Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Mar. 14, 2023 | Jun. 30, 2022 | |
Document And Entity Information [Abstract] | ||||
Entity Registrant Name | Sterling Real Estate Trust | |||
Document Type | 10-K | |||
Document Annual Report | true | |||
Document Period End Date | Dec. 31, 2022 | |||
Document Transition Report | false | |||
Entity File Number | 000-54295 | |||
Entity Incorporation, State or Country Code | ND | |||
Entity Tax Identification Number | 90-0115411 | |||
Entity Address, Address Line One | 4340 18th Ave South Ste. 200 | |||
Entity Address, City or Town | Fargo | |||
Entity Address, State or Province | ND | |||
Entity Address, Postal Zip Code | 58103 | |||
City Area Code | 701 | |||
Local Phone Number | 353-2720 | |||
Title of 12(b) Security | Common Shares of Beneficial Interest, par value $0.01 per share | |||
No Trading Symbol Flag | true | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Amendment Flag | false | |||
Current Fiscal Year End Date | --12-31 | |||
Entity Well-known Seasoned Issuer | No | |||
Entity Voluntary Filers | No | |||
Entity Filer Category | Non-accelerated Filer | |||
Entity Small Business | false | |||
Entity Emerging Growth Company | false | |||
ICFR Auditor Attestation Flag | false | |||
Entity Shell Company | false | |||
Entity Public Float | $ 0 | |||
Entity Common Stock, Shares Outstanding | 10,947,790 | |||
Entity Central Index Key | 0001412502 | |||
Document Fiscal Year Focus | 2022 | |||
Document Fiscal Period Focus | FY | |||
Auditor Name | RSM US LLP | Baker Tilly US, LLP | ||
Auditor Firm ID | 49 | 23 | ||
Auditor Location | Minneapolis, Minnesota | Chicago, Illinois |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Land and land improvements | $ 129,682 | $ 125,338 |
Building and improvements | 834,356 | 763,003 |
Construction in progress | 7,110 | 8,361 |
Real estate investments | 971,148 | 896,702 |
Less accumulated depreciation | (194,849) | (179,155) |
Real estate investments, net | 776,299 | 717,547 |
Cash and cash equivalents | 3,257 | 51,507 |
Restricted deposits | 9,323 | 9,149 |
Investment in securities | 29,371 | |
Investment in unconsolidated affiliates | 29,423 | 18,658 |
Notes receivable | 8,448 | 7,457 |
Lease intangible assets, less accumulated amortization | 5,290 | 6,246 |
Other assets, net | 27,312 | 10,302 |
Total Assets | 888,723 | 820,866 |
LIABILITIES | ||
Mortgage notes payable, net | 506,167 | 493,142 |
Notes payable | 26,500 | |
Lines of credit | 1,008 | |
Dividends payable | 8,493 | 7,567 |
Tenant security deposits payable | 6,368 | 5,225 |
Lease intangible liabilities, less accumulated amortization | 646 | 811 |
Accrued expenses and other liabilities | 16,075 | 18,604 |
Total Liabilities | 565,257 | 525,349 |
COMMITMENTS and CONTINGENCIES - Note 17 | ||
SHAREHOLDERS' EQUITY | ||
Beneficial interest | 123,996 | 116,856 |
Operating partnership | 183,048 | 176,954 |
Partially owned properties | 2,640 | 2,657 |
Accumulated other comprehensive income (loss) | 13,782 | (950) |
Total Shareholders' Equity | 323,466 | 295,517 |
Total liabilities and shareholders' equity | $ 888,723 | $ 820,866 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income from rental operations | |||
Real estate rental income | $ 135,060 | $ 129,324 | $ 124,616 |
Expenses from rental operations | |||
Operating expenses | 56,893 | 51,063 | 47,071 |
Real estate taxes | 14,245 | 13,706 | 12,498 |
Depreciation and amortization | 24,679 | 22,203 | 21,214 |
Interest | 19,994 | 18,142 | 17,097 |
Total expenses from rental operations | 115,811 | 105,114 | 97,880 |
Loss on impairment of property | 561 | ||
Administration of REIT | |||
Administration of REIT | 5,247 | 4,381 | 4,217 |
Total expenses | 121,619 | 109,495 | 102,097 |
Income from operations | 13,441 | 19,829 | 22,519 |
Other income | |||
Equity in (losses) gains of unconsolidated affiliates | (2,339) | (261) | 263 |
Other income | 1,293 | 1,935 | 455 |
Gain on sale or conversion of real estate investments | 11,090 | 1,710 | 3,383 |
Gain on involuntary conversion | 1,047 | 1,225 | 360 |
Total other income | 11,091 | 4,609 | 4,461 |
Net (loss) income | 24,532 | 24,438 | 26,980 |
Net income attributable to noncontrolling interest in operating partnership | 15,628 | 15,783 | 17,645 |
Net income attributable to noncontrolling interest in partially owned properties | (17) | (139) | (70) |
Net income attributable to Sterling Real Estate Trust | $ 8,921 | $ 8,794 | $ 9,405 |
Net income attributable to Sterling Real Estate Trust per common share, basic | $ 0.84 | $ 0.87 | $ 0.97 |
Net income attributable to Sterling Real Estate Trust per common share, diluted | $ 0.84 | $ 0.87 | $ 0.97 |
Comprehensive income: | |||
Net income | $ 24,532 | $ 24,438 | $ 26,980 |
Other comprehensive gain (loss) - change in fair value of interest rate swaps | 14,732 | 855 | (1,842) |
Comprehensive income | 39,264 | 25,293 | 25,138 |
Comprehensive income attributable to noncontrolling interest | 24,989 | 16,193 | 16,373 |
Comprehensive income attributable to Sterling Real Estate Trust | $ 14,275 | $ 9,100 | $ 8,765 |
Weighted average Common Shares outstanding, basic | 10,632,000 | 10,160,000 | 9,694,000 |
Weighted average Common Shares outstanding, diluted | 10,632,000 | 10,160,000 | 9,694,000 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Shares | Paid-in Capital | Accumulated Distributions in Excess of Earnings | Total Beneficial Interest | Noncontrolling Interest in Operating Partnership | Noncontrolling Interest in Partially Owned Properties | Accumulated Other Comprehensive Income (Loss) | Total |
Beginning Balance at Dec. 31, 2019 | $ 131,261 | $ (28,888) | $ 102,373 | $ 174,221 | $ 2,416 | $ 37 | $ 279,047 | |
Beginning Balance (in shares) at Dec. 31, 2019 | 9,436,000 | |||||||
Shares issued under trustee compensation plan | 64 | 64 | 64 | |||||
Shares issued under trustee compensation plan (in shares) | 3,000 | |||||||
Contribution of assets in exchange for the issuance of noncontrolling interest shares | 10,293 | 10,293 | ||||||
Shares/units redeemed | (2,321) | (2,321) | (1,216) | (3,537) | ||||
Shares/units redeemed (in shares) | (127,000) | |||||||
Dividends and distributions declared | (10,256) | (10,256) | (19,322) | (29,578) | ||||
Dividends reinvested - stock dividend | 6,511 | 6,511 | $ 6,511 | |||||
Dividends reinvested - stock dividend (in shares) | 356,000 | 356,000 | ||||||
Issuance of shares under optional purchase plan | 3,590 | 3,590 | $ 3,590 | |||||
Issuance of shares under optional purchase plan (in shares) | 187,000 | |||||||
Change in fair value of interest rate swaps | (1,842) | (1,842) | ||||||
Net income | 9,405 | 9,405 | 17,645 | (70) | 26,980 | |||
Ending balance at Dec. 31, 2020 | 139,105 | (29,739) | 109,366 | 181,621 | 2,346 | (1,805) | 291,528 | |
Ending balance (in shares) at Dec. 31, 2020 | 9,855,000 | |||||||
Shares issued under trustee compensation plan | 57 | 57 | 57 | |||||
Shares issued under trustee compensation plan (in shares) | 3,000 | |||||||
Contribution of assets in exchange for the issuance of noncontrolling interest shares | 2,883 | 2,883 | ||||||
Shares/units redeemed | (1,552) | (1,552) | (4,014) | (5,566) | ||||
Shares/units redeemed (in shares) | (82,000) | |||||||
Dividends and distributions declared | (10,761) | (10,761) | (19,319) | (30,080) | ||||
Dividends reinvested - stock dividend | 6,888 | 6,888 | $ 6,888 | |||||
Dividends reinvested - stock dividend (in shares) | 363,000 | 363,000 | ||||||
Issuance of shares under optional purchase plan | 4,064 | 4,064 | $ 4,064 | |||||
Issuance of shares under optional purchase plan (in shares) | 203,000 | |||||||
Change in fair value of interest rate swaps | 855 | 855 | ||||||
Contributions from consolidated real estate entity noncontrolling interests | 450 | 450 | ||||||
Net income | 8,794 | 8,794 | 15,783 | (139) | 24,438 | |||
Ending balance at Dec. 31, 2021 | 148,562 | (31,706) | 116,856 | 176,954 | 2,657 | (950) | $ 295,517 | |
Ending balance (in shares) at Dec. 31, 2021 | 10,342,000 | 10,342,000 | ||||||
Shares issued under trustee compensation plan | 65 | 65 | $ 65 | |||||
Shares issued under trustee compensation plan (in shares) | 3,000 | |||||||
Contribution of assets in exchange for the issuance of noncontrolling interest shares | 12,870 | 12,870 | ||||||
Shares/units redeemed | (1,155) | (1,155) | (922) | (2,077) | ||||
Shares/units redeemed (in shares) | (53,000) | |||||||
Dividends and distributions declared | (12,222) | (12,222) | (21,482) | (33,704) | ||||
Dividends reinvested - stock dividend | 7,468 | 7,468 | $ 7,468 | |||||
Dividends reinvested - stock dividend (in shares) | 341,000 | 342,000 | ||||||
Issuance of shares under optional purchase plan | 4,063 | 4,063 | $ 4,063 | |||||
Issuance of shares under optional purchase plan (in shares) | 177,000 | |||||||
Change in fair value of interest rate swaps | 14,732 | 14,732 | ||||||
Net income | 8,921 | 8,921 | 15,628 | (17) | 24,532 | |||
Ending balance at Dec. 31, 2022 | $ 159,003 | $ (35,007) | $ 123,996 | $ 183,048 | $ 2,640 | $ 13,782 | $ 323,466 | |
Ending balance (in shares) at Dec. 31, 2022 | 10,810,000 | 10,810,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | |||
Net income | $ 24,532 | $ 24,438 | $ 26,980 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Gain on sale or conversion of real estate investments | (11,090) | (1,710) | (3,383) |
Loss on impairment of property | 561 | ||
Gain on involuntary conversion | (1,047) | (1,225) | (360) |
Change in fair value of securities | (322) | ||
Equity in loss (gain) of unconsolidated affiliates | 2,339 | 261 | (263) |
Distributions of earnings of unconsolidated affiliates | 261 | 233 | 361 |
Allowance for uncollectible accounts receivable | (281) | (667) | 540 |
Depreciation | 22,161 | 20,918 | 19,770 |
Amortization | 2,518 | 1,285 | 1,418 |
Amortization of debt issuance costs | 675 | 608 | 634 |
Effects on operating cash flows due to changes in | |||
Other assets | (209) | 807 | (177) |
Tenant security deposits payable | 1,143 | 349 | 328 |
Accrued expenses and other liabilities | (471) | (242) | (1,159) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 40,770 | 45,055 | 44,689 |
INVESTING ACTIVITIES | |||
Gross purchase of securities | (29,130) | ||
Proceeds from maturity of securities | 81 | ||
Purchase of real estate investment properties | (81,974) | (35,915) | (13,377) |
Capital expenditures and tenant improvements | (9,623) | (18,007) | (31,136) |
Proceeds from sale of real estate investments and non-real estate investments | 25,463 | 5,610 | 12,502 |
Proceeds from involuntary conversion | 1,579 | 4,095 | 1,288 |
Investment in unconsolidated affiliates | (13,869) | (9,493) | (2,264) |
Distributions in excess of earnings received from unconsolidated affiliates | 504 | 422 | |
Notes receivable issued net of payments received | (991) | (5,431) | (726) |
NET CASH USED IN INVESTING ACTIVITIES | (107,960) | (59,141) | (33,291) |
FINANCING ACTIVITIES | |||
Payments for financing, debt issuance | (408) | (1,283) | (484) |
Payments on investment certificates and subordinated debt | (25) | (100) | |
Principal payments on special assessments payable | (498) | ||
Proceeds from issuance of mortgage notes payable and subordinated debt | 37,569 | 116,180 | 71,175 |
Principal payments on mortgage notes payable | (22,231) | (43,641) | (48,553) |
Advances on lines of credit | 1,008 | 818,689 | 30,964 |
Payments on lines of credit | (818,689) | (30,964) | |
Proceeds from notes payable | 26,500 | ||
Proceeds from issuance of shares under optional purchase plan | 4,063 | 4,064 | 3,590 |
Shares/units redeemed | (2,077) | (5,566) | (3,537) |
Dividends/distributions paid | (25,310) | (22,622) | (22,738) |
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | 19,114 | 47,107 | (1,145) |
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS | (48,076) | 33,021 | 10,253 |
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD | 60,656 | 27,635 | 17,382 |
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD | $ 12,580 | $ 60,656 | $ 27,635 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Disclosures - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD | |||
Cash and cash equivalents | $ 3,257 | $ 51,507 | $ 11,716 |
Restricted deposits | 9,323 | 9,149 | 15,919 |
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS, END OF PERIOD | 12,580 | 60,656 | 27,635 |
SCHEDULE OF CASH FLOW INFORMATION | |||
Cash paid during the period for interest, net of capitalized interest | 19,305 | 17,332 | 16,491 |
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Dividends reinvested | 7,468 | 6,888 | 6,511 |
Dividends declared and not paid | 3,108 | 2,740 | 2,608 |
UPREIT distributions declared and not paid | 5,385 | 4,827 | 4,838 |
Shares issued pursuant to trustee compensation plan | 65 | 57 | 64 |
Acquisition of assets in exchange for the issuance of noncontrolling interest units in UPREIT | 12,870 | 2,883 | 10,293 |
Increase in land improvements due to increase in special assessments payable | 219 | 235 | 231 |
Unrealized gain (loss) on interest rate swaps | 14,732 | 855 | (1,842) |
Acquisition of assets through assumption of debt and liabilities | 406 | 569 | 6,193 |
Capitalized interest and real estate taxes related to construction in progress | $ 91 | $ 250 | $ 644 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2022 | |
ORGANIZATION | |
ORGANIZATION | Note 1 – Organization Sterling Real Estate Trust, d/b/a Sterling Multifamily Trust (“Sterling”, “the Trust” or “the Company”) is a registered, but unincorporated business trust organized in North Dakota in December 2002. Sterling has elected to be taxed as a Real Estate Investment Trust (“REIT”) under Sections 856-860 of the Internal Revenue Code. Sterling previously established an operating partnership (“Sterling Properties, LLLP”) and transferred all of its assets and liabilities to the operating partnership in exchange for general partnership units. As the general partner, Sterling has management responsibility for all activities of the operating partnership. As of December 31, 2022 and 2021, Sterling owned approximately 36.60% and 36.22%, respectively, of the operating partnership. |
PRINCIPAL ACTIVITY AND SIGNIFIC
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements include the accounts of Sterling and all subsidiaries for which we maintain a controlling interest. The accompanying consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). Principles of Consolidation The consolidated financial statements include the accounts of , Properties, LLLP, and wholly owned limited liability companies and partially-owned limited liability companies. All significant intercompany transactions and balances have been eliminated in consolidation. As of December 31, 2022, the Trust owned approximately 36.60% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to the Operating Partnership in exchange for OP Units. Under the LLLP Agreement and the redemptions plans, these persons have the right to request the Operating Partnership redeem their OP Units following a specified restricted period. All redemptions are at the sole discretion of the Trust, acting for itself or in its capacity as General Partner of the Operating Partnership, and further subject to the conditions and limitations of the LLLP Agreement and redemption plans, as the same may be amended or modified from time to time. If the Trust accepts a redemption request, the redemption of OP Units shall be made in cash in an amount equal to the fair value of an equivalent number of common shares of the Trust. In lieu of delivering cash, however, the Trust, as the Operating Partnership’s general partner, may, at its option and in its sole and absolute discretion, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Trust so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Trust’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Trust issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Trust an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT.” Additionally, we evaluate the need to consolidate affiliates based on standards set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). In determining whether we have a requirement to consolidate the accounts of an entity, management considers factors such as our ownership interest, our authority to make decisions and contractual and substantive participating rights of the limited partners and shareholders, as well as whether the entity is a variable interest entity (“VIE”) for which we have both: a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and b) the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE. In instances where the Trust determines that it is not the primary beneficiary of a VIE or the Trust does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Trust will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Trust’s operations but instead its share of operations will be reflected as equity in earnings (loss) of unconsolidated entity on its consolidated statements of operations and comprehensive loss. Additionally, the Trust’s net investment in the joint venture will be reflected as investment in unconsolidated entity on the consolidated balance sheets. See Note 5 for additional details regarding variable interest entities where the Trust uses the equity method of investing. The operating partnership meets the criteria as a variable interest entity (“VIE”). The Trust’s sole significant asset is its investment in the operating partnership. The Trust is the primary beneficiary of the Operating Partnership and accordingly consolidated the Operating Partnership. As a result, substantially all of the Trust’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Trust’s debt is an obligation of the Operating Partnership, and the Trust guarantees the unsecured debt obligations of the Operating Partnership. The Trust may acquire property using a reverse like-kind exchange structure (a “Reverse 1031 Like-Kind Exchange”) under the Code to defer taxable gains on the subsequent sale of real estate property. As such, the acquired property (the “Parked Property”) remains in the possession of a VIE whose legal equity interests are owned by a qualified intermediary engaged to execute the Reverse 1031 Like-Kind Exchange until the subsequent sale transaction and the Reverse 1031 Like-Kind Exchange are completed. Although the VIE is legally owned by the qualified intermediary, the Trust retains essentially all of the legal and economic benefits and obligations related to the VIE (which holds the legal title to the Parked Property prior to the completion of the Reverse 1031 Like-Kind Exchange) and, as its designated manager, has the key decision-making power over the Parked Property. The VIE (including the Parked Property) is included in the Trust’s consolidated financial statements as a consolidated VIE until legal title is transferred to the Trust upon completion of the Reverse 1031 Like-Kind Exchange. Concentration of Credit Risk Our cash balances are maintained in various bank deposit accounts. The bank deposit amounts in these accounts may exceed federally insured limits at various times throughout the year. Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Investments Real estate investments are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. The Trust allocates the purchase price of each acquired investment property accounted for as an asset acquisition based upon the relative acquisition date fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, and (v) assumed financing that is determined to be above or below market, if any. Transaction costs related to acquisitions accounted for as asset acquisitions are capitalized as incurred and included as a cost of the building in the accompanying balance sheet. Furniture and fixtures are stated at cost less accumulated depreciation. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for routine maintenance and repairs, which do not add to the value or extend useful lives, are charged to expense as incurred. Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method over the following estimated useful lives: Buildings and improvements 40 years Furniture, fixtures and equipment 5 - 9 years The Trust’s investment properties are reviewed for potential impairment at the end of each reporting period or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At the end of each reporting period, the Trust separately determines whether impairment indicators exist for each property. Examples of situations considered to be impairment indicators include, but are not limited to: o a substantial decline or negative cash flows; o continued low occupancy rates; o continued difficulty in leasing space; o significant financially troubled tenants; o a change in plan to sell a property prior to the end of its useful life or holding period; o a significant decrease in market price not in line with general market trends; and o any other quantitative or qualitative events or factors deemed significant by the Trust’s management or Board of Trustees. If the presence of one or more impairment indicators as described above is identified with respect to an investment property, the asset is tested for recoverability by comparing its carrying value to the estimated future undiscounted cash flows. An investment property is considered to be impaired when the estimated future undiscounted cash flows are less than its current carrying value. When performing a test for recoverability or estimating the fair value of an impaired investment property, the Trust makes complex or subjective assumptions which include, but are not limited to: o projected operating cash flows considering factors such as vacancy rates, rental rates, lease terms, tenant financial strength, demographics, holding period and property location; o projected capital expenditures; o projected cash flows from the eventual disposition of an operating property using a property specific capitalization rate; o comparable selling prices; and o property specific discount rates for fair value estimates as necessary. To the extent impairment has occurred, the Trust will record an impairment charge calculated as the excess of the carrying value of the asset over its fair value for impairment of real estate investments. Based on evaluation, there were was one impairment loss of $561 during the year ended December 31, 2022. There were no impairment losses during the years ended December 2021 and 2020. Cash and Cash Equivalents and Restricted Deposits We classify highly liquid investments with a maturity of three months or less when purchased as cash equivalents. certain properties to be used for future building renovations or tenant improvements. As of December 31, 2022 and December 31, 2021, the Trust did not hold any U.S. Treasury Bills ‘Securities’ in cash and cash equivalents. As of December 31, 2022, all U.S. Treasury Bills are classified as Level 1 investments in the fair value hierarchy. Investments in U.S. Treasury Bills Treasury Bills are short-term debt obligations with maturities of one year or less issued by the U.S. Treasury Department and backed by the U.S. Government. Treasury Bills yield no interest, but are issued at a discount to the redemption price. We classify our investments in U.S. Treasury Bills as investments in securities. We use quoted market prices to determine the fair value of our investments in U.S. Treasury Bills. Investment in Unconsolidated Affiliates We account for unconsolidated affiliates using the equity method of accounting per guidance established under ASC 323, Investments – Equity Method and Joint Ventures (“ASC 323”). The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for our share of equity in the affiliates’ earnings (losses), contributions and distributions. We evaluate the carrying amount of the investments for impairment in accordance with ASC 323. Unconsolidated affiliates are reviewed for potential impairment if the carrying amount of the investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether impairment is other-than-temporary, we consider whether we have the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an affiliate for potential impairment can require our management to exercise significant judgments. No impairment losses were recorded related to the unconsolidated affiliates for the years ended December 31, 2022, 2021 and 2020. Other Assets Other assets are comprised of the following as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 (in thousands) Due from related party $ 50 $ 336 Accounts receivable, net 5,821 5,342 Insurance claim receivable 3,846 145 Fair value of interest rate swap 13,782 698 Other assets 181 192 Financing fees, less accumulated amortization 86 18 Lease costs, less accumulated amortization 1,799 2,065 Prepaid expenses 1,747 1,506 Total other assets, net $ 27,312 $ 10,302 Note receivable, Notes receivable are issued periodically and are secured and interest bearing. The Trust has one note receivable for a commercial tenant bearing a 6.5% per annum interest rate which matures in 2025. Accrued Expenses and Other liabilities Accrued Expenses and other liabilities are comprised of the following as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 (in thousands) Special assessments payable $ 647 $ 690 Due to related party 1,408 473 Accounts payable - trade 2,340 3,272 Retainage payable 3 86 Fair value of interest rate swap — 1,648 Deferred insurance proceeds 2 476 Accrued interest expense 1,318 1,323 Accrued real estate taxes 7,275 6,653 Accrued unearned rent 2,936 3,055 Other liabilities 146 928 Total accrued expenses and other liabilities $ 16,075 $ 18,604 Debt Issuance Costs We amortize external debt issuance costs related to notes and mortgage notes using the effective interest rate method, over the life term of the related debt. We record debt issuance costs net of amortization, on our consolidated balance sheets as an offset to their related debt. We record debt issuance costs related to revolving lines of credit as financing fees in other assets, regardless of whether a balance on the line of credit is outstanding. We record the amortization of all debt issuance costs as interest expense. Noncontrolling Interest A noncontrolling interest in a subsidiary (minority interest) is in most cases an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest, and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and other comprehensive income. Operating Partnership: Interests in the operating partnership held by limited partners are represented by operating partnership units. The operating partnership’s income is allocated to holders of units based upon the ratio of their holdings to the total units outstanding during the period. Capital contributions, distributions, syndication costs, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the operating partnership agreement. Partially Owned Properties: The Trust reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Trust that are not wholly owned by the Trust. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interest in partially owned properties in the consolidated statements of operations and other comprehensive income. Federal Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code, as amended. A REIT calculates taxable income like other domestic corporations, with the major difference being a REIT is entitled to a deduction for dividends paid. A REIT is generally required to distribute each year at least 90% of its taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate tax on such income. REIT shareholders are taxed on REIT distributions similar to corporate distributions. A summary of the tax characterization of the dividends paid to shareholders of the Company’s common stock for the years ended December 31, 2022, 2021 and 2020 follows: Tax Year Ended December 31, Dividend % Dividend % Dividend % 2022 2022 2021 2021 2020 2020 Tax status Ordinary income $ 0.6374 55.43 % $ 0.9833 92.76 % $ 0.8994 84.95 % Capital gain — — % 0.0767 7.24 % — — % Return of capital 0.5126 44.57 % — — % 0.1593 15.05 % $ 1.1500 100.00 % $ 1.0600 100.00 % $ 1.0587 100.00 % We intend to continue to qualify as a REIT and, provided we maintain such status, will not be taxed on the portion of the income that is distributed to shareholders. In addition, we intend to distribute all our taxable income; therefore, no provisions or liabilities for income taxes have been recorded in the consolidated financial statements. Sterling conducts its business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through its Operating Partnership – Sterling Properties, LLLP. The Operating Partnership is organized as a limited liability limited partnership. Income or loss is allocated to the partners in accordance with the provisions of the Internal Revenue Code 704(b) and 704(c). UPREIT status allows non-recognition of gain by an owner of appreciated real estate if that owner contributes the real estate to a partnership in exchange for a partnership interest. The conversion of a partnership interest to shares of beneficial interest in the REIT will be a taxable event to the limited partner. We follow ASC Topic 740, Income Taxes, The operating partnership has elected to record related interest and penalties, if any, as income tax expense on the consolidated statements of operations and other comprehensive income. Revenue Recognition We record base rents on a straight-line basis. The monthly base rent income according to the terms of our leases is adjusted with the purpose that average monthly rent is recorded for each tenant over the term of its lease. The straight-line rent adjustment increased revenue by $302 and $550 for the years ended December 31, 2022 and 2021, respectively. The straight-line receivable balance included in receivables on the consolidated balance sheets as of December 31, 2022 and 2021, was $3,756 and $3,569, respectively. We receive payments for expense reimbursements from substantially all our multi-tenant commercial tenants throughout the year based on estimated. The Trust is the lessor for its residential and commercial leases. Leases are analyzed on an individual basis to determine lease classification. As of December 31, 2022, all leases analyzed under the Trust’s lease classification process were determined to be operating leases. Earnings per Common Share Basic earnings per common share is computed by dividing net income available to common shareholders (the “numerator”) by the weighted average number of common shares outstanding (the “denominator”) during the period. Sterling had no dilutive potential common shares as of December 31, 2022, 2021 and 2020 and therefore, basic earnings per common share was equal to diluted earnings per common share for both periods. As the calculation does not include net income attributable to the Operating Partnership, Operating Partnership Units are not included in the calculation, and does not have any impact on earnings per share. For the years ended December 31, 2022, 2021 and 2020, Sterling’s denominators for the basic and diluted earnings per common share were approximately 10,632,000 , 10,160,000 , and 9,694,000 , respectively. Reclassifications Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year’s presentation. These reclassifications have not changed the results of operations or equity. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying Consolidated Financial Statements. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2022 | |
SEGMENT REPORTING | |
SEGMENT REPORTING | NOTE 3 – segment reporting We report our results in two reportable segments: residential and commercial properties. Our residential properties include multifamily properties. Our commercial properties include retail, office, industrial, and medical properties. We assess and measure operating results based on net operating income (“NOI”), which we define as total real estate revenues less real estate expenses (which consist of real estate taxes, property management fees, utilities, repairs and maintenance, insurance and direct administrative costs). We believe NOI is an important measure of operating performance even though it should not be considered an alternative to net income or cash flow from operating activities. Segment Revenues and Net Operating Income The revenues and net operating income for the reportable segments (residential and commercial) are summarized as follows for the years ended December 31, 2022, 2021 and 2020, along with reconciliations to the consolidated financial statements. Segment assets are also reconciled to Total Assets as reported in the consolidated financial statements for the years ended December 31, 2022 and 2021. Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Residential Commercial Total Residential Commercial Total Residential Commercial Total (in thousands) (in thousands) (in thousands) Income from rental operations $ 113,968 $ 21,092 $ 135,060 $ 107,284 $ 22,040 $ 129,324 $ 98,576 $ 26,040 $ 124,616 Expenses from rental operations 64,647 6,491 71,138 57,454 7,315 64,769 52,686 6,883 59,569 Net operating income $ 49,321 $ 14,601 $ 63,922 $ 49,830 $ 14,725 $ 64,555 $ 45,890 $ 19,157 $ 65,047 Depreciation and amortization 24,679 22,203 21,214 Interest 19,994 18,142 17,097 Administration of REIT 5,247 4,381 4,217 Other income (10,530) (4,609) (4,461) Net income $ 24,532 $ 24,438 $ 26,980 Segment Assets and Accumulated Depreciation As of December 31, 2022 Residential Commercial Total (in thousands) Real estate investments $ 779,424 $ 191,724 $ 971,148 Accumulated depreciation (147,115) (47,734) (194,849) Total real estate investments, net $ 632,309 $ 143,990 $ 776,299 Lease intangible assets, less accumulated amortization 839 4,451 5,290 Cash and cash equivalents 3,257 Restricted deposits 9,323 Investment in securities 29,371 Investment in unconsolidated affiliates 29,423 Notes receivable 8,448 Other assets, net 27,312 Total Assets $ 888,723 As of December 31, 2021 Residential Commercial Total (in thousands) Real estate investments $ 692,722 $ 203,980 $ 896,702 Accumulated depreciation (133,100) (46,055) (179,155) Total real estate investments, net $ 559,622 $ 157,925 $ 717,547 Lease intangible assets, less accumulated amortization — 6,246 6,246 Cash and cash equivalents 51,507 Restricted deposits 9,149 Investment in unconsolidated affiliates 18,658 Notes receivable 7,457 Other assets, net 10,302 Total Assets $ 820,866 |
RESTRICTED DEPOSITS AND FUNDED
RESTRICTED DEPOSITS AND FUNDED RESERVES | 12 Months Ended |
Dec. 31, 2022 | |
RESTRICTED DEPOSITS AND FUNDED RESERVES | |
RESTRICTED DEPOSITS AND FUNDED RESERVES | NOTE 4 - RESTRICTED DEPOSITS AND FUNDED RESERVES As of December 31, As of December 31, 2022 2021 (in thousands) Tenant security deposits $ 6,242 $ 5,165 Real estate tax and insurance escrows 1,336 1,355 Replacement reserves 1,745 1,791 Other funded reserves — 838 $ 9,323 $ 9,149 |
INVESTMENT IN UNCONSOLIDATED AF
INVESTMENT IN UNCONSOLIDATED AFFILIATES | 12 Months Ended |
Dec. 31, 2022 | |
INVESTMENT IN UNCONSOLIDATED AFFILIATES | |
INVESTMENT IN UNCONSOLIDATED AFFILIATES | NOTE 5 – Investment in unconsolidated affiliates Total Investment in Unconsolidated Affiliates at Unconsolidated Affiliates Date Acquired Trust Ownership Interest December 31, 2022 December 31, 2021 Banner Building 2007 66.67% $ (614) $ 60 Grand Forks INREIT, LLC 2003 50% 4,961 2,493 SE Savage, LLC 2019 60% 1,660 2,946 SE Maple Grove, LLC 2019 60% 1,836 2,823 SE Rogers, LLC 2020 60% 2,413 2,986 ST Oak Cliff, LLC 2021 70% 9,098 4,324 SE Brooklyn Park, LLC 2021 60% 2,914 3,026 SE Fossil Creek, LLC 2022 70% 7,155 - $ 29,423 $ 18,658 The operating partnership owns a 66.67% interest as tenant in common in an office building in Fargo, North Dakota. The property is encumbered by a first mortgage with a balance at December 31, 2022 and 2021 of $6,951 and $6,329, respectively. The Trust is jointly and severally liable for the full mortgage balance. The operating partnership is a 50% owner of a tenant in common through 100% ownership in a limited liability company. The property is located in Grand Forks, North Dakota. The property is encumbered by a non-recourse first mortgage with a balance at December 31, 2022 and 2021 of $9,520 and $9,794, respectively. The Trust is jointly and severally liable for the full mortgage balance. The Operating Partnership owns a 60% interest in a limited liability company that holds a multifamily property. The property is encumbered by a first mortgage with a balance of $30,726 at December 31, 2022. The Trust is jointly and severally liable for the full mortgage balance. At December 31, 2021, the property was encumbered by a first mortgage of $26,210, and a second mortgage to Sterling Properties, LLLP of $6,129. Additionally, at December 31, 2022, SE Savage, LLC has an outstanding Promissory Note with Sterling Properties, LLLP, for $1,397, and is an unsecured obligation of SE Savage, LLC. The note is considered to be additional at-risk funds to the Operating Partnership, in SE Savage, LLC, and is included in Notes Receivable on the Consolidated Balance Sheet at December 31, 2022. The Operating Partnership owns a 60% interest in a limited liability company that holds a multifamily property. The entity is encumbered by a first mortgage with a balance at both December 31, 2022 and December 31, 2021 of $24,788. The property is also encumbered by a second mortgage to Sterling Properties, LLLP with a balance at December 31, 2022 and December 31, 2021 of $3,643 and $727, respectively. The Operating Partnership owns a 60% interest in a limited liability company that is currently developing a multifamily property. The LLC holds land located in Rogers, Minnesota, with total assets of $32,864 and $22,847 at December 31, 2022 and December 31, 2021, respectively. The entity encumbered by a first mortgage has a balance of $25,742 and $15,688 at December 31, 2022 and December 31, 2021, respectively. The Company is jointly and severally liable for the full mortgage balance. The property is also encumbered by a second mortgage to Sterling Properties, LLLP with a balance at December 31, 2022 of $2,938. The Operating Partnership owns a 70% interest in a limited liability company, with a related party. The entity is currently developing a multifamily property. As of December 31, 2022, the Operating Partnership has contributed $9,300 in cash to the entity. The entity holds land located in Dallas, Texas with total assets of $40,404 and $7,394 at December 31, 2022 and December 31, 2021, respectively. The entity is encumbered by a construction mortgage with a balance of $23,409 at December 31, 2022. There was no balance outstanding related to the construction mortgage at December 31, 2021. The Company is jointly and severally liable for the full mortgage balance. The Operating Partnership owns a 60% interest in a limited liability company, with an unrelated third party. The entity is currently developing a multifamily property. The entity is located in Brooklyn Park, Minnesota, with total assets of $30,490 and $5,478 at December 31, 2022 and December 31, 2021, respectively. The entity is encumbered by a first mortgage that has a balance of $24,448 at December 31, 2022. There was no balance outstanding related to the first mortgage at December 31, 2021. The Company is jointly and severally liable for the full mortgage balance. During the second quarter of 2022, the Operating Partnership entered into a joint venture arrangement. Through the joint venture, the Operating Partnership owns a 70% interest in a limited liability company, with a related party. The entity is currently developing a multifamily property. As of December 31, 2022, the Operating Partnership has contributed $7,190 in cash to the entity. The entity holds land located in Fort Worth, Texas with total assets of $11,083 at December 31, 2022. The following is a summary of the financial position of the unconsolidated affiliates at December 31, 2022 and 2021. December 31, 2022 December 31, 2021 (in thousands) ASSETS Real estate investments $ 218,747 $ 134,839 Accumulated depreciation (16,490) (10,940) 202,257 123,899 Cash and cash equivalents 3,093 1,131 Restricted deposits 1,034 650 Intangible assets, less accumulated amortization 542 41 Other assets, net 827 909 Total Assets $ 207,753 $ 126,630 LIABILITIES Mortgage notes payable, net $ 152,246 $ 87,996 Tenant security deposits payable 192 108 Accrued expenses and other liabilities 8,217 8,029 Total Liabilities $ 160,655 $ 96,133 SHAREHOLDERS' EQUITY Total Shareholders' Equity $ 47,098 $ 30,497 Total liabilities and shareholders' equity $ 207,753 $ 126,630 The following is a summary of results of operations of the unconsolidated affiliates for the years ended the years ended December 31, 2022, 2021 and 2020. The year ended December 31, 2022 2021 2020 (in thousands) Income from rental operations $ 9,545 $ 4,746 $ 3,001 Expenses from rental operations 3,668 1,632 928 Net operating income $ 5,877 $ 3,114 $ 2,073 Depreciation and Amortization 5,678 1,248 688 Interest 4,148 2,275 970 Other Income (91) - (24) Net (loss) income $ (3,858) $ (409) $ 439 |
LEASE INTANGIBLES
LEASE INTANGIBLES | 12 Months Ended |
Dec. 31, 2022 | |
LEASE INTANGIBLES | |
LEASE INTANGIBLES | NOTE 6 - Lease intangibles The following table summarizes the net value of other intangible assets and liabilities and the accumulated amortization for each class of intangible: Lease Accumulated Lease As of December 31, 2022 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 15,528 $ (10,960) $ 4,568 Above-market leases 1,897 (1,175) 722 $ 17,425 $ (12,135) $ 5,290 Lease Intangible Liabilities Below-market leases $ (2,379) $ 1,733 $ (646) Lease Accumulated Lease As of December 31, 2021 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 15,455 $ (10,381) $ 5,074 Above-market leases 2,617 (1,445) 1,172 $ 18,072 $ (11,826) $ 6,246 Lease Intangible Liabilities Below-market leases $ (2,525) $ 1,714 $ (811) The estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows: Intangible Intangible Years ending December 31, Assets Liabilities (in thousands) 2023 $ 1,597 $ 151 2024 757 151 2025 757 151 2026 606 80 2027 498 42 Thereafter 1,075 71 $ 5,290 $ 646 The weighted average amortization period for the intangible assets (in-place leases, above-market leases) and intangible liabilities (below-market leases) acquired as of December 31, 2022 was 2.9 years. The portion of the purchase price allocated to acquire above and below market lease intangibles is amortized on a straight-line basis over the life of the related lease as an adjustment to rental income. Amortization pertaining to above market lease intangibles of $145, $154, and $186 for the years ended December 31, 2022, 2021 and 2020, respectively, was recorded as a reduction to income from rental operations. Amortization pertaining to below market lease intangibles of $164, $183, and $213 for the years ended December 31, 2022, 2021 and 2020, respectively, was recorded as an increase to income from rental operations. |
LINES OF CREDIT
LINES OF CREDIT | 12 Months Ended |
Dec. 31, 2022 | |
LINES OF CREDIT | |
LINES OF CREDIT | NOTE 7 – LINES OF CREDIT We have a $4,915 variable rate (floating SOFR plus 2.00% ) line of credit agreement with Bremer Bank, which expires in December 2026 ; and a $5,000 variable rate (floating SOFR plus 2.00% ) line of credit agreement with Bremer Bank, which expires December 2026 . The lines of credit are secured by specific properties. At December 31, 2022, the Bremer line of credit secures one letter of credit totaling $50 , leaving $8,857 available and unused under the agreements. These operating lines are designed to enhance treasury management activities and more effectively manage cash balances. As of December 31, 2022 and December 31, 2021, there was a balance of $1,008 and $- , respectively. Certain lines of credit agreements include covenants that, in part, impose maintenance of certain debt service coverage, debt to net worth ratios, and debt yield ratios. As of December 31, 2022 and 2021, no properties were out of compliance. |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2022 | |
NOTES PAYABLE. | |
MORTGAGE NOTES PAYABLE | NOTE 8 - NOTES PAYABLE On December 29, 2022, the Trust entered into a $26,500 note payable. The note payable bears interest at a rate of one percentage point under the “Prime Rate” as published in the Wall Street Journal, with principal plus accrued and unpaid interest due and payable on February 1, 2023. The Borrower may prepay the New Promissory Note without penalty. As of December 31, 2021, the Trust did not have any outstanding balances on notes payable. The following table summarizes the Company’s mortgage notes payable. Principal Balance At December 31, December 31, 2022 2021 (in thousands) Fixed rate mortgage notes payable (a) $ 508,305 $ 490,413 Variable rate mortgage notes payable - 5,237 Mortgage notes payable 508,305 495,650 Less unamortized debt issuance costs 2,138 2,508 $ 506,167 $ 493,142 (a) Includes $106,033 and $108,734 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2022 and 2021, respectively. As of December 31, 2022, we had 115 fixed rate mortgage loan with effective interest rates ranging from 2.43% to 6.85% per annum, and a weighted average effective interest rate of 3.79% per annum. As of December 31, 2021, we had 114 fixed rate and one variable rate mortgage loan with effective interest rates ranging from 2.09% to 6.85% per annum, and a weighted average effective interest rate of 3.83% per annum on fixed rate loans and 2.10% per annum on variable rate loans. The majority of the Company’s mortgages payable require monthly payments of principal and interest. Certain mortgages require reserves for real estate taxes and certain other costs. Mortgages are secured by the respective properties, assignment of rents, business assets, deeds to secure debt, deeds of trust and/or cash deposits with the lender. Additionally, certain mortgage note agreements include covenants that, in part, impose maintenance of certain debt service coverage and debt to worth ratios. As of December 31, 2022, eight loans were out of compliance due to increased repair and maintenance costs related to unit renovations and increased utility costs. The loans were secured by various properties with a total outstanding balance of $17,687. Annual waivers were received from the lenders on all loans out of compliance as of December 31, 2022. As of December 31, 2021, five loans were out of compliance due increased repair and maintenance costs related to unit renovations, bad debt allowance, and increased vacancies in the North Dakota and Minnesota markets. The loans were secured by various properties with a total outstanding balance of $9,915. Annual waivers were received from the lenders on all loans out of compliance as of December 31, 2021. We are required to make the following principal payments on our outstanding mortgage notes payable for each of the five succeeding fiscal years and thereafter as follows: Years ending December 31, Amount (in thousands) 2023 $ 53,341 2024 22,376 2025 53,130 2026 45,546 2027 77,845 Thereafter 256,067 Total payments $ 508,305 |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2022 | |
DERIVATIVES AND HEDGING ACTIVITIES | |
DERIVATIVES AND HEDGING ACTIVITIES | NOTE 9 – DERIVATIVES AND HEDGING ACTIVITIES As part of our interest rate risk management strategy, we have used interest rate derivatives to manage our exposure to interest rate movements and add stability to interest expense. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Trust making fixed rate payments over the life of the agreement without exchange of the underlying notional amount. As of December 31, 2022, the Trust used 12 interest rate swaps to hedge the variable cash flows associated with variable rate debt. Changes in fair value of the derivatives that are designated and that qualify as cash flow hedges are recorded in “Accumulated other comprehensive (loss) income” and are reclassified into interest expense as interest payments are made on the Company’s variable rate debt. During the next 12 months, the Trust estimates that an additional $2,311 will be reclassified as a decrease to interest expense. The following table summarizes the Trust’s interest rate swaps designated as cash flow hedges as of December 31, 2022: Fixed Effective Date Notional Interest Rate Maturity Date November 1, 2019 $ 6,575 3.15% November 1, 2029 November 1, 2019 $ 4,572 3.28% November 1, 2029 January 10, 2020 $ 2,979 3.39% January 10, 2030 July 1, 2020 $ 4,743 2.79% June 10, 2030 December 2, 2020 $ 12,362 2.91% December 2, 2027 July 1, 2021 $ 25,678 2.99% July 1, 2031 November 10, 2021 $ 28,047 3.54% August 1, 2029 December 1, 2021 $ 10,813 3.32% December 1, 2031 August 15, 2022 $ 1,491 3.07% June 15, 2030 August 15, 2022 $ 2,888 3.07% June 15, 2030 August 15, 2022 $ 1,614 2.94% June 15, 2030 August 15, 2022 $ 4,271 2.94% June 15, 2030 The following table summarizes the Company’s interest rate swaps that were designated as cash flow hedges of interest rate risk: Number of Instruments Notional Interest Rate Derivatives December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Interest rate swaps 12 12 $ 106,033 $ 108,734 The table below presents the estimated fair value of the Company’s derivative financial instruments as well as their classification in the accompanying consolidated balance sheets. The valuation techniques are described in Note 10 to the consolidated financial statements. Derivatives designated as December 31, 2022 December 31, 2021 cash flow hedges: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other assets, net $ 13,782 Other assets, net $ 698 Interest rate swaps Accrued expenses and other liabilities $ — Accrued expenses and other liabilities $ 1,648 The following table presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive income (loss) for the years ended December 31, 2022 and 2021: Location of Gain Amount of (Gain)/Loss Reclassified from Derivatives in Recognized in Other Accumulated other Amount of (Gain)/Loss Cash Flow Hedging Comprehensive Income Comprehensive Income Reclassified from Relationships on Derivatives (AOCI) into Income AOCI into Income 2022 2022 Interest rate swaps $ (14,732) Interest expense $ 94 2021 2021 Interest rate swaps $ (855) Interest expense $ 670 Credit-risk-related Contingent Features The Trust has agreements with each of its derivative counterparties that contain a provision whereby if the Trust defaults on the related indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Trust could also be declared in default on its corresponding derivative obligation. As of December 31, 2022, the termination value of derivatives in a liability position was $0 and the termination value of derivatives in an asset position was $13,782. As December 31, 2022, the Trust has pledged the properties related to the loans which are hedged as collateral . |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended |
