Sterling Real Estate Trust 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 06, 2024
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	000-54295
Entity Registrant Name	Sterling Real Estate Trust
Entity Incorporation, State or Country Code	ND
Entity Tax Identification Number	90-0115411
Entity Address, Address Line One	4340 18th Ave S., Suite 200
Entity Address, City or Town	Fargo
Entity Address, State or Province	ND
Entity Address, Postal Zip Code	58103
City Area Code	701
Local Phone Number	353-2720
Title of 12(b) Security	Common Shares, par value $0.01 per share
No Trading Symbol Flag	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,911,019
Entity Central Index Key	0001412502
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Land and land improvements	$ 139,969	$ 127,204
Building and improvements	940,245	835,551
Construction in progress	12,426	8,049
Real estate investments	1,092,640	970,804
Less accumulated depreciation	(231,131)	(214,584)
Real estate investments, net	861,509	756,220
Cash and cash equivalents	11,145	26,919
Restricted deposits	9,781	10,142
Investment in unconsolidated affiliates	28,775	26,601
Assets held for sale		1,568
Lease intangible assets, less accumulated amortization	3,127	2,983
Other assets, net	21,189	21,515
Total Assets	944,921	854,833
LIABILITIES
Notes payable	8,518
Lines of credit	5,849	0
Dividends payable	8,731	8,579
Tenant security deposits payable	8,413	7,104
Lease intangible liabilities, less accumulated amortization	360	470
Liabilities related to assets held for sale		2
Accrued expenses and other liabilities	21,522	19,239
Total Liabilities	635,542	553,513
COMMITMENTS and CONTINGENCIES - Note 13
SHAREHOLDERS' EQUITY
Beneficial interest	130,105	124,095
Operating partnership	158,884	163,308
Partially owned properties	9,500	2,555
Accumulated other comprehensive income	10,890	11,362
Total Shareholders' Equity	309,379	301,320
Total liabilities and shareholders' equity	944,921	854,833
Non affiliates
ASSETS
Notes receivable	1,527	64
LIABILITIES
Mortgage notes payable, net	523,597	457,857
Affiliates
ASSETS
Notes receivable	7,868	8,821
LIABILITIES
Mortgage notes payable, net	$ 58,552	$ 60,262

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income from rental operations
Real estate rental income	$ 41,477	$ 36,201	$ 118,035	$ 106,930
Expenses from rental operations
Operating expenses	17,667	16,237	49,960	50,711
Real estate taxes	4,120	3,792	13,047	11,395
Depreciation and amortization	7,622	5,990	20,564	19,026
Interest	6,577	5,377	17,455	16,064
Total expenses from rental operations	35,986	31,396	101,026	97,196
Administration of REIT	1,197	1,229	4,083	3,680
Total expenses	37,183	32,625	105,109	100,876
Income from operations	4,294	3,576	12,926	6,054
Other (loss) income
Equity in losses of unconsolidated affiliates	(826)	(666)	(2,239)	(2,538)
Other income	276	506	1,057	1,255
Gain on sale or conversion of real estate investments	241		3,069	2,596
Gain on involuntary conversion	96		95	89
Total other (loss) income	(213)	(160)	1,982	1,402
Net income	4,081	3,416	14,908	7,456
Net income (loss) attributable to noncontrolling interest:
Operating partnership	2,742	2,119	9,428	4,717
Partially owned properties	(357)	30	(274)	(59)
Net income attributable to Sterling Real Estate Trust	$ 1,696	$ 1,267	$ 5,754	$ 2,798
Net income attributable to Sterling Real Estate Trust per common share, basic	$ 0.15	$ 0.11	$ 0.50	$ 0.25
Net income attributable to Sterling Real Estate Trust per common share, diluted	$ 0.15	$ 0.11	$ 0.50	$ 0.25
Comprehensive income
Net income	$ 4,081	$ 3,416	$ 14,908	$ 7,456
Other comprehensive (loss) gain - change in fair value of interest rate swaps	(4,897)	2,339	(471)	1,984
Other comprehensive (loss) gain	(816)	5,755	14,437	9,440
Comprehensive (loss) income attributable to noncontrolling interest	(644)	3,611	8,861	5,904
Comprehensive (loss) income attributable to Sterling Real Estate Trust	$ (172)	$ 2,144	$ 5,576	$ 3,536
Weighted average common shares outstanding, basic	11,512,000	11,157,000	11,403,000	11,050,000
Weighted average common shares outstanding, diluted	11,512,000	11,157,000	11,403,000	11,050,000

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Shares	Paid-in Capital	Accumulated Distributions in Excess of Earnings	Total Beneficial Interest	Noncontrolling Interest in Operating Partnership	Noncontrolling Interest in Partially Owned Properties	Accumulated Other Comprehensive Income (Loss)	Total
Beginning Balance at Dec. 31, 2022		$ 159,003	$ (35,007)	$ 123,996	$ 183,048	$ 2,640	$ 13,782	$ 323,466
Beginning Balance (in shares) at Dec. 31, 2022	10,810
Shares/units redeemed		(181)		(181)	(915)			(1,096)
Shares/units redeemed (in shares)	(8)
Dividends and distributions declared			(3,147)	(3,147)	(5,373)			(8,520)
Dividends reinvested - stock dividend		1,962		1,962				1,962
Dividends reinvested - stock dividend (in shares)	90
Issuance of shares under optional purchase plan		1,291		1,291				1,291
Issuance of shares under optional purchase plan (in shares)	56
Change in fair value of interest rate swaps							(2,378)	(2,378)
Net income (loss)			(240)	(240)	(408)	(40)		(688)
Ending balance at Mar. 31, 2023		162,075	(38,394)	123,681	176,352	2,600	11,404	314,037
Ending balance (in shares) at Mar. 31, 2023	10,948
Beginning Balance at Dec. 31, 2022		159,003	(35,007)	123,996	183,048	2,640	13,782	323,466
Beginning Balance (in shares) at Dec. 31, 2022	10,810
Change in fair value of interest rate swaps								1,984
Net income (loss)								7,456
Ending balance at Sep. 30, 2023		166,667	(41,736)	124,931	168,635	2,581	15,766	311,913
Ending balance (in shares) at Sep. 30, 2023	11,152
Beginning Balance at Mar. 31, 2023		162,075	(38,394)	123,681	176,352	2,600	11,404	314,037
Beginning Balance (in shares) at Mar. 31, 2023	10,948
Shares/units redeemed		(978)		(978)	(1,884)			(2,862)
Shares/units redeemed (in shares)	(45)
Dividends and distributions declared			(3,173)	(3,173)	(5,348)			(8,521)
Dividends reinvested - stock dividend		1,996		1,996				1,996
Dividends reinvested - stock dividend (in shares)	91
Issuance of shares under optional purchase plan		951		951				951
Issuance of shares under optional purchase plan (in shares)	41
Change in fair value of interest rate swaps							2,023	2,023
Net income (loss)			1,771	1,771	3,007	(49)		4,729
Ending balance at Jun. 30, 2023		164,044	(39,796)	124,248	172,127	2,551	13,427	312,353
Ending balance (in shares) at Jun. 30, 2023	11,035
Shares issued under trustee compensation plan		72		72				72
Shares issued under trustee compensation plan (in shares)	3
Shares/units redeemed		(230)		(230)	(267)			(497)
Shares/units redeemed (in shares)	(11)
Dividends and distributions declared			(3,207)	(3,207)	(5,344)			(8,551)
Dividends reinvested - stock dividend		1,889		1,889				1,889
Dividends reinvested - stock dividend (in shares)	86
Issuance of shares under optional purchase plan		892		892				892
Issuance of shares under optional purchase plan (in shares)	39
Change in fair value of interest rate swaps							2,339	2,339
Net income (loss)			1,267	1,267	2,119	30		3,416
Ending balance at Sep. 30, 2023		166,667	(41,736)	124,931	168,635	2,581	15,766	311,913
Ending balance (in shares) at Sep. 30, 2023	11,152
Beginning Balance at Dec. 31, 2023		168,975	(44,880)	124,095	163,308	2,555	11,362	301,320
Beginning Balance (in shares) at Dec. 31, 2023	11,257
Shares/units redeemed		(1,108)		(1,108)	(410)			(1,518)
Shares/units redeemed (in shares)	(51)
Dividends and distributions declared			(3,257)	(3,257)	(5,338)			(8,595)
Dividends reinvested - stock dividend		1,899		1,899				1,899
Dividends reinvested - stock dividend (in shares)	87
Issuance of shares under optional purchase plan		843		843				843
Issuance of shares under optional purchase plan (in shares)	37
Change in fair value of interest rate swaps							1,517	1,517
Net income (loss)			1,740	1,740	2,850	52		4,642
Ending balance at Mar. 31, 2024		170,609	(46,397)	124,212	160,410	2,607	12,879	300,108
Ending balance (in shares) at Mar. 31, 2024	11,330
Beginning Balance at Dec. 31, 2023		168,975	(44,880)	124,095	163,308	2,555	11,362	301,320
Beginning Balance (in shares) at Dec. 31, 2023	11,257
Change in fair value of interest rate swaps								(471)
Net income (loss)								14,908
Ending balance at Sep. 30, 2024		179,100	(48,995)	130,105	158,884	9,500	10,890	309,379
Ending balance (in shares) at Sep. 30, 2024	11,698
Beginning Balance at Mar. 31, 2024		170,609	(46,397)	124,212	160,410	2,607	12,879	300,108
Beginning Balance (in shares) at Mar. 31, 2024	11,330
Contribution of assets in exchange for the issuance of noncontrolling interest shares					7,397			7,397
Shares/units redeemed		(2,886)		(2,886)	(2,910)			(5,796)
Shares/units redeemed (in shares)	(132)
Dividends and distributions declared			(3,251)	(3,251)	(5,392)			(8,643)
Dividends reinvested - stock dividend		1,837		1,837				1,837
Dividends reinvested - stock dividend (in shares)	84
Issuance of shares under optional purchase plan		629		629				629
Issuance of shares under optional purchase plan (in shares)	27
Contributions from consolidated real estate entity noncontrolling interests						7,041		7,041
Change in fair value of interest rate swaps							2,908	2,908
Net income (loss)			2,320	2,320	3,836	31		6,187
Ending balance at Jun. 30, 2024		170,189	(47,328)	122,861	163,341	9,679	15,787	311,668
Ending balance (in shares) at Jun. 30, 2024	11,309
Shares issued under trustee compensation plan		72		72				72
Shares issued under trustee compensation plan (in shares)	3
Shares/units redeemed		(623)		(623)	(1,831)			(2,454)
Shares/units redeemed (in shares)	(29)
Dividends and distributions declared			(3,363)	(3,363)	(5,368)			(8,731)
Dividends reinvested - stock dividend		1,843		1,843				1,843
Dividends reinvested - stock dividend (in shares)	84
Issuance of shares under optional purchase plan		676		676				676
Issuance of shares under optional purchase plan (in shares)	29
Contributions from consolidated real estate entity noncontrolling interests						178		178
Issuance of common shares		6,943		6,943				6,943
Issuance of common shares (in shares)	302
Change in fair value of interest rate swaps							(4,897)	(4,897)
Net income (loss)			1,696	1,696	2,742	(357)		4,081
Ending balance at Sep. 30, 2024		$ 179,100	$ (48,995)	$ 130,105	$ 158,884	$ 9,500	$ 10,890	$ 309,379
Ending balance (in shares) at Sep. 30, 2024	11,698

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Dividends and distributions declared (in dollars per share/unit)	$ 0.2875	$ 0.2875	$ 0.2875	$ 0.2875	$ 0.2875	$ 0.2875

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES
Net income	$ 14,908	$ 7,456
Adjustments to reconcile net income to net cash provided by operating activities
Gain on sale of real estate investments	(3,069)	(2,596)
Gain on involuntary conversion	(95)	(89)
Change in fair value of securities		(321)
Equity in loss of unconsolidated affiliates	2,239	2,538
Allowance for (recovery of) uncollectible accounts receivable	226	(453)
Depreciation	18,296	17,482
Amortization	2,268	1,544
Amortization of debt issuance costs	38	445
Effects on operating cash flows due to changes in
Other assets	(392)	(326)
Tenant security deposits payable	1,014	705
Accrued expenses and other liabilities	(1,139)	(485)
NET CASH PROVIDED BY OPERATING ACTIVITIES	34,294	25,900
INVESTING ACTIVITIES
Proceeds from maturity of securities		24,369
Purchase of real estate investment properties	(28,510)
Capital expenditures and tenant improvements	(12,817)	(7,465)
Proceeds from sale of real estate investments and non-real estate investments	9,863	5,082
Proceeds from involuntary conversion		111
Investment in unconsolidated affiliates	(6,119)	(2,546)
Distributions in excess of earnings received from unconsolidated affiliates	1,706	2,118
Notes receivable issued net of payments received	(510)	(781)
NET CASH (USED IN) PROVIDED BY PROVIDED BY INVESTING ACTIVITIES	(36,387)	20,888
FINANCING ACTIVITIES
Payments for financing, debt issuance		(186)
Principal payments on special assessments payable	(42)	(59)
(Principal payments on) proceeds from issuance of mortgage notes payable	(152)	41,250
Principal payments on mortgage notes payable	(14,522)	(24,668)
Draws (payments) on lines of credit	5,849	(1,008)
Proceeds from contributions received from noncontrolling interest - partially owned properties	7,219
Proceeds (payments) on notes payable	8,518	(26,500)
Proceeds from issuance of common shares	6,943
Proceeds from issuance of shares under optional purchase plan	2,148	3,134
Shares/units redeemed	(9,768)	(4,455)
Dividends/distributions paid	(20,235)	(19,686)
NET CASH USED IN FINANCING ACTIVITIES	(14,042)	(32,178)
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS	(16,135)	14,610
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD	37,061	12,580
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD	$ 20,926	$ 27,190

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Disclosures - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD
Cash and cash equivalents	$ 11,145	$ 17,896
Restricted deposits	9,781	9,294
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS, END OF PERIOD	20,926	27,190
SCHEDULE OF CASH FLOW INFORMATION
Cash paid during the period for interest	16,650	15,493
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Dividends reinvested	5,579	5,848
Dividends declared and not paid	3,364	3,207
UPREIT distributions declared and not paid	5,368	5,344
Shares issued pursuant to trustee compensation plan	72	72
Acquisition of assets in exchange for the issuance of noncontrolling interest units in UPREIT	7,396
Assumed loans	80,774
Increase in land improvements due to increase in special assessments payable	1,013	300
Unrealized (loss) gain on interest rate swaps	(471)	$ 1,984
Acquisition of assets through assumption of debt and liabilities	653
Capitalized interest and real estate taxes related to construction in progress	$ 133

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2024
ORGANIZATION
ORGANIZATION	Note 1 - Organization ​ Sterling Real Estate Trust d/b/a Sterling Multifamily Trust (“Sterling”, “the Trust” or “the Company”) is a registered, but unincorporated business trust organized in North Dakota in December 2002. Sterling has elected to be taxed as a Real Estate Investment Trust (“REIT”) under Sections 856-860 of the Internal Revenue Code. ​ Sterling previously established an Operating Partnership (“Sterling Properties, LLLP” or the “Operating Partnership”) and transferred all of its assets and liabilities to the Operating Partnership in exchange for general partnership units. As the general partner, Sterling has management responsibility for all activities of the Operating Partnership. As of September 30, 2024 and December 31, 2023, Sterling owned approximately 38.52% and 37.72%, respectively, of the Operating Partnership. ​

