Centerspace (CSR) 10-Q 7 Aug 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-35624
Entity Registrant Name	INVESTORS REAL ESTATE TRUST
Entity Incorporation, State or Country Code	ND
Entity Tax Identification Number	45-0311232
Entity Address, Address Line One	1400 31st Avenue SW
Entity Address, Address Line Two	Suite 60
Entity Address, Address Line Three	Post Office Box 1988
Entity Address, City or Town	Minot
Entity Address, State or Province	ND
Entity Address, Postal Zip Code	58702-1988
City Area Code	701
Local Phone Number	837-4738
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,624,590
Entity Central Index Key	0000798359
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Shares of Beneficial Interest, no par value
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest, no par value
Trading Symbol	IRET
Security Exchange Name	NYSE
Series C Cumulative Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	Series C Cumulative Redeemable Preferred Shares
Trading Symbol	IRET-C
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real estate investments
Property owned	$ 1,663,539	$ 1,627,636
Less accumulated depreciation	(380,321)	(353,871)
Total property owned	1,283,218	1,273,765
Unimproved land	1,746	5,301
Mortgage loans receivable	10,140	10,410
Total real estate investments	1,295,104	1,289,476
Cash and cash equivalents	17,406	13,792
Restricted cash	4,672	5,464
Other assets	30,626	27,265
TOTAL ASSETS	1,347,808	1,335,997
LIABILITIES
Accounts payable and accrued expenses	44,766	40,892
Revolving lines of credit	177,939	57,500
Term loans, net of unamortized loan costs of $918 and $1,009, respectively	144,082	143,991
Mortgages payable, net of unamortized loan costs of $1,490 and $1,777, respectively	370,461	444,197
TOTAL LIABILITIES	737,248	686,580
COMMITMENTS AND CONTINGENCIES (NOTE 6)
REDEEMABLE NONCONTROLLING INTERESTS – CONSOLIDATED REAL ESTATE ENTITIES	0	5,968
EQUITY
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, $25 per share liquidation preference, 4,118 shares issued and outstanding at June 30, 2019 and December 31, 2018, aggregate liquidation preference of $102,971)	99,456	99,456
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 11,656 shares issued and outstanding at June 30, 2019 and 11,942 shares issued and outstanding at December 31, 2018)	888,541	899,234
Accumulated distributions in excess of net income	(450,433)	(429,048)
Accumulated other comprehensive income	(7,598)	(856)
Total shareholders’ equity	529,966	568,786
Noncontrolling interests – Operating Partnership (1,224 units at June 30, 2019 and 1,368 units at December 31, 2018)	57,902	67,916
Noncontrolling interests – consolidated real estate entities	6,132	6,747
Total equity	594,000	643,449
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	1,347,808	1,335,997
Series D Preferred Units
LIABILITIES
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 166 units issued and outstanding at June 30, 2019 and no units issued and outstanding at December 31, 2018, aggregate liquidation preference of $16,560)	$ 16,560	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Preferred shares of beneficial interest, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred shares of beneficial interest, shares issued (in shares)	4,118,000	4,118,000
Preferred shares of beneficial interest, shares outstanding (in shares)	4,118,000	4,118,000
Preferred shares liquidation preference	$ 102,971	$ 102,971
Common shares of beneficial interest, shares issued (in shares)	11,656,000	11,942,000
Common shares of beneficial interest, shares outstanding (in shares)	11,656,000	11,942,000
Noncontrolling interests - operating partnership (in shares)	1,224,000	1,368,000
Series D Preferred Units
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Preferred units, par value (in dollars per share)	$ 100	$ 100
Preferred units, shares issued (in shares)	166,000	0
Preferred units, shares outstanding (in shares)	166,000	0
Preferred units, liquidation preference	$ 16,560	$ 16,560
Term Loans
LIABILITIES
Unamortized loan costs	918	1,009
Mortgages
LIABILITIES
Unamortized loan costs	$ 1,490	$ 1,777

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
REVENUE	$ 46,934	$ 46,197	$ 92,542	$ 89,232
EXPENSES
Property operating expenses, excluding real estate taxes	13,942	13,934	28,746	28,180
Real estate taxes	5,574	5,003	10,806	10,024
Casualty loss	92	0	733	50
Depreciation and amortization	18,437	19,132	36,548	39,648
Impairment of real estate investments	0	17,809	0	17,809
General and administrative expenses	3,549	4,348	7,355	7,967
TOTAL EXPENSES	43,039	61,670	87,187	106,499
Operating income (loss)	3,895	(15,473)	5,355	(17,267)
Interest expense	(7,590)	(8,562)	(15,486)	(16,858)
Loss on extinguishment of debt	(407)	(12)	(409)	(133)
Interest income	402	429	809	1,102
Other income	66	31	83	47
Income (loss) before gain (loss) on sale of real estate and other investments, gain (loss) on litigation settlement, and income (loss) from discontinued operations	(3,634)	(23,587)	(9,648)	(33,109)
Gain (loss) on sale of real estate and other investments	615	0	669	2,304
Gain (loss) on litigation settlement	6,286	0	6,286	0
Income (loss) from continuing operations	3,267	(23,587)	(2,693)	(30,805)
Income (loss) from discontinued operations	0	238	0	14,120
NET INCOME (LOSS)	3,267	(23,349)	(2,693)	(16,685)
Dividends to preferred unitholders	(160)	0	(217)	0
Net (income) loss attributable to noncontrolling interests – Operating Partnership	(148)	2,580	595	2,000
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities	154	595	730	1,115
Net income (loss) attributable to controlling interests	3,113	(20,174)	(1,585)	(13,570)
Dividends to preferred shareholders	(1,706)	(1,706)	(3,411)	(3,411)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$ 1,407	$ (21,880)	$ (4,996)	$ (16,981)
Earnings (loss) per common share from continuing operations – basic and diluted (in dollars per share)	$ 0.11	$ (1.85)	$ (0.43)	$ (2.48)
Earnings (loss) per common share from discontinued operations – basic and diluted (in dollars per share)	0	0.02	0	1.06
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED (in dollars per share)	$ 0.11	$ (1.83)	$ (0.43)	$ (1.42)
Management Service
EXPENSES
Property management expense	$ 1,445	$ 1,444	$ 2,999	$ 2,821

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 3,267	$ (23,349)	$ (2,693)	$ (16,685)
Other comprehensive income:
Unrealized gain (loss) from derivative instrument	(4,430)		(6,712)
Unrealized gain (loss) from derivative instrument		438		2,158
(Gain) loss on derivative instrument reclassified into earnings	(29)		(30)
(Gain) loss on derivative instrument reclassified into earnings		27		129
Total comprehensive income (loss)	(1,192)	(22,884)	(9,435)	(14,398)
Net comprehensive (income) loss attributable to noncontrolling interests – Operating Partnership	275	2,531	1,255	1,759
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities	154	595	730	1,115
Comprehensive income (loss) attributable to controlling interests	$ (763)	$ (19,758)	$ (7,450)	$ (11,524)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	PREFERRED SHARES	COMMON SHARES	ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME	NONREDEEMABLE NONCONTROLLING INTERESTS
Beginning Balance at Dec. 31, 2017	$ 714,043	$ 99,456	$ 902,305	$ (374,365)	$ (539)	$ 87,186
Beginning Balance (in shares) at Dec. 31, 2017			12,004
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to controlling interests and nonredeemable noncontrolling interests	(16,298)			(13,570)		(2,728)
Change in fair value of derivatives	2,287				2,287
Distributions – common shares and units	(18,740)			(16,763)		(1,977)
Distributions – Series C preferred shares	(3,411)			(3,411)
Shares issued and share-based compensation (in shares)			5
Shares issued and share-based compensation	611		$ 611
Redemption of units for common shares (in shares)			3
Redemption of units for common shares	0		$ 34			(34)
Redemption of units for cash	(2,747)					(2,747)
Shares repurchased (in shares)			(67)
Shares repurchased	(3,415)		$ (3,415)
Other (in shares)			(6)
Other	(574)		$ (55)			(519)
Ending Balance at Jun. 30, 2018	672,383	99,456	$ 899,480	(407,482)	1,748	79,181
Ending Balance (in shares) at Jun. 30, 2018			11,939
Beginning Balance at Mar. 31, 2018	708,467	99,456	$ 901,312	(377,871)	1,283	84,287
Beginning Balance (in shares) at Mar. 31, 2018			11,979
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to controlling interests and nonredeemable noncontrolling interests	(23,183)			(20,174)		(3,009)
Change in fair value of derivatives	465				465
Distributions – common shares and units	(9,345)			(8,358)		(987)
Distributions – Series C preferred shares	(1,706)			(1,706)
Shares issued and share-based compensation (in shares)			3
Shares issued and share-based compensation	187		$ 187
Redemption of units for cash	(510)					(510)
Shares repurchased (in shares)			(37)
Shares repurchased	(1,973)		$ (1,973)
Other (in shares)			(6)
Other	(646)		$ (46)			(600)
Ending Balance at Jun. 30, 2018	672,383	99,456	$ 899,480	(407,482)	1,748	79,181
Ending Balance (in shares) at Jun. 30, 2018			11,939
Beginning Balance at Dec. 31, 2018	643,449	99,456	$ 899,234	(429,048)	(856)	74,663
Beginning Balance (in shares) at Dec. 31, 2018			11,942
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to controlling interests and nonredeemable noncontrolling interests	(2,736)			(1,585)		(1,151)
Change in fair value of derivatives	(6,742)				(6,742)
Distributions – common shares and units	(18,205)			(16,389)		(1,816)
Distributions – Series C preferred shares	(3,411)			(3,411)
Shares issued and share-based compensation (in shares)			3
Shares issued and share-based compensation	981		$ 981
Redemption of units for common shares (in shares)			8
Redemption of units for common shares	0		$ (521)			521
Redemption of units for cash	(8,124)					(8,124)
Shares repurchased (in shares)			(290)
Shares repurchased	(15,677)		$ (15,677)
Acquisition of redeemable noncontrolling interests	4,529		$ 4,529
Other (in shares)			7
Other	(64)		$ (5)			(59)
Ending Balance at Jun. 30, 2019	594,000	99,456	$ 888,541	(450,433)	(7,598)	64,034
Ending Balance (in shares) at Jun. 30, 2019			11,656
Beginning Balance at Mar. 31, 2019	620,392	99,456	$ 895,381	(443,661)	(3,139)	72,355
Beginning Balance (in shares) at Mar. 31, 2019			11,768
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to controlling interests and nonredeemable noncontrolling interests	3,107			3,113		(6)
Change in fair value of derivatives	(4,459)				(4,459)
Distributions – common shares and units	(9,038)			(8,179)		(859)
Distributions – Series C preferred shares	(1,706)			(1,706)
Shares issued and share-based compensation (in shares)			3
Shares issued and share-based compensation	565		$ 565
Redemption of units for common shares (in shares)			8
Redemption of units for common shares	0		$ (521)			521
Redemption of units for cash	(7,968)					(7,968)
Shares repurchased (in shares)			(116)
Shares repurchased	(6,863)		$ (6,863)
Other (in shares)			(7)
Other	(30)		$ (21)			(9)
Ending Balance at Jun. 30, 2019	$ 594,000	$ 99,456	$ 888,541	$ (450,433)	$ (7,598)	$ 64,034
Ending Balance (in shares) at Jun. 30, 2019			11,656

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Distributions - common share (in dollars per share)	$ 0.70	$ 0.70	$ 1.40	$ 1.40
Distributions - preferred shares (in dollars per share)	$ 0.4140625	$ 0.4140625	$ 0.8281	$ 0.8281

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (2,693)	$ (16,685)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization, including amortization of capitalized loan costs	37,136	40,345
(Gain) loss on sale of real estate, other investments, and discontinued operations	(669)	(16,133)
(Gain) loss on litigation settlement	(2,286)	0
Share-based compensation expense	981	611
Impairment of real estate investments	0	17,809
Other, net	1,350	1,255
Changes in other assets and liabilities:
Other assets	(1,745)	4,741
Accounts payable and accrued expenses	(3,468)	(2,789)
Net cash provided by (used by) operating activities	28,606	29,154
CASH FLOWS FROM INVESTING ACTIVITIES
Increase in notes receivable	(159)	(7,509)
Proceeds from sale of real estate and other investments	9,882	34,831
Payments for acquisitions of real estate assets	(29,918)	(129,737)
Payments for improvements of real estate assets	(6,317)	(7,747)
Other investing activities	282	690
Net cash provided by (used by) investing activities	(26,230)	(109,472)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgages payable	(74,614)	(60,757)
Proceeds from revolving lines of credit	146,439	99,000
Principal payments on revolving lines of credit	(26,000)	(169,000)
Principal payments on construction debt	0	(21,689)
Payments for acquisition of noncontrolling interests – consolidated real estate entities	(1,260)	0
Repurchase of common shares	(15,677)	(3,415)
Repurchase of partnership units	(8,124)	(2,747)
Distributions paid to common shareholders	(16,583)	(16,764)
Distributions paid to preferred shareholders	(1,705)	(3,410)
Distributions paid to preferred unitholders	(57)	0
Distributions paid to noncontrolling interests – Unitholders of the Operating Partnership	(1,914)	(1,977)
Distributions paid to noncontrolling interests – consolidated real estate entities	(59)	(244)
Net cash provided by (used by) financing activities	446	(181,003)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	2,822	(261,321)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD	19,256	286,226
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD	22,078	24,905
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures	499	1,569
Property acquired through issuance of Series D preferred units	16,560	0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	15,044	15,367
Common Stock
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Distributions declared but not paid	9,038	8,358
Preferred Stock
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Distributions declared but not paid	1,706	1,706
Preferred Units
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Distributions declared but not paid	$ 160	$ 0

