Centerspace (CSR) 10-K 22 Feb 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 15, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
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	3100 10th Street SW
Entity Address, Address Line Two	Post Office Box 1988
Entity Address, Address Line Three
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 895,669,484
Entity Common Stock, Outstanding (in shares)		13,053,065
Entity Central Index Key	0000798359
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference	Documents Incorporated by Reference: Portions of Centerspace's definitive Proxy Statement for its 2021 Annual Meeting of Shareholders will be incorporated by reference into Part III (Items 10, 11, 12, 13 and 14) hereof.
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest, no par value
Trading Symbol	CSR
Security Exchange Name	NYSE
Series C Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series C Cumulative Redeemable Preferred Shares
Trading Symbol	CSR-PRC
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real estate investments
Property owned	$ 1,812,557	$ 1,643,078
Less accumulated depreciation	(399,249)	(349,122)
Real Estate Investment Property, Net, Total	1,413,308	1,293,956
Unimproved land	0	1,376
Mortgage loans receivable	24,661	16,140
Total real estate investments	1,437,969	1,311,472
Cash and cash equivalents	392	26,579
Restricted cash	6,918	19,538
Other assets	18,904	34,829
TOTAL ASSETS	1,464,183	1,392,418
LIABILITIES
Accounts payable and accrued expenses	55,609	47,155
Revolving lines of credit	152,871	50,079
Notes payable, net of unamortized loan costs of $754 and $942, respectively	269,246	269,058
Mortgages payable, net of unamortized loan costs of $1,371 and $1,712, respectively	297,074	329,664
TOTAL LIABILITIES	774,800	695,956
COMMITMENTS AND CONTINGENCIES (NOTE 14)
Investors Real Estate Trust shareholders’ equity
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 13,027,172 shares issued and outstanding at December 31, 2020 and 12,098,379 shares issued and outstanding at December 31, 2019)	968,263	917,400
Accumulated distributions in excess of net income	(427,681)	(390,196)
Accumulated other comprehensive income (loss)	(15,905)	(7,607)
Total shareholders’ equity	618,207	619,053
Noncontrolling interests – Operating Partnership (976,516 units at December 31, 2020 and 1,058,142 units at December 31, 2019)	53,930	55,284
Noncontrolling interests – consolidated real estate entities	686	5,565
TOTAL EQUITY	672,823	679,902
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	1,464,183	1,392,418
Series D Preferred Units
LIABILITIES
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 165,600 units issued and outstanding at December 31, 2020 and December 31, 2019, aggregate liquidation preference of $16,560,000)	16,560	16,560
Series C Preferred Shares Of Beneficial Interest
Investors Real Estate Trust shareholders’ equity
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 3,881,453 shares issued and outstanding at December 31, 2020, aggregate liquidation preference of $97,036,325 and 4,118,460 shares issued and outstanding at December 31, 2019, aggregate liquidation preference of $102,971,475)	$ 93,530	$ 99,456

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2018
EQUITY
Preferred units, shares outstanding (in shares)	3,881,453	4,100,000
Common stock issued (in shares)	13,027,172	12,098,379
Common shares outstanding (in shares)	13,027,172	12,098,379
Noncontrolling Interests Operating Partnership Units	976,516	1,058,142
Series C Preferred Stock
EQUITY
Preferred shares liquidation preference	$ 97,000,000	$ 103,000,000
Series D Preferred Units
EQUITY
Preferred units, par value (in dollars per share)	$ 100	$ 100
Preferred shares issued (in shares)	165,600	165,600
Preferred units, shares outstanding (in shares)	165,600	165,600
Preferred units, liquidation preference	$ 16,560,000	$ 16,560,000
Series C Preferred Shares Of Beneficial Interest
EQUITY
Preferred shares issued (in shares)	3,881,453	4,118,460
Preferred units, shares outstanding (in shares)		4,118,460	4,100,000
Preferred shares liquidation preference	$ 97,036,325	$ 102,971,475
Term loans
LIABILITIES
Unamortized loan costs	754,000	942,000
Mortgages payable
LIABILITIES
Unamortized loan costs	$ 1,371,000	$ 1,712,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2018
Income Statement [Abstract]
Total revenue	$ 121,871	$ 177,994	$ 185,755	$ 169,745
EXPENSES
Property operating expenses, excluding real estate taxes	37,198	51,625	57,249	54,292
Real estate taxes	13,521	21,533	21,066	18,742
Property management expense	3,663	5,801	6,186	5,526
Casualty loss	915	1,662	1,116	500
Depreciation and amortization	50,456	75,593	74,271	82,070
Impairment of real estate investments	1,221	0	0	18,065
General and administrative expenses	9,812	13,440	14,450	14,254
TOTAL EXPENSES	116,786	169,654	174,338	193,449
Operating income (loss)	5,085	8,340	11,417	(23,704)
Interest expense	(21,359)	(27,525)	(30,537)	(34,178)
Loss on extinguishment of debt	(556)	(23)	(2,360)	(940)
Interest and other income (loss)	1,233	(1,552)	2,092	1,508
Income (loss) before gain (loss) on sale of real estate and other investments, gain (loss) on litigation settlement, and income (loss) from discontinued operations	(15,597)	(20,760)	(19,388)	(57,314)
Gain (loss) on sale of real estate and other investments	9,707	25,503	97,624	20,120
Gain (loss) on litigation settlement	0	0	6,586	0
Income (loss) from continuing operations	(5,890)	4,743	84,822	(37,194)
Income (loss) from discontinued operations	570	0	0	164,823
NET INCOME (LOSS)	(5,320)	4,743	84,822	127,629
Dividends to preferred unitholders	0	(640)	(537)	0
Net (income) loss attributable to noncontrolling interests – Operating Partnership	1,032	212	(6,752)	(12,702)
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities	(110)	126	1,136	1,861
Net income (loss) attributable to controlling interests	(4,398)	4,441	78,669	116,788
Dividends to preferred shareholders	(4,547)	(6,528)	(6,821)	(8,569)
Redemption of preferred shares	0	297	0
Redemption of preferred shares				(3,657)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$ (8,945)	$ (1,790)	$ 71,848	$ 104,562
BASIC
Earnings (loss) per common share from continuing operations – basic (in dollars per share)	$ (0.79)	$ (0.15)	$ 6.06	$ (3.54)
Earnings (loss) per common share from discontinued operations – basic (in dollars per share)	0.04	0	0	12.25
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED (in dollars per share)	(0.75)	(0.15)	6.06	8.71
DILUTED
Earnings (loss) per common share from continued operations – diluted (in dollars per share)	(0.79)	(0.15)	6	(3.54)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	0.04	0	0	12.25
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED (in dollars per share)	$ (0.75)	$ (0.15)	$ 6	$ 8.71

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2018
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (5,320)	$ 4,743	$ 84,822	$ 127,629
Other comprehensive income:
Unrealized gain (loss) from derivative instrument	(2,794)	(11,068)	(7,040)	1,627
(Gain) loss on derivative instrument reclassified into earnings	159	2,770	289	152
Total comprehensive income (loss)	(7,955)	(3,555)	78,071	129,408
Net comprehensive (income) loss attributable to noncontrolling interests – Operating Partnership	1,032	882	(6,058)	(12,888)
Net comprehensive (income) loss attributable to noncontrolling interests – consolidated real estate entities	(110)	126	1,136	1,861
Comprehensive income (loss) attributable to controlling interests	$ (7,033)	$ (2,547)	$ 73,149	$ 118,381

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Preferred Shares	Preferred SharesCumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common StockCumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Distributions In Excess of Net Income	Accumulated Distributions In Excess of Net IncomeCumulative Effect, Period of Adoption, Adjustment	Accumulated Distributions In Excess of Net IncomeCumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Income	Accumulated Other Comprehensive IncomeCumulative Effect, Period of Adoption, Adjusted Balance	Nonredeemable Noncontrolling Interest	Nonredeemable Noncontrolling InterestCumulative Effect, Period of Adoption, Adjusted Balance	Series B Preferred Stock	Series B Preferred StockAccumulated Distributions In Excess of Net Income	Series C Preferred Stock	Series C Preferred StockAccumulated Distributions In Excess of Net Income
Beginning Balance at Apr. 30, 2017	$ 636,158			$ 111,357		$ 908,905		$ (466,541)			$ 0		$ 82,437
Beginning Balance (in shares) at Apr. 30, 2017						12,120
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to controlling interest and noncontrolling interests	128,370							116,788					11,582
Change in fair value of derivatives	1,779										1,779
Distributions - commons shares and units	(37,785)							(33,689)					(4,096)
Dividends to preferred shareholders	(8,569)														$ (4,571)	$ (4,571)	$ (3,999)	$ (3,999)
Shares issued and share-based compensation (in shares)						10
Share-based compensation, net of forfeitures	1,663					$ 1,663
Issuance of Series C preferred shares	99,456			99,456
Redemption of units for common shares (in shares)						3
Redemption of Units for common shares	0					$ 34							(34)
Redemption of Units for cash	(8,775)												(8,775)
Shares repurchased	(124,949)			(111,357)		$ (9,935)		(3,657)
Shares repurchased (in shares)						(178)
Contributions from nonredeemable noncontrolling interests – consolidated real estate entities	619												619
Other (in shares)						(2)
Other	(403)					$ (570)							167
Ending Balance at Apr. 30, 2018	687,563	$ 627	$ 688,190	99,456	$ 99,456	$ 900,097	$ 900,097	(395,669)	$ 627	$ (395,042)	1,779	$ 1,779	81,900	$ 81,900
Ending Balance (in shares) at Apr. 30, 2018						11,953	11,953
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to controlling interest and noncontrolling interests	(4,878)							(4,398)					(480)
Change in fair value of derivatives	(2,635)										(2,635)
Distributions - commons shares and units	(27,977)							(25,060)					(2,917)
Dividends to preferred shareholders	(4,547)																(4,548)	(4,548)
Shares issued and share-based compensation (in shares)						3
Share-based compensation, net of forfeitures	1,042					$ 1,042
Redemption of units for common shares (in shares)						33
Redemption of Units for common shares	0					$ 649							(649)
Redemption of Units for cash	(498)												(498)
Shares repurchased	(2,172)					$ (2,172)
Shares repurchased (in shares)						(42)
Acquisition of nonredeemable noncontrolling interests – consolidated real estate entities	(44)					$ (175)							131
Distributions to nonredeemable noncontrolling interests - consolidated real estate entities	(2,432)												(2,432)
Conversion to equity of notes receivable from nonredeemable noncontrolling interests – consolidated real estate entities	(392)												(392)
Other (in shares)						(5)
Other	(207)					$ (207)
Ending Balance at Dec. 31, 2018	643,449			99,456		$ 899,234		(429,048)			(856)		74,663
Ending Balance (in shares) at Dec. 31, 2018						11,942
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to controlling interest and noncontrolling interests	84,459							78,669					5,790
Change in fair value of derivatives	(6,751)										(6,751)
Distributions - commons shares and units	(36,410)							(32,996)					(3,414)
Dividends to preferred shareholders	(6,821)																(6,821)	(6,821)
Shares issued and share-based compensation (in shares)						11
Share-based compensation, net of forfeitures	1,905					$ 1,905
Stock Options, Issues						308
Sale of common shares, net	22,019					$ 22,019
Redemption of units for common shares (in shares)						173
Redemption of Units for common shares	0					$ 7,823							(7,823)
Redemption of Units for cash	(8,147)												(8,147)
Shares repurchased	(18,023)					$ (18,023)
Shares repurchased (in shares)						(329)
Acquisition of nonredeemable noncontrolling interests – consolidated real estate entities	4,529					$ 4,529
Distributions to nonredeemable noncontrolling interests - consolidated real estate entities	(220)												(220)
Other (in shares)						(7)
Other	(87)					$ (87)
Ending Balance at Dec. 31, 2019	679,902			99,456		$ 917,400		(390,196)			(7,607)		60,849
Ending Balance (in shares) at Dec. 31, 2019						12,098
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to controlling interest and noncontrolling interests	4,103							4,441					(338)
Change in fair value of derivatives	(8,298)										(8,298)
Distributions - commons shares and units	(38,537)							(35,695)					(2,842)
Dividends to preferred shareholders	(6,528)																$ (6,528)	$ (6,528)
Shares issued and share-based compensation (in shares)						20
Share-based compensation, net of forfeitures	2,106					$ 2,106
Stock Options, Issues						829
Sale of common shares, net	58,852					$ 58,852
Redemption of units for common shares (in shares)						81
Redemption of Units for common shares	0					$ (1,750)							1,750
Redemption of Units for cash	(50)												(50)
Shares repurchased	(5,629)			(5,926)				297
Acquisition of nonredeemable noncontrolling interests – consolidated real estate entities	(12,221)					$ (7,584)							(4,637)
Other (in shares)						(1)
Other	(877)					$ (761)							(116)
Ending Balance at Dec. 31, 2020	$ 672,823			$ 93,530		$ 968,263		$ (427,681)			$ (15,905)		$ 54,616
Ending Balance (in shares) at Dec. 31, 2020						13,027

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	8 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2018
Common stock, dividends declared (in usd per share)	$ 2.10	$ 2.80	$ 2.10	$ 2.80
Preferred Stock, dividends declared (in usd per share)		$ 1.65625	$ 1.2422
Series B Preferred Stock
Preferred Stock, dividends declared (in usd per share)				0.9938
Series C Preferred Stock
Preferred Stock, dividends declared (in usd per share)	$ 1.2422			$ 1.65625

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (5,320)	$ 4,743	$ 84,822		$ 127,629
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	51,394	76,596	75,408		83,276
Depreciation and amortization from discontinued operations	0	0	0		8,526
(Gain) loss on sale of real estate, land, other investments and discontinued operations	(10,277)	(25,503)	(97,624)		(183,687)
Realized (gain) loss on marketable securities	0	3,378	0		0
(Gain) loss on extinguishment of debt and discontinued operations	482	23	2,360		6,839
(Gain) loss on litigation settlement	0	0	(1,349)		0
Share-based compensation expense	845	2,106	1,905		1,587
Impairment of real estate investments	1,221	0	0	$ 1,200	18,065
Bad debt expense	592	2,332	1,050		1,423
Other, net	37	1,310	46		34
Changes in other assets and liabilities:
Other assets	(1,145)	(4,818)	1,076		(646)
Accounts payable and accrued expenses	2,205	1,061	1,930		(7,851)
Net cash provided (used) by operating activities	40,034	61,228	69,624		55,195
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from repayment of mortgage loans receivable	0	10,020	0		0
Proceeds from sale of marketable securities	0	3,856	0		0
Increase in mortgages and notes receivable	(918)	(24,862)	(6,279)		(15,480)
Purchase of marketable securities	0	(179)	(6,942)		0
Proceeds from sale of discontinued operations	0	0	0		426,131
Proceeds from sale of real estate and other investments	62,695	43,686	199,282		64,639
Payments for acquisitions of real estate assets	(977)	(168,696)	(158,466)		(374,081)
Payments for improvements of real estate assets	(11,518)	(30,315)	(20,954)		(17,980)
Other investing activities	1,889	1,525	366		(3,117)
Net cash provided (used) by investing activities	51,171	(164,965)	7,007		80,112
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from mortgages payable	0	0	59,900		0
Principal payments on mortgages payable	(67,016)	(33,422)	(177,743)		(205,159)
Proceeds from revolving lines of credit	53,017	155,028	245,397		370,350
Principal payments on revolving lines of credit	(119,517)	(52,235)	(252,818)		(303,400)
Proceeds from notes payable and other debt	74,352	0	124,878		72,714
Principal payments on notes payable and other debt	0	0	0		(21,689)
Payoff of financing liability	0	0	0		(7,900)
Proceeds from sale of common shares, net of issuance costs	0	58,852	22,019		0
Payments for acquisition of noncontrolling interests – consolidated real estate entities	0	(12,221)	(1,260)		0
Proceeds from sale of preferred shares	0	0	0		99,467
Repurchase of common shares	(2,172)	0	(18,023)		(9,935)
Repurchase of preferred shares	0	(5,629)	0		(115,017)
Repurchase of partnership units	(498)	(50)	(8,147)		(8,775)
Distributions paid to common shareholders	(16,724)	(35,045)	(32,891)		(33,689)
Distributions paid to preferred shareholders	(5,116)	(6,528)	(6,821)		(8,763)
Distributions paid to noncontrolling interests – Unitholders of the Operating Partnership	(1,959)	(2,900)	(3,630)		(4,096)
Distributions paid to noncontrolling interests – consolidated real estate entities	(2,432)	(116)	(220)		(99)
Distributions paid to preferred unitholders	0	(640)	(377)		0
Other financing activities	0	(164)	(34)		0
Net cash provided (used) by financing activities	(88,065)	64,930	(49,770)		(175,991)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	3,140	(38,807)	26,861		(40,684)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR	16,116	46,117	19,256
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR	19,256	7,310	46,117	19,256	16,116
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures	(329)	(1,420)	1,273		(3,415)
Property acquired through issuance of Series D preferred units	0	0	16,560		0
Real estate assets acquired through exchange of note receivable	0	17,663	0		0
Note receivable exchanged through real estate acquisition	0	(17,663)	0		0
Conversion to equity of notes receivable from noncontrolling interests - consolidated real estate entities	670	0	0		0
Construction debt reclassified to mortgages payable	0	0	0		23,300
Increase in mortgage notes receivable due to sale of real estate	0	0	0		10,329
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest, net of amounts capitalized of $0, $0, $0 and $431, respectively	24,135	26,051	28,679		35,758
Cash and cash equivalents	13,792	392	26,579	13,792	11,891
Restricted cash	5,464	6,918	19,538	5,464	4,225
Common Stock
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Distributions declared but not paid	$ 0	$ 9,802	$ 9,210	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2018
CASH FLOWS FROM FINANCING ACTIVITIES
Interest capitalized	$ 0	$ 0	$ 0	$ 431