PRINCIPAL ACTIVITY AND SIGNIFIC

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES ​ Basis of Presentation ​ The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2023, which have previously been filed with the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted from this report on Form 10-Q pursuant to the rules and regulations of the SEC. ​ The results for the interim periods shown in this report are not necessarily indicative of future financial results. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary to present fairly our consolidated financial statements as of and for the three and nine months ended September 30, 2024. These adjustments are of a normal recurring nature. ​ Principles of Consolidation ​ The consolidated financial statements include the accounts of , Properties, LLLP, and wholly-owned limited liability companies. All significant intercompany transactions and balances have been eliminated in consolidation. ​ As of September 30, 2024 the Trust owned approximately 38.52% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to the Operating Partnership in exchange for OP Units. Under the LLLP Agreement and the individual’s respective redemption plan, these persons have the right to request the Operating Partnership redeem their OP Units following a specified restricted period. All redemptions are at the sole discretion of the Trust, acting for itself or in its capacity as General Partner of the Operating Partnership, and further subject to the conditions and limitations of the LLLP Agreement and redemption plans, as the same may be amended or modified from time to time. If the Trust accepts a redemption request, the redemption of OP Units shall be made in cash in an amount equal to the fair value of an equivalent number of common shares of the Trust. In lieu of delivering cash, however, the Trust, as the Operating Partnership’s general partner, may, at its option and in its sole and absolute discretion, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Trust so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Trust’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Trust issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Trust an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT.” ​ Additionally, we evaluate the need to consolidate affiliates based on standards set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). In determining whether we have a requirement to consolidate the accounts of an entity, management considers factors such as our ownership interest, our authority to make decisions and contractual and substantive participating rights of the limited partners and shareholders, as well as whether the entity is a variable interest entity (“VIE”) for which we have both: a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and b) the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE. The Trust will consolidate the operations of a joint venture if the Trust determines that it is the primary beneficiary of a variable interest entity (VIE) and has substantial influence and control of the entity. ​ In instances where the Trust determines that it is not the primary beneficiary of a VIE and the Trust does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Trust will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Trust’s operations but instead its share of operations will be reflected as equity in earnings (losses) of unconsolidated affiliates on its consolidated statements of operations and comprehensive income. Additionally, the Trust’s net investment in the joint venture will be reflected as investment in unconsolidated entity on the consolidated balance sheets. See Note 5 for additional details regarding variable interest entities where the Trust uses the equity method of accounting. ​ The Operating Partnership meets the criteria as a variable interest entity (“VIE”). The Trust’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Trust’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Trust’s debt is an obligation of the Operating Partnership, and the Trust guarantees the unsecured debt obligations of the Operating Partnership. ​ Concentration of Credit Risk ​ Our cash balances are maintained in various bank deposit accounts. The bank deposit amounts in these accounts may exceed federally insured limits at various times throughout the year. ​ Use of Estimates ​ The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. ​ Real Estate Investments ​ Real estate investments are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. ​ During the third quarter of 2023, 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 in policy did not have a significant impact on depreciation expense. ​ The Trust allocates the purchase price of each acquired investment property accounted for as an asset acquisition based upon the relative fair value at acquisition date of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease intangibles, (iv) acquired above and below market lease intangibles, and (v) assumed financing that is determined to be above or below market, if any. Transaction costs related to acquisitions accounted for as asset acquisitions are capitalized as a cost of the property. ​ For tangible assets acquired, including land, building and other improvements, the Trust considers available comparable market and industry information in estimating acquisition date fair value. Key factors considered in the calculation of fair value of both real property and intangible assets include the current market rent values, “dark” periods (building in vacant status), direct costs estimated with obtaining a new tenant, discount rates, escalation factors, standard lease terms, and tenant improvement costs. ​ Furniture and fixtures are stated at cost less accumulated depreciation. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for routine maintenance and repairs, which do not add to the value or extend useful lives, are expensed as incurred. ​ Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method over the following estimated useful lives: ​ ​ ​ ​ ​ Buildings and improvements 40 years Furniture, fixtures and equipment 5 9 ​ The Trust’s investment properties are reviewed for potential impairment at the end of each reporting period or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At the end of each reporting period, the Trust separately determines whether impairment indicators exist for each property. ​ Based on our evaluation, there were no impairment losses during the three and nine months ended September 30, 2024 and 2023. ​ Equity ​ The Amended and Restated Share Redemption Plan, effective June 20, 2024, permits us to repurchase common shares held by our shareholders and limited partnership units held by partners of our Operating Partnership, up to an aggregate amount of $75,000 worth of shares and units, upon request by the holders after they have held them for at least one year and subject to other conditions and limitations described in the plan. The amount remaining to be redeemed as of September 30, 2024, was $19,920. The redemption price for such shares and units redeemed under the plan was fixed at $21.85 per share or unit, which became effective January 1, 2022. The redemption plan 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 plan at any time if it determines to do so is in our best interest. ​ Any and all units redeemed by the Limited Partnership shall be canceled, and will have the status of authorized but unissued Units. Units acquired by the Limited Partnership through the Redemption Plan will not be reissued unless they are first registered with the Securities and Exchange Commission under the Securities Act of 1933, as amended, and other appropriate state securities laws or otherwise issued pursuant to exemptions from applicable registration requirements of such laws. ​ On August 1, 2024 the Trust launched a share offering of up to $33,000. The offering terminates on or before December 31, 2024. ​ Federal Income Taxes ​ We have elected to be taxed as a REIT under the Internal Revenue Code, as amended. A REIT calculates taxable income similar to other domestic corporations, with the major difference being a REIT is entitled to a deduction for dividends paid. A REIT is generally required to distribute each year at least 90% of its taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate tax on such income. REIT shareholders are generally taxed on REIT distributions of ordinary income in the same manner as they are taxed on other corporate distributions. ​ We intend to continue to qualify as a REIT and, provided we maintain such status, will not be taxed on the portion of the income that is distributed to shareholders. In addition, we intend to distribute all of our taxable income; therefore, no provisions or liabilities for income taxes have been recorded in the financial statements. ​ We follow FASB ASC Topic 740, Income Taxes, ​ Revenue Recognition ​ The Trust is the lessor for its residential and commercial leases. Leases are analyzed on an individual basis to determine lease classification. As of September 30, 2024 all leases analyzed under the Trust’s lease classification process were determined to be operating leases. ​ Earnings per Common Share ​ Basic earnings per common share is computed by dividing net income available to common shareholders (the “numerator”) by the weighted average number of common shares outstanding (the “denominator”) during the period. Sterling had no dilutive potential common shares during the three and nine months ended September 30, 2024 and 2023 and, therefore, basic earnings per common share was equal to diluted earnings per common share for all periods presented. ​ For the nine months ended September 30, 2024 and 2023, Sterling’s denominators for the basic and diluted earnings per common share were approximately 11,403,000 and 11,050,000 , respectively. ​ Reclassification of prior-year presentation ​ $8,821 has been reclassified from notes receivable, to notes receivable, affiliates and $60,262 has been reclassified from mortgage notes payable, net to mortgage notes payable, net, affiliates on the December 31, 2023 consolidated balance sheet for consistency with the current-year presentation. This reclassification has no effect on previously reported net income or shareholders' equity.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2024
SEGMENT REPORTING
SEGMENT REPORTING	NOTE 3 – segment reporting ​ We report our results in two reportable segments: residential and commercial properties. Our residential properties include multifamily properties. Our commercial properties include retail, office, industrial, restaurant and medical properties. We assess and measure operating results based on net operating income (“NOI”), which we define as total real estate segment revenues less real estate expenses (which consist of real estate taxes, property management fees, utilities, repairs and maintenance, insurance, and property administrative and management fees). We believe NOI is an important measure of operating performance even though it should not be considered an alternative to net income or cash flow from operating activities. NOI is unaffected by financing, depreciation, amortization, legal and professional fees, and certain general and administrative expenses. The accounting policies of each segment are consistent with those described in Note 2 of this report. ​ Segment Revenues and Net Operating Income ​ The revenues and net operating income for the reportable segments (residential and commercial) are summarized as follows for the three and nine months ended September 30, 2024 and 2023, along with reconciliations to the consolidated financial statements. Segment assets are also reconciled to total assets as reported in the consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2024 ​ Three months ended September 30, 2023 ​ Residential Commercial Total Residential Commercial Total ​ ​ (in thousands) ​ (in thousands) Income from rental operations ​ $ 36,519 ​ $ 4,958 ​ $ 41,477 ​ $ 30,993 ​ $ 5,208 ​ $ 36,201 Expenses from rental operations ​ ​ 20,215 ​ ​ 1,572 ​ ​ 21,787 ​ ​ 18,513 ​ ​ 1,516 ​ ​ 20,029 Net operating income ​ $ 16,304 ​ $ 3,386 ​ $ 19,690 ​ $ 12,480 ​ $ 3,692 ​ $ 16,172 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ 7,622 ​ ​ ​ ​ ​ ​ ​ ​ 5,990 Interest ​ ​ ​ ​ ​ ​ ​ ​ 6,577 ​ ​ ​ ​ ​ ​ ​ ​ 5,377 Administration of REIT ​ ​ ​ ​ ​ ​ ​ ​ 1,197 ​ ​ ​ ​ ​ ​ ​ ​ 1,229 Other expense ​ ​ ​ ​ ​ ​ ​ ​ 213 ​ ​ ​ ​ ​ ​ ​ ​ 160 Net income ​ ​ ​ ​ ​ ​ ​ $ 4,081 ​ ​ ​ ​ ​ ​ ​ $ 3,416 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2024 ​ Nine months ended September 30, 2023 ​ Residential Commercial Total Residential Commercial Total ​ ​ (in thousands) ​ (in thousands) Income from rental operations ​ $ 102,921 ​ $ 15,114 ​ $ 118,035 ​ $ 91,486 ​ $ 15,444 ​ $ 106,930 Expenses from rental operations ​ ​ 58,694 ​ ​ 4,313 ​ ​ 63,007 ​ ​ 57,446 ​ ​ 4,660 ​ ​ 62,106 Net operating income ​ $ 44,227 ​ $ 10,801 ​ $ 55,028 ​ $ 34,040 ​ $ 10,784 ​ $ 44,824 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ 20,564 ​ ​ ​ ​ ​ ​ ​ ​ 19,026 Interest ​ ​ ​ ​ ​ ​ ​ ​ 17,455 ​ ​ ​ ​ ​ ​ ​ ​ 16,064 Administration of REIT ​ ​ ​ ​ ​ ​ ​ ​ 4,083 ​ ​ ​ ​ ​ ​ ​ ​ 3,680 Other income ​ ​ ​ ​ ​ ​ ​ ​ (1,982) ​ ​ ​ ​ ​ ​ ​ ​ (1,402) Net income ​ ​ ​ ​ ​ ​ ​ $ 14,908 ​ ​ ​ ​ ​ ​ ​ $ 7,456 ​ Segment Assets and Accumulated Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2024 Residential Commercial Total ​ ​ (in thousands) Real estate investments ​ $ 914,116 ​ $ 178,524 ​ $ 1,092,640 Accumulated depreciation ​ ​ (178,633) ​ ​ (52,498) ​ ​ (231,131) Total real estate investments, net ​ $ 735,483 ​ $ 126,026 ​ $ 861,509 Lease intangible assets, less accumulated amortization ​ ​ 624 ​ ​ 2,503 ​ ​ 3,127 Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ 11,145 Restricted deposits ​ ​ ​ ​ ​ ​ ​ ​ 9,781 Investment in unconsolidated affiliates ​ ​ ​ ​ ​ ​ ​ ​ 28,775 Notes receivable ​ ​ ​ ​ ​ ​ ​ ​ 1,527 Notes receivable, affiliates ​ ​ ​ ​ ​ ​ ​ ​ 7,868 Other assets, net ​ ​ ​ ​ ​ ​ ​ ​ 21,189 Total Assets ​ ​ ​ ​ ​ ​ ​ $ 944,921 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ 64 Notes receivable, affiliates ​ ​ ​ ​ ​ ​ ​ ​ 8,821 Assets held for sale ​ ​ ​ ​ ​ ​ ​ ​ 1,568 Other assets, net ​ ​ ​ ​ ​ ​ ​ ​ 21,515 Total Assets ​ ​ ​ ​ ​ ​ ​ $ 854,833 ​

RESTRICTED DEPOSITS AND FUNDED

RESTRICTED DEPOSITS AND FUNDED RESERVES	9 Months Ended
	Sep. 30, 2024
RESTRICTED DEPOSITS AND FUNDED RESERVES
RESTRICTED DEPOSITS AND FUNDED RESERVES	​ ​ ​ ​ NOTE 4 – Restricted deposits and FUNDED reserves ​ The following table summarizes the Trust’s restricted deposits and funded reserves. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ As of December 31, ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ (in thousands) Tenant security deposits ​ ​ ​ ​ $ 7,918 ​ $ 6,945 Real estate tax and insurance escrows ​ ​ ​ ​ ​ 654 ​ ​ 676 Replacement reserves ​ ​ ​ ​ ​ 117 ​ ​ 1,443 Other funded reserves ​ ​ ​ ​ ​ 1,092 ​ ​ 1,078 ​ ​ ​ ​ ​ $ 9,781 ​ $ 10,142 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