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Investors Real Estate Trust, collectively with our consolidated subsidiaries (“IRET,” “we,” “us,” or “our”), is a real estate investment trust (“REIT”) focused on the ownership, management, acquisition, redevelopment, and development of apartment communities, primarily in Midwest markets. As of June 30, 2019 , we owned interests in 88 apartment communities consisting of 13,975

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION We conduct a majority of our business activities through our consolidated operating partnership, IRET Properties, A North Dakota Limited Partnership (the “Operating Partnership”), as well as through a number of other consolidated subsidiary entities. The accompanying condensed consolidated financial statements include our accounts and the accounts of all our subsidiaries in which we maintain a controlling interest, including the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. On September 20, 2018, our Board of Trustees approved a change in our fiscal year-end from April 30 to December 31, beginning on January 1, 2019. We filed a transition report on Form 10-KT for the transition period ended December 31, 2018, in accordance with SEC rules and regulations. Beginning on January 1, 2019, all fiscal years will be from January 1 to December 31. On December 14, 2018, the Board approved a reverse stock split of our outstanding common shares, no par value per share, and limited partnership units ("Units") at a ratio of 1-for-10. The reverse stock split was effective as of the close of trading on December 27, 2018, with trade commencing on a split-adjusted basis on December 28, 2018. We have adjusted all shares and Units and per share and Unit data for all periods presented. The condensed consolidated financial statements also reflect the Operating Partnership's ownership of certain joint venture entities in which the Operating Partnership has a general partner or controlling interest. These entities are consolidated into our operations, with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income, and expenses. UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Our interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with GAAP are omitted. The year-end balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of our financial position, results of operations, and cash flows for the interim periods, have been included. The current period’s results of operations are not necessarily indicative of results which ultimately may be achieved for the year. The interim condensed consolidated financial statements and accompanying notes thereto should be read in conjunction with the consolidated financial statements and accompanying notes included in our Transition Report on Form 10-KT for the transition period ended December 31, 2018 , as filed with the SEC on February 27, 2019. USE OF ESTIMATES The preparation of 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. RECENT ACCOUNTING PRONOUNCEMENTS The following table provides a brief description of recent accounting standards updates (“ASUs”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-02, Leases; ASU 2018-10, Codification Improvements to Topic 842, Leases; ASU 2018-11, Leases: Targeted Improvements; ASU 2018-20, Leases (Topic 842) - Narrow-Scope Improvements for Leases These ASUs amend existing accounting standards for lease accounting, including requiring lessees to recognize most leases on the balance sheet and making certain changes to lessor accounting. These ASUs are effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. We adopted these standards using the modified retrospective approach effective January 1, 2019. Our residential leases, where we are the lessor, will continue to be accounted for as operating leases under the new standards. As a result of adopting these standards, there were no significant changes in the accounting for lease revenue. For leases where we are the lessee, we recognized a right of use asset and lease liability of $889,000 and $1.0 million, respectively, on our consolidated balance sheets. There are also additional disclosures required under the new standard. Refer to the Leases section below for more information regarding the impact of adopting the standards on our condensed consolidated financial statements. ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; ASU 2018-19, Codification Improvements to Topic 326; ASU 2019-05, Financial Instruments - Credit Losses - Targeted Transition Relief These ASUs require entities to estimate a lifetime expected credit loss for most financial assets, such as loans and other financial instruments, and to present the net amount expected to be collected. In 2018, another ASU was issued to amend ASU 2016-13, which clarifies that it does not apply to operating lease receivables. In 2019, an additional ASU was issued to provide transition relief in which an entity is allowed to elect the fair value option on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. These ASUs are effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are currently evaluating the impact the new standards will have on our mortgage and note receivables. ASU 2018-13, Fair Value Measurements (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurements This ASU eliminates certain disclosure requirements affecting all levels of measurement, and modifies and adds new disclosure requirements for Level 3 measurements. This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are currently evaluating the impact the new standard may have on our disclosures. ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Topic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract This ASU reduces the complexity for the accounting for costs of implementing a cloud computing service arrangement. The standard aligns various requirements for capitalizing implementation costs. This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are currently evaluating the impact the new standard may have on our condensed consolidated financial statements. ASU 2019-01, Leases (Topic 842) - Codification Improvements This ASU provides clarification on various lease related issues and provides for reduced transition disclosure requirements. This ASU has two effective dates. The various lease issues are effective for annual reporting periods beginning after December 15, 2019. The transition disclosures are effective with the ASU 2016-02, Leases. We adopted this standard using the modified retrospective approach effective January 1, 2019. The adoption of the standard did not have a material impact on our condensed consolidated financial statements. Refer to the Leases section below for transition disclosures. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (in thousands) Balance sheet description June 30, 2019 June 30, 2018 Cash and cash equivalents $ 17,406 $ 20,451 Restricted cash 4,672 4,454 Total cash, cash equivalents and restricted cash $ 22,078 $ 24,905 As of June 30, 2019 , restricted cash consisted primarily of loan application deposits and escrows held by lenders for real estate taxes, insurance, and capital additions. LEASES Effective January 1, 2019, we adopted ASUs 2016-02, 2018-10, 2018-11, 2018-20, and 2019-01 related to leases using the modified retrospective approach. We elected to adopt the package of practical expedients permitted under the transition guidance, which permits us to not reassess prior conclusions about lease identification, classification, and initial direct costs under the new standard, and the practical expedient related to land easements, which allows us to not evaluate existing or expired land easements that were not previously accounted for under ASC 840. We made an accounting policy election to exclude leases in which we are a lessee with a term of 12 months or less from the balance sheet. As a lessor, we primarily lease multifamily apartment homes which qualify as operating leases with terms that are generally one year or less. Rental revenues are recognized in accordance with ASC 842, Leases, using a method that represents a straight-line basis over the term of the lease. Rental income represents approximately 98.0% of our total revenues and includes gross market rent less adjustments for concessions, vacancy loss, and bad debt. Other property revenues represent the remaining 2.0% of our total revenues and are primarily driven by other fee income, which is typically recognized at a point in time. Some of our apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three to fifteen years. The leases for commercial spaces generally include options to extend the lease for additional terms. Many of our leases contain non-lease components for utility reimbursement from our residents and common area maintenance from our commercial tenants. We have elected the practical expedient to combine lease and non-lease components for all asset classes. The combined components are included in lease income and are accounted for under ASC 842. The aggregate amount of future scheduled lease income on our operating leases for commercial spaces, excluding any variable lease income and non-lease components, as of June 30, 2019 , was as follows: (in thousands) 2019 (remainder) $ 1,672 2020 3,014 2021 3,017 2022 3,021 2023 2,895 Thereafter 7,501 Total scheduled lease income - operating leases $ 21,120 REVENUES We adopted ASU 2014-09, Revenue from Contracts with Customers , as of May 1, 2018, using the modified retrospective approach. We elected to apply the new standard to contracts that were not complete as of May 1, 2018. We also elected to omit disclosing the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Under the new standard, revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration to which the company expects to be entitled for those goods and services. Revenue streams that are included in ASU 2014-09 include: • O ther property revenues: We recognize revenue for rental related income not included as a component of a lease, such as application fees, as earned, and have concluded that this is appropriate under the new standard. • Gains or losses on sales of real estate: Subsequent to the adoption of the new standard, a gain or loss is recognized when the criteria for derecognition of an asset are met, including when (1) a contract exists and (2) the buyer obtained control of the nonfinancial asset that was sold. As a result, we may recognize a gain on real estate disposition transactions that previously did not qualify as a sale or for full profit recognition under the previous accounting standard. The following table presents the disaggregation of revenue streams for the three and six months ended June 30, 2019 : (in thousands) Three Months Ended June 30, Six Months Ended June 30, Revenue Stream Applicable Standard 2019 2018 2019 2018 Fixed lease income - operating leases Leases $ 44,342 $ 43,193 $ 88,084 $ 83,314 Variable lease income - operating leases Leases 1,548 — 2,632 — Non-lease components Revenue from contracts with customers — 1,335 — 2,546 Other property revenue Revenue from contracts with customers 1,044 1,669 1,826 3,372 Total revenue $ 46,934 $ 46,197 $ 92,542 $ 89,232 IMPAIRMENT OF LONG-LIVED ASSETS We periodically evaluate our long-lived assets, including investments in real estate, for impairment indicators. The impairment evaluation is performed on assets by property such that assets for a property form an asset group. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset group, and legal and environmental concerns. If indicators exist, we compare the expected future undiscounted cash flows for the long-lived asset group against the carrying amount of that asset group. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset group, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount of the asset group. If our anticipated holding period for properties, the estimated fair value of properties, or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates, and capital requirements that could differ materially from actual results. Reducing planned property holding periods may increase the likelihood of recording impairment losses. During the six months ended June 30, 2019 , we recorded no impairment charges. During the six months ended June 30, 2018 , we recognized $17.8 million of impairment charges on one apartment community, three commercial properties, and three parcels of land. We recognized impairments of $12.2 million on one apartment community in Grand Forks, North Dakota; $1.4 million on an industrial property in Bloomington, Minnesota; $922,000 on an industrial property in Woodbury, Minnesota; and $630,000 on a retail property in Minot, North Dakota. These properties were written-down to estimated fair value based on independent appraisals and market data or, in the case of the retail property, receipt of a market offer to purchase and our intent to dispose of the property. We recognized impairments of $428,000 on a parcel of land in Williston, North Dakota; $1.5 million on a parcel of land in Grand Forks, North Dakota; and $709,000 on a parcel of land in Bismarck, North Dakota. These parcels were written down to estimated fair value based on independent appraisals and market data. MORTGAGE RECEIVABLE AND NOTES RECEIVABLE In August 2017, we sold 13 multifamily communities in exchange for cash and an $11.0 million note secured by a mortgage on the assets. As of June 30, 2019 , the balance of the note was $10.1 million , with 12 communities remaining in the pool of assets used to secure the mortgage. The note bears an interest rate of 5.5% and matures in August 2020. Monthly payments are interest-only, with the principal balance payable at maturity. During the six months ended June 30, 2019 and 2018 , we received and recognized approximately $285,000 and $305,000 of interest income, respectively. In July 2017, we originated a $16.2 million loan in a multifamily development located in New Hope, MN, a Minneapolis suburb. As of July 31, 2018, we had funded the full initial loan balance, which appears in other assets on our Condensed Consolidated Balance Sheets; however, we may fund additional amounts upon satisfaction of certain conditions set forth in the loan agreement. As of June 30, 2019 , the balance of the note was $16.6 million . The note bears an interest rate of 6.0% , matures in July 2023, and provides us an option to purchase the development prior to the loan maturity date. VARIABLE INTEREST ENTITIES We have determined that our Operating Partnership and each of our less-than-wholly owned real estate partnerships is a variable interest entity (“VIE”), as the limited partners or the functional equivalent of limited partners lack substantive kick-out rights and substantive participating rights. We are the primary beneficiary of the VIEs, and the VIEs are required to be consolidated on our balance sheet because we have a controlling financial interest in the VIEs and have both the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Because our Operating Partnership is a VIE, all of our assets and liabilities are held through a VIE. GAIN ON LITIGATION SETTLEMENT During the three months ended June 30, 2019, we recorded a gain on litigation settlement of $6.3 million from the settlement on a construction defect claim. The gain consisted of $4.0 million of cash received, $937,000 of cash receivable, and $1.4 million