Dec. 31, 2022 | |
FAIR VALUE MEASUREMENT | |
FAIR VALUE MEASUREMENT | NOTE 10 - FAIR VALUE MEASUREMENT The following table presents the carrying value and estimated fair value of the Company’s financial instruments: December 31, 2022 December 31, 2021 Carrying Carrying Value Fair Value Value Fair Value (in thousands) Financial assets: Investment in securities $ 29,371 $ 29,371 $ — $ — Notes receivable $ 8,448 $ 9,789 $ 7,457 $ 9,840 Derivative assets $ 13,782 $ 13,782 $ 698 $ 698 Financial liabilities: Mortgage notes payable $ 508,305 $ 466,245 $ 495,650 $ 508,285 Derivative liabilities $ — $ — $ 1,648 $ 1,648 The carrying values shown in the table are included in the consolidated balance sheets under the captions indicated in Note 10. ASC 820-10 established a three-level valuation hierarchy for fair value measurement. Management uses these valuation techniques to establish the fair value of the assets at the measurement date. These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect management’s assumptions. These two types of inputs create the following fair value hierarchy: ● Level 1 – Quoted prices for identical instruments in active markets. ● Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose significant inputs are observable. ● Level 3 – Instruments whose significant inputs are unobservable. The guidance requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Recurring Fair Value Measurements The following table presents the Trust’s financial instruments, which are measured at fair value on a recurring basis, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. Level 1 Level 2 Level 3 Total (in thousands) December 31, 2022 Derivative assets $ — $ 13,782 $ — $ 13,782 December 31, 2021 Derivative assets $ — $ 698 $ — $ 698 Derivative liabilities $ — $ 1,648 $ — $ 1,648 Derivatives: The fair value of interest rate swaps is determined using a discounted cash flow analysis on the expected future cash flows of the derivative. The Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements. Fair Value Disclosures The following table presents the Company’s financial assets and liabilities, which are measured at fair value for disclosure purposes, by the level in the fair value hierarchy within which they fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table. Level 1 Level 2 Level 3 Total (in thousands) December 31, 2022 U.S. Treasury Bills $ 29,371 $ — $ — $ 29,371 Mortgage notes payable $ — $ — $ 466,245 $ 466,245 Notes receivable $ — $ — $ 9,789 $ 9,789 December 31, 2021 Mortgage notes payable $ — $ — $ 508,285 $ 508,285 Notes receivable $ — $ — $ 9,840 $ 9,840 U.S. Treasury Bills: The Trust estimates the fair value of its Treasury Bills by using quoted market prices. Mortgage notes payable: The Trust estimates the fair value of its mortgage notes payable by discounting the future cash flows of each instrument at rates currently offered to the Trust for similar debt instruments of comparable maturities by the Trust’s lenders. The rates used range from 5.75% to 6.00% and from 3.25% to 3.35% December 31, 2022 and 2021, respectively. Notes receivable: The Trust estimates the fair value of its notes receivable by discounting future cash flows of each instrument at rates currently offered to the Trust for similar note instruments of comparable maturities by the Trust’s lenders. The fair value rate ranged from 3.25% to 7.25% December 31, 2021 and 2022, respectively. |
NONCONTROLLING INTEREST OF UNIT
NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP | 12 Months Ended |
Dec. 31, 2022 | |
NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP | |
NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP | NOTE 11 – NONCONTROLLING INTEREST OF UNITHOLDERS IN OPERATING PARTNERSHIP As of December 31, 2022 and 2021, outstanding limited partnership units totaled 18,730,000 and 18,212,000, respectively. Total aggregate distributions per unit for the years ended December 31, 2022, 2021 and 2020 were $1.1500, $1.0600 and $1.0587, respectively. The operating partnership declared fourth quarter distributions of $5,385 and $4,827, to limited partners payable in January 2023 and 2022, respectively. During the year ended December 31, 2022, there were no limited partnership units of the operating partnership exchanged for common shares of the trust. Provided the Trust’s redemption plan exists, and subject to the conditions and limitations contained in such redemption plan (including, without limitation, applicable holding periods and ownership limitations), and further subject to the conditions and limitations set forth in the LLLP Agreement of the Operating Partnership, a Limited Partner may request the redemption of its limited partnership units for cash (a “Redemption Request”) or the exchange of its limited partnership units for Sterling common shares (an “Exchange Request”). Such request must be made in accordance with the redemption plan. Upon receipt of any Redemption or Exchange Request, as the case may be, the Trust may, at its sole and absolute discretion, acting for itself or as General Partner of the Operating Partnership, elect to redeem or exchange such limited partnership units. The Trust may, in its sole discretion, terminate, amend or suspend the redemption plan if such action is determined to be in the best interest of the Operating Partnership. |
REDEMPTION PLANS
REDEMPTION PLANS | 12 Months Ended |
Dec. 31, 2022 | |
REDEMPTION PLANS | |
REDEMPTION PLANS | NOTE 12 – REDEMPTION PLANS Our Board of Trustees has approved redemption plans that enable our shareholders to sell their common shares and the partners of our operating partnership to sell their limited partnership units to us, after they have held the securities for at least one year and subject to other conditions and limitations described in the plans. Our redemption plans currently provide that the maximum amount that can be redeemed under the plan is $55,000 worth of securities. As of December 31, 2022, there were $14,684 worth of securities left to be redeemed under the redemption plan. Currently, the fixed redemption price is $21.85 per share or unit under the plans which price became effective January 1, 2022. Prior to January 1, 2022, the redemption price was $19.00 per share or unit under the plan. Prior to January 1, 2021, the redemption price was $18.25 per share or unit under the plan. We may redeem securities under the plans provided the aggregate total has not been exceeded if we have sufficient funds to do so. The plans will terminate in the event the shares become listed on any national securities exchange, the subject of bona fide quotes on any inter-dealer quotation system or electronic communications network or are the subject of bona fide quotes in the pink sheets. Additionally, the Board, in its sole discretion, may terminate, amend or suspend the redemption plans, either or both of them, if it determines to do so in its sole discretion. During the years ended December 31, 2022, 2021 and 2020, the Company redeemed 53,000, 82,000 and 127,000 common shares valued at $1,155, $1,552 and $2,321, respectively. In addition, during the years ended December 31, 2022, 2021 and 2020, the Company redeemed 42,000, 211,000 and 66,000 units valued at $922, $4,014 and $1,216, respectively. |
BENEFICIAL INTEREST
BENEFICIAL INTEREST | 12 Months Ended |
Dec. 31, 2022 | |
BENEFICIAL INTEREST | |
BENEFICIAL INTEREST | NOTE 13 – BENEFICIAL INTEREST We are authorized to issue 100,000,000 common shares of beneficial interest with $0.01 par value and 50,000,000 preferred shares with $0.01 par value, which collectively represent the beneficial interest of Sterling. As of December 31, 2022 and 2021, there were 10,810,000 and 10,342,000 common shares outstanding. We had no preferred shares outstanding as of either date. Dividends paid to holders of common shares were $1.1500 per share, $1.0600 per share and $1.0587 per share for the years ended December 31, 2022, 2021 and 2020, respectively. |
DIVIDEND REINVESTMENT PLAN
DIVIDEND REINVESTMENT PLAN | 12 Months Ended |
Dec. 31, 2022 | |
DIVIDEND REINVESTMENT PLAN | |
DIVIDEND REINVESTMENT PLAN | NOTE 14 – DIVIDEND REINVESTMENT PLAN Our Board of Trustees approved a dividend reinvestment plan to provide existing holders of our common shares with a convenient method to purchase additional common shares without payment of brokerage commissions, fees or service charges. On July 20, 2012, we registered with the Securities Exchange Commission 2,000,000 common shares to be issued under the plan on Form S-3D, which automatically became effective on July 20, 2012. On July 11, 2017, we registered with the Securities Exchange Commission an additional 2,000,000 common shares to be issued under the plan on Form S-3D, which automatically became effective on July 11, 2017. On November 3, 2020, we registered with the Securities Exchange Commission an additional 2,000,000 common shares to be issued under the plan on Form S-3D, which automatically became effective on November 3, 2020. Under this plan, eligible shareholders may elect to have all or a portion (but not less than 25%) of the cash dividends they receive automatically reinvested in our common shares. If an eligible shareholder elects to reinvest cash dividends under the plan, the shareholder may also make additional optional cash purchases of our common shares, not to exceed $10 per fiscal quarter without our prior approval. The purchase price per common share under the plan equals 95% of the estimated value per common share for dividend reinvestments and equals 100% of the estimated value per common share for additional optional cash purchases, as determined by our Board of Trustees. In addition, eligible shareholders may not in any calendar year purchase or receive via transfer more than $40 additional optional cash purchases of Common Shares. The estimated value per common share was $23.00 and $20.00 at December 31, 2022 and 2021, respectively. Therefore, the purchase price per common share for dividend reinvestments was $21.85 and $19.00 and for additional optional cash purchases was $23.00 and $20.00 at December 31, 2022 and 2021, respectively. The Board, in its sole discretion, may amend, suspend or terminate the plan at any time, without the consent of shareholders, upon a ten-day notice to participants. In the year ended December 31, 2022, 342,000 shares were issued pursuant to dividend reinvestments and 177,000 shares were issued pursuant to additional optional cash purchases under the plan. In the year ended December 31, 2021, 363,000 shares were issued pursuant to dividend reinvestments and 203,000 shares were issued pursuant to additional optional cash purchases under the plan. In the year ended December 31, 2020, 356,000 shares were issued pursuant to dividend reinvestments and 187,000 shares were issued pursuant to additional optional cash purchases under the plan. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 15 – RELATED PARTY TRANSACTIONS Effective January 1, 2021, Trustmark Enterprises, Inc. was formed to act as the holding company for Sterling Management, LLC and GOLDMARK Property Management, Inc. In connection with this restructuring transaction, the owners of Trustmark Enterprises, Inc. indirectly own Sterling Management, LLC and GOLDMARK Property Management, Inc. Trustmark Enterprises, Inc. is owned in part by the Trust’s Chief Executive Officer and Trustee Mr. Kenneth P. Regan, by Trustee Mr. James S. Wieland, and by President Joel S. Thomsen. In addition, Mr. Regan serves as the Executive Chairman of the Advisor, and Messrs. Wieland, and Thomsen serve on the Board of Governors of both the Advisor and GOLDMARK Property Management, Inc. Sterling Management, LLC (the “Advisor”), is a North Dakota limited liability company formed in November 2002. The Advisor is responsible for managing day-to-day affairs, overseeing capital projects, and identifying, acquiring, and disposing investments on behalf of the trust. GOLDMARK Property Management, Inc., is a North Dakota corporation formed in 1981. GOLDMARK Property Management, Inc. performs property management services for the Trust. We have a historical and ongoing relationship with Bell Bank. Bell Bank has provided the Trust certain financial services throughout the relationship. Mr. Wieland, a Trustee, also serves as a Board Member of Bell Bank. Mr. Wieland could have an indirect material interest in any such engagement and related transactions. The Trust has a historical and ongoing relationship with Trumont Group and Trumont Construction. Trumont Group provides development services for current joint venture projects in which the Operating Partnership is an investor. Trumont Construction has been engaged to construct the properties associated with these joint ventures. Mr. Regan, Chief Executive Officer and trustee, is a partner in both Trumont Group and Trumont Construction and has a direct material interest in any engagement or related transaction, the Trust enters into, with these entities. Property Management Fee During the years ended December 31, 2022, 2021 and 2020, we paid property management and administrative fees to GOLDMARK Property Management, Inc. of $13,833, $12,836, and $12,796, respectively. Management fees which approximate 5% of net collected rents, account for $5,499, $5,271, and $4,851 of these fees during the years ended December 31, 2022, 2021 and 2020. In addition, during the years ended December 31, 2022, 2021, and 2020, we paid repair and maintenance expenses, and payroll related expenses to GOLDMARK Property Management, Inc. totaling $7,744, $6,536, and $6,549, respectively Advisory Agreement We are an externally managed trust and as such, although we have a Board of Trustees and executive officers responsible for our management, we have no paid employees. The Advisor may receive fees related to management of the Trust, acquiring, disposing, or developing real estate property, project management fees, and financing fees related to lending relationships, under the Advisory Agreement, which must be renewed on an annual basis and approved by a majority of the independent trustees. The Advisory Agreement was approved by the Board of Trustees (including all the independent Trustees) on March 24, 2022, and is effective until March 31, 2023. The below table summarizes the fees incurred to our Advisor. Year Ended December 31, 2022 2021 2020 (in thousands) Fee: Advisory $ 3,683 $ 3,348 $ 3,116 Acquisition $ 1,321 $ 375 $ 708 Disposition $ 703 $ 146 $ 319 Financing $ 83 $ 224 $ 133 Project Management $ 450 $ 572 $ 365 The below table summarizes the fees payable to our Advisor. Payable at December 31, December 31, 2022 2021 (in thousands) Fee: Advisory $ 632 $ 296 Acquisition $ 387 $ - Development $ - $ 79 Disposition $ 72 $ - Financing $ - $ 38 Project Management $ 12 $ 98 Operating Partnership Units Issued in Connection with Acquisitions During the year ended December 31, 2022, 510,000 Operating Partnership units were issued to an entity affiliated with Messrs. Regan and Wieland, two of our trustees, in connection with the acquisition of various properties. The aggregate value of these units was $11,741. During the year ended December 31, 2021, there were no Operating Partnership units issued directly or indirectly, to affiliated entities. During the year ended December 31, 2020, 208,000 Operating Partnership units were issued to an entity affiliated with Messrs. Regan and Wieland, two of our trustees, in connection with the acquisition of various properties. The aggregate value of these units was $4,671. Commissions During the years ended December 31, 2022, 2021 and 2020, we incurred real estate commissions of $567, $312, and $633, respectively, to GOLDMARK Commercial Real Estate, Inc., in which Messrs. Regan and Wieland jointly own a controlling interest. As of December 31, 2022, there were commissions of $183 payable to GOLDMARK Commercial Real Estate. As of December 2021 and 2020, there were no unpaid commissions to GOLDMARK Commercial Real Estate. During the years ended December 31, 2022, 2021 and 2020, we incurred real estate commissions of $418, $217, and $308, respectively to GOLDMARK Property Management. As of December 31, 2022, there were commissions of $92 payable to GOLDMARK Property Management. As of December 31, 2021 and 2020 there were no unpaid commissions to GOLDMARK Property Management. Rental Income During the years ended December 31, 2022, 2021 and 2020, we received rental income of $130, $106, and $85, respectively, under an operating lease agreement with our Advisor. During the years ended December 31, 2022, 2021 and 2020, we received no rental income, $19, and $57, respectively, under an operating lease agreement with GOLDMARK Commercial Real Estate, Inc. During the years ended December 31, 2022, 2021 and 2020, we received rental income of $267, $294, and $268, respectively, under operating lease agreements with GOLDMARK Property Management, Inc. During the years ended December 31, 2022, 2021 and 2020, we received rental income of $859, $404, and $484, respectively, under operating lease agreements with Bell Bank. Other operational costs During the years ended December 31, 2022, 2021 and 2020, the Trust incurred $207, $276, and $240, respectively, for general costs related to business operations as well as capital expenditures related to construction in progress that were paid to related parties. At December 31, 2022 and 2021, there were no operational outstanding liabilities and $128, respectively. During the years ended December 31, 2022 and 2020, the Trust received did not receive related parties reimbursement for expenses paid that were associated with capital projects. During the year ended December 31, 2021, the Trust received $1,000 from related parties for reimbursement for expenses paid that were associated with capital projects. No reimbursements for operational receivables were received during the year ended December 31, 2022. At December 31, 2022, operational receivables outstanding due from related parties was $50 and $336, respectively. Debt Financing At December 31, 2022 and 2021, the Trust had $64,123 and $66,365, respectively, of outstanding principal on loans entered into with Bell Bank. During the years ended December 31, 2022, 2021 and 2020, the Trust incurred interest expense on debt held with Bell Bank of $2,480, $2,508, and $2,438, respectively. Accrued interest at December 31, 2022 and 2021, related to this debt was $130 and $148, respectively. A December 31, 2022 and 2021, the Trust had $26,500 and $-, respectively, of outstanding principal on notes payable entered into with Bell Bank. During the years ended December 31, 2022, 2021 and 2020, the Trust did not incur interest expense on note payable held with Bell Bank. Mezzanine Financing The Trust offers mezzanine financing to joint ventures, see note 5 for investment in unconsolidated affiliates. As of December 31, 2022 and 2021, Sterling issued $5,854 and $6,855, respectively, in second mortgage financing to related entities. During the years ended December 31, 2022 and 2021, the Trust earned interest income of $350 and $212, respectively, related to the second mortgage financing. No interest income was earned during the year ended December 31, 2020. Insurance Services The Trust retains insurance services from Bell Insurance. Policies provided by these services provide insurance coverage for the Trust’s Commercial segment as well as Director and Officer general and liability coverage. At December 31, 2022, 2021, and 2020 total premiums incurred for this policy were $48, $166 and $118, respectively. Tenant Improvement Arrangements During the year ended December 31, 2021, the Trust paid $2,782 in tenant improvement costs associated with a lease agreement with Trustmark Enterprises, Inc. There were no tenant improvement costs incurred during the years ended December 31, 2022 and 2020. At December 31, 2022, no costs were owed to related parties for tenant improvement costs. Development Arrangements Effective August 25, 2021, The Trust purchased a 70% interest in ST Oak Cliff Dallas, LLC. The purpose of the entity is to develop and construct a 318-unit multifamily property located in Dallas, Texas. The partnering investee, TG Oak Cliff Dallas, LLC is owned in part by Kenneth P. Regan, the Trust’s Chief Executive Officer and Trustee. Mr. Regan is also a partner in Trumont Group, the developer engaged by ST Oak Cliff Dallas, LLC to oversee the development of the property. Further, Mr. Regan is also a partner in Trumont Construction, the company who was engaged to oversee the day-to-day construction operations of the property. During the years ended December 31, 2022 and 2021, the Trust incurred and paid $411 and $256, respectively, in development fees to Trumont Group. No such fees were paid during the year ended December 31, 2020. At December 31, 2022 the Trust owed $- and $51, respectively, in development fees to Trumont Group. During the years ended December 31, 2022 and 2021, the Trust incurred and paid $799 and $71, respectively, in construction fees to Trumont Construction. No such fees were paid during the year ended December 31, 2020. At December 31, 2022 the Trust owed $71 and $29, respectively, in construction fees to Trumont Construction. During the years ended December 31, 2022 and 2021, the Trust incurred and paid $639 and $41, respectively, in general construction costs to Trumont Construction. No such fees were paid during the year ended December 31, 2020. At December 31, 2022 there was $81 of general construction costs were owed to Trumont Construction. At December 31, 2021, no general construction costs were owed to Trumont Construction. |
RENTALS UNDER OPERATING LEASES
RENTALS UNDER OPERATING LEASES / RENTAL INCOME | 12 Months Ended |
Dec. 31, 2022 | |
RENTALS UNDER OPERATING LEASES / RENTAL INCOME | |