INVESTMENT IN UNCONSOLIDATED AF

INVESTMENT IN UNCONSOLIDATED AFFILIATES	9 Months Ended
	Sep. 30, 2024
INVESTMENT IN UNCONSOLIDATED AFFILIATES
INVESTMENT IN UNCONSOLIDATED AFFILIATES	NOTE 5 – Investment in unconsolidated affiliates ​ The Company’s investments in unconsolidated real estate ventures, are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Investment in Unconsolidated Affiliates at Unconsolidated Affiliates ​ ​ Date Acquired ​ ​ Trust Ownership Interest ​ September 30, 2024 ​ December 31, 2023 Banner Building ​ ​ 2007 ​ ​ 66.67% ​ $ (467) ​ $ (478) Grand Forks INREIT, LLC ​ ​ 2003 ​ ​ 50% ​ ​ 5,372 ​ ​ 5,193 SE Savage, LLC ​ ​ 2019 ​ ​ 60% ​ ​ 368 ​ ​ 954 SE Maple Grove, LLC ​ ​ 2019 ​ ​ 60% ​ ​ 159 ​ ​ 735 SE Rogers, LLC ​ ​ 2020 ​ ​ 60% ​ ​ 1,025 ​ ​ 1,419 ST Oak Cliff, LLC ​ ​ 2021 ​ ​ 70% ​ ​ 6,798 ​ ​ 7,920 SE Brooklyn Park, LLC ​ ​ 2021 ​ ​ 60% ​ ​ 1,043 ​ ​ 1,748 ST Fossil Creek, LLC ​ ​ 2022 ​ ​ 70% ​ ​ 8,430 ​ ​ 9,110 Emory North Liberty, LC ​ ​ 2024 ​ ​ 50% ​ ​ 6,047 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ $ 28,775 ​ $ 26,601 ​ Banner Building - the Operating Partnership owns a 66.67% interest as tenant in common in an office building in Fargo, North Dakota. Total assets of the property were $6,050 and $6,172 at September 30, 2024 and December 31, 2023, respectively. The property is encumbered by a first mortgage with a balance at September 30, 2024 and December 31, 2023 of $6,584 and $6,724, respectively. The Trust is a guarantor on the indebtedness. ​ Grand Forks INREIT, LLC - the Operating Partnership owns 50% interest as tenant in common through 100% ownership in a limited liability company. The property is located in Grand Forks, North Dakota with total assets of $21,469 and $20,020 at September 30, 2024 and December 31, 2023, respectively. The property is encumbered by a non-recourse first mortgage with a balance at September 30, 2024 and December 31, 2023 of $8,758 and $8,948, respectively. The Trust is a guarantor on the indebtedness. ​ SE Savage, LLC - the Operating Partnership owns a 60% interest in a limited liability company that holds a multifamily property. The entity is located in Savage, Minnesota, with total assets of $31,018 and $32,567 at September 30, 2024 and December 31, 2023, respectively. The property is encumbered by a first mortgage with a balance of $29,981 and $30,305 at September 30, 2024, and December 31, 2023, respectively. The Trust is a guarantor on the indebtedness. Additionally, SE Savage, LLC has a Promissory Note with Sterling Properties, LLLP, for $0 and $468 as of September 30, 2024 and December 31, 2023, respectively, and is an unsecured obligation of SE Savage, LLC. The note is included in Notes Receivable on the Consolidated Balance Sheet at September 30, 2024 and December 31, 2023. ​ SE Maple Grove, LLC - the Operating Partnership owns a 60% interest in a limited liability company that holds a multifamily property. The entity is located in Maple Grove, Minnesota, with total assets of $28,351 and $29,659 at September 30, 2024, and December 31, 2023, respectively. The entity is encumbered by a first mortgage with a balance of $24,279 and $24,633 at September 30, 2024 and December 31, 2023, respectively. The Trust is a guarantor on the indebtedness. The property is also encumbered by a second mortgage to Sterling Properties, LLLP with a balance of $3,428 and $3,643 at September 30, 2024 and December 31, 2023, respectively. The note is included in Notes receivable, affiliates on the Consolidated Balance Sheet at September 30, 2024 and December 31, 2023. ​ ​ SE Rogers, LLC - the Operating Partnership owns a 60% interest in a limited liability company that holds a multifamily property. The entity is located in Rogers, Minnesota, with total assets of $29,755 and $30,576 at September 30, 2024 and December 31, 2023, respectively. The entity is encumbered by a first mortgage with a balance of $25,379 and $25,742 at September 30, 2024 and December 31, 2023, respectively. The Trust is a guarantor on the indebtedness. The property is also encumbered by a second mortgage to Sterling Properties, LLLP with a balance of $2,100 and $2,117 at September 30, 2024 and December 31, 2023, respectively. The note is included in Notes Receivable on the Consolidated Balance Sheet at September 30, 2024 and December 31, 2023. ​ ST Oak Cliff, LLC - the Operating Partnership owns a 70% interest in a limited liability company, with a related party a multifamily property. The entity is located in Dallas, Texas with total assets of $47,853 and $48,738 at September 30, 2024 and December 31, 2023, respectively. The entity is encumbered by a construction mortgage with a balance of $36,246 at December 31, 2023 which transitioned to a first mortgage with a balance of $36,708 at September 30, 2024. The Trust is a guarantor on the indebtedness. ​ SE Brooklyn Park, LLC - the Operating Partnership owns a 60% interest in a limited liability company that holds a multifamily property. The entity is located in Brooklyn Park, Minnesota, with total assets of $28,605 and $30,325 at September 30, 2024 and December 31, 2023, respectively. The entity is encumbered by a construction mortgage with a balance of $24,592 at December 31, 2023 which transitioned to a first mortgage with a balance of $24,349 at September 30, 2024. The Trust is a guarantor on the indebtedness. The property is also encumbered by a second mortgage to Sterling Properties, LLLP with a balance of $2,294 and $2,538 at September 30, 2024 and December 31, 2023, respectively. The note is included in Notes Receivable on the Consolidated Balance Sheet at September 30, 2024 and December 31, 2023. ​ 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 September 30, 2024, 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 $49,526 and $43,517 at September 30, 2024 and December 31, 2023, respectively. The entity is encumbered by a construction mortgage with a balance of $37,186 and $26,657 at September 30, 2024 and December 31, 2023, respectively. The Trust is a guarantor on the indebtedness. ​ Emory North Liberty, LC – the Operating Partnership owns a 50% interest in a limited company. The entity is currently developing a multifamily property. As of September 30, 2024, the Operating Partnership has contributed $6,119 in cash to the entity. The entity holds land in North Liberty, Iowa with total assets of $30,963 at September 30, 2024. The entity is encumbered by a construction mortgage with a balance of $18,118 at September 30, 2024. For the acquisition of Emory North Liberty, LC, Sterling determined that it does not control the key decision-making rights and is not the primary beneficiary related to Emory North Liberty, LC from the respective date it was acquired. The VIE that owned legal title to Emory North Liberty, LC was not included in Sterling’s consolidated financial statements, but rather as an unconsolidated affiliate, from the date it was acquired. ​ ​ The following is a summary of the financial position of the unconsolidated affiliates at September 30, 2024 and December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 ​ ​ (in thousands) ASSETS ​ ​ ​ ​ ​ ​ Real estate investments ​ $ 301,157 ​ $ 261,901 Accumulated depreciation ​ ​ (34,167) ​ ​ (26,191) Total Real Estate Investments, net ​ ​ 266,990 ​ ​ 235,710 Cash and cash equivalents ​ ​ 3,112 ​ ​ 3,388 Restricted deposits ​ ​ 1,553 ​ ​ 883 Financing and lease costs, net ​ ​ 881 ​ ​ 813 Other assets, net ​ ​ 1,055 ​ ​ 780 Total Assets ​ $ 273,591 ​ $ 241,574 ​ ​ ​ ​ ​ ​ ​ LIABILITIES ​ ​ ​ ​ ​ ​ Mortgage notes payable, net ​ $ 218,731 ​ $ 191,890 Tenant security deposits payable ​ ​ 451 ​ ​ 340 Accrued expenses and other liabilities ​ ​ 6,913 ​ ​ 7,208 Total Liabilities ​ $ 226,095 ​ $ 199,438 SHAREHOLDERS' EQUITY ​ ​ ​ ​ ​ ​ Total Shareholders' Equity ​ $ 47,496 ​ $ 42,136 ​ ​ ​ ​ ​ ​ ​ Total liabilities and shareholders' equity ​ $ 273,591 ​ $ 241,574 ​ ​ The following is a summary of results of operations of the unconsolidated affiliates for the three and nine months ended September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2024 2023 2024 2023 ​ ​ (in thousands) ​ ​ (in thousands) Income from rental operations ​ $ 6,558 ​ $ 5,244 ​ $ 18,570 ​ $ 13,584 Expenses from rental operations ​ ​ 3,257 ​ ​ 2,070 ​ ​ 8,930 ​ ​ 5,564 Net operating income ​ $ 3,301 ​ $ 3,174 ​ $ 9,640 ​ $ 8,020 Depreciation and Amortization ​ ​ 2,890 ​ ​ 2,418 ​ ​ 8,072 ​ ​ 7,350 Interest ​ ​ 1,681 ​ ​ 1,700 ​ ​ 4,919 ​ ​ 4,493 Other (income) expense ​ ​ (12) ​ ​ - ​ ​ (12) ​ ​ 14 Net loss ​ $ (1,258) ​ $ (944) ​ $ (3,339) ​ $ (3,837) ​

LEASE INTANGIBLES

LEASE INTANGIBLES	9 Months Ended
	Sep. 30, 2024
LEASE INTANGIBLES
LEASE INTANGIBLES	NOTE 6 - Lease intangibles ​ The following table summarizes the net value of other intangible assets and liabilities and the accumulated amortization for each class of intangible: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease ​ Accumulated ​ Lease As of September 30, 2024 Intangibles Amortization Intangibles, net Lease Intangible Assets ​ (in thousands) In-place leases ​ $ 16,188 ​ $ (13,484) ​ $ 2,704 Above-market leases ​ ​ 1,415 ​ ​ (992) ​ ​ 423 ​ ​ $ 17,603 ​ $ (14,476) ​ $ 3,127 Lease Intangible Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Below-market leases ​ $ (2,314) ​ $ 1,954 ​ $ (360) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ 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 (October - December) ​ $ 586 ​ $ 37 2025 ​ ​ 839 ​ ​ 147 2026 ​ ​ 490 ​ ​ 77 2027 ​ ​ 381 ​ ​ 38 2028 ​ ​ 311 ​ ​ 19 Thereafter ​ ​ 520 ​ ​ 42 ​ ​ $ 3,127 ​ $ 360 ​

LINES OF CREDIT

LINES OF CREDIT	9 Months Ended
	Sep. 30, 2024
LINES OF CREDIT
LINES OF CREDIT	​ NOTE 7 – LINES OF CREDIT ​ We have a $4,915 variable rate (floating SOFR December 2026 SOFR December 2026 July 2029 ​ Certain lines of credit agreements include covenants that, in part, impose maintenance of certain debt service coverage and debt to net worth ratios. ​

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	Sep. 30, 2024
NOTES PAYABLE
NOTES PAYABLE	NOTE 8 - NOTES PAYABLE ​ On June 25, 2024, the Trust entered into a $10,000 promissory note with Bell Bank. The promissory note bears a variable interest rate that is subject to change from time to time based on changes in an independent index, which is the “Prime Rate” as published in the Wall Street Journal, with principal plus accrued and unpaid interest due and payable on December 20, 2024. The Borrower may prepay the promissory note without penalty. As of September 30, 2024, the balance on the promissory note was $8,518. ​ The following table summarizes the Trust’s mortgage notes payable. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Balance At ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Fixed rate mortgage notes payable (a) ​ $ 583,839 ​ $ 520,155 Less unamortized debt issuance costs ​ ​ 1,690 ​ ​ 2,036 ​ ​ $ 582,149 ​ $ 518,119 (a) Includes $128,013 and $103,246 of variable rate mortgage debt that was swapped to a fixed rate at September 30, 2024 and December 31, 2023, respectively. ​ We are required to make the following principal payments on our outstanding mortgage notes payable for each of the five succeeding fiscal years and thereafter as follows: ​ ​ ​ ​ ​ Years ending December 31, Amount ​ ​ (in thousands) 2024 (October - December) ​ $ 6,020 2025 ​ ​ 104,311 2026 ​ ​ 71,346 2027 ​ ​ 79,065 2028 ​ ​ 42,698 Thereafter ​ ​ 280,399 Total payments ​ $ 583,839 ​

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 2024
DERIVATIVES AND HEDGING ACTIVITIES
DERIVATIVES AND HEDGING ACTIVITIES	​ ​ NOTE 9 – DERIVATIVES AND HEDGING ACTIVITIES ​ As part of our interest rate risk management strategy, we have used derivative instruments to manage our exposure to interest rate movements and add stability to interest expense. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty. In exchange, the Trust makes fixed rate payments over the life of the agreement without exchange of the underlying notional amount. ​ As of September 30, 2024, the Trust used 15 interest rate swaps to hedge the variable cash flows associated with variable rate debt. Changes in fair value of the derivatives that are designated and qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) and are reclassified into interest expense as interest payments are made on the Trust’s variable rate debt. During the next twelve months, the Trust estimates that an additional $4,193 will be reclassified as a decrease to interest expense. ​ The following table summarizes the Trust’s interest rate swaps as of September 30, 2024, which effectively convert one month floating rate LIBOR or 30-day average SOFR to a fixed rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed ​ ​ Effective Date ​ Notional ​ Interest Rate ​ Maturity Date November 1, 2019 $ 6,203 ​ 3.15% ​ November 1, 2029 November 1, 2019 $ 4,316 ​ 3.28% ​ November 1, 2029 January 10, 2020 $ 2,818 ​ 3.39% ​ January 10, 2030 December 2, 2020 $ 11,725 ​ 2.91% ​ December 2, 2027 July 1, 2021 $ 24,491 ​ 2.99% ​ July 1, 2031 November 10, 2021 $ 27,026 ​ 3.54% ​ August 1, 2029 December 1, 2021 $ 10,286 ​ 3.32% ​ December 1, 2031 August 15, 2022 $ 1,408 ​ 3.07% ​ June 15, 2030 August 15, 2022 $ 2,729 ​ 3.07% ​ June 15, 2030 August 15, 2022 $ 1,524 ​ 2.94% ​ June 15, 2030 August 15, 2022 $ 4,032 ​ 2.94% ​ June 15, 2030 May 10, 2023 $ 4,546 ​ 2.79% ​ June 10, 2030 April 15, 2024 $ 9,682 ​ 3.57% ​ May 15, 2032 April 15, 2024 $ 3,780 ​ 3.57% ​ May 15, 2032 April 15, 2024 $ 13,447 ​ 3.57% ​ May 15, 2032 ​ The following table summarizes the Trust’s interest rate swaps that were designated as cash flow hedges of interest rate risk: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Instruments ​ Notional Interest Rate Derivatives ​ September 30, 2024 ​ December 31, 2023 ​ September 30, 2024 ​ December 31, 2023 Interest rate swaps ​ 15 ​ 12 $ 128,013 $ 103,246 ​ The table below presents the estimated fair value of the Trust’s derivative financial instruments as well as their classification in the accompanying consolidated balance sheets. The valuation techniques are described in Note 10 to the consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives designated as ​ September 30, 2024 ​ December 31, 2023 cash flow hedges: ​ Balance Sheet Location ​ Fair Value ​ Balance Sheet Location ​ Fair Value Interest rate swaps ​ Other assets, net $ 10,890 ​ Other assets, net $ 11,362 ​ The carrying amounts of the swaps have been adjusted to their fair value at the end of the quarter, which because of changes in forecasted levels and 30-day average SOFR, resulted in reporting an asset for the fair value of the future net payments forecasted under the swap. The interest rate swap is accounted for as an effective hedge in accordance with ASC 815-20 whereby it is recorded at fair value and changes in fair value are recorded to other comprehensive income. ​ ​ The following table presents the effect of the Trust’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive income for the three months ended September 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of Gain ​ ​ ​ ​ Amount of Gain ​ Reclassified from ​ ​ Derivatives in ​ Recognized in Other ​ Accumulated other ​ Amount of (Gain)/Loss Cash Flow Hedging ​ Comprehensive Income ​ Comprehensive Income ​ Reclassified from Relationships ​ on Derivatives ​ (AOCI) into Income ​ AOCI into Income ​ ​ 2024 ​ ​ ​ 2024 Interest rate swaps $ 4,896 ​ Interest expense $ (1,038) ​ ​ 2023 ​ ​ ​ 2023 Interest rate swaps $ (2,339) ​ Interest expense $ (1,017) ​ The following table presents the effect of the Trust’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive income for the nine months ended September 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of Gain ​ ​ ​ ​ Amount of Gain ​ Reclassified from ​ ​ Derivatives in ​ Recognized in Other ​ Accumulated other ​ Amount of (Gain)/Loss Cash Flow Hedging ​ Comprehensive Income ​ Comprehensive Income ​ Reclassified from Relationships ​ on Derivatives ​ (AOCI) into Income ​ AOCI into Income ​ ​ 2024 ​ ​ ​ 2024 Interest rate swaps ​ $ 471 ​ ​ ​ ($ 3,109) ​ ​ 2023 ​ ​ ​ 2023 Interest rate swaps $ (1,984) ​ Interest expense $ (2,698) ​ Credit-risk-related Contingent Features ​ The Trust’s agreements with each of its derivative counterparties also contain a provision whereby if the Trust consolidates with, merges with or into, or transfers all or substantially all of its assets to another entity and the creditworthiness of the resulting, surviving or transferee entity, is materially weaker than the Trust’s, the counterparty has the right to terminate the derivative obligations. .