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of our common shares of beneficial interest (“common shares”) outstanding during the period. We have issued restricted stock units (“RSUs”) under our 2015 Incentive Plan and Series D Convertible Preferred Units ("Series D preferred units"), which could have a dilutive effect on our earnings per share upon exercise of the RSUs or upon conversion of the Series D preferred units (refer to Note 4 for further discussion of the Series D preferred units). Other than the issuance of RSUs and Series D preferred units, we have no outstanding options, warrants, convertible stock or other contractual obligations requiring issuance of additional shares that would result in dilution of earnings. Under the terms of the Operating Partnership’s Agreement of Limited Partnership, limited partners have the right to require the Operating Partnership to redeem their limited partnership units (“Units”) any time following the first anniversary of the date they acquired such Units (“Exchange Right”). Upon the exercise of Exchange Rights, and in our sole discretion, we may issue common shares in exchange for Units on a one-for-one basis. Performance-based restricted stock awards and RSUs of 37,625 and 9,858 for the three months ended June 30, 2019 and 2018 , respectively, and 37,625 and 9,858 , respectively, for the six months ended June 30, 2019 and 2018 were excluded from the calculation of diluted earnings per share because the assumed proceeds per share plus the average unearned compensation were greater than the average market price of the common stock for the periods presented and, therefore, were anti-dilutive. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the condensed consolidated financial statements for the three and six months ended June 30, 2019 and 2018 : (in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 NUMERATOR Income (loss) from continuing operations – controlling interests $ 3,113 $ (20,386 ) $ (1,585 ) $ (26,200 ) Income (loss) from discontinued operations – controlling interests — 212 — 12,630 Net income (loss) attributable to controlling interests 3,113 (20,174 ) (1,585 ) (13,570 ) Dividends to preferred shareholders (1,706 ) (1,706 ) (3,411 ) (3,411 ) Numerator for basic earnings (loss) per share – net income available to common shareholders 1,407 (21,880 ) (4,996 ) (16,981 ) Noncontrolling interests – Operating Partnership 148 (2,580 ) (595 ) (2,000 ) Numerator for diluted earnings (loss) per share $ 1,555 $ (24,460 ) $ (5,591 ) $ (18,981 ) DENOMINATOR Denominator for basic earnings per share weighted average shares 11,729 11,928 11,746 11,950 Effect of redeemable operating partnership units 1,226 1,407 1,306 1,416 Denominator for diluted earnings per share 12,955 13,335 13,052 13,366 Earnings (loss) per common share from continuing operations – basic and diluted $ 0.11 $ (1.85 ) $ (0.43 ) $ (2.48 ) Earnings (loss) per common share from discontinued operations – basic and diluted — 0.02 — 1.06 NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED $ 0.11 $ (1.83 ) $ (0.43 ) $ (1.42 )

EQUITY AND MEZZANINE EQUITY

EQUITY AND MEZZANINE EQUITY	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
EQUITY AND MEZZANINE EQUITY	EQUITY AND MEZZANINE EQUITY Operating Partnership Units. The Operating Partnership had 1.2 million and 1.4 million outstanding Units at June 30, 2019 and December 31, 2018 , respectively. Common Shares and Equity Awards . Common shares outstanding on June 30, 2019 and December 31, 2018 , totaled 11.7 million and 11.9 million , respectively. There were 6,511 shares issued upon the vesting of equity awards under our 2015 Incentive Plan during the three months ended June 30, 2019 , with a total grant-date fair value of $447,000 . During the six months ended June 30, 2019 , we issued 6,718 shares, with a total grant-date fair value $457,000 . During the three and six months ended June 30, 2018 , we issued 5,142 shares, with a total grant-date fair value of $350,000 and 6,226 shares, with a total grant-date fair value of $412,000 , respectively, under our 2015 Incentive Plan. These shares vest based on performance and service criteria. Exchange Rights . Pursuant to the exercise of Exchange Rights, we redeemed Units during the six months ended June 30, 2019 and 2018 as detailed in the table below. (in thousands, except per Unit amounts) Three Months Ended June 30, Number of Units Aggregate Cost (1) Average Price Per Unit 2019 133 $ 7,968 $ 60.01 2018 10 $ 510 $ 52.72 Six Months Ended June 30, 2019 135 $ 8,118 $ 60.00 2018 49 $ 2,747 $ 55.84 (1) The redemption price is determined using the volume weighted average price for the ten trading days prior to the date a unitholder provides notification of their intent to redeem units. We also redeemed Units in exchange for common shares in connection with Unitholders exercising their Exchange Rights during the six months ended June 30, 2019 and 2018 as detailed in the table below. (in thousands) Three Months Ended June 30, Number of Units Total Book Value 2019 8 $ 521 2018 — — Six Months Ended June 30, 2019 8 $ 521 2018 3 $ 34 Share Repurchase Program . On December 14, 2018, our Board of Trustees reauthorized our $50 million share repurchase program for an additional one-year period. Under this program, we may repurchase common shares in open-market purchases, including pursuant to Rule 10b5-1 and Rule 10b-18 plans, as determined by management and in accordance with the requirements of the SEC. The extent to which we repurchase our shares, and the timing of repurchases, will depend on a variety of factors, including market conditions, regulatory requirements, and other corporate considerations, as determined by the executive management team. This program may be suspended or discontinued at any time. As of June 30, 2019 , $17.7 million remained available under our $50 million authorized share repurchase program. Common shares repurchased during the six months ended June 30, 2019 and 2018 are detailed in the table below. (in thousands, except per share amounts) Three Months Ended June 30, Number of Shares Aggregate Cost (1) Average Price Per Share (1) 2019 116 $ 6,862 $ 59.12 2018 38 $ 1,972 $ 52.23 Six Months Ended June 30, 2019 290 $ 15,667 $ 54.03 2018 67 $ 3,415 $ 51.26 (1) Amount includes commissions. Series C Preferred Shares. Series C preferred shares outstanding were 4.1 million shares at June 30, 2019 and December 31, 2018 . The Series C preferred shares are nonvoting and redeemable for cash at $25.00 per share at our option after October 2, 2022. Holders of these shares are entitled to cumulative distributions, payable quarterly (as and if declared by the Board of Trustees). Distributions accrue at an annual rate of $1.65625 per share, which is equal to 6.625% of the $25.00 per share liquidation preference ( $103.0 million liquidation preference in the aggregate). Series D Preferred Units (Mezzanine Equity). On February 26, 2019, we issued 165,600 newly created Series D preferred units at an issuance price of $100 per preferred unit as partial consideration for the acquisition of SouthFork Townhomes. The Series D preferred unit holders receive a preferred distribution at the rate of 3.862% per year. The Series D preferred units have a put option which allows the holder to redeem any or all of the Series D preferred units for cash equal to the issue price. Each Series D preferred unit is convertible, at the holder's option, into 1.37931 Units, representing a conversion exchange rate of $72.50 per unit. The holders of the Series D preferred units do not have any voting rights. Redeemable Noncontrolling Interests (Mezzanine Equity). Redeemable noncontrolling interests on our Condensed Consolidated Balance Sheets represent the noncontrolling interest in joint ventures in which our unaffiliated partner, at its election, could require us to buy its interest at a purchase price to be determined by an appraisal conducted in accordance with the terms of the agreement, or at a negotiated price. During the six months ended June 30, 2019 , we acquired the remaining 34.5% noncontrolling interests in the real estate partnership that owns Commons and Landing at Southgate for $1.3 million . Below is a table reflecting the activity of the redeemable noncontrolling interests for the six months ended June 30, 2019 . (in thousands) Balance at December 31, 2018 $ 5,968 Net income (174 ) Acquisition of redeemable noncontrolling interests (5,794 ) Balance at June 30, 2019 $ —

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation. In the ordinary course of our operations, we become involved in litigation. At this time, we know of no material pending or threatened legal proceedings, or other proceedings contemplated by governmental authorities, that would have a material impact on us. Environmental Matters. Under various federal, state, and local laws, ordinances, and regulations, a current or previous owner or operator of real estate may be liable for the costs of removal of, or remediation of, certain hazardous or toxic substances in, on, around, or under the property. While we currently have no knowledge of any material violation of environmental laws, ordinances, or regulations at any of our properties, there can be no assurance that areas of contamination will not be identified at any of our properties or that changes in environmental laws, regulations, or cleanup requirements would not result in material costs to us. Restrictions on Taxable Dispositions. Twenty-five of our properties, consisting of 4,372

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING We operate in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities. Each of our operating properties is considered a separate operating segment because each property earns revenues, incurs expenses, and has discrete financial information. Our chief operating decision-makers evaluate each property's operating results to make decisions about resources to be allocated and to assess performance. We do not group our operations based on geography, size, or type. Our apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, our apartment communities are aggregated into a single reportable segment. Our executive management team comprises our chief operating decision-makers. This team measures the performance of our reportable segment based on net operating income (“NOI”), which we define as total real estate revenues less property operating expenses, including real estate taxes. We believe that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization, financing, property management overhead, casualty losses, and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance. The following tables present NOI for the three and six months ended June 30, 2019 and 2018 , respectively, along with reconciliations to net income in the condensed consolidated financial statements. Segment assets are also reconciled to total assets as reported in the condensed consolidated financial statements. (in thousands) Three Months Ended June 30, 2019 Multifamily All Other Total Revenue $ 45,945 $ 989 $ 46,934 Property operating expenses, including real estate taxes 19,111 405 19,516 Net operating income $ 26,834 $ 584 $ 27,418 Property management (1,445 ) Casualty gain (loss) (92 ) Depreciation and amortization (18,437 ) General and administrative expenses (3,549 ) Interest expense (7,590 ) Loss on debt extinguishment (407 ) Interest and other income 468 Income (loss) before gain (loss) on sale of real estate and other investments and gain (loss) on litigation settlement (3,634 ) Gain (loss) on sale of real estate and other investments 615 Gain (loss) on litigation settlement 6,286 Net income (loss) $ 3,267 (in thousands) Three Months Ended June 30, 2018 Multifamily All Other Total Revenue $ 43,149 $ 3,048 $ 46,197 Property operating expenses, including real estate taxes 17,826 1,111 18,937 Net operating income $ 25,323 $ 1,937 $ 27,260 Property management (1,444 ) Depreciation and amortization (19,132 ) Loss on impairment (17,809 ) General and administrative expenses (4,348 ) Interest expense (8,562 ) Loss on debt extinguishment (12 ) Interest and other income 460 Income (loss) from continuing operations (23,587 ) Income (loss) from discontinued operations 238 Net income (loss) $ (23,349 ) (in thousands) Six Months Ended June 30, 2019 Multifamily All Other Total Real estate revenue $ 90,759 $ 1,783 $ 92,542 Real estate expenses 38,799 753 39,552 Net operating income $ 51,960 $ 1,030 $ 52,990 Property management expenses (2,999 ) Casualty gain (loss) (733 ) Depreciation and amortization (36,548 ) General and administrative expenses (7,355 ) Interest expense (15,486 ) Loss on debt extinguishment (409 ) Interest and other income 892 Income (loss) before gain (loss) on sale of real estate and other investments and gain (loss) on litigation settlement (9,648 ) Gain (loss) on sale of real estate and other investments 669 Gain (loss) on litigation settlement 6,286 Net income (loss) $ (2,693 ) (in thousands) Six Months Ended June 30, 2018 Multifamily All Other Total Real estate revenue $ 83,203 $ 6,029 $ 89,232 Real estate expenses 35,954 2,250 38,204 Net operating income $ 47,249 $ 3,779 $ 51,028 Property management expenses (2,821 ) Casualty gain (loss) (50 ) Depreciation and amortization (39,648 ) Impairment of real estate investments (17,809 ) General and administrative expenses (7,967 ) Interest expense (16,858 ) Loss on debt extinguishment (133 ) Interest and other income 1,149 Income (loss) before gain (loss) on sale of real estate and other investments and income (loss) from discontinued operations (33,109 ) Gain (loss) on sale of real estate and other investments 2,304 Income (loss) from continuing operations (30,805 ) Income (loss) from discontinued operations 14,120 Net income (loss) $ (16,685 ) Segment Assets and Accumulated Depreciation Segment assets are summarized as follows as of June 30, 2019 , and December 31, 2018 , respectively, along with reconciliations to the condensed consolidated financial statements: (in thousands) As of June 30, 2019 Multifamily All Other Total Segment assets Property owned $ 1,628,133 $ 35,406 $ 1,663,539 Less accumulated depreciation (371,213 ) (9,108 ) (380,321 ) Total property owned $ 1,256,920 $ 26,298 $ 1,283,218 Cash and cash equivalents 17,406 Restricted cash 4,672 Other assets 30,626 Unimproved land 1,746 Mortgage loans receivable 10,140 Total Assets $ 1,347,808 (in thousands) As of December 31, 2018 Multifamily All Other Total Segment assets Property owned $ 1,582,917 $ 44,719 $ 1,627,636 Less accumulated depreciation (340,081 ) (13,790 ) (353,871 ) Total property owned $ 1,242,836 $ 30,929 $ 1,273,765 Cash and cash equivalents 13,792 Restricted cash 5,464 Other assets 27,265 Unimproved land 5,301 Mortgage loans receivable 10,410 Total Assets $ 1,335,997

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS We report in discontinued operations the results of operations and the related gains or losses on the sales of properties that have either been disposed of or classified as held for sale and meet the classification of a discontinued operation as described in ASC 205, " Presentation of Financial Statements," and ASC 360, " Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. We classified no new dispositions or properties held for sale as discontinued operations during the three and six months ended June 30, 2019 and 2018 . The following information shows the effect on net income and the gains or losses from the sales of properties classified as discontinued operations for the three and six months ended June 30, 2019 and 2018 , respectively: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 REVENUE — $ 157 — $ 353 EXPENSES Property operating expenses, excluding real estate taxes — 18 — 25 Real estate taxes — — — 35 Depreciation and amortization — — — 2 General and administrative — 9 — 14 TOTAL EXPENSES — $ 27 — $ 76 Operating income (loss) — 130 — 277 Interest expense — — — (1 ) Other income — 10 — 14 Income (loss) from discontinued operations before gain (loss) on sale of discontinued operations — 140 — 290 Gain (loss) on sale of discontinued operations — 98 — 13,830 INCOME (LOSS) FROM DISCONTINUED OPERATIONS — $ 238 — $ 14,120