RENTALS UNDER OPERATING LEASES / RENTAL INCOME | NOTE 16 - RENTALS UNDER OPERATING LEASES / RENTAL INCOME Residential apartment units are rented to individual tenants with lease terms of one year or less. Commercial properties are leased to tenants under terms expiring at various dates through 2038 . Lease terms often include renewal options. As of December 31, 2022, we derived 84.4% of our revenues from residential leases that are generally for terms of one-year or less. The residential leases may include lease income related to such items as parking, storage and non-refundable deposits that we treat as a single lease component because amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore we subsequently recognize lease income over the lease term on a straight-line basis. Residential leases are renewable upon consent of both parties on an annual or monthly basis. As of December 31, 2022, we derived 15.6% of our revenues from commercial leases primarily under long-term lease agreements. Substantially all commercial leases contain fixed escalations, or, in some instances, changes based on the Consumer Price Index, which occur at specified times during the term of the lease. In certain commercial leases, variable lease income, such as percentage rent, is recognized when rents are earned. We recognize rental income and rental abatements from our commercial leases on a straight-line basis over the lease term. Recognition of rental income commences when control of the leased space has been transferred to the tenant. We recognize variable income from pass-through expenses on an accrual basis over the periods in which the expenses were incurred. Pass-through expenses are comprised of real estate taxes, operating expenses and common area maintenance costs which are reimbursed by tenants in accordance with specific allowable costs per tenant lease agreements. When we pay pass-through expenses, subject to reimbursement by the tenant, they are included within operating expenses, excluding real estate taxes, and reimbursements are included within “real estate rental income” along with the associated base rent in the accompanying consolidated financial statements. We record base rents on a straight-line basis. The monthly base rent income according to the terms of our leases is adjusted so that an average monthly rent is recorded for each tenant over the term of its lease. The straight-line rent adjustment increased revenue by $302 for the year ended December 31, 2022, and increased revenue by $550 for the year ended December 31, 2021. The straight-line receivable balance included in other assets on the consolidated balance sheets as of the years ended December 31, 2022 and 2021 was $3,756 and $3,569 respectively. We receive payments for expense reimbursements from substantially all our multi-tenant commercial tenants throughout the year based on estimates. Lease income related to the Trust’s operating leases is comprised of the following: Year ended December 31, 2022 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 109,769 $ 16,091 $ 125,860 Lease income related to variable lease payments — 4,510 4,510 Other (a) (804) 332 (472) Lease Income (b) $ 108,965 $ 20,933 $ 129,898 (a) For the year ended December 31, 2022, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements. (b) Excludes other rental income for the year ended December 31, 2022, of $5,162 , which is accounted for under the revenue recognition standard. Year ended December 31, 2021 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 103,039 $ 16,490 $ 119,529 Lease income related to variable lease payments — 4,576 4,576 Other (c) (538) 630 92 Lease Income (d) $ 102,501 $ 21,696 $ 124,197 (c) For the year ended December 31, 2021, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements. (d) Excludes other rental income for the year ended December 31, 2021, of $5,127 , which is accounted for under the revenue recognition standard. Commercial space is rented under long-term agreements. Minimum future rentals on non-cancelable operating leases as of December 31, 2022 are as follows: Years ending December 31, Amount (in thousands) 2023 $ 15,216 2024 14,940 2025 14,556 2026 13,156 2027 11,719 Thereafter 42,734 $ 112,321 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 17 - COMMITMENTS AND CONTINGENCIES Environmental Matters Federal law (and the laws of some states in which we own or may acquire properties) imposes liability on a landowner for the presence on the premises of hazardous substances or wastes (as defined by present and future federal and state laws and regulations). This liability is without regard to fault or knowledge of the presence of such substances and may be imposed jointly and severally upon all succeeding landowners. If such hazardous substance is discovered on a property acquired by us, we could incur liability for the removal of the substances and the cleanup of the property. There can be no assurance that we would have effective remedies against prior owners of the property. In addition, we may be liable to tenants and may find it difficult or impossible to sell the property either prior to or following such a cleanup. Risk of Uninsured Property Losses We maintain property damage, fire loss, and liability insurance. However, there are certain types of losses (generally of a catastrophic nature) which may be either uninsurable or not economically insurable. Such excluded risks may include war, earthquakes, tornados, certain environmental hazards, and floods. Should such events occur, (i) we might suffer a loss of capital invested, (ii) tenants may suffer losses and may be unable to pay rent for the spaces, and (iii) we may suffer a loss of profits which might be anticipated from one or more properties. Litigation The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of such matters cannot be predicted with certainty, management believes, based on currently available information, that the outcome of such matters will not have a material effect on the consolidated financial statements of the Trust. |
DISPOSITIONS
DISPOSITIONS | 12 Months Ended |
Dec. 31, 2022 | |
DISPOSITIONS | |
DISPOSITIONS | NOTE 18 – DISPOSITIONS During the year ended December 31, 2022, the Operating Partnership sold five properties. We sold a retail property located in Savage, Minnesota for a sale price of During the year ended December 31, 2021, the Operating Partnership sold two properties. We sold a retail property located in Waite Park, Minnesota, for a sale price of $900 and recognized a gain of $2 in April 2021. We sold a residential property located in Moorhead, Minnesota, for a sale price of $4,950 and recognized a gain of $1,708 in June 2021. During the year ended December 31, 2020, the Operating Partnership sold three properties. We sold a retail property located in Apple Valley, Minnesota, for a sale price of $3,670 and recognized a gain of $1,456 in March 2020. We sold an office property located in St. Cloud, Minnesota, for a sale price of $2,050 and recognized a gain of $1 in May 2020. We sold an office property located in Bismarck, North Dakota for a sale price of $7,000 and recognized a gain of $1,926 in December 2020. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2022 | |
ACQUISITIONS | |
ACQUISITIONS | NOTE 19 –ACQUISITIONS The Company acquired the following properties during the year ended December 31, 2022. Date Property Name Location Property Type Units/ Square Footage/ Acres Total Acquisition Cost 2/28/22 Deer Park Hutchinson, MN Apartment Complex 138 units $ 15,073 5/31/22 Desoto Estates Grand Forks, ND Apartment Complex 68 units 5,863 5/31/22 Desoto Townhomes Grand Forks, ND Townhomes 24 units 3,226 5/31/22 Desoto Apartments East Grand Forks, MN Apartment Complex 24 units 1,230 6/10/22 Diamond Bend Mandan, ND Apartment Complex 78 units 10,919 9/13/22 Newgate Apartments Bismarck, ND Apartment Complex 46 units 2,444 12/1/22 Chandler 1898 Grand Forks, ND Apartment Complex 12 units 498 12/29/22 Prose Fossil Creek Fort Worth, TX Apartment Complex 270 units 55,591 $ 94,844 The acquisition of Prose Fossil Creek was made utilizing a Reverse 1031 Like-Kind Exchange that was entered into at closing. As such, as of December 29, 2022, Prose Fossil Creek is in the possession of a qualified intermediary engaged to execute the Reverse 1031 Like-Kind Exchange until the sale transaction and the Reverse 1031 Like-Kind Exchange are completed. The Trust retains essentially all of the legal and economic benefits and obligations related to Prose Fossil Creek prior to the completion of the Reverse 1031 Like-Kind Exchange. Accordingly, Prose Fossil Creek is included in the Trust’s consolidated financial statements as a consolidated VIE until legal title is transferred to the Trust upon completion of the Reverse 1031 Like-Kind Exchange. Total consideration given for acquisitions the year ended December 31, 2022 was completed through issuing approximately 560,000 limited partnership units of the operating partnership valued at $23.00 per unit for an aggregate consideration of approximately $12,870. The value of units issued in exchange for property is determined through a value established annually by our Board of Trustees and reflects the fair value at the time of issuance. The Company acquired the following properties during the year ended December 31, 2021. Date Property Name Location Property Type Units/ Square Footage/ Acres Purchase Price 6/1/21 Flagstone Fargo, ND Apartment Complex 120 units $ 7,723 6/1/21 Brownstone Fargo, ND Apartment Complex 72 units 4,362 6/1/21 Briar Pointe Fargo, ND Apartment Complex 30 units 1,929 7/1/21 Oxford Fargo, ND Apartment Complex 144 units 10,066 7/1/21 Pinehurst Fargo, ND Apartment Complex 210 units 14,718 $ 38,798 Total consideration given for acquisitions the year ended December 31, 2021 was completed through issuing approximately 144,000 limited partnership units of the operating partnership valued at $20.00 per unit for an aggregate consideration of approximately $2,883. The value of units issued in exchange for property is determined through a value established annually by our Board of Trustees and reflects the fair value at the time of issuance. The Company acquired the following properties during the year ended December 31, 2020. Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price 1/12/20 Wolf Creek Fargo, ND Apartment complex 54 units $ 5,227 1/31/20 Columbia Park Village Grand Forks, ND Apartment complex 12 units 642 3/1/20 Belmont East & West Bismarck, ND Apartment complex 5,348 sq. ft. 1,568 3/1/20 Eastbrook Bismarck, ND Apartment complex 24 units 1,358 3/1/20 Hawn Fargo, ND Apartment complex 48 units 2,524 3/1/20 Rosser Bismarck, ND Apartment complex 24 units 1,359 8/28/20 Trustmark (a) Fargo, ND Office building units 6,588 9/15/20 Foxtail Townhomes Fargo, ND Apartment complex 30 units 1,434 12/17/20 Evergreen Terrace Omaha, NE Apartment complex 144 units 2,970 $ 23,670 Total consideration given for acquisitions during the year ended December 31, 2020, was completed through issuing approximately 535,000 limited partnership units of the operating partnership valued at $19.25 per unit for an aggregate consideration of approximately $10,293. The value of units issued in exchange for property is determined through a value established annually by our Board of Trustees and reflects the fair value at the time of issuance. In 2022, cash flows were reclassified to updated presentation resulting prior period to be updated to align with reclassification. The following table summarizes the allocation of the purchase price, before prorations, the Company recorded in conjunction with the acquisitions discussed above: Year Ended December 31, 2022 2021 2020 Real estate investment acquired $ 93,515 $ 39,344 $ 29,775 Acquired lease intangible assets 1,732 - 46 Assumed Assets 3 23 38 Total Assets Acquired $ 95,250 $ 39,367 $ 29,859 Other liabilities (406) (569) (6,189) Net assets acquired 94,844 38,798 23,670 Equity/limited partnership unit consideration (12,870) (2,883) (10,293) Net cash consideration $ 81,974 $ 35,915 $ 13,377 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
SUBSEQUENT EVENTS. | |
SUBSEQUENT EVENTS | NOTE 20 - SUBSEQUENT EVENTS On January 1, 2023, Damon K. Gleave and Michael P. Carlson owned shares in Trustmark Enterprises, Inc. On January 13, 2023, the Trust obtained financing on a residential property for $27,500. On January 13, 2023, the Trust paid off a note for $26,500 with Bell Bank that was set to mature on February 1, 2023. On January 17, 2023, we paid a dividend or distribution of $0.2875 per share on our common shares of beneficial interest or limited partnership units, to common shareholders and limited unit holders of record on December 31, 2022. On February 24, 2023, Barry L. Schmeiss resigned as Chief Investment Officer of the Trust. Pending acquisitions and dispositions are subject to numerous conditions and contingencies and there are no assurances that the transactions will be completed. We have evaluated subsequent events through the date of this filing. We are not aware of any other subsequent events which would require recognition or disclosure in the consolidated financial statements. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation - By Property | 12 Months Ended |
Dec. 31, 2022 | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Industrial to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Guardian Building Products Fargo, ND $ 2,487 $ 820 $ 2,554 $ 60 $ (94) $ 880 $ 2,460 $ 3,340 $ 641 08/29/2012 40 Titan Machinery Bismarck, ND 2,069 950 1,395 32 — 982 1,395 2,377 279 01/28/2015 40 Titan Machinery Dickinson, ND 1,816 354 1,096 400 — 754 1,096 1,850 297 07/30/2012 40 Titan Machinery Fargo, ND 2,471 781 1,947 515 — 1,296 1,947 3,243 499 10/30/2012 40 Titan Machinery Marshall, MN 4,674 300 3,648 81 — 381 3,648 4,029 1,026 11/01/2011 40 Titan Machinery Minot, ND — 618 1,654 — — 618 1,654 2,272 431 08/01/2012 40 Titan Machinery North Platte, NE — 325 1,269 — — 325 1,269 1,594 223 01/29/2016 40 Titan Machinery Sioux City, IA 3,699 315 2,472 — — 315 2,472 2,787 572 10/25/2013 40 Total $ 17,216 $ 4,463 $ 16,035 $ 1,088 $ (94) $ 5,551 $ 15,941 $ 21,492 $ 3,968 Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Land to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Taco Bell Denver, CO $ 389 $ 669 $ — $ — $ — $ 669 $ — $ 669 $ — 06/14/2011 West 80 Rochester, MN — 1,364 — — — 1,364 — 1,364 — 08/29/2016 Total $ 389 $ 2,033 $ — $ — $ — $ 2,033 $ — $ 2,033 $ — Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Medical to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Bio-Life Bismarck, ND $ 2,091 $ 306 $ 2,255 $ 11 $ 123 $ 317 $ 2,378 $ 2,695 $ 968 01/03/2008 9 - 40 Bio-Life Grand Forks, ND 2,150 457 2,230 1 158 458 2,388 2,846 994 01/03/2008 10 - 40 Bio-Life Janesville, WI 1,786 250 1,857 — 123 250 1,980 2,230 819 01/03/2008 9 - 40 Bio-Life Mankato, MN 2,271 390 2,111 280 1,154 670 3,265 3,935 1,273 01/03/2008 11 - 40 Bio-Life Marquette, MI — 213 2,793 — 123 213 2,916 3,129 1,170 01/03/2008 9 - 40 Bio-Life Onalaska, WI 1,723 208 1,853 — 323 208 2,176 2,384 880 01/03/2008 11 - 40 Bio-Life Oshkosh, WI 1,773 293 1,705 — 146 293 1,851 2,144 785 01/03/2008 10 - 40 Bio-Life Sheboygan, WI 2,022 623 1,611 — 248 623 1,859 2,482 768 01/03/2008 10 - 40 Bio-Life Stevens Point, WI 1,935 119 2,184 — 123 119 2,307 2,426 941 01/03/2008 9 - 40 Total $ 15,751 $ 2,859 $ 18,599 $ 292 $ 2,521 $ 3,151 $ 21,120 $ 24,271 $ 8,598 Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Residential to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Amberwood Grand Forks, ND $ 2,376 $ 426 $ 3,304 $ 3 $ 178 $ 429 $ 3,482 $ 3,911 $ 552 09/13/2016 20 - 40 Arbor I/400 Bismarck, ND 350 73 516 4 65 77 581 658 142 06/04/2013 40 Arbor II/404 Bismarck, ND 358 73 538 6 43 79 581 660 128 11/01/2013 40 Arbor III/406 Bismarck, ND 356 71 536 7 43 78 579 657 128 11/01/2013 40 Ashbury Fargo, ND 2,287 314 3,774 26 25 340 3,799 4,139 578 12/19/2016 40 Auburn II Fargo, ND 825 105 883 12 87 117 970 1,087 372 03/23/2007 20 - 40 Autumn Ridge Grand Forks, ND 5,162 1,072 8,875 44 67 1,116 8,942 10,058 3,687 08/16/2004 9 - 40 Barrett Arms Crookston, MN 723 37 1,001 — 177 37 1,178 1,215 241 01/02/2014 40 Bayview Fargo, ND 2,350 284 3,447 59 2,020 343 5,467 5,810 1,455 12/31/2007 20 - 40 Belmont East and West Bismarck, ND 742 167 1,424 2 8 169 1,432 1,601 102 03/1/2020 40 Berkshire Fargo, ND 401 31 406 7 53 38 459 497 155 03/31/2008 20 - 40 Betty Ann Fargo, ND 421 74 738 6 140 80 878 958 267 08/31/2009 40 Birchwood 1 Fargo, ND 228 72 342 4 42 76 384 460 46 12/01/2017 40 Birchwood 2 Fargo, ND 1,342 234 2,099 52 288 286 2,387 2,673 290 12/01/2017 40 Bradbury Apartments Bismarck, ND 1,791 1,049 4,922 — 81 1,049 5,003 6,052 532 10/24/2018 40 Briar Pointe Fargo, ND 1,283 384 1,551 — — 384 1,551 1,935 61 06/01/2021 40 Bridgeport Fargo, ND 4,839 613 7,676 14 61 627 7,737 8,364 1,174 12/19/2016 40 Bristol Park Grand Forks, ND 2,801 985 3,976 — 779 985 4,755 5,740 804 02/01/2016 40 Brookfield Fargo, ND 1,945 228 1,958 30 318 258 2,276 2,534 761 08/01/2008 20 - 40 Brownstone Fargo, ND 2,891 780 3,610 — — 780 3,610 4,390 143 06/01/2021 40 Cambridge (FKA 44th Street) Fargo, ND 1,614 333 1,845 4 237 337 2,082 2,419 480 02/06/2013 40 Candlelight Fargo, ND 1,583 613 1,221 (326) 589 287 1,810 2,097 412 11/30/2012 40 Carling Manor Grand Forks, ND 498 69 656 1 61 70 717 787 250 03/31/2008 40 Carlton Place Fargo, ND 5,885 703 7,070 96 714 799 7,784 8,583 2,576 09/01/2008 20 - 40 Carr Fargo, ND 583 66 759 4 41 70 800 870 116 01/17/2017 40 Cedars 4 Fargo, ND — 134 1,068 — 29 134 1,097 1,231 111 12/31/2018 40 Chandler 1802 Grand Forks, ND 613 133 1,114 — 108 133 1,222 1,355 256 01/02/2014 40 Chandler 1834 Grand Forks, ND 399 112 552 — 39 112 591 703 61 09/1/2018 40 Chandler 1866 Grand Forks, ND 318 31 270 — 59 31 329 360 130 01/03/2005 20 - 40 Chandler 1898 Grand Forks, ND — 114 357 — — 114 357 471 1 12/1/2022 40 Cherry Creek (FKA Village) Grand Forks, ND — 173 1,435 1 274 174 1,709 1,883 534 11/01/2008 40 Cityside Apartments Fargo, ND 676 192 1,129 6 62 198 1,191 1,389 126 11/30/2018 40 Columbia Park Village I Grand Forks, ND 295 102 546 — — 102 546 648 41 01/31/2020 40 Columbia West Grand Forks, ND 2,379 294 3,367 1 591 295 3,958 4,253 1,298 09/01/2008 20 - 40 Country Club Fargo, ND 1,006 252 1,252 2 240 254 1,492 1,746 410 05/02/2011 20 - 40 Countryside Fargo, ND 593 135 677 — 68 135 745 880 203 05/02/2011 40 Courtyard St. Louis Park, MN 2,865 2,270 5,681 — 794 2,270 6,475 8,745 1,466 09/03/2013 5 - 40 Dakota Manor Fargo, ND 1,391 249 2,236 20 182 269 2,418 2,687 486 08/07/2014 40 Danbury Fargo, ND 4,572 381 5,869 211 653 592 6,522 7,114 2,317 12/31/2007 20 - 40 Dellwood Estates Anoka, MN 6,177 844 9,924 — 861 844 10,785 11,629 2,468 05/31/2013 40 Deer Park Hutchinson, MN 8,838 1,784 12,545 — — 1,784 12,545 14,329 287 02/28/2022 40 Desoto Estates Grand Forks, ND 4,155 955 4,869 — — 955 4,869 5,824 81 05/31/2022 40 Desoto Townhomes Grand Forks, ND 1,589 464 2,767 — — 464 2,767 3,231 46 05/31/2022 40 Diamond Bend Mandan, ND 6,825 722 9,789 — — 722 9,789 10,511 143 06/10/2022 40 Eagle Run West Fargo, ND 3,659 576 5,787 128 180 704 5,967 6,671 1,822 08/12/2010 40 Eagle Sky I Bismarck, ND 801 115 1,292 — 104 115 1,396 1,511 248 03/01/2016 40 Eagle Sky II Bismarck, ND 801 135 1,279 — 173 135 1,452 1,587 245 03/01/2016 40 East Bridge Fargo, ND 3,143 792 5,396 1 301 793 5,697 6,490 770 07/03/2017 40 Eastbrook Bismarck, ND 639 145 1,233 — — 145 1,233 1,378 87 01/31/2020 40 Echo Manor Hutchinson, MN 911 141 875 — 118 141 993 1,134 215 01/02/2014 20 - 40 Emerald Court Fargo, ND — 66 830 11 180 77 1,010 1,087 340 03/31/2008 20 - 40 Essex Fargo, ND 525 212 642 — 68 212 710 922 98 06/01/2017 40 Evergreen Terrace Omaha, NE 5,060 820 7,573 — 84 820 7,657 8,477 399 12/17/2020 40 Fairview Bismarck, ND 2,502 267 3,978 39 918 306 4,896 5,202 1,527 12/31/2008 20 - 40 Flagstone Fargo, ND 5,110 1,535 6,258 — — 1,535 6,258 7,793 248 06/01/2021 40 Flickertail Fargo, ND 4,799 426 5,590 76 1,674 502 7,264 7,766 2,132 12/31/2008 40 Forest Avenue Fargo, ND 324 61 637 8 64 69 701 770 166 02/06/2013 40 Foxtail Creek Townhomes Fargo, ND — 267 1,221 — — 267 1,221 1,488 71 09/15/2020 40 Galleria III Fargo, ND 667 118 681 2 292 120 973 1,093 237 11/09/2010 40 Garden Grove Bismarck, ND 4,089 606 6,073 — 168 606 6,241 6,847 1,050 05/04/2016 5 - 40 Georgetown on the River Fridley, MN 16,522 4,620 23,833 8 4,117 4,628 27,950 32,578 5,451 12/19/2014 5 - 40 Glen Pond Eagan, MN 35,566 3,761 20,569 38 960 3,799 21,529 25,328 5,842 12/02/2011 20 - 40 Glen Pond Addition Eagan, MN 6,056 876 15,408 — — 876 15,408 16,284 899 09/30/2020 40 Granger Court I Fargo, ND 1,908 279 1,926 25 301 304 2,227 2,531 479 06/04/2013 20 - 40 Hannifin Bismarck, ND 403 81 607 5 52 86 659 745 147 11/01/2013 40 Harrison and Richfield Grand Forks, ND 4,904 756 6,346 7 321 763 6,667 7,430 2,578 07/01/2007 5 - 40 Hartford Apartments Fargo, ND 833 154 1,233 — 14 154 1,247 1,401 132 10/1/2018 40 Hawn Fargo, ND 1,491 280 2,277 — — 280 2,277 2,557 161 03/01/2020 40 Highland Meadows Bismarck, ND 5,440 1,532 8,513 — 457 1,532 8,970 10,502 1,271 05/01/2017 5 - 40 Hunters Run I Fargo, ND 473 50 419 5 (2) 55 417 472 163 03/23/2007 40 Hunters Run II Fargo, ND 430 44 441 2 — 46 441 487 160 07/01/2008 40 Huntington Fargo, ND 314 86 309 4 15 90 324 414 60 08/04/2015 40 Islander Fargo, ND 732 98 884 49 115 147 999 1,146 270 07/01/2011 40 Jadestone Fargo, ND 498 212 554 — 127 212 681 893 90 06/01/2017 40 Kennedy Fargo, ND 354 84 588 7 91 91 679 770 161 02/06/2013 20 - 40 Library Lane Grand Forks, ND 2,006 301 2,332 16 189 317 2,521 2,838 937 10/01/2007 20 - 40 Madison Grand Forks, ND 272 95 497 — 100 95 597 692 102 09/01/2015 40 Maple Ridge Omaha, NE 7,749 766 5,608 59 3,715 825 9,323 10,148 2,582 08/01/2008 20 - 40 Maplewood Maplewood, MN 8,556 3,120 11,655 — 2,411 3,120 14,066 17,186 2,537 12/19/2014 5 - 40 Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale Fargo, ND 4,235 783 5,839 1 491 784 6,330 7,114 1,899 01/01/2009 20 - 40 Martha Alice Fargo, ND 421 74 738 6 183 80 921 1,001 279 08/31/2009 20 - 40 Mayfair Grand Forks, ND — 80 1,043 4 123 84 1,166 1,250 394 07/01/2008 20 - 40 Monticello Fargo, ND 544 60 752 14 111 74 863 937 184 11/08/2013 20 - 40 Montreal Courts Little Canada, MN 16,802 5,809 19,565 15 3,605 5,824 23,170 28,994 4,961 10/02/2013 5 - 40 Morningside Apartments Fargo, ND 458 85 673 — 42 85 715 800 71 11/30/2018 40 Newgate Bismarck, ND 1,503 538 1,755 — — 538 1,755 2,293 15 09/13/2022 40 Oak Court Fargo, ND 2,502 270 2,210 29 436 299 2,646 2,945 899 04/30/2008 28 - 40 Oakview Townhomes Grand Forks, ND 3,473 822 4,698 1 471 823 5,169 5,992 767 01/11/2017 40 Oxford Fargo, ND 6,679 1,655 8,563 — — 1,655 8,563 10,218 321 07/01/2021 40 Pacific Park I Fargo, ND 526 95 777 3 130 98 907 1,005 205 02/06/2013 40 Pacific Park II Fargo, ND 450 111 865 4 140 115 1,005 1,120 225 02/06/2013 40 Pacific South Fargo, ND 278 58 459 2 16 60 475 535 114 02/06/2013 40 Park Circle Fargo, ND 547 196 716 7 17 203 733 936 102 06/01/2017 40 Parkview Arms Bismarck, ND — 373 3,845 — 365 373 4,210 4,583 784 05/13/2015 5 - 40 Parkwest Gardens West Fargo, ND 3,010 713 5,712 39 1,390 752 7,102 7,854 1,396 06/30/2014 20 - 40 Parkwood Fargo, ND — 126 1,143 14 23 140 1,166 1,306 407 08/01/2008 40 Pebble Creek Bismarck, ND 3,588 260 2,818 31 (62) 291 2,756 3,047 958 03/19/2008 20 - 40 Pinehurst Fargo, ND 9,716 2,368 12,614 — — 2,368 12,614 14,982 473 07/01/2021 40 Plumtree Fargo, ND 516 100 782 — 29 100 811 911 114 05/01/2017 40 Prairiewood Courts Fargo, ND — 308 1,730 28 143 336 1,873 2,209 725 09/01/2006 20 - 40 Prairiewood Meadows Fargo, ND 3,781 736 852 11 367 747 1,219 1,966 232 09/30/2012 40 Prose Fossil Creek Fort Worth, TX — 5,451 46,811 — — 5,451 46,811 52,262 98 12/29/2022 40 Quail Creek Springfield, MO 5,317 1,529 7,396 — 1,656 1,529 9,052 10,581 1,537 02/03/2015 5 - 40 Robinwood Coon Rapids, MN 4,129 1,380 6,133 — 711 1,380 6,844 8,224 1,333 12/19/2014 40 Rosedale Estates Roseville, MN 13,916 4,680 20,591 — 836 4,680 21,427 26,107 4,289 12/19/2014 5 - 40 Rosegate Fargo, ND 2,888 251 2,978 49 132 300 3,110 3,410 1,136 04/30/2008 20 - 40 Rosser Bismarck, ND 688 156 1,216 — 86 156 1,302 1,458 88 03/01/2020 40 Roughrider Grand Forks, ND 373 100 448 — 117 100 565 665 93 08/01/2016 5 - 40 Saddlebrook West Fargo, ND 1,306 148 1,262 203 105 351 1,367 1,718 462 12/31/2008 40 Sage Park New Brighton, MN 9,307 2,520 13,985 — 1,061 2,520 15,046 17,566 3,031 12/19/2014 5 - 40 Sargent Fargo, ND 940 164 1,529 4 17 168 1,546 1,714 233 01/10/2017 40 Schrock Fargo, ND 425 71 626 3 66 74 692 766 152 06/04/2013 40 Sheridan Pointe Fargo, ND 1,976 292 2,387 21 39 313 2,426 2,739 547 10/01/2013 40 Sierra Ridge Bismarck, ND 6,575 754 8,795 151 863 905 9,658 10,563 2,987 09/01/2006 40 Somerset Fargo, ND — 300 3,400 43 57 343 3,457 3,800 1,235 07/01/2008 40 Southgate Fargo, ND 4,744 803 5,267 20 64 823 5,331 6,154 2,015 07/01/2007 20 - 40 Southview III Grand Forks, ND — 99 522 1 116 100 638 738 170 08/01/2011 40 Southview Villages Fargo, ND 2,376 268 2,483 16 645 284 3,128 3,412 1,012 10/01/2007 20 - 40 Spring Fargo, ND 429 76 822 75 24 151 846 997 210 02/06/2013 20 - 40 Stanford Court Grand Forks, ND — 291 3,866 — 454 291 4,320 4,611 997 02/06/2013 20 - 40 Stonefield-Phase I Bismarck, ND 7,500 2,804 11,060 227 802 3,031 11,862 14,893 2,273 08/01/2014 20 - 40 Stonefield-Phase II Bismarck, ND 4,766 1,201 3,678 486 5,754 1,687 9,432 11,119 1,345 10/23/2014 40 Stonefield-Phase III Bismarck, ND — 1,079 — 238 — 1,317 — 1,317 — 10/23/2014 Stonybrook Omaha, NE 6,124 1,439 8,003 — 1,574 1,439 9,577 11,016 3,088 01/20/2009 20 - 40 Summerfield Fargo, ND 469 129 599 6 82 135 681 816 120 08/04/2015 40 Summit Point