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Investors Real Estate Trust doing business as Centerspace (“Centerspace,” “we,” “our,” or “us”) is a real estate investment trust (“REIT”) focused on the ownership, management, acquisition, redevelopment and development of apartment communities. As of December 31, 2020, we held for investment 67 apartment communities with 11,910 homes. We conduct a majority of our business activities through our consolidated operating partnership, Centerspace, LP, (the “Operating Partnership”), as well as through a number of other subsidiary entities. All references to Centerspace, we, or us refer to Centerspace and its consolidated subsidiaries.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The accompanying 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, effective as of January 1, 2019. As a result of this change, we filed a transition report on Form 10-KT for the eight-month transition period ended December 31, 2018, in accordance with SEC rules and regulations. The references in these notes to the consolidated financial statements to the terms listed below reflect the respective periods presented in the consolidated financial statements: Term Financial Reporting Period Year ended December 31, 2020 January 1, 2020 through December 31, 2020 Year ended December 31, 2019 January 1, 2019 through December 31, 2019 Transition period ended December 31, 2018 May 1, 2018 through December 31, 2018 Fiscal year ended April 30, 2018 May 1, 2017 through April 30, 2018 Our interest in the Operating Partnership as of December 31, 2020 and 2019 was 93.0% and 92.0%, respectively, of the limited partnership units of the Operating Partnership (“Units”), which includes 100% of the general partnership interest. The consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partner’s or controlling interest. These entities are consolidated into our other operations with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income, and expenses. SIGNIFICANT RISKS AND UNCERTAINTIES The COVID-19 pandemic is a source of significant risk and uncertainty that could have an adverse impact on our business. the COVID-19 pandemic has adversely impacted the global economy and financial markets, and multifamily residents and commercial tenants have experienced financial hardship or closure. The extent to which the COVID-19 pandemic could have an adverse effect on our financial condition, results of operations, and cash flows is uncertain and will depend on future developments. The COVID-19 pandemic has not had a material adverse impact on our financial condition, results of operations, and cash flows for the year ended December 31, 2020; however, we continue to monitor the impact on all aspects of our business and cannot predict the impact it may have on our financial condition, results of operations, and cash flows in the future. 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 GAAP accounting standards updates (“ASUs”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters 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; ASU 2019-11, Codification improvements to Topic 326, Financial Instruments - Credit Losses 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 elected the fair value option for all of our mortgages and notes receivable at January 1, 2020, as allowed by ASU 2019-05. As a result, we do not have any receivables or other financial instruments to which we are applying this standard. 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. The new standard did not have a material impact on our consolidated financial statements. ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. This ASU is optional and may be elected over time. We are currently evaluating the practical expedients and the impact they may have on our consolidated financial statements. ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entitiy's Own Equity This ASU simplifies accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies the diluted earnings per share calculation in certain areas and provide updated disclosure requirements. This ASU is effective for annual reporting periods beginning after December 31, 2021. Early adoption is permitted. We are currently evaluating the ASU and the impact it may have on our consolidated financial statements. RECLASSIFICATIONS Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. These reclassifications had no impact on net income as reported in the consolidated statement of operations, total assets, liabilities or equity as reported in the consolidated balance sheets and total shareholder’s equity. We report in discontinued operations the results of operations and the related gains or losses of properties that have either been disposed or classified as held for sale and for which the disposition represents a strategic shift that has or will have a major effect on our operations and financial results. REAL ESTATE INVESTMENTS Real estate investments are recorded at cost less accumulated depreciation and an adjustment for impairment, if any. Property, consisting primarily of real estate investments, totaled $1.4 billion and $1.3 billion as of December 31, 2020 and 2019, respectively. Upon acquisitions of real estate, we assess the fair value of acquired tangible assets (including land, buildings and personal property), which is determined by valuing the property as if it were vacant, and consider whether there were significant intangible assets acquired (for example, above- and below-market leases, the value of acquired in-place leases and resident relationships) and assumed liabilities, and allocate the purchase price based on these assessments. The as-if-vacant value is allocated to land, buildings, and personal property based on our determination of the relative fair values of these assets. The estimated fair value of the property is the amount that would be recoverable upon the disposition of the property. Techniques used to estimate fair value include discounted cash flow analysis and reference to recent sales of comparable properties. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property. Land value is assigned based on the purchase price if land is acquired separately or based on a relative fair value allocation if acquired in a portfolio acquisition. Other intangible assets acquired include amounts for in-place lease values that are based upon our evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include an estimate of carrying costs and foregone rental income during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. We also consider information about each property obtained during pre-acquisition due diligence, marketing, and leasing activities in estimating the relative fair value of the tangible and intangible assets acquired. Acquired above- and below-market lease values are recorded as the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. We use a 10-37 year estimated life for buildings and improvements and a 5-10 year estimated life for furniture, fixtures, and equipment. We follow the real estate project costs guidance in ASC 970, Real Estate – General, in accounting for the costs of development and redevelopment projects. As real estate is undergoing development or redevelopment, all project costs directly associated with and attributable to the development and construction of a project, including interest expense and real estate tax expense, are capitalized to the cost of the real property. The capitalization period begins when development activities and expenditures begin and are identifiable to a specific property and ends upon completion, which is when the asset is ready for its intended use. Generally, rental property is considered substantially complete upon issuance of a certificate of occupancy. General and administrative costs are expensed as incurred. Interest of approximately $4,000 was capitalized in continuing and discontinued operations for the fiscal year ended April 30, 2018. We did not capitalize interest during the years ended December 31, 2020 and 2019, or the transition period ended December 31, 2018. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five We periodically evaluate our long-lived assets, including real estate investments, for impairment indicators. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each property, and legal and environmental concerns. If indicators exist, we compare the expected future undiscounted cash flows for the property against the carrying amount of that property. If the sum of the estimated undiscounted cash flows is less than the carrying amount, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount. 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 physical occupancy, rental rates, and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. During the years ended December 31, 2020 and 2019, we did not incur a loss for impairment on real estate. During the transition period ended December 31, 2018, we incurred a loss of $1.2 million due to impairment of a parcel of land in Bismarck, North Dakota. The parcel was written-down to estimated fair value based on receipt of a market offer to purchase and our intent to dispose of the property. During the fiscal year ended April 30, 2018, we incurred a loss of $18.1 million due to impairment of one apartment community, three other commercial properties, and four 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 $256,000 and $709,000 on two parcels of land in Bismarck, North Dakota. These parcels were written down to estimated fair value based on independent appraisals and market data. CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS Effective May 1, 2017, we changed the estimated useful lives of our real estate assets to better reflect the estimated periods during which they would be of economic benefit. Generally, the estimated lives of buildings and improvements that previously were 20-40 years were decreased to 10-37 years, while those that were previously nine years were changed to 5-10 years. The effect of this change in estimate for the fiscal year ended April 30, 2018, was to increase depreciation expense by approximately $29.3 million, decrease net income by $29.3 million, and decrease earnings per share by $0.22. REAL ESTATE HELD FOR SALE Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. Our determination of fair value is based on inputs management believes are consistent with those that market participants would use. Estimates are significantly impacted by estimates of sales price, selling velocity, and other factors. Due to uncertainties in the estimation process, actual results could differ from such estimates. Depreciation is not recorded on assets classified as held for sale. We classify properties as held for sale when they meet the GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We generally consider these criteria met when the transaction has been approved by our Board of Trustees, there are no known significant contingencies related to the sale, and management believes it is probable that the sale will be completed within one year. We had no properties classified as held for sale at December 31, 2020 and 2019. 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 these standards, 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. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH Cash and cash equivalents include all cash and highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents consist of our bank deposits, short-term investment certificates acquired subject to repurchase agreements, and our deposits in a money market mutual fund. We are potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. As of December 31, 2020 restricted cash consisted of $5.0 million of real estate deposits for property acquisitions and $1.9 million in escrows held by lenders. As of December 31, 2019, restricted cash consisted primarily of net tax-deferred exchange proceeds remaining from a portion of our dispositions and escrows held by lenders. Escrows include funds deposited with a lender for payment of real estate taxes and insurance, and reserves to be used for replacement of structural elements and mechanical equipment at certain communities. The funds are under the control of the lender. Disbursements are made after supplying written documentation to the lender. 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 98.4% of our total revenues and includes gross market rent less adjustments for concessions, vacancy loss, and bad debt. Other property revenues represent the remaining 1.6% of our total revenues and are primarily driven by other fee income, which is typically recognized when earned, 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 fifteen Beginning in April 2020, we offered multifamily residents suffering from financial hardship related to the COVID-19 pandemic the option to apply for a rent deferral. We elected to account for these accommodations as though enforceable rights and obligations for the accommodations existed without evaluating if such a right or obligation existed under the lease agreement, as allowed by the FASB Q&A released on April 10, 2020 related to lease modification guidance under ASC 842. The accommodations were recognized as variable lease payments. As of December 31, 2020, approximately $99,600 remained outstanding under the rent deferral agreements offered to multifamily residents. We also abated rent, common area maintenance, and real estate taxes for commercial tenants that experienced government-mandated interruptions or closures of their businesses. The accommodations were recognized as variable lease payments, as allowed by the FASB Q&A released on April 10, 2020. During the year ended December 31, 2020, we recognized a reduction in revenue of $656,000 due to the abatement of amounts due from our commercial tenants. Many of our leases contain non-lease components for utility reimbursement from our residents. 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 December 31, 2020, was as follows: (in thousands) 2021 $ 2,216 2022 2,214 2023 2,208 2024 2,194 2025 2,166 Thereafter 2,373 Total scheduled lease income - operating leases $ 13,371 REVENUE 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. 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 the company expects to be entitled for those goods and services. Revenue streams that are included in ASU 2014-09 include: • Other property revenues: We recognize revenue for rental related income not included as a component of a lease, such as other 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. Any gain or loss on real estate dispositions is net of certain closing and other costs associated with the disposition. We concluded that the adoption of the new standard required a cumulative adjustment of $627,000 to the opening balance of retained earnings as of May 1, 2018, due to the sale of a group of properties in the prior fiscal year. The sale of properties was previously accounted for using the installment method. Under the installment method, we recorded a mortgage receivable net of the deferred gain on sale, which was to be recognized as payments were received. The gain on sale under the new revenue standard is recognized when control of the assets is transferred to the buyer. As a result of our adoption of the new standard, we recorded a cumulative adjustment to retained earnings and increased the mortgage receivable by $627,000 to recognize the previously deferred gain on sale. The following table presents the disaggregation of revenue streams of our rental income for the years ended December 31, 2020 and 2019, and the transition period ended December 31, 2018: (in thousands) Year ended December 31, Transition period ended Revenue Stream Applicable Standard 2020 2019 December 31, 2018 Fixed lease income - operating leases Leases $ 168,119 $ 176,706 $ 114,047 Variable lease income - operating leases Leases 7,068 5,586 3,528 Other property revenue Revenue from contracts with customers 2,807 3,463 4,296 Total revenue $ 177,994 $ 185,755 $ 121,871 INCOME TAXES We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding capital gains, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018 and the fiscal year ended April 30, 2018, we distributed in excess of 90% of our taxable income and realized capital gains from property dispositions within the prescribed time limits. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, we may be subject to certain state and local income and property taxes, and to federal income and excise taxes on undistributed taxable income. In general, however, if we qualify as a REIT, no provisions for federal income taxes are necessary except for taxes on undistributed REIT taxable income and taxes on the income generated by a taxable REIT subsidiary (TRS). We have one TRS, which is subject to corporate federal and state income taxes on its taxable income at regular statutory rates. There were no income tax provisions or material deferred income tax items for our TRS for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018. We conduct our business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through our Operating Partnership. UPREIT status allows us to accept the contribution of real estate in exchange for Units. Generally, such a contribution to a limited partnership allows for the deferral of gain by an owner of appreciated real estate. The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2020, December 31, 2019, and December 31, 2018: CALENDAR YEAR 2020 2019 2018 Tax status of distributions Capital gain 13.62 % 38.53 % 100.00 % Ordinary income 7.91 % 23.43 % — Return of capital 78.47 % 38.04 % — VARIABLE INTEREST ENTITY 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. OTHER ASSETS As of December 31, 2020 and 2019, other assets consisted of the following amounts: in thousands December 31, 2020 December 31, 2019 Receivable arising from straight line rents $ 336 $ 785 Accounts receivable, net of allowance 523 154 Real estate related loans receivable 6,332 16,557 Marketable securities — 7,055 Prepaid and other assets 5,702 4,866 Intangible assets, net of accumulated amortization 1,150 1,212 Property and equipment, net of accumulated depreciation 2,674 1,277 Goodwill 986 1,086 Deferred charges and leasing costs 1,201 1,837 Total Other Assets $ 18,904 $ 34,829 PROPERTY AND EQUIPMENT Property and equipment consists primarily of office equipment located at our corporate offices in Minot, North Dakota and in Minneapolis, Minnesota. The consolidated balance sheets reflects these assets at cost, net of accumulated depreciation, and are included within Other Assets. As of December 31, 2020 and 2019, property and equipment cost was $4.7 million and $2.9 million, respectively. Accumulated depreciation was $2.0 million and $1.7 million as of December 31, 2020 and 2019, respectively, and are included within other assets in the consolidated balance sheets. MORTGAGE LOANS RECEIVABLE AND NOTES RECEIVABLE I n March 2020, in connection with our acquisition of Ironwood, an apartment community in New Hope, Minnesota, we acquired a tax increment financing note receivable (“TIF”) with a principal balance of $6.6 million, which appears within Other Assets in our consolidated balance sheets. The note bears an interest rate of 4.5% with payments due in February and August of each year. I n December 2019, we originated a $29.9 million construction loan and a $15.3 million mezzanine loan for the development of a multifamily development located in Minneapolis, Minnesota. The construction and mezzanine loans bear interest at 4.5% and 11.5%, respectively. As of December 31, 2020 and 2019, we had funded $24.7 million and $6.2 million, respectively, of the construction loan, which appears within mortgages receivable in our consolidated balance sheets. The loans are secured by mortgages and mature on December 31, 2023, and the agreement provides us with an option to purchase the development. The loans represent an investment in an unconsolidated variable interest entity. We are not the primary beneficiary of the VIE as we do not have the power to direct the activities which most significantly impact the entity’s economic performance nor do we have significant influence over the entity. In August 2017, we sold 13 apartment communities in exchange for cash and an $11.0 million note secured by a mortgage on the assets. As of December 31, 2020, the note was paid in full. As of December 31, 2019 the remaining balance on the mortgage was $10.0 million. The note had an interest rate of 5.5%. Monthly payments were interest-only, with the principal balance payable at maturity. We received and recognized approximately $279,000, $570,000, $448,000, and $372,000 of interest income during the years ended December 31, 2020 and 2019, the transition period ended December 31, 2019, and the fiscal year ended April 30, 2018, respectively. In July 2017, we originated a $16.2 million loan in a multifamily development located in New Hope, Minnesota, a Minneapolis suburb. We funded an additional $341,000 upon satisfaction of certain conditions set forth in the loan agreement. The note had an interest rate of 6%. During the year ended December 31, 2020, we executed the purchase option for the apartment community (refer to Note 9 for details on acquisition). The note was paid in full as part of our acquisition of this apartment community. MARKETABLE SECURITIES Marketable securities consisted of equity securities. We report equity securities at fair value based on quoted market prices (Level 1 inputs). Any unrealized gains or losses are included in interest and other income (loss) on the consolidated statements of operations. As of December 31, 2020, we had no marketable securities. As of December 31, 2019, the cost basis of marketable securities was $6.9 million, the gross unrealized gain was $113,000, and the carrying value was $7.1 million. During the year ended December 31, 2020, we had a realized loss of $3.4 million arising from the disposal of such securities. GAIN ON LITIGATION SETTLEMENT During the year ended December 31, 2019, we recorded a gain on litigation settlement of $6.6 million from the settlement on a construction defect claim. The gain consisted of $5.2 million of cash received and $1.4 million of liabilities waived under the terms of the settlement.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2020
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 common shares outstanding during the period. We have issued restricted stock units (“RSUs”) and incentive stock options (“ISOs”) 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, ISOs, or upon conversion of the Series D preferred units (refer to Note 4 for further discussion of the preferred units). Other than the issuance of RSUs, ISOs, and Series D preferred units, we have no outstanding options, warrants, convertible stock, or other contractual obligations requiring issuance of additional common shares that would result in a 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. For the years ended December 31, 2020 and 2019, and the transition period ended December 31, 2018, performance-based restricted stock awards of 26,994, 37,822, and 25,300 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 shares for the periods presented and, therefore, were anti-dilutive. Refer to Note 16 - Share-Based Compensation for discussion of the terms for these awards. For the year ended December 31, 2020, Series D preferred units of 228,000 and time-based RSUs of 13,000 were excluded from the calculation of diluted earnings per shares because they were anti-dilutive because including these items would have improved earnings per share. For the year ended December 31, 2020, weighted average stock options of 86,000 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 common shares for the period and were, therefore, 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 consolidated financial statements for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018: (in thousands, except per share data) Year Ended December 31, Period Ended Fiscal Year Ended 2020 2019 December 31, 2018 April 30, 2018 NUMERATOR Income (loss) from continuing operations – controlling interests $ 4,441 $ 78,669 $ (4,908) $ (30,266) Income (loss) from discontinued operations – controlling interests — — 510 147,054 Net income (loss) attributable to controlling interests 4,441 78,669 (4,398) 116,788 Dividends to preferred shareholders (6,528) (6,821) (4,547) (8,569) Redemption of preferred shares 297 — — (3,657) Numerator for basic earnings per share – net income (loss) available to common shareholders (1,790) 71,848 (8,945) 104,562 Noncontrolling interests – Operating Partnership (212) 6,752 (1,032) 12,702 Dividends to preferred unitholders 640 537 — — Numerator for diluted earnings (loss) per share $ (1,362) $ 79,137 $ (9,977) $ 117,264 DENOMINATOR Denominator for basic earnings per share weighted average shares 12,564 11,744 11,937 11,998 Effect of redeemable operating partnership units 1,030 1,237 1,387 1,462 Effect of Series D preferred units — 193 — — Effect of diluted restricted stock awards and restricted stock units — 8 — — Denominator for diluted earnings per share 13,594 13,182 13,324 13,460 Earnings (loss) per common share from continuing operations – basic $ (0.15) $ 6.06 $ (0.79) $ (3.54) Earnings (loss) per common share from discontinued operations – basic — — 0.04 12.25 NET EARNINGS (LOSS) PER COMMON SHARE – BASIC $ (0.15) $ 6.06 $ (0.75) $ 8.71 Earnings (loss) per common share from continuing operations – diluted $ (0.15) $ 6.00 $ (0.79) $ (3.54) Earnings (loss) per common share from discontinued operations – diluted — — 0.04 12.25 NET EARNINGS (LOSS) PER COMMON SHARE – DILUTED $ (0.15) $ 6.00 $ (0.75) $ 8.71

EQUITY AND MEZZANINE EQUITY

EQUITY AND MEZZANINE EQUITY	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
EQUITY AND MEZZANINE EQUITY	EQUITY AND MEZZANINE EQUITY Operating Partnership Units. Outstanding Units in the Operating Partnership were 1.0 million Units at December 31, 2020 and 1.1 million Units at December 31, 2019. Exchange Rights. Pursuant to the exercise of Exchange Rights, we redeemed Units for cash during the years ended December 31, 2020 and 2019 as detailed in the table below. (in thousands, except per Unit amounts) Number of Aggregate Average Price Units Cost Per Unit Year Ended December 31, 2020 1 $ 50 $ 70.10 Year Ended December 31, 2019 136 $ 8,142 $ 60.02 We also redeemed Units in exchange for common shares during the years ended December 31, 2020 and 2019 as detailed in the table below. (in thousands) Number of Total Book Units Value Year Ended December 31, 2020 81 $ (1,750) Year Ended December 31, 2019 174 $ 7,823 Common Shares and Equity Awards . Common shares outstanding on December 31, 2020 and 2019, totaled 13.0 million and 12.1 million, respectively. During the years ended December 31, 2020 and 2019, we issued approximately 21,000 and 18,000 common shares, respectively, with a total grant-date value of $1.0 million and $1.1 million, respectively, under our 2015 Incentive Plan, as share-based compensation for employees and trustees. During the years ended December 31, 2020 and 2019, approximately 2,400 and 3,300 common shares were forfeited under the 2015 Incentive Plan, respectively. Equity Distribution Agreement. In November 2019, we entered into an equity distribution agreement in connection with an at-the-market offering ("2019 ATM Program") through which we may offer and sell common shares having an aggregate sales price of up to $150.0 million, in amounts and at times as we determine. The proceeds from the sale of common shares under the 2019 ATM Program are intended to be used for general corporate purposes, which may include the funding of future acquisitions, community renovations, and the repayment of indebtedness. As of December 31, 2020, we had common shares having an aggregate offering price of up to $68.5 million remaining available under the 2019 ATM Program. The table below provides details on the sale of common shares during the years ended December 31, 2020 and 2019. (in thousands, except per share amounts) Number of Common Shares Total Consideration (1) Average Price Per Share (1) Year ended December 31, 2020 829 $ 59,187 $ 71.39 Year ended December 31, 2019 308 $ 22,019 $ 72.29 (1) Total consideration is net of $901,000 and $310,000 in commissions for the years ended December 31, 2020 and 2019, respectively. Share Repurchase Program . On December 7, 2016, our Board of Trustees authorized a share repurchase program to repurchase up to $50 million of our common shares over a one year period. This program was reauthorized for two additional one year periods. On December 5, 2019, our Board of Trustees terminated this share repurchase program and authorized a new share purchase program to repurchase up to $50 million of our common or preferred shares over a one-year period. Under this new repurchase program, we could repurchase common or preferred 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. This program expired on December 5, 2020. Shares repurchased during the years ended December 31, 2020 and 2019 are detailed in the table below. (in thousands, except per share amounts) Number of Common Shares Number of Preferred Shares Aggregate Cost (1) Average Price Per Share (1) Year ended December 31, 2020 — 237 $ 5,629 $ 23.75 Year ended December 31, 2019 (2) 329 — $ 18,023 $ 54.69 (1) Amount includes commissions. (2) Repurchases during the year were under the prior repurchase program. Issuance of Series C Preferred Shares . In the fiscal year ended April 30, 2018, we issued 4.1 million shares of our 6.625% Series C Cumulative Redeemable Preferred Shares ("Series C preferred shares"). As of December 31, 2020 and 2019, we had 3.9 million and 4.1 million Series C preferred shares outstanding, respectively. The Series C preferred shares are nonvoting and redeemable for cash at $25.00 per share at our option on or 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 ($97.0 million and $103.0 million liquidation preference in the aggregate, as of December 31, 2020 and 2019, respectively). 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. Changes in the redemption value are charged to common shares on our consolidated balance sheets from period to period. The holders of the Series D preferred units do not have any voting rights. Distributions to Series D unitholders are presented in the consolidated statements of equity within net income (loss) attributable to controlling interests and noncontrolling interests. Redeemable Noncontrolling Interests (Mezzanine Equity). Redeemable noncontrolling interests on our consolidated balance sheets represent the noncontrolling interest in a joint venture 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. Redeemable noncontrolling interests are presented at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to common shares on our consolidated balance sheets. During the year ended December 31, 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. Activity of the redeemable noncontrolling interests is detailed in the table below. (in thousands) Year ended December 31, 2019 Balance at beginning of fiscal year $ 5,968 Contributions — Net (loss) income (174) Acquisition of redeemable noncontrolling interests (5,794) Balance at close of fiscal year $ —

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2020
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	NONCONTROLLING INTERESTS Interests in the Operating Partnership held by limited partners are represented by Units. The Operating Partnership’s income is allocated to holders of Units based upon the ratio of their holdings to the total Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the Operating Partnership’s Agreement of Limited Partnership. We reflect noncontrolling interests in consolidated real estate entities on the Balance Sheet for the portion of properties consolidated by us that are not wholly owned by us. The earnings or losses from these properties attributable to the noncontrolling interests are reflected as net income attributable to noncontrolling interests – consolidated real estate entities in the consolidated statements of operations. During the year ended December 31, 2020, we acquired the 47.4% noncontrolling interests in the real estate partnership that owns 71 France for $12.2 million. Our noncontrolling interests – consolidated real estate entities at December 31, 2020 and 2019 were as follows: (in thousands) December 31, 2020 December 31, 2019 IRET - 71 France, LLC $ — $ 4,817 IRET - Cypress Court Apartments, LLC 686 748 Noncontrolling interests – consolidated real estate entities $ 686 $ 5,565

DEBT

DEBT	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
DEBT	DEBT As of December 31, 2020, 47 of our apartment communities were not encumbered by mortgages, with 34 of those apartment communities providing credit support for our unsecured borrowings. Our primary unsecured credit facility (“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 and borrowing capacity of $250.0 million, based on the value of properties contained in the unencumbered asset pool (“UAP”). As of December 31, 2020, we had additional borrowing availability of $97.1 million beyond the $152.9 million drawn, including the balance on our operating line of credit (discussed below), priced at an interest rate of 2.85%, including the impact of our interest rate swap. This credit facility matures on August 31, 2022, with one 12-month option to extend the maturity date at our election. At December 31, 2019, the line of credit borrowing capacity was $250.0 million based on the UAP, of which $50.1 million was drawn on the line. Under our unsecured credit facility, we also have unsecured term loans of $70.0 million and $75.0 million, included within notes payable on the consolidated balance sheets, which mature on January 15, 2024 and August 31, 2025, respectively. The interest rates on the line of credit and term loans are based, at our option, on 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 unsecured credit facility and unsecured senior notes are subject to customary financial covenants and limitations. We believe that we are in compliance with all such financial covenants and limitations as of December 31, 2020. We have a private shelf agreement for the issuance of up to $150.0 million of unsecured senior promissory notes (“unsecured senior notes”). Under this agreement, we issued $75.0 million of Series A notes due September 13, 2029, bearing interest at a rate of 3.84% annually, and $50.0 million of Series B notes due September 30, 2028, bearing interest at a rate of 3.69% annually. We have $25.0 million remaining available under the private shelf agreement. As of December 31, 2020, we owned 20 apartment communities that served as collateral for mortgage loans. All of these mortgage loans were non-recourse to us other than for standard carve-out obligations. Interest rates on mortgage loans range from 3.47% to 5.73%, and the mortgage loans have varying maturity dates from June 1, 2021, through September 1, 2031. As of December 31, 2020, we believe there are no material defaults or instances of material noncompliance in regards to any of these mortgage loans. 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. The following table summarizes our indebtedness: (in thousands) December 31, 2020 December 31, 2019 Weighted Average Maturity in Years Lines of credit $ 152,871 $ 50,079 1.62 Term loans (1) 145,000 145,000 3.88 Unsecured senior notes (1) 125,000 125,000 8.33 Unsecured debt 422,871 320,079 4.38 Mortgages payable - fixed 298,445 331,376 5.23 Total debt $ 721,316 $ 651,455 4.73 Annual Weighted Average Interest Rates Lines of credit (rate with swap) 2.85 % 3.81 % Term loans (rate with swaps) 4.15 % 4.11 % Unsecured senior notes 3.78 % 3.78 % Mortgages payable 3.93 % 4.02 % Total debt 3.62 % 3.97 % (1) Included within notes payable on our consolidated balance sheets. The aggregate amount of required future principal payments on mortgages payable and notes payable as of December 31, 2020 is as follows: (in thousands) 2021 $ 25,665 2022 37,219 2023 45,068 2024 3,777 2025 102,505 Thereafter 354,211 Total payments $ 568,445

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 2020
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 rate interest on our term loans and a portion of our primary line of credit. The interest rate swap contracts qualify as cash flow hedges. The ineffective portion of a hedging instrument is not 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 payments are made on our term loan and line of credit. During the next 12 months, we estimate an additional $4.4 million will be reclassified as an increase to interest expense. At December 31, 2020, 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 fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of December 31, 2020 and 2019 is detailed below. (in thousands) December 31, 2020 December 31, 2019 Balance Sheet Location Fair Value Fair Value Total derivative instruments designated at hedging instruments - interest rate swaps Accounts Payable and Accrued Expenses $ 15,905 $ 7,607 The effect of the Company's derivative financial instruments on the consolidated statements of operations as of December 31, 2020, December 31, 2019, December 31, 2018, and April 30, 2018 is detailed below. (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 Year Ended December 31, Transition Period Ended December 31, Fiscal Year Ended April 30, Year Ended December 31, Transition Period Ended December 31, Fiscal Year Ended April 30, 2020 2019 2018 2018 2020 2019 2018 2018 Total derivatives in cash flow hedging relationships - interest rate swaps $ (11,068) $ (7,040) $ (2,794) $ 1,627 Interest expense $ (2,770) $ (289) $ (159) $ (152)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2020
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 Financial Accounting Standard Board 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 (in thousands) Total Level 1 Level 2 Level 3 December 31, 2020 Assets Mortgages and notes receivable $ 30,994 $ — $ — $ 30,994 Liabilities Derivative instruments - interest rate swaps $ 15,905 $ — $ — $ 15,905 December 31, 2019 Liabilities Derivative instruments - interest rate swaps $ 7,607 $ — $ — $ 7,607 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 consider both our own nonperformance risk and the counterparty’s nonperformance risk in the fair value measurement. Effective January 1, 2020, we elected the fair value option for our mortgage loans receivable and notes receivable, as allowed under ASU 2019-05 which provided transition relief upon adoption of ASU 2016-13, "Financial Instruments - Credit Losses." We utilize an income approach with level 3 inputs based on expected future cash flows to value these instruments. The inputs include market transactions for similar instruments, management estimates of comparable interest rates (range of 3.75% to 5.00%), and instrument specific credit risk (range of 0.5% to 1.0%). Changes in fair value of these receivables from period to period are reported in interest and other income on our consolidated statements of operations. (in thousands) Fair Value Measurement Other Gains (Losses) Interest Income Total Changes in Fair Value Included in Current Period Earnings Year ended December 31, 2020 $ 30,994 $ 12 $ 1,442 $ 1,454 Fair Value Measurements on a Nonrecurring Basis There were no non-financial assets measured at fair value on a nonrecurring basis at December 31, 2020 and 2019. Financial Assets and Liabilities Not Measured at Fair Value The fair value of mortgages payable and unsecured senior notes is 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 December 31, 2020 and 2019 are as follows: (in thousands) December 31, 2020 December 31, 2019 Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 392 $ 392 $ 26,579 $ 26,579 Restricted cash 6,918 6,918 19,538 19,538 Mortgage and note receivables (1) — — 32,810 32,810 FINANCIAL LIABILITIES Revolving lines of credit (2) 152,871 152,871 50,079 50,079 Term loans (2) 145,000 145,000 145,000 145,000 Unsecured senior notes 125,000 133,181 125,000 126,816 Mortgages payable 298,445 308,855 331,376 332,471 (1) As of January 1, 2020, we elected the fair value option, as allowed under ASU 2019-05. Fair value for these instruments is discussed within the Fair Value Measurements on a Recurring Basis section above. (2) Excluding the effect of the interest rate swap agreement.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS ACQUISITIONS We acquired $191.0 million and $171.4 million of new real estate during the years ended December 31, 2020 and 2019, respectively. Our acquisitions during the years ended December 31, 2020 and 2019 are detailed below. Year Ended December 31, 2020 (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Other (1) Land Building Assets Other (2) 182 homes - Ironwood Apartments - New Hope, MN March 5, 2020 $ 46,263 $ 28,600 $ 17,663 $ 2,165 $ 36,869 $ 824 $ 6,405 465 homes - Parkhouse Apartments - Thornton, CO September 22, 2020 144,750 144,750 — 10,474 132,105 2,171 — Total Acquisitions $ 191,013 $ 173,350 $ 17,663 $ 12,639 $ 168,974 $ 2,995 $ 6,405 (1) Payoff of note receivable and accrued interest by seller at closing. (2) Consists of TIF note acquired. Refer to Note 2 for further discussion. Year Ended December 31, 2019 (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Units (1) Land Building Assets Multifamily 272 homes - SouthFork Townhomes - Lakeville, MN February 26, 2019 $ 44,000 $ 27,440 $ 16,560 $ 3,502 $ 39,950 $ 548 96 homes - FreightYard Townhomes and Flats - Minneapolis, MN September 6, 2019 26,000 26,000 — 1,889 23,615 496 328 homes - Lugano at Cherry Creek - Denver, CO (3) September 26, 2019 99,250 99,250 — 7,679 89,365 1,781 $ 169,250 $ 152,690 $ 16,560 $ 13,070 $ 152,930 $ 2,825 Other Minot 3100 10th St SW - Minot, ND (2) May 23, 2019 $ 2,112 $ 2,112 — $ 246 $ 1,866 — Total Acquisitions $ 171.362 $ 154,802 $ 16,560 $ 13,316 $ 154,796 $ 2,825 (1) Value of Series D preferred units at the acquisition date. (2) Acquired for use as our Minot corporate office building after renovations have been completed. (3) Investment allocation excludes a $425 acquisition credit related to retail space lease-up. DISPOSITIONS During the year ended December 31, 2020, we continued our portfolio transformation by disposing of four apartment communities, one commercial property and one parcel of unimproved land for a total sales price of $44.3 million. The dispositions for the years ended December 31, 2020 and 2019 are detailed below. Year Ended December 31, 2020 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 268 homes - Forest Park - Grand Forks, ND August 18, 2020 $ 19,625 $ 6,884 $ 12,741 90 homes - Landmark - Grand Forks, ND August 18, 2020 3,725 1,348 2,377 164 homes - Southwind - Grand Forks, ND August 18, 2020 10,850 4,573 6,277 168 homes - Valley Park - Grand Forks, ND August 18, 2020 8,300 4,059 4,241 $ 42,500 $ 16,864 $ 25,636 Other Dakota West August 7, 2020 $ 500 $ 474 $ 26 Unimproved Land Rapid City Land - Rapid City, SD June 29, 2020 $ 1,300 $ 1,490 $ (190) Total Dispositions $ 44,300 $ 18,828 $ 25,472 Year Ended December 31, 2019 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 21 homes - Pinehurst - Billings, MT July 26, 2019 $ 1,675 $ 961 $ 714 160 homes - Brookfield Village - Topeka, KS September 24, 2019 10,350 5,853 4,497 220 homes - Crown Colony - Topeka, KS September 24, 2019 17,200 7,876 9,324 54 homes - Mariposa - Topeka, KS September 24, 2019 6,100 4,290 1,810 300 homes - Sherwood - Topeka, KS September 24, 2019 26,150 11,536 14,614 308 homes - Villa West - Topeka, KS September 24, 2019 22,950 15,165 7,785 152 homes - Crestview - Bismarck, ND October 29, 2019 8,250 2,681 5,569 73 homes - North Pointe - Bismarck, ND October 29, 2019 5,225 3,179 2,046 108 homes - Kirkwood - Bismarck, ND October 29, 2019 5,400 2,518 2,882 65 homes - Westwood Park - Bismarck, ND October 29, 2019 4,250 1,931 2,319 16 homes - Pebble Springs - Bismarck, ND October 29, 2019 875 573 302 192 homes - Arbors - Sioux City, IA December 11, 2019 16,200 6,110 10,090 120 homes - Indian Hills - Sioux City, IA December 11, 2019 8,100 5,302 2,798 132 homes - Ridge Oaks - Sioux City, IA December 11, 2019 7,700 4,006 3,694 50 homes - Cottage West - Sioux Falls, SD December 12, 2019 6,991 4,391 2,600 24 homes - Gables - Sioux Falls, SD December 12, 2019 2,515 2,052 463 79 homes - Oakmont - Sioux Falls, SD December 12, 2019 7,010 3,917 3,093 160 homes - Oakwood - Sioux Falls, SD December 12, 2019 12,090 3,056 9,034 120 homes - Oxbow Park - Sioux Falls, SD December 12, 2019 10,452 2,713 7,739 48 homes - Prairie Winds - Sioux Falls, SD December 12, 2019 3,763 1,112 2,651 44 homes - Sierra Vista - Sioux Falls, SD December 12, 2019 3,178 2,292 886 $ 186,424 $ 91,514 $ 94,910 Other Minot 1400 31st Ave SW - Minot, ND May 23, 2019 $ 6,530 $ 6,048 $ 482 Woodbury 1865 Woodland - Woodbury, MN November 1, 2019 5,765 4,079 1,686 $ 12,295 $ 10,127 $ 2,168 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 Weston - Weston, WI July 31, 2019 600 427 173 $ 4,374 $ 4,225 $ 149 Total Dispositions $ 203,093 $ 105,866 $ 97,227