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS ACQUISITIONS We added $2.1 million of new real estate to our portfolio during the three months ended June 30, 2019 , compared to no acquisitions in the three months ended June 30, 2018 . Our acquisitions during the six months ended June 30, 2019 and 2018 are detailed below. Six Months Ended June 30, 2019 Date Acquired (in thousands) Total Acquisition Cost Form of Consideration Investment Allocation Acquisitions Cash Units (1) Land Building Intangible Assets Multifamily 272 homes - SouthFork Townhomes- Lakeville, MN February 26, 2019 $ 44,000 $ 27,440 $ 16,560 $ 3,502 $ 39,950 $ 548 Other Minot 3100 10th St SW - Minot, ND (2) May 23, 2019 2,112 2,112 — 246 1,866 — Total Acquisitions $ 46,112 $ 29,552 $ 16,560 $ 3,748 $ 41,816 $ 548 (1) Value of Series D preferred units at the acquisition date. (2) Acquired for use as our new Minot corporate office building after renovations have been completed. Six Months Ended June 30, 2018 Date Acquired (in thousands) Total Acquisition Cost (1) Investment Allocation Acquisitions Land Building Intangible Assets 390 homes - Westend - Denver, CO March 28, 2018 $ 128,700 $ 25,525 $ 102,101 $ 1,074 Total Acquisitions $ 128,700 $ 25,525 $ 102,101 $ 1,074 (1) Acquisition cost was paid in cash. DISPOSITIONS During the three months ended June 30, 2019 , we sold one parcel of land and one commercial property for a sale price of $7.3 million . After deductions for closing costs and other costs associated with the dispositions, we recognized a $614,000 gain on sale. During the three months ended June 30, 2018 , we had no dispositions. The following tables detail our dispositions for the six months ended June 30, 2019 and 2018 : Six Months Ended June 30, 2019 (in thousands) Dispositions Date Sales Price Book Value and Sale Cost Gain/(Loss) Other Minot 1400 31st Ave SW - Minot, ND (1) May 23, 2019 $ 6,530 $ 6,048 $ 482 Unimproved Land Creekside Crossing - Bismarck, ND March 1, 2019 3,049 3,205 (156 ) Minot 1525 24th Ave SW - Minot, ND April 3, 2019 725 593 132 $ 3,774 $ 3,798 $ (24 ) Total Dispositions $ 10,304 $ 9,846 $ 458 (1) This property currently houses our Minot corporate office. During the second quarter of 2019, we purchased an office building which will become our new Minot corporate office after renovations are completed. We will lease space in the Minot 1400 31st Ave SW building until the new office is placed in service. Six Months Ended June 30, 2018 (in thousands) Dispositions Date Disposed Sale Price Book Value and Sale Cost Gain/(Loss) Other 43,404 sq ft Garden View - St. Paul, MN January 19, 2018 $ 14,000 $ 6,191 $ 7,809 52,116 sq ft Ritchie Medical - St. Paul, MN January 19, 2018 16,500 10,419 6,081 22,187 sq ft Bismarck 715 East Broadway - Bismarck, ND March 7, 2018 5,500 3,215 2,285 Total Dispositions $ 36,000 $ 19,825 $ 16,175

DEBT

DEBT	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
DEBT	DEBT As of June 30, 2019 , we owned 88 apartment communities, of which 39 served as collateral for mortgage loans. Substantially all of these mortgage loans were non-recourse to us other than for standard carve-out obligations. As of June 30, 2019 , we believe that there are no material defaults or instances of noncompliance in regards to any of these mortgages payable. As of June 30, 2019 , we owned 49 apartment communities that were not encumbered by mortgages, with 35 of those properties providing credit support for our unsecured borrowings. Our primary unsecured credit facility is a revolving, multi-bank line of credit, with the Bank of Montreal serving as administrative agent. Our line of credit has total commitments of $250.0 million , with borrowing capacity based on the value of properties contained in the unencumbered asset pool ("UAP"). As of June 30, 2019 , the UAP provided for a borrowing capacity of $250.0 million , with additional borrowing availability of $72.1 million beyond the $177.9 million drawn, including the balance on our operating line of credit (discussed below). This credit facility matures on August 31, 2022, with one twelve -month option to extend the maturity date at our election. We have unsecured term loans of $70.0 million and $75.0 million , which mature on January 15, 2024 and on August 31, 2025, respectively. The interest rates on the line of credit and term loans are based, at our option, on either the lender's base rate plus a margin, ranging from 35-85 basis points, or the London Interbank Offered Rate ("LIBOR"), plus a margin that ranges from 135-190 basis points based on our consolidated leverage. Our line of credit and term loans are subject to customary financial covenants and limitations. We believe that we are in compliance with all such financial covenants and limitations as of June 30, 2019 . We also have a $6.0 million operating line of credit. This operating line of credit is designed to enhance treasury management activities and more effectively manage cash balances. This operating line has a one -year term, with pricing based on a market spread plus the one-month LIBOR index rate. As of June 30, 2019 , we had $4.6 million outstanding on this operating line compared to no outstanding balance as of December 31, 2018 . The following table summarizes our indebtedness at June 30, 2019 : (in thousands) June 30, 2019 December 31, 2018 Weighted Average Maturity in Years at June 30, 2019 Unsecured lines of credit (1) $ 162,939 $ 57,500 3.1 Term loans 145,000 145,000 5.4 Unsecured debt 307,939 202,500 Secured line of credit (1) 15,000 — 3.2 Mortgages payable - fixed 371,951 445,974 4.2 Total debt $ 694,890 $ 648,474 4.2 Weighted average interest rate on primary line of credit (rate with swap) 3.94 % 3.72 % Weighted average interest rate on operating line of credit 4.39 % — Weighted average interest rate on term loans (rate with swap) 4.14 % 4.01 % Weighted average interest rate on mortgages payable 4.37 % 4.58 % (1) Our revolving line of credit consists primarily of unsecured borrowings. A portion of the line was secured in connection with our acquisition of SouthFork Townhomes, under an agreement that allowed us to offer the seller tax protection upon purchase. The aggregate amount of required future principal payments on mortgages payable and term loans as of June 30, 2019 , was as follows: (in thousands) 2019 (remainder) $ 10,896 2020 42,093 2021 97,137 2022 40,741 2023 48,359 Thereafter 277,725 Total payments $ 516,951

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS Our objective in using interest rate derivatives is to add stability to interest expense and to manage our exposure to interest rate fluctuations. To accomplish this objective, we primarily use interest rate swap contracts to fix the variable interest rate on our term loans and a portion of our revolving line of credit. The interest rate swap contracts qualify as cash flow hedges. Under ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , the ineffective portion of a hedging instrument is not required to be recognized currently in earnings or disclosed. Changes in the fair value of cash flow hedges are recorded in accumulated other comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income for our interest rate swap will be reclassified to interest expense as interest expense is incurred on our term loans. During the next twelve months, we estimate an additional $1.0 million will be reclassified as an increase to interest expense. During the three months ended June 30, 2019 , we entered into a $50.0 million interest rate swap to fix the interest rate on a portion of our primary line of credit. At June 30, 2019 , we had three interest rate swap contracts in effect with a notional amount of $195.0 million and one additional interest rate swap that becomes effective on January 31, 2023 , with a notional amount of $70.0 million . The table below presents the fair value of our derivative financial instruments as well as their classification on our Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 . (in thousands) (in thousands) June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Balance Sheet Location Fair Value Fair Value Balance Sheet Location Fair Value Fair Value Total derivative instruments designated as hedging instruments - interest rate swaps Other Assets — $ 818 Accounts Payable and Accrued Expenses $ 7,598 $ 1,675 The table below presents the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations as of June 30, 2019 and 2018 . (in thousands) Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from Accumulated OCI into Income Gain (Loss) Reclassified from Accumulated OCI into Income Three months ended June 30, 2019 2018 2019 2018 Total derivatives in cash flow hedging relationships - Interest rate contracts $ (4,430 ) $ 438 Interest expense $ (29 ) $ 27 Six months ended June 30, Total derivatives in cash flow hedging relationships - Interest rate contracts $ (6,712 ) $ 2,158 Interest expense $ (30 ) $ 129

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Cash and cash equivalents, restricted cash, accounts payable, accrued expenses, and other liabilities are carried at amounts that reasonably approximate their fair value due to their short-term nature. For variable rate line of credit debt that re-prices frequently, fair values are based on carrying values. In determining the fair value of other financial instruments, we apply FASB ASC 820, " Fair Value Measurement and Disclosures. " Fair value hierarchy under ASC 820 distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (Levels 1 and 2) and the reporting entity’s own assumptions about market participant assumptions (Level 3). Fair value estimates may differ from the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities. Fair Value Measurements on a Recurring Basis The fair value of our interest rate swaps is determined using the market standard methodology of netting discounted expected variable cash payments and receipts. The variable cash payments and receipts are based on an expectation of future interest rates (a forward curve) derived from observable market interest rate curves. We also consider both our own nonperformance risk and the counterparty's nonperformance risk in the fair value measurement (Level 3). Fair Value Measurements on a Nonrecurring Basis There were no non-financial assets or liabilities measured at fair value on a nonrecurring basis at June 30, 2019 . Non-financial assets measured at fair value on a nonrecurring basis at December 31, 2018 , consisted of real estate investments that were written-down to estimated fair value during the transition period ended December 31, 2018 . The aggregate fair value of these assets by their levels in the fair value hierarchy is as follows: (in thousands) Total Level 1 Level 2 Level 3 December 31, 2018 Real estate investments valued at fair value $ 3,049 — — $ 3,049 As of December 31, 2018 , we estimated the fair value of our real estate investments using a market offer to purchase. Financial Assets and Liabilities Not Measured at Fair Value The fair value of mortgages payable and mortgage and notes receivable are estimated based on the discounted cash flows of the loans using market research and management estimates of comparable interest rates (Level 3). The estimated fair values of our financial instruments as of June 30, 2019 , and December 31, 2018 , respectively, are as follows: (in thousands) June 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 17,406 $ 17,406 $ 13,792 $ 13,792 Mortgage and note receivable $ 26,697 $ 26,697 $ 26,809 $ 26,809 FINANCIAL LIABILITIES Revolving lines of credit (1) $ 177,939 $ 177,939 $ 57,500 $ 57,500 Term loans (1) $ 145,000 $ 145,000 $ 145,000 $ 145,000 Mortgages payable $ 371,951 $ 375,698 $ 445,974 $ 444,241 (1) Excluding the effect of interest rate swap agreements.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Share-based awards are provided to officers, non-officer employees, and trustees under our 2015 Incentive Plan approved by shareholders on September 15, 2015, which allows for awards in the form of cash, unrestricted and restricted common shares, and restricted stock units ("RSUs") up to an aggregate of 425,000 shares over the ten-year period in which the plan will be in effect. Under our 2015 Incentive Plan, officers and non-officer employees may earn share awards under a long-term incentive plan, which is a forward-looking program that measures long-term performance over the stated performance period. These awards are payable to the extent deemed earned in shares. The terms of the long-term incentive awards granted under the revised program may vary from year to year. 2019 LTIP Awards Awards granted to officers on March 8, 2019, consist of time-based RSU awards for 6,391 shares and performance-based RSU awards based on relative total shareholder return (“TSR”), for 12,781 shares. All of these awards are classified as equity awards. The time-based RSU awards vest as to one-third of the shares on each of March 8, 2020, March 8, 2021, and March 8, 2022. The performance-based RSU awards are earned based on our TSR as compared to the MSCI U.S. REIT Index over a forward-looking three-year period. The maximum number of RSUs eligible to be earned under this performance-based award is 25,562 RSUs, which is 200% of the RSUs granted. Earned awards (if any) will fully vest as of the last day of the measurement period. These awards have market conditions in addition to service conditions that must be met for the awards to vest. We recognize compensation expense ratably based on the grant date fair value, as determined using the Monte Carlo valuation model, regardless of whether the market conditions are achieved and the awards ultimately vest. Therefore, previously recorded compensation expense is not adjusted in the event that the market conditions are not achieved. We based the expected volatility on the historical volatility of our daily closing share price, the risk-free interest rate on the interest rates on U.S. treasury bonds with a maturity equal to the remaining performance period of the award, and the expected term on the performance period of the award. The assumptions used to value the performance RSU awards were an expected volatility of 25.5% , a risk-free interest rate of 2.43% , and an expected life of 2.82 years . The share price at the grant date, March 8, 2019, was $58.06 per share. Awards granted to trustees on May 17, 2019, consist of 812 RSUs which vested immediately and awards granted on June 13, 2019 consist of 7,521 time-based RSU awards which vest on June 13, 2020. All of these awards are classified as equity awards. Total Compensation Expense Share-based compensation expense recognized in the consolidated financial statements for all outstanding share-based awards was $981,000 and $611,000 for the six months ended June 30, 2019 and 2018

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On August 6, 2019, we closed a $59.9 million mortgage loan. This mortgage loan is secured by four multifamily communities and is priced at a fixed rate of 3.88% for the full twelve-year term of the loan. Proceeds from this loan will be used to pay down balances under our line of credit.