Fargo, ND 3,284 681 5,434 22 449 703 5,883 6,586 1,020 10/01/2015 20 - 40 Sunchase Fargo, ND 1,011 181 1,563 14 86 195 1,649 1,844 234 05/01/2017 40 Sunset Ridge Bismarck, ND 10,813 1,759 9,560 36 145 1,795 9,705 11,500 3,234 06/06/2008 9 - 40 Sunview Grand Forks, ND — 144 1,578 2 241 146 1,819 1,965 587 12/31/2008 20 - 40 Sunwood Fargo, ND 2,491 358 3,252 38 541 396 3,793 4,189 1,304 07/01/2007 20 - 40 Thunder Creek Fargo, ND 2,645 633 4,063 1 551 634 4,614 5,248 525 03/1/2018 25 - 40 Twin Oaks Hutchinson, MN 5,203 816 3,245 — 149 816 3,394 4,210 692 10/01/2014 40 Twin Parks Fargo, ND — 119 2,072 43 227 162 2,299 2,461 757 10/01/2008 20 - 40 Valley Homes Duplexes Grand Forks, ND 998 356 1,668 1 418 357 2,086 2,443 390 01/22/2015 40 Valley View Golden Valley, MN 4,107 1,190 6,076 — 458 1,190 6,534 7,724 1,274 12/19/2014 5 - 40 Village Park Fargo, ND 609 219 1,932 51 80 270 2,012 2,282 725 04/30/2008 40 Village West Fargo, ND 2,154 357 2,274 61 126 418 2,400 2,818 836 04/30/2008 40 Washington Grand Forks, ND 350 74 592 — 75 74 667 741 108 05/04/2016 40 Westcourt Fargo, ND 2,294 287 2,914 28 195 315 3,109 3,424 702 01/02/2014 5 - 40 West Oak Fargo, ND 608 85 692 47 36 132 728 860 116 01/17/2017 40 Westside Hawley, MN 456 59 360 — 99 59 459 518 127 02/01/2010 40 Westwind Fargo, ND 561 49 455 1 95 50 550 600 206 04/30/2008 20 - 40 Westwood Fargo, ND 3,108 597 6,341 91 764 688 7,105 7,793 2,378 06/05/2008 20 - 40 Willow Park Fargo, ND 3,228 288 5,286 39 799 327 6,085 6,412 1,943 12/31/2008 40 Wolf Creek Fargo, ND 2,979 1,082 4,210 — 28 1,082 4,238 5,320 319 01/12/2020 40 Woodland Pines Omaha, NE 6,047 842 10,596 — 1,372 842 11,968 12,810 1,199 11/30/2018 40 Total $ 400,085 $ 93,455 $ 588,087 $ 3,013 $ 57,599 $ 96,468 $ 645,686 $ 742,154 $ 122,246 Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Office to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed 32nd Avenue Fargo, ND $ 4,763 $ 635 $ 3,298 $ 87 $ 1,226 $ 722 $ 4,524 $ 5,246 $ 1,651 03/16/2004 3 - 40 Bell Plaza Bloomington, MN 30,662 6,912 34,672 — 4,635 6,912 39,307 46,219 11,707 08/13/2015 3 - 40 Trustmark Fargo, ND 6,915 2,089 4,718 14 6,298 2,103 11,016 13,119 712 08/28/2020 40 First International Bank & Trust Moorhead, MN — 210 712 5 88 215 800 1,015 295 05/13/2011 10 - 40 Four Points Fargo, ND — 70 1,238 — 175 70 1,413 1,483 520 10/18/2007 5 - 40 Gate City Grand Forks, ND — 382 893 1 810 383 1,703 2,086 405 03/31/2008 40 Goldmark Office Park Fargo, ND 12,362 1,160 11,788 65 8,832 1,225 20,620 21,845 5,289 07/01/2007 1 - 40 Great American Bldg Fargo, ND 1,064 511 1,290 22 447 533 1,737 2,270 760 02/01/2005 28 - 40 Midtown Plaza Minot, ND 1,103 30 1,213 — 97 30 1,310 1,340 565 01/01/2004 5 - 40 Parkway office building (FKA Echelon) Fargo, ND 1,619 278 1,491 42 82 320 1,573 1,893 611 05/15/2007 9 - 40 Redpath White Bear Lake, MN 2,849 1,195 1,787 — — 1,195 1,787 2,982 309 02/01/2016 40 Wells Fargo Center Duluth, MN — 600 7,195 (115) 2,740 485 9,935 10,420 3,537 07/11/2007 4 - 40 Total $ 61,337 $ 14,072 $ 70,295 $ 121 $ 25,430 $ 14,193 $ 95,725 $ 109,918 $ 26,361 Life on which Costs depreciation capitalized Date of on latest Initial cost subsequent Gross Amount at which Construction income Retail to company to acquisition (a) carried at close of period or statement is Property Physical Location Encumbrances Land Buildings Land Buildings Land Buildings Total Depreciation Acquisition computed Applebees Coon Rapids, MN — 750 875 8 — 758 875 1,633 281 03/09/2010 40 Dairy Queen Apple Valley, MN 1,898 845 828 — — 845 828 1,673 90 09/17/2018 40 Dairy Queen Dickinson, ND — 329 658 1 — 330 658 988 181 01/19/2012 40 Dairy Queen Moorhead, MN — 243 787 2 — 245 787 1,032 230 05/13/2011 20 Family Dollar Mandan, ND — 166 649 — 54 166 703 869 198 12/14/2010 40 OReilly Mandan, ND — 115 449 — 27 115 476 591 138 12/14/2010 40 Walgreens Alexandria, LA 548 1,090 2,973 — — 1,090 2,973 4,063 969 12/18/2009 28 - 40 Walgreens Batesville, AR 4,623 472 6,405 — — 472 6,405 6,877 2,162 07/09/2009 40 Walgreens Denver, CO 2,984 2,349 2,358 — — 2,349 2,358 4,707 683 06/14/2011 40 Walgreens Fayetteville, AR 3,474 636 4,732 — — 636 4,732 5,368 1,597 07/09/2009 40 Walgreens Laurel, MS — 1,280 2,984 — — 1,280 2,984 4,264 933 07/30/2010 40 Total $ 13,527 $ 8,275 $ 23,698 $ 11 $ 81 $ 8,286 $ 23,779 $ 32,065 $ 7,462 Grand Totals $ 508,305 $ 125,157 $ 716,714 $ 4,525 $ 85,537 $ 129,682 $ 802,251 $ 931,933 $ 168,635 Notes: (a) The costs capitalized subsequent to acquisition is net of dispositions. (b) The changes in total real estate investments for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): 2022 2021 2020 Balance at January 1, $ 896,702 $ 845,288 $ 802,028 Purchase of real estate investments 103,252 63,299 57,799 Sale and disposal of real estate investment (26,960) (8,184) (15,467) Property held for sale — 1,578 (1,578) Provision for asset impairment (561) — — Construction in progress not yet placed in service (1,285) (5,279) 2,506 Balance at December 31, $ 971,148 $ 896,702 $ 845,288 (c) The changes in accumulated depreciation for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): 2022 2021 2020 Balance at January 1, $ 179,155 $ 160,575 $ 146,316 Depreciation expense 22,161 20,917 19,770 Property held for sale — 749 (749) Sale and disposal of real estate investment (6,467) (3,086) (4,762) Balance at December 31, $ 194,849 $ 179,155 $ 160,575 (d) The aggregate cost of our real estate for federal income tax purposes is $763,298. |
PRINCIPAL ACTIVITY AND SIGNIF_2
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Sterling and all subsidiaries for which we maintain a controlling interest. The accompanying consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of , Properties, LLLP, and wholly owned limited liability companies and partially-owned limited liability companies. All significant intercompany transactions and balances have been eliminated in consolidation. As of December 31, 2022, the Trust owned approximately 36.60% of the partnership interests (“OP Units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to the Operating Partnership in exchange for OP Units. Under the LLLP Agreement and the redemptions plans, these persons have the right to request the Operating Partnership redeem their OP Units following a specified restricted period. All redemptions are at the sole discretion of the Trust, acting for itself or in its capacity as General Partner of the Operating Partnership, and further subject to the conditions and limitations of the LLLP Agreement and redemption plans, as the same may be amended or modified from time to time. If the Trust accepts a redemption request, the redemption of OP Units shall be made in cash in an amount equal to the fair value of an equivalent number of common shares of the Trust. In lieu of delivering cash, however, the Trust, as the Operating Partnership’s general partner, may, at its option and in its sole and absolute discretion, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Trust so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Trust’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Trust issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Trust an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT.” Additionally, we evaluate the need to consolidate affiliates based on standards set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). In determining whether we have a requirement to consolidate the accounts of an entity, management considers factors such as our ownership interest, our authority to make decisions and contractual and substantive participating rights of the limited partners and shareholders, as well as whether the entity is a variable interest entity (“VIE”) for which we have both: a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and b) the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE. In instances where the Trust determines that it is not the primary beneficiary of a VIE or the Trust does not control the joint venture but can exercise influence over the entity with respect to its operations and major decisions, the Trust will use the equity method of accounting. Under the equity method, the operations of a joint venture will not be consolidated with the Trust’s operations but instead its share of operations will be reflected as equity in earnings (loss) of unconsolidated entity on its consolidated statements of operations and comprehensive loss. Additionally, the Trust’s net investment in the joint venture will be reflected as investment in unconsolidated entity on the consolidated balance sheets. See Note 5 for additional details regarding variable interest entities where the Trust uses the equity method of investing. The operating partnership meets the criteria as a variable interest entity (“VIE”). The Trust’s sole significant asset is its investment in the operating partnership. The Trust is the primary beneficiary of the Operating Partnership and accordingly consolidated the Operating Partnership. As a result, substantially all of the Trust’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Trust’s debt is an obligation of the Operating Partnership, and the Trust guarantees the unsecured debt obligations of the Operating Partnership. The Trust may acquire property using a reverse like-kind exchange structure (a “Reverse 1031 Like-Kind Exchange”) under the Code to defer taxable gains on the subsequent sale of real estate property. As such, the acquired property (the “Parked Property”) remains in the possession of a VIE whose legal equity interests are owned by a qualified intermediary engaged to execute the Reverse 1031 Like-Kind Exchange until the subsequent sale transaction and the Reverse 1031 Like-Kind Exchange are completed. Although the VIE is legally owned by the qualified intermediary, the Trust retains essentially all of the legal and economic benefits and obligations related to the VIE (which holds the legal title to the Parked Property prior to the completion of the Reverse 1031 Like-Kind Exchange) and, as its designated manager, has the key decision-making power over the Parked Property. The VIE (including the Parked Property) is included in the Trust’s consolidated financial statements as a consolidated VIE until legal title is transferred to the Trust upon completion of the Reverse 1031 Like-Kind Exchange. |
Concentration of Credit Risk | Concentration of Credit Risk Our cash balances are maintained in various bank deposit accounts. The bank deposit amounts in these accounts may exceed federally insured limits at various times throughout the year. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Real Estate Investments | Real Estate Investments Real estate investments are recorded at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. The Trust allocates the purchase price of each acquired investment property accounted for as an asset acquisition based upon the relative acquisition date fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, and (v) assumed financing that is determined to be above or below market, if any. Transaction costs related to acquisitions accounted for as asset acquisitions are capitalized as incurred and included as a cost of the building in the accompanying balance sheet. Furniture and fixtures are stated at cost less accumulated depreciation. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for routine maintenance and repairs, which do not add to the value or extend useful lives, are charged to expense as incurred. Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method over the following estimated useful lives: Buildings and improvements 40 years Furniture, fixtures and equipment 5 - 9 years The Trust’s investment properties are reviewed for potential impairment at the end of each reporting period or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At the end of each reporting period, the Trust separately determines whether impairment indicators exist for each property. Examples of situations considered to be impairment indicators include, but are not limited to: o a substantial decline or negative cash flows; o continued low occupancy rates; o continued difficulty in leasing space; o significant financially troubled tenants; o a change in plan to sell a property prior to the end of its useful life or holding period; o a significant decrease in market price not in line with general market trends; and o any other quantitative or qualitative events or factors deemed significant by the Trust’s management or Board of Trustees. If the presence of one or more impairment indicators as described above is identified with respect to an investment property, the asset is tested for recoverability by comparing its carrying value to the estimated future undiscounted cash flows. An investment property is considered to be impaired when the estimated future undiscounted cash flows are less than its current carrying value. When performing a test for recoverability or estimating the fair value of an impaired investment property, the Trust makes complex or subjective assumptions which include, but are not limited to: o projected operating cash flows considering factors such as vacancy rates, rental rates, lease terms, tenant financial strength, demographics, holding period and property location; o projected capital expenditures; o projected cash flows from the eventual disposition of an operating property using a property specific capitalization rate; o comparable selling prices; and o property specific discount rates for fair value estimates as necessary. To the extent impairment has occurred, the Trust will record an impairment charge calculated as the excess of the carrying value of the asset over its fair value for impairment of real estate investments. Based on evaluation, there were was one impairment loss of $561 during the year ended December 31, 2022. There were no impairment losses during the years ended December 2021 and 2020. |
Cash and Cash Equivalents and Restricted Deposits | Cash and Cash Equivalents and Restricted Deposits We classify highly liquid investments with a maturity of three months or less when purchased as cash equivalents. certain properties to be used for future building renovations or tenant improvements. As of December 31, 2022 and December 31, 2021, the Trust did not hold any U.S. Treasury Bills ‘Securities’ in cash and cash equivalents. As of December 31, 2022, all U.S. Treasury Bills are classified as Level 1 investments in the fair value hierarchy. |
Investments in U.S. Treasury Bills | Investments in U.S. Treasury Bills Treasury Bills are short-term debt obligations with maturities of one year or less issued by the U.S. Treasury Department and backed by the U.S. Government. Treasury Bills yield no interest, but are issued at a discount to the redemption price. We classify our investments in U.S. Treasury Bills as investments in securities. We use quoted market prices to determine the fair value of our investments in U.S. Treasury Bills. |
Investment in Unconsolidated Affiliates | Investment in Unconsolidated Affiliates We account for unconsolidated affiliates using the equity method of accounting per guidance established under ASC 323, Investments – Equity Method and Joint Ventures (“ASC 323”). The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for our share of equity in the affiliates’ earnings (losses), contributions and distributions. We evaluate the carrying amount of the investments for impairment in accordance with ASC 323. Unconsolidated affiliates are reviewed for potential impairment if the carrying amount of the investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether impairment is other-than-temporary, we consider whether we have the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an affiliate for potential impairment can require our management to exercise significant judgments. No impairment losses were recorded related to the unconsolidated affiliates for the years ended December 31, 2022, 2021 and 2020. |
Other Assets | Other Assets Other assets are comprised of the following as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 (in thousands) Due from related party $ 50 $ 336 Accounts receivable, net 5,821 5,342 Insurance claim receivable 3,846 145 Fair value of interest rate swap 13,782 698 Other assets 181 192 Financing fees, less accumulated amortization 86 18 Lease costs, less accumulated amortization 1,799 2,065 Prepaid expenses 1,747 1,506 Total other assets, net $ 27,312 $ 10,302 |
Note receivable | Note receivable, Notes receivable are issued periodically and are secured and interest bearing. The Trust has one note receivable for a commercial tenant bearing a 6.5% per annum interest rate which matures in 2025. |
Accrued Expenses and Other liabilities | Accrued Expenses and Other liabilities Accrued Expenses and other liabilities are comprised of the following as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 (in thousands) Special assessments payable $ 647 $ 690 Due to related party 1,408 473 Accounts payable - trade 2,340 3,272 Retainage payable 3 86 Fair value of interest rate swap — 1,648 Deferred insurance proceeds 2 476 Accrued interest expense 1,318 1,323 Accrued real estate taxes 7,275 6,653 Accrued unearned rent 2,936 3,055 Other liabilities 146 928 Total accrued expenses and other liabilities $ 16,075 $ 18,604 |
Debt Issuance Costs | Debt Issuance Costs We amortize external debt issuance costs related to notes and mortgage notes using the effective interest rate method, over the life term of the related debt. We record debt issuance costs net of amortization, on our consolidated balance sheets as an offset to their related debt. We record debt issuance costs related to revolving lines of credit as financing fees in other assets, regardless of whether a balance on the line of credit is outstanding. We record the amortization of all debt issuance costs as interest expense. |
Noncontrolling Interest | Noncontrolling Interest A noncontrolling interest in a subsidiary (minority interest) is in most cases an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company’s equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest, and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and other comprehensive income. Operating Partnership: Interests in the operating partnership held by limited partners are represented by operating partnership units. The operating partnership’s income is allocated to holders of units based upon the ratio of their holdings to the total units outstanding during the period. Capital contributions, distributions, syndication costs, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the operating partnership agreement. Partially Owned Properties: The Trust reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Trust that are not wholly owned by the Trust. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interest in partially owned properties in the consolidated statements of operations and other comprehensive income. |
Federal Income Taxes | Federal Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code, as amended. A REIT calculates taxable income like other domestic corporations, with the major difference being a REIT is entitled to a deduction for dividends paid. A REIT is generally required to distribute each year at least 90% of its taxable income. If it chooses to retain the remaining 10% of taxable income, it may do so, but it will be subject to a corporate tax on such income. REIT shareholders are taxed on REIT distributions similar to corporate distributions. A summary of the tax characterization of the dividends paid to shareholders of the Company’s common stock for the years ended December 31, 2022, 2021 and 2020 follows: Tax Year Ended December 31, Dividend % Dividend % Dividend % 2022 2022 2021 2021 2020 2020 Tax status Ordinary income $ 0.6374 55.43 % $ 0.9833 92.76 % $ 0.8994 84.95 % Capital gain — — % 0.0767 7.24 % — — % Return of capital 0.5126 44.57 % — — % 0.1593 15.05 % $ 1.1500 100.00 % $ 1.0600 100.00 % $ 1.0587 100.00 % We intend to continue to qualify as a REIT and, provided we maintain such status, will not be taxed on the portion of the income that is distributed to shareholders. In addition, we intend to distribute all our taxable income; therefore, no provisions or liabilities for income taxes have been recorded in the consolidated financial statements. Sterling conducts its business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through its Operating Partnership – Sterling Properties, LLLP. The Operating Partnership is organized as a limited liability limited partnership. Income or loss is allocated to the partners in accordance with the provisions of the Internal Revenue Code 704(b) and 704(c). UPREIT status allows non-recognition of gain by an owner of appreciated real estate if that owner contributes the real estate to a partnership in exchange for a partnership interest. The conversion of a partnership interest to shares of beneficial interest in the REIT will be a taxable event to the limited partner. We follow ASC Topic 740, Income Taxes, The operating partnership has elected to record related interest and penalties, if any, as income tax expense on the consolidated statements of operations and other comprehensive income. |
Revenue Recognition | Revenue Recognition We record base rents on a straight-line basis. The monthly base rent income according to the terms of our leases is adjusted with the purpose that average monthly rent is recorded for each tenant over the term of its lease. The straight-line rent adjustment increased revenue by $302 and $550 for the years ended December 31, 2022 and 2021, respectively. The straight-line receivable balance included in receivables on the consolidated balance sheets as of December 31, 2022 and 2021, was $3,756 and $3,569, respectively. We receive payments for expense reimbursements from substantially all our multi-tenant commercial tenants throughout the year based on estimated. The Trust is the lessor for its residential and commercial leases. Leases are analyzed on an individual basis to determine lease classification. As of December 31, 2022, all leases analyzed under the Trust’s lease classification process were determined to be operating leases. |
Earnings per Common Share | Earnings per Common Share Basic earnings per common share is computed by dividing net income available to common shareholders (the “numerator”) by the weighted average number of common shares outstanding (the “denominator”) during the period. Sterling had no dilutive potential common shares as of December 31, 2022, 2021 and 2020 and therefore, basic earnings per common share was equal to diluted earnings per common share for both periods. As the calculation does not include net income attributable to the Operating Partnership, Operating Partnership Units are not included in the calculation, and does not have any impact on earnings per share. For the years ended December 31, 2022, 2021 and 2020, Sterling’s denominators for the basic and diluted earnings per common share were approximately 10,632,000 , 10,160,000 , and 9,694,000 , respectively. |
Reclassifications | Reclassifications Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year’s presentation. These reclassifications have not changed the results of operations or equity. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying Consolidated Financial Statements. |
PRINCIPAL ACTIVITY AND SIGNIF_3
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | |
Summary of Estimated Useful Life | Buildings and improvements 40 years Furniture, fixtures and equipment 5 - 9 years |
Schedule of other assets | December 31, 2022 December 31, 2021 (in thousands) Due from related party $ 50 $ 336 Accounts receivable, net 5,821 5,342 Insurance claim receivable 3,846 145 Fair value of interest rate swap 13,782 698 Other assets 181 192 Financing fees, less accumulated amortization 86 18 Lease costs, less accumulated amortization 1,799 2,065 Prepaid expenses 1,747 1,506 Total other assets, net $ 27,312 $ 10,302 |
Schedule of accrued expenses and other liabilities | December 31, 2022 December 31, 2021 (in thousands) Special assessments payable $ 647 $ 690 Due to related party 1,408 473 Accounts payable - trade 2,340 3,272 Retainage payable 3 86 Fair value of interest rate swap — 1,648 Deferred insurance proceeds 2 476 Accrued interest expense 1,318 1,323 Accrued real estate taxes 7,275 6,653 Accrued unearned rent 2,936 3,055 Other liabilities 146 928 Total accrued expenses and other liabilities $ 16,075 $ 18,604 |