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2020
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 determined that our strategic decision to exit our healthcare segment met the criteria for discontinued operations, and we consequently classified 27 property dispositions as discontinued operations during the fiscal year ended April 30, 2018. We classified no dispositions as discontinued operations during the years ended December 31, 2020 and 2019, and the transition period ended December 31, 2018. We had no gains or losses from the sale of properties classified as discontinued operations for the years ended December 31, 2020 and 2019. The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the transition period ended December 31, 2018 and the fiscal year ended April 30, 2018. (in thousands) Transition Period Ended Fiscal Year Ended December 31, 2018 April 30, 2018 REVENUE Real estate rentals $ — $ 19,744 Tenant reimbursement — 11,650 TOTAL REVENUE — 31,394 EXPENSES Property operating expenses, excluding real estate taxes — 6,350 Real estate taxes — 5,191 Property management expense — 206 Depreciation and amortization — 8,445 TOTAL EXPENSES — 20,192 Operating income (loss) — 11,202 Interest expense (1) — (4,172) Gain (loss) on extinguishment of debt (1) — (6,508) Interest income — 661 Other income — 73 Income (loss) from discontinued operations before gain on sale — 1,256 Gain (loss) on sale of discontinued operations 570 163,567 INCOME (LOSS) FROM DISCONTINUED OPERATIONS $ 570 $ 164,823 Segment Data All other $ 570 $ 164,823 Total $ 570 $ 164,823 (in thousands) Transition Period Ended Fiscal Year Ended December 31, 2018 April 30, 2018 Property Sale Data Sales price $ — $ 437,652 Net book value and sales costs — (274,085) Gain on sale of discontinued operations $ — $ 163,567

SEGMENTS

SEGMENTS	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS 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. “All other” is composed of non-multifamily properties, non-multifamily components of mixed use properties, and properties disposed or designated as held for sale. Prior to the third quarter of fiscal year 2018, we reported our results in two reportable segments: multifamily and healthcare. We sold substantially all of our healthcare portfolio during the third quarter of fiscal year 2018 and classified it as discontinued operations, at which point healthcare no longer met the quantitative thresholds for reporting as a separate 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, 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 years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018 from our reportable segment and reconcile net operating income to net income as reported in the consolidated financial statements. Segment assets are also reconciled to total assets as reported in the consolidated financial statements. (in thousands) Year ended December 31, 2020 Multifamily All Other Total Revenue $ 171,231 $ 6,763 $ 177,994 Property operating expenses, including real estate taxes 70,044 3,114 73,158 Net operating income $ 101,187 $ 3,649 $ 104,836 Property management expenses (5,801) Casualty loss (1,662) Depreciation and amortization (75,593) General and administrative expenses (13,440) Interest expense (27,525) Loss on debt extinguishment (23) Interest and other income (loss) (1,552) Income (loss) before gain (loss) on sale of real estate and other investments (20,760) Gain (loss) on sale of real estate and other investments 25,503 Net income (loss) $ 4,743 (in thousands) Year ended December 31, 2019 Multifamily All Other Total Revenue $ 155,635 $ 30,120 $ 185,755 Property operating expenses, including real estate taxes 63,909 14,406 78,315 Net operating income $ 91,726 $ 15,714 $ 107,440 Property management expenses (6,186) Casualty loss (1,116) Depreciation and amortization (74,271) General and administrative expenses (14,450) Interest expense (30,537) Loss on debt extinguishment (2,360) Interest and other income 2,092 Income (loss) before gain on sale of real estate and other investments and gain (loss) on litigation settlement (19,388) Gain (loss) on sale of real estate and other investments 97,624 Gain (loss) on litigation settlement 6,586 Net income (loss) $ 84,822 (in thousands) Transition period ended December 31, 2018 Multifamily All Other Total Revenue $ 96,234 $ 25,637 $ 121,871 Property operating expenses, including real estate taxes 39,360 11,359 50,719 Net operating income $ 56,874 $ 14,278 $ 71,152 Property management expenses (3,663) Casualty loss (915) Depreciation and amortization (50,456) Impairment of real estate investments (1,221) General and administrative expenses (9,812) Interest expense (21,359) Loss on debt extinguishment (556) Interest and other income 1,233 Income (loss) before gain on sale of real estate and other investments (15,597) Gain (loss) on sale of real estate and other investments 9,707 Income (loss) from continuing operations (5,890) Income (loss) from discontinued operations 570 Net income (loss) $ (5,320) (in thousands) Fiscal Year ended April 30, 2018 Multifamily (1) All Other (1) Total Revenue $ 159,983 $ 9,762 $ 169,745 Property operating expenses, including real estate taxes 70,460 2,574 73,034 Net operating income $ 89,523 $ 7,188 $ 96,711 Property management expenses (5,526) Casualty loss (500) Depreciation and amortization (82,070) Impairment of real estate investments (18,065) General and administrative expenses (14,203) Acquisition and investment related costs (51) Interest expense (34,178) Loss on debt extinguishment (940) Interest and other income 1,508 Income (loss) before loss on sale of real estate and other investments and income (loss) from discontinued operations (57,314) Gain (loss) on sale of real estate and other investments 20,120 Income (loss) from continuing operations (37,194) Income (loss) from discontinued operations 164,823 Net income (loss) $ 127,629 (1) Revenue, property operating expenses, including real estate taxes, and net operating income for the year ended April 30, 2018 have not been updated for properties sold during the years ended December 31, 2020 and 2019. Segment Assets and Accumulated Depreciation (in thousands) As of December 31, 2020 Multifamily All Other Total Segment assets Property owned $ 1,779,378 $ 33,179 $ 1,812,557 Less accumulated depreciation (387,989) (11,260) (399,249) Total property owned $ 1,391,389 $ 21,919 $ 1,413,308 Cash and cash equivalents 392 Restricted cash 6,918 Other assets 18,904 Mortgage loans receivable 24,661 Total Assets $ 1,464,183 (in thousands) As of December 31, 2019 Multifamily All Other Total Segment assets Property owned $ 1,572,529 $ 70,549 $ 1,643,078 Less accumulated depreciation (319,318) (29,804) (349,122) Total property owned $ 1,253,211 $ 40,745 $ 1,293,956 Cash and cash equivalents 26,579 Restricted cash 19,538 Other assets 34,829 Unimproved land 1,376 Mortgage loans receivable 16,140 Total Assets $ 1,392,418

RETIREMENT PLANS

RETIREMENT PLANS	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
RETIREMENT PLANS	RETIREMENT PLANS  We sponsor a defined contribution 401(k) plan to provide retirement benefits for employees that meet minimum employment criteria. We currently match, dollar for dollar, employee contributions to the 401(k) plan in an amount equal to up to 5.0% of the eligible wages of each participating employee. 401(k) matching contributions are fully vested when made. We recognized expense of approximately $875,000, $738,000, $476,000, and $838,000 in the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018, respectively.

TRANSACTIONS WITH RELATED PARTI

TRANSACTIONS WITH RELATED PARTIES	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
TRANSACTIONS WITH RELATED PARTIES	TRANSACTIONS WITH RELATED PARTIES Transactions with BMO Capital Markets We have an historical and ongoing relationship with BMO Capital Markets (“BMO”). On July 17, 2017, we engaged BMO to provide financial advisory services in connection with the proposed disposition of our healthcare property portfolio. A family member of Mark O. Decker, Jr., our President and Chief Executive Officer, is an employee of BMO and could have an indirect material interest in any such engagement and related transaction(s). The Board pre-approved the engagement of BMO. During the fiscal year ended April 30, 2018, we completed the disposition of 27 of our 28 healthcare properties and paid BMO a transaction fee of $1.8 million in connection with this engagement.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings . We are involved in various lawsuits arising in the normal course of business. We believe that such matters will not have a material adverse effect on our consolidated financial statements. Environmental Matters . It is generally our policy to obtain a Phase I environmental assessment of each property that we seek to acquire. Such assessments have not revealed, nor are we aware of, any environmental liabilities that we believe would have a material adverse effect on our financial position or results of operations. We own properties that contain or potentially contain (based on the age of the property) asbestos or lead. For certain of these properties, we estimated the fair value of the conditional asset retirement obligation and chose not to book a liability because the amounts involved were immaterial. With respect to certain other properties, we have not recorded any related asset retirement obligation as the fair value of the liability cannot be reasonably estimated due to insufficient information. We believe we do not have sufficient information to estimate the fair value of the asset retirement obligations for these properties because a settlement date or range of potential settlement dates has not been specified by others and, additionally, there are currently no plans or expectation of plans to demolish these properties or to undertake major renovations that would require removal of the asbestos, lead and/or underground storage tanks. These properties are expected to be maintained by repairs and maintenance activities that would not involve the removal of the asbestos, lead and/or underground storage tanks. Also, a need for renovations caused by resident changes, technology changes or other factors has not been identified. Insurance. We carry insurance coverage on our properties in amounts and types that we believe are customarily obtained by owners of similar properties and are sufficient to achieve our risk management objectives. Restrictions on Taxable Dispositions. Twenty of our apartment communities, consisting of approximately 4,032 homes, are subject to restrictions on taxable dispositions under agreements entered into with some of the sellers or contributors of the properties and are effective for varying periods. We do not believe that the agreements materially affect the conduct of our business or our decisions whether to dispose of restricted properties during the restriction period because we generally hold these and our other properties for investment purposes rather than for sale. Where we deem it to be in our shareholders’ best interests to dispose of such properties, we generally seek to structure sales of such properties as tax deferred transactions under Section 1031 of the Internal Revenue Code. Otherwise, we may be required to provide tax indemnification payments to the parties to these agreements. ten

QUARTERLY RESULTS OF CONSOLIDAT

QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited)	12 Months Ended
	Dec. 31, 2020
Selected Quarterly Financial Information [Abstract]
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited)	QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) (in thousands, except per share data) QUARTER ENDED March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Revenues $ 44,406 $ 43,910 $ 44,138 $ 45,540 Net income (loss) attributable to controlling interests $ (7,007) $ (3,803) $ 19,629 $ (4,378) Net income (loss) available to common shareholders $ (8,439) $ (5,387) $ 18,021 $ (5,985) Net income (loss) per common share - basic $ (0.69) $ (0.44) $ 1.40 $ (0.46) Net income (loss) per common share - diluted $ (0.67) $ (0.44) $ 1.38 $ (0.46) (in thousands, except per share data) QUARTER ENDED March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 45,608 $ 46,934 $ 47,436 $ 45,777 Net income (loss) attributable to controlling interests $ (4,698) $ 3,113 $ 31,596 $ 48,658 Net income (loss) available to common shareholders $ (6,403) $ 1,407 $ 29,891 $ 46,953 Net income (loss) per common share - basic $ (0.54) $ 0.11 $ 2.57 $ 3.95 Net income (loss) per common share - diluted $ (0.54) $ 0.11 $ 2.54 $ 3.89 The above financial information is unaudited. In the opinion of management, all adjustments (which are of a normal recurring nature) have been included for a fair presentation.

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [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, as amended and restated on May 19, 2020 which allows for awards in the form of cash, unrestricted, and restricted common shares, stock options, stock appreciation rights, 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 program may vary from year to year. Through December 31, 2020, awards under the 2015 Incentive Plan consisted of restricted and unrestricted common shares, RSUs, and stock options. We account for forfeitures of restricted and unrestricted common shares and RSUs when they occur instead of estimating the forfeitures. Year Ended December 31, 2020 LTIP Awards Awards granted to trustees on May 19, 2020 consisted of 8,272 RSUs, which vest on May 19, 2021. All of these awards are classified as equity awards. We recognize compensation expense associated with the time-based awards ratably over the requisite service period. The fair value of share awards at grant date for non-employee trustees was approximately $533,000, $505,000, $348,000, and $389,000 for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018, respectively. Awards granted to employees on March 13, 2020, consist of an aggregate of 8,806 time-based RSU awards. The time-based RSUs vest as to one-third of the shares on each of March 13, 2021, March 13, 2022, and March 13, 2023. Awards granted to employees on August 12, 2020 consist of 480 time-based RSUs, which vest on August 12, 2021. Awards granted to employees on November 19, 2020 and November 30, 2020 consist of 281 and 142 time-based RSUs, respectively. These awards vest as to 50% on each the first and second anniversary of the grant date. These awards are classified as equity awards. Awards granted to employees on May 21, 2020, consist of 141,000 stock options which vest as to 25% on each of May 21, 2021, January 1, 2022, January 1, 2023 and January 1, 2024 and expire 10 years after grant date. The fair value of stock options was $7.255 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Exercise price $ 66.36 Risk-free rate 0.978 % Expected term 6.25 years Expected volatility 21.08 % Dividend Yield 3.974 % Share-Based Compensation Expense Total share-based compensation expense recognized in the consolidated financial statements for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018, for all share-based awards was as follows: (in thousands) Year Ended December 31, Transition Period Ended Fiscal Year Ended April 30, 2020 2019 December 31, 2018 2018 Share based compensation expense $ 2,106 $ 1,905 $ 845 $ 1,587 Restricted Share Awards The total fair value of time-based share grants vested during the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018 was $136,000, $310,000, $147,000, and $1.1 million, respectively. The activity for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018, related to our restricted share awards was as follows: Awards with Service Conditions Wtd Avg Grant- Shares Date Fair Value Unvested at April 30, 2017 19,511 Granted 9,136 $ 57.55 Vested (18,545) $ 59.89 Forfeited (202) $ 62.40 Unvested at April 30, 2018 9,900 Granted — Vested (2,709) $ 63.21 Forfeited — Unvested at December 31, 2018 7,191 Granted — Vested (4,999) $ 61.06 Forfeited — Unvested at December 31, 2019 2,192 59.20 Granted — Vested (2,192) $ 59.20 Forfeited — Unvested at December 31, 2020 — Restricted Stock Units During the year ended December 31, 2020, we issued 9,709 time-based RSUs to employees and 8,272 to trustees. The RSUs to employees generally vest over a three-year period and the RSUs to trustees generally vest over a one-year period. The fair value of the time-based RSUs granted during the year ended December 31, 2020 was $1,227,000. The total compensation cost related to non-vested time-based RSUs not yet recognized is $644,000, which we expect to recognize over a weighted average period of 1.4 years. The unamortized value of awards and RSUs with market conditions as of December 31, 2020, December 31, 2019, December 31, 2018, and April 30 2018, was approximately $487,000, $1.3 million, $1.1 million, and $448,000 respectively. The activity for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018, related to our RSUs was as follows: RSUs with Service Conditions RSUs with Market Conditions Wtd Avg Grant- Wtd Avg Grant- Shares Date Fair Value Shares Date Fair Value Unvested at April 30, 2017 — — — — Granted 6,994 $ 60.54 11,538 $ 70.90 Vested (207) $ 50.30 — — Forfeited — — — — Unvested at April 30, 2018 6,787 $ 60.85 11,538 $ 70.90 Granted 14,878 $ 53.60 15,461 $ 57.70 Vested (2,943) $ 60.83 — — Forfeited (462) $ 53.60 (1,680) $ 70.90 Unvested at December 31, 2018 18,260 $ 55.13 25,319 $ 62.84 Granted 16,084 $ 59.76 12,978 $ 79.49 Vested (11,633) $ 55.35 — — Forfeited (365) $ 51.73 (475) $ 57.70 Unvested at December 31, 2019 22,346 $ 58.41 37,822 $ 68.62 Granted 17,981 $ 68.25 — $ — Vested (14,991) $ 59.10 (13,357) $ 74.68 Change in awards (1) — — 4,436 — Forfeited (508) $ 62.99 (1,907) $ 63.92 Unvested at December 31, 2020 24,828 $ 65.03 26,994 $ 67.87 (1) Represents the change in the number of restricted stock units earned at the end of the measurement period. Stock Options During the year ended December 31, 2020, we issued 141,000 stock options to employees. The stock options vest over a four The stock option activity for the year ended December 31, 2020 was as follows: Number of Shares Weighted Average Exercise Price Outstanding at beginning of year — — Granted 141,000 $ 66.36 Exercised — — Forfeited (1,952) $ 66.36 Outstanding at end of year 139,048 $ 66.36 Exercisable at end of year — — The intrinsic value of a stock option represents the amount by which the current price of the underlying stock exceeds the exercise price of the option. As of December 31, 2020, stock options outstanding had an aggregate intrinsic value of $595,000 with a weighted average remaining contractual term of 9.39 years.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On January 6, 2021, we acquired Union Pointe Apartment Homes, a 256 home apartment community located in Longmont, Colorado, for an aggregate purchase price of $76.9 million. On January 6, 2021, we also issued $50.0 million of 2.7% unsecured Series C notes due on June 6, 2030. In concert with the issuance, we amended and expanded our Note Purchase Private Shelf Agreement (the “Agreement”) with Prudential to increase the aggregate amount available under the agreement from $150.0 million to $225.0 million. After the close of the Series C Notes, we have $175.0 million outstanding with an additional $50.0 million of capacity remaining under the Agreement.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Gross amount at which carried at Life on which Initial Cost to Company close of period depreciation in Costs capitalized Date of latest income Buildings & subsequent to Buildings & Accumulated Construction statement is Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition computed Same-Store 71 France - Edina, MN $ 53,324 $ 4,721 $ 61,762 $ 446 $ 4,801 $ 62,128 $ 66,929 $ (14,312) 2016 30-37 years Alps Park - Rapid City, SD — 287 5,551 425 336 5,927 6,263 (1,589) 2013 30-37 years Arcata - Golden Valley, MN — 2,088 31,036 356 2,128 31,352 33,480 (8,600) 2015 30-37 years Ashland - Grand Forks, ND 4,866 741 7,569 346 823 7,833 8,656 (2,323) 2012 30-37 years Avalon Cove - Rochester, MN — 1,616 34,074 646 1,808 34,528 36,336 (5,927) 2016 30-37 years Boulder Court - Eagan, MN — 1,067 5,498 3,305 1,576 8,294 9,870 (4,429) 2003 30-37 years Canyon Lake - Rapid City, SD 2,508 305 3,958 2,266 420 6,109 6,529 (3,208) 2001 30-37 years Cardinal Point - Grand Forks, ND — 1,600 33,400 288 1,727 33,561 35,288 (2,971) 2013 30-37 years Cascade Shores - Rochester, MN 11,400 1,585 16,710 149 1,587 16,857 18,444 (2,967) 2016 30-37 years Castlerock - Billings, MT — 736 4,864 2,538 1,045 7,093 8,138 (4,549) 1998 30-37 years Chateau - Minot, ND — 301 20,058 1,094 326 21,127 21,453 (6,119) 2013 30-37 years Cimarron Hills - Omaha, NE 8,700 706 9,588 5,214 1,639 13,869 15,508 (7,858) 2001 30-37 years Colonial Villa - Burnsville, MN — 2,401 11,515 15,595 3,206 26,305 29,511 (12,940) 2003 30-37 years Colony - Lincoln, NE 11,610 1,515 15,730 3,131 1,817 18,559 20,376 (5,412) 2012 30-37 years Commons and Landing at Southgate - Minot, ND — 5,945 47,512 2,059 6,424 49,092 55,516 (14,012) 2015 30-37 years Cottonwood - Bismarck, ND — 1,056 17,372 6,053 1,962 22,519 24,481 (12,455) 1997 30-37 years Country Meadows - Billings, MT — 491 7,809 1,845 599 9,546 10,145 (5,858) 1995 30-37 years Crystal Bay - Rochester, MN — 433 11,425 360 479 11,739 12,218 (1,984) 2016 30-37 years Cypress Court - St. Cloud, MN 11,641 1,583 18,879 474 1,625 19,311 20,936 (5,409) 2012 30-37 years Deer Ridge - Jamestown, ND — 711 24,129 322 785 24,377 25,162 (6,224) 2013 30-37 years Dylan - Denver, CO — 12,155 77,215 1,030 12,241 78,159 90,400 (8,205) 2018 30 years Evergreen - Isanti, MN — 1,129 5,524 569 1,159 6,063 7,222 (2,041) 2008 30-37 years French Creek - Rochester, MN — 201 4,735 256 212 4,980 5,192 (809) 2016 30-37 years Gardens - Grand Forks, ND — 518 8,702 132 535 8,817 9,352 (1,759) 2015 30-37 years Grand Gateway - St. Cloud, MN — 814 7,086 2,064 970 8,994 9,964 (3,480) 2012 30-37 years GrandeVille at Cascade Lake - Rochester, MN 36,000 5,003 50,363 2,089 5,188 52,267 57,455 (10,304) 2015 30-37 years Greenfield - Omaha, NE — 578 4,122 2,652 876 6,476 7,352 (2,425) 2007 30-37 years Heritage Manor - Rochester, MN — 403 6,968 3,741 790 10,322 11,112 (6,243) 1998 30-37 years Homestead Garden - Rapid City, SD — 655 14,139 540 792 14,542 15,334 (3,427) 2015 30-37 years Lakeside Village - Lincoln, NE 11,489 1,215 15,837 1,850 1,476 17,426 18,902 (5,230) 2012 30-37 years Legacy - Grand Forks, ND 13,072 1,362 21,727 11,044 2,474 31,659 34,133 (18,730) 1995-2005 30-37 years Legacy Heights - Bismarck, ND — 1,207 13,742 257 1,142 14,064 15,206 (2,604) 2015 30-37 years Meadows - Jamestown, ND — 590 4,519 2,087 730 6,466 7,196 (3,788) 1998 30-37 years Monticello Crossings - Monticello, MN — 1,734 30,136 376 1,951 30,295 32,246 (5,407) 2017 30-37 years Monticello Village - Monticello, MN — 490 3,756 1,234 655 4,825 5,480 (2,434) 2004 30-37 years CENTERSPACE AND SUBSIDIARIES December 31, 2020 Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Gross amount at which carried at Life on which Initial Cost to Company close of period depreciation in Costs capitalized Date of latest income Buildings & subsequent to Buildings & Accumulated Construction statement is Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition computed Northridge - Bismarck, ND $ — $ 884 $ 7,515 $ 278 $ 1,048 $ 7,629 $ 8,677 $ (1,641) 2015 30-37 years Olympic Village - Billings, MT — 1,164 10,441 4,175 1,885 13,895 15,780 (8,287) 2000 30-37 years Olympik Village - Rochester, MN — 1,034 6,109 3,459 1,450 9,152 10,602 (4,136) 2005 30-37 years Oxbo - St Paul, MN — 5,809 51,586 214 5,822 51,787 57,609 (7,107) 2018 30 years Park Meadows - Waite Park, MN — 1,143 9,099 10,277 2,140 18,379 20,519 (12,605) 1997 30-37 years Park Place - Plymouth, MN — 10,609 80,781 10,433 10,819 91,004 101,823 (11,303) 2018 30 years Plaza - Minot, ND — 867 12,784 3,128 1,011 15,768 16,779 (5,734) 2009 30-37 years Pointe West - Rapid City, SD — 240 3,538 2,185 463 5,500 5,963 (3,865) 1994 30-37 years Ponds at Heritage Place - Sartell, MN — 395 4,564 510 419 5,050 5,469 (1,539) 2012 30-37 years Quarry Ridge - Rochester, MN 24,057 2,254 30,024 2,356 2,412 32,222 34,634 (10,969) 2006 30-37 years Red 20 - Minneapolis, MN 21,274 1,900 24,116 397 1,908 24,505 26,413 (6,829) 2015 30-37 years Regency Park Estates - St. Cloud, MN 7,400 702 10,198 3,337 1,179 13,058 14,237 (4,394) 2011 30-37 years Rimrock West - Billings, MT — 330 3,489 2,157 568 5,408 5,976 (3,250) 1999 30-37 years River Ridge - Bismarck, ND — 576 24,670 1,092 922 25,416 26,338 (8,025) 2008 30-37 years Rocky Meadows - Billings, MT — 656 5,726 1,745 840 7,287 8,127 (4,687) 1995 30-37 years Rum River - Isanti, MN 3,041 843 4,823 544 870 5,340 6,210 (2,162) 2007 30-37 years Silver Springs - Rapid City, SD 1,997 215 3,007 890 273 3,839 4,112 (958) 2015 30-37 years South Pointe - Minot, ND — 550 9,548 5,990 1,489 14,599 16,088 (10,311) 1995 30-37 years Southpoint - Grand Forks, ND — 576 9,893 236 663 10,042 10,705 (2,293) 2013 30-37 years Sunset Trail - Rochester, MN — 336 12,814 3,560 826 15,884 16,710 (9,024) 1999 30-37 years Thomasbrook - Lincoln, NE 13,100 600 10,306 5,686 1,710 14,882 16,592 (8,563) 1999 30-37 years Village Green - Rochester, MN — 234 2,296 1,083 361 3,252 3,613 (1,682) 2003 30-37 years West Stonehill - Waite Park, MN 16,425 939 10,167 8,171 1,912 17,365 19,277 (12,060) 1995 30-37 years Westend - Denver, CO — 25,525 102,180 605 25,532 102,778 128,310 (9,952) 2018 30 years Whispering Ridge - Omaha, NE 19,664 2,139 25,424 2,992 2,551 28,004 30,555 (7,850) 2012 30-37 years Winchester - Rochester, MN — 748 5,622 3,040 1,112 8,298 9,410 (4,418) 2003 30-37 years Woodridge - Rochester, MN 5,202 370 6,028 5,498 761 11,135 11,896 (6,266) 1997 30-37 years Total Same-Store $ 276,770 $ 119,580 $ 1,143,758 $ 160,871 $ 137,250 $ 1,286,959 $ 1,424,209 $ (375,942) Non-Same-Store FreightYard Townhomes & Flats - Minneapolis, MN — 1,889 23,616 877 1,895 24,487 26,382 (1,171) 2019 30 years Ironwood - Minneapolis, MN — 2,165 36,874 84 2,167 36,956 39,123 (1,187) 2020 30 years Lugano at Cherry Creek - Denver, CO — 7,679 87,766 635 7,679 88,401 96,080 (4,330) 2019 30 years Parkhouse - Thornton, CO — 10,474 132,105 228 10,484 132,323 142,807 (1,722) 2020 30 years SouthFork Townhomes - Lakeville, MN 21,675 3,502 40,153 7,122 3,583 47,194 50,777 (3,638) 2019 30 years Total Non-Same-Store $ 21,675 $ 25,709 $ 320,514 $ 8,946 $ 25,808 $ 329,361 $ 355,169 $ (12,048) Total Multifamily $ 298,445 $ 145,289 $ 1,464,272 $ 169,817 $ 163,058 $ 1,616,320 $ 1,779,378 $ (387,990) CENTERSPACE AND SUBSIDIARIES December 31, 2020 Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Gross amount at which carried at Life on which Initial Cost to Company close of period depreciation in Costs capitalized Date of latest income Buildings & subsequent to Buildings & Accumulated Construction statement is Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition computed Other - Mixed Use 71 France - Edina, MN — $ — $ 5,879 $ 867 $ — $ 6,746 $ 6,746 $ (1,151) 2016 30-37 years Lugano at Cherry Creek - Denver, CO — — 1,600 206 — 1,806 1,806 (72) 2019 30 years Oxbo - St Paul, MN — — 3,472 54 — 3,526 3,526 (436) 2015 30 years Plaza - Minot, ND — 389 5,444 3,845 607 9,071 9,678 (4,305) 2009 30-37 years Red 20 - Minneapolis, MN — — 2,525 419 — 2,944 2,944 (683) 2015 30-37 years Total Other - Mixed Use — $ 389 $ 18,920 $ 5,391 $ 607 $ 24,093 $ 24,700 $ (6,647) Other - Commercial 3100 10th St SW - Minot, ND — $ 246 $ 1,866 $ (1) $ 246 $ 1,865 $ 2,111 $ (103) 2019 30 years Minot IPS - Minot, ND — 416 5,952 — 416 5,952 6,368 (4,509) 2012 30-37 years Total Other - Commercial — $ 662 $ 7,818 $ (1) $ 662 $ 7,817 $ 8,479 $ (4,612) Total $ 298,445 $ 146,340 $ 1,491,010 $ 175,207 $ 164,327 $ 1,648,230 $ 1,812,557 $ (399,249) (1) Amounts in this column are the mortgages payable balance as of December 31, 2020. These amounts do not include amounts owing under the Company's multi-bank line of credit, term loans, or unsecured senior notes. CENTERSPACE AND SUBSIDIARIES December 31, 2020 and 2019 Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliations of the carrying value of total property owned for the years ended December 31, 2020 and 2019 are as follows: (in thousands) Year Ended December 31, 2020 2019 Balance at beginning of year $ 1,643,078 $ 1,627,636 Additions during year Multifamily and Other 181,771 168,504 Improvements and Other 27,460 21,868 1,852,309 1,818,008 Deductions during year Cost of real estate sold (38,111) (171,112) Other (1) (1,641) (3,818) Balance at close of year $ 1,812,557 $ 1,643,078 Reconciliations of accumulated depreciation/amortization for the years ended December 31, 2020 and 2019 are as follows: (in thousands) Year Ended December 31, 2020 2019 Balance at beginning of year $ 349,122 $ 353,871 Additions during year Provisions for depreciation 72,051 71,787 Deductions during year Accumulated depreciation on real estate sold or classified as held for sale (21,440) (72,758) Write down of asset and accumulated depreciation on impaired assets — — Other (1) (484) (3,778) Balance at close of year $ 399,249 $ 349,122 CENTERSPACE AND SUBSIDIARIES December 31, 2020 and 2019 Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliations of unimproved land for the years ended December 31, 2020 and 2019 are as follows: (in thousands) Year Ended December 31, 2020 2019 Balance at beginning of year $ 1,376 $ 5,301 Deductions during year Cost of real estate sold (1,376) (3,925) Balance at close of year — 1,376 Total real estate investments, excluding mortgage notes receivable (2) $ 1,413,308 $ 1,295,332 (1) Consists of miscellaneous disposed assets. (2) The net basis, including held for sale properties, for Federal Income Tax purposes was $1.4 billion and $1.3 billion at December 31, 2020 and December 31, 2019, respectively.