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION We conduct a majority of our business activities through our consolidated operating partnership, IRET Properties, A North Dakota Limited Partnership (the “Operating Partnership”), as well as through a number of other consolidated subsidiary entities. The accompanying condensed consolidated financial statements include our accounts and the accounts of all our subsidiaries in which we maintain a controlling interest, including the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. On September 20, 2018, our Board of Trustees approved a change in our fiscal year-end from April 30 to December 31, beginning on January 1, 2019. We filed a transition report on Form 10-KT for the transition period ended December 31, 2018, in accordance with SEC rules and regulations. Beginning on January 1, 2019, all fiscal years will be from January 1 to December 31. On December 14, 2018, the Board approved a reverse stock split of our outstanding common shares, no par value per share, and limited partnership units ("Units") at a ratio of 1-for-10. The reverse stock split was effective as of the close of trading on December 27, 2018, with trade commencing on a split-adjusted basis on December 28, 2018. We have adjusted all shares and Units and per share and Unit data for all periods presented. The condensed consolidated financial statements also reflect the Operating Partnership's ownership of certain joint venture entities in which the Operating Partnership has a general partner or controlling interest. These entities are consolidated into our operations, with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income, and expenses.
UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS	UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Our interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with GAAP are omitted. The year-end balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of our financial position, results of operations, and cash flows for the interim periods, have been included. The current period’s results of operations are not necessarily indicative of results which ultimately may be achieved for the year. The interim condensed consolidated financial statements and accompanying notes thereto should be read in conjunction with the consolidated financial statements and accompanying notes included in our Transition Report on Form 10-KT for the transition period ended December 31, 2018 , as filed with the SEC on February 27, 2019.
USE OF ESTIMATES	USE OF ESTIMATES The preparation of 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.
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS The following table provides a brief description of recent accounting standards updates (“ASUs”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-02, Leases; ASU 2018-10, Codification Improvements to Topic 842, Leases; ASU 2018-11, Leases: Targeted Improvements; ASU 2018-20, Leases (Topic 842) - Narrow-Scope Improvements for Leases These ASUs amend existing accounting standards for lease accounting, including requiring lessees to recognize most leases on the balance sheet and making certain changes to lessor accounting. These ASUs are effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. We adopted these standards using the modified retrospective approach effective January 1, 2019. Our residential leases, where we are the lessor, will continue to be accounted for as operating leases under the new standards. As a result of adopting these standards, there were no significant changes in the accounting for lease revenue. For leases where we are the lessee, we recognized a right of use asset and lease liability of $889,000 and $1.0 million, respectively, on our consolidated balance sheets. There are also additional disclosures required under the new standard. Refer to the Leases section below for more information regarding the impact of adopting the standards on our condensed consolidated financial statements. ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; ASU 2018-19, Codification Improvements to Topic 326; ASU 2019-05, Financial Instruments - Credit Losses - Targeted Transition Relief These ASUs require entities to estimate a lifetime expected credit loss for most financial assets, such as loans and other financial instruments, and to present the net amount expected to be collected. In 2018, another ASU was issued to amend ASU 2016-13, which clarifies that it does not apply to operating lease receivables. In 2019, an additional ASU was issued to provide transition relief in which an entity is allowed to elect the fair value option on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. These ASUs are effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are currently evaluating the impact the new standards will have on our mortgage and note receivables. ASU 2018-13, Fair Value Measurements (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurements This ASU eliminates certain disclosure requirements affecting all levels of measurement, and modifies and adds new disclosure requirements for Level 3 measurements. This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are currently evaluating the impact the new standard may have on our disclosures. ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Topic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract This ASU reduces the complexity for the accounting for costs of implementing a cloud computing service arrangement. The standard aligns various requirements for capitalizing implementation costs. This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are currently evaluating the impact the new standard may have on our condensed consolidated financial statements. ASU 2019-01, Leases (Topic 842) - Codification Improvements This ASU provides clarification on various lease related issues and provides for reduced transition disclosure requirements. This ASU has two effective dates. The various lease issues are effective for annual reporting periods beginning after December 15, 2019. The transition disclosures are effective with the ASU 2016-02, Leases. We adopted this standard using the modified retrospective approach effective January 1, 2019. The adoption of the standard did not have a material impact on our condensed consolidated financial statements. Refer to the Leases section below for transition disclosures.
LEASES	LEASES Effective January 1, 2019, we adopted ASUs 2016-02, 2018-10, 2018-11, 2018-20, and 2019-01 related to leases using the modified retrospective approach. We elected to adopt the package of practical expedients permitted under the transition guidance, which permits us to not reassess prior conclusions about lease identification, classification, and initial direct costs under the new standard, and the practical expedient related to land easements, which allows us to not evaluate existing or expired land easements that were not previously accounted for under ASC 840. We made an accounting policy election to exclude leases in which we are a lessee with a term of 12 months or less from the balance sheet. As a lessor, we primarily lease multifamily apartment homes which qualify as operating leases with terms that are generally one year or less. Rental revenues are recognized in accordance with ASC 842, Leases, using a method that represents a straight-line basis over the term of the lease. Rental income represents approximately 98.0% of our total revenues and includes gross market rent less adjustments for concessions, vacancy loss, and bad debt. Other property revenues represent the remaining 2.0% of our total revenues and are primarily driven by other fee income, which is typically recognized at a point in time. Some of our apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three to fifteen years. The leases for commercial spaces generally include options to extend the lease for additional terms. Many of our leases contain non-lease components for utility reimbursement from our residents and common area maintenance from our commercial tenants. We have elected the practical expedient to combine lease and non-lease components for all asset classes. The combined components are included in lease income and are accounted for under ASC 842.
REVENUES	REVENUES We adopted ASU 2014-09, Revenue from Contracts with Customers , as of May 1, 2018, using the modified retrospective approach. We elected to apply the new standard to contracts that were not complete as of May 1, 2018. We also elected to omit disclosing the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Under the new standard, revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration to which the company expects to be entitled for those goods and services. Revenue streams that are included in ASU 2014-09 include: • O ther property revenues: We recognize revenue for rental related income not included as a component of a lease, such as application fees, as earned, and have concluded that this is appropriate under the new standard. • Gains or losses on sales of real estate: Subsequent to the adoption of the new standard, a gain or loss is recognized when the criteria for derecognition of an asset are met, including when (1) a contract exists and (2) the buyer obtained control of the nonfinancial asset that was sold. As a result, we may recognize a gain on real estate disposition transactions that previously did not qualify as a sale or for full profit recognition under the previous accounting standard.
IMPAIRMENT OF LONG-LIVED ASSETS	IMPAIRMENT OF LONG-LIVED ASSETS We periodically evaluate our long-lived assets, including investments in real estate, for impairment indicators. The impairment evaluation is performed on assets by property such that assets for a property form an asset group. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each asset group, and legal and environmental concerns. If indicators exist, we compare the expected future undiscounted cash flows for the long-lived asset group against the carrying amount of that asset group. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset group, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount of the asset group. If our anticipated holding period for properties, the estimated fair value of properties, or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates, and capital requirements that could differ materially from actual results. Reducing planned property holding periods may increase the likelihood of recording impairment losses.
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES We have determined that our Operating Partnership and each of our less-than-wholly owned real estate partnerships is a variable interest entity (“VIE”), as the limited partners or the functional equivalent of limited partners lack substantive kick-out rights and substantive participating rights. We are the primary beneficiary of the VIEs, and the VIEs are required to be consolidated on our balance sheet because we have a controlling financial interest in the VIEs and have both the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Because our Operating Partnership is a VIE, all of our assets and liabilities are held through a VIE.

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements	The following table provides a brief description of recent accounting standards updates (“ASUs”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-02, Leases; ASU 2018-10, Codification Improvements to Topic 842, Leases; ASU 2018-11, Leases: Targeted Improvements; ASU 2018-20, Leases (Topic 842) - Narrow-Scope Improvements for Leases These ASUs amend existing accounting standards for lease accounting, including requiring lessees to recognize most leases on the balance sheet and making certain changes to lessor accounting. These ASUs are effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. We adopted these standards using the modified retrospective approach effective January 1, 2019. Our residential leases, where we are the lessor, will continue to be accounted for as operating leases under the new standards. As a result of adopting these standards, there were no significant changes in the accounting for lease revenue. For leases where we are the lessee, we recognized a right of use asset and lease liability of $889,000 and $1.0 million, respectively, on our consolidated balance sheets. There are also additional disclosures required under the new standard. Refer to the Leases section below for more information regarding the impact of adopting the standards on our condensed consolidated financial statements. ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; ASU 2018-19, Codification Improvements to Topic 326; ASU 2019-05, Financial Instruments - Credit Losses - Targeted Transition Relief These ASUs require entities to estimate a lifetime expected credit loss for most financial assets, such as loans and other financial instruments, and to present the net amount expected to be collected. In 2018, another ASU was issued to amend ASU 2016-13, which clarifies that it does not apply to operating lease receivables. In 2019, an additional ASU was issued to provide transition relief in which an entity is allowed to elect the fair value option on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. These ASUs are effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are currently evaluating the impact the new standards will have on our mortgage and note receivables. ASU 2018-13, Fair Value Measurements (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurements This ASU eliminates certain disclosure requirements affecting all levels of measurement, and modifies and adds new disclosure requirements for Level 3 measurements. This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are currently evaluating the impact the new standard may have on our disclosures. ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Topic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract This ASU reduces the complexity for the accounting for costs of implementing a cloud computing service arrangement. The standard aligns various requirements for capitalizing implementation costs. This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We are currently evaluating the impact the new standard may have on our condensed consolidated financial statements. ASU 2019-01, Leases (Topic 842) - Codification Improvements This ASU provides clarification on various lease related issues and provides for reduced transition disclosure requirements. This ASU has two effective dates. The various lease issues are effective for annual reporting periods beginning after December 15, 2019. The transition disclosures are effective with the ASU 2016-02, Leases. We adopted this standard using the modified retrospective approach effective January 1, 2019. The adoption of the standard did not have a material impact on our condensed consolidated financial statements. Refer to the Leases section below for transition disclosures.
Schedule of Cash, Cash Equivalents, and Restricted Cash	(in thousands) Balance sheet description June 30, 2019 June 30, 2018 Cash and cash equivalents $ 17,406 $ 20,451 Restricted cash 4,672 4,454 Total cash, cash equivalents and restricted cash $ 22,078 $ 24,905
Future Scheduled Lease Income for Operating Leases	The aggregate amount of future scheduled lease income on our operating leases for commercial spaces, excluding any variable lease income and non-lease components, as of June 30, 2019 , was as follows: (in thousands) 2019 (remainder) $ 1,672 2020 3,014 2021 3,017 2022 3,021 2023 2,895 Thereafter 7,501 Total scheduled lease income - operating leases $ 21,120
Schedule of Disaggregation of Revenue	The following table presents the disaggregation of revenue streams for the three and six months ended June 30, 2019 : (in thousands) Three Months Ended June 30, Six Months Ended June 30, Revenue Stream Applicable Standard 2019 2018 2019 2018 Fixed lease income - operating leases Leases $ 44,342 $ 43,193 $ 88,084 $ 83,314 Variable lease income - operating leases Leases 1,548 — 2,632 — Non-lease components Revenue from contracts with customers — 1,335 — 2,546 Other property revenue Revenue from contracts with customers 1,044 1,669 1,826 3,372 Total revenue $ 46,934 $ 46,197 $ 92,542 $ 89,232

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted Earnings per Share	The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the condensed consolidated financial statements for the three and six months ended June 30, 2019 and 2018 : (in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 NUMERATOR Income (loss) from continuing operations – controlling interests $ 3,113 $ (20,386 ) $ (1,585 ) $ (26,200 ) Income (loss) from discontinued operations – controlling interests — 212 — 12,630 Net income (loss) attributable to controlling interests 3,113 (20,174 ) (1,585 ) (13,570 ) Dividends to preferred shareholders (1,706 ) (1,706 ) (3,411 ) (3,411 ) Numerator for basic earnings (loss) per share – net income available to common shareholders 1,407 (21,880 ) (4,996 ) (16,981 ) Noncontrolling interests – Operating Partnership 148 (2,580 ) (595 ) (2,000 ) Numerator for diluted earnings (loss) per share $ 1,555 $ (24,460 ) $ (5,591 ) $ (18,981 ) DENOMINATOR Denominator for basic earnings per share weighted average shares 11,729 11,928 11,746 11,950 Effect of redeemable operating partnership units 1,226 1,407 1,306 1,416 Denominator for diluted earnings per share 12,955 13,335 13,052 13,366 Earnings (loss) per common share from continuing operations – basic and diluted $ 0.11 $ (1.85 ) $ (0.43 ) $ (2.48 ) Earnings (loss) per common share from discontinued operations – basic and diluted — 0.02 — 1.06 NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED $ 0.11 $ (1.83 ) $ (0.43 ) $ (1.42 )