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	9 Months Ended
	Sep. 30, 2024
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT	NOTE 10 - FAIR VALUE MEASUREMENT ​ The amounts included in the consolidated financial statements for cash and cash equivalents, short-term investments, leasing receivables from tenants and accounts payable and accrued liabilities approximates their fair values because of the short-term maturities of these instruments. ​ The following table presents the carrying value and estimated fair value of the Company’s financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ December 31, 2023 ​ ​ Carrying ​ ​ ​ ​ Carrying ​ ​ ​ ​ Value Fair Value Value Fair Value ​ ​ (in thousands) Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes receivable ​ $ 9,395 ​ $ 8,968 ​ $ 8,885 ​ $ 10,025 Derivative assets ​ $ 10,890 ​ $ 10,890 ​ $ 11,362 ​ $ 11,362 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of Credit ​ $ 5,849 ​ $ 5,849 ​ $ — ​ $ — Mortgage notes payable ​ $ 583,839 ​ $ 536,599 ​ $ 520,155 ​ $ 477,344 Note payable ​ $ 8,518 ​ $ 8,518 ​ $ — ​ $ — ​ ASC 820-10 established a three-level valuation hierarchy for fair value measurement. Management uses these valuation techniques to establish the fair value of the assets at the measurement date. These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect management’s assumptions. ​ These two types of inputs create the following fair value hierarchy: ● Level 1 – Quoted prices for identical instruments in active markets; ● Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose significant inputs are observable; ● Level 3 – Instruments whose significant inputs are unobservable. ​ The guidance requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. ​ Recurring Fair Value Measurements ​ The following table presents the Company’s financial instruments, which are measured at fair value on a recurring basis, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ — ​ $ 10,890 ​ $ — ​ $ 10,890 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ — ​ $ 11,362 ​ $ — ​ $ 11,362 ​ Derivatives: ​ The Company has determined that its derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements. ​ Fair Value Disclosures ​ The following table presents the Trust’s financial assets and liabilities, which are measured at fair value for disclosure purposes, by the level in the fair value hierarchy within which they fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of Credit ​ $ — ​ $ — ​ $ 5,849 ​ $ 5,849 Mortgage notes payable ​ $ — ​ $ — ​ $ 536,599 ​ $ 536,599 Note payable ​ $ ​ ​ $ ​ ​ $ 8,518 ​ $ 8,518 Notes receivable ​ $ — ​ $ — ​ $ 8,968 ​ $ 8,968 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ — ​ $ — ​ $ 477,344 ​ $ 477,344 Notes receivable ​ $ — ​ $ — ​ $ 10,025 ​ $ 10,025 ​ Line of credit: ​ Mortgage notes payable: ​ Note payable: Notes receivable:

LEASES

LEASES	9 Months Ended
	Sep. 30, 2024
LEASES
LEASES	NOTE 11 – LEASES ​ As of September 30, 2024, we derived 85.4% of our revenues from residential leases that are generally for terms of one year or less. The residential leases may include lease income related items such as parking, storage and non-refundable deposits that we treat as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore we subsequently recognize lease income over the lease term on a straight-line basis. Residential leases are renewable upon consent of both parties on an annual or monthly basis. ​ As of September 30, 2024, we derived 14.6% of our revenues from commercial leases primarily under long-term lease agreements. Substantially all commercial leases contain fixed escalations or, in some instances, changes based on the Consumer Price Index, which occur at specified times during the term of the lease. In certain commercial leases, variable lease income, such as percentage rent, is recognized when rents are earned. We recognize rental income and rental abatements from our commercial leases on a straight-line basis over the lease term. Recognition of rental income commences when control of the leased space has been transferred to the tenant. ​ We recognize variable income from pass-through expenses on an accrual basis over the periods in which the expenses were incurred. Pass-through expenses are comprised of real estate taxes, operating expenses and common area maintenance costs which are reimbursed by tenants in accordance with specific allowable costs per tenant lease agreements. When we pay pass-through expenses, subject to reimbursement by the tenant, they are included within operating expenses, excluding real estate taxes, and reimbursements are included within “real estate rental income” along with the associated base rent in the accompanying consolidated financial statements. ​ ​ Lease income related to the Company’s operating leases is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2024 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 34,654 ​ $ 3,873 ​ $ 38,527 Lease income related to variable lease payments ​ ​ (2) ​ ​ 1,095 ​ ​ 1,093 Other (a) ​ ​ (372) ​ ​ (58) ​ ​ (430) Lease Income (b) ​ $ 34,280 ​ $ 4,910 ​ $ 39,190 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2023 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 30,070 ​ $ 3,910 ​ $ 33,980 Lease income related to variable lease payments ​ ​ — ​ ​ 1,204 ​ ​ 1,204 Other (a) ​ ​ (468) ​ ​ 65 ​ ​ (403) Lease Income (b) ​ $ 29,602 ​ $ 5,179 ​ $ 34,781 ​ (a) For the three months ended September 30, 2024 and 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 three months ended September 30, 2024 and 2023 of $2,287 and $1,420 , respectively, which is accounted for under the revenue recognition standard. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2024 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 98,205 ​ $ 11,654 ​ $ 109,859 Lease income related to variable lease payments ​ ​ — ​ ​ 3,434 ​ ​ 3,434 Other (a) ​ ​ (855) ​ ​ (99) ​ ​ (954) Lease Income (b) ​ $ 97,350 ​ $ 14,989 ​ $ 112,339 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2023 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 87,891 ​ $ 11,774 ​ $ 99,665 Lease income related to variable lease payments ​ ​ — ​ ​ 3,300 ​ ​ 3,300 Other (a) ​ ​ (747) ​ ​ 246 ​ ​ (501) Lease Income (b) ​ $ 87,144 ​ $ 15,320 ​ $ 102,464 ​ ​ (a) For the nine months ended September 30, 2024 and 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 nine months ended September 30, 2024 and 2023 of $5,696 and $4,466 , respectively, which is accounted for under the revenue recognition standard. ​ ​ As of September 30, 2024, non-cancelable commercial operating leases provide for future minimum rental income as follows. Residential leases are not included, as the terms are generally for one year or less. ​ ​ ​ ​ ​ Years ending December 31, Amount ​ ​ (in thousands) 2024 (October - December) ​ $ 3,838 2025 ​ ​ 15,137 2026 ​ ​ 14,321 2027 ​ ​ 12,836 2028 ​ ​ 11,830 Thereafter ​ ​ 35,504 ​ ​ $ 93,466 ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	​ NOTE 12 – RELATED PARTY TRANSACTIONS ​ Effective January 1, 2021, Trustmark Enterprises, Inc. was formed to act as the holding company for Sterling Management, LLC and GOLDMARK Property Management, Inc. In connection with this restructuring transaction, the owners of Trustmark Enterprises, Inc. indirectly own Sterling Management, LLC and GOLDMARK Property Management, Inc. Trustmark Enterprises, Inc. is owned in part by the Trust’s Chief Executive Officer and Trustee Mr. Kenneth P. Regan, by Trustee Mr. James S. Wieland, by President, Interim Chief Financial Officer and Treasurer Megan E. Schreiner, by General Counsel and Secretary Michael P. Carlson, by Chief Investment Officer Luke B. Swenson, and by Vice President David F. Perkins. In addition, Messrs. Regan, Wieland, Carlson, Swenson, Perkins, and Ms. Schreiner all serve on the Board of Governors of the Advisory and the Board of Directors of GOLDMARK Property Management, Inc. ​ Sterling Management, LLC (the “Advisor”), is a North Dakota limited liability company formed in November 2002. The Advisor is responsible for managing day-to-day affairs, overseeing capital projects, and identifying, acquiring, and disposing investments on behalf of the Trust. ​ GOLDMARK Property Management, Inc., is a North Dakota corporation formed in 1981. GOLDMARK Property Management, Inc. performs property management services for the Trust. ​ We have a historical and ongoing relationship with Bell Bank. Bell Bank has provided the Trust certain financial services throughout the relationship. Mr. Wieland, a Trustee, also serves as a Board Member of Bell Bank. Mr. Wieland could have an indirect material interest in any such engagement and related transactions. ​ The Trust has a historical and ongoing relationship with Trumont Group and Trumont Construction. Trumont Group provides development services for current joint venture projects in which the Operating Partnership is an investor. Trumont Construction has been engaged to construct the properties associated with these joint ventures. Mr. Regan, Chief Executive Officer and Trustee, is a partner in both Trumont Group and Trumont Construction and has a direct material interest in any engagement or related transaction, the Trust enters into, with these entities. ​ Property Management Fees ​ We paid fees to GOLDMARK Property Management, Inc. related to the management of properties, on-site staff costs and other miscellaneous fees required to run the property. Management fees paid approximated 5% of net collected rent. In addition, we paid repair and maintenance expenses, and payroll related expenses to GOLDMARK Property Management, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended September 30, ​ ​ Nine Months ended September 30, ​ ​ 2024 ​ 2023 ​ ​ 2024 ​ 2023 ​ ​ (in thousands) ​ ​ (in thousands) Property Management Fee: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property management, on-site staff costs & misc. ​ $ 7,408 ​ $ 5,184 ​ ​ $ 12,808 ​ $ 11,101 Repair & maintenance and payroll expenses ​ $ 2,480 ​ $ 2,523 ​ ​ $ 7,095 ​ $ 7,440 ​ Advisory Agreement ​ We are an externally managed trust and as such, although we have a Board of Trustees and Executive Officers responsible for our management, we have no paid employees. The following is a brief description of the current fees and compensation that may be and was received by the Advisor under the Advisory Agreement, which must be renewed on an annual basis and approved by a majority of the independent trustees. The Advisory Agreement was approved by the Board of Trustees (including all the independent Trustees) on March 21, 2024, and is effective until March 31, 2025. ​ The below table summarizes the fees incurred to our Advisor. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended September 30, ​ ​ Nine Months ended September 30, ​ ​ 2024 ​ 2023 ​ ​ 2024 ​ 2023 ​ ​ (in thousands) ​ ​ (in thousands) Fee: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advisory ​ $ 1,042 ​ $ 950 ​ ​ $ 2,983 ​ $ 2,852 Acquisition ​ $ 375 ​ $ - ​ ​ $ 1,500 ​ $ - Disposition ​ $ 38 ​ $ - ​ ​ $ 302 ​ $ 204 Financing ​ $ 47 ​ $ 15 ​ ​ $ 144 ​ $ 83 Development ​ $ - ​ $ - ​ ​ $ 350 ​ $ - Project Management ​ $ 371 ​ $ 86 ​ ​ $ 745 ​ $ 335 ​ The below table summarizes the fees payable to our Advisor. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable at ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Fee: ​ ​ ​ ​ ​ ​ Advisory ​ $ 3 ​ $ 316 Acquisition ​ $ 375 ​ $ - ​ Operating Partnership Units Issued in Connection with Acquisitions ​ During the three months ended September 30, 2024 and 2023, there were no Operating Partnership units issued. During the nine months ended September 30, 2024, 322 Operating Partnerships units were issued to an entity affiliated with Messrs. Regan and Wieland, two of our trustees, and Mr. Lian, in connection with the acquisition of Urban Plains. The aggregate value of these units was $7,396. During the nine months ended September 30, 2023, there were no Operating Partnership units issued. ​ Commissions ​ During the three months ended September 30, 2024, we incurred real estate commissions of $23 to GOLDMARK Commercial Real Estate, Inc., in which Messrs. Regan and Wieland jointly own an interest. During the three months ended September 30, 2023, there were no commissions paid to GOLDMARK Commercial Real Estate, Inc., in which Messrs. Regan and Wieland jointly own an interest. During the nine months ended September 30, 2024, we incurred real estate commissions of $554 to GOLDMARK Commercial Real Estate, Inc., in which Messrs. Regan and Wieland jointly own an interest. During the nine months ended September 30, 2023, there were no real estate commissions paid to GOLDMARK Commercial Real Estate, Inc., in which Messrs. Regan and Wieland jointly own an interest. As of September 30, 2024 and December 31, 2023, there were no unpaid commission to GOLDMARK Commercial Real Estate, Inc. ​ During the three months ended September 30, 2024 and 2023, there were no commissions paid to GOLDMARK Property Management. During the nine months ended September 30, 2024, we incurred real estate commissions of $39, to GOLDMARK Property Management. During the nine months ended September 30, 2023, there were no commission paid to GOLDMARK Property Management. As of September 30, 2024 and December 31, 2023, there were no unpaid commissions to GOLDMARK Property Management. ​ Rental Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended September 30, ​ ​ Nine Months ended September 30, ​ ​ 2024 ​ 2023 ​ ​ 2024 ​ 2023 ​ ​ (in thousands) ​ ​ (in thousands) Rental Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goldmark Property Management, Inc. ​ $ 70 ​ $ 69 ​ ​ $ 208 ​ $ 204 Operating lease agreement with our Advisor ​ $ 34 ​ $ 33 ​ ​ $ 101 ​ $ 99 Bell Bank ​ $ 287 ​ $ 270 ​ ​ $ 857 ​ $ 735 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due to Related Parties ​ During the nine months ended September 30, 2024 and 2023, the Trust had $811 and $77 respectively, for payables related to business operations and capital expenditures related to construction in progress that were paid to related parties. At September 30, 2024 and December 31, 2023, there were no due to related party liabilities. ​ Debt Financing ​ At September 30, 2024 and December 31, 2023, the Trust had $58,552 and $60,262, respectively, of outstanding principal on loans entered into with Bell Bank. During the three months ended September 30, 2024 and 2023, the Trust incurred interest expense on debt held with Bell Bank of $598 and $601, respectively. During the nine months ended September 30, 2024 and 2023, the Trust incurred interest expense on debt held with Bell Bank of $1,750 and $1,809, respectively. Accrued interest as of September 30, 2024 and December 31, 2023 related to this debt was $129 and $128, respectively. ​ ​ Mezzanine Financing ​ The Trust offers mezzanine financing to joint ventures. See Note 5 for investment in unconsolidated affiliates. At September 30, 2024 and December 31, 2023, Sterling issued $7,821 and $8,766 respectively, in second mortgage financing to related entries. ​ During the three months ended September 30, 2024 and 2023, the Trust earned interest income of $142 and $244 respectively, related to the second mortgage financing. During the nine months ended September 30, 2024 and 2023, the Trust earned interest income of $438 and $532 respectively, related to the second mortgage financing. ​ Insurance Services ​ The Trust retains insurance services from Bell Insurance. Policies provided by these services provide insurance coverage for the Trust’s Commercial and Residential Segment as well as Director and Officer general and liability coverage. For the three months ended September 30, 2024 and 2023, there were no premiums incurred for this policy. For the nine months ended September 30, 2024 and 2023, total premiums incurred for this policy were $76 and $131, respectively. At September 30, 2024 and December 31, 2023, there was no outstanding liabilities. ​ Development Arrangements ​ During the three months ended September 30, 2024 and 2023, the Trust had no development fees to Trumont Group. During the nine months ended September 30, 2024 and 2023, the Trust had no development fees to Trumont Group. At September 30, 2024 and December 31, 2023, the Trust had no costs owed for development fees to Trumont Group. ​ During the three months ended September 30, 2024 and 2023, the Trust incurred $18 and $166 , respectively, in construction fees to Trumont Construction. During the nine months ended September 30, 2024 and 2023, the Trust incurred $91 and $442 , respectively. At September 30, 2024 the Trust had no costs owed for any construction fees to Trumont Construction. At December 31, 2023, the Trust owed $37 in construction fees to Trumont Construction. ​ During the three months ended September 30, 2024 and 2023, the Trust incurred $169 and $137 , respectively, in general construction costs to Trumont Construction. During the nine months ended September 30, 2024 and 2023, the Trust incurred $378 and $ 323 , respectively. At September 30, 2024 and December 31, 2023, the Trust had no costs owed for any general construction costs.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	​ NOTE 13 - COMMITMENTS AND CONTINGENCIES ​ Environmental Matters ​ Federal law (and the laws of some states in which we own or may acquire properties) imposes liability on a landowner for the presence on the premises of hazardous substances or wastes (as defined by present and future federal and state laws and regulations). This liability is without regard to fault or knowledge of the presence of such substances and may be imposed jointly and severally upon all succeeding landowners. If such hazardous substance is discovered on a property acquired by us, we could incur liability for the removal of the substances and the cleanup of the property. ​ There can be no assurance that we would have effective remedies against prior owners of the property. In addition, we may be liable to tenants and may find it difficult or impossible to sell the property either prior to or following such a cleanup. Risk of Uninsured Property Losses ​ We maintain property damage, fire loss, and liability insurance. However, there are certain types of losses (generally of a catastrophic nature) which may be either uninsurable or not economically insurable. Such excluded risks may include war, earthquakes, tornados, certain environmental hazards, and floods. Should such events occur, (i) we might suffer a loss of capital invested, (ii) tenants may suffer losses and may be unable to pay rent for the spaces, and (iii) we may suffer a loss of profits which might be anticipated from one or more properties. ​ Litigation ​ The Trust is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of such matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material effect on the financial statements of the Trust. ​

DISPOSITIONS

DISPOSITIONS	9 Months Ended
	Sep. 30, 2024
DISPOSITIONS
DISPOSITIONS	​ NOTE 14 – DISPOSITIONS ​ The Trust had nine dispositions during the nine months ended September 30, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ Property Name ​ Location ​ Property Type ​ ​ Units/ Square Footage/ Acres ​ Total Disposition Cost ​ Gain/(Loss) on Sale 1/25/24 ​ Dairy Queen ​ Apple Valley, MN ​ Retail ​ ​ 5348 square feet ​ $ 1,607 ​ $ (68) 3/1/24 ​ Westwind ​ Fargo, ND ​ Apartment Complex ​ ​ 18 units ​ ​ 900 ​ ​ 489 3/8/24 ​ Westside ​ Hawley, MN ​ Apartment Complex ​ ​ 14 units ​ ​ 837 ​ ​ 394 4/3/24 ​ Columbia Park Village ​ Grand Forks, ND ​ Apartment Complex ​ ​ 12 units ​ ​ 675 ​ ​ 42 5/1/24 ​ Gate City Bank ​ Grand Forks, ND ​ Office ​ ​ 17407 square feet ​ ​ 2,950 ​ ​ 974 5/21/24 ​ First International Bank & Trust ​ Moorhead, MN ​ Office ​ ​ 3510 square feet ​ ​ 1,516 ​ ​ 683 6/14/24 ​ Jadestone ​ Fargo, ND ​ Apartment Complex ​ ​ 18 units ​ ​ 1,039 ​ ​ 136 6/14/24 ​ Essex ​ Fargo, ND ​ Apartment Complex ​ ​ 18 units ​ ​ 1,039 ​ ​ 178 7/25/24 ​ Cityside ​ Fargo, ND ​ Apartment Complex ​ ​ 36 units ​ ​ 1,500 ​ ​ 241 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,063 ​ $ 3,069 ​ The Trust had two dispositions during the nine months ended September 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ Property Name ​ Location ​ Property Type ​ ​ Units/ Square Footage/ Acres ​ Total Disposition Cost ​ Gain on Sale 5/11/23 ​ Applebee's Coon Rapids ​ Coon Rapids, MN ​ Retail ​ ​ 5576 square feet ​ $ 3,448 ​ $ 1,530 5/24/23 ​ Redpath ​ White Bear Lake, MN ​ Office ​ ​ 25817 square feet ​ ​ 4,710 ​ ​ 1,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 8,158 ​ $ 2,596 ​