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying 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.
CONSOLIDATION	The consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partner’s or controlling interest. These entities are consolidated into our other operations with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income, and expenses.
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
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS The following table provides a brief description of recent GAAP accounting standards updates (“ASUs”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters 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; ASU 2019-11, Codification improvements to Topic 326, Financial Instruments - Credit Losses 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 elected the fair value option for all of our mortgages and notes receivable at January 1, 2020, as allowed by ASU 2019-05. As a result, we do not have any receivables or other financial instruments to which we are applying this standard. 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. The new standard did not have a material impact on our consolidated financial statements. ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. This ASU is optional and may be elected over time. We are currently evaluating the practical expedients and the impact they may have on our consolidated financial statements. ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entitiy's Own Equity This ASU simplifies accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies the diluted earnings per share calculation in certain areas and provide updated disclosure requirements. This ASU is effective for annual reporting periods beginning after December 31, 2021. Early adoption is permitted. We are currently evaluating the ASU and the impact it may have on our consolidated financial statements.
RECLASSIFICATIONS	RECLASSIFICATIONSCertain previously reported amounts have been reclassified to conform to the current financial statement presentation. These reclassifications had no impact on net income as reported in the consolidated statement of operations, total assets, liabilities or equity as reported in the consolidated balance sheets and total shareholder’s equity. We report in discontinued operations the results of operations and the related gains or losses of properties that have either been disposed or classified as held for sale and for which the disposition represents a strategic shift that has or will have a major effect on our operations and financial results.
REAL ESTATE INVESTMENTS	REAL ESTATE INVESTMENTS Real estate investments are recorded at cost less accumulated depreciation and an adjustment for impairment, if any. Property, consisting primarily of real estate investments, totaled $1.4 billion and $1.3 billion as of December 31, 2020 and 2019, respectively. Upon acquisitions of real estate, we assess the fair value of acquired tangible assets (including land, buildings and personal property), which is determined by valuing the property as if it were vacant, and consider whether there were significant intangible assets acquired (for example, above- and below-market leases, the value of acquired in-place leases and resident relationships) and assumed liabilities, and allocate the purchase price based on these assessments. The as-if-vacant value is allocated to land, buildings, and personal property based on our determination of the relative fair values of these assets. The estimated fair value of the property is the amount that would be recoverable upon the disposition of the property. Techniques used to estimate fair value include discounted cash flow analysis and reference to recent sales of comparable properties. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property. Land value is assigned based on the purchase price if land is acquired separately or based on a relative fair value allocation if acquired in a portfolio acquisition. Other intangible assets acquired include amounts for in-place lease values that are based upon our evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include an estimate of carrying costs and foregone rental income during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. We also consider information about each property obtained during pre-acquisition due diligence, marketing, and leasing activities in estimating the relative fair value of the tangible and intangible assets acquired. Acquired above- and below-market lease values are recorded as the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. We use a 10-37 year estimated life for buildings and improvements and a 5-10 year estimated life for furniture, fixtures, and equipment. We follow the real estate project costs guidance in ASC 970, Real Estate – General, in accounting for the costs of development and redevelopment projects. As real estate is undergoing development or redevelopment, all project costs directly associated with and attributable to the development and construction of a project, including interest expense and real estate tax expense, are capitalized to the cost of the real property. The capitalization period begins when development activities and expenditures begin and are identifiable to a specific property and ends upon completion, which is when the asset is ready for its intended use. Generally, rental property is considered substantially complete upon issuance of a certificate of occupancy. General and administrative costs are expensed as incurred. Interest of approximately $4,000 was capitalized in continuing and discontinued operations for the fiscal year ended April 30, 2018. We did not capitalize interest during the years ended December 31, 2020 and 2019, or the transition period ended December 31, 2018. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five We periodically evaluate our long-lived assets, including real estate investments, for impairment indicators. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each property, and legal and environmental concerns. If indicators exist, we compare the expected future undiscounted cash flows for the property against the carrying amount of that property. If the sum of the estimated undiscounted cash flows is less than the carrying amount, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount. 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 physical occupancy, rental rates, and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses.
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS	CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS Effective May 1, 2017, we changed the estimated useful lives of our real estate assets to better reflect the estimated periods during which they would be of economic benefit. PROPERTY AND EQUIPMENTProperty and equipment consists primarily of office equipment located at our corporate offices in Minot, North Dakota and in Minneapolis, Minnesota. The consolidated balance sheets reflects these assets at cost, net of accumulated depreciation, and are included within Other Assets.
REAL ESTATE HELD FOR SALE	REAL ESTATE HELD FOR SALE Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. Our determination of fair value is based on inputs management believes are consistent with those that market participants would use. Estimates are significantly impacted by estimates of sales price, selling velocity, and other factors. Due to uncertainties in the estimation process, actual results could differ from such estimates. Depreciation is not recorded on assets classified as held for sale. We classify properties as held for sale when they meet the GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We generally consider these criteria met when the transaction has been approved by our Board of Trustees, there are no known significant contingencies related to the sale, and management believes it is probable that the sale will be completed within one year. We had no properties classified as held for sale at December 31, 2020 and 2019. 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
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	CASH, CASH EQUIVALENTS, AND RESTRICTED CASH Cash and cash equivalents include all cash and highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents consist of our bank deposits, short-term investment certificates acquired subject to repurchase agreements, and our deposits in a money market mutual fund. We are potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. We have not experienced any losses in such accounts.
RESTRICED CASH	As of December 31, 2020 restricted cash consisted of $5.0 million of real estate deposits for property acquisitions and $1.9 million in escrows held by lenders. As of December 31, 2019, restricted cash consisted primarily of net tax-deferred exchange proceeds remaining from a portion of our dispositions and escrows held by lenders. Escrows include funds deposited with a lender for payment of real estate taxes and insurance, and reserves to be used for replacement of structural elements and mechanical equipment at certain communities. The funds are under the control of the lender. Disbursements are made after supplying written documentation to the lender
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 98.4% of our total revenues and includes gross market rent less adjustments for concessions, vacancy loss, and bad debt. Other property revenues represent the remaining 1.6% of our total revenues and are primarily driven by other fee income, which is typically recognized when earned, 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 fifteen Beginning in April 2020, we offered multifamily residents suffering from financial hardship related to the COVID-19 pandemic the option to apply for a rent deferral. We elected to account for these accommodations as though enforceable rights and obligations for the accommodations existed without evaluating if such a right or obligation existed under the lease agreement, as allowed by the FASB Q&A released on April 10, 2020 related to lease modification guidance under ASC 842. The accommodations were recognized as variable lease payments. As of December 31, 2020, approximately $99,600 remained outstanding under the rent deferral agreements offered to multifamily residents. We also abated rent, common area maintenance, and real estate taxes for commercial tenants that experienced government-mandated interruptions or closures of their businesses. The accommodations were recognized as variable lease payments, as allowed by the FASB Q&A released on April 10, 2020. During the year ended December 31, 2020, we recognized a reduction in revenue of $656,000 due to the abatement of amounts due from our commercial tenants.
REVENUE	REVENUE 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. 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 the company expects to be entitled for those goods and services. Revenue streams that are included in ASU 2014-09 include: • Other property revenues: We recognize revenue for rental related income not included as a component of a lease, such as other 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. Any gain or loss on real estate dispositions is net of certain closing and other costs associated with the disposition.
INCOME TAXES	INCOME TAXES We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding capital gains, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018 and the fiscal year ended April 30, 2018, we distributed in excess of 90% of our taxable income and realized capital gains from property dispositions within the prescribed time limits. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, we may be subject to certain state and local income and property taxes, and to federal income and excise taxes on undistributed taxable income. In general, however, if we qualify as a REIT, no provisions for federal income taxes are necessary except for taxes on undistributed REIT taxable income and taxes on the income generated by a taxable REIT subsidiary (TRS). We have one TRS, which is subject to corporate federal and state income taxes on its taxable income at regular statutory rates. There were no income tax provisions or material deferred income tax items for our TRS for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018.
VARIABLE INTEREST ENTITY	VARIABLE INTEREST ENTITY 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.
MARKETABLE SECURITIES	MARKETABLE SECURITIES Marketable securities consisted of equity securities. We report equity securities at fair value based on quoted market prices (Level 1 inputs). Any unrealized gains or losses are included in interest and other income (loss) on the consolidated statements
DERIVATIVE INSTRUMENTS	The ineffective portion of a hedging instrument is not 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 payments are made on our term loan and line of credit.

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of Fiscal Period Durations	The references in these notes to the consolidated financial statements to the terms listed below reflect the respective periods presented in the consolidated financial statements: Term Financial Reporting Period Year ended December 31, 2020 January 1, 2020 through December 31, 2020 Year ended December 31, 2019 January 1, 2019 through December 31, 2019 Transition period ended December 31, 2018 May 1, 2018 through December 31, 2018 Fiscal year ended April 30, 2018 May 1, 2017 through April 30, 2018
Schedule of Recent Accounting Standards Updates	The following table provides a brief description of recent GAAP accounting standards updates (“ASUs”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters 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; ASU 2019-11, Codification improvements to Topic 326, Financial Instruments - Credit Losses 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 elected the fair value option for all of our mortgages and notes receivable at January 1, 2020, as allowed by ASU 2019-05. As a result, we do not have any receivables or other financial instruments to which we are applying this standard. 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. The new standard did not have a material impact on our consolidated financial statements. ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. This ASU is optional and may be elected over time. We are currently evaluating the practical expedients and the impact they may have on our consolidated financial statements. ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entitiy's Own Equity This ASU simplifies accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies the diluted earnings per share calculation in certain areas and provide updated disclosure requirements. This ASU is effective for annual reporting periods beginning after December 31, 2021. Early adoption is permitted. We are currently evaluating the ASU and the impact it may have on our consolidated financial statements.
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 December 31, 2020, was as follows: (in thousands) 2021 $ 2,216 2022 2,214 2023 2,208 2024 2,194 2025 2,166 Thereafter 2,373 Total scheduled lease income - operating leases $ 13,371
Disaggregation of Revenue	The following table presents the disaggregation of revenue streams of our rental income for the years ended December 31, 2020 and 2019, and the transition period ended December 31, 2018: (in thousands) Year ended December 31, Transition period ended Revenue Stream Applicable Standard 2020 2019 December 31, 2018 Fixed lease income - operating leases Leases $ 168,119 $ 176,706 $ 114,047 Variable lease income - operating leases Leases 7,068 5,586 3,528 Other property revenue Revenue from contracts with customers 2,807 3,463 4,296 Total revenue $ 177,994 $ 185,755 $ 121,871
Federal Income Tax Distributions	The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2020, December 31, 2019, and December 31, 2018: CALENDAR YEAR 2020 2019 2018 Tax status of distributions Capital gain 13.62 % 38.53 % 100.00 % Ordinary income 7.91 % 23.43 % — Return of capital 78.47 % 38.04 % —
Schedule of Other Assets	As of December 31, 2020 and 2019, other assets consisted of the following amounts: in thousands December 31, 2020 December 31, 2019 Receivable arising from straight line rents $ 336 $ 785 Accounts receivable, net of allowance 523 154 Real estate related loans receivable 6,332 16,557 Marketable securities — 7,055 Prepaid and other assets 5,702 4,866 Intangible assets, net of accumulated amortization 1,150 1,212 Property and equipment, net of accumulated depreciation 2,674 1,277 Goodwill 986 1,086 Deferred charges and leasing costs 1,201 1,837 Total Other Assets $ 18,904 $ 34,829

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2020
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 consolidated financial statements for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018: (in thousands, except per share data) Year Ended December 31, Period Ended Fiscal Year Ended 2020 2019 December 31, 2018 April 30, 2018 NUMERATOR Income (loss) from continuing operations – controlling interests $ 4,441 $ 78,669 $ (4,908) $ (30,266) Income (loss) from discontinued operations – controlling interests — — 510 147,054 Net income (loss) attributable to controlling interests 4,441 78,669 (4,398) 116,788 Dividends to preferred shareholders (6,528) (6,821) (4,547) (8,569) Redemption of preferred shares 297 — — (3,657) Numerator for basic earnings per share – net income (loss) available to common shareholders (1,790) 71,848 (8,945) 104,562 Noncontrolling interests – Operating Partnership (212) 6,752 (1,032) 12,702 Dividends to preferred unitholders 640 537 — — Numerator for diluted earnings (loss) per share $ (1,362) $ 79,137 $ (9,977) $ 117,264 DENOMINATOR Denominator for basic earnings per share weighted average shares 12,564 11,744 11,937 11,998 Effect of redeemable operating partnership units 1,030 1,237 1,387 1,462 Effect of Series D preferred units — 193 — — Effect of diluted restricted stock awards and restricted stock units — 8 — — Denominator for diluted earnings per share 13,594 13,182 13,324 13,460 Earnings (loss) per common share from continuing operations – basic $ (0.15) $ 6.06 $ (0.79) $ (3.54) Earnings (loss) per common share from discontinued operations – basic — — 0.04 12.25 NET EARNINGS (LOSS) PER COMMON SHARE – BASIC $ (0.15) $ 6.06 $ (0.75) $ 8.71 Earnings (loss) per common share from continuing operations – diluted $ (0.15) $ 6.00 $ (0.79) $ (3.54) Earnings (loss) per common share from discontinued operations – diluted — — 0.04 12.25 NET EARNINGS (LOSS) PER COMMON SHARE – DILUTED $ (0.15) $ 6.00 $ (0.75) $ 8.71

EQUITY AND MEZZANINE EQUITY (Ta

EQUITY AND MEZZANINE EQUITY (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of Conversions of Stock	Pursuant to the exercise of Exchange Rights, we redeemed Units for cash during the years ended December 31, 2020 and 2019 as detailed in the table below. (in thousands, except per Unit amounts) Number of Aggregate Average Price Units Cost Per Unit Year Ended December 31, 2020 1 $ 50 $ 70.10 Year Ended December 31, 2019 136 $ 8,142 $ 60.02 We also redeemed Units in exchange for common shares during the years ended December 31, 2020 and 2019 as detailed in the table below. (in thousands) Number of Total Book Units Value Year Ended December 31, 2020 81 $ (1,750) Year Ended December 31, 2019 174 $ 7,823
Schedule of Sale of Common Shares	The table below provides details on the sale of common shares during the years ended December 31, 2020 and 2019. (in thousands, except per share amounts) Number of Common Shares Total Consideration (1) Average Price Per Share (1) Year ended December 31, 2020 829 $ 59,187 $ 71.39 Year ended December 31, 2019 308 $ 22,019 $ 72.29 (1) Total consideration is net of $901,000 and $310,000 in commissions for the years ended December 31, 2020 and 2019, respectively.
Schedule of Repurchase Agreements	Shares repurchased during the years ended December 31, 2020 and 2019 are detailed in the table below. (in thousands, except per share amounts) Number of Common Shares Number of Preferred Shares Aggregate Cost (1) Average Price Per Share (1) Year ended December 31, 2020 — 237 $ 5,629 $ 23.75 Year ended December 31, 2019 (2) 329 — $ 18,023 $ 54.69 (1) Amount includes commissions. (2) Repurchases during the year were under the prior repurchase program.
Schedule of Redeemable Noncontrolling Interest	Activity of the redeemable noncontrolling interests is detailed in the table below. (in thousands) Year ended December 31, 2019 Balance at beginning of fiscal year $ 5,968 Contributions — Net (loss) income (174) Acquisition of redeemable noncontrolling interests (5,794) Balance at close of fiscal year $ —

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Schedule of Noncontrolling Interests - Consolidated Real Estate Entities	Our noncontrolling interests – consolidated real estate entities at December 31, 2020 and 2019 were as follows: (in thousands) December 31, 2020 December 31, 2019 IRET - 71 France, LLC $ — $ 4,817 IRET - Cypress Court Apartments, LLC 686 748 Noncontrolling interests – consolidated real estate entities $ 686 $ 5,565

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes our indebtedness: (in thousands) December 31, 2020 December 31, 2019 Weighted Average Maturity in Years Lines of credit $ 152,871 $ 50,079 1.62 Term loans (1) 145,000 145,000 3.88 Unsecured senior notes (1) 125,000 125,000 8.33 Unsecured debt 422,871 320,079 4.38 Mortgages payable - fixed 298,445 331,376 5.23 Total debt $ 721,316 $ 651,455 4.73 Annual Weighted Average Interest Rates Lines of credit (rate with swap) 2.85 % 3.81 % Term loans (rate with swaps) 4.15 % 4.11 % Unsecured senior notes 3.78 % 3.78 % Mortgages payable 3.93 % 4.02 % Total debt 3.62 % 3.97 % (1) Included within notes payable on our consolidated balance sheets.
Aggregate Amount of Required Future Principal Payments on Mortgages Payable	The aggregate amount of required future principal payments on mortgages payable and notes payable as of December 31, 2020 is as follows: (in thousands) 2021 $ 25,665 2022 37,219 2023 45,068 2024 3,777 2025 102,505 Thereafter 354,211 Total payments $ 568,445

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of December 31, 2020 and 2019 is detailed below. (in thousands) December 31, 2020 December 31, 2019 Balance Sheet Location Fair Value Fair Value Total derivative instruments designated at hedging instruments - interest rate swaps Accounts Payable and Accrued Expenses $ 15,905 $ 7,607
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The effect of the Company's derivative financial instruments on the consolidated statements of operations as of December 31, 2020, December 31, 2019, December 31, 2018, and April 30, 2018 is detailed below. (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 Year Ended December 31, Transition Period Ended December 31, Fiscal Year Ended April 30, Year Ended December 31, Transition Period Ended December 31, Fiscal Year Ended April 30, 2020 2019 2018 2018 2020 2019 2018 2018 Total derivatives in cash flow hedging relationships - interest rate swaps $ (11,068) $ (7,040) $ (2,794) $ 1,627 Interest expense $ (2,770) $ (289) $ (159) $ (152)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Estimated Fair Values of Financial Instruments	Fair Value Measurements on a Recurring Basis (in thousands) Total Level 1 Level 2 Level 3 December 31, 2020 Assets Mortgages and notes receivable $ 30,994 $ — $ — $ 30,994 Liabilities Derivative instruments - interest rate swaps $ 15,905 $ — $ — $ 15,905 December 31, 2019 Liabilities Derivative instruments - interest rate swaps $ 7,607 $ — $ — $ 7,607 The estimated fair values of our financial instruments as of December 31, 2020 and 2019 are as follows: (in thousands) December 31, 2020 December 31, 2019 Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 392 $ 392 $ 26,579 $ 26,579 Restricted cash 6,918 6,918 19,538 19,538 Mortgage and note receivables (1) — — 32,810 32,810 FINANCIAL LIABILITIES Revolving lines of credit (2) 152,871 152,871 50,079 50,079 Term loans (2) 145,000 145,000 145,000 145,000 Unsecured senior notes 125,000 133,181 125,000 126,816 Mortgages payable 298,445 308,855 331,376 332,471 (1) As of January 1, 2020, we elected the fair value option, as allowed under ASU 2019-05. Fair value for these instruments is discussed within the Fair Value Measurements on a Recurring Basis section above. (2) Excluding the effect of the interest rate swap agreement.
Changes in Fair Value Receivables	Changes in fair value of these receivables from period to period are reported in interest and other income on our consolidated statements of operations. (in thousands) Fair Value Measurement Other Gains (Losses) Interest Income Total Changes in Fair Value Included in Current Period Earnings Year ended December 31, 2020 $ 30,994 $ 12 $ 1,442 $ 1,454