EQUITY AND MEZZANINE EQUITY (Ta

EQUITY AND MEZZANINE EQUITY (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Conversions of Stock	Pursuant to the exercise of Exchange Rights, we redeemed Units during the six months ended June 30, 2019 and 2018 as detailed in the table below. (in thousands, except per Unit amounts) Three Months Ended June 30, Number of Units Aggregate Cost (1) Average Price Per Unit 2019 133 $ 7,968 $ 60.01 2018 10 $ 510 $ 52.72 Six Months Ended June 30, 2019 135 $ 8,118 $ 60.00 2018 49 $ 2,747 $ 55.84 (1) The redemption price is determined using the volume weighted average price for the ten trading days prior to the date a unitholder provides notification of their intent to redeem units. We also redeemed Units in exchange for common shares in connection with Unitholders exercising their Exchange Rights during the six months ended June 30, 2019 and 2018 as detailed in the table below. (in thousands) Three Months Ended June 30, Number of Units Total Book Value 2019 8 $ 521 2018 — — Six Months Ended June 30, 2019 8 $ 521 2018 3 $ 34
Schedule of Repurchase Program	Common shares repurchased during the six months ended June 30, 2019 and 2018 are detailed in the table below. (in thousands, except per share amounts) Three Months Ended June 30, Number of Shares Aggregate Cost (1) Average Price Per Share (1) 2019 116 $ 6,862 $ 59.12 2018 38 $ 1,972 $ 52.23 Six Months Ended June 30, 2019 290 $ 15,667 $ 54.03 2018 67 $ 3,415 $ 51.26 (1) Amount includes commissions.
Redeemable Noncontrolling Interest	Below is a table reflecting the activity of the redeemable noncontrolling interests for the six months ended June 30, 2019 . (in thousands) Balance at December 31, 2018 $ 5,968 Net income (174 ) Acquisition of redeemable noncontrolling interests (5,794 ) Balance at June 30, 2019 $ —

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Revenues and Net Operating Income for Reportable Segments	The following tables present NOI for the three and six months ended June 30, 2019 and 2018 , respectively, along with reconciliations to net income in the condensed consolidated financial statements. Segment assets are also reconciled to total assets as reported in the condensed consolidated financial statements. (in thousands) Three Months Ended June 30, 2019 Multifamily All Other Total Revenue $ 45,945 $ 989 $ 46,934 Property operating expenses, including real estate taxes 19,111 405 19,516 Net operating income $ 26,834 $ 584 $ 27,418 Property management (1,445 ) Casualty gain (loss) (92 ) Depreciation and amortization (18,437 ) General and administrative expenses (3,549 ) Interest expense (7,590 ) Loss on debt extinguishment (407 ) Interest and other income 468 Income (loss) before gain (loss) on sale of real estate and other investments and gain (loss) on litigation settlement (3,634 ) Gain (loss) on sale of real estate and other investments 615 Gain (loss) on litigation settlement 6,286 Net income (loss) $ 3,267 (in thousands) Three Months Ended June 30, 2018 Multifamily All Other Total Revenue $ 43,149 $ 3,048 $ 46,197 Property operating expenses, including real estate taxes 17,826 1,111 18,937 Net operating income $ 25,323 $ 1,937 $ 27,260 Property management (1,444 ) Depreciation and amortization (19,132 ) Loss on impairment (17,809 ) General and administrative expenses (4,348 ) Interest expense (8,562 ) Loss on debt extinguishment (12 ) Interest and other income 460 Income (loss) from continuing operations (23,587 ) Income (loss) from discontinued operations 238 Net income (loss) $ (23,349 ) (in thousands) Six Months Ended June 30, 2019 Multifamily All Other Total Real estate revenue $ 90,759 $ 1,783 $ 92,542 Real estate expenses 38,799 753 39,552 Net operating income $ 51,960 $ 1,030 $ 52,990 Property management expenses (2,999 ) Casualty gain (loss) (733 ) Depreciation and amortization (36,548 ) General and administrative expenses (7,355 ) Interest expense (15,486 ) Loss on debt extinguishment (409 ) Interest and other income 892 Income (loss) before gain (loss) on sale of real estate and other investments and gain (loss) on litigation settlement (9,648 ) Gain (loss) on sale of real estate and other investments 669 Gain (loss) on litigation settlement 6,286 Net income (loss) $ (2,693 ) (in thousands) Six Months Ended June 30, 2018 Multifamily All Other Total Real estate revenue $ 83,203 $ 6,029 $ 89,232 Real estate expenses 35,954 2,250 38,204 Net operating income $ 47,249 $ 3,779 $ 51,028 Property management expenses (2,821 ) Casualty gain (loss) (50 ) Depreciation and amortization (39,648 ) Impairment of real estate investments (17,809 ) General and administrative expenses (7,967 ) Interest expense (16,858 ) Loss on debt extinguishment (133 ) Interest and other income 1,149 Income (loss) before gain (loss) on sale of real estate and other investments and income (loss) from discontinued operations (33,109 ) Gain (loss) on sale of real estate and other investments 2,304 Income (loss) from continuing operations (30,805 ) Income (loss) from discontinued operations 14,120 Net income (loss) $ (16,685 )
Segment Assets and Accumulated Depreciation	Segment assets are summarized as follows as of June 30, 2019 , and December 31, 2018 , respectively, along with reconciliations to the condensed consolidated financial statements: (in thousands) As of June 30, 2019 Multifamily All Other Total Segment assets Property owned $ 1,628,133 $ 35,406 $ 1,663,539 Less accumulated depreciation (371,213 ) (9,108 ) (380,321 ) Total property owned $ 1,256,920 $ 26,298 $ 1,283,218 Cash and cash equivalents 17,406 Restricted cash 4,672 Other assets 30,626 Unimproved land 1,746 Mortgage loans receivable 10,140 Total Assets $ 1,347,808 (in thousands) As of December 31, 2018 Multifamily All Other Total Segment assets Property owned $ 1,582,917 $ 44,719 $ 1,627,636 Less accumulated depreciation (340,081 ) (13,790 ) (353,871 ) Total property owned $ 1,242,836 $ 30,929 $ 1,273,765 Cash and cash equivalents 13,792 Restricted cash 5,464 Other assets 27,265 Unimproved land 5,301 Mortgage loans receivable 10,410 Total Assets $ 1,335,997

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Effect on Net Income and Gains or Losses From Sale Of Properties Classified as Discontinued Operations	The following information shows the effect on net income and the gains or losses from the sales of properties classified as discontinued operations for the three and six months ended June 30, 2019 and 2018 , respectively: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 REVENUE — $ 157 — $ 353 EXPENSES Property operating expenses, excluding real estate taxes — 18 — 25 Real estate taxes — — — 35 Depreciation and amortization — — — 2 General and administrative — 9 — 14 TOTAL EXPENSES — $ 27 — $ 76 Operating income (loss) — 130 — 277 Interest expense — — — (1 ) Other income — 10 — 14 Income (loss) from discontinued operations before gain (loss) on sale of discontinued operations — 140 — 290 Gain (loss) on sale of discontinued operations — 98 — 13,830 INCOME (LOSS) FROM DISCONTINUED OPERATIONS — $ 238 — $ 14,120

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Schedule of Acquisitions	Our acquisitions during the six months ended June 30, 2019 and 2018 are detailed below. Six Months Ended June 30, 2019 Date Acquired (in thousands) Total Acquisition Cost Form of Consideration Investment Allocation Acquisitions Cash Units (1) Land Building Intangible Assets Multifamily 272 homes - SouthFork Townhomes- Lakeville, MN February 26, 2019 $ 44,000 $ 27,440 $ 16,560 $ 3,502 $ 39,950 $ 548 Other Minot 3100 10th St SW - Minot, ND (2) May 23, 2019 2,112 2,112 — 246 1,866 — Total Acquisitions $ 46,112 $ 29,552 $ 16,560 $ 3,748 $ 41,816 $ 548 (1) Value of Series D preferred units at the acquisition date. (2) Acquired for use as our new Minot corporate office building after renovations have been completed. Six Months Ended June 30, 2018 Date Acquired (in thousands) Total Acquisition Cost (1) Investment Allocation Acquisitions Land Building Intangible Assets 390 homes - Westend - Denver, CO March 28, 2018 $ 128,700 $ 25,525 $ 102,101 $ 1,074 Total Acquisitions $ 128,700 $ 25,525 $ 102,101 $ 1,074 (1) Acquisition cost was paid in cash.
Schedule of Dispositions	The following tables detail our dispositions for the six months ended June 30, 2019 and 2018 : Six Months Ended June 30, 2019 (in thousands) Dispositions Date Sales Price Book Value and Sale Cost Gain/(Loss) Other Minot 1400 31st Ave SW - Minot, ND (1) May 23, 2019 $ 6,530 $ 6,048 $ 482 Unimproved Land Creekside Crossing - Bismarck, ND March 1, 2019 3,049 3,205 (156 ) Minot 1525 24th Ave SW - Minot, ND April 3, 2019 725 593 132 $ 3,774 $ 3,798 $ (24 ) Total Dispositions $ 10,304 $ 9,846 $ 458 (1) This property currently houses our Minot corporate office. During the second quarter of 2019, we purchased an office building which will become our new Minot corporate office after renovations are completed. We will lease space in the Minot 1400 31st Ave SW building until the new office is placed in service. Six Months Ended June 30, 2018 (in thousands) Dispositions Date Disposed Sale Price Book Value and Sale Cost Gain/(Loss) Other 43,404 sq ft Garden View - St. Paul, MN January 19, 2018 $ 14,000 $ 6,191 $ 7,809 52,116 sq ft Ritchie Medical - St. Paul, MN January 19, 2018 16,500 10,419 6,081 22,187 sq ft Bismarck 715 East Broadway - Bismarck, ND March 7, 2018 5,500 3,215 2,285 Total Dispositions $ 36,000 $ 19,825 $ 16,175

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes our indebtedness at June 30, 2019 : (in thousands) June 30, 2019 December 31, 2018 Weighted Average Maturity in Years at June 30, 2019 Unsecured lines of credit (1) $ 162,939 $ 57,500 3.1 Term loans 145,000 145,000 5.4 Unsecured debt 307,939 202,500 Secured line of credit (1) 15,000 — 3.2 Mortgages payable - fixed 371,951 445,974 4.2 Total debt $ 694,890 $ 648,474 4.2 Weighted average interest rate on primary line of credit (rate with swap) 3.94 % 3.72 % Weighted average interest rate on operating line of credit 4.39 % — Weighted average interest rate on term loans (rate with swap) 4.14 % 4.01 % Weighted average interest rate on mortgages payable 4.37 % 4.58 % (1) Our revolving line of credit consists primarily of unsecured borrowings. A portion of the line was secured in connection with our acquisition of SouthFork Townhomes, under an agreement that allowed us to offer the seller tax protection upon purchase.
Aggregate Amount of Required Future Principal Payments on Mortgages Payable	The aggregate amount of required future principal payments on mortgages payable and term loans as of June 30, 2019 , was as follows: (in thousands) 2019 (remainder) $ 10,896 2020 42,093 2021 97,137 2022 40,741 2023 48,359 Thereafter 277,725 Total payments $ 516,951

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Instruments	The table below presents the fair value of our derivative financial instruments as well as their classification on our Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 . (in thousands) (in thousands) June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Balance Sheet Location Fair Value Fair Value Balance Sheet Location Fair Value Fair Value Total derivative instruments designated as hedging instruments - interest rate swaps Other Assets — $ 818 Accounts Payable and Accrued Expenses $ 7,598 $ 1,675
Schedule of Derivative Instruments	The table below presents the effect of the Company’s derivative financial instruments on the Condensed Consolidated Statements of Operations as of June 30, 2019 and 2018 . (in thousands) Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from Accumulated OCI into Income Gain (Loss) Reclassified from Accumulated OCI into Income Three months ended June 30, 2019 2018 2019 2018 Total derivatives in cash flow hedging relationships - Interest rate contracts $ (4,430 ) $ 438 Interest expense $ (29 ) $ 27 Six months ended June 30, Total derivatives in cash flow hedging relationships - Interest rate contracts $ (6,712 ) $ 2,158 Interest expense $ (30 ) $ 129

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements on a Nonrecurring Basis	The aggregate fair value of these assets by their levels in the fair value hierarchy is as follows: (in thousands) Total Level 1 Level 2 Level 3 December 31, 2018 Real estate investments valued at fair value $ 3,049 — — $ 3,049
Estimated Fair Values of Financial Instruments	The estimated fair values of our financial instruments as of June 30, 2019 , and December 31, 2018 , respectively, are as follows: (in thousands) June 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 17,406 $ 17,406 $ 13,792 $ 13,792 Mortgage and note receivable $ 26,697 $ 26,697 $ 26,809 $ 26,809 FINANCIAL LIABILITIES Revolving lines of credit (1) $ 177,939 $ 177,939 $ 57,500 $ 57,500 Term loans (1) $ 145,000 $ 145,000 $ 145,000 $ 145,000 Mortgages payable $ 371,951 $ 375,698 $ 445,974 $ 444,241 (1) Excluding the effect of interest rate swap agreements.