ACQUISITIONS OF CONSOLIDATED PR

ACQUISITIONS OF CONSOLIDATED PROPERTIES	9 Months Ended
	Sep. 30, 2024
ACQUISITIONS OF CONSOLIDATED PROPERTIES
ACQUISITIONS OF CONSOLIDATED PROPERTIES	​ ​ NOTE 15 – ACQUISITIONS OF CONSOLIDATED PROPERTIES ​ The Trust had two acquisitions during the nine months ended September 30, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ Property Name ​ Location ​ Property Type ​ ​ Units/ Square Footage/ Acres ​ Total Net Assets Acquired 4/15/24 ​ Urban Plains ​ Fargo, ND ​ Apartment Complex ​ ​ 415 units ​ $ 17,527 6/26/24 ​ Lexington Lofts ​ Forest Lake, MN ​ Apartment Complex ​ ​ 355 units ​ ​ 18,379 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 35,906 ​ For the acquisition of Lexington Lofts, Sterling determined that it controls the key decision-making rights related to Lexington Lofts from the respective date it was acquired that most impact the economic benefits and obligations of the venture. The VIE that owned legal title to Lexington Lofts was included in Sterling’s consolidated financial statements as a consolidated variable interest entity from the date it was acquired. ​ The Trust had no acquisitions during the nine months ended September 30, 2023. ​ The table below represents a summary of the purchase accounting allocation and reconciliation to net cash consideration of the properties acquired. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ ​ 2024 ​ 2023 Real estate investment acquired ​ ​ $ 114,621 ​ $ - Acquired lease intangible assets ​ ​ ​ 2,261 ​ ​ - Assumed assets ​ ​ ​ 451 ​ ​ - Total Assets Acquired ​ ​ $ 117,333 ​ $ - Assumed loans ​ ​ ​ (80,774) ​ ​ - Other liabilities ​ ​ ​ (653) ​ ​ - Net assets acquired ​ ​ ​ 35,906 ​ ​ - Equity/limited partnership unit consideration ​ ​ ​ (7,396) ​ ​ - Net cash consideration ​ ​ $ 28,510 ​ $ - ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 16 - SUBSEQUENT EVENTS ​ On October 15, 2024, we paid a dividend or distribution of $0.2875 per share on our common shares of beneficial interest or limited partnership units, respectively, to common shareholders and limited partnership unit holders of record on September 30, 2024. ​ Pending acquisitions and dispositions are subject to numerous conditions and contingencies and there are no assurances that the transactions will be completed. ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,696	$ 1,267	$ 5,754	$ 2,798

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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

PRINCIPAL ACTIVITY AND SIGNIF_2

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation ​ The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2023, which have previously been filed with the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted from this report on Form 10-Q pursuant to the rules and regulations of the SEC. ​ The results for the interim periods shown in this report are not necessarily indicative of future financial results. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary to present fairly our consolidated financial statements as of and for the three and nine months ended September 30, 2024. These adjustments are of a normal recurring nature. ​
Principles of Consolidation	Principles of Consolidation ​ The consolidated financial statements include the accounts of , Properties, LLLP, and wholly-owned limited liability companies. All significant intercompany transactions and balances have been eliminated in consolidation. ​ As of September 30, 2024 the Trust owned approximately 38.52% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to the Operating Partnership in exchange for OP Units. Under the LLLP Agreement and the individual’s respective redemption plan, these persons have the right to request the Operating Partnership redeem their OP Units following a specified restricted period. All redemptions are at the sole discretion of the Trust, acting for itself or in its capacity as General Partner of the Operating Partnership, and further subject to the conditions and limitations of the LLLP Agreement and redemption plans, as the same may be amended or modified from time to time. If the Trust accepts a redemption request, the redemption of OP Units shall be made in cash in an amount equal to the fair value of an equivalent number of common shares of the Trust. In lieu of delivering cash, however, the Trust, as the Operating Partnership’s general partner, may, at its option and in its sole and absolute discretion, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Trust so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Trust’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Trust issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Trust an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT.” ​ Additionally, we evaluate the need to consolidate affiliates based on standards set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). In determining whether we have a requirement to consolidate the accounts of an entity, management considers factors such as our ownership interest, our authority to make decisions and contractual and substantive participating rights of the limited partners and shareholders, as well as whether the entity is a variable interest entity (“VIE”) for which we have both: a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and b) the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE. The Trust will consolidate the operations of a joint venture if the Trust determines that it is the primary beneficiary of a variable interest entity (VIE) and has substantial influence and control of the entity. ​ In instances where the Trust determines that it is not the primary beneficiary of a VIE and the Trust does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Trust will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Trust’s operations but instead its share of operations will be reflected as equity in earnings (losses) of unconsolidated affiliates on its consolidated statements of operations and comprehensive income. Additionally, the Trust’s net investment in the joint venture will be reflected as investment in unconsolidated entity on the consolidated balance sheets. See Note 5 for additional details regarding variable interest entities where the Trust uses the equity method of accounting. ​ The Operating Partnership meets the criteria as a variable interest entity (“VIE”). The Trust’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Trust’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Trust’s debt is an obligation of the Operating Partnership, and the Trust guarantees the unsecured debt obligations of the Operating Partnership.
Concentration of Credit Risk	Concentration of Credit Risk ​ Our cash balances are maintained in various bank deposit accounts. The bank deposit amounts in these accounts may exceed federally insured limits at various times throughout the year.
Use of Estimates	Use of Estimates ​ The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. ​
Real Estate Investments	Real Estate Investments ​ Real estate investments are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. ​ During the third quarter of 2023, 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 in policy did not have a significant impact on depreciation expense. ​ The Trust allocates the purchase price of each acquired investment property accounted for as an asset acquisition based upon the relative fair value at acquisition date of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease intangibles, (iv) acquired above and below market lease intangibles, and (v) assumed financing that is determined to be above or below market, if any. Transaction costs related to acquisitions accounted for as asset acquisitions are capitalized as a cost of the property. ​ For tangible assets acquired, including land, building and other improvements, the Trust considers available comparable market and industry information in estimating acquisition date fair value. Key factors considered in the calculation of fair value of both real property and intangible assets include the current market rent values, “dark” periods (building in vacant status), direct costs estimated with obtaining a new tenant, discount rates, escalation factors, standard lease terms, and tenant improvement costs. ​ Furniture and fixtures are stated at cost less accumulated depreciation. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for routine maintenance and repairs, which do not add to the value or extend useful lives, are expensed as incurred. ​ Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method over the following estimated useful lives: ​ ​ ​ ​ ​ Buildings and improvements 40 years Furniture, fixtures and equipment 5 9 ​ The Trust’s investment properties are reviewed for potential impairment at the end of each reporting period or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At the end of each reporting period, the Trust separately determines whether impairment indicators exist for each property. ​ Based on our evaluation, there were no impairment losses during the three and nine months ended September 30, 2024 and 2023.
Equity	Equity ​ The Amended and Restated Share Redemption Plan, effective June 20, 2024, permits us to repurchase common shares held by our shareholders and limited partnership units held by partners of our Operating Partnership, up to an aggregate amount of $75,000 worth of shares and units, upon request by the holders after they have held them for at least one year and subject to other conditions and limitations described in the plan. The amount remaining to be redeemed as of September 30, 2024, was $19,920. The redemption price for such shares and units redeemed under the plan was fixed at $21.85 per share or unit, which became effective January 1, 2022. The redemption plan 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 plan at any time if it determines to do so is in our best interest. ​ Any and all units redeemed by the Limited Partnership shall be canceled, and will have the status of authorized but unissued Units. Units acquired by the Limited Partnership through the Redemption Plan will not be reissued unless they are first registered with the Securities and Exchange Commission under the Securities Act of 1933, as amended, and other appropriate state securities laws or otherwise issued pursuant to exemptions from applicable registration requirements of such laws. ​ On August 1, 2024 the Trust launched a share offering of up to $33,000. The offering terminates on or before December 31, 2024.
Federal Income Taxes	Federal Income Taxes ​ We have elected to be taxed as a REIT under the Internal Revenue Code, as amended. A REIT calculates taxable income similar to other domestic corporations, with the major difference being a REIT is entitled to a deduction for dividends paid. A REIT is generally required to distribute each year at least 90% of its taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate tax on such income. REIT shareholders are generally taxed on REIT distributions of ordinary income in the same manner as they are taxed on other corporate distributions. ​ We intend to continue to qualify as a REIT and, provided we maintain such status, will not be taxed on the portion of the income that is distributed to shareholders. In addition, we intend to distribute all of our taxable income; therefore, no provisions or liabilities for income taxes have been recorded in the financial statements. ​ We follow FASB ASC Topic 740, Income Taxes,
Revenue Recognition	Revenue Recognition ​ The Trust is the lessor for its residential and commercial leases. Leases are analyzed on an individual basis to determine lease classification. As of September 30, 2024 all leases analyzed under the Trust’s lease classification process were determined to be operating leases.
Earnings per Common Share	Earnings per Common Share ​ Basic earnings per common share is computed by dividing net income available to common shareholders (the “numerator”) by the weighted average number of common shares outstanding (the “denominator”) during the period. Sterling had no dilutive potential common shares during the three and nine months ended September 30, 2024 and 2023 and, therefore, basic earnings per common share was equal to diluted earnings per common share for all periods presented. ​ For the nine months ended September 30, 2024 and 2023, Sterling’s denominators for the basic and diluted earnings per common share were approximately 11,403,000 and 11,050,000 , respectively.
Reclassification of prior-year presentation	Reclassification of prior-year presentation ​ $8,821 has been reclassified from notes receivable, to notes receivable, affiliates and $60,262 has been reclassified from mortgage notes payable, net to mortgage notes payable, net, affiliates on the December 31, 2023 consolidated balance sheet for consistency with the current-year presentation. This reclassification has no effect on previously reported net income or shareholders' equity.

PRINCIPAL ACTIVITY AND SIGNIF_3

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Summary of Estimated Useful Life	​ ​ ​ ​ Buildings and improvements 40 years Furniture, fixtures and equipment 5 9

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2024
SEGMENT REPORTING
Summary of Segment Revenues and Net Operating Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2024 ​ Three months ended September 30, 2023 ​ Residential Commercial Total Residential Commercial Total ​ ​ (in thousands) ​ (in thousands) Income from rental operations ​ $ 36,519 ​ $ 4,958 ​ $ 41,477 ​ $ 30,993 ​ $ 5,208 ​ $ 36,201 Expenses from rental operations ​ ​ 20,215 ​ ​ 1,572 ​ ​ 21,787 ​ ​ 18,513 ​ ​ 1,516 ​ ​ 20,029 Net operating income ​ $ 16,304 ​ $ 3,386 ​ $ 19,690 ​ $ 12,480 ​ $ 3,692 ​ $ 16,172 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ 7,622 ​ ​ ​ ​ ​ ​ ​ ​ 5,990 Interest ​ ​ ​ ​ ​ ​ ​ ​ 6,577 ​ ​ ​ ​ ​ ​ ​ ​ 5,377 Administration of REIT ​ ​ ​ ​ ​ ​ ​ ​ 1,197 ​ ​ ​ ​ ​ ​ ​ ​ 1,229 Other expense ​ ​ ​ ​ ​ ​ ​ ​ 213 ​ ​ ​ ​ ​ ​ ​ ​ 160 Net income ​ ​ ​ ​ ​ ​ ​ $ 4,081 ​ ​ ​ ​ ​ ​ ​ $ 3,416 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2024 ​ Nine months ended September 30, 2023 ​ Residential Commercial Total Residential Commercial Total ​ ​ (in thousands) ​ (in thousands) Income from rental operations ​ $ 102,921 ​ $ 15,114 ​ $ 118,035 ​ $ 91,486 ​ $ 15,444 ​ $ 106,930 Expenses from rental operations ​ ​ 58,694 ​ ​ 4,313 ​ ​ 63,007 ​ ​ 57,446 ​ ​ 4,660 ​ ​ 62,106 Net operating income ​ $ 44,227 ​ $ 10,801 ​ $ 55,028 ​ $ 34,040 ​ $ 10,784 ​ $ 44,824 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ 20,564 ​ ​ ​ ​ ​ ​ ​ ​ 19,026 Interest ​ ​ ​ ​ ​ ​ ​ ​ 17,455 ​ ​ ​ ​ ​ ​ ​ ​ 16,064 Administration of REIT ​ ​ ​ ​ ​ ​ ​ ​ 4,083 ​ ​ ​ ​ ​ ​ ​ ​ 3,680 Other income ​ ​ ​ ​ ​ ​ ​ ​ (1,982) ​ ​ ​ ​ ​ ​ ​ ​ (1,402) Net income ​ ​ ​ ​ ​ ​ ​ $ 14,908 ​ ​ ​ ​ ​ ​ ​ $ 7,456
Summary of Segment Assets and Accumulated Depreciation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2024 Residential Commercial Total ​ ​ (in thousands) Real estate investments ​ $ 914,116 ​ $ 178,524 ​ $ 1,092,640 Accumulated depreciation ​ ​ (178,633) ​ ​ (52,498) ​ ​ (231,131) Total real estate investments, net ​ $ 735,483 ​ $ 126,026 ​ $ 861,509 Lease intangible assets, less accumulated amortization ​ ​ 624 ​ ​ 2,503 ​ ​ 3,127 Cash and cash equivalents ​ ​ ​ ​ ​ ​ ​ ​ 11,145 Restricted deposits ​ ​ ​ ​ ​ ​ ​ ​ 9,781 Investment in unconsolidated affiliates ​ ​ ​ ​ ​ ​ ​ ​ 28,775 Notes receivable ​ ​ ​ ​ ​ ​ ​ ​ 1,527 Notes receivable, affiliates ​ ​ ​ ​ ​ ​ ​ ​ 7,868 Other assets, net ​ ​ ​ ​ ​ ​ ​ ​ 21,189 Total Assets ​ ​ ​ ​ ​ ​ ​ $ 944,921 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ 64 Notes receivable, affiliates ​ ​ ​ ​ ​ ​ ​ ​ 8,821 Assets held for sale ​ ​ ​ ​ ​ ​ ​ ​ 1,568 Other assets, net ​ ​ ​ ​ ​ ​ ​ ​ 21,515 Total Assets ​ ​ ​ ​ ​ ​ ​ $ 854,833 ​