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Acquisitions	Our acquisitions during the years ended December 31, 2020 and 2019 are detailed below. Year Ended December 31, 2020 (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Other (1) Land Building Assets Other (2) 182 homes - Ironwood Apartments - New Hope, MN March 5, 2020 $ 46,263 $ 28,600 $ 17,663 $ 2,165 $ 36,869 $ 824 $ 6,405 465 homes - Parkhouse Apartments - Thornton, CO September 22, 2020 144,750 144,750 — 10,474 132,105 2,171 — Total Acquisitions $ 191,013 $ 173,350 $ 17,663 $ 12,639 $ 168,974 $ 2,995 $ 6,405 (1) Payoff of note receivable and accrued interest by seller at closing. (2) Consists of TIF note acquired. Refer to Note 2 for further discussion. Year Ended December 31, 2019 (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Units (1) Land Building Assets Multifamily 272 homes - SouthFork Townhomes - Lakeville, MN February 26, 2019 $ 44,000 $ 27,440 $ 16,560 $ 3,502 $ 39,950 $ 548 96 homes - FreightYard Townhomes and Flats - Minneapolis, MN September 6, 2019 26,000 26,000 — 1,889 23,615 496 328 homes - Lugano at Cherry Creek - Denver, CO (3) September 26, 2019 99,250 99,250 — 7,679 89,365 1,781 $ 169,250 $ 152,690 $ 16,560 $ 13,070 $ 152,930 $ 2,825 Other Minot 3100 10th St SW - Minot, ND (2) May 23, 2019 $ 2,112 $ 2,112 — $ 246 $ 1,866 — Total Acquisitions $ 171.362 $ 154,802 $ 16,560 $ 13,316 $ 154,796 $ 2,825 (1) Value of Series D preferred units at the acquisition date. (2) Acquired for use as our Minot corporate office building after renovations have been completed. (3) Investment allocation excludes a $425 acquisition credit related to retail space lease-up.
Schedule of Dispositions	he dispositions for the years ended December 31, 2020 and 2019 are detailed below. Year Ended December 31, 2020 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 268 homes - Forest Park - Grand Forks, ND August 18, 2020 $ 19,625 $ 6,884 $ 12,741 90 homes - Landmark - Grand Forks, ND August 18, 2020 3,725 1,348 2,377 164 homes - Southwind - Grand Forks, ND August 18, 2020 10,850 4,573 6,277 168 homes - Valley Park - Grand Forks, ND August 18, 2020 8,300 4,059 4,241 $ 42,500 $ 16,864 $ 25,636 Other Dakota West August 7, 2020 $ 500 $ 474 $ 26 Unimproved Land Rapid City Land - Rapid City, SD June 29, 2020 $ 1,300 $ 1,490 $ (190) Total Dispositions $ 44,300 $ 18,828 $ 25,472 Year Ended December 31, 2019 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 21 homes - Pinehurst - Billings, MT July 26, 2019 $ 1,675 $ 961 $ 714 160 homes - Brookfield Village - Topeka, KS September 24, 2019 10,350 5,853 4,497 220 homes - Crown Colony - Topeka, KS September 24, 2019 17,200 7,876 9,324 54 homes - Mariposa - Topeka, KS September 24, 2019 6,100 4,290 1,810 300 homes - Sherwood - Topeka, KS September 24, 2019 26,150 11,536 14,614 308 homes - Villa West - Topeka, KS September 24, 2019 22,950 15,165 7,785 152 homes - Crestview - Bismarck, ND October 29, 2019 8,250 2,681 5,569 73 homes - North Pointe - Bismarck, ND October 29, 2019 5,225 3,179 2,046 108 homes - Kirkwood - Bismarck, ND October 29, 2019 5,400 2,518 2,882 65 homes - Westwood Park - Bismarck, ND October 29, 2019 4,250 1,931 2,319 16 homes - Pebble Springs - Bismarck, ND October 29, 2019 875 573 302 192 homes - Arbors - Sioux City, IA December 11, 2019 16,200 6,110 10,090 120 homes - Indian Hills - Sioux City, IA December 11, 2019 8,100 5,302 2,798 132 homes - Ridge Oaks - Sioux City, IA December 11, 2019 7,700 4,006 3,694 50 homes - Cottage West - Sioux Falls, SD December 12, 2019 6,991 4,391 2,600 24 homes - Gables - Sioux Falls, SD December 12, 2019 2,515 2,052 463 79 homes - Oakmont - Sioux Falls, SD December 12, 2019 7,010 3,917 3,093 160 homes - Oakwood - Sioux Falls, SD December 12, 2019 12,090 3,056 9,034 120 homes - Oxbow Park - Sioux Falls, SD December 12, 2019 10,452 2,713 7,739 48 homes - Prairie Winds - Sioux Falls, SD December 12, 2019 3,763 1,112 2,651 44 homes - Sierra Vista - Sioux Falls, SD December 12, 2019 3,178 2,292 886 $ 186,424 $ 91,514 $ 94,910 Other Minot 1400 31st Ave SW - Minot, ND May 23, 2019 $ 6,530 $ 6,048 $ 482 Woodbury 1865 Woodland - Woodbury, MN November 1, 2019 5,765 4,079 1,686 $ 12,295 $ 10,127 $ 2,168 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 Weston - Weston, WI July 31, 2019 600 427 173 $ 4,374 $ 4,225 $ 149 Total Dispositions $ 203,093 $ 105,866 $ 97,227

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2020
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 sale of properties classified as discontinued operations for the transition period ended December 31, 2018 and the fiscal year ended April 30, 2018. (in thousands) Transition Period Ended Fiscal Year Ended December 31, 2018 April 30, 2018 REVENUE Real estate rentals $ — $ 19,744 Tenant reimbursement — 11,650 TOTAL REVENUE — 31,394 EXPENSES Property operating expenses, excluding real estate taxes — 6,350 Real estate taxes — 5,191 Property management expense — 206 Depreciation and amortization — 8,445 TOTAL EXPENSES — 20,192 Operating income (loss) — 11,202 Interest expense (1) — (4,172) Gain (loss) on extinguishment of debt (1) — (6,508) Interest income — 661 Other income — 73 Income (loss) from discontinued operations before gain on sale — 1,256 Gain (loss) on sale of discontinued operations 570 163,567 INCOME (LOSS) FROM DISCONTINUED OPERATIONS $ 570 $ 164,823 Segment Data All other $ 570 $ 164,823 Total $ 570 $ 164,823 (in thousands) Transition Period Ended Fiscal Year Ended December 31, 2018 April 30, 2018 Property Sale Data Sales price $ — $ 437,652 Net book value and sales costs — (274,085) Gain on sale of discontinued operations $ — $ 163,567

SEGMENTS (Tables)

SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Revenues and Net Operating Income for Reportable Segments	The following tables present NOI for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018 from our reportable segment and reconcile net operating income to net income as reported in the consolidated financial statements. Segment assets are also reconciled to total assets as reported in the consolidated financial statements. (in thousands) Year ended December 31, 2020 Multifamily All Other Total Revenue $ 171,231 $ 6,763 $ 177,994 Property operating expenses, including real estate taxes 70,044 3,114 73,158 Net operating income $ 101,187 $ 3,649 $ 104,836 Property management expenses (5,801) Casualty loss (1,662) Depreciation and amortization (75,593) General and administrative expenses (13,440) Interest expense (27,525) Loss on debt extinguishment (23) Interest and other income (loss) (1,552) Income (loss) before gain (loss) on sale of real estate and other investments (20,760) Gain (loss) on sale of real estate and other investments 25,503 Net income (loss) $ 4,743 (in thousands) Year ended December 31, 2019 Multifamily All Other Total Revenue $ 155,635 $ 30,120 $ 185,755 Property operating expenses, including real estate taxes 63,909 14,406 78,315 Net operating income $ 91,726 $ 15,714 $ 107,440 Property management expenses (6,186) Casualty loss (1,116) Depreciation and amortization (74,271) General and administrative expenses (14,450) Interest expense (30,537) Loss on debt extinguishment (2,360) Interest and other income 2,092 Income (loss) before gain on sale of real estate and other investments and gain (loss) on litigation settlement (19,388) Gain (loss) on sale of real estate and other investments 97,624 Gain (loss) on litigation settlement 6,586 Net income (loss) $ 84,822 (in thousands) Transition period ended December 31, 2018 Multifamily All Other Total Revenue $ 96,234 $ 25,637 $ 121,871 Property operating expenses, including real estate taxes 39,360 11,359 50,719 Net operating income $ 56,874 $ 14,278 $ 71,152 Property management expenses (3,663) Casualty loss (915) Depreciation and amortization (50,456) Impairment of real estate investments (1,221) General and administrative expenses (9,812) Interest expense (21,359) Loss on debt extinguishment (556) Interest and other income 1,233 Income (loss) before gain on sale of real estate and other investments (15,597) Gain (loss) on sale of real estate and other investments 9,707 Income (loss) from continuing operations (5,890) Income (loss) from discontinued operations 570 Net income (loss) $ (5,320) (in thousands) Fiscal Year ended April 30, 2018 Multifamily (1) All Other (1) Total Revenue $ 159,983 $ 9,762 $ 169,745 Property operating expenses, including real estate taxes 70,460 2,574 73,034 Net operating income $ 89,523 $ 7,188 $ 96,711 Property management expenses (5,526) Casualty loss (500) Depreciation and amortization (82,070) Impairment of real estate investments (18,065) General and administrative expenses (14,203) Acquisition and investment related costs (51) Interest expense (34,178) Loss on debt extinguishment (940) Interest and other income 1,508 Income (loss) before loss on sale of real estate and other investments and income (loss) from discontinued operations (57,314) Gain (loss) on sale of real estate and other investments 20,120 Income (loss) from continuing operations (37,194) Income (loss) from discontinued operations 164,823 Net income (loss) $ 127,629 (1) Revenue, property operating expenses, including real estate taxes, and net operating income for the year ended April 30, 2018 have not been updated for properties sold during the years ended December 31, 2020 and 2019.
Segment Assets and Accumulated Depreciation	Segment Assets and Accumulated Depreciation (in thousands) As of December 31, 2020 Multifamily All Other Total Segment assets Property owned $ 1,779,378 $ 33,179 $ 1,812,557 Less accumulated depreciation (387,989) (11,260) (399,249) Total property owned $ 1,391,389 $ 21,919 $ 1,413,308 Cash and cash equivalents 392 Restricted cash 6,918 Other assets 18,904 Mortgage loans receivable 24,661 Total Assets $ 1,464,183 (in thousands) As of December 31, 2019 Multifamily All Other Total Segment assets Property owned $ 1,572,529 $ 70,549 $ 1,643,078 Less accumulated depreciation (319,318) (29,804) (349,122) Total property owned $ 1,253,211 $ 40,745 $ 1,293,956 Cash and cash equivalents 26,579 Restricted cash 19,538 Other assets 34,829 Unimproved land 1,376 Mortgage loans receivable 16,140 Total Assets $ 1,392,418

QUARTERLY RESULTS OF CONSOLID_2

QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Selected Quarterly Financial Information [Abstract]
Schedule of Quarterly Results of Consolidation Operations	(in thousands, except per share data) QUARTER ENDED March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Revenues $ 44,406 $ 43,910 $ 44,138 $ 45,540 Net income (loss) attributable to controlling interests $ (7,007) $ (3,803) $ 19,629 $ (4,378) Net income (loss) available to common shareholders $ (8,439) $ (5,387) $ 18,021 $ (5,985) Net income (loss) per common share - basic $ (0.69) $ (0.44) $ 1.40 $ (0.46) Net income (loss) per common share - diluted $ (0.67) $ (0.44) $ 1.38 $ (0.46) (in thousands, except per share data) QUARTER ENDED March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 45,608 $ 46,934 $ 47,436 $ 45,777 Net income (loss) attributable to controlling interests $ (4,698) $ 3,113 $ 31,596 $ 48,658 Net income (loss) available to common shareholders $ (6,403) $ 1,407 $ 29,891 $ 46,953 Net income (loss) per common share - basic $ (0.54) $ 0.11 $ 2.57 $ 3.95 Net income (loss) per common share - diluted $ (0.54) $ 0.11 $ 2.54 $ 3.89

SHARE BASED COMPENSATION (Table

SHARE BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Fair Value Stock Options	The fair value of stock options was $7.255 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Exercise price $ 66.36 Risk-free rate 0.978 % Expected term 6.25 years Expected volatility 21.08 % Dividend Yield 3.974 %
Schedule of Compensation Expense Recognized	Total share-based compensation expense recognized in the consolidated financial statements for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018, for all share-based awards was as follows: (in thousands) Year Ended December 31, Transition Period Ended Fiscal Year Ended April 30, 2020 2019 December 31, 2018 2018 Share based compensation expense $ 2,106 $ 1,905 $ 845 $ 1,587
Schedule of Restricted Share Awards Activity	The activity for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018, related to our restricted share awards was as follows: Awards with Service Conditions Wtd Avg Grant- Shares Date Fair Value Unvested at April 30, 2017 19,511 Granted 9,136 $ 57.55 Vested (18,545) $ 59.89 Forfeited (202) $ 62.40 Unvested at April 30, 2018 9,900 Granted — Vested (2,709) $ 63.21 Forfeited — Unvested at December 31, 2018 7,191 Granted — Vested (4,999) $ 61.06 Forfeited — Unvested at December 31, 2019 2,192 59.20 Granted — Vested (2,192) $ 59.20 Forfeited — Unvested at December 31, 2020 — RSUs with Service Conditions RSUs with Market Conditions Wtd Avg Grant- Wtd Avg Grant- Shares Date Fair Value Shares Date Fair Value Unvested at April 30, 2017 — — — — Granted 6,994 $ 60.54 11,538 $ 70.90 Vested (207) $ 50.30 — — Forfeited — — — — Unvested at April 30, 2018 6,787 $ 60.85 11,538 $ 70.90 Granted 14,878 $ 53.60 15,461 $ 57.70 Vested (2,943) $ 60.83 — — Forfeited (462) $ 53.60 (1,680) $ 70.90 Unvested at December 31, 2018 18,260 $ 55.13 25,319 $ 62.84 Granted 16,084 $ 59.76 12,978 $ 79.49 Vested (11,633) $ 55.35 — — Forfeited (365) $ 51.73 (475) $ 57.70 Unvested at December 31, 2019 22,346 $ 58.41 37,822 $ 68.62 Granted 17,981 $ 68.25 — $ — Vested (14,991) $ 59.10 (13,357) $ 74.68 Change in awards (1) — — 4,436 — Forfeited (508) $ 62.99 (1,907) $ 63.92 Unvested at December 31, 2020 24,828 $ 65.03 26,994 $ 67.87
Schedule of Stock Options Activity	The stock option activity for the year ended December 31, 2020 was as follows: Number of Shares Weighted Average Exercise Price Outstanding at beginning of year — — Granted 141,000 $ 66.36 Exercised — — Forfeited (1,952) $ 66.36 Outstanding at end of year 139,048 $ 66.36 Exercisable at end of year — —

ORGANIZATION (Details)

ORGANIZATION (Details)	Dec. 31, 2020apartment_communitynumberOfApartmentHomes
Real Estate Properties [Line Items]
Number of real estate properties | apartment_community	67
Apartment Properties
Real Estate Properties [Line Items]
Number of apartment homes | numberOfApartmentHomes	11,910

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation (Details)	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Interest in operating partnership	93.00%	92.00%
Percentage of general interest partnership	100.00%	100.00%

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Real Estate Investments (Details) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Apr. 30, 2018USD ($)property
Real Estate Properties [Line Items]
Total real estate investments		$ 1,437,969	$ 1,311,472
Construction period interest capitalized					$ 4
Impairment of real estate continuing and discontinued operations	$ 1,221	$ 0	$ 0	$ 1,200	$ 18,065
Apartment Properties
Real Estate Properties [Line Items]
Number of impaired properties | property					1
Apartment Properties | Grand Forks, North Dakota
Real Estate Properties [Line Items]
Impairment of real estate continuing and discontinued operations					$ 12,200
Commercial Properties
Real Estate Properties [Line Items]
Number of impaired properties | property					3
Land
Real Estate Properties [Line Items]
Number of impaired properties | property					4
Land | Grand Forks, North Dakota
Real Estate Properties [Line Items]
Impairment of real estate continuing and discontinued operations					$ 1,500
Land | Williston, ND
Real Estate Properties [Line Items]
Impairment of real estate continuing and discontinued operations					428
Land | Bismark, North Dakota - First Property
Real Estate Properties [Line Items]
Impairment of real estate continuing and discontinued operations					256
Land | Bismark, North Dakota - Second Property
Real Estate Properties [Line Items]
Impairment of real estate continuing and discontinued operations					$ 709
Land | Bismark, North Dakota
Real Estate Properties [Line Items]
Number of impaired properties | property					2
Industrial | Bloomington, Minnesota
Real Estate Properties [Line Items]
Impairment of real estate continuing and discontinued operations					$ 1,400
Industrial | Woodbury, Minnesota
Real Estate Properties [Line Items]
Impairment of real estate continuing and discontinued operations					922
Retail Site | Minot, ND
Real Estate Properties [Line Items]
Impairment of real estate continuing and discontinued operations					$ 630
Minimum | Buildings and Improvements
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)		10 years
Minimum | Renovations and Improvements
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)		5 years
Minimum | Furniture, Fixtures and Equipment
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)		5 years
Maximum | Buildings and Improvements
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)		37 years
Maximum | Renovations and Improvements
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)		20 years
Maximum | Furniture, Fixtures and Equipment
Real Estate Properties [Line Items]
Estimated useful life of assets (in years)		10 years

BASIS OF PRESENTATION AND SIG_6

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Change in Depreciable Lives of Real Estate Assets and Real Estate Held For Sale (Details) $ / shares in Units, $ in Thousands

Apr. 30, 2017

Dec. 31, 2020USD ($)

Sep. 30, 2020USD ($)

Jun. 30, 2020USD ($)

Mar. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Sep. 30, 2019USD ($)

Jun. 30, 2019USD ($)

Mar. 31, 2019USD ($)

Dec. 31, 2018USD ($)$ / shares

Dec. 31, 2020USD ($)property$ / shares

Dec. 31, 2019USD ($)property$ / shares

Apr. 30, 2018USD ($)$ / shares

Real Estate Properties [Line Items]

Net Income (Loss) Available to Common Stockholders, Basic

$ 5,985

$ (18,021)

$ 5,387

$ 8,439

$ (46,953)

$ (29,891)

$ (1,407)

$ 6,403

$ 8,945

$ 1,790

$ (71,848)

$ (104,562)

NET EARNINGS (LOSS) PER COMMON SHARE – BASIC | $ / shares

$ 0.75

$ 0.15

$ (6.06)

$ (8.71)

Number of year after date of acquisition related to adjustment of real estate preliminary allocations of purchase price

1 year

Assets Held for Sale

Real Estate Properties [Line Items]

Number of real estate properties classified as held for sale | property

0

0

Service Life

Real Estate Properties [Line Items]

Depreciation

$ 29,300

Net Income (Loss) Available to Common Stockholders, Basic

$ 29,300

NET EARNINGS (LOSS) PER COMMON SHARE – BASIC | $ / shares

$ 0.22

Service Life | Property With Previous Nine Year Life

Real Estate Properties [Line Items]

Useful life

9 years

Minimum | Service Life

Real Estate Properties [Line Items]

Useful life

20 years

10 years

Minimum | Service Life | Property With Previous Nine Year Life

Real Estate Properties [Line Items]

Useful life

5 years

Maximum | Service Life

Real Estate Properties [Line Items]

Useful life

40 years

37 years

Maximum | Service Life | Property With Previous Nine Year Life

Real Estate Properties [Line Items]

Useful life

10 years

BASIS OF PRESENTATION AND SIG_7

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 30, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 6,918	$ 19,538	$ 5,464	$ 4,225
Real Estate Deposits for Property Acquisition
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	5,000
Escrow Deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 1,900

BASIS OF PRESENTATION AND SIG_8

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Leases (Details)	12 Months Ended
	Dec. 31, 2020USD ($)
Lessor, Lease, Description [Line Items]
Rent deferral agreement, amounts outstanding	$ 99,600
Reduction in revenue, due to abated rent	656,000
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2021	2,216,000
2022	2,214,000
2023	2,208,000
2024	2,194,000
2025	2,166,000
Thereafter	2,373,000
Lessor, Operating Lease, Payments to be Received, Total	$ 13,371,000
Minimum
Lessor, Lease, Description [Line Items]
Concentration risk	0.005%
Term of lease contract	3 years
Maximum
Lessor, Lease, Description [Line Items]
Concentration risk	0.01%
Term of lease contract	15 years
Rental Income | Product Concentration Risk | Revenue Benchmark
Lessor, Lease, Description [Line Items]
Concentration risk	98.40%
Fee Income | Product Concentration Risk | Revenue Benchmark
Lessor, Lease, Description [Line Items]
Concentration risk	1.60%

BASIS OF PRESENTATION AND SIG_9

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Revenues (Details) - USD ($)	3 Months Ended								8 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 30, 2018	May 01, 2018
Disaggregation of Revenue [Line Items]
Retained earnings	$ (427,681,000)				$ (390,196,000)					$ (427,681,000)	$ (390,196,000)
Mortgage loans receivable	24,661,000				16,140,000					24,661,000	16,140,000
Fixed lease income - operating leases										168,119,000	176,706,000	$ 114,047,000
Variable lease income - operating leases										7,068,000	5,586,000	3,528,000
Revenues, Total	$ 45,540,000	$ 44,138,000	$ 43,910,000	$ 44,406,000	$ 45,777,000	$ 47,436,000	$ 46,934,000	$ 45,608,000	$ 121,871,000	177,994,000	185,755,000	121,871,000	$ 169,745,000
Other Property Revenue
Disaggregation of Revenue [Line Items]
Other property revenue										$ 2,807,000	$ 3,463,000	$ 4,296,000
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Disaggregation of Revenue [Line Items]
Retained earnings														$ 627,000
Mortgage loans receivable														$ 627,000

BASIS OF PRESENTATION AND SI_10

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Other Assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Receivable arising from straight line rents	$ 336,000	$ 785,000
Accounts receivable, net of allowance	523,000	154,000
Real estate related loans receivable	6,332,000	16,557,000
Marketable securities	0	7,055,000
Prepaid and other assets	5,702,000	4,866,000
Intangible assets, net of accumulated amortization	1,150,000	1,212,000
Property and equipment, net of accumulated depreciation	2,674,000	1,277,000
Goodwill	986,000	1,086,000
Deferred charges and leasing costs	1,201,000	1,837,000
Total Other Assets	$ 18,904,000	$ 34,829,000

BASIS OF PRESENTATION AND SI_11

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Business Combinations [Abstract]
Property and equipment cost	$ 4.7	$ 2.9
Accumulated depreciation	$ 2	$ 1.7

BASIS OF PRESENTATION AND SI_12

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Mortgage Loans Receivable and Notes Receivable (Details) $ in Thousands	1 Months Ended		3 Months Ended	8 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)	Aug. 31, 2017USD ($)property	Jul. 31, 2017USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Apr. 30, 2018USD ($)property
Real Estate Properties [Line Items]
Mortgage loans receivable				$ 10,000			$ 10,000
Number of real estate properties sold | property								28
Discontinued Operations, Disposed of by Sale
Real Estate Properties [Line Items]
Interest income					$ 0			$ 661
MultiFamily Same-Store
Real Estate Properties [Line Items]
Loan commitment			$ 16,200
Interest rate on mortgages payable			6.00%
MultiFamily Same-Store | Mortgage Receivable
Real Estate Properties [Line Items]
Mortgage loans receivable		$ 11,000
MultiFamily Same-Store | Discontinued Operations, Disposed of by Sale
Real Estate Properties [Line Items]
Interest rate on mortgages payable		5.50%
Number of real estate properties sold | property		13
Interest income				448		$ 279	570	$ 372
MultiFamily Same-Store | Minneapolis, Minnesota
Real Estate Properties [Line Items]
Mortgage loans receivable				6,200		$ 24,700	6,200
MultiFamily Same-Store | Minneapolis, Minnesota | Construction Loans
Real Estate Properties [Line Items]
Loan commitment				29,900			$ 29,900
Interest rate on mortgages payable							4.50%
MultiFamily Same-Store | Minneapolis, Minnesota | Mezzanine Loan
Real Estate Properties [Line Items]
Loan commitment				$ 15,300			$ 15,300
Interest rate on mortgages payable							11.50%
MultiFamily Same-Store | Ironwood
Real Estate Properties [Line Items]
Loan commitment, additional funds authorized			$ 341
MultiFamily Same-Store | Ironwood | Tax Increment Financing
Real Estate Properties [Line Items]
Loan commitment	$ 6,600
Interest rate on mortgages payable	4.50%

BASIS OF PRESENTATION AND SI_13

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Marketable Securities (Details) - USD ($)	8 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2018
Accounting Policies [Abstract]
Marketable securities		$ 0	$ 7,055,000
Cost basis of marketable securities			6,900,000
Gross unrealized gain			113,000
Carrying value			7,100,000
Realized gain (loss) on marketable securities	$ 0	$ 3,378,000	$ 0	$ 0

BASIS OF PRESENTATION AND SI_14

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Gain on Litigation Settlement (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Accounting Policies [Abstract]
Gain (loss) related to litigation settlement	$ 6.6
Proceeds from legal settlements	5.2
Liability waived	$ 1.4

BASIS OF PRESENTATION AND SI_15

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details)	8 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 30, 2018
Accounting Policies [Abstract]
Minimum dividend distribution percentage		90.00%
Dividend distribution percentage	90.00%	90.00%	90.00%		90.00%
Capital gain		13.62%	38.53%	100.00%
Ordinary income		7.91%	23.43%	0.00%
Return of capital		78.47%	38.04%	0.00%

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands	3 Months Ended								8 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)$ / shares	Sep. 30, 2020USD ($)$ / shares	Jun. 30, 2020USD ($)$ / shares	Mar. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares	Sep. 30, 2019USD ($)$ / shares	Jun. 30, 2019USD ($)$ / shares	Mar. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Apr. 30, 2018USD ($)$ / sharesshares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Ratio of units exchanged for shares										1
NUMERATOR
Income (loss) from continuing operations – controlling interests									$ (4,908)	$ 4,441	$ 78,669	$ (30,266)
Income (loss) from discontinued operations – controlling interests									510	0	0	147,054
Net income (loss) attributable to controlling interests	$ (4,378)	$ 19,629	$ (3,803)	$ (7,007)	$ 48,658	$ 31,596	$ 3,113	$ (4,698)	(4,398)	4,441	78,669	116,788
Dividends to preferred shareholders									(4,547)	(6,528)	(6,821)	(8,569)
Redemption of preferred shares									0	297	0
Redemption of preferred shares												(3,657)
Net income (loss) available to common shareholders	$ (5,985)	$ 18,021	$ (5,387)	$ (8,439)	$ 46,953	$ 29,891	$ 1,407	$ (6,403)	(8,945)	(1,790)	71,848	104,562
Net (income) loss attributable to noncontrolling interests – Operating Partnership									(1,032)	(212)	6,752	12,702
Dividends to preferred unitholders									0	640	537	0
Numerator for diluted earnings (loss) per share									$ (9,977)	$ (1,362)	$ 79,137	$ 117,264
DENOMINATOR
Denominator for basic earnings per share weighted average shares (in shares) | shares									11,937,000	12,564,000	11,744,000	11,998,000
Effect of redeemable operating partnership units (in shares) | shares									1,387,000	1,030,000	1,237,000	1,462,000
Effect of Series D preferred units (in shares) | shares									0	0	193,000	0
Effect of diluted restricted stock awards and restricted stock units (in shares) | shares									0	0	8,000	0
Denominator for diluted earnings per share (in shares) | shares									13,324,000	13,594,000	13,182,000	13,460,000
BASIC
Earnings (loss) per common share from continuing operations – Investors Real Estate Trust – basic and diluted (in dollars per share) | $ / shares									$ (0.79)	$ (0.15)	$ 6.06	$ (3.54)
Earnings (loss) per common share from discontinued operations – basic (in dollars per share) | $ / shares									0.04	0	0	12.25
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED (in dollars per share) | $ / shares									(0.75)	(0.15)	6.06	8.71
DILUTED
Earnings (loss) per common share from continued operations – diluted (in dollars per share) | $ / shares									(0.79)	(0.15)	6	(3.54)
Earnings (loss) per common share from discontinued operations - diluted (in dollars per share) | $ / shares									0.04	0	0	12.25
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) | $ / shares	$ (0.46)	$ 1.38	$ (0.44)	$ (0.67)	$ 3.89	$ 2.54	$ 0.11	$ (0.54)	$ (0.75)	$ (0.15)	$ 6	$ 8.71
Performance Shares And Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares) | shares									25,300,000	26,994	37,822
Preferred Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares) | shares										228,000
Restricted Stock Units (RSU)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares) | shares										13,000
Weighted Average Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares) | shares										86,000