ORGANIZATION (Details)

ORGANIZATION (Details)	Jun. 30, 2019propertyunit
Real Estate Properties [Line Items]
Number of real estate properties	88
Apartment Properties
Real Estate Properties [Line Items]
Number of real estate properties	88
Number of apartment units | unit	13,975

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Basis Of Presentation (Details)	Dec. 27, 2018
Accounting Policies [Abstract]
Reverse stock split	0.10

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Recent Accounting Pronouncements (Details) - Accounting Standards Update 2016-02 $ in Thousands	Jan. 01, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use asset	$ 889
Lease liability	$ 1,000

BASIS OF PRESENTATION AND SIG_6

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 17,406	$ 13,792	$ 20,451
Restricted cash	4,672	5,464	4,454
Total cash, cash equivalents and restricted cash	$ 22,078	$ 19,256	$ 24,905	$ 286,226

BASIS OF PRESENTATION AND SIG_7

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2019 (remainder)	$ 1,672
2020	3,014
2021	3,017
2022	3,021
2023	2,895
Thereafter	7,501
Total	$ 21,120
Minimum
Lessor, Lease, Description [Line Items]
Term of contract	3 years
Maximum
Lessor, Lease, Description [Line Items]
Term of contract	15 years
Rental Income | Revenue | Product Concentration Risk
Lessor, Lease, Description [Line Items]
Concentration risk	98.00%
Fee Income | Revenue | Product Concentration Risk
Lessor, Lease, Description [Line Items]
Concentration risk	2.00%

BASIS OF PRESENTATION AND SIG_8

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Fixed lease income	$ 44,342	$ 43,193	$ 88,084	$ 83,314
Variable lease income	1,548	0	2,632	0
Revenues	46,934	46,197	92,542	89,232
Non-Lease Components
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	1,335	0	2,546
Other Property Revenue
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,044	$ 1,669	$ 1,826	$ 3,372

BASIS OF PRESENTATION AND SIG_9

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Impairment of Long-Lived Assets (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Long Lived Assets Held-for-sale [Line Items]
Impairment of real estate investments	$ 0	$ 17,809,000	$ 0	$ 17,809,000
Grand Forks, North Dakota | Apartment Building
Long Lived Assets Held-for-sale [Line Items]
Impairment of real estate investments				12,200,000
Grand Forks, North Dakota | Land
Long Lived Assets Held-for-sale [Line Items]
Impairment of real estate investments				1,500,000
Bloomington, Minnesota | Industrial Property
Long Lived Assets Held-for-sale [Line Items]
Impairment of real estate investments				1,400,000
Woodbury, Minnesota | Industrial Property
Long Lived Assets Held-for-sale [Line Items]
Impairment of real estate investments				922,000
Property In Minot ND | Retail Property
Long Lived Assets Held-for-sale [Line Items]
Impairment of real estate investments				630,000
Williston, North Dakota | Land
Long Lived Assets Held-for-sale [Line Items]
Impairment of real estate investments				428,000
Bismarck, North Dakota | Land
Long Lived Assets Held-for-sale [Line Items]
Impairment of real estate investments				$ 709,000

BASIS OF PRESENTATION AND SI_10

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Mortgage Receivable and Notes Receivable (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2017USD ($)property	Jun. 30, 2019USD ($)community	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jul. 31, 2017USD ($)
MORTGAGE RECEIVABLE AND NOTES RECEIVABLE
Mortgage loans receivable	$ 11,000	$ 10,100		$ 10,100
Loans receivable, communities remaining in the pool of assets used to secure the mortgage | community		12
Interest income		$ 402	$ 429	809	$ 1,102
Multi-Family Residential
MORTGAGE RECEIVABLE AND NOTES RECEIVABLE
Interest rate		6.00%
Loan commitment						$ 16,200
Loans receivable		$ 16,600		16,600
Discontinued Operations, Disposed of by Sale | Multi-Family Residential
MORTGAGE RECEIVABLE AND NOTES RECEIVABLE
Number of real estate properties sold | property	13
Interest rate		5.50%
Interest income				$ 285	$ 305

BASIS OF PRESENTATION AND SI_11

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Gain on Litigation Settlement (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accounting Policies [Abstract]
Gain (loss) on litigation settlement	$ 6,286,000	$ 0	$ 6,286,000	$ 0
Cash received from gain on litigation settlement	4,000,000
Cash receivable from gain on litigation settlement	937,000
Liabilities waived due to litigation settlement	$ 1,400,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares
Earnings Per Share [Abstract]
Ratio of unites exchanged for shares	1
NUMERATOR
Income (loss) from continuing operations – controlling interests	$ 3,113	$ (20,386)	$ (1,585)	$ (26,200)
Income (loss) from discontinued operations – controlling interests	0	212	0	12,630
Net income (loss) attributable to controlling interests	3,113	(20,174)	(1,585)	(13,570)
Dividends to preferred shareholders	(1,706)	(1,706)	(3,411)	(3,411)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	1,407	(21,880)	(4,996)	(16,981)
Noncontrolling interests – Operating Partnership	148	(2,580)	(595)	(2,000)
Numerator for diluted earnings (loss) per share	$ 1,555	$ (24,460)	$ (5,591)	$ (18,981)
DENOMINATOR
Denominator for basic earnings per share weighted average shares (in shares) | shares	11,729,000	11,928,000	11,746,000	11,950,000
Effect of redeemable operating partnership units (in shares) | shares	1,226,000	1,407,000	1,306,000	1,416,000
Denominator for diluted earnings per share (in shares) | shares	12,955,000	13,335,000	13,052,000	13,366,000
Earnings (loss) per common share from continuing operations – basic and diluted (in dollars per share) | $ / shares	$ 0.11	$ (1.85)	$ (0.43)	$ (2.48)
Earnings (loss) per common share from discontinued operations – basic and diluted (in dollars per share) | $ / shares	0	0.02	0	1.06
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED (in dollars per share) | $ / shares	$ 0.11	$ (1.83)	$ (0.43)	$ (1.42)
Performance Shares and Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares) | shares	37,625	9,858	37,625	9,858

EQUITY AND MEZZANINE EQUITY -

EQUITY AND MEZZANINE EQUITY - Additional Information (Details) - USD ($)	Feb. 26, 2019	Dec. 14, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Equity
Noncontrolling interests - operating partnership (in shares)			1,224,000		1,224,000		1,368,000
Common stock outstanding (in shares)			11,656,000		11,656,000		11,942,000
Repurchase period		1 year
Remaining authorized repurchase amount			$ 17,700,000		$ 17,700,000
Preferred shares of beneficial interest, shares outstanding (in shares)			4,118,000		4,118,000		4,118,000
Preferred shares, liquidation preference (in dollars per share)			$ 25		$ 25		$ 25
Preferred shares, annual distribution accrual rate (in dollars per share)					$ 1.65625
Preferred shares, dividend rate					6.625%
Preferred shares liquidation preference			$ 102,971,000		$ 102,971,000		$ 102,971,000
Partnership units, converted (in shares)	1.37931
Conversion price (in dollars per share)	$ 72.50
Payments for acquisition of noncontrolling interests					$ 1,260,000	$ 0
Commons and Landing at Southgate Partnership
Equity
Noncontrolling interest acquired			34.50%		34.50%
Series D Preferred Units
Equity
Preferred units, shares issued (in shares)	165,600		166,000		166,000		0
Preferred units, par value (in dollars per share)	$ 100		$ 100		$ 100		$ 100
Distribution rate	3.862%
2015 Incentive Plan
Equity
Equity awards issued (in shares)			6,511	5,142	6,718	6,226
Total grant-date value shares issued			$ 447,000	$ 350,000	$ 457,000	$ 412,000
Share Repurchase Program
Equity
Aggregate gross sales price of common share of beneficial interest allowed to be repurchased		$ 50,000,000	$ 50,000,000		$ 50,000,000

EQUITY AND MEZZANINE EQUITY _2

EQUITY AND MEZZANINE EQUITY - Schedule of Conversions of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Conversion of Stock [Line Items]
Number of units converted (in shares)	133	10	135	49
Units converted, aggregate cost	$ 7,968	$ 510	$ 8,118	$ 2,747
Average price of shares issued (in dollars per share)	$ 60.01	$ 52.72	$ 60	$ 55.84
Redemption of units for common shares	$ 0		$ 0	$ 0
Exercise of Exchange Rights
Conversion of Stock [Line Items]
Redemption of units for common shares (in shares)	8	0	8	3
Redemption of units for common shares	$ 521	$ 0	$ 521	$ 34

EQUITY AND MEZZANINE EQUITY _3

EQUITY AND MEZZANINE EQUITY - Share Repurchase Program (Details) - Share Repurchase Program - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share Repurchase Program
Shares repurchased (in shares)	116	38	290	67
Aggregate cost of common shares repurchased	$ 6,862	$ 1,972	$ 15,667	$ 3,415
Average price per share (in dollars per share)	$ 59.12	$ 52.23	$ 54.03	$ 51.26

EQUITY AND MEZZANINE EQUITY _4

EQUITY AND MEZZANINE EQUITY - Redeemable Noncontrolling Interest (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
December 31, 2018	$ 5,968
Net income	(174)
Acquisition of redeemable noncontrolling interests	(5,794)
March 31, 2019	$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2019propertyunit
Real Estate Properties [Line Items]
Number of properties	88
Subject to Restrictions on Taxable Dispositions
Real Estate Properties [Line Items]
Number of properties	25
Number of apartment units | unit	4,372

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)segment	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			1
Segment revenues and net operating income [Abstract]
Revenue	$ 46,934	$ 46,197	$ 92,542	$ 89,232
Property operating expenses, including real estate taxes	19,516	18,937	39,552	38,204
Net operating income	27,418	27,260	52,990	51,028
Casualty gain (loss)	(92)	0	(733)	(50)
Depreciation and amortization	(18,437)	(19,132)	(36,548)	(39,648)
Impairment of real estate investments	0	(17,809)	0	(17,809)
Loss on impairment		(17,809)
General and administrative expenses	(3,549)	(4,348)	(7,355)	(7,967)
Interest expense	(7,590)	(8,562)	(15,486)	(16,858)
Loss on debt extinguishment	(407)	(12)	(409)	(133)
Interest and other income	468	460	892	1,149
Income (loss) before gain (loss) on sale of real estate and other investments, gain (loss) on litigation settlement, and income (loss) from discontinued operations	(3,634)	(23,587)	(9,648)	(33,109)
Gain (loss) on sale of real estate and other investments	615	0	669	2,304
Gain (loss) on litigation settlement	6,286	0	6,286	0
Income (loss) from continuing operations	3,267	(23,587)	(2,693)	(30,805)
Income (loss) from discontinued operations	0	238	0	14,120
NET INCOME (LOSS)	3,267	(23,349)	(2,693)	(16,685)
Segment assets
Property owned	1,663,539		1,663,539		$ 1,627,636
Less accumulated depreciation	(380,321)		(380,321)		(353,871)
Total property owned	1,283,218		1,283,218		1,273,765
Cash and cash equivalents	17,406	20,451	17,406	20,451	13,792
Restricted cash	4,672	4,454	4,672	4,454	5,464
Other assets	30,626		30,626		27,265
Unimproved land	1,746		1,746		5,301
Mortgage loans receivable	10,140		10,140		10,410
TOTAL ASSETS	1,347,808		1,347,808		1,335,997
Management Service
Segment revenues and net operating income [Abstract]
Property management	(1,445)	(1,444)	(2,999)	(2,821)
Operating Segments | Multifamily
Segment revenues and net operating income [Abstract]
Revenue	45,945	43,149	90,759	83,203
Property operating expenses, including real estate taxes	19,111	17,826	38,799	35,954
Net operating income	26,834	25,323	51,960	47,249
Segment assets
Property owned	1,628,133		1,628,133		1,582,917
Less accumulated depreciation	(371,213)		(371,213)		(340,081)
Total property owned	1,256,920		1,256,920		1,242,836
Operating Segments | All Other
Segment revenues and net operating income [Abstract]
Revenue	989	3,048	1,783	6,029
Property operating expenses, including real estate taxes	405	1,111	753	2,250
Net operating income	584	$ 1,937	1,030	$ 3,779
Segment assets
Property owned	35,406		35,406		44,719
Less accumulated depreciation	(9,108)		(9,108)		(13,790)
Total property owned	$ 26,298		$ 26,298		$ 30,929