RESTRICTED DEPOSITS AND FUNDE_2

RESTRICTED DEPOSITS AND FUNDED RESERVES (Tables)	9 Months Ended
	Sep. 30, 2024
RESTRICTED DEPOSITS AND FUNDED RESERVES
Schedule of restricted deposits and funded reserves	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ As of December 31, ​ ​ ​ ​ ​ 2024 ​ 2023 ​ ​ ​ ​ ​ (in thousands) Tenant security deposits ​ ​ ​ ​ $ 7,918 ​ $ 6,945 Real estate tax and insurance escrows ​ ​ ​ ​ ​ 654 ​ ​ 676 Replacement reserves ​ ​ ​ ​ ​ 117 ​ ​ 1,443 Other funded reserves ​ ​ ​ ​ ​ 1,092 ​ ​ 1,078 ​ ​ ​ ​ ​ $ 9,781 ​ $ 10,142 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED AFFILIATES (Tables)	9 Months Ended
	Sep. 30, 2024
INVESTMENT IN UNCONSOLIDATED AFFILIATES
Schedule of investments in unconsolidated real estate ventures	The Company’s investments in unconsolidated real estate ventures, are summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Investment in Unconsolidated Affiliates at Unconsolidated Affiliates ​ ​ Date Acquired ​ ​ Trust Ownership Interest ​ September 30, 2024 ​ December 31, 2023 Banner Building ​ ​ 2007 ​ ​ 66.67% ​ $ (467) ​ $ (478) Grand Forks INREIT, LLC ​ ​ 2003 ​ ​ 50% ​ ​ 5,372 ​ ​ 5,193 SE Savage, LLC ​ ​ 2019 ​ ​ 60% ​ ​ 368 ​ ​ 954 SE Maple Grove, LLC ​ ​ 2019 ​ ​ 60% ​ ​ 159 ​ ​ 735 SE Rogers, LLC ​ ​ 2020 ​ ​ 60% ​ ​ 1,025 ​ ​ 1,419 ST Oak Cliff, LLC ​ ​ 2021 ​ ​ 70% ​ ​ 6,798 ​ ​ 7,920 SE Brooklyn Park, LLC ​ ​ 2021 ​ ​ 60% ​ ​ 1,043 ​ ​ 1,748 ST Fossil Creek, LLC ​ ​ 2022 ​ ​ 70% ​ ​ 8,430 ​ ​ 9,110 Emory North Liberty, LC ​ ​ 2024 ​ ​ 50% ​ ​ 6,047 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ $ 28,775 ​ $ 26,601
Schedule of financial position of unconsolidated entities	​ ​ The following is a summary of the financial position of the unconsolidated affiliates at September 30, 2024 and December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 December 31, 2023 ​ ​ (in thousands) ASSETS ​ ​ ​ ​ ​ ​ Real estate investments ​ $ 301,157 ​ $ 261,901 Accumulated depreciation ​ ​ (34,167) ​ ​ (26,191) Total Real Estate Investments, net ​ ​ 266,990 ​ ​ 235,710 Cash and cash equivalents ​ ​ 3,112 ​ ​ 3,388 Restricted deposits ​ ​ 1,553 ​ ​ 883 Financing and lease costs, net ​ ​ 881 ​ ​ 813 Other assets, net ​ ​ 1,055 ​ ​ 780 Total Assets ​ $ 273,591 ​ $ 241,574 ​ ​ ​ ​ ​ ​ ​ LIABILITIES ​ ​ ​ ​ ​ ​ Mortgage notes payable, net ​ $ 218,731 ​ $ 191,890 Tenant security deposits payable ​ ​ 451 ​ ​ 340 Accrued expenses and other liabilities ​ ​ 6,913 ​ ​ 7,208 Total Liabilities ​ $ 226,095 ​ $ 199,438 SHAREHOLDERS' EQUITY ​ ​ ​ ​ ​ ​ Total Shareholders' Equity ​ $ 47,496 ​ $ 42,136 ​ ​ ​ ​ ​ ​ ​ Total liabilities and shareholders' equity ​ $ 273,591 ​ $ 241,574 ​ ​ The following is a summary of results of operations of the unconsolidated affiliates for the three and nine months ended September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2024 2023 2024 2023 ​ ​ (in thousands) ​ ​ (in thousands) Income from rental operations ​ $ 6,558 ​ $ 5,244 ​ $ 18,570 ​ $ 13,584 Expenses from rental operations ​ ​ 3,257 ​ ​ 2,070 ​ ​ 8,930 ​ ​ 5,564 Net operating income ​ $ 3,301 ​ $ 3,174 ​ $ 9,640 ​ $ 8,020 Depreciation and Amortization ​ ​ 2,890 ​ ​ 2,418 ​ ​ 8,072 ​ ​ 7,350 Interest ​ ​ 1,681 ​ ​ 1,700 ​ ​ 4,919 ​ ​ 4,493 Other (income) expense ​ ​ (12) ​ ​ - ​ ​ (12) ​ ​ 14 Net loss ​ $ (1,258) ​ $ (944) ​ $ (3,339) ​ $ (3,837) ​

LEASE INTANGIBLES (Tables)

LEASE INTANGIBLES (Tables)	9 Months Ended
	Sep. 30, 2024
LEASE INTANGIBLES
Schedule of intangible assets and liabilities and accumulated amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease ​ Accumulated ​ Lease As of September 30, 2024 Intangibles Amortization Intangibles, net Lease Intangible Assets ​ (in thousands) In-place leases ​ $ 16,188 ​ $ (13,484) ​ $ 2,704 Above-market leases ​ ​ 1,415 ​ ​ (992) ​ ​ 423 ​ ​ $ 17,603 ​ $ (14,476) ​ $ 3,127 Lease Intangible Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Below-market leases ​ $ (2,314) ​ $ 1,954 ​ $ (360) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)
Schedule of estimated aggregate amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible ​ Intangible Years ending December 31, Assets Liabilities ​ ​ (in thousands) 2024 (October - December) ​ $ 586 ​ $ 37 2025 ​ ​ 839 ​ ​ 147 2026 ​ ​ 490 ​ ​ 77 2027 ​ ​ 381 ​ ​ 38 2028 ​ ​ 311 ​ ​ 19 Thereafter ​ ​ 520 ​ ​ 42 ​ ​ $ 3,127 ​ $ 360 ​

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2024
NOTES PAYABLE
Schedule of Mortgage Notes Payable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Balance At ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Fixed rate mortgage notes payable (a) ​ $ 583,839 ​ $ 520,155 Less unamortized debt issuance costs ​ ​ 1,690 ​ ​ 2,036 ​ ​ $ 582,149 ​ $ 518,119 (a) Includes $128,013 and $103,246 of variable rate mortgage debt that was swapped to a fixed rate at September 30, 2024 and December 31, 2023, respectively.
Scheduled Maturities of Mortgage Notes Payable	​ ​ ​ ​ ​ Years ending December 31, Amount ​ ​ (in thousands) 2024 (October - December) ​ $ 6,020 2025 ​ ​ 104,311 2026 ​ ​ 71,346 2027 ​ ​ 79,065 2028 ​ ​ 42,698 Thereafter ​ ​ 280,399 Total payments ​ $ 583,839 ​

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2024
DERIVATIVES AND HEDGING ACTIVITIES
Schedule of interest rate swaps	​ The following table summarizes the Trust’s interest rate swaps as of September 30, 2024, which effectively convert one month floating rate LIBOR or 30-day average SOFR to a fixed rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed ​ ​ Effective Date ​ Notional ​ Interest Rate ​ Maturity Date November 1, 2019 $ 6,203 ​ 3.15% ​ November 1, 2029 November 1, 2019 $ 4,316 ​ 3.28% ​ November 1, 2029 January 10, 2020 $ 2,818 ​ 3.39% ​ January 10, 2030 December 2, 2020 $ 11,725 ​ 2.91% ​ December 2, 2027 July 1, 2021 $ 24,491 ​ 2.99% ​ July 1, 2031 November 10, 2021 $ 27,026 ​ 3.54% ​ August 1, 2029 December 1, 2021 $ 10,286 ​ 3.32% ​ December 1, 2031 August 15, 2022 $ 1,408 ​ 3.07% ​ June 15, 2030 August 15, 2022 $ 2,729 ​ 3.07% ​ June 15, 2030 August 15, 2022 $ 1,524 ​ 2.94% ​ June 15, 2030 August 15, 2022 $ 4,032 ​ 2.94% ​ June 15, 2030 May 10, 2023 $ 4,546 ​ 2.79% ​ June 10, 2030 April 15, 2024 $ 9,682 ​ 3.57% ​ May 15, 2032 April 15, 2024 $ 3,780 ​ 3.57% ​ May 15, 2032 April 15, 2024 $ 13,447 ​ 3.57% ​ May 15, 2032 ​ The following table summarizes the Trust’s interest rate swaps that were designated as cash flow hedges of interest rate risk: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Instruments ​ Notional Interest Rate Derivatives ​ September 30, 2024 ​ December 31, 2023 ​ September 30, 2024 ​ December 31, 2023 Interest rate swaps ​ 15 ​ 12 $ 128,013 $ 103,246
Schedule of the estimated fair value of derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives designated as ​ September 30, 2024 ​ December 31, 2023 cash flow hedges: ​ Balance Sheet Location ​ Fair Value ​ Balance Sheet Location ​ Fair Value Interest rate swaps ​ Other assets, net $ 10,890 ​ Other assets, net $ 11,362
Schedule of the effect of the derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of Gain ​ ​ ​ ​ Amount of Gain ​ Reclassified from ​ ​ Derivatives in ​ Recognized in Other ​ Accumulated other ​ Amount of (Gain)/Loss Cash Flow Hedging ​ Comprehensive Income ​ Comprehensive Income ​ Reclassified from Relationships ​ on Derivatives ​ (AOCI) into Income ​ AOCI into Income ​ ​ 2024 ​ ​ ​ 2024 Interest rate swaps $ 4,896 ​ Interest expense $ (1,038) ​ ​ 2023 ​ ​ ​ 2023 Interest rate swaps $ (2,339) ​ Interest expense $ (1,017) ​ The following table presents the effect of the Trust’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive income for the nine months ended September 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of Gain ​ ​ ​ ​ Amount of Gain ​ Reclassified from ​ ​ Derivatives in ​ Recognized in Other ​ Accumulated other ​ Amount of (Gain)/Loss Cash Flow Hedging ​ Comprehensive Income ​ Comprehensive Income ​ Reclassified from Relationships ​ on Derivatives ​ (AOCI) into Income ​ AOCI into Income ​ ​ 2024 ​ ​ ​ 2024 Interest rate swaps ​ $ 471 ​ ​ ​ ($ 3,109) ​ ​ 2023 ​ ​ ​ 2023 Interest rate swaps $ (1,984) ​ Interest expense $ (2,698)

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	9 Months Ended
	Sep. 30, 2024
FAIR VALUE MEASUREMENT
Carrying Value and Estimated Fair Value of Company's Financial Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2024 ​ December 31, 2023 ​ ​ Carrying ​ ​ ​ ​ Carrying ​ ​ ​ ​ Value Fair Value Value Fair Value ​ ​ (in thousands) Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes receivable ​ $ 9,395 ​ $ 8,968 ​ $ 8,885 ​ $ 10,025 Derivative assets ​ $ 10,890 ​ $ 10,890 ​ $ 11,362 ​ $ 11,362 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of Credit ​ $ 5,849 ​ $ 5,849 ​ $ — ​ $ — Mortgage notes payable ​ $ 583,839 ​ $ 536,599 ​ $ 520,155 ​ $ 477,344 Note payable ​ $ 8,518 ​ $ 8,518 ​ $ — ​ $ —
Schedule of Fair Value of Liabilities on Recurring Basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total ​ ​ (in thousands) September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ — ​ $ 10,890 ​ $ — ​ $ 10,890 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ — ​ $ 11,362 ​ $ — ​ $ 11,362
Fair Value of Company's Financial Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of Credit ​ $ — ​ $ — ​ $ 5,849 ​ $ 5,849 Mortgage notes payable ​ $ — ​ $ — ​ $ 536,599 ​ $ 536,599 Note payable ​ $ ​ ​ $ ​ ​ $ 8,518 ​ $ 8,518 Notes receivable ​ $ — ​ $ — ​ $ 8,968 ​ $ 8,968 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ $ — ​ $ — ​ $ 477,344 ​ $ 477,344 Notes receivable ​ $ — ​ $ — ​ $ 10,025 ​ $ 10,025

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2024
LEASES
Schedule of lease Income related to the Company's operating leases	​ ​ Lease income related to the Company’s operating leases is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2024 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 34,654 ​ $ 3,873 ​ $ 38,527 Lease income related to variable lease payments ​ ​ (2) ​ ​ 1,095 ​ ​ 1,093 Other (a) ​ ​ (372) ​ ​ (58) ​ ​ (430) Lease Income (b) ​ $ 34,280 ​ $ 4,910 ​ $ 39,190 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2023 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 30,070 ​ $ 3,910 ​ $ 33,980 Lease income related to variable lease payments ​ ​ — ​ ​ 1,204 ​ ​ 1,204 Other (a) ​ ​ (468) ​ ​ 65 ​ ​ (403) Lease Income (b) ​ $ 29,602 ​ $ 5,179 ​ $ 34,781 ​ (a) For the three months ended September 30, 2024 and 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 three months ended September 30, 2024 and 2023 of $2,287 and $1,420 , respectively, which is accounted for under the revenue recognition standard. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2024 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 98,205 ​ $ 11,654 ​ $ 109,859 Lease income related to variable lease payments ​ ​ — ​ ​ 3,434 ​ ​ 3,434 Other (a) ​ ​ (855) ​ ​ (99) ​ ​ (954) Lease Income (b) ​ $ 97,350 ​ $ 14,989 ​ $ 112,339 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2023 ​ Residential Commercial Total ​ ​ (in thousands) Lease income related to fixed lease payments ​ $ 87,891 ​ $ 11,774 ​ $ 99,665 Lease income related to variable lease payments ​ ​ — ​ ​ 3,300 ​ ​ 3,300 Other (a) ​ ​ (747) ​ ​ 246 ​ ​ (501) Lease Income (b) ​ $ 87,144 ​ $ 15,320 ​ $ 102,464 ​ ​ (a) For the nine months ended September 30, 2024 and 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 nine months ended September 30, 2024 and 2023 of $5,696 and $4,466 , respectively, which is accounted for under the revenue recognition standard.
Schedule of future minimum rental income	​ ​ ​ ​ ​ Years ending December 31, Amount ​ ​ (in thousands) 2024 (October - December) ​ $ 3,838 2025 ​ ​ 15,137 2026 ​ ​ 14,321 2027 ​ ​ 12,836 2028 ​ ​ 11,830 Thereafter ​ ​ 35,504 ​ ​ $ 93,466 ​

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2024
RELATED PARTY TRANSACTIONS
Schedule of property management fee	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended September 30, ​ ​ Nine Months ended September 30, ​ ​ 2024 ​ 2023 ​ ​ 2024 ​ 2023 ​ ​ (in thousands) ​ ​ (in thousands) Property Management Fee: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property management, on-site staff costs & misc. ​ $ 7,408 ​ $ 5,184 ​ ​ $ 12,808 ​ $ 11,101 Repair & maintenance and payroll expenses ​ $ 2,480 ​ $ 2,523 ​ ​ $ 7,095 ​ $ 7,440
Schedule of fees incurred and payable to Advisor	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended September 30, ​ ​ Nine Months ended September 30, ​ ​ 2024 ​ 2023 ​ ​ 2024 ​ 2023 ​ ​ (in thousands) ​ ​ (in thousands) Fee: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advisory ​ $ 1,042 ​ $ 950 ​ ​ $ 2,983 ​ $ 2,852 Acquisition ​ $ 375 ​ $ - ​ ​ $ 1,500 ​ $ - Disposition ​ $ 38 ​ $ - ​ ​ $ 302 ​ $ 204 Financing ​ $ 47 ​ $ 15 ​ ​ $ 144 ​ $ 83 Development ​ $ - ​ $ - ​ ​ $ 350 ​ $ - Project Management ​ $ 371 ​ $ 86 ​ ​ $ 745 ​ $ 335 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable at ​ ​ September 30, ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in thousands) Fee: ​ ​ ​ ​ ​ ​ Advisory ​ $ 3 ​ $ 316 Acquisition ​ $ 375 ​ $ -
Schedule of rental income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended September 30, ​ ​ Nine Months ended September 30, ​ ​ 2024 ​ 2023 ​ ​ 2024 ​ 2023 ​ ​ (in thousands) ​ ​ (in thousands) Rental Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goldmark Property Management, Inc. ​ $ 70 ​ $ 69 ​ ​ $ 208 ​ $ 204 Operating lease agreement with our Advisor ​ $ 34 ​ $ 33 ​ ​ $ 101 ​ $ 99 Bell Bank ​ $ 287 ​ $ 270 ​ ​ $ 857 ​ $ 735 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

DISPOSITIONS (Tables)