EQUITY AND MEZZANINE EQUITY - A

EQUITY AND MEZZANINE EQUITY - Additional Information (Details) - USD ($)	Feb. 26, 2019	Dec. 05, 2017	Dec. 07, 2016	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2018	Dec. 05, 2019	Nov. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncontrolling Interests Operating Partnership Units				976,516	1,058,142
Common shares outstanding (in shares)				13,027,172	12,098,379
Sale of common shares, net				$ 58,852,000	$ 22,019,000
Repurchase period			1 year
Preferred shares of beneficial interest, shares outstanding (in shares)				3,881,453	4,100,000
Conversion exchange rate (in dollars per share)	$ 72.50
Convertible units (in shares)	1.37931
Payments to acquire additional interest					$ 1,300,000
Commons at Southgate - Minot, ND
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncontrolling interest, ownership percentage					34.50%
At-The-Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate gross sales price of common shares				$ 68,500,000				$ 150,000,000
Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate gross sales price of common share of beneficial interest allowed to be repurchased			$ 50,000,000				$ 50,000,000
Repurchase period		1 year
Incentive Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares forfeited (in shares)				2,400	3,300
Incentive Plan 2015 | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued (in shares)				21,000	18,000
Sale of common shares, net				$ 1,000,000	$ 1,100,000
Series C Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distribution rate						6.625%
Liquidation preference per share (in dollars per share)						$ 25
Distribution accrual rate (in dollars per share)						$ 1.65625
Preferred shares liquidation preference				$ 97,000,000	$ 103,000,000
Series D Preferred Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred shares of beneficial interest, shares issued (in shares)				165,600	165,600
Preferred shares of beneficial interest, shares outstanding (in shares)				165,600	165,600
Preferred units, issuance price (in dollars per share)				$ 100	$ 100
Temporary equity, distribution rate	3.862%

EQUITY AND MEZZANINE EQUITY - S

EQUITY AND MEZZANINE EQUITY - Schedule of Conversions of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2018
Conversion of Stock [Line Items]
Number of units converted (in shares)		1	136
Units converted, aggregated cost		$ 50	$ 8,142
Average price of shares issues (in dollars per share)		$ 70.10	$ 60.02
Redemption of units for common shares	$ 0	$ 0	$ 0	$ 0
Exercise of Exchange Rights
Conversion of Stock [Line Items]
Redemption of units for common shares (in shares)		81	174
Redemption of units for common shares		$ (1,750)	$ 7,823

EQUITY AND MEZZANINE EQUITY -_2

EQUITY AND MEZZANINE EQUITY - Sale of Common Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average price of shares issues (in dollars per share)	$ 71.39	$ 72.29
Commissions	$ 901	$ 310
At-The-Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Common Shares	829	308
Total Consideration	$ 59,187	$ 22,019

EQUITY AND MEZZANINE EQUITY -_3

EQUITY AND MEZZANINE EQUITY - Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Equity, Class of Treasury Stock [Line Items]
Average price of shares issues (in dollars per share)	$ 71.39	$ 72.29
Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)	237	329
Aggregate cost of common shares repurchased	$ 5,629	$ 18,023
Average price of shares issues (in dollars per share)	$ 23.75	$ 54.69

EQUITY AND MEZZANINE EQUITY - R

EQUITY AND MEZZANINE EQUITY - Redeemable Non Controlling Interests (Details) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2018
Redeemable Noncontrolling Interest [Line Items]
Contributions				$ 619
Acquisition of redeemable noncontrolling interests	$ 392
Southgate - Minot, ND
Redeemable Noncontrolling Interest [Line Items]
Balance at beginning of fiscal year		$ 0	$ 5,968
Contributions			0
Net (loss) income			(174)
Acquisition of redeemable noncontrolling interests		$ (5,794)
Balance at close of fiscal year	$ 5,968		$ 0

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Noncontrolling interests – consolidated real estate entities	$ 686	$ 5,565
IRET - 71 France, LLC
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage	47.40%
Payments to acquire additional interests	$ 12,200
Noncontrolling interests – consolidated real estate entities	0	4,817
IRET - Cypress Court Apartments, LLC
Noncontrolling Interest [Line Items]
Noncontrolling interests – consolidated real estate entities	$ 686	$ 748

DEBT - Narrative (Details)

DEBT - Narrative (Details)	12 Months Ended
	Dec. 31, 2020USD ($)propertyextensionloan	Dec. 31, 2019USD ($)
Line of Credit Facility [Line Items]
Number of real estate properties, unencumbered by mortgages | property	47
Number of real estate properties, unencumbered used to provide credit support | property	34
Maximum borrowing capacity	$ 6,000,000
Revolving lines of credit	$ 152,871,000	$ 50,079,000
Number of real estate communities, serving as collateral for mortgage loans | property	20
Domestic Line of Credit | Base Rate | Minimum
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)	0.35%
Domestic Line of Credit | Base Rate | Maximum
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)	0.85%
Domestic Line of Credit | London Interbank Offered Rate (LIBOR) | Minimum
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)	1.35%
Domestic Line of Credit | London Interbank Offered Rate (LIBOR) | Maximum
Line of Credit Facility [Line Items]
Interest rate spread (as a percent)	1.90%
BMO Line of Credit | Lines of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 250,000,000	250,000,000
Revolving lines of credit		$ 50,100,000
Number of extensions | extension	1
Extension term	12 months
BMO Line of Credit | Domestic Line of Credit
Line of Credit Facility [Line Items]
Remaining borrowing capacity	$ 97,100,000
Revolving lines of credit	$ 152,900,000
Operating line of credit, interest rate	2.85%
Mortgages payable
Line of Credit Facility [Line Items]
Number of loans in default | loan	0
Mortgages payable | Minimum
Line of Credit Facility [Line Items]
Mortgage loans, interest rate	3.47%
Mortgages payable | Maximum
Line of Credit Facility [Line Items]
Mortgage loans, interest rate	5.73%
Unsecured debt
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 150,000,000
Remaining borrowing capacity	25,000,000
Unsecured debt | Term Loan Maturing 2024
Line of Credit Facility [Line Items]
Original principal balance	70,000,000
Unsecured debt | Term Loan Maturing 2025
Line of Credit Facility [Line Items]
Original principal balance	75,000,000
Unsecured debt | Note Maturing 2029
Line of Credit Facility [Line Items]
Original principal balance	$ 75,000,000
Interest rate percentage	3.84%
Unsecured debt | Note Maturing 2028
Line of Credit Facility [Line Items]
Original principal balance	$ 50,000,000
Interest rate percentage	3.69%

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Carrying principal value	$ 721,316	$ 651,455
Weighted Average Maturity in Years	4 years 8 months 23 days
Weighted average interest rate	3.62%	3.97%
Mortgages payable - fixed
Debt Instrument [Line Items]
Carrying principal value	$ 298,445	$ 331,376
Weighted Average Maturity in Years	5 years 2 months 23 days
Mortgages payable
Debt Instrument [Line Items]
Weighted average interest rate	3.93%	4.02%
Unsecured debt
Debt Instrument [Line Items]
Carrying principal value	$ 422,871	$ 320,079
Weighted Average Maturity in Years	4 years 4 months 17 days
Unsecured debt | Lines of credit
Debt Instrument [Line Items]
Carrying principal value	$ 152,871	$ 50,079
Weighted Average Maturity in Years	1 year 7 months 13 days
Weighted average interest rate	2.85%	3.81%
Unsecured debt | Term loans
Debt Instrument [Line Items]
Carrying principal value	$ 145,000	$ 145,000
Weighted Average Maturity in Years	3 years 10 months 17 days
Weighted average interest rate	4.15%	4.11%
Unsecured debt | Unsecured senior notes
Debt Instrument [Line Items]
Carrying principal value	$ 125,000	$ 125,000
Weighted Average Maturity in Years	8 years 3 months 29 days
Weighted average interest rate	3.78%	3.78%

DEBT - Schedule of Required Pay

DEBT - Schedule of Required Payments (Details) - Mortgages And Term Loans $ in Thousands	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
2021	$ 25,665
2022	37,219
2023	45,068
2024	3,777
2025	102,505
Thereafter	354,211
Total payments	$ 568,445

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details)	8 Months Ended	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2020USD ($)derivative_instrument	Dec. 31, 2019USD ($)	Apr. 30, 2018USD ($)	Jan. 31, 2023USD ($)derivative_instrument
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months		$ 4,400,000
Interest Rate Swap
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ (2,794,000)	(11,068,000)	$ (7,040,000)	$ 1,627,000
Interest Rate Swap | Interest Expense
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income	$ (159,000)	$ (2,770,000)	(289,000)	$ (152,000)
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Number of instruments held | derivative_instrument		3
Notional amount		$ 195,000,000
Accounts Payable and Accrued Expenses | Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Total derivative instruments designated at hedging instruments - interest rate swaps		$ 15,905,000	$ 7,607,000
Scenario, Forecast | Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Number of instruments held | derivative_instrument					1
Notional amount					$ 70,000,000

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Risk Level, Low
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk	0.00038%
Risk Level, High
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk	0.0005%
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk	0.005%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk	0.01%
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages and notes receivable	$ 30,994
Derivative instruments - interest rate swaps		$ 7,607
Fair Value, Recurring | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps	15,905
Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages and notes receivable	0
Derivative instruments - interest rate swaps	0	0
Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages and notes receivable	0
Derivative instruments - interest rate swaps		0
Fair Value, Recurring | Level 2 | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments - interest rate swaps	0
Fair Value, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages and notes receivable	30,994
Derivative instruments - interest rate swaps	$ 15,905	$ 7,607

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Changes in Fair Value of Receivable (Details) - Fair Value, Recurring $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgages and notes receivable	$ 30,994
Changes in fair value of receivables	1,454
Other Gains (Losses)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Changes in fair value of receivables	12
Interest Income
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Changes in fair value of receivables	$ 1,442

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
FINANCIAL LIABILITIES
Unsecured senior notes	$ 269,246	$ 269,058
Carrying Amount
FINANCIAL ASSETS
Cash and cash equivalents	392	26,579
Mortgages and notes receivable	0	32,810
FINANCIAL LIABILITIES
Revolving lines of credit	152,871	50,079
Term loan	145,000	145,000
Unsecured senior notes	125,000	125,000
Mortgages payable	298,445	331,376
Carrying Amount | Restricted cash
FINANCIAL ASSETS
Cash and cash equivalents	6,918	19,538
Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	392	26,579
Mortgages and notes receivable	0	32,810
FINANCIAL LIABILITIES
Revolving lines of credit	152,871	50,079
Term loan	145,000	145,000
Unsecured senior notes	133,181	126,816
Mortgages payable	308,855	332,471
Fair Value | Restricted cash
FINANCIAL ASSETS
Cash and cash equivalents	$ 6,918	$ 19,538

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details) - Acquisitions $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)unit	Dec. 31, 2019USD ($)unit
Acquisitions and development projects placed in service [Abstract]
Total acquisition costs	$ 191,013	$ 171,362
Form of consideration, cash	173,350	154,802
Form of consideration, other	17,663
Form of consideration, units		16,560
Investment allocation, land	12,639	13,316
Investment allocation, building	168,974	154,796
Investment allocation, intangible assets	2,995	2,825
Investment allocation, other	6,405
Ironwood Apartments - New Hope, MN
Acquisitions and development projects placed in service [Abstract]
Total acquisition costs	46,263
Form of consideration, cash	28,600
Form of consideration, other	17,663
Investment allocation, land	2,165
Investment allocation, building	36,869
Investment allocation, intangible assets	824
Investment allocation, other	6,405
Parkhouse Apartments - Thornton, CO
Acquisitions and development projects placed in service [Abstract]
Total acquisition costs	144,750
Form of consideration, cash	144,750
Form of consideration, other	0
Investment allocation, land	10,474
Investment allocation, building	132,105
Investment allocation, intangible assets	2,171
Investment allocation, other	$ 0
MultiFamily Same-Store
Acquisitions and development projects placed in service [Abstract]
Total acquisition costs		169,250
Form of consideration, cash		152,690
Form of consideration, units		16,560
Investment allocation, land		13,070
Investment allocation, building		152,930
Investment allocation, intangible assets		$ 2,825
MultiFamily Same-Store | Ironwood Apartments - New Hope, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes | unit	182
MultiFamily Same-Store | Parkhouse Apartments - Thornton, CO
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes | unit	465
MultiFamily Same-Store | SouthFork Townhomes - Lakeville, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes | unit		272
Total acquisition costs		$ 44,000
Form of consideration, cash		27,440
Form of consideration, units		16,560
Investment allocation, land		3,502
Investment allocation, building		39,950
Investment allocation, intangible assets		$ 548
MultiFamily Same-Store | FreightYard Townhomes and Flats - Minneapolis, MN
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes | unit		96
Total acquisition costs		$ 26,000
Form of consideration, cash		26,000
Form of consideration, units		0
Investment allocation, land		1,889
Investment allocation, building		23,615
Investment allocation, intangible assets		$ 496
MultiFamily Same-Store | Lugano at Cherry Creek - Denver, CO
Acquisitions and development projects placed in service [Abstract]
Number of apartment homes | unit		328
Total acquisition costs		$ 99,250
Form of consideration, cash		99,250
Form of consideration, units		0
Investment allocation, land		7,679
Investment allocation, building		89,365
Investment allocation, intangible assets		1,781
Acquisition credit		425
Other Property | Minot, North Dakota
Acquisitions and development projects placed in service [Abstract]
Total acquisition costs		2,112
Form of consideration, cash		2,112
Form of consideration, units		0
Investment allocation, land		246
Investment allocation, building		1,866
Investment allocation, intangible assets		$ 0

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Property Dispositions (Details) $ in Thousands	3 Months Ended								8 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)unit	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)unit	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020USD ($)propertyunit	Dec. 31, 2019USD ($)unit	Dec. 31, 2018USD ($)	Apr. 30, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales price	$ 45,540	$ 44,138	$ 43,910	$ 44,406	$ 45,777	$ 47,436	$ 46,934	$ 45,608	$ 121,871	$ 177,994	$ 185,755	$ 121,871	$ 169,745
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	44,300				203,093					44,300	203,093
Book Value and Sale Cost	18,828				105,866					18,828	105,866
Gain/(Loss)										$ 25,472	97,227
Retail Site | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property										1
MultiFamily Same-Store | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property										4
Sales Price	42,500				186,424					$ 42,500	186,424
Book Value and Sale Cost	$ 16,864				$ 91,514					16,864	91,514
Gain/(Loss)										$ 25,636	$ 94,910
MultiFamily Same-Store | Disposed of by Sale | Forest Park - Grand Forks, ND
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit	268									268
Sales Price	$ 19,625									$ 19,625
Book Value and Sale Cost	$ 6,884									6,884
Gain/(Loss)										$ 12,741
MultiFamily Same-Store | Disposed of by Sale | Landmark, Grand Forks, ND
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit	90									90
Sales Price	$ 3,725									$ 3,725
Book Value and Sale Cost	$ 1,348									1,348
Gain/(Loss)										$ 2,377
MultiFamily Same-Store | Disposed of by Sale | Southwind, Grand Forks, ND
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit	164									164
Sales Price	$ 10,850									$ 10,850
Book Value and Sale Cost	$ 4,573									4,573
Gain/(Loss)										$ 6,277
MultiFamily Same-Store | Disposed of by Sale | Valley Park - Grand Forks, ND
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit	168									168
Sales Price	$ 8,300									$ 8,300
Book Value and Sale Cost	4,059									4,059
Gain/(Loss)										$ 4,241
MultiFamily Same-Store | Disposed of by Sale | Pinehurst - Billings, Montana
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					21						21
Sales Price					$ 1,675						$ 1,675
Book Value and Sale Cost					$ 961						961
Gain/(Loss)											$ 714
MultiFamily Same-Store | Disposed of by Sale | Brookfield Village - Topeka, Kansas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					160						160
Sales Price					$ 10,350						$ 10,350
Book Value and Sale Cost					$ 5,853						5,853
Gain/(Loss)											$ 4,497
MultiFamily Same-Store | Disposed of by Sale | Crown Colony - Topeka, Kansas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					220						220
Sales Price					$ 17,200						$ 17,200
Book Value and Sale Cost					$ 7,876						7,876
Gain/(Loss)											$ 9,324
MultiFamily Same-Store | Disposed of by Sale | Mariposa - Topeka, Kansas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					54						54
Sales Price					$ 6,100						$ 6,100
Book Value and Sale Cost					$ 4,290						4,290
Gain/(Loss)											$ 1,810
MultiFamily Same-Store | Disposed of by Sale | Sherwood - Topeka, Kansas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					300						300
Sales Price					$ 26,150						$ 26,150
Book Value and Sale Cost					$ 11,536						11,536
Gain/(Loss)											$ 14,614
MultiFamily Same-Store | Disposed of by Sale | Villa West - Topeka, Kansas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					308						308
Sales Price					$ 22,950						$ 22,950
Book Value and Sale Cost					$ 15,165						15,165
Gain/(Loss)											$ 7,785
MultiFamily Same-Store | Disposed of by Sale | Crestview - Bismarck, ND
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					152						152
Sales Price					$ 8,250						$ 8,250
Book Value and Sale Cost					$ 2,681						2,681
Gain/(Loss)											$ 5,569
MultiFamily Same-Store | Disposed of by Sale | North Pointe - Bismarck, ND
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					73						73
Sales Price					$ 5,225						$ 5,225
Book Value and Sale Cost					$ 3,179						3,179
Gain/(Loss)											$ 2,046
MultiFamily Same-Store | Disposed of by Sale | Kirkwood Manor - Bismarck, ND
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					108						108
Sales Price					$ 5,400						$ 5,400
Book Value and Sale Cost					$ 2,518						2,518
Gain/(Loss)											$ 2,882
MultiFamily Same-Store | Disposed of by Sale | Westwood Park - Bismarck, ND
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					65						65
Sales Price					$ 4,250						$ 4,250
Book Value and Sale Cost					$ 1,931						1,931
Gain/(Loss)											$ 2,319
MultiFamily Same-Store | Disposed of by Sale | Pebble Springs - Bismarck, ND
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					16						16
Sales Price					$ 875						$ 875
Book Value and Sale Cost					$ 573						573
Gain/(Loss)											$ 302
MultiFamily Same-Store | Disposed of by Sale | Arbors - S Sioux City, NE
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					192						192
Sales Price					$ 16,200						$ 16,200
Book Value and Sale Cost					$ 6,110						6,110
Gain/(Loss)											$ 10,090
MultiFamily Same-Store | Disposed of by Sale | Indian Hills - Sioux City, IA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					120						120
Sales Price					$ 8,100						$ 8,100
Book Value and Sale Cost					$ 5,302						5,302
Gain/(Loss)											$ 2,798
MultiFamily Same-Store | Disposed of by Sale | Ridge Oaks - Sioux City, IA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					132						132
Sales Price					$ 7,700						$ 7,700
Book Value and Sale Cost					$ 4,006						4,006
Gain/(Loss)											$ 3,694
MultiFamily Same-Store | Disposed of by Sale | Cottage West Twin Homes - Sioux Falls, SD
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					50						50
Sales Price					$ 6,991						$ 6,991
Book Value and Sale Cost					$ 4,391						4,391
Gain/(Loss)											$ 2,600
MultiFamily Same-Store | Disposed of by Sale | Gables Townhomes - Sioux Falls, SD
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					24						24
Sales Price					$ 2,515						$ 2,515
Book Value and Sale Cost					$ 2,052						2,052
Gain/(Loss)											$ 463
MultiFamily Same-Store | Disposed of by Sale | Oakmont Estates - Sioux Falls, SD
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					79						79
Sales Price					$ 7,010						$ 7,010
Book Value and Sale Cost					$ 3,917						3,917
Gain/(Loss)											$ 3,093
MultiFamily Same-Store | Disposed of by Sale | Oakwood Estates - Sioux Falls, SD
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					160						160
Sales Price					$ 12,090						$ 12,090
Book Value and Sale Cost					$ 3,056						3,056
Gain/(Loss)											$ 9,034
MultiFamily Same-Store | Disposed of by Sale | Oxbow Park - Sioux Falls, SD
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					120						120
Sales Price					$ 10,452						$ 10,452
Book Value and Sale Cost					$ 2,713						2,713
Gain/(Loss)											$ 7,739
MultiFamily Same-Store | Disposed of by Sale | Prairie Winds - Sioux Falls, SD
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					48						48
Sales Price					$ 3,763						$ 3,763
Book Value and Sale Cost					$ 1,112						1,112
Gain/(Loss)											$ 2,651
MultiFamily Same-Store | Disposed of by Sale | Sierra Vista - Sioux Falls, SD
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of apartment homes | unit					44						44
Sales Price					$ 3,178						$ 3,178
Book Value and Sale Cost					2,292						2,292
Gain/(Loss)											886
Unimproved Land | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property										1
Sales Price					4,374						4,374
Book Value and Sale Cost					4,225						4,225
Gain/(Loss)											149
Unimproved Land | Disposed of by Sale | Rapid City, South Dakota
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	1,300									$ 1,300
Book Value and Sale Cost	1,490									1,490
Gain/(Loss)										(190)
Unimproved Land | Disposed of by Sale | Creekside Crossing - Bismarck, ND
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price					3,049						3,049
Book Value and Sale Cost					3,205						3,205
Gain/(Loss)											(156)
Unimproved Land | Disposed of by Sale | Minot, North Dakota
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price					725						725
Book Value and Sale Cost					593						593
Gain/(Loss)											132
Unimproved Land | Disposed of by Sale | Weston - Weston, Wisconsin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price					600						600
Book Value and Sale Cost					427						427
Gain/(Loss)											173
Other Property | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	12,295									12,295
Book Value and Sale Cost					10,127						10,127
Gain/(Loss)											2,168
Other Property | Disposed of by Sale | Dakota West
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	500									500
Book Value and Sale Cost	474									474
Gain/(Loss)										26
Other Property | Disposed of by Sale | Minot, North Dakota
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price					6,530						6,530
Book Value and Sale Cost					6,048						6,048
Gain/(Loss)											482
Other Property | Disposed of by Sale | Woodbury 1865 Woodlane - Woodbury, MN
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	$ 5,765									$ 5,765
Book Value and Sale Cost					$ 4,079						4,079
Gain/(Loss)											$ 1,686

DISCONTINUED OPERATIONS - Effec

DISCONTINUED OPERATIONS - Effect on Net Income and Gains (Losses) From Sale Of Property (Details) $ in Thousands	3 Months Ended								8 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020USD ($)apartment_communityproperty	Dec. 31, 2019USD ($)apartment_communityproperty	Dec. 31, 2018USD ($)	Apr. 30, 2018USD ($)property
REVENUE
Revenues, Total	$ 45,540	$ 44,138	$ 43,910	$ 44,406	$ 45,777	$ 47,436	$ 46,934	$ 45,608	$ 121,871	$ 177,994	$ 185,755	$ 121,871	$ 169,745
EXPENSES
Property operating expenses, excluding real estate taxes									37,198	51,625	57,249		54,292
Real estate taxes									13,521	21,533	21,066		18,742
Property management expense									3,663	5,801	6,186		5,526
Depreciation and amortization									50,456	75,593	74,271		82,070
TOTAL EXPENSES									116,786	169,654	174,338		193,449
Interest expense									(21,359)	(27,525)	(30,537)		(34,178)
Gain (loss) on extinguishment of debt(1)									(556)	(23)	(2,360)		(940)
Gain (loss) on sale of discontinued operations									10,277	25,503	97,624		183,687
INCOME FROM DISCONTINUED OPERATIONS									570	0	0		164,823
Property Sale Data
Gain (loss) on sale of discontinued operations									10,277	$ 25,503	$ 97,624		$ 183,687
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties classified as discontinued operations | property										0	0		27
EXPENSES
Gain (loss) on sale of discontinued operations									0				$ 163,567
Property Sale Data
Sales price									0				437,652
Net book value and sales costs									0				(274,085)
Gain (loss) on sale of discontinued operations									0				163,567
Discontinued Operations, Disposed of by Sale
REVENUE
Real estate rentals, prior to ASC 606 adoption									0				19,744
EXPENSES
Property operating expenses, excluding real estate taxes									0				6,350
Real estate taxes									0				5,191
Depreciation and amortization									0				8,445
TOTAL EXPENSES									0				20,192
Operating income (loss)									0				11,202
Interest expense									0				(4,172)
Gain (loss) on extinguishment of debt(1)									0				(6,508)
Interest income									0				661
Other income									0				73
Income (loss) from discontinued operations before gain on sale									0				1,256
Gain (loss) on sale of discontinued operations									570				163,567
INCOME FROM DISCONTINUED OPERATIONS									570				164,823
Property Sale Data
Gain (loss) on sale of discontinued operations									570				163,567
Discontinued Operations, Disposed of by Sale | All Other
EXPENSES
INCOME FROM DISCONTINUED OPERATIONS									570				164,823
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | apartment_community										0	0
Tenant Reimbursement | Discontinued Operations, Disposed of by Sale
REVENUE
Revenues, Total									0				11,650
Real Estate
EXPENSES
Property management expense									50,719	$ 73,158	$ 78,315		73,034
Real Estate | Discontinued Operations, Disposed of by Sale
REVENUE
Revenues, Total									0				31,394
Management Service
EXPENSES
Property management expense									3,663	$ 5,801	$ 6,186		5,526
Management Service | Discontinued Operations, Disposed of by Sale
EXPENSES
Property management expense									$ 0				$ 206

SEGMENTS (Details)