Schedule of Tax Status | Tax Year Ended December 31, Dividend % Dividend % Dividend % 2022 2022 2021 2021 2020 2020 Tax status Ordinary income $ 0.6374 55.43 % $ 0.9833 92.76 % $ 0.8994 84.95 % Capital gain — — % 0.0767 7.24 % — — % Return of capital 0.5126 44.57 % — — % 0.1593 15.05 % $ 1.1500 100.00 % $ 1.0600 100.00 % $ 1.0587 100.00 % |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SEGMENT REPORTING | |
Summary of Segment Revenues and Net Operating Income | Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Residential Commercial Total Residential Commercial Total Residential Commercial Total (in thousands) (in thousands) (in thousands) Income from rental operations $ 113,968 $ 21,092 $ 135,060 $ 107,284 $ 22,040 $ 129,324 $ 98,576 $ 26,040 $ 124,616 Expenses from rental operations 64,647 6,491 71,138 57,454 7,315 64,769 52,686 6,883 59,569 Net operating income $ 49,321 $ 14,601 $ 63,922 $ 49,830 $ 14,725 $ 64,555 $ 45,890 $ 19,157 $ 65,047 Depreciation and amortization 24,679 22,203 21,214 Interest 19,994 18,142 17,097 Administration of REIT 5,247 4,381 4,217 Other income (10,530) (4,609) (4,461) Net income $ 24,532 $ 24,438 $ 26,980 |
Summary of Segment Assets and Accumulated Depreciation | As of December 31, 2022 Residential Commercial Total (in thousands) Real estate investments $ 779,424 $ 191,724 $ 971,148 Accumulated depreciation (147,115) (47,734) (194,849) Total real estate investments, net $ 632,309 $ 143,990 $ 776,299 Lease intangible assets, less accumulated amortization 839 4,451 5,290 Cash and cash equivalents 3,257 Restricted deposits 9,323 Investment in securities 29,371 Investment in unconsolidated affiliates 29,423 Notes receivable 8,448 Other assets, net 27,312 Total Assets $ 888,723 As of December 31, 2021 Residential Commercial Total (in thousands) Real estate investments $ 692,722 $ 203,980 $ 896,702 Accumulated depreciation (133,100) (46,055) (179,155) Total real estate investments, net $ 559,622 $ 157,925 $ 717,547 Lease intangible assets, less accumulated amortization — 6,246 6,246 Cash and cash equivalents 51,507 Restricted deposits 9,149 Investment in unconsolidated affiliates 18,658 Notes receivable 7,457 Other assets, net 10,302 Total Assets $ 820,866 |
RESTRICTED DEPOSITS AND FUNDE_2
RESTRICTED DEPOSITS AND FUNDED RESERVES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
RESTRICTED DEPOSITS AND FUNDED RESERVES | |
Schedule of restricted deposits | As of December 31, As of December 31, 2022 2021 (in thousands) Tenant security deposits $ 6,242 $ 5,165 Real estate tax and insurance escrows 1,336 1,355 Replacement reserves 1,745 1,791 Other funded reserves — 838 $ 9,323 $ 9,149 |
INVESTMENT IN UNCONSOLIDATED _2
INVESTMENT IN UNCONSOLIDATED AFFILIATES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
INVESTMENT IN UNCONSOLIDATED AFFILIATES | |
Schedule of investments in unconsolidated real estate ventures | Total Investment in Unconsolidated Affiliates at Unconsolidated Affiliates Date Acquired Trust Ownership Interest December 31, 2022 December 31, 2021 Banner Building 2007 66.67% $ (614) $ 60 Grand Forks INREIT, LLC 2003 50% 4,961 2,493 SE Savage, LLC 2019 60% 1,660 2,946 SE Maple Grove, LLC 2019 60% 1,836 2,823 SE Rogers, LLC 2020 60% 2,413 2,986 ST Oak Cliff, LLC 2021 70% 9,098 4,324 SE Brooklyn Park, LLC 2021 60% 2,914 3,026 SE Fossil Creek, LLC 2022 70% 7,155 - $ 29,423 $ 18,658 |
Schedule of financial information of unconsolidated entities | The following is a summary of the financial position of the unconsolidated affiliates at December 31, 2022 and 2021. December 31, 2022 December 31, 2021 (in thousands) ASSETS Real estate investments $ 218,747 $ 134,839 Accumulated depreciation (16,490) (10,940) 202,257 123,899 Cash and cash equivalents 3,093 1,131 Restricted deposits 1,034 650 Intangible assets, less accumulated amortization 542 41 Other assets, net 827 909 Total Assets $ 207,753 $ 126,630 LIABILITIES Mortgage notes payable, net $ 152,246 $ 87,996 Tenant security deposits payable 192 108 Accrued expenses and other liabilities 8,217 8,029 Total Liabilities $ 160,655 $ 96,133 SHAREHOLDERS' EQUITY Total Shareholders' Equity $ 47,098 $ 30,497 Total liabilities and shareholders' equity $ 207,753 $ 126,630 The following is a summary of results of operations of the unconsolidated affiliates for the years ended the years ended December 31, 2022, 2021 and 2020. The year ended December 31, 2022 2021 2020 (in thousands) Income from rental operations $ 9,545 $ 4,746 $ 3,001 Expenses from rental operations 3,668 1,632 928 Net operating income $ 5,877 $ 3,114 $ 2,073 Depreciation and Amortization 5,678 1,248 688 Interest 4,148 2,275 970 Other Income (91) - (24) Net (loss) income $ (3,858) $ (409) $ 439 |
LEASE INTANGIBLES (Tables)
LEASE INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
LEASE INTANGIBLES | |
Schedule of Intangible Assets and Liabilities and Accumulated Amortization | Lease Accumulated Lease As of December 31, 2022 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 15,528 $ (10,960) $ 4,568 Above-market leases 1,897 (1,175) 722 $ 17,425 $ (12,135) $ 5,290 Lease Intangible Liabilities Below-market leases $ (2,379) $ 1,733 $ (646) Lease Accumulated Lease As of December 31, 2021 Intangibles Amortization Intangibles, net Lease Intangible Assets (in thousands) In-place leases $ 15,455 $ (10,381) $ 5,074 Above-market leases 2,617 (1,445) 1,172 $ 18,072 $ (11,826) $ 6,246 Lease Intangible Liabilities Below-market leases $ (2,525) $ 1,714 $ (811) |
Schedule of Estimated Aggregate Amortization of Lease Intangible Assets and Liabilities | Intangible Intangible Years ending December 31, Assets Liabilities (in thousands) 2023 $ 1,597 $ 151 2024 757 151 2025 757 151 2026 606 80 2027 498 42 Thereafter 1,075 71 $ 5,290 $ 646 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
NOTES PAYABLE. | |
Schedule of Mortgage Notes Payable | Principal Balance At December 31, December 31, 2022 2021 (in thousands) Fixed rate mortgage notes payable (a) $ 508,305 $ 490,413 Variable rate mortgage notes payable - 5,237 Mortgage notes payable 508,305 495,650 Less unamortized debt issuance costs 2,138 2,508 $ 506,167 $ 493,142 (a) Includes $106,033 and $108,734 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2022 and 2021, respectively. |
Scheduled Maturities of Mortgage Notes Payable | Years ending December 31, Amount (in thousands) 2023 $ 53,341 2024 22,376 2025 53,130 2026 45,546 2027 77,845 Thereafter 256,067 Total payments $ 508,305 |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
DERIVATIVES AND HEDGING ACTIVITIES | |
Schedule of interest rate swaps | The following table summarizes the Trust’s interest rate swaps designated as cash flow hedges as of December 31, 2022: Fixed Effective Date Notional Interest Rate Maturity Date November 1, 2019 $ 6,575 3.15% November 1, 2029 November 1, 2019 $ 4,572 3.28% November 1, 2029 January 10, 2020 $ 2,979 3.39% January 10, 2030 July 1, 2020 $ 4,743 2.79% June 10, 2030 December 2, 2020 $ 12,362 2.91% December 2, 2027 July 1, 2021 $ 25,678 2.99% July 1, 2031 November 10, 2021 $ 28,047 3.54% August 1, 2029 December 1, 2021 $ 10,813 3.32% December 1, 2031 August 15, 2022 $ 1,491 3.07% June 15, 2030 August 15, 2022 $ 2,888 3.07% June 15, 2030 August 15, 2022 $ 1,614 2.94% June 15, 2030 August 15, 2022 $ 4,271 2.94% June 15, 2030 The following table summarizes the Company’s interest rate swaps that were designated as cash flow hedges of interest rate risk: Number of Instruments Notional Interest Rate Derivatives December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Interest rate swaps 12 12 $ 106,033 $ 108,734 |
Schedule of the estimated fair value of derivatives | Derivatives designated as December 31, 2022 December 31, 2021 cash flow hedges: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Other assets, net $ 13,782 Other assets, net $ 698 Interest rate swaps Accrued expenses and other liabilities $ — Accrued expenses and other liabilities $ 1,648 |
Schedule of the effect of the derivatives | Location of Gain Amount of (Gain)/Loss Reclassified from Derivatives in Recognized in Other Accumulated other Amount of (Gain)/Loss Cash Flow Hedging Comprehensive Income Comprehensive Income Reclassified from Relationships on Derivatives (AOCI) into Income AOCI into Income 2022 2022 Interest rate swaps $ (14,732) Interest expense $ 94 2021 2021 Interest rate swaps $ (855) Interest expense $ 670 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
FAIR VALUE MEASUREMENT | |
Carrying Value and Estimated Fair Value of Company's Financial Instruments | December 31, 2022 December 31, 2021 Carrying Carrying Value Fair Value Value Fair Value (in thousands) Financial assets: Investment in securities $ 29,371 $ 29,371 $ — $ — Notes receivable $ 8,448 $ 9,789 $ 7,457 $ 9,840 Derivative assets $ 13,782 $ 13,782 $ 698 $ 698 Financial liabilities: Mortgage notes payable $ 508,305 $ 466,245 $ 495,650 $ 508,285 Derivative liabilities $ — $ — $ 1,648 $ 1,648 |
Schedule of Fair Value of Liabilities on Recurring Basis | Level 1 Level 2 Level 3 Total (in thousands) December 31, 2022 Derivative assets $ — $ 13,782 $ — $ 13,782 December 31, 2021 Derivative assets $ — $ 698 $ — $ 698 Derivative liabilities $ — $ 1,648 $ — $ 1,648 |
Fair Value of Company's Financial Assets and Liabilities | Level 1 Level 2 Level 3 Total (in thousands) December 31, 2022 U.S. Treasury Bills $ 29,371 $ — $ — $ 29,371 Mortgage notes payable $ — $ — $ 466,245 $ 466,245 Notes receivable $ — $ — $ 9,789 $ 9,789 December 31, 2021 Mortgage notes payable $ — $ — $ 508,285 $ 508,285 Notes receivable $ — $ — $ 9,840 $ 9,840 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
RELATED PARTY TRANSACTIONS | |
Schedule of fees incurred and payable to Advisor | Year Ended December 31, 2022 2021 2020 (in thousands) Fee: Advisory $ 3,683 $ 3,348 $ 3,116 Acquisition $ 1,321 $ 375 $ 708 Disposition $ 703 $ 146 $ 319 Financing $ 83 $ 224 $ 133 Project Management $ 450 $ 572 $ 365 The below table summarizes the fees payable to our Advisor. Payable at December 31, December 31, 2022 2021 (in thousands) Fee: Advisory $ 632 $ 296 Acquisition $ 387 $ - Development $ - $ 79 Disposition $ 72 $ - Financing $ - $ 38 Project Management $ 12 $ 98 |
RENTALS UNDER OPERATING LEASE_2
RENTALS UNDER OPERATING LEASES / RENTAL INCOME (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
RENTALS UNDER OPERATING LEASES / RENTAL INCOME | |
Schedule of lease Income related to the Company's operating leases | Year ended December 31, 2022 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 109,769 $ 16,091 $ 125,860 Lease income related to variable lease payments — 4,510 4,510 Other (a) (804) 332 (472) Lease Income (b) $ 108,965 $ 20,933 $ 129,898 (a) For the year ended December 31, 2022, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements. (b) Excludes other rental income for the year ended December 31, 2022, of $5,162 , which is accounted for under the revenue recognition standard. Year ended December 31, 2021 Residential Commercial Total (in thousands) Lease income related to fixed lease payments $ 103,039 $ 16,490 $ 119,529 Lease income related to variable lease payments — 4,576 4,576 Other (c) (538) 630 92 Lease Income (d) $ 102,501 $ 21,696 $ 124,197 (c) For the year ended December 31, 2021, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements. (d) Excludes other rental income for the year ended December 31, 2021, of $5,127 , which is accounted for under the revenue recognition standard. |
Schedule of future minimum rental income | Years ending December 31, Amount (in thousands) 2023 $ 15,216 2024 14,940 2025 14,556 2026 13,156 2027 11,719 Thereafter 42,734 $ 112,321 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
ACQUISITIONS | |
Schedule of acquisition date fair values, before prorations recorded in conjunction with acquisitions | Year Ended December 31, 2022 2021 2020 Real estate investment acquired $ 93,515 $ 39,344 $ 29,775 Acquired lease intangible assets 1,732 - 46 Assumed Assets 3 23 38 Total Assets Acquired $ 95,250 $ 39,367 $ 29,859 Other liabilities (406) (569) (6,189) Net assets acquired 94,844 38,798 23,670 Equity/limited partnership unit consideration (12,870) (2,883) (10,293) Net cash consideration $ 81,974 $ 35,915 $ 13,377 |
Real Estate Property Acquisitions 2022 | |
ACQUISITIONS | |
Schedule of acquisitions | Date Property Name Location Property Type Units/ Square Footage/ Acres Total Acquisition Cost 2/28/22 Deer Park Hutchinson, MN Apartment Complex 138 units $ 15,073 5/31/22 Desoto Estates Grand Forks, ND Apartment Complex 68 units 5,863 5/31/22 Desoto Townhomes Grand Forks, ND Townhomes 24 units 3,226 5/31/22 Desoto Apartments East Grand Forks, MN Apartment Complex 24 units 1,230 6/10/22 Diamond Bend Mandan, ND Apartment Complex 78 units 10,919 9/13/22 Newgate Apartments Bismarck, ND Apartment Complex 46 units 2,444 12/1/22 Chandler 1898 Grand Forks, ND Apartment Complex 12 units 498 12/29/22 Prose Fossil Creek Fort Worth, TX Apartment Complex 270 units 55,591 $ 94,844 |
Real Estate Property Acquisitions 2021 | |
ACQUISITIONS | |
Schedule of acquisitions | Date Property Name Location Property Type Units/ Square Footage/ Acres Purchase Price 6/1/21 Flagstone Fargo, ND Apartment Complex 120 units $ 7,723 6/1/21 Brownstone Fargo, ND Apartment Complex 72 units 4,362 6/1/21 Briar Pointe Fargo, ND Apartment Complex 30 units 1,929 7/1/21 Oxford Fargo, ND Apartment Complex 144 units 10,066 7/1/21 Pinehurst Fargo, ND Apartment Complex 210 units 14,718 $ 38,798 |
Real Estate Property Acquisitions 2020 | |
ACQUISITIONS | |
Schedule of acquisitions | Date Property Name Location Property Type Units/ Square Footage/ Acres Acquisition Price 1/12/20 Wolf Creek Fargo, ND Apartment complex 54 units $ 5,227 1/31/20 Columbia Park Village Grand Forks, ND Apartment complex 12 units 642 3/1/20 Belmont East & West Bismarck, ND Apartment complex 5,348 sq. ft. 1,568 3/1/20 Eastbrook Bismarck, ND Apartment complex 24 units 1,358 3/1/20 Hawn Fargo, ND Apartment complex 48 units 2,524 3/1/20 Rosser Bismarck, ND Apartment complex 24 units 1,359 8/28/20 Trustmark (a) Fargo, ND Office building units 6,588 9/15/20 Foxtail Townhomes Fargo, ND Apartment complex 30 units 1,434 12/17/20 Evergreen Terrace Omaha, NE Apartment complex 144 units 2,970 $ 23,670 |
Organization - Additional Infor
Organization - Additional Information (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
ORGANIZATION | ||
Ownership in operating partnership (as a percent) | 36.60% | 36.22% |
Principal Activity and Signif_4
Principal Activity and Significant Accounting Policies - Principles of Consolidation (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | ||
Ownership in operating partnership (as a percent) | 36.60% | 36.22% |
Principal Activity and Signif_5
Principal Activity and Significant Accounting Policies - Real Estate Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate Investments | |||
Loss on impairment of property | $ 561 | $ 0 | $ 0 |
Impairment losses related to the unconsolidated affiliates | $ 0 | $ 0 | $ 0 |
Building and improvements | |||
Real Estate Investments | |||
Estimated useful life | 40 years | ||
Furniture and fixtures | Minimum | |||
Real Estate Investments | |||
Estimated useful life | 5 years | ||
Furniture and fixtures | Maximum | |||
Real Estate Investments | |||
Estimated useful life | 9 years |
Principal Activity and Signif_6
Principal Activity and Significant Accounting Policies - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | ||
Due from related party | $ 50 | $ 336 |
Accounts receivable, net | 5,821 | 5,342 |
Insurance claim receivable | 3,846 | 145 |
Fair value of interest rate swap | 13,782 | 698 |
Other assets | 181 | 192 |
Financing fees, less accumulated amortization | 86 | 18 |
Lease costs, less accumulated amortization | 1,799 | 2,065 |
Prepaid expenses | 1,747 | 1,506 |
Other Assets, Total | $ 27,312 | $ 10,302 |
Principal Activity and Signif_7
Principal Activity and Significant Accounting Policies - Note receivable (Details) | Dec. 31, 2022 item |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | |
Interest rate (as a percent) | 6.50% |
Number of note receivable | 1 |
Principal Activity and Signif_8
Principal Activity and Significant Accounting Policies - Accrued Expenses and Other liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | ||
Special assessments payable | $ 647 | $ 690 |
Due to related party | 1,408 | 473 |
Accounts payable - trade | 2,340 | 3,272 |
Retainage payable | 3 | 86 |
Fair value of interest rate swap | 1,648 | |
Deferred insurance proceeds | 2 | 476 |
Accrued interest expense | 1,318 | 1,323 |
Accrued real estate taxes | 7,275 | 6,653 |
Accrued unearned rent | 2,936 | 3,055 |
Other liabilities | 146 | 928 |
Total accrued expenses and other liabilities | $ 16,075 | $ 18,604 |
Principal Activity and Signif_9
Principal Activity and Significant Accounting Policies - Federal Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES | |||
Taxable income to be distributed | 90% | ||
Retainable taxable income | 10% | ||
Tax characterization of dividends paid | |||
Ordinary income | $ 0.6374 | $ 0.9833 | $ 0.8994 |
Capital Gain | 0.0767 | ||
Return of capital | 0.5126 | 0.1593 | |
Total | $ 1.1500 | $ 1.0600 | $ 1.0587 |
Ordinary income (as a percent) | 55.43% | 92.76% | 84.95% |
Capital Gain (as a percent) | 7.24% | ||
Return of capital (as a percent) | 44.57% | 15.05% | |
Total (as a percent) | 100% | 100% | 100% |
Provisions or liabilities for income taxes | $ 0 |
Principal Activity and Signi_10
Principal Activity and Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue Recognition | ||
(Decrease)/Increase in revenue due to straight - line adjustment | $ 302 | $ 550 |
Straight - line receivable | $ 3,756 | $ 3,569 |
Principal Activity and Signi_11
Principal Activity and Significant Accounting Policies - Earnings Per Common Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per Common Share | |||
Dilutive potential common shares | 0 | 0 | 0 |
Weighted average common shares outstanding, basic | 10,632,000 | 10,160,000 | 9,694,000 |
Weighted average common shares outstanding, diluted | 10,632,000 | 10,160,000 | 9,694,000 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
SEGMENT REPORTING | |
Number of reportable segments | 2 |
Segment Reporting - Summary of
Segment Reporting - Summary of Segment Revenues and Net Operating Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEGMENT REPORTING | |||
Income from rental operations | $ 135,060 | $ 129,324 | $ 124,616 |
Expenses from rental operations | 71,138 | 64,769 | 59,569 |
Net operating income | 63,922 | 64,555 | 65,047 |
Depreciation and amortization | 24,679 | 22,203 | 21,214 |
Interest | 19,994 | 18,142 | 17,097 |
Administration of REIT | 5,247 | 4,381 | 4,217 |
Other income | (10,530) | (4,609) | (4,461) |
Net (loss) income | 24,532 | 24,438 | 26,980 |
Residential | |||
SEGMENT REPORTING | |||
Income from rental operations | 113,968 | 107,284 | 98,576 |
Expenses from rental operations | 64,647 | 57,454 | 52,686 |
Net operating income | 49,321 | 49,830 | 45,890 |
Commercial | |||
SEGMENT REPORTING | |||
Income from rental operations | 21,092 | 22,040 | 26,040 |
Expenses from rental operations | 6,491 | 7,315 | 6,883 |
Net operating income | $ 14,601 | $ 14,725 | $ 19,157 |
Segment Reporting - Summary o_2
Segment Reporting - Summary of Segment Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
SEGMENT REPORTING | ||||
Real estate investments | $ 971,148 | $ 896,702 | $ 845,288 | $ 802,028 |
Accumulated depreciation | (194,849) | (179,155) | (160,575) | $ (146,316) |
Total real estate investments, net | 776,299 | 717,547 | ||
Lease intangible assets, less accumulated amortization | 5,290 | 6,246 | ||
Cash and cash equivalents | 3,257 | 51,507 | 11,716 | |
Restricted deposits | 9,323 | 9,149 | $ 15,919 | |
Investment in securities | 29,371 | |||
Investment in unconsolidated affiliates | 29,423 | 18,658 | ||
Notes receivable | 8,448 | 7,457 | ||
Other assets, net | 27,312 | 10,302 | ||
Other assets, net | 10,302 | |||
Total Assets | 888,723 | 820,866 | ||
Residential | ||||
SEGMENT REPORTING | ||||
Real estate investments | 779,424 | 692,722 | ||
Accumulated depreciation | (147,115) | (133,100) | ||
Total real estate investments, net | 632,309 | 559,622 | ||
Lease intangible assets, less accumulated amortization | 839 | |||
Commercial | ||||
SEGMENT REPORTING | ||||
Real estate investments | 191,724 | 203,980 | ||
Accumulated depreciation | (47,734) | (46,055) | ||
Total real estate investments, net | 143,990 | 157,925 | ||
Lease intangible assets, less accumulated amortization | $ 4,451 | $ 6,246 |
Restricted Deposits And Funde_3
Restricted Deposits And Funded Reserves - Summary of Restricted Deposits and Funded Reserves (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
RESTRICTED DEPOSITS AND FUNDED RESERVES | |||
Tenant security deposits | $ 6,242 | $ 5,165 | |
Real estate tax and insurance escrows | 1,336 | 1,355 | |
Replacement reserves | 1,745 | 1,791 | |
Other funded reserves | 838 | ||
Restricted deposits, Total | $ 9,323 | $ 9,149 | $ 15,919 |
Investment in Unconsolidated _3
Investment in Unconsolidated Affiliates - Total investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 25, 2021 |
Investment in Unconsolidated Affiliates | |||
Investment in unconsolidated affiliates | $ 29,423 | $ 18,658 | |
ST Oak Cliff, LLC | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 70% | ||
Operating Partnership | |||
Investment in Unconsolidated Affiliates | |||
Investment in unconsolidated affiliates | $ 29,423 | 18,658 | |
Operating Partnership | Banner Building | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 66.67% | ||
Investment in unconsolidated affiliates | 60 | ||
Investment in unconsolidated affiliates | $ (614) | ||
Operating Partnership | Grand Forks Market Place Retail Center | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 50% | ||
Investment in unconsolidated affiliates | $ 4,961 | 2,493 | |
Operating Partnership | SE Savage, LLC | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 60% | ||
Investment in unconsolidated affiliates | $ 1,660 | 2,946 | |
Operating Partnership | SE Maple Grove, LLC | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 60% | ||
Investment in unconsolidated affiliates | $ 1,836 | 2,823 | |
Operating Partnership | SE Rogers | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 60% | ||
Investment in unconsolidated affiliates | $ 2,413 | 2,986 | |
Operating Partnership | ST Oak Cliff, LLC | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 70% | ||
Investment in unconsolidated affiliates | $ 9,098 | 4,324 | |
Operating Partnership | SE Brooklyn Park, LLC | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 60% | ||
Investment in unconsolidated affiliates | $ 2,914 | $ 3,026 | |
Operating Partnership | SE Fossil Creek, LLC | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 70% | ||
Investment in unconsolidated affiliates | $ 7,155 |
Investment in Unconsolidated _4
Investment in Unconsolidated Affiliates - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Aug. 25, 2021 item | |
SE Savage, LLC | First Mortgage | |||
Investment in Unconsolidated Affiliates | |||
Mortgage balance | $ 30,726 | $ 26,210 | |
SE Savage, LLC | Second Mortgage | |||
Investment in Unconsolidated Affiliates | |||
Mortgage balance | 6,129 | ||
SE Savage, LLC | Promissory Note | |||
Investment in Unconsolidated Affiliates | |||
Face amount of debt | 1,397 | ||
SE Maple Grove, LLC | First Mortgage | |||
Investment in Unconsolidated Affiliates | |||
Mortgage balance | 24,788 | 24,788 | |
SE Maple Grove, LLC | Second Mortgage | |||
Investment in Unconsolidated Affiliates | |||
Mortgage balance | 3,643 | 727 | |
SE Rogers | |||
Investment in Unconsolidated Affiliates | |||
Assets of unconsolidated investee | 32,864 | 22,847 | |
Mortgage balance | 23,409 | ||
SE Rogers | First Mortgage | |||
Investment in Unconsolidated Affiliates | |||
Mortgage balance | 25,742 | 15,688 | |
ST Oak Cliff, LLC | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 70% | ||
Number of units | item | 318 | ||
Assets of unconsolidated investee | 40,404 | 7,394 | |
Mortgage balance | 0 | ||
SE Brooklyn Park, LLC | |||
Investment in Unconsolidated Affiliates | |||
Assets of unconsolidated investee | 30,490 | 5,478 | |
SE Brooklyn Park, LLC | First Mortgage | |||
Investment in Unconsolidated Affiliates | |||
Mortgage balance | 24,448 | 0 | |
Sterling Properties LLLP | Second Mortgage | |||
Investment in Unconsolidated Affiliates | |||
Mortgage balance | 2,938 | ||
SE Fossil Creek, LLC | |||
Investment in Unconsolidated Affiliates | |||
Assets of unconsolidated investee | $ 11,083 | ||
Operating Partnership | Banner Building | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 66.67% | ||