DISPOSITIONS (Tables)	9 Months Ended
	Sep. 30, 2024
DISPOSITIONS
Summary of dispositions	The Trust had nine dispositions during the nine months ended September 30, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ Property Name ​ Location ​ Property Type ​ ​ Units/ Square Footage/ Acres ​ Total Disposition Cost ​ Gain/(Loss) on Sale 1/25/24 ​ Dairy Queen ​ Apple Valley, MN ​ Retail ​ ​ 5348 square feet ​ $ 1,607 ​ $ (68) 3/1/24 ​ Westwind ​ Fargo, ND ​ Apartment Complex ​ ​ 18 units ​ ​ 900 ​ ​ 489 3/8/24 ​ Westside ​ Hawley, MN ​ Apartment Complex ​ ​ 14 units ​ ​ 837 ​ ​ 394 4/3/24 ​ Columbia Park Village ​ Grand Forks, ND ​ Apartment Complex ​ ​ 12 units ​ ​ 675 ​ ​ 42 5/1/24 ​ Gate City Bank ​ Grand Forks, ND ​ Office ​ ​ 17407 square feet ​ ​ 2,950 ​ ​ 974 5/21/24 ​ First International Bank & Trust ​ Moorhead, MN ​ Office ​ ​ 3510 square feet ​ ​ 1,516 ​ ​ 683 6/14/24 ​ Jadestone ​ Fargo, ND ​ Apartment Complex ​ ​ 18 units ​ ​ 1,039 ​ ​ 136 6/14/24 ​ Essex ​ Fargo, ND ​ Apartment Complex ​ ​ 18 units ​ ​ 1,039 ​ ​ 178 7/25/24 ​ Cityside ​ Fargo, ND ​ Apartment Complex ​ ​ 36 units ​ ​ 1,500 ​ ​ 241 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,063 ​ $ 3,069 ​ The Trust had two dispositions during the nine months ended September 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ Property Name ​ Location ​ Property Type ​ ​ Units/ Square Footage/ Acres ​ Total Disposition Cost ​ Gain on Sale 5/11/23 ​ Applebee's Coon Rapids ​ Coon Rapids, MN ​ Retail ​ ​ 5576 square feet ​ $ 3,448 ​ $ 1,530 5/24/23 ​ Redpath ​ White Bear Lake, MN ​ Office ​ ​ 25817 square feet ​ ​ 4,710 ​ ​ 1,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 8,158 ​ $ 2,596 ​

ACQUISITIONS OF CONSOLIDATED _2

ACQUISITIONS OF CONSOLIDATED PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2024
ACQUISITIONS OF CONSOLIDATED PROPERTIES
Schedule of acquisitions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date ​ Property Name ​ Location ​ Property Type ​ ​ Units/ Square Footage/ Acres ​ Total Net Assets Acquired 4/15/24 ​ Urban Plains ​ Fargo, ND ​ Apartment Complex ​ ​ 415 units ​ $ 17,527 6/26/24 ​ Lexington Lofts ​ Forest Lake, MN ​ Apartment Complex ​ ​ 355 units ​ ​ 18,379 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 35,906
Schedule of purchase accounting allocation and reconciliation to net cash consideration of the properties acquired.	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ ​ 2024 ​ 2023 Real estate investment acquired ​ ​ $ 114,621 ​ $ - Acquired lease intangible assets ​ ​ ​ 2,261 ​ ​ - Assumed assets ​ ​ ​ 451 ​ ​ - Total Assets Acquired ​ ​ $ 117,333 ​ $ - Assumed loans ​ ​ ​ (80,774) ​ ​ - Other liabilities ​ ​ ​ (653) ​ ​ - Net assets acquired ​ ​ ​ 35,906 ​ ​ - Equity/limited partnership unit consideration ​ ​ ​ (7,396) ​ ​ - Net cash consideration ​ ​ $ 28,510 ​ $ - ​

ORGANIZATION - Additional Infor

ORGANIZATION - Additional Information (Details)	Sep. 30, 2024	Dec. 31, 2023
ORGANIZATION
Ownership in operating partnership (as a percent)	38.52%	37.72%

PRINCIPAL ACTIVITY AND SIGNIF_4

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details)	Sep. 30, 2024	Dec. 31, 2023
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Ownership in operating partnership (as a percent)	38.52%	37.72%

PRINCIPAL ACTIVITY AND SIGNIF_5

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES - Real Estate Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate Investments
Loss on impairment of property	$ 0	$ 0	$ 0	$ 0
Building and improvements
Real Estate Investments
Estimated useful life	40 years		40 years
Furniture, fixtures and equipment | Minimum
Real Estate Investments
Estimated useful life	5 years		5 years
Furniture, fixtures and equipment | Maximum
Real Estate Investments
Estimated useful life	9 years		9 years

PRINCIPAL ACTIVITY AND SIGNIF_6

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES - Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 20, 2024	Sep. 30, 2024	Aug. 01, 2024
Equity
Share offering			$ 33,000
Amended and Restated Share Redemption Plan
Equity
Remaining amount of securities to be redeemed		$ 19,920
Redemption price of securities (in dollars per share)	$ 21.85
Amended and Restated Share Redemption Plan | Maximum
Equity
Amount authorized for repurchase of securities	$ 75,000

PRINCIPAL ACTIVITY AND SIGNIF_7

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES - Federal Income Taxes (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES
Taxable income to be distributed	90%
Retainable taxable income	10%
Provisions or liabilities for income taxes	$ 0

PRINCIPAL ACTIVITY AND SIGNIF_8

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES - Earnings per Common Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings per Common Share
Dilutive potential common shares	0	0	0	0
Weighted average common shares outstanding, basic	11,512,000	11,157,000	11,403,000	11,050,000
Weighted average common shares outstanding, diluted	11,512,000	11,157,000	11,403,000	11,050,000

PRINCIPAL ACTIVITY AND SIGNIF_9

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES - Reclassification (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Non affiliates
Recent Accounting Pronouncements
Notes receivable	$ 1,527	$ 64
Mortgage notes payable, net	523,597	457,857
Affiliates
Recent Accounting Pronouncements
Notes receivable	7,868	8,821
Mortgage notes payable, net	$ 58,552	60,262
As Originally Presented | Non affiliates
Recent Accounting Pronouncements
Notes receivable		8,821
Mortgage notes payable, net		60,262
Reclassification adjustment | Affiliates
Recent Accounting Pronouncements
Notes receivable		8,821
Mortgage notes payable, net		$ 60,262

SEGMENT REPORTING - Additional

SEGMENT REPORTING - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 segment
SEGMENT REPORTING
Number of reportable segments	2

SEGMENT REPORTING - Summary of

SEGMENT REPORTING - Summary of Segment Revenues and Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
SEGMENT REPORTING
Income from rental operations	$ 41,477			$ 36,201			$ 118,035	$ 106,930
Expenses from rental operations	21,787			20,029			63,007	62,106
Net operating income	19,690			16,172			55,028	44,824
Depreciation and amortization	7,622			5,990			20,564	19,026
Interest	6,577			5,377			17,455	16,064
Administration of REIT	1,197			1,229			4,083	3,680
Other expense (income)	213			160			(1,982)	(1,402)
Net income	4,081	$ 6,187	$ 4,642	3,416	$ 4,729	$ (688)	14,908	7,456
Residential
SEGMENT REPORTING
Income from rental operations	36,519			30,993			102,921	91,486
Expenses from rental operations	20,215			18,513			58,694	57,446
Net operating income	16,304			12,480			44,227	34,040
Commercial
SEGMENT REPORTING
Income from rental operations	4,958			5,208			15,114	15,444
Expenses from rental operations	1,572			1,516			4,313	4,660
Net operating income	$ 3,386			$ 3,692			$ 10,801	$ 10,784

SEGMENT REPORTING - Summary o_2

SEGMENT REPORTING - Summary of Segment Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
SEGMENT REPORTING
Real estate investments	$ 1,092,640	$ 970,804
Accumulated depreciation	(231,131)	(214,584)
Total real estate investments, net	861,509	756,220
Lease intangible assets, less accumulated amortization	3,127	2,983
Cash and cash equivalents	11,145	26,919	$ 17,896
Restricted deposits	9,781	10,142	$ 9,294
Investment in unconsolidated affiliates	28,775	26,601
Assets held for sale		1,568
Other assets, net	21,189	21,515
Total Assets	944,921	854,833
Non affiliates
SEGMENT REPORTING
Notes receivable	1,527	64
Affiliates
SEGMENT REPORTING
Notes receivable	7,868	8,821
Residential
SEGMENT REPORTING
Real estate investments	914,116	789,249
Accumulated depreciation	(178,633)	(164,793)
Total real estate investments, net	735,483	624,456
Lease intangible assets, less accumulated amortization	624
Commercial
SEGMENT REPORTING
Real estate investments	178,524	181,555
Accumulated depreciation	(52,498)	(49,791)
Total real estate investments, net	126,026	131,764
Lease intangible assets, less accumulated amortization	$ 2,503	$ 2,983

RESTRICTED DEPOSITS AND FUNDE_3

RESTRICTED DEPOSITS AND FUNDED RESERVES - Summary of Restricted Deposits and Funded Reserves (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
RESTRICTED DEPOSITS AND FUNDED RESERVES
Tenant security deposits	$ 7,918	$ 6,945
Real estate tax and insurance escrows	654	676
Replacement reserves	117	1,443
Other funded reserves	1,092	1,078
Restricted deposits, Total	$ 9,781	$ 10,142	$ 9,294

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED AFFILIATES - Total investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investment in Unconsolidated Affiliates
Investment in unconsolidated affiliates	$ 28,775	$ 26,601
Investment in unconsolidated affiliates	$ 28,775	26,601
Banner Building
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	66.67%
Investment in unconsolidated affiliates	$ (467)	(478)
Grand Forks INREIT, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	50%
Investment in unconsolidated affiliates	$ 5,372	5,193
SE Savage, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	60%
Investment in unconsolidated affiliates	$ 368	954
SE Maple Grove, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	60%
Investment in unconsolidated affiliates	$ 159	735
SE Rogers, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	60%
Investment in unconsolidated affiliates	$ 1,025	1,419
ST Oak Cliff, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	70%
Investment in unconsolidated affiliates	$ 6,798	7,920
SE Brooklyn Park, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	60%
Investment in unconsolidated affiliates	$ 1,043	1,748
ST Fossil Creek, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	70%
Investment in unconsolidated affiliates	$ 8,430	$ 9,110
Emory North Liberty, LC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	50%
Investment in unconsolidated affiliates	$ 6,047
Operating Partnership | Banner Building
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	66.67%
Operating Partnership | Grand Forks INREIT, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	50%
Operating Partnership | SE Savage, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	60%
Operating Partnership | SE Maple Grove, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	60%
Operating Partnership | SE Rogers, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	60%
Operating Partnership | ST Oak Cliff, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	70%
Operating Partnership | SE Brooklyn Park, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	60%
Operating Partnership | ST Fossil Creek, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	70%
Operating Partnership | Emory North Liberty, LC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	50%

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED AFFILIATES - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Non affiliates
Investment in Unconsolidated Affiliates
Notes receivable	$ 1,527	$ 64
Affiliates
Investment in Unconsolidated Affiliates
Notes receivable	$ 7,868	8,821
Banner Building
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	66.67%
Assets of unconsolidated investee	$ 6,050	6,172
Banner Building | First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	$ 6,584	6,724
Grand Forks INREIT, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	50%
Assets of unconsolidated investee	$ 21,469	20,020
Grand Forks INREIT, LLC | First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	$ 8,758	8,948
SE Savage, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	60%
Assets of unconsolidated investee	$ 31,018	32,567
SE Savage, LLC | Affiliates
Investment in Unconsolidated Affiliates
Notes receivable	0	468
SE Savage, LLC | First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	$ 29,981	30,305
SE Maple Grove, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	60%
Assets of unconsolidated investee	$ 28,351	29,659
SE Maple Grove, LLC | Affiliates
Investment in Unconsolidated Affiliates
Notes receivable	3,428	3,643
SE Maple Grove, LLC | First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	$ 24,279	24,633
SE Rogers, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	60%
Assets of unconsolidated investee	$ 29,755	30,576
SE Rogers, LLC | Affiliates
Investment in Unconsolidated Affiliates
Notes receivable	2,100	2,117
SE Rogers, LLC | First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	$ 25,379	25,742
ST Oak Cliff, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	70%
Assets of unconsolidated investee	$ 47,853	48,738
Mortgage balance	$ 36,708	36,246
SE Brooklyn Park, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	60%
Assets of unconsolidated investee	$ 28,605	30,325
Mortgage balance		24,592
SE Brooklyn Park, LLC | Affiliates
Investment in Unconsolidated Affiliates
Notes receivable	2,294	2,538
SE Brooklyn Park, LLC | First Mortgage
Investment in Unconsolidated Affiliates
Mortgage balance	$ 24,349
ST Fossil Creek, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	70%
Assets of unconsolidated investee	$ 49,526	43,517
Mortgage balance	$ 37,186	$ 26,657
Emory North Liberty, LC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	50%
Cash contribution	$ 6,119
Assets of unconsolidated investee	30,963
Mortgage balance	$ 18,118
Operating Partnership | Banner Building
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	66.67%
Operating Partnership | Grand Forks INREIT, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	50%
Percentage of interest	100%
Operating Partnership | SE Savage, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	60%
Operating Partnership | SE Maple Grove, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	60%
Operating Partnership | SE Rogers, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	60%
Operating Partnership | ST Oak Cliff, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	70%
Operating Partnership | SE Brooklyn Park, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	60%
Operating Partnership | ST Fossil Creek, LLC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	70%
Cash contribution	$ 9,275
Operating Partnership | Emory North Liberty, LC
Investment in Unconsolidated Affiliates
Trust Ownership Interest (as a percent)	50%

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED AFFILIATES - Summary of financial position (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Real estate investments	$ 1,092,640			$ 970,804
Accumulated depreciation	(231,131)			(214,584)
Total real estate investments, net	861,509			756,220
Cash and cash equivalents	11,145			26,919	$ 17,896
Restricted deposits	9,781			10,142	9,294
Other assets, net	21,189			21,515
Total Assets	944,921			854,833
LIABILITIES
Tenant security deposits payable	8,413			7,104
Accrued expenses and other liabilities	21,522			19,239
Total Liabilities	635,542			553,513
SHAREHOLDERS' EQUITY
Total Shareholders' Equity	309,379	$ 311,668	$ 300,108	301,320	$ 311,913	$ 312,353	$ 314,037	$ 323,466
Total liabilities and shareholders' equity	944,921			854,833
Unconsolidated affiliates
ASSETS
Real estate investments	301,157			261,901
Accumulated depreciation	(34,167)			(26,191)
Total real estate investments, net	266,990			235,710
Cash and cash equivalents	3,112			3,388
Restricted deposits	1,553			883
Financing and lease costs, net	881			813
Other assets, net	1,055			780
Total Assets	273,591			241,574
LIABILITIES
Mortgage notes payable, net	218,731			191,890
Tenant security deposits payable	451			340
Accrued expenses and other liabilities	6,913			7,208
Total Liabilities	226,095			199,438
SHAREHOLDERS' EQUITY
Total Shareholders' Equity	47,496			42,136
Total liabilities and shareholders' equity	$ 273,591			$ 241,574

INVESTMENT IN UNCONSOLIDATED _6

INVESTMENT IN UNCONSOLIDATED AFFILIATES - Summary of results of operations (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Investment in Unconsolidated Affiliates
Income from rental operations	$ 41,477			$ 36,201			$ 118,035	$ 106,930
Expenses from rental operations	35,986			31,396			101,026	97,196
Income from operations	4,294			3,576			12,926	6,054
Depreciation and Amortization	7,622			5,990			20,564	19,026
Interest	6,577			5,377			17,455	16,064
Net income	4,081	$ 6,187	$ 4,642	3,416	$ 4,729	$ (688)	14,908	7,456
Unconsolidated affiliates
Investment in Unconsolidated Affiliates
Income from rental operations	6,558			5,244			18,570	13,584
Expenses from rental operations	3,257			2,070			8,930	5,564
Income from operations	3,301			3,174			9,640	8,020
Depreciation and Amortization	2,890			2,418			8,072	7,350
Interest	1,681			1,700			4,919	4,493
Other income (expense)	(12)						(12)	14
Net income	$ (1,258)			$ (944)			$ (3,339)	$ (3,837)

LEASE INTANGIBLES - Schedule of

LEASE INTANGIBLES - Schedule of Intangible Assets and Liabilities and Accumulated Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Lease Intangible Assets
Lease Intangibles	$ 17,603	$ 15,342
Accumulated Amortization	(14,476)	(12,359)
Total	3,127	2,983
Lease Intangible Liabilities
Below-market lease	(2,314)	(2,314)
Below-market lease, accumulated amortization	1,954	1,844
Below-market lease, net	(360)	(470)
In-place leases
Lease Intangible Assets
Lease Intangibles	16,188	13,927
Accumulated Amortization	(13,484)	(11,434)
Total	2,704	2,493
Above-market leases
Lease Intangible Assets
Lease Intangibles	1,415	1,415
Accumulated Amortization	(992)	(925)
Total	$ 423	$ 490