SEGMENTS (Details) $ in Thousands	3 Months Ended								8 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018segment	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Apr. 30, 2018USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment										2	1
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue	$ 45,540	$ 44,138	$ 43,910	$ 44,406	$ 45,777	$ 47,436	$ 46,934	$ 45,608	$ 121,871		$ 177,994	$ 185,755	$ 121,871	$ 169,745
Property operating expenses, including real estate taxes									3,663		5,801	6,186		5,526
Net Operating Income (Loss)									71,152		104,836	107,440		96,711
Property management expenses									(3,663)		(5,801)	(6,186)		(5,526)
Casualty loss									(915)		(1,662)	(1,116)		(500)
Depreciation and amortization									(50,456)		(75,593)	(74,271)		(82,070)
Impairment of real estate investments									(1,221)					(18,065)
General and administrative expenses									(9,812)		(13,440)	(14,450)		(14,254)
General and administrative expenses														(14,203)
Acquisition and investment related costs														(51)
Interest expense									(21,359)		(27,525)	(30,537)		(34,178)
Loss on extinguishment of debt									(556)		(23)	(2,360)		(940)
Interest and other income (loss)									1,233		(1,552)	2,092		1,508
Income (loss) before gain (loss) on sale of real estate and other investments, gain (loss) on litigation settlement, and income (loss) from discontinued operations									(15,597)		(20,760)	(19,388)		(57,314)
Gain (loss) on sale of real estate and other investments									9,707		25,503	97,624		20,120
Gain (loss) on litigation settlement									0		0	6,586		0
Income (loss) from continuing operations									(5,890)		4,743	84,822		(37,194)
Income (loss) from discontinued operations									570		0	0		164,823
NET INCOME (LOSS)									(5,320)		4,743	84,822		127,629
Segment Assets [Abstract]
Property owned	1,812,557				1,643,078						1,812,557	1,643,078
Less accumulated depreciation	(399,249)				(349,122)						(399,249)	(349,122)
Real Estate Investment Property, Net, Total	1,413,308				1,293,956						1,413,308	1,293,956
Cash and cash equivalents	392				26,579				13,792		392	26,579	13,792	11,891
Restricted cash	6,918				19,538				5,464		6,918	19,538	$ 5,464	4,225
Other assets	18,904				34,829						18,904	34,829
Unimproved land	0				1,376						0	1,376
Mortgage loans receivable	24,661				16,140						24,661	16,140
TOTAL ASSETS	1,464,183				1,392,418						1,464,183	1,392,418
MultiFamily Same-Store | Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue									96,234		171,231	155,635		159,983
Net Operating Income (Loss)									56,874		101,187	91,726		89,523
Segment Assets [Abstract]
Property owned	1,779,378				1,572,529						1,779,378	1,572,529
Less accumulated depreciation	(387,989)				(319,318)						(387,989)	(319,318)
Real Estate Investment Property, Net, Total	1,391,389				1,253,211						1,391,389	1,253,211
All Other | Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenue									25,637		6,763	30,120		9,762
Net Operating Income (Loss)									14,278		3,649	15,714		7,188
Segment Assets [Abstract]
Property owned	33,179				70,549						33,179	70,549
Less accumulated depreciation	(11,260)				(29,804)						(11,260)	(29,804)
Real Estate Investment Property, Net, Total	$ 21,919				$ 40,745						21,919	40,745
Real Estate
Segment Reporting Information, Profit (Loss) [Abstract]
Property operating expenses, including real estate taxes									50,719		73,158	78,315		73,034
Property management expenses									(50,719)		(73,158)	(78,315)		(73,034)
Real Estate | MultiFamily Same-Store | Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Property operating expenses, including real estate taxes									39,360		70,044	63,909		70,460
Property management expenses									(39,360)		(70,044)	(63,909)		(70,460)
Real Estate | All Other | Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Property operating expenses, including real estate taxes									11,359		3,114	14,406		2,574
Property management expenses									(11,359)		(3,114)	(14,406)		(2,574)
Management Service
Segment Reporting Information, Profit (Loss) [Abstract]
Property operating expenses, including real estate taxes									3,663		5,801	6,186		5,526
Property management expenses									$ (3,663)		$ (5,801)	$ (6,186)		$ (5,526)

RETIREMENT PLANS (Details)

RETIREMENT PLANS (Details) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2018
Retirement Benefits [Abstract]
Maximum contribution each employee, towards 401(k) plan		5.00%
Employer contribution towards profit sharing plan and 401(k) plan	$ 476	$ 875	$ 738	$ 838

TRANSACTIONS WITH RELATED PAR_2

TRANSACTIONS WITH RELATED PARTIES - Narrative (Details) $ in Millions	12 Months Ended
	Apr. 30, 2018USD ($)property
Related Party Transaction [Line Items]
Number of real estate properties sold	28
BMO Capital Markets
Related Party Transaction [Line Items]
Number of real estate properties sold	27
Transaction fee | $	$ 1.8

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)propertynumberOfApartmentHomesapartment_community	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Number of real estate properties | apartment_community	67
Redemption basis	1
Number of consecutive trading days for valuation	10 days
Aggregate redemption value of units of operating partnership owned by limited partners | $	$ 69	$ 76.6
Subject to Restrictions on Taxable Dispositions
Real Estate Properties [Line Items]
Number of real estate properties | property	20
Number of apartment homes (approximately) | numberOfApartmentHomes	4,032

QUARTERLY RESULTS OF CONSOLID_3

QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								8 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 30, 2018
Selected Quarterly Financial Information [Abstract]
Total revenue	$ 45,540	$ 44,138	$ 43,910	$ 44,406	$ 45,777	$ 47,436	$ 46,934	$ 45,608	$ 121,871	$ 177,994	$ 185,755	$ 121,871	$ 169,745
Net income (loss) attributable to controlling interests	(4,378)	19,629	(3,803)	(7,007)	48,658	31,596	3,113	(4,698)	(4,398)	4,441	78,669		116,788
Net income (loss) available to common shareholders	$ (5,985)	$ 18,021	$ (5,387)	$ (8,439)	$ 46,953	$ 29,891	$ 1,407	$ (6,403)	$ (8,945)	$ (1,790)	$ 71,848		$ 104,562
Net income (loss) per common share - basic	$ (0.46)	$ 1.40	$ (0.44)	$ (0.69)	$ 3.95	$ 2.57	$ 0.11	$ (0.54)
Net income (loss) per common share - diluted	$ (0.46)	$ 1.38	$ (0.44)	$ (0.67)	$ 3.89	$ 2.54	$ 0.11	$ (0.54)	$ (0.75)	$ (0.15)	$ 6		$ 8.71

SHARE BASED COMPENSATION - Narr

SHARE BASED COMPENSATION - Narrative (Details) - USD ($)	Nov. 30, 2020	Nov. 19, 2020	Aug. 12, 2020	May 21, 2020	May 19, 2020	Mar. 13, 2020	Sep. 15, 2015	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense								$ 845,000	$ 2,106,000	$ 1,905,000	$ 1,587,000
Stock options granted (in shares)									141,000
Percent of RSUs granted									25.00%
Total compensation cost related to non-vested share awards									$ 629,000
Weighted average period to recognize cost									3 years
Award vesting period									4 years
Fair value of stock options granted (in usd per share)									$ 7.255
Stock options outstanding, aggregate intrinsic value									$ 595,000
Weighted average remaining contractual term									9 years 4 months 20 days
Incentive Plan 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares (in shares)							425,000
Term of award							10 years
Incentive Plan 2015 | LTIP Awards | Restricted Stock | Vesting Periods One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage						33.33%
Incentive Plan 2015 | LTIP Awards | Restricted Stock | Vesting Periods Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage						33.33%
Incentive Plan 2015 | LTIP Awards | Restricted Stock | Vesting Periods Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares vesting percentage						33.33%
Restricted Share Awards | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)								0	0	0	9,136
Awards vested during period								$ 147,000	$ 136,000	$ 310,000	$ 1,100,000
Restricted Share Awards | LTIP Awards | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)									9,709
Awards vested during period									$ 1,227,000
Total compensation cost related to non-vested share awards									$ 644,000
Weighted average period to recognize cost									1 year 4 months 24 days
Award vesting period									3 years
Long Term Incentive Plan | LTIP Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized value								1,100,000	$ 487,000	1,300,000	448,000
Trustee Awards | Unrestricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense								$ 348,000	$ 533,000	$ 505,000	$ 389,000
Trustee | Incentive Plan 2015 | Award On 19 May 2020 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					8,272				8,272
Employees | Incentive Plan 2015 | Award On 12 August 2020 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			480
Employees | Incentive Plan 2015 | Award on 19 November 2020 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		281
Employees | Incentive Plan 2015 | Award On 30 November 2020 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	142
Management | Incentive Plan 2015 | Award On 13 March 2020 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)						8,806
Management | Incentive Plan 2015 | Award On 21 May 2020 | Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)				141,000
Expiration period									10 years

SHARE BASED COMPENSATION - Sche

SHARE BASED COMPENSATION - Schedule of Fair Value Stock Options (Details)	12 Months Ended
	Dec. 31, 2020$ / shares
Share-based Payment Arrangement [Abstract]
Exercise price (in usd per share)	$ 66.36
Risk-free rate	0.0001%
Expected term	6 years 3 months
Expected volatility	0.2108%
Dividend Yield	0.0004%

SHARE BASED COMPENSATION - Sc_2

SHARE BASED COMPENSATION - Schedule of Total Compensation Expense (Details) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2018
Share-based Payment Arrangement [Abstract]
Stock based compensation expense	$ 845	$ 2,106	$ 1,905	$ 1,587

SHARE BASED COMPENSATION - Acti

SHARE BASED COMPENSATION - Activity for Restricted Shares Awards and Restricted Stock Units (Details) - $ / shares	8 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 30, 2018
Shares [Roll Forward]
Award vesting period		4 years
Restricted Share Awards | Restricted Stock
Shares [Roll Forward]
Unvested, beginning of period (in shares)	9,900	2,192	7,191		19,511
Granted (in shares)	0	0	0		9,136
Vested (in shares)	(2,709)	(2,192)	(4,999)		(18,545)
Forfeited (in shares)	0	0	0		(202)
Unvested, end of period (in shares)	7,191	0	2,192	7,191	9,900
Wtd Avg Grant-Date Fair Value [Abstract]
Unvested, beginning of period (in dollars per share)		$ 59.20
Granted (in dollars per share)					57.55
Vested (in dollars per share)	63.21	$ 59.20	61.06		59.89
Forfeited (in dollars per share)					62.40
Unvested, end of period (in dollars per share)			$ 59.20
Restricted Share Awards | Restricted Stock | LTIP Awards
Shares [Roll Forward]
Granted (in shares)		9,709
Award vesting period		3 years
Restricted Stock Units with Service Conditions | Restricted Stock Units (RSU)
Shares [Roll Forward]
Unvested, beginning of period (in shares)	6,787	22,346	18,260		0
Granted (in shares)	14,878		17,981	16,084	6,994
Vested (in shares)	(2,943)		(14,991)	(11,633)	(207)
Change in awards (in shares)			0
Forfeited (in shares)	(462)		(508)	(365)	0
Unvested, end of period (in shares)	18,260	24,828	22,346	18,260	6,787
Wtd Avg Grant-Date Fair Value [Abstract]
Unvested, beginning of period (in dollars per share)	$ 60.85	$ 58.41	$ 55.13		$ 0
Granted (in dollars per share)	53.60		68.25	$ 59.76	60.54
Vested (in dollars per share)	60.83		59.10	55.35	50.30
Change in awards (in dollars per share)			0
Forfeited (in dollars per share)	53.60		62.99	51.73	0
Unvested, end of period (in dollars per share)	$ 55.13	$ 65.03	$ 58.41	$ 55.13	$ 60.85
Restricted Stock With Market Conditions | Restricted Stock Units (RSU)
Shares [Roll Forward]
Unvested, beginning of period (in shares)	11,538	37,822	25,319		0
Granted (in shares)	15,461		0	12,978	11,538
Vested (in shares)	0		(13,357)	0	0
Change in awards (in shares)			4,436
Forfeited (in shares)	(1,680)		(1,907)	(475)	0
Unvested, end of period (in shares)	25,319	26,994	37,822	25,319	11,538
Wtd Avg Grant-Date Fair Value [Abstract]
Unvested, beginning of period (in dollars per share)	$ 70.90	$ 68.62	$ 62.84		$ 0
Granted (in dollars per share)	57.70		0	$ 79.49	70.90
Vested (in dollars per share)	0		74.68	0	0
Change in awards (in dollars per share)			0
Forfeited (in dollars per share)	70.90		63.92	57.70	0
Unvested, end of period (in dollars per share)	$ 62.84	$ 67.87	$ 68.62	$ 62.84	$ 70.90

SHARE BASED COMPENSATION - Sc_3

SHARE BASED COMPENSATION - Schedule of Stock Options Activity (Details)	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Number of Shares
Outstanding at beginning of year (in shares)	0
Granted (in shares)	141,000
Exercised (in shares)	0
Forfeited (in shares)	(1,952)
Outstanding at end of year (in shares)	139,048
Exercisable at end of year (in shares)	0
Weighted Average Exercise Price (in usd per share)
Outstanding at beginning of year (in usd per share) | $ / shares	$ 0
Granted (in usd per share) | $ / shares	66.36
Forfeited (in usd per share) | $ / shares	66.36
Outstanding at end of year (in usd per share) | $ / shares	66.36
Exercisable at end of year (in usd per share) | $ / shares	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Jan. 06, 2021USD ($)apartment_community	Jan. 05, 2021USD ($)	Dec. 31, 2020USD ($)
Subsequent Event [Line Items]
Aggregate borrowing amount available			$ 6,000,000
Unsecured debt
Subsequent Event [Line Items]
Aggregate borrowing amount available			150,000,000
Remaining borrowing capacity			$ 25,000,000
Subsequent Event | Unsecured debt | Unsecured Series C Debt
Subsequent Event [Line Items]
Original principal balance	$ 50,000,000
Interest rate percentage	0.00027%
Aggregate borrowing amount available	$ 225,000,000	$ 150,000,000
Fair value of amount outstanding	175,000,000
Remaining borrowing capacity	$ 50,000,000
Union Pointe Apartment Homes | Subsequent Event
Subsequent Event [Line Items]
Number of units in acquired property | apartment_community	256
Total acquisition costs	$ 76,900,000