DISCONTINUED OPERATIONS - Addi

DISCONTINUED OPERATIONS - Additional Information (Details) - property	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties classified as held for sale in discontinued operations	0	0	0	0

DISCONTINUED OPERATIONS - Effe

DISCONTINUED OPERATIONS - Effect on Net Income from Properties Classified as Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
REVENUE	$ 46,934	$ 46,197	$ 92,542	$ 89,232
EXPENSES
Property operating expenses, excluding real estate taxes	13,942	13,934	28,746	28,180
Real estate taxes	5,574	5,003	10,806	10,024
Depreciation and amortization	18,437	19,132	36,548	39,648
General and administrative expenses	3,549	4,348	7,355	7,967
TOTAL EXPENSES	43,039	61,670	87,187	106,499
Interest expense	(7,590)	(8,562)	(15,486)	(16,858)
Other income	66	31	83	47
Gain (loss) on sale of discontinued operations			669	16,133
INCOME (LOSS) FROM DISCONTINUED OPERATIONS	0	238	0	14,120
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
REVENUE	0	157	0	353
EXPENSES
Property operating expenses, excluding real estate taxes	0	18	0	25
Real estate taxes	0	0	0	35
Depreciation and amortization	0	0	0	2
General and administrative expenses	0	9	0	14
TOTAL EXPENSES	0	27	0	76
Operating income (loss)	0	130	0	277
Interest expense	0	0	0	(1)
Other income	0	10	0	14
Income (loss) from discontinued operations before gain (loss) on sale of discontinued operations	0	140	0	290
Gain (loss) on sale of discontinued operations	0	98	0	13,830
INCOME (LOSS) FROM DISCONTINUED OPERATIONS	$ 0	$ 238	$ 0	$ 14,120

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details) - Acquisitions $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)unit	Jun. 30, 2018USD ($)unit	Jun. 30, 2019USD ($)unit	Jun. 30, 2018USD ($)unit
Acquisitions and development projects placed in service [Abstract]
Acquisition costs	$ 2,100	$ 0	$ 46,112	$ 128,700
Form of consideration, cash			29,552
Form of consideration, units			16,560
Investment allocation, land	3,748	25,525	3,748	25,525
Investment allocation, building	41,816	102,101	41,816	102,101
Investment allocation, intangible assets	$ 548	$ 1,074	$ 548	$ 1,074
Multi-Family Residential | 272 homes - SouthFork Townhomes- Lakeville, MN
Acquisitions and development projects placed in service [Abstract]
Number of homes | unit	272		272
Acquisition costs			$ 44,000
Form of consideration, cash			27,440
Form of consideration, units			16,560
Investment allocation, land	$ 3,502		3,502
Investment allocation, building	39,950		39,950
Investment allocation, intangible assets	548		548
Multi-Family Residential | 390 homes - Westend - Denver, CO
Acquisitions and development projects placed in service [Abstract]
Number of homes | unit		390		390
Acquisition costs				$ 128,700
Investment allocation, land		$ 25,525		25,525
Investment allocation, building		102,101		102,101
Investment allocation, intangible assets		$ 1,074		$ 1,074
Commercial Property | Minot 3100 10th St SW - Minot, ND
Acquisitions and development projects placed in service [Abstract]
Acquisition costs			2,112
Form of consideration, cash			2,112
Form of consideration, units			0
Investment allocation, land	246		246
Investment allocation, building	1,866		1,866
Investment allocation, intangible assets	$ 0		$ 0

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Dispositions (Details) - Disposed of by Sale	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)property	Jun. 30, 2018USD ($)ft²property	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property		0
Sale price of land and property	$ 7,300,000
Sales Price	10,304,000	$ 36,000,000	$ 10,304,000	$ 36,000,000
Book Value and Sale Cost	9,846,000	19,825,000	9,846,000	19,825,000
Gain/(Loss)	$ 614,000		458,000	16,175,000
Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property	1
Commercial Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property	1
Other | Minot 1400 31st Ave SW - Minot, ND
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	$ 6,530,000		6,530,000
Book Value and Sale Cost	6,048,000		6,048,000
Gain/(Loss)			482,000
Other | 43,404 sq ft Garden View - St. Paul, MN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price		14,000,000		14,000,000
Book Value and Sale Cost		$ 6,191,000		6,191,000
Gain/(Loss)				$ 7,809,000
Area of real estate property | ft²		43,404		43,404
Other | 52,116 sq ft Ritchie Medical - St. Paul, MN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price		$ 16,500,000		$ 16,500,000
Book Value and Sale Cost		$ 10,419,000		10,419,000
Gain/(Loss)				$ 6,081,000
Area of real estate property | ft²		52,116		52,116
Other | 22,187 sq ft Bismarck 715 East Broadway - Bismarck, ND
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price		$ 5,500,000		$ 5,500,000
Book Value and Sale Cost		$ 3,215,000		3,215,000
Gain/(Loss)				$ 2,285,000
Area of real estate property | ft²		22,187		22,187
Unimproved Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	3,774,000		3,774,000
Book Value and Sale Cost	3,798,000		3,798,000
Gain/(Loss)			(24,000)
Unimproved Land | Creekside Crossing - Bismarck, ND
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	3,049,000		3,049,000
Book Value and Sale Cost	3,205,000		3,205,000
Gain/(Loss)			(156,000)
Unimproved Land | Minot 1525 24th Ave SW - Minot, ND
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	725,000		725,000
Book Value and Sale Cost	$ 593,000		593,000
Gain/(Loss)			$ 132,000

DEBT - Additional Information

DEBT - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019USD ($)propertyextensionloan	Dec. 31, 2018USD ($)
Line of Credit Facility [Line Items]
Number of real estate properties | property	88
Number of real estate properties, unencumbered by mortgages | property	49
Number of real estate properties, unencumbered used to provide credit support | property	35
Maximum borrowing capacity	$ 6,000,000
Revolving lines of credit	$ 177,939,000	$ 57,500,000
Term	12 months
Line of Credit | BMO Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 250,000,000
Number of extensions | extension	1
Line of Credit
Line of Credit Facility [Line Items]
Revolving lines of credit	$ 4,600,000	$ 0
Line of Credit | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.35%
Line of Credit | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.85%
Line of Credit | London Interbank Offered Rate (LIBOR) | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.35%
Line of Credit | London Interbank Offered Rate (LIBOR) | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.90%
Line of Credit | BMO Line of Credit
Line of Credit Facility [Line Items]
Current borrowing capacity	$ 250,000,000
Remaining borrowing capacity	72,100,000
Revolving lines of credit	$ 177,900,000
Mortgages
Line of Credit Facility [Line Items]
Number of real estate properties, serving as collateral for mortgage loans | property	39
Number of material defaults or instances of noncompliance | loan	0
Line of Credit
Line of Credit Facility [Line Items]
Term	1 year
Unsecured Debt | Term Loan Maturing 2024
Line of Credit Facility [Line Items]
Debt instrument face amount	$ 70,000,000
Unsecured Debt | Term Loan Maturing 2025
Line of Credit Facility [Line Items]
Debt instrument face amount	$ 75,000,000

DEBT - Schedule of Debt (Detai

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Carrying principal balance	$ 694,890	$ 648,474
Weighted Average Maturity in Years at June 30, 2019	4 years 2 months 12 days
Mortgages payable - fixed
Debt Instrument [Line Items]
Carrying principal balance	$ 371,951	$ 445,974
Weighted Average Maturity in Years at June 30, 2019	4 years 2 months 12 days
Mortgages
Debt Instrument [Line Items]
Weighted average interest rate	4.37%	4.58%
Unsecured Debt
Debt Instrument [Line Items]
Carrying principal balance	$ 307,939	$ 202,500
Unsecured Debt | Line of Credit
Debt Instrument [Line Items]
Carrying principal balance	$ 162,939	57,500
Weighted Average Maturity in Years at June 30, 2019	3 years 1 month 6 days
Unsecured Debt | Term Loans
Debt Instrument [Line Items]
Carrying principal balance	$ 145,000	$ 145,000
Weighted Average Maturity in Years at June 30, 2019	5 years 4 months 24 days
Weighted average interest rate	4.14%	4.01%
Unsecured Debt | Primary Line Of Credit | Line of Credit
Debt Instrument [Line Items]
Weighted average interest rate	3.94%	3.72%
Unsecured Debt | Operating Line Of Credit | Line of Credit
Debt Instrument [Line Items]
Weighted average interest rate	4.39%	0.00%
Secured Debt | Line of Credit
Debt Instrument [Line Items]
Carrying principal balance	$ 15,000	$ 0
Weighted Average Maturity in Years at June 30, 2019	3 years 2 months 12 days

DEBT - Schedule of future paym

DEBT - Schedule of future payments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total payments	$ 370,461	$ 444,197
Mortgages
Debt Instrument [Line Items]
2019 (remainder)	10,896
2020	42,093
2021	97,137
2022	40,741
2023	48,359
Thereafter	277,725
Total payments	$ 516,951

DERIVATIVE INSTRUMENTS - Addit

DERIVATIVE INSTRUMENTS - Additional Information (Details)	3 Months Ended
	Jun. 30, 2019USD ($)derivative_instrument	Jan. 31, 2023USD ($)derivative_instrument
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 1,000,000
Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Interest rate swap entered into	$ 50,000,000
Number of instruments held | derivative_instrument	3
Notional amount	$ 195,000,000
Interest Rate Swap | Designated as Hedging Instrument | Scenario, Forecast
Derivative [Line Items]
Number of instruments held | derivative_instrument		1
Notional amount		$ 70,000,000

DERIVATIVE INSTRUMENTS - Sched

DERIVATIVE INSTRUMENTS - Schedule of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ (4,430)		$ (6,712)
Interest expense	7,590	$ 8,562	15,486	$ 16,858
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Gain (Loss) Reclassified from Accumulated OCI into Income | Total derivatives in cash flow hedging relationships - Interest rate contracts
Derivative [Line Items]
Interest expense	(29)	27	(30)	129
Designated as Hedging Instrument | Total derivatives in cash flow hedging relationships - Interest rate contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(4,430)	$ 438	(6,712)	$ 2,158
Designated as Hedging Instrument | Other Assets | Interest Rate Swap
Derivative [Line Items]
Fair value	0		0		$ 818
Designated as Hedging Instrument | Accounts Payable and Accrued Expenses | Interest Rate Swap
Derivative [Line Items]
Derivative liability	$ 7,598		$ 7,598		$ 1,675

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
FINANCIAL LIABILITIES
Mortgages payable	$ 370,461	$ 444,197
Carrying Amount
FINANCIAL ASSETS
Cash and cash equivalents	17,406	13,792
Mortgage and note receivable	26,697	26,809
FINANCIAL LIABILITIES
Revolving lines of credit	177,939	57,500
Term loans	145,000	145,000
Mortgages payable	371,951	445,974
Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	17,406	13,792
Mortgage and note receivable	26,697	26,809
FINANCIAL LIABILITIES
Revolving lines of credit	177,939	57,500
Term loans	145,000	145,000
Mortgages payable	$ 375,698	444,241
Nonrecurring
Fair Value Measurements on a Nonrecurring Basis [Abstract]
Real estate investments		3,049
Nonrecurring | Level 1
Fair Value Measurements on a Nonrecurring Basis [Abstract]
Real estate investments		0
Nonrecurring | Level 2
Fair Value Measurements on a Nonrecurring Basis [Abstract]
Real estate investments		0
Nonrecurring | Level 3
Fair Value Measurements on a Nonrecurring Basis [Abstract]
Real estate investments		$ 3,049

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 13, 2019	May 17, 2019	Mar. 08, 2019	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Stock-based compensation expense				$ 981	$ 611
2015 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)				425,000
Term of award				10 years
2015 Incentive Plan | Award In 2019 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	7,521	812
2015 Incentive Plan | Award In 2019 | Relative TSR Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)			12,781
2015 Incentive Plan | Award In 2019 | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Total unvested restricted share awards (in shares)				25,562
Percentage of the RSUs awarded				200.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Volatility rate				25.50%
Risk-free interest rate				2.43%
Expected life				2 years 9 months 25 days
Share price (in dollars per share)			$ 58.06
Management | 2015 Incentive Plan | Award In 2019 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)			6,391
Tranche One | 2015 Incentive Plan | Award In 2019 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage			33.33%
Tranche Two | 2015 Incentive Plan | Award In 2019 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage			33.33%
Tranche Three | 2015 Incentive Plan | Award In 2019 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage			33.33%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Aug. 06, 2019	Jun. 30, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Mortgage loan amount		$ 694,890	$ 648,474
Mortgages payable - fixed
Subsequent Event [Line Items]
Mortgage loan amount		$ 371,951	$ 445,974
Mortgages payable - fixed | Subsequent Event
Subsequent Event [Line Items]
Mortgage loan amount	$ 59,900
Mortgage loan, fixed rate	3.88%

Uncategorized Items - iret63019

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (627,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (627,000)