LEASE INTANGIBLES - Schedule _2

LEASE INTANGIBLES - Schedule of Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible Assets
2024 (October - December)	$ 586
2025	839
2026	490
2027	381
2028	311
Thereafter	520
Total	3,127	$ 2,983
Intangible Liabilities
2024 (October - December)	37
2025	147
2026	77
2027	38
2028	19
Thereafter	42
Total	$ 360	$ 470

LINES OF CREDIT (Details)

LINES OF CREDIT (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Lines of Credit
Line of credit outstanding	$ 5,849	$ 0
Bremer Bank Agreement One
Lines of Credit
Agreed line of credit	$ 4,915
Variable interest rate of line of credit	2%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)
Expiration date	Dec. 01, 2026
Bremer Bank Agreement Two
Lines of Credit
Agreed line of credit	$ 3,500
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR)
Expiration date	Dec. 01, 2026
Bremer Bank Agreement Two | Secured Overnight Financing Rate (SOFR)
Lines of Credit
Variable interest rate of line of credit	2%
Gate City Bank
Lines of Credit
Agreed line of credit	$ 14,800
Expiration date	Jul. 01, 2029
Gate City Bank | Prime rate
Lines of Credit
Variable interest rate of line of credit	1.50%

NOTES PAYABLE - Summary (Detail

NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Jun. 25, 2024
MORTGAGE NOTES PAYABLE
Notes payable	$ 8,518
Long-term debt, gross	583,839
Mortgage Notes Payable
MORTGAGE NOTES PAYABLE
Less unamortized debt issuance costs	1,690	$ 2,036
Long-term debt, net	582,149	518,119
Bell Bank
MORTGAGE NOTES PAYABLE
Face amount of debt			$ 10,000
Notes payable	8,518
Fixed rate mortgage notes payable | Mortgage Notes Payable
MORTGAGE NOTES PAYABLE
Long-term debt, gross	583,839	520,155
Debt swapped from variable to fixed rate	$ 128,013	$ 103,246

NOTES PAYABLE - Scheduled Matur

NOTES PAYABLE - Scheduled Maturities of Mortgage Notes Payable (Details) $ in Thousands	Sep. 30, 2024 USD ($)
NOTES PAYABLE
2024 (October - December)	$ 6,020
2025	104,311
2026	71,346
2027	79,065
2028	42,698
Thereafter	280,399
Total payments	$ 583,839

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Other (Details) - Interest rate swap $ in Thousands	Sep. 30, 2024 USD ($) instrument	Dec. 31, 2023 instrument
Derivatives and Hedging Activities
Estimated amount to be reclassified over the next 12 months, as a increase to interest expense | $	$ 4,193
Designated as Hedging Instrument | Cash Flow Hedging
Derivatives and Hedging Activities
Number of instruments | instrument	15	12

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITIES - Summary (Details) - Designated as Hedging Instrument - Cash Flow Hedging $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) instrument	Dec. 31, 2023 USD ($) instrument
Interest rate swap
Derivatives and Hedging Activities
Notional amount	$ 128,013	$ 103,246
Number of instruments | instrument	15	12
Interest Rate Swap, one, November 2029
Derivatives and Hedging Activities
Notional amount	$ 6,203
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	$ 4,316
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	$ 2,818
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	$ 11,725
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	$ 24,491
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	$ 27,026
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	$ 10,286
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	$ 1,408
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	$ 2,729
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	$ 1,524
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	$ 4,032
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	$ 4,546
Fixed interest rate (as a percent)	2.79%
Derivative maturity date	Jun. 10, 2030
Interest Rate Swap, one, May 2032
Derivatives and Hedging Activities
Notional amount	$ 9,682
Fixed interest rate (as a percent)	3.57%
Derivative maturity date	May 15, 2032
Interest Rate Swap, two, May 2032
Derivatives and Hedging Activities
Notional amount	$ 3,780
Fixed interest rate (as a percent)	3.57%
Derivative maturity date	May 15, 2032
Interest Rate Swap, three, May 2032
Derivatives and Hedging Activities
Notional amount	$ 13,447
Fixed interest rate (as a percent)	3.57%
Derivative maturity date	May 15, 2032

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES - Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other assets, net
Derivatives and Hedging Activities
Fair value, derivative assets	$ 10,890	$ 11,362

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITIES - Gain-Loss (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivatives and Hedging Activities
Amount of Gain Recognized in Other Comprehensive Income on Derivatives	$ 4,897	$ (2,908)	$ (1,517)	$ (2,339)	$ (2,023)	$ 2,378	$ 471	$ (1,984)
Amount of (Gain)/Loss Reclassified from AOCI into Income							(3,109)
Interest rate swap
Derivatives and Hedging Activities
Amount of Gain Recognized in Other Comprehensive Income on Derivatives	4,896			(2,339)			$ 471	(1,984)
Interest expense
Derivatives and Hedging Activities
Amount of (Gain)/Loss Reclassified from AOCI into Income	$ (1,038)			$ (1,017)				$ (2,698)

DERIVATIVES AND HEDGING ACTIV_7

DERIVATIVES AND HEDGING ACTIVITIES - Credit-Risk Related Contingent Features (Details) $ in Thousands	Sep. 30, 2024 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	$ 10,890

FAIR VALUE MEASUREMENT - Carryi

FAIR VALUE MEASUREMENT - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial assets:
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Net Amount	Other Assets, Net Amount
Carrying Value
Financial assets:
Notes receivable	$ 9,395	$ 8,885
Derivative assets	10,890	11,362
Financial liabilities:
Line of credit	5,849
Mortgage notes payable	583,839	520,155
Note payable	8,518
Fair Value
Financial assets:
Notes receivable	8,968	10,025
Derivative assets	10,890	11,362
Financial liabilities:
Line of credit	5,849
Mortgage notes payable	536,599	$ 477,344
Note payable	$ 8,518

FAIR VALUE MEASUREMENT - Schedu

FAIR VALUE MEASUREMENT - Schedule of Fair Value of Assets on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
FAIR VALUE MEASUREMENT
Derivative assets	$ 10,890	$ 11,362
Level 2
FAIR VALUE MEASUREMENT
Derivative assets	$ 10,890	$ 11,362

FAIR VALUE MEASUREMENT - Fair V

FAIR VALUE MEASUREMENT - Fair Value of Company's Financial Assets and Liabilities (Details) - Fair Value - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
FAIR VALUE MEASUREMENT
Line of credit	$ 5,849
Mortgage notes payable	536,599	$ 477,344
Note payable	8,518
Notes receivable	8,968	10,025
Level 3
FAIR VALUE MEASUREMENT
Line of credit	5,849
Mortgage notes payable	536,599	477,344
Note payable	8,518
Notes receivable	$ 8,968	$ 10,025

FAIR VALUE MEASUREMENT - Additi

FAIR VALUE MEASUREMENT - Additional Information (Details) - Measurement Input, Discount Rate	Sep. 30, 2024	Dec. 31, 2023
FAIR VALUE MEASUREMENT
Discount rates used to estimate fair value of notes receivable	0.0800	0.0725
Minimum
FAIR VALUE MEASUREMENT
Discount rates used to estimate fair value of mortgages and notes payable	0.0550	0.0585
Maximum
FAIR VALUE MEASUREMENT
Discount rates used to estimate fair value of mortgages and notes payable	0.0575	0.0600

LEASES- Other (Details)

LEASES- Other (Details)	Sep. 30, 2024
Residential
LEASES
Percentage of revenue from leases that are generally for terms of one year or less	85.40%
Commercial
LEASES
Percentage of revenue from leases primarily under long-term lease agreements	14.60%

LEASES- Lease Income (Details)

LEASES- Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease income:
Lease income related to fixed lease payments	$ 38,527	$ 33,980	$ 109,859	$ 99,665
Lease income related to variable lease payments	1,093	1,204	3,434	3,300
Other (a)	(430)	(403)	(954)	(501)
Lease Income (b)	39,190	34,781	112,339	102,464
Rental income accounted for under revenue recognition standard:
Other rental income	2,287	1,420	5,696	4,466
Residential
Lease income:
Lease income related to fixed lease payments	34,654	30,070	98,205	87,891
Lease income related to variable lease payments	(2)
Other (a)	(372)	(468)	(855)	(747)
Lease Income (b)	34,280	29,602	97,350	87,144
Commercial
Lease income:
Lease income related to fixed lease payments	3,873	3,910	11,654	11,774
Lease income related to variable lease payments	1,095	1,204	3,434	3,300
Other (a)	(58)	65	(99)	246
Lease Income (b)	$ 4,910	$ 5,179	$ 14,989	$ 15,320

LEASES- Future minimum rental i

LEASES- Future minimum rental income (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Future minimum rental income:
2024 (October - December)	$ 3,838
2025	15,137
2026	14,321
2027	12,836
2028	11,830
Thereafter	35,504
Total	$ 93,466

RELATED PARTY TRANSACTIONS - Pr

RELATED PARTY TRANSACTIONS - Property Management and Board of Trustee Fees (Details) - GOLDMARK Property Management - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transactions
Management fees paid expressed as a percentage of net collected rents			5%	5%
Repair & maintenance and payroll expenses	$ 7,408	$ 5,184	$ 12,808	$ 11,101

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Advisory Agreement and Other (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) employee shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($)
Related Party Transactions
Number of paid employees | employee			0
Rental income	$ 38,527	$ 33,980	$ 109,859	$ 99,665
Notes payable	8,518		8,518
Interest expense	6,577	5,377	17,455	16,064
Advisory Agreement
Related Party Transactions
Advisory fees	1,042	950	2,983	2,852
Acquisition fees	375		1,500
Disposition fees	38		302	204
Financing fees	47	15	144	83
Development fees			350
Project Management fees	371	86	745	335
Advisory fees payable	3		3		$ 316
Acquisition fees payable	375		375
Business Operations
Related Party Transactions
Costs and expenditures incurred due to construction in progress			811	77
Operational liabilities outstanding	0		0		0
Mezzanine Financing
Related Party Transactions
Interest income	142	244	438	532
Loan to related party			7,821		8,766
GOLDMARK Property Management
Related Party Transactions
Real estate commissions	0	0	39	0
Real estate commissions outstanding	0		0		0
Rental income	70	69	208	204
Sterling Management, LLC
Related Party Transactions
Rental income	34	33	101	99
Bell Bank
Related Party Transactions
Rental income	287	270	857	735
Outstanding on principal loans	58,552		58,552		60,262
Interest expense incurred	598	601	1,750	1,809
Accrued interest	129		129		128
Total premiums paid	0	0	76	131
Outstanding liabilities	0		0		0
GOLDMARK Commercial Real Estate
Related Party Transactions
Real estate commissions	23	$ 0	554	0
Real estate commissions outstanding	$ 0		$ 0		0
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	0	0	322
Value of operating partnership (OP) units issued in connection with the acquisition of various properties			$ 7,396
Trumont Group, LLC
Related Party Transactions
Development fees	$ 0	$ 0	0	0
Development fees outstanding	0		0		0
Trumont Construction, LLC
Related Party Transactions
Construction fees	18	166	91	442
Construction fees payable	0		0		37
General construction costs	169	$ 137	378	$ 323
General construction costs payable	$ 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
ST Oak Cliff, LLC [Member]
Related Party Transactions
Trust Ownership Interest (as a percent)	70%		70%

DISPOSITIONS (Details)

DISPOSITIONS (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) ft² item property	Sep. 30, 2023 USD ($) ft² property
DISPOSITIONS
Gain/(Loss) on Sale	$ 3,069	$ 2,596
Disposed of by Sale
DISPOSITIONS
Number of dispositions | property	9	2
Total Disposition Cost	$ 12,063	$ 8,158
Gain/(Loss) on Sale	$ 3,069	$ 2,596
Dairy Queen, Apple Valley, MN | Disposed of by Sale
DISPOSITIONS
Disposal Date	Jan. 25, 2024
Total Disposition Cost	$ 1,607
Gain/(Loss) on Sale	$ (68)
Area of property disposed of | ft²	5,348
Westwind | Disposed of by Sale
DISPOSITIONS
Disposal Date	Mar. 01, 2024
Total Disposition Cost	$ 900
Gain/(Loss) on Sale	$ 489
Number of units disposed of | item	18
Westside | Disposed of by Sale
DISPOSITIONS
Disposal Date	Mar. 08, 2024
Total Disposition Cost	$ 837
Gain/(Loss) on Sale	$ 394
Number of units disposed of | item	14
Columbia Park Village, Grand Forks, ND | Disposed of by Sale
DISPOSITIONS
Disposal Date	Apr. 03, 2024
Total Disposition Cost	$ 675
Gain/(Loss) on Sale	$ 42
Number of units disposed of | item	12
Gate City | Disposed of by Sale
DISPOSITIONS
Disposal Date	May 01, 2024
Total Disposition Cost	$ 2,950
Gain/(Loss) on Sale	$ 974
Area of property disposed of | ft²	17,407
First International Bank & Trust | Disposed of by Sale
DISPOSITIONS
Disposal Date	May 21, 2024
Total Disposition Cost	$ 1,516
Gain/(Loss) on Sale	$ 683
Area of property disposed of | ft²	3,510
Jadestone Apartments, Fargo, ND | Disposed of by Sale
DISPOSITIONS
Disposal Date	Jun. 14, 2024
Total Disposition Cost	$ 1,039
Gain/(Loss) on Sale	$ 136
Number of units disposed of | item	18
Essex Apartments, Fargo, ND | Disposed of by Sale
DISPOSITIONS
Disposal Date	Jun. 14, 2024
Total Disposition Cost	$ 1,039
Gain/(Loss) on Sale	$ 178
Number of units disposed of | item	18
Cityside Apartments, Fargo, ND | Disposed of by Sale
DISPOSITIONS
Disposal Date	Jul. 25, 2024
Total Disposition Cost	$ 1,500
Gain/(Loss) on Sale	$ 241
Number of units disposed of | item	36
Applebees, Coon Rapids, MN | Disposed of by Sale
DISPOSITIONS
Disposal Date		May 11, 2023
Total Disposition Cost		$ 3,448
Gain/(Loss) on Sale		$ 1,530
Area of property disposed of | ft²		5,576
Redpath | Disposed of by Sale
DISPOSITIONS
Disposal Date		May 24, 2023
Total Disposition Cost		$ 4,710
Gain/(Loss) on Sale		$ 1,066
Area of property disposed of | ft²		25,817

ACQUISITIONS OF CONSOLIDATED _3

ACQUISITIONS OF CONSOLIDATED PROPERTIES - Summary (Details) $ in Thousands			9 Months Ended
	Jun. 26, 2024 USD ($) item	Apr. 15, 2024 USD ($) item	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 property
Acquisitions
Total Net Assets Acquired			$ 35,906
Number of acquisitions | property			2	0
Urban Plains, Fargo, ND
Acquisitions
Units acquired | item		415
Total Net Assets Acquired		$ 17,527
Lexington Lofts, Forest Lake, MN
Acquisitions
Units acquired | item	355
Total Net Assets Acquired	$ 18,379

ACQUISITIONS OF CONSOLIDATED _4

ACQUISITIONS OF CONSOLIDATED PROPERTIES- Summary of Acquisition Date Fair Values (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Acquisition date fair values
Real estate investment acquired	$ 861,509	$ 756,220
Acquired lease intangible assets	3,127	2,983
Total Assets	944,921	$ 854,833
Asset Acquisitions
Acquisition date fair values
Real estate investment acquired	114,621
Acquired lease intangible assets	2,261
Assumed assets	451
Total Assets	117,333
Assumed loans	(80,774)
Other liabilities	(653)
Net assets acquired	35,906
Equity/limited partnership unit consideration	(7,396)
Net cash consideration	$ 28,510

SUBSEQUENT EVENTS - Additional

SUBSEQUENT EVENTS - Additional Information (Details)	Oct. 15, 2024 $ / shares
Subsequent Event
Subsequent Events
Dividend or distribution paid	$ 0.2875