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Gross amount at which carries at close of period [Abstract]
Accumulated Depreciation	$ (399,249)	$ (353,871)	$ (399,249)	$ (349,122)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Total real estate investments			1,437,969	1,311,472
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at beginning of year	349,122	353,871
Additions during year [Abstract]
Provisions for depreciation	72,051	71,787
Deductions during year [Abstract]
Accumulated depreciation on real estate sold or classified as held for sale	(21,440)	(72,758)
Write down of asset and accumulated depreciation on impaired assets	0	0
Other	(484)	(3,778)
Balance at close of year	399,249	349,122
Net basis of real estate investments for federal income tax purposes			1,400,000	1,300,000
Unimproved Land
Gross amount at which carries at close of period [Abstract]
Total	1,376	1,376	0	1,376
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of year	1,376	5,301
Cost of real estate sold	(1,376)	(3,925)
Balance at close of year	0	1,376
Total real estate investments			1,413,308	1,295,332
Wholly Owned Properties
Gross amount at which carries at close of period [Abstract]
Total	1,643,078	1,643,078	1,812,557	$ 1,643,078
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of year	1,643,078	1,627,636
Improvements and Other	27,460	21,868
Total Additions	1,852,309	1,818,008
Cost of real estate sold	(38,111)	(171,112)
Other	(1,641)	(3,818)
Balance at close of year	1,812,557	1,643,078
MultiFamily Same-Store
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			276,770
Initial Cost to Company [Abstract]
Land			119,580
Buildings & Improvements			1,143,758
Costs capitalized subsequent to acquisition			160,871
Gross amount at which carries at close of period [Abstract]
Land			137,250
Buildings & Improvements			1,286,959
Total	1,424,209		1,424,209
Accumulated Depreciation	(375,942)		(375,942)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	1,424,209
Deductions during year [Abstract]
Balance at close of year	375,942
MultiFamily Same-Store | 71 France - Edina, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			53,324
Initial Cost to Company [Abstract]
Land			4,721
Buildings & Improvements			61,762
Costs capitalized subsequent to acquisition			446
Gross amount at which carries at close of period [Abstract]
Land			4,801
Buildings & Improvements			62,128
Total	66,929		66,929
Accumulated Depreciation	(14,312)		(14,312)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	66,929
Deductions during year [Abstract]
Balance at close of year	14,312
MultiFamily Same-Store | Alps Park - Rapid City, SD
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			287
Buildings & Improvements			5,551
Costs capitalized subsequent to acquisition			425
Gross amount at which carries at close of period [Abstract]
Land			336
Buildings & Improvements			5,927
Total	6,263		6,263
Accumulated Depreciation	(1,589)		(1,589)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	6,263
Deductions during year [Abstract]
Balance at close of year	1,589
MultiFamily Same-Store | Arcata - Golden Valley, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			2,088
Buildings & Improvements			31,036
Costs capitalized subsequent to acquisition			356
Gross amount at which carries at close of period [Abstract]
Land			2,128
Buildings & Improvements			31,352
Total	33,480		33,480
Accumulated Depreciation	(8,600)		(8,600)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	33,480
Deductions during year [Abstract]
Balance at close of year	8,600
MultiFamily Same-Store | Ashland - Grand Forks, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			4,866
Initial Cost to Company [Abstract]
Land			741
Buildings & Improvements			7,569
Costs capitalized subsequent to acquisition			346
Gross amount at which carries at close of period [Abstract]
Land			823
Buildings & Improvements			7,833
Total	8,656		8,656
Accumulated Depreciation	(2,323)		(2,323)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	8,656
Deductions during year [Abstract]
Balance at close of year	2,323
MultiFamily Same-Store | Avalon Cove - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			1,616
Buildings & Improvements			34,074
Costs capitalized subsequent to acquisition			646
Gross amount at which carries at close of period [Abstract]
Land			1,808
Buildings & Improvements			34,528
Total	36,336		36,336
Accumulated Depreciation	(5,927)		(5,927)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	36,336
Deductions during year [Abstract]
Balance at close of year	5,927
MultiFamily Same-Store | Boulder Court - Eagan, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			1,067
Buildings & Improvements			5,498
Costs capitalized subsequent to acquisition			3,305
Gross amount at which carries at close of period [Abstract]
Land			1,576
Buildings & Improvements			8,294
Total	9,870		9,870
Accumulated Depreciation	(4,429)		(4,429)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	9,870
Deductions during year [Abstract]
Balance at close of year	4,429
MultiFamily Same-Store | Canyon Lake - Rapid City, SD
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			2,508
Initial Cost to Company [Abstract]
Land			305
Buildings & Improvements			3,958
Costs capitalized subsequent to acquisition			2,266
Gross amount at which carries at close of period [Abstract]
Land			420
Buildings & Improvements			6,109
Total	6,529		6,529
Accumulated Depreciation	(3,208)		(3,208)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	6,529
Deductions during year [Abstract]
Balance at close of year	3,208
MultiFamily Same-Store | Cardinal Point - Grand Forks, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			1,600
Buildings & Improvements			33,400
Costs capitalized subsequent to acquisition			288
Gross amount at which carries at close of period [Abstract]
Land			1,727
Buildings & Improvements			33,561
Total	35,288		35,288
Accumulated Depreciation	(2,971)		(2,971)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	35,288
Deductions during year [Abstract]
Balance at close of year	2,971
MultiFamily Same-Store | Cascade Shores - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			11,400
Initial Cost to Company [Abstract]
Land			1,585
Buildings & Improvements			16,710
Costs capitalized subsequent to acquisition			149
Gross amount at which carries at close of period [Abstract]
Land			1,587
Buildings & Improvements			16,857
Total	18,444		18,444
Accumulated Depreciation	(2,967)		(2,967)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	18,444
Deductions during year [Abstract]
Balance at close of year	2,967
MultiFamily Same-Store | Castlerock - Billings, MT
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			736
Buildings & Improvements			4,864
Costs capitalized subsequent to acquisition			2,538
Gross amount at which carries at close of period [Abstract]
Land			1,045
Buildings & Improvements			7,093
Total	8,138		8,138
Accumulated Depreciation	(4,549)		(4,549)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	8,138
Deductions during year [Abstract]
Balance at close of year	4,549
MultiFamily Same-Store | Chateau - Minot, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			301
Buildings & Improvements			20,058
Costs capitalized subsequent to acquisition			1,094
Gross amount at which carries at close of period [Abstract]
Land			326
Buildings & Improvements			21,127
Total	21,453		21,453
Accumulated Depreciation	(6,119)		(6,119)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	21,453
Deductions during year [Abstract]
Balance at close of year	6,119
MultiFamily Same-Store | Cimarron Hills - Omaha, NE
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			8,700
Initial Cost to Company [Abstract]
Land			706
Buildings & Improvements			9,588
Costs capitalized subsequent to acquisition			5,214
Gross amount at which carries at close of period [Abstract]
Land			1,639
Buildings & Improvements			13,869
Total	15,508		15,508
Accumulated Depreciation	(7,858)		(7,858)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	15,508
Deductions during year [Abstract]
Balance at close of year	7,858
MultiFamily Same-Store | Colonial Villa - Burnsville, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			2,401
Buildings & Improvements			11,515
Costs capitalized subsequent to acquisition			15,595
Gross amount at which carries at close of period [Abstract]
Land			3,206
Buildings & Improvements			26,305
Total	29,511		29,511
Accumulated Depreciation	(12,940)		(12,940)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	29,511
Deductions during year [Abstract]
Balance at close of year	12,940
MultiFamily Same-Store | Colony - Lincoln, NE
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			11,610
Initial Cost to Company [Abstract]
Land			1,515
Buildings & Improvements			15,730
Costs capitalized subsequent to acquisition			3,131
Gross amount at which carries at close of period [Abstract]
Land			1,817
Buildings & Improvements			18,559
Total	20,376		20,376
Accumulated Depreciation	(5,412)		(5,412)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	20,376
Deductions during year [Abstract]
Balance at close of year	5,412
MultiFamily Same-Store | Commons at Southgate - Minot, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			5,945
Buildings & Improvements			47,512
Costs capitalized subsequent to acquisition			2,059
Gross amount at which carries at close of period [Abstract]
Land			6,424
Buildings & Improvements			49,092
Total	55,516		55,516
Accumulated Depreciation	(14,012)		(14,012)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	55,516
Deductions during year [Abstract]
Balance at close of year	14,012
MultiFamily Same-Store | Cottonwood - Bismarck, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			1,056
Buildings & Improvements			17,372
Costs capitalized subsequent to acquisition			6,053
Gross amount at which carries at close of period [Abstract]
Land			1,962
Buildings & Improvements			22,519
Total	24,481		24,481
Accumulated Depreciation	(12,455)		(12,455)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	24,481
Deductions during year [Abstract]
Balance at close of year	12,455
MultiFamily Same-Store | Country Meadows - Billings, MT
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			491
Buildings & Improvements			7,809
Costs capitalized subsequent to acquisition			1,845
Gross amount at which carries at close of period [Abstract]
Land			599
Buildings & Improvements			9,546
Total	10,145		10,145
Accumulated Depreciation	(5,858)		(5,858)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	10,145
Deductions during year [Abstract]
Balance at close of year	5,858
MultiFamily Same-Store | Crystal Bay - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			433
Buildings & Improvements			11,425
Costs capitalized subsequent to acquisition			360
Gross amount at which carries at close of period [Abstract]
Land			479
Buildings & Improvements			11,739
Total	12,218		12,218
Accumulated Depreciation	(1,984)		(1,984)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	12,218
Deductions during year [Abstract]
Balance at close of year	1,984
MultiFamily Same-Store | Cypress Court - St. Cloud, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			11,641
Initial Cost to Company [Abstract]
Land			1,583
Buildings & Improvements			18,879
Costs capitalized subsequent to acquisition			474
Gross amount at which carries at close of period [Abstract]
Land			1,625
Buildings & Improvements			19,311
Total	20,936		20,936
Accumulated Depreciation	(5,409)		(5,409)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	20,936
Deductions during year [Abstract]
Balance at close of year	5,409
MultiFamily Same-Store | Deer Ridge - Jamestown, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			711
Buildings & Improvements			24,129
Costs capitalized subsequent to acquisition			322
Gross amount at which carries at close of period [Abstract]
Land			785
Buildings & Improvements			24,377
Total	25,162		25,162
Accumulated Depreciation	(6,224)		(6,224)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	25,162
Deductions during year [Abstract]
Balance at close of year	6,224
MultiFamily Same-Store | Dylan - Denver Co
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			12,155
Buildings & Improvements			77,215
Costs capitalized subsequent to acquisition			1,030
Gross amount at which carries at close of period [Abstract]
Land			12,241
Buildings & Improvements			78,159
Total	90,400		90,400
Accumulated Depreciation	$ (8,205)		(8,205)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 90,400
Deductions during year [Abstract]
Balance at close of year	8,205
MultiFamily Same-Store | Evergreen - Isanti, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			1,129
Buildings & Improvements			5,524
Costs capitalized subsequent to acquisition			569
Gross amount at which carries at close of period [Abstract]
Land			1,159
Buildings & Improvements			6,063
Total	7,222		7,222
Accumulated Depreciation	(2,041)		(2,041)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	7,222
Deductions during year [Abstract]
Balance at close of year	2,041
MultiFamily Same-Store | French Creek - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			201
Buildings & Improvements			4,735
Costs capitalized subsequent to acquisition			256
Gross amount at which carries at close of period [Abstract]
Land			212
Buildings & Improvements			4,980
Total	5,192		5,192
Accumulated Depreciation	(809)		(809)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	5,192
Deductions during year [Abstract]
Balance at close of year	809
MultiFamily Same-Store | Gardens - Grand Forks, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			518
Buildings & Improvements			8,702
Costs capitalized subsequent to acquisition			132
Gross amount at which carries at close of period [Abstract]
Land			535
Buildings & Improvements			8,817
Total	9,352		9,352
Accumulated Depreciation	(1,759)		(1,759)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	9,352
Deductions during year [Abstract]
Balance at close of year	1,759
MultiFamily Same-Store | Grand Gateway - St. Cloud, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			814
Buildings & Improvements			7,086
Costs capitalized subsequent to acquisition			2,064
Gross amount at which carries at close of period [Abstract]
Land			970
Buildings & Improvements			8,994
Total	9,964		9,964
Accumulated Depreciation	(3,480)		(3,480)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	9,964
Deductions during year [Abstract]
Balance at close of year	3,480
MultiFamily Same-Store | GrandeVille at Cascade Lake - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			36,000
Initial Cost to Company [Abstract]
Land			5,003
Buildings & Improvements			50,363
Costs capitalized subsequent to acquisition			2,089
Gross amount at which carries at close of period [Abstract]
Land			5,188
Buildings & Improvements			52,267
Total	57,455		57,455
Accumulated Depreciation	(10,304)		(10,304)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	57,455
Deductions during year [Abstract]
Balance at close of year	10,304
MultiFamily Same-Store | Greenfield - Omaha, NE
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			578
Buildings & Improvements			4,122
Costs capitalized subsequent to acquisition			2,652
Gross amount at which carries at close of period [Abstract]
Land			876
Buildings & Improvements			6,476
Total	7,352		7,352
Accumulated Depreciation	(2,425)		(2,425)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	7,352
Deductions during year [Abstract]
Balance at close of year	2,425
MultiFamily Same-Store | Heritage Manor - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			403
Buildings & Improvements			6,968
Costs capitalized subsequent to acquisition			3,741
Gross amount at which carries at close of period [Abstract]
Land			790
Buildings & Improvements			10,322
Total	11,112		11,112
Accumulated Depreciation	(6,243)		(6,243)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	11,112
Deductions during year [Abstract]
Balance at close of year	6,243
MultiFamily Same-Store | Homestead Garden - Rapid City, SD
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			655
Buildings & Improvements			14,139
Costs capitalized subsequent to acquisition			540
Gross amount at which carries at close of period [Abstract]
Land			792
Buildings & Improvements			14,542
Total	15,334		15,334
Accumulated Depreciation	(3,427)		(3,427)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	15,334
Deductions during year [Abstract]
Balance at close of year	3,427
MultiFamily Same-Store | Lakeside Village Lincoln, NE
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			11,489
Initial Cost to Company [Abstract]
Land			1,215
Buildings & Improvements			15,837
Costs capitalized subsequent to acquisition			1,850
Gross amount at which carries at close of period [Abstract]
Land			1,476
Buildings & Improvements			17,426
Total	18,902		18,902
Accumulated Depreciation	(5,230)		(5,230)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	18,902
Deductions during year [Abstract]
Balance at close of year	5,230
MultiFamily Same-Store | Legacy - Grand Forks, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			13,072
Initial Cost to Company [Abstract]
Land			1,362
Buildings & Improvements			21,727
Costs capitalized subsequent to acquisition			11,044
Gross amount at which carries at close of period [Abstract]
Land			2,474
Buildings & Improvements			31,659
Total	34,133		34,133
Accumulated Depreciation	(18,730)		(18,730)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	34,133
Deductions during year [Abstract]
Balance at close of year	18,730
MultiFamily Same-Store | Legacy Heights - Bismarck, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			1,207
Buildings & Improvements			13,742
Costs capitalized subsequent to acquisition			257
Gross amount at which carries at close of period [Abstract]
Land			1,142
Buildings & Improvements			14,064
Total	15,206		15,206
Accumulated Depreciation	(2,604)		(2,604)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	15,206
Deductions during year [Abstract]
Balance at close of year	2,604
MultiFamily Same-Store | Meadows - Jamestown, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			590
Buildings & Improvements			4,519
Costs capitalized subsequent to acquisition			2,087
Gross amount at which carries at close of period [Abstract]
Land			730
Buildings & Improvements			6,466
Total	7,196		7,196
Accumulated Depreciation	(3,788)		(3,788)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	7,196
Deductions during year [Abstract]
Balance at close of year	3,788
MultiFamily Same-Store | Monticello Crossings - Monticello, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			1,734
Buildings & Improvements			30,136
Costs capitalized subsequent to acquisition			376
Gross amount at which carries at close of period [Abstract]
Land			1,951
Buildings & Improvements			30,295
Total	32,246		32,246
Accumulated Depreciation	(5,407)		(5,407)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	32,246
Deductions during year [Abstract]
Balance at close of year	5,407
MultiFamily Same-Store | Monticello Village - Monticello, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			490
Buildings & Improvements			3,756
Costs capitalized subsequent to acquisition			1,234
Gross amount at which carries at close of period [Abstract]
Land			655
Buildings & Improvements			4,825
Total	5,480		5,480
Accumulated Depreciation	(2,434)		(2,434)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	5,480
Deductions during year [Abstract]
Balance at close of year	2,434
MultiFamily Same-Store | Northridge - Bismarck, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			884
Buildings & Improvements			7,515
Costs capitalized subsequent to acquisition			278
Gross amount at which carries at close of period [Abstract]
Land			1,048
Buildings & Improvements			7,629
Total	8,677		8,677
Accumulated Depreciation	(1,641)		(1,641)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	8,677
Deductions during year [Abstract]
Balance at close of year	1,641
MultiFamily Same-Store | Olympic Village - Billings, MT
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			1,164
Buildings & Improvements			10,441
Costs capitalized subsequent to acquisition			4,175
Gross amount at which carries at close of period [Abstract]
Land			1,885
Buildings & Improvements			13,895
Total	15,780		15,780
Accumulated Depreciation	(8,287)		(8,287)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	15,780
Deductions during year [Abstract]
Balance at close of year	8,287
MultiFamily Same-Store | Olympik Village - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			1,034
Buildings & Improvements			6,109
Costs capitalized subsequent to acquisition			3,459
Gross amount at which carries at close of period [Abstract]
Land			1,450
Buildings & Improvements			9,152
Total	10,602		10,602
Accumulated Depreciation	(4,136)		(4,136)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	10,602
Deductions during year [Abstract]
Balance at close of year	4,136
MultiFamily Same-Store | Oxbo - St Paul, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			5,809
Buildings & Improvements			51,586
Costs capitalized subsequent to acquisition			214
Gross amount at which carries at close of period [Abstract]
Land			5,822
Buildings & Improvements			51,787
Total	57,609		57,609
Accumulated Depreciation	$ (7,107)		(7,107)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 57,609
Deductions during year [Abstract]
Balance at close of year	7,107
MultiFamily Same-Store | Park Meadows - Waite Park, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			1,143
Buildings & Improvements			9,099
Costs capitalized subsequent to acquisition			10,277
Gross amount at which carries at close of period [Abstract]
Land			2,140
Buildings & Improvements			18,379
Total	20,519		20,519
Accumulated Depreciation	(12,605)		(12,605)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	20,519
Deductions during year [Abstract]
Balance at close of year	12,605
MultiFamily Same-Store | Park Place - Plymouth, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			10,609
Buildings & Improvements			80,781
Costs capitalized subsequent to acquisition			10,433
Gross amount at which carries at close of period [Abstract]
Land			10,819
Buildings & Improvements			91,004
Total	101,823		101,823
Accumulated Depreciation	$ (11,303)		(11,303)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 101,823
Deductions during year [Abstract]
Balance at close of year	11,303
MultiFamily Same-Store | Plaza - Minot, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			867
Buildings & Improvements			12,784
Costs capitalized subsequent to acquisition			3,128
Gross amount at which carries at close of period [Abstract]
Land			1,011
Buildings & Improvements			15,768
Total	16,779		16,779
Accumulated Depreciation	(5,734)		(5,734)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	16,779
Deductions during year [Abstract]
Balance at close of year	5,734
MultiFamily Same-Store | Pointe West - Rapid City, SD
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			240
Buildings & Improvements			3,538
Costs capitalized subsequent to acquisition			2,185
Gross amount at which carries at close of period [Abstract]
Land			463
Buildings & Improvements			5,500
Total	5,963		5,963
Accumulated Depreciation	(3,865)		(3,865)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	5,963
Deductions during year [Abstract]
Balance at close of year	3,865
MultiFamily Same-Store | Ponds at Heritage Place - Sartell, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			395
Buildings & Improvements			4,564
Costs capitalized subsequent to acquisition			510
Gross amount at which carries at close of period [Abstract]
Land			419
Buildings & Improvements			5,050
Total	5,469		5,469
Accumulated Depreciation	(1,539)		(1,539)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	5,469
Deductions during year [Abstract]
Balance at close of year	1,539
MultiFamily Same-Store | Quarry Ridge - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			24,057
Initial Cost to Company [Abstract]
Land			2,254
Buildings & Improvements			30,024
Costs capitalized subsequent to acquisition			2,356
Gross amount at which carries at close of period [Abstract]
Land			2,412
Buildings & Improvements			32,222
Total	34,634		34,634
Accumulated Depreciation	(10,969)		(10,969)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	34,634
Deductions during year [Abstract]
Balance at close of year	10,969
MultiFamily Same-Store | Red 20 - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			21,274
Initial Cost to Company [Abstract]
Land			1,900
Buildings & Improvements			24,116
Costs capitalized subsequent to acquisition			397
Gross amount at which carries at close of period [Abstract]
Land			1,908
Buildings & Improvements			24,505
Total	26,413		26,413
Accumulated Depreciation	(6,829)		(6,829)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	26,413
Deductions during year [Abstract]
Balance at close of year	6,829
MultiFamily Same-Store | Regency Park Estates - St. Cloud, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			7,400
Initial Cost to Company [Abstract]
Land			702
Buildings & Improvements			10,198
Costs capitalized subsequent to acquisition			3,337
Gross amount at which carries at close of period [Abstract]
Land			1,179
Buildings & Improvements			13,058
Total	14,237		14,237
Accumulated Depreciation	(4,394)		(4,394)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	14,237
Deductions during year [Abstract]
Balance at close of year	4,394
MultiFamily Same-Store | Rimrock West - Billings, MT
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			330
Buildings & Improvements			3,489
Costs capitalized subsequent to acquisition			2,157
Gross amount at which carries at close of period [Abstract]
Land			568
Buildings & Improvements			5,408
Total	5,976		5,976
Accumulated Depreciation	(3,250)		(3,250)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	5,976
Deductions during year [Abstract]
Balance at close of year	3,250
MultiFamily Same-Store | River Ridge - Bismarck, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			576
Buildings & Improvements			24,670
Costs capitalized subsequent to acquisition			1,092
Gross amount at which carries at close of period [Abstract]
Land			922
Buildings & Improvements			25,416
Total	26,338		26,338
Accumulated Depreciation	(8,025)		(8,025)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	26,338
Deductions during year [Abstract]
Balance at close of year	8,025
MultiFamily Same-Store | Rocky Meadows - Billings, MT
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			656
Buildings & Improvements			5,726
Costs capitalized subsequent to acquisition			1,745
Gross amount at which carries at close of period [Abstract]
Land			840
Buildings & Improvements			7,287
Total	8,127		8,127
Accumulated Depreciation	(4,687)		(4,687)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	8,127
Deductions during year [Abstract]
Balance at close of year	4,687
MultiFamily Same-Store | Rum River - Isanti, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			3,041
Initial Cost to Company [Abstract]
Land			843
Buildings & Improvements			4,823
Costs capitalized subsequent to acquisition			544
Gross amount at which carries at close of period [Abstract]
Land			870
Buildings & Improvements			5,340
Total	6,210		6,210
Accumulated Depreciation	(2,162)		(2,162)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	6,210
Deductions during year [Abstract]
Balance at close of year	2,162
MultiFamily Same-Store | Silver Springs - Rapid City, SD
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			1,997
Initial Cost to Company [Abstract]
Land			215
Buildings & Improvements			3,007
Costs capitalized subsequent to acquisition			890
Gross amount at which carries at close of period [Abstract]
Land			273
Buildings & Improvements			3,839
Total	4,112		4,112
Accumulated Depreciation	(958)		(958)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	4,112
Deductions during year [Abstract]
Balance at close of year	958
MultiFamily Same-Store | South Pointe - Minot, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			550
Buildings & Improvements			9,548
Costs capitalized subsequent to acquisition			5,990
Gross amount at which carries at close of period [Abstract]
Land			1,489
Buildings & Improvements			14,599
Total	16,088		16,088
Accumulated Depreciation	(10,311)		(10,311)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	16,088
Deductions during year [Abstract]
Balance at close of year	10,311
MultiFamily Same-Store | Southpoint - Grand Forks, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			576
Buildings & Improvements			9,893
Costs capitalized subsequent to acquisition			236
Gross amount at which carries at close of period [Abstract]
Land			663
Buildings & Improvements			10,042
Total	10,705		10,705
Accumulated Depreciation	(2,293)		(2,293)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	10,705
Deductions during year [Abstract]
Balance at close of year	2,293
MultiFamily Same-Store | Sunset Trail - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			336
Buildings & Improvements			12,814
Costs capitalized subsequent to acquisition			3,560
Gross amount at which carries at close of period [Abstract]
Land			826
Buildings & Improvements			15,884
Total	16,710		16,710
Accumulated Depreciation	(9,024)		(9,024)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	16,710
Deductions during year [Abstract]
Balance at close of year	9,024
MultiFamily Same-Store | Thomasbrook - Lincoln, NE
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			13,100
Initial Cost to Company [Abstract]
Land			600
Buildings & Improvements			10,306
Costs capitalized subsequent to acquisition			5,686
Gross amount at which carries at close of period [Abstract]
Land			1,710
Buildings & Improvements			14,882
Total	16,592		16,592
Accumulated Depreciation	(8,563)		(8,563)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	16,592
Deductions during year [Abstract]
Balance at close of year	8,563
MultiFamily Same-Store | Village Green - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			234
Buildings & Improvements			2,296
Costs capitalized subsequent to acquisition			1,083
Gross amount at which carries at close of period [Abstract]
Land			361
Buildings & Improvements			3,252
Total	3,613		3,613
Accumulated Depreciation	(1,682)		(1,682)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	3,613
Deductions during year [Abstract]
Balance at close of year	1,682
MultiFamily Same-Store | West Stonehill - Waite Park, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			16,425
Initial Cost to Company [Abstract]
Land			939
Buildings & Improvements			10,167
Costs capitalized subsequent to acquisition			8,171
Gross amount at which carries at close of period [Abstract]
Land			1,912
Buildings & Improvements			17,365
Total	19,277		19,277
Accumulated Depreciation	(12,060)		(12,060)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	19,277
Deductions during year [Abstract]
Balance at close of year	12,060
MultiFamily Same-Store | Westend - Denver CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			25,525
Buildings & Improvements			102,180
Costs capitalized subsequent to acquisition			605
Gross amount at which carries at close of period [Abstract]
Land			25,532
Buildings & Improvements			102,778
Total	128,310		128,310
Accumulated Depreciation	$ (9,952)		(9,952)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 128,310
Deductions during year [Abstract]
Balance at close of year	9,952
MultiFamily Same-Store | Whispering Ridge - Omaha, NE
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			19,664
Initial Cost to Company [Abstract]
Land			2,139
Buildings & Improvements			25,424
Costs capitalized subsequent to acquisition			2,992
Gross amount at which carries at close of period [Abstract]
Land			2,551
Buildings & Improvements			28,004
Total	30,555		30,555
Accumulated Depreciation	(7,850)		(7,850)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	30,555
Deductions during year [Abstract]
Balance at close of year	7,850
MultiFamily Same-Store | Winchester - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			748
Buildings & Improvements			5,622
Costs capitalized subsequent to acquisition			3,040
Gross amount at which carries at close of period [Abstract]
Land			1,112
Buildings & Improvements			8,298
Total	9,410		9,410
Accumulated Depreciation	(4,418)		(4,418)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	9,410
Deductions during year [Abstract]
Balance at close of year	4,418
MultiFamily Same-Store | Woodridge - Rochester, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			5,202
Initial Cost to Company [Abstract]
Land			370
Buildings & Improvements			6,028
Costs capitalized subsequent to acquisition			5,498
Gross amount at which carries at close of period [Abstract]
Land			761
Buildings & Improvements			11,135
Total	11,896		11,896
Accumulated Depreciation	(6,266)		(6,266)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	11,896
Deductions during year [Abstract]
Balance at close of year	$ 6,266
MultiFamily Same-Store | Minimum | 71 France - Edina, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Alps Park - Rapid City, SD
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Ashland - Grand Forks, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Avalon Cove - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Boulder Court - Eagan, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Canyon Lake - Rapid City, SD
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Cardinal Point - Grand Forks, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Cascade Shores - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Castlerock - Billings, MT
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Chateau - Minot, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Cimarron Hills - Omaha, NE
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Colonial Villa - Burnsville, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Colony - Lincoln, NE
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Commons at Southgate - Minot, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Cottonwood - Bismarck, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Country Meadows - Billings, MT
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Crystal Bay - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Cypress Court - St. Cloud, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Deer Ridge - Jamestown, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Evergreen - Isanti, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | French Creek - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Gardens - Grand Forks, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Grand Gateway - St. Cloud, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | GrandeVille at Cascade Lake - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Greenfield - Omaha, NE
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Heritage Manor - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Homestead Garden - Rapid City, SD
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Lakeside Village Lincoln, NE
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Legacy - Grand Forks, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Legacy Heights - Bismarck, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Meadows - Jamestown, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Monticello Crossings - Monticello, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Monticello Village - Monticello, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Northridge - Bismarck, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Olympic Village - Billings, MT
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Olympik Village - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Park Meadows - Waite Park, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Plaza - Minot, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Pointe West - Rapid City, SD
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Ponds at Heritage Place - Sartell, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Quarry Ridge - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Red 20 - Minneapolis, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Regency Park Estates - St. Cloud, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Rimrock West - Billings, MT
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | River Ridge - Bismarck, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Rocky Meadows - Billings, MT
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Rum River - Isanti, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Silver Springs - Rapid City, SD
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | South Pointe - Minot, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Southpoint - Grand Forks, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Sunset Trail - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Thomasbrook - Lincoln, NE
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Village Green - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | West Stonehill - Waite Park, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Whispering Ridge - Omaha, NE
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Winchester - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Minimum | Woodridge - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
MultiFamily Same-Store | Maximum | 71 France - Edina, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Alps Park - Rapid City, SD
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Ashland - Grand Forks, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Avalon Cove - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Boulder Court - Eagan, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Canyon Lake - Rapid City, SD
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Cardinal Point - Grand Forks, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Cascade Shores - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Castlerock - Billings, MT
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Chateau - Minot, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Cimarron Hills - Omaha, NE
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Colonial Villa - Burnsville, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Colony - Lincoln, NE
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Commons at Southgate - Minot, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Cottonwood - Bismarck, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Country Meadows - Billings, MT
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Crystal Bay - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Cypress Court - St. Cloud, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Deer Ridge - Jamestown, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Evergreen - Isanti, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | French Creek - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Gardens - Grand Forks, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Grand Gateway - St. Cloud, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | GrandeVille at Cascade Lake - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Greenfield - Omaha, NE
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Heritage Manor - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Homestead Garden - Rapid City, SD
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Lakeside Village Lincoln, NE
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Legacy - Grand Forks, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Legacy Heights - Bismarck, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Meadows - Jamestown, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Monticello Crossings - Monticello, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Monticello Village - Monticello, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Northridge - Bismarck, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Olympic Village - Billings, MT
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Olympik Village - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Park Meadows - Waite Park, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Plaza - Minot, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Pointe West - Rapid City, SD
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Ponds at Heritage Place - Sartell, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Quarry Ridge - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Red 20 - Minneapolis, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Regency Park Estates - St. Cloud, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Rimrock West - Billings, MT
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | River Ridge - Bismarck, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Rocky Meadows - Billings, MT
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Rum River - Isanti, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Silver Springs - Rapid City, SD
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | South Pointe - Minot, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Southpoint - Grand Forks, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Sunset Trail - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Thomasbrook - Lincoln, NE
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Village Green - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | West Stonehill - Waite Park, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Whispering Ridge - Omaha, NE
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Winchester - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Maximum | Woodridge - Rochester, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
MultiFamily Same-Store | Wholly Owned Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Multifamily and Other	$ 181,771	$ 168,504
MultiFamily Non-Same-Store
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			21,675
Initial Cost to Company [Abstract]
Land			25,709
Buildings & Improvements			320,514
Costs capitalized subsequent to acquisition			8,946
Gross amount at which carries at close of period [Abstract]
Land			25,808
Buildings & Improvements			329,361
Total	355,169		355,169
Accumulated Depreciation	(12,048)		(12,048)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	355,169
Deductions during year [Abstract]
Balance at close of year	12,048
MultiFamily Non-Same-Store | FreightYard Townhomes & Flats - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			1,889
Buildings & Improvements			23,616
Costs capitalized subsequent to acquisition			877
Gross amount at which carries at close of period [Abstract]
Land			1,895
Buildings & Improvements			24,487
Total	26,382		26,382
Accumulated Depreciation	$ (1,171)		(1,171)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 26,382
Deductions during year [Abstract]
Balance at close of year	1,171
MultiFamily Non-Same-Store | Ironwood - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			2,165
Buildings & Improvements			36,874
Costs capitalized subsequent to acquisition			84
Gross amount at which carries at close of period [Abstract]
Land			2,167
Buildings & Improvements			36,956
Total	39,123		39,123
Accumulated Depreciation	$ (1,187)		(1,187)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 39,123
Deductions during year [Abstract]
Balance at close of year	1,187
MultiFamily Non-Same-Store | Lugano at Cherry Creek - Denver, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			7,679
Buildings & Improvements			87,766
Costs capitalized subsequent to acquisition			635
Gross amount at which carries at close of period [Abstract]
Land			7,679
Buildings & Improvements			88,401
Total	96,080		96,080
Accumulated Depreciation	$ (4,330)		(4,330)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 96,080
Deductions during year [Abstract]
Balance at close of year	4,330
MultiFamily Non-Same-Store | Parkhouse - Thornton, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			10,474
Buildings & Improvements			132,105
Costs capitalized subsequent to acquisition			228
Gross amount at which carries at close of period [Abstract]
Land			10,484
Buildings & Improvements			132,323
Total	142,807		142,807
Accumulated Depreciation	$ (1,722)		(1,722)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 142,807
Deductions during year [Abstract]
Balance at close of year	1,722
MultiFamily Non-Same-Store | SouthFork Townhomes
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			21,675
Initial Cost to Company [Abstract]
Land			3,502
Buildings & Improvements			40,153
Costs capitalized subsequent to acquisition			7,122
Gross amount at which carries at close of period [Abstract]
Land			3,583
Buildings & Improvements			47,194
Total	50,777		50,777
Accumulated Depreciation	$ (3,638)		(3,638)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 50,777
Deductions during year [Abstract]
Balance at close of year	3,638
Total Multifamily
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			298,445
Initial Cost to Company [Abstract]
Land			145,289
Buildings & Improvements			1,464,272
Costs capitalized subsequent to acquisition			169,817
Gross amount at which carries at close of period [Abstract]
Land			163,058
Buildings & Improvements			1,616,320
Total	1,779,378		1,779,378
Accumulated Depreciation	(387,990)		(387,990)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	1,779,378
Deductions during year [Abstract]
Balance at close of year	387,990
Other - Mixed Use
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			389
Buildings & Improvements			18,920
Costs capitalized subsequent to acquisition			5,391
Gross amount at which carries at close of period [Abstract]
Land			607
Buildings & Improvements			24,093
Total	24,700		24,700
Accumulated Depreciation	(6,647)		(6,647)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	24,700
Deductions during year [Abstract]
Balance at close of year	6,647
Other - Mixed Use | 71 France - Edina, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			0
Buildings & Improvements			5,879
Costs capitalized subsequent to acquisition			867
Gross amount at which carries at close of period [Abstract]
Land			0
Buildings & Improvements			6,746
Total	6,746		6,746
Accumulated Depreciation	(1,151)		(1,151)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	6,746
Deductions during year [Abstract]
Balance at close of year	1,151
Other - Mixed Use | Oxbo - St Paul, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			0
Buildings & Improvements			3,472
Costs capitalized subsequent to acquisition			54
Gross amount at which carries at close of period [Abstract]
Land			0
Buildings & Improvements			3,526
Total	3,526		3,526
Accumulated Depreciation	$ (436)		(436)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 3,526
Deductions during year [Abstract]
Balance at close of year	436
Other - Mixed Use | Plaza - Minot, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			389
Buildings & Improvements			5,444
Costs capitalized subsequent to acquisition			3,845
Gross amount at which carries at close of period [Abstract]
Land			607
Buildings & Improvements			9,071
Total	9,678		9,678
Accumulated Depreciation	(4,305)		(4,305)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	9,678
Deductions during year [Abstract]
Balance at close of year	4,305
Other - Mixed Use | Red 20 - Minneapolis, MN
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			0
Buildings & Improvements			2,525
Costs capitalized subsequent to acquisition			419
Gross amount at which carries at close of period [Abstract]
Land			0
Buildings & Improvements			2,944
Total	2,944		2,944
Accumulated Depreciation	(683)		(683)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	2,944
Deductions during year [Abstract]
Balance at close of year	683
Other - Mixed Use | Lugano at Cherry Creek - Denver, CO
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			0
Buildings & Improvements			1,600
Costs capitalized subsequent to acquisition			206
Gross amount at which carries at close of period [Abstract]
Land			0
Buildings & Improvements			1,806
Total	1,806		1,806
Accumulated Depreciation	$ (72)		(72)
Life on which depreciation in latest income statement is computed	30 years
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	$ 1,806
Deductions during year [Abstract]
Balance at close of year	$ 72
Other - Mixed Use | Minimum | 71 France - Edina, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
Other - Mixed Use | Minimum | Plaza - Minot, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
Other - Mixed Use | Minimum | Red 20 - Minneapolis, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
Other - Mixed Use | Maximum | 71 France - Edina, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Other - Mixed Use | Maximum | Plaza - Minot, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Other - Mixed Use | Maximum | Red 20 - Minneapolis, MN
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Other - Commercial
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			662
Buildings & Improvements			7,818
Costs capitalized subsequent to acquisition			(1)
Gross amount at which carries at close of period [Abstract]
Land			662
Buildings & Improvements			7,817
Total	$ 8,479		8,479
Accumulated Depreciation	(4,612)		(4,612)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	8,479
Deductions during year [Abstract]
Balance at close of year	4,612
Other - Commercial | 3100 10th St SW - Minot, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			246
Buildings & Improvements			1,866
Costs capitalized subsequent to acquisition			(1)
Gross amount at which carries at close of period [Abstract]
Land			246
Buildings & Improvements			1,865
Total	2,111		2,111
Accumulated Depreciation	(103)		(103)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	2,111
Deductions during year [Abstract]
Balance at close of year	103
Other - Commercial | Minot IPS - Minot, ND
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			0
Initial Cost to Company [Abstract]
Land			416
Buildings & Improvements			5,952
Costs capitalized subsequent to acquisition			0
Gross amount at which carries at close of period [Abstract]
Land			416
Buildings & Improvements			5,952
Total	6,368		6,368
Accumulated Depreciation	(4,509)		(4,509)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	6,368
Deductions during year [Abstract]
Balance at close of year	$ 4,509
Other - Commercial | Minimum | Minot IPS - Minot, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
Other - Commercial | Maximum | 3100 10th St SW - Minot, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	30 years
Other - Commercial | Maximum | Minot IPS - Minot, ND
Gross amount at which carries at close of period [Abstract]
Life on which depreciation in latest income statement is computed	37 years
Total
Real Estate And Accumulated Depreciation [Abstract]
Encumbrances			298,445
Initial Cost to Company [Abstract]
Land			146,340
Buildings & Improvements			1,491,010
Costs capitalized subsequent to acquisition			175,207
Gross amount at which carries at close of period [Abstract]
Land			164,327
Buildings & Improvements			1,648,230
Total	$ 1,812,557		1,812,557
Accumulated Depreciation	(399,249)		$ (399,249)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at close of year	1,812,557
Deductions during year [Abstract]
Balance at close of year	$ 399,249

Uncategorized Items - iret-2020

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 56,800,000