Mortgage balance | $ 6,951 | 6,329 | |
Operating Partnership | Grand Forks Market Place Retail Center | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 50% | ||
Percentage of interest | 100% | ||
Mortgage balance | $ 9,520 | $ 9,794 | |
Operating Partnership | SE Savage, LLC | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 60% | ||
Operating Partnership | SE Maple Grove, LLC | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 60% | ||
Operating Partnership | SE Rogers | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 60% | ||
Operating Partnership | ST Oak Cliff, LLC | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 70% | ||
Operating Partnership | SE Brooklyn Park, LLC | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 60% | ||
Operating Partnership | Sterling Properties LLLP | |||
Investment in Unconsolidated Affiliates | |||
Cash contribution | $ 9,300 | ||
Operating Partnership | SE Fossil Creek, LLC | |||
Investment in Unconsolidated Affiliates | |||
Ownership interest (as a percent) | 70% | ||
Cash contribution | $ 7,190 |
Investment in Unconsolidated _5
Investment in Unconsolidated Affiliates - Summary of financial position (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||||
Real estate investments | $ 971,148 | $ 896,702 | $ 845,288 | $ 802,028 |
Accumulated depreciation | (194,849) | (179,155) | (160,575) | (146,316) |
Total real estate investments, net | 776,299 | 717,547 | ||
Cash and cash equivalents | 3,257 | 51,507 | 11,716 | |
Restricted deposits | 9,323 | 9,149 | 15,919 | |
Intangible assets, less accumulated amortization | 5,290 | 6,246 | ||
Other assets, net | 27,312 | 10,302 | ||
Total Assets | 888,723 | 820,866 | ||
LIABILITIES | ||||
Tenant security deposits payable | 6,368 | 5,225 | ||
Accrued expenses and other liabilities | 16,075 | 18,604 | ||
Total Liabilities | 565,257 | 525,349 | ||
SHAREHOLDERS' EQUITY | ||||
Total Shareholders' Equity | 323,466 | 295,517 | $ 291,528 | $ 279,047 |
Total liabilities and shareholders' equity | 888,723 | 820,866 | ||
Unconsolidated Affiliates | ||||
ASSETS | ||||
Real estate investments | 218,747 | 134,839 | ||
Accumulated depreciation | (16,490) | (10,940) | ||
Total real estate investments, net | 202,257 | 123,899 | ||
Cash and cash equivalents | 3,093 | 1,131 | ||
Restricted deposits | 1,034 | 650 | ||
Intangible assets, less accumulated amortization | 542 | 41 | ||
Other assets, net | 827 | 909 | ||
Total Assets | 207,753 | 126,630 | ||
LIABILITIES | ||||
Mortgage notes payable, net | 152,246 | 87,996 | ||
Tenant security deposits payable | 192 | 108 | ||
Accrued expenses and other liabilities | 8,217 | 8,029 | ||
Total Liabilities | 160,655 | 96,133 | ||
SHAREHOLDERS' EQUITY | ||||
Total Shareholders' Equity | 47,098 | 30,497 | ||
Total liabilities and shareholders' equity | $ 207,753 | $ 126,630 |
Investment in Unconsolidated _6
Investment in Unconsolidated Affiliates - Summary of results of operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment in Unconsolidated Affiliates | |||
Income from rental operations | $ 135,060 | $ 129,324 | $ 124,616 |
Expenses from rental operations | 115,811 | 105,114 | 97,880 |
Income from operations | 13,441 | 19,829 | 22,519 |
Depreciation and amortization | 24,679 | 22,203 | 21,214 |
Interest | 19,994 | 18,142 | 17,097 |
Other Income | 1,293 | 1,935 | 455 |
Net (loss) income | 24,532 | 24,438 | 26,980 |
Unconsolidated Affiliates | |||
Investment in Unconsolidated Affiliates | |||
Income from rental operations | 9,545 | 4,746 | 3,001 |
Expenses from rental operations | 3,668 | 1,632 | 928 |
Income from operations | 5,877 | 3,114 | 2,073 |
Depreciation and amortization | 5,678 | 1,248 | 688 |
Interest | 4,148 | 2,275 | 970 |
Other Income | (91) | (24) | |
Net (loss) income | $ (3,858) | $ (409) | $ 439 |
Lease Intangibles - Schedule of
Lease Intangibles - Schedule of Intangible Assets and Liabilities and Accumulated Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible Assets | |||
Lease Intangibles | $ 17,425 | $ 18,072 | |
Accumulated Amortization | (12,135) | (11,826) | |
Total | 5,290 | 6,246 | |
Intangible Liabilities | |||
Below-market lease | (2,379) | (2,525) | |
Below-market lease, accumulated amortization | 1,733 | 1,714 | |
Below-market lease, net | (646) | (811) | |
Amortization expense | 2,518 | 1,285 | $ 1,418 |
Amortization of Below Market Lease | 164 | 183 | 213 |
In-place leases | |||
Intangible Assets | |||
Lease Intangibles | 15,528 | 15,455 | |
Accumulated Amortization | (10,960) | (10,381) | |
Total | 4,568 | 5,074 | |
Above-market leases | |||
Intangible Assets | |||
Lease Intangibles | 1,897 | 2,617 | |
Accumulated Amortization | (1,175) | (1,445) | |
Total | 722 | 1,172 | |
Intangible Liabilities | |||
Amortization expense | $ 145 | $ 154 | $ 186 |
Lease Intangibles - Schedule _2
Lease Intangibles - Schedule of Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets | ||
2023 | $ 1,597 | |
2024 | 757 | |
2025 | 757 | |
2026 | 606 | |
2027 | 498 | |
Thereafter | 1,075 | |
Total | 5,290 | $ 6,246 |
Intangible Liabilities | ||
2023 | 151 | |
2024 | 151 | |
2025 | 151 | |
2026 | 80 | |
2027 | 42 | |
Thereafter | 71 | |
Total | $ 646 | $ 811 |
Amortization period | 2 years 10 months 24 days |
Lines of Credit - Additional In
Lines of Credit - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) property item | Dec. 31, 2021 USD ($) property | |
Lines of Credit | ||
Line of credit outstanding | $ 1,008 | |
Number of properties out of compliance with debt covenant | property | 0 | 0 |
Bremer Bank | ||
Lines of Credit | ||
Number of letters of credit secured | item | 1 | |
Letters of credit total | $ 50 | |
Unused line of credit | 8,857 | |
Line of credit outstanding | 1,008 | |
Bremer Bank Agreement One | ||
Lines of Credit | ||
Agreed line of credit | $ 4,915 | |
Expiration date | Dec. 01, 2026 | |
Bremer Bank Agreement One | SOFR | ||
Lines of Credit | ||
Variable interest rate of line of credit | 2% | |
Bremer Bank Agreement Two | ||
Lines of Credit | ||
Agreed line of credit | $ 5,000 | |
Expiration date | Dec. 01, 2026 | |
Bremer Bank Agreement Two | SOFR | ||
Lines of Credit | ||
Variable interest rate of line of credit | 2% |
Notes Payable - Summary (Detail
Notes Payable - Summary (Details) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2022 USD ($) | Dec. 31, 2022 USD ($) item loan | Dec. 31, 2021 USD ($) item loan | |
MORTGAGE NOTES PAYABLE | |||
Long-term debt, gross | $ 508,305 | ||
Mortgage Notes Payable | |||
MORTGAGE NOTES PAYABLE | |||
Long-term debt, gross | 508,305 | $ 495,650 | |
Less unamortized debt issuance costs | 2,138 | 2,508 | |
Long-term debt, net | $ 506,167 | $ 493,142 | |
Number of mortgage loans out of compliance | loan | 8 | 5 | |
Outstanding balance of loans out of compliance, in aggregate | $ 17,687 | $ 9,915 | |
Notes Payable to Banks | |||
MORTGAGE NOTES PAYABLE | |||
Face amount of debt | $ 26,500 | ||
Notes Payable to Banks | Prime Rate | |||
MORTGAGE NOTES PAYABLE | |||
Basis reduction on variable rate (as a percent) | 1% | ||
Fixed rate mortgage notes payable | Mortgage Notes Payable | |||
MORTGAGE NOTES PAYABLE | |||
Long-term debt, gross | 508,305 | 490,413 | |
Debt swapped from variable to fixed rate | $ 106,033 | $ 108,734 | |
Number of mortgage loans | item | 115 | 114 | |
Fixed rate mortgage notes payable | Mortgage Notes Payable | Minimum | |||
MORTGAGE NOTES PAYABLE | |||
Effective interest rate (as a percent) | 2.43% | 2.09% | |
Fixed rate mortgage notes payable | Mortgage Notes Payable | Maximum | |||
MORTGAGE NOTES PAYABLE | |||
Effective interest rate (as a percent) | 6.85% | 6.85% | |
Fixed rate mortgage notes payable | Mortgage Notes Payable | Weighted Average | |||
MORTGAGE NOTES PAYABLE | |||
Effective interest rate (as a percent) | 3.79% | 3.83% | |
Variable rate mortgage notes payable | Mortgage Notes Payable | |||
MORTGAGE NOTES PAYABLE | |||
Long-term debt, gross | $ 5,237 | ||
Number of mortgage loans | item | 1 | ||
Variable rate mortgage notes payable | Mortgage Notes Payable | Weighted Average | |||
MORTGAGE NOTES PAYABLE | |||
Effective interest rate (as a percent) | 2.10% |
Notes Payable - Scheduled Matur
Notes Payable - Scheduled Maturities of Mortgage Notes Payable (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
NOTES PAYABLE. | |
2023 | $ 53,341 |
2024 | 22,376 |
2025 | 53,130 |
2026 | 45,546 |
2027 | 77,845 |
Thereafter | 256,067 |
Total payments | $ 508,305 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Other (Details) - Interest rate swap $ in Thousands | Dec. 31, 2022 USD ($) instrument | Dec. 31, 2021 instrument |
Derivatives and Hedging Activities | ||
Estimated amount to be reclassified over the next 12 months, as a decrease to interest expense | $ | $ 2,311 | |
Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivatives and Hedging Activities | ||
Number of instruments | instrument | 12 | 12 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Summary (Details) - Designated as Hedging Instrument - Cash Flow Hedging $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) instrument | Dec. 31, 2021 USD ($) instrument | |
Interest rate swap | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 106,033 | $ 108,734 |
Number of instruments | instrument | 12 | 12 |
Interest Rate Swap, one, November 2029 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 6,575 | |
Fixed interest rate (as a percent) | 3.15% | |
Derivative maturity date | Nov. 01, 2029 | |
Interest Rate Swap, two, November 2029 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 4,572 | |
Fixed interest rate (as a percent) | 3.28% | |
Derivative maturity date | Nov. 01, 2029 | |
Interest Rate Swap, January 2030 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 2,979 | |
Fixed interest rate (as a percent) | 3.39% | |
Derivative maturity date | Jan. 10, 2030 | |
Interest Rate Swap, one, June 2030 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 4,743 | |
Fixed interest rate (as a percent) | 2.79% | |
Derivative maturity date | Jun. 10, 2030 | |
Interest Rate Swap, December 2027 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 12,362 | |
Fixed interest rate (as a percent) | 2.91% | |
Derivative maturity date | Dec. 02, 2027 | |
Interest Rate Swap, July 2031 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 25,678 | |
Fixed interest rate (as a percent) | 2.99% | |
Derivative maturity date | Jul. 01, 2031 | |
Interest Rate Swap, August 2029 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 28,047 | |
Fixed interest rate (as a percent) | 3.54% | |
Derivative maturity date | Aug. 01, 2029 | |
Interest Rate Swap, Dec 2031 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 10,813 | |
Fixed interest rate (as a percent) | 3.32% | |
Derivative maturity date | Dec. 01, 2031 | |
Interest Rate Swap, two, June 2030 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 1,491 | |
Fixed interest rate (as a percent) | 3.07% | |
Derivative maturity date | Jun. 15, 2030 | |
Interest Rate Swap, three, June 2030 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 2,888 | |
Fixed interest rate (as a percent) | 3.07% | |
Derivative maturity date | Jun. 15, 2030 | |
Interest Rate Swap, four, June 2030 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 1,614 | |
Fixed interest rate (as a percent) | 2.94% | |
Derivative maturity date | Jun. 15, 2030 | |
Interest Rate Swap, five, June 2030 | ||
Derivatives and Hedging Activities | ||
Notional amount | $ 4,271 | |
Fixed interest rate (as a percent) | 2.94% | |
Derivative maturity date | Jun. 15, 2030 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other assets, net | ||
Derivatives and Hedging Activities | ||
Fair value, derivative assets | $ 13,782 | $ 698 |
Accrued expenses and other liabilities | ||
Derivatives and Hedging Activities | ||
Fair value, derivative liabilities | $ 1,648 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Gain-Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivatives and Hedging Activities | |||
Amount of (Gain)/Loss Recognized in Other Comprehensive Income on Derivatives | $ (14,732) | $ (855) | $ 1,842 |
Interest expense | |||
Derivatives and Hedging Activities | |||
Amount of (Gain)/Loss Recognized in Other Comprehensive Income on Derivatives | 94 | 670 | |
Interest rate swap | |||
Derivatives and Hedging Activities | |||
Amount of (Gain)/Loss Recognized in Other Comprehensive Income on Derivatives | $ (14,732) | $ (855) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Credit-Risk Related Contingent Features (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Credit-risk-related Contingent Features | |
Termination value of interest rate derivatives in liability position | $ 0 |
Termination value of interest rate derivatives in asset position | $ 13,782 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Value and Estimated Fair Value of Company's Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Net Amount | Other Assets, Net Amount |
Financial liabilities: | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities Current And Noncurrent | Accrued Liabilities Current And Noncurrent |
Carrying Value | ||
Financial assets: | ||
Investment in securities | $ 29,371 | |
Notes receivable | 8,448 | $ 7,457 |
Derivative assets | 13,782 | 698 |
Financial liabilities: | ||
Mortgage notes payable | 508,305 | 495,650 |
Derivative liabilities | 1,648 | |
Fair Value | ||
Financial assets: | ||
Investment in securities | 29,371 | |
Notes receivable | 9,789 | 9,840 |
Derivative assets | 13,782 | 698 |
Financial liabilities: | ||
Mortgage notes payable | $ 466,245 | 508,285 |
Derivative liabilities | $ 1,648 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Value of Assets on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Measurements | ||
Derivative assets | $ 13,782 | $ 698 |
Derivative liabilities | 1,648 | |
Level 2 | ||
Fair Value Measurements | ||
Derivative assets | $ 13,782 | 698 |
Derivative liabilities | $ 1,648 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value of Company's Financial Assets and Liabilities (Details) - Fair Value - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Measurements | ||
U.S. Treasury Bills | $ 29,371 | |
Mortgage notes payable | 466,245 | $ 508,285 |
Notes receivable | 9,789 | 9,840 |
Level 1 | ||
Fair Value Measurements | ||
U.S. Treasury Bills | 29,371 | |
Level 3 | ||
Fair Value Measurements | ||
Mortgage notes payable | 466,245 | 508,285 |
Notes receivable | $ 9,789 | $ 9,840 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - Measurement Input, Discount Rate | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Minimum | ||
Fair Value Disclosures | ||
Discount rates used to estimate fair value of mortgages and notes payable | 5.75 | 3.25 |
Receivables, measurement input | 3.25 | 3.25 |
Maximum | ||
Fair Value Disclosures | ||
Discount rates used to estimate fair value of mortgages and notes payable | 6 | 3.35 |
Receivables, measurement input | 7.25 | 7.25 |
Noncontrolling Interest of Un_2
Noncontrolling Interest of Unitholders in Operating Partnership - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Noncontrolling Interest | |||
Distributions per unit | $ 1.1500 | $ 1.0600 | $ 1.0587 |
Limited Partnership [Member] | |||
Noncontrolling Interest | |||
Total units | 18,730,000 | 18,212,000 | |
Units converted by limited partners into common shares | 0 | ||
Operating Partnership | |||
Noncontrolling Interest | |||
Declared distributions | $ 5,385 | $ 4,827 |
Redemption Plans - Additional I
Redemption Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Redemption plans | ||||
Redemption of shares, value | $ 2,077 | $ 5,566 | $ 3,537 | |
Redemption Plans [Member] | ||||
Redemption plans | ||||
Amount of securities redemption | 55,000 | |||
Remaining securities to be redeemed | $ 14,684 | |||
Redemption price of securities | $ 21.85 | $ 19 | $ 18.25 | |
Redemption of shares | 53,000 | 82,000 | 127,000 | |
Redemption of shares, value | $ 1,155 | $ 1,552 | $ 2,321 | |
Additional redemption of units | 42,000 | 211,000 | 66,000 | |
Additional redemption of units, value | $ 922 | $ 4,014 | $ 1,216 |
Beneficial Interest - Additiona
Beneficial Interest - Additional Information (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Beneficial Interest | |||
Common shares, outstanding | 10,810,000 | 10,342,000 | |
Preferred shares, outstanding | 0 | 0 | |
Dividends paid | $ 1.1500 | $ 1.0600 | $ 1.0587 |
Total Beneficial Interest | |||
Beneficial Interest | |||
Common shares, authorized | 100,000,000 | ||
Common shares, par value | $ 0.01 | ||
Preferred shares, authorized | 50,000,000 | ||
Preferred shares, par value | $ 0.01 |
Dividend Reinvestment Plan - Ad
Dividend Reinvestment Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 03, 2020 | Jul. 11, 2017 | Jul. 20, 2012 | |
DIVIDEND REINVESTMENT PLAN | ||||||
Common shares to be issued | 2,000,000 | 2,000,000 | 2,000,000 | |||
Minimum percentage of cash dividends | 25% | |||||
Maximum additional cash purchase of common shares per fiscal quarter | $ 10 | |||||
Percentage estimated value for dividend reinvestments | 95% | |||||
Percentage estimated value for additional optional cash purchases | 100% | |||||
Maximum amount of optional additional shares available for purchase | $ 40 | |||||
Estimated value per common share | $ 23 | $ 20 | ||||
Purchase price per common share for dividend reinvestments | 21.85 | 19 | ||||
Purchase price per common share additional optional cash purchases | $ 23 | $ 20 | ||||
Notice period to participants | 10 days | |||||
Shares issued pursuant to dividend reinvestments | 342,000 | 363,000 | 356,000 | |||
Shares issued pursuant to additional optional cash purchases under the plan | 177,000 | 203,000 | 187,000 |
Related Party Transactions - Pr
Related Party Transactions - Property Management and Board of Trustee Fees (Details) - GOLDMARK Property Management - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions | |||
Management fee, amount paid | $ 13,833 | $ 12,836 | $ 12,796 |
Management fees paid expressed as a percentage of net collected rents | 5% | ||
Management fees as percent of net collected rents | $ 5,499 | 5,271 | 4,851 |
Repair and maintenance related payroll and payroll related expenses | $ 7,744 | $ 6,536 | $ 6,549 |
Related Party Transactions - Ad
Related Party Transactions - Advisory Agreement and Other (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) employee shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Aug. 25, 2021 item | |
Related Party Transactions | ||||
Number of paid employees | employee | 0 | |||
Received reimbursement for expenses paid | $ 0 | $ 1,000,000 | $ 0 | |
Operation receivables outstanding | 50,000 | 336,000 | ||
Rental income | 125,860,000 | 119,529,000 | ||
Interest income | 350,000 | 212,000 | 0 | |
Costs and expenditures incurred due to construction in progress | 207,000 | 276,000 | 240,000 | |
Operational liabilities outstanding | 0 | 128,000 | ||
Due to related party | 1,408,000 | 473,000 | ||
Outstanding receivable from related party | 50,000 | 336,000 | ||
Insurance receivable | 3,846,000 | 145,000 | ||
Tenant improvement costs associated with lease agreement | 2,782,000 | |||
Tenant improvement costs | 0 | |||
Due to related parties tenant improvement costs | 0 | |||
Mezzanine Financing | ||||
Related Party Transactions | ||||
Loan to related party | 5,854,000 | 6,855,000 | ||
Sterling Management, LLC | ||||
Related Party Transactions | ||||
Advisory management fees | 3,683,000 | 3,348,000 | 3,116,000 | |
Advisory management fees outstanding | 632,000 | 296,000 | ||
Acquisition fees | 1,321,000 | 375,000 | 708,000 | |
Acquisition fees outstanding | 387,000 | |||
Development fees outstanding | 79,000 | |||
Disposition fees | 703,000 | 146,000 | 319,000 | |
Disposition fees outstanding | 72,000 | |||
Financing fees | 83,000 | 224,000 | 133,000 | |
Financing fees outstanding | 38,000 | |||
Project management fee | 450,000 | 572,000 | 365,000 | |
Project management fee outstanding | 12,000 | 98,000 | ||
Rental income | 130,000 | 106,000 | 85,000 | |
GOLDMARK Property Management | ||||
Related Party Transactions | ||||
Real estate commissions | 418,000 | 217,000 | 308,000 | |
Real estate commissions outstanding | 92,000 | 0 | 0 | |
Rental income | 267,000 | 294,000 | 268,000 | |
GOLDMARK Commercial Real Estate | ||||
Related Party Transactions | ||||
Real estate commissions | 567,000 | 312,000 | 633,000 | |
Real estate commissions outstanding | 183,000 | 0 | 0 | |
Rental income | $ 0 | 19,000 | $ 57,000 | |
Entity Affiliated With Messrs Regan and Wieland | ||||
Related Party Transactions | ||||
Number of operating partnership (OP) units issued in connection with the acquisition of various properties | shares | 510,000 | 208,000 | ||
Value of operating partnership (OP) units issued in connection with the acquisition of various properties | $ 11,741,000 | $ 4,671,000 | ||
Trumont Group, LLC | ||||
Related Party Transactions | ||||
Development fee | 411,000 | 256,000 | 0 | |
Development fees outstanding | 51,000 | |||
Trumont Construction, LLC | ||||
Related Party Transactions | ||||
Construction fees | 799,000 | 71,000 | 0 | |
Construction fees payable | 71,000 | 29,000 | ||
General construction costs | 639,000 | 41,000 | 0 | |
General construction costs payable | 81,000 | 0 | ||
Bell Bank | ||||
Related Party Transactions | ||||
Rental income | 859,000 | 404,000 | 484,000 | |
Outstanding on principal loans | 64,123,000 | 66,365,000 | ||
Interest expense incurred | 2,480,000 | 2,508,000 | 2,438,000 | |
Accrued interest | 130,000 | 148,000 | ||
Total premiums paid | 48,000 | $ 166,000 | $ 118,000 | |
Bell Bank | Notes Payable to Banks | ||||
Related Party Transactions | ||||
Notes payable related to parties. | $ 26,500,000 | |||
Affiliated Entities | ||||
Related Party Transactions | ||||
Number of operating partnership (OP) units issued in connection with the acquisition of various properties | shares | 0 | |||
ST Oak Cliff, LLC | ||||
Related Party Transactions | ||||
Ownership interest (as a percent) | 70% | |||
Number of units | item | 318 |
Rentals Under Operating Lease_3
Rentals Under Operating Leases / Rental Income - Other (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from leases | ||
(Decrease)/Increase in revenue due to straight - line adjustment | $ 302 | $ 550 |
Straight - line receivable | $ 3,756 | $ 3,569 |
Commercial Property | ||
Revenue from leases | ||
Operating lease expiration year | 2038 | |
Percentage of revenue from leases primarily under long-term lease agreements | 15.60% | |
Residential Property | ||
Revenue from leases | ||
Percentage of revenue from leases that are generally for terms of one year or less | 84.40% | |
Residential Property | Maximum | ||
Revenue from leases | ||
Term of lease | 1 year |
Rentals Under Operating Lease_4
Rentals Under Operating Leases / Rental Income - Lease Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease income: | ||
Lease income related to fixed lease payments | $ 125,860 | $ 119,529 |
Lease income related to variable lease payments | 4,510 | 4,576 |
Other | (472) | 92 |
Lease income | $ 129,898 | $ 124,197 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Real Estate Revenue Net | Real Estate Revenue Net |
Rental income accounted for under revenue recognition standard: | ||
Other rental income | $ 5,162 | $ 5,127 |
Residential | ||
Lease income: | ||
Lease income related to fixed lease payments | 109,769 | 103,039 |
Other | (804) | (538) |
Lease income | 108,965 | 102,501 |
Commercial | ||
Lease income: | ||
Lease income related to fixed lease payments | 16,091 | 16,490 |
Lease income related to variable lease payments | 4,510 | 4,576 |
Other | 332 | 630 |
Lease income | $ 20,933 | $ 21,696 |
Rentals Under Operating Lease_5
Rentals Under Operating Leases / Rental Income- Future minimum rental income (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Future minimum rental income: | |
2023 | $ 15,216 |
2024 | 14,940 |
2025 | 14,556 |
2026 | 13,156 |
2027 | 11,719 |
Thereafter | 42,734 |
Total | $ 112,321 |
Dispositions (Details)
Dispositions (Details) | 1 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Aug. 31, 2022 USD ($) | May 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Apr. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | May 31, 2020 USD ($) | Mar. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) property | Dec. 31, 2020 USD ($) | |
Dispositions | |||||||||||||
Gain on sale of real estate | $ 11,090,000 | $ 1,710,000 | $ 3,383,000 | ||||||||||
Disposed of by Sale | |||||||||||||
Dispositions | |||||||||||||
Number of dispositions | 5 | 3 | |||||||||||
Property, Savage, MN | Disposed of by Sale | |||||||||||||
Dispositions | |||||||||||||
