |
Construction in progress not yet placed in service | 939 | (1,285) | (5,279) |
Ending balance | $ 970,804 | $ 971,148 | $ 896,702 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Changes in Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Beginning balance | $ 194,849 | $ 179,155 | $ 160,575 |
Depreciation expense | 23,257 | 22,161 | 20,917 |
Property held for sale | (110) | 749 | |
Sale and disposal of real estate investment | (3,412) | (6,467) | (3,086) |
Ending balance | $ 214,584 | $ 194,849 | $ 179,155 |
Schedule III - Real Estate an_5
Schedule III - Real Estate and Accumulated Depreciation - Other (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |
The aggregate cost of our real estate for federal income tax purposes | $ 745,494 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 2,893 | $ 8,921 | $ 8,794 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 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 |