Proceeds from sale of real estate investments | $ 2,700,000 | ||||||||||||
Gain on sale of real estate | $ 1,328,000 | ||||||||||||
Moorhead, Minnesota | Disposed of by Sale | |||||||||||||
Dispositions | |||||||||||||
Proceeds from sale of real estate investments | $ 6,400,000 | ||||||||||||
Gain on sale of real estate | $ 2,012,000 | ||||||||||||
Property, Edina Minnesota | Disposed of by Sale | |||||||||||||
Dispositions | |||||||||||||
Proceeds from sale of real estate investments | $ 15,320,000 | ||||||||||||
Gain on sale of real estate | $ 6,728,000 | ||||||||||||
Property, East Grand Forks, MN | Disposed of by Sale | |||||||||||||
Dispositions | |||||||||||||
Proceeds from sale of real estate investments | $ 1,200,000 | ||||||||||||
Gain on sale of real estate | $ 171,000 | ||||||||||||
Property, Bloomington, MN Member | Disposed of by Sale | |||||||||||||
Dispositions | |||||||||||||
Proceeds from sale of real estate investments | $ 2,888,000 | ||||||||||||
Gain on sale of real estate | $ 1,193,000 | ||||||||||||
Retail Property, Waite Park, Minnesota | Disposed of by Sale | |||||||||||||
Dispositions | |||||||||||||
Sale price | $ 900,000 | ||||||||||||
Gain on sale of real estate | $ 2,000 | ||||||||||||
Residential Property, Moorhead, Minnesota | Disposed of by Sale | |||||||||||||
Dispositions | |||||||||||||
Sale price | $ 4,950,000 | ||||||||||||
Gain on sale of real estate | $ 1,708,000 | ||||||||||||
Retail Property, Apple Valley, MN | Disposed of by Sale | |||||||||||||
Dispositions | |||||||||||||
Proceeds from sale of real estate investments | $ 3,670,000 | ||||||||||||
Gain on sale of real estate | $ 1,456,000 | ||||||||||||
Retail Property, St, Cloud, Minnesota | Disposed of by Sale | |||||||||||||
Dispositions | |||||||||||||
Proceeds from sale of real estate investments | $ 2,050,000 | ||||||||||||
Gain on sale of real estate | $ 1,000 | ||||||||||||
Retail Property, Bismarck, ND | Disposed of by Sale | |||||||||||||
Dispositions | |||||||||||||
Proceeds from sale of real estate investments | $ 7,000,000 | ||||||||||||
Gain on sale of real estate | $ 1,926,000 |
Acquisitions - Purchases, Curre
Acquisitions - Purchases, Current Year (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Dec. 29, 2022 USD ($) item | Dec. 01, 2022 USD ($) item | Sep. 13, 2022 USD ($) item | Jun. 10, 2022 USD ($) item | May 31, 2022 USD ($) item | Feb. 28, 2022 USD ($) item | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Acquisitions | |||||||||
Acquisition price | $ 94,844 | $ 38,798 | $ 23,670 | ||||||
Real Estate Property Acquisitions 2022 | |||||||||
Acquisitions | |||||||||
Acquisition price | $ 12,870 | ||||||||
Aggregate number of limited partnership units issued for acquisition | shares | 560,000 | ||||||||
Price per limited partnership unit issued for acquisition, price one | $ / shares | $ 23 | ||||||||
Deer Park, Hutchinson, MN | |||||||||
Acquisitions | |||||||||
Units acquired | item | 138 | ||||||||
Acquisition price | $ 15,073 | ||||||||
Desota Estates, Grand Forks, ND | |||||||||
Acquisitions | |||||||||
Units acquired | item | 68 | ||||||||
Acquisition price | $ 5,863 | ||||||||
Desota Townhomes, Grand Forks, ND | |||||||||
Acquisitions | |||||||||
Units acquired | item | 24 | ||||||||
Acquisition price | $ 3,226 | ||||||||
Desota Apartments, East Grand Forks, MN | |||||||||
Acquisitions | |||||||||
Units acquired | item | 24 | ||||||||
Acquisition price | $ 1,230 | ||||||||
Diamond Bend, Mandan, ND | |||||||||
Acquisitions | |||||||||
Units acquired | item | 78 | ||||||||
Acquisition price | $ 10,919 | ||||||||
Newgate Apartments, Bismarck, ND | |||||||||
Acquisitions | |||||||||
Units acquired | item | 46 | ||||||||
Acquisition price | $ 2,444 | ||||||||
Chandler 1898, Grand Forks, ND | |||||||||
Acquisitions | |||||||||
Units acquired | item | 12 | ||||||||
Acquisition price | $ 498 | ||||||||
Prose Fossil Creek, Fort Worth, TX | |||||||||
Acquisitions | |||||||||
Units acquired | item | 270 | ||||||||
Acquisition price | $ 55,591 |
Acquisitions - Purchases, Prior
Acquisitions - Purchases, Prior Year (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Jul. 01, 2021 USD ($) item | Jun. 01, 2021 USD ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) | |
Acquisitions | |||||
Acquisition price | $ 94,844 | $ 38,798 | $ 23,670 | ||
Real Estate Property Acquisitions 2021 | |||||
Acquisitions | |||||
Acquisition price | $ 2,883 | ||||
Aggregate number of limited partnership units issued for acquisition | shares | 144,000 | ||||
Price per limited partnership unit issued for acquisition, price one | $ / shares | $ 20 | ||||
Flagstone, Fargo, ND | |||||
Acquisitions | |||||
Units acquired | item | 120 | ||||
Acquisition price | $ 7,723 | ||||
Brownstone, Fargo, ND | |||||
Acquisitions | |||||
Units acquired | item | 72 | ||||
Acquisition price | $ 4,362 | ||||
Briar Pointe, Fargo, ND | |||||
Acquisitions | |||||
Units acquired | item | 30 | ||||
Acquisition price | $ 1,929 | ||||
Oxford Fargo, ND | |||||
Acquisitions | |||||
Units acquired | item | 144 | ||||
Acquisition price | $ 10,066 | ||||
Pinehurst Fargo, ND | |||||
Acquisitions | |||||
Units acquired | item | 210 | ||||
Acquisition price | $ 14,718 |
Acquisitions - Purchases, Secon
Acquisitions - Purchases, Second Prior Year (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Dec. 17, 2020 USD ($) item | Sep. 15, 2020 USD ($) item | Aug. 28, 2020 USD ($) | Mar. 01, 2020 USD ($) ft² item | Jan. 31, 2020 USD ($) item | Jan. 12, 2020 USD ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) $ / shares shares | |
ACQUISITIONS | |||||||||
Acquisition price | $ 94,844 | $ 38,798 | $ 23,670 | ||||||
Real Estate Property Acquisitions 2020 | |||||||||
ACQUISITIONS | |||||||||
Aggregate number of limited partnership units issued for acquisition | shares | 535,000 | ||||||||
Price per limited partnership unit issued for acquisition, price one | $ / shares | $ 19.25 | ||||||||
Aggregate value of limited partnership units issued for acquisition | $ 10,293 | ||||||||
Wolf Creek, Fargo, ND | |||||||||
ACQUISITIONS | |||||||||
Units acquired | item | 54 | ||||||||
Acquisition price | $ 5,227 | ||||||||
Columbia Park Village, Grand Forks, ND | |||||||||
ACQUISITIONS | |||||||||
Units acquired | item | 12 | ||||||||
Acquisition price | $ 642 | ||||||||
Belmont East & West, Bismarck, ND | |||||||||
ACQUISITIONS | |||||||||
Acquisition price | $ 1,568 | ||||||||
Area of the property purchased | ft² | 5,348 | ||||||||
Eastbrook, Bismarck, ND | |||||||||
ACQUISITIONS | |||||||||
Units acquired | item | 24 | ||||||||
Acquisition price | $ 1,358 | ||||||||
Hawn, Fargo, ND | |||||||||
ACQUISITIONS | |||||||||
Units acquired | item | 48 | ||||||||
Acquisition price | $ 2,524 | ||||||||
Rosser, Bismarck, ND | |||||||||
ACQUISITIONS | |||||||||
Units acquired | item | 24 | ||||||||
Acquisition price | $ 1,359 | ||||||||
Trustmark Fargo, ND | |||||||||
ACQUISITIONS | |||||||||
Acquisition price | $ 6,588 | ||||||||
Foxtail Townhomes, Fargo, ND | |||||||||
ACQUISITIONS | |||||||||
Units acquired | item | 30 | ||||||||
Acquisition price | $ 1,434 | ||||||||
Evergreen Terrace, Omaha, NE | |||||||||
ACQUISITIONS | |||||||||
Units acquired | item | 144 | ||||||||
Acquisition price | $ 2,970 |
Acquisitions - Summary of Acqui
Acquisitions - Summary of Acquisition Date Fair Values (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Acquisition date fair values | |||
Real estate investment acquired | $ 776,299 | $ 717,547 | |
Acquired lease intangible assets | 5,290 | 6,246 | |
Total Assets | 888,723 | 820,866 | |
Asset Acquisitions | |||
Acquisition date fair values | |||
Real estate investment acquired | 93,515 | 39,344 | $ 29,775 |
Acquired lease intangible assets | 1,732 | 46 | |
Assumed assets | 3 | 23 | 38 |
Total Assets | 95,250 | 39,367 | 29,859 |
Other liabilities | (406) | (569) | (6,189) |
Net assets acquired | 94,844 | 38,798 | 23,670 |
Equity/limited partnership unit consideration | (12,870) | (2,883) | (10,293) |
Net cash consideration | $ 81,974 | $ 35,915 | $ 13,377 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Jan. 17, 2023 | Jan. 13, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 29, 2022 | |
Subsequent Events | ||||||
Dividend or distribution paid | $ 1.1500 | $ 1.0600 | $ 1.0587 | |||
Notes Payable to Banks | ||||||
Subsequent Events | ||||||
Residential property financing value | $ 26,500 | |||||
Subsequent Event | ||||||
Subsequent Events | ||||||
Dividend or distribution paid | $ 0.2875 | |||||
Subsequent Event | Residential Property Financing | ||||||
Subsequent Events | ||||||
Residential property financing value | $ 27,500 | |||||
Subsequent Event | Notes Payable to Banks | ||||||
Subsequent Events | ||||||
Repayments of Notes Payable | $ 26,500 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation - By Property (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 508,305 |
Initial cost to company, Land | 125,157 |
Initial cost to company, Buildings | 716,714 |
Costs capitalized subsequent to acquisition, Land | 4,525 |
Costs capitalized subsequent to acquisition, Buildings | 85,537 |
Gross Amount at which carried at close of period, Land | 129,682 |
Gross Amount at which carried at close of period, Buildings | 802,251 |
Gross Amount at which carried at close of period, Total | 931,933 |
Depreciation | 168,635 |
Industrial Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | 17,216 |
Initial cost to company, Land | 4,463 |
Initial cost to company, Buildings | 16,035 |
Costs capitalized subsequent to acquisition, Land | 1,088 |
Costs capitalized subsequent to acquisition, Buildings | (94) |
Gross Amount at which carried at close of period, Land | 5,551 |
Gross Amount at which carried at close of period, Buildings | 15,941 |
Gross Amount at which carried at close of period, Total | 21,492 |
Depreciation | $ 3,968 |
Industrial Property | Guardian Building Products | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,487 |
Initial cost to company, Land | 820 |
Initial cost to company, Buildings | 2,554 |
Costs capitalized subsequent to acquisition, Land | 60 |
Costs capitalized subsequent to acquisition, Buildings | (94) |
Gross Amount at which carried at close of period, Land | 880 |
Gross Amount at which carried at close of period, Buildings | 2,460 |
Gross Amount at which carried at close of period, Total | 3,340 |
Depreciation | $ 641 |
Date of Construction or Acquisition | Aug. 29, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Bismarck, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 2,069 |
Initial cost to company, Land | 950 |
Initial cost to company, Buildings | 1,395 |
Costs capitalized subsequent to acquisition, Land | 32 |
Gross Amount at which carried at close of period, Land | 982 |
Gross Amount at which carried at close of period, Buildings | 1,395 |
Gross Amount at which carried at close of period, Total | 2,377 |
Depreciation | $ 279 |
Date of Construction or Acquisition | Jan. 28, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Dickinson, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Dickinson, ND |
Encumbrances | $ 1,816 |
Initial cost to company, Land | 354 |
Initial cost to company, Buildings | 1,096 |
Costs capitalized subsequent to acquisition, Land | 400 |
Gross Amount at which carried at close of period, Land | 754 |
Gross Amount at which carried at close of period, Buildings | 1,096 |
Gross Amount at which carried at close of period, Total | 1,850 |
Depreciation | $ 297 |
Date of Construction or Acquisition | Jul. 30, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Fargo, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,471 |
Initial cost to company, Land | 781 |
Initial cost to company, Buildings | 1,947 |
Costs capitalized subsequent to acquisition, Land | 515 |
Gross Amount at which carried at close of period, Land | 1,296 |
Gross Amount at which carried at close of period, Buildings | 1,947 |
Gross Amount at which carried at close of period, Total | 3,243 |
Depreciation | $ 499 |
Date of Construction or Acquisition | Oct. 30, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Marshall, MN | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Marshall, MN |
Encumbrances | $ 4,674 |
Initial cost to company, Land | 300 |
Initial cost to company, Buildings | 3,648 |
Costs capitalized subsequent to acquisition, Land | 81 |
Gross Amount at which carried at close of period, Land | 381 |
Gross Amount at which carried at close of period, Buildings | 3,648 |
Gross Amount at which carried at close of period, Total | 4,029 |
Depreciation | $ 1,026 |
Date of Construction or Acquisition | Nov. 01, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Minot, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Minot, ND |
Initial cost to company, Land | $ 618 |
Initial cost to company, Buildings | 1,654 |
Gross Amount at which carried at close of period, Land | 618 |
Gross Amount at which carried at close of period, Buildings | 1,654 |
Gross Amount at which carried at close of period, Total | 2,272 |
Depreciation | $ 431 |
Date of Construction or Acquisition | Aug. 01, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, North Platte, NE | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | North Platte, NE |
Initial cost to company, Land | $ 325 |
Initial cost to company, Buildings | 1,269 |
Gross Amount at which carried at close of period, Land | 325 |
Gross Amount at which carried at close of period, Buildings | 1,269 |
Gross Amount at which carried at close of period, Total | 1,594 |
Depreciation | $ 223 |
Date of Construction or Acquisition | Jan. 29, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Industrial Property | Titan Machinery, Sioux City, IA | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Sioux City, IA |
Encumbrances | $ 3,699 |
Initial cost to company, Land | 315 |
Initial cost to company, Buildings | 2,472 |
Gross Amount at which carried at close of period, Land | 315 |
Gross Amount at which carried at close of period, Buildings | 2,472 |
Gross Amount at which carried at close of period, Total | 2,787 |
Depreciation | $ 572 |
Date of Construction or Acquisition | Oct. 25, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Land Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 389 |
Initial cost to company, Land | 2,033 |
Gross Amount at which carried at close of period, Land | 2,033 |
Gross Amount at which carried at close of period, Total | $ 2,033 |
Land Property | Taco Bell | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Denver, CO |
Encumbrances | $ 389 |
Initial cost to company, Land | 669 |
Gross Amount at which carried at close of period, Land | 669 |
Gross Amount at which carried at close of period, Total | $ 669 |
Date of Construction or Acquisition | Jun. 14, 2011 |
Land Property | West 80 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Rochester, MN |
Initial cost to company, Land | $ 1,364 |
Gross Amount at which carried at close of period, Land | 1,364 |
Gross Amount at which carried at close of period, Total | $ 1,364 |
Date of Construction or Acquisition | Aug. 29, 2016 |
Medical Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 15,751 |
Initial cost to company, Land | 2,859 |
Initial cost to company, Buildings | 18,599 |
Costs capitalized subsequent to acquisition, Land | 292 |
Costs capitalized subsequent to acquisition, Buildings | 2,521 |
Gross Amount at which carried at close of period, Land | 3,151 |
Gross Amount at which carried at close of period, Buildings | 21,120 |
Gross Amount at which carried at close of period, Total | 24,271 |
Depreciation | $ 8,598 |
Medical Property | Bio-Life, Bismarck, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 2,091 |
Initial cost to company, Land | 306 |
Initial cost to company, Buildings | 2,255 |
Costs capitalized subsequent to acquisition, Land | 11 |
Costs capitalized subsequent to acquisition, Buildings | 123 |
Gross Amount at which carried at close of period, Land | 317 |
Gross Amount at which carried at close of period, Buildings | 2,378 |
Gross Amount at which carried at close of period, Total | 2,695 |
Depreciation | $ 968 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Bismarck, ND | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Medical Property | Bio-Life, Bismarck, ND | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Grand Forks, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 2,150 |
Initial cost to company, Land | 457 |
Initial cost to company, Buildings | 2,230 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 158 |
Gross Amount at which carried at close of period, Land | 458 |
Gross Amount at which carried at close of period, Buildings | 2,388 |
Gross Amount at which carried at close of period, Total | 2,846 |
Depreciation | $ 994 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Grand Forks, ND | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 10 years |
Medical Property | Bio-Life, Grand Forks, ND | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Janesville, WI | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Janesville, WI |
Encumbrances | $ 1,786 |
Initial cost to company, Land | 250 |
Initial cost to company, Buildings | 1,857 |
Costs capitalized subsequent to acquisition, Buildings | 123 |
Gross Amount at which carried at close of period, Land | 250 |
Gross Amount at which carried at close of period, Buildings | 1,980 |
Gross Amount at which carried at close of period, Total | 2,230 |
Depreciation | $ 819 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Janesville, WI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Medical Property | Bio-Life, Janesville, WI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Mankato, MN | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Mankato, MN |
Encumbrances | $ 2,271 |
Initial cost to company, Land | 390 |
Initial cost to company, Buildings | 2,111 |
Costs capitalized subsequent to acquisition, Land | 280 |
Costs capitalized subsequent to acquisition, Buildings | 1,154 |
Gross Amount at which carried at close of period, Land | 670 |
Gross Amount at which carried at close of period, Buildings | 3,265 |
Gross Amount at which carried at close of period, Total | 3,935 |
Depreciation | $ 1,273 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Mankato, MN | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 11 years |
Medical Property | Bio-Life, Mankato, MN | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Marquette, MI | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Marquette, MI |
Initial cost to company, Land | $ 213 |
Initial cost to company, Buildings | 2,793 |
Costs capitalized subsequent to acquisition, Buildings | 123 |
Gross Amount at which carried at close of period, Land | 213 |
Gross Amount at which carried at close of period, Buildings | 2,916 |
Gross Amount at which carried at close of period, Total | 3,129 |
Depreciation | $ 1,170 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Marquette, MI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Medical Property | Bio-Life, Marquette, MI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Onalaska, WI | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Onalaska, WI |
Encumbrances | $ 1,723 |
Initial cost to company, Land | 208 |
Initial cost to company, Buildings | 1,853 |
Costs capitalized subsequent to acquisition, Buildings | 323 |
Gross Amount at which carried at close of period, Land | 208 |
Gross Amount at which carried at close of period, Buildings | 2,176 |
Gross Amount at which carried at close of period, Total | 2,384 |
Depreciation | $ 880 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Onalaska, WI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 11 years |
Medical Property | Bio-Life, Onalaska, WI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Oshkosh, WI | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Oshkosh, WI |
Encumbrances | $ 1,773 |
Initial cost to company, Land | 293 |
Initial cost to company, Buildings | 1,705 |
Costs capitalized subsequent to acquisition, Buildings | 146 |
Gross Amount at which carried at close of period, Land | 293 |
Gross Amount at which carried at close of period, Buildings | 1,851 |
Gross Amount at which carried at close of period, Total | 2,144 |
Depreciation | $ 785 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Oshkosh, WI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 10 years |
Medical Property | Bio-Life, Oshkosh, WI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Sheboygan, WI | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Sheboygan, WI |
Encumbrances | $ 2,022 |
Initial cost to company, Land | 623 |
Initial cost to company, Buildings | 1,611 |
Costs capitalized subsequent to acquisition, Buildings | 248 |
Gross Amount at which carried at close of period, Land | 623 |
Gross Amount at which carried at close of period, Buildings | 1,859 |
Gross Amount at which carried at close of period, Total | 2,482 |
Depreciation | $ 768 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Sheboygan, WI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 10 years |
Medical Property | Bio-Life, Sheboygan, WI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Medical Property | Bio-Life, Stevens Point, WI | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Stevens Point, WI |
Encumbrances | $ 1,935 |
Initial cost to company, Land | 119 |
Initial cost to company, Buildings | 2,184 |
Costs capitalized subsequent to acquisition, Buildings | 123 |
Gross Amount at which carried at close of period, Land | 119 |
Gross Amount at which carried at close of period, Buildings | 2,307 |
Gross Amount at which carried at close of period, Total | 2,426 |
Depreciation | $ 941 |
Date of Construction or Acquisition | Jan. 03, 2008 |
Medical Property | Bio-Life, Stevens Point, WI | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Medical Property | Bio-Life, Stevens Point, WI | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 400,085 |
Initial cost to company, Land | 93,455 |
Initial cost to company, Buildings | 588,087 |
Costs capitalized subsequent to acquisition, Land | 3,013 |
Costs capitalized subsequent to acquisition, Buildings | 57,599 |
Gross Amount at which carried at close of period, Land | 96,468 |
Gross Amount at which carried at close of period, Buildings | 645,686 |
Gross Amount at which carried at close of period, Total | 742,154 |
Depreciation | $ 122,246 |
Residential Property | Amberwood | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 2,376 |
Initial cost to company, Land | 426 |
Initial cost to company, Buildings | 3,304 |
Costs capitalized subsequent to acquisition, Land | 3 |
Costs capitalized subsequent to acquisition, Buildings | 178 |
Gross Amount at which carried at close of period, Land | 429 |
Gross Amount at which carried at close of period, Buildings | 3,482 |
Gross Amount at which carried at close of period, Total | 3,911 |
Depreciation | $ 552 |
Date of Construction or Acquisition | Sep. 13, 2016 |
Residential Property | Amberwood | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Amberwood | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Arbor I/400 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 350 |
Initial cost to company, Land | 73 |
Initial cost to company, Buildings | 516 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 65 |
Gross Amount at which carried at close of period, Land | 77 |
Gross Amount at which carried at close of period, Buildings | 581 |
Gross Amount at which carried at close of period, Total | 658 |
Depreciation | $ 142 |
Date of Construction or Acquisition | Jun. 04, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Arbor II/404 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 358 |
Initial cost to company, Land | 73 |
Initial cost to company, Buildings | 538 |
Costs capitalized subsequent to acquisition, Land | 6 |
Costs capitalized subsequent to acquisition, Buildings | 43 |
Gross Amount at which carried at close of period, Land | 79 |
Gross Amount at which carried at close of period, Buildings | 581 |
Gross Amount at which carried at close of period, Total | 660 |
Depreciation | $ 128 |
Date of Construction or Acquisition | Nov. 01, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Arbor III/406 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 356 |
Initial cost to company, Land | 71 |
Initial cost to company, Buildings | 536 |
Costs capitalized subsequent to acquisition, Land | 7 |
Costs capitalized subsequent to acquisition, Buildings | 43 |
Gross Amount at which carried at close of period, Land | 78 |
Gross Amount at which carried at close of period, Buildings | 579 |
Gross Amount at which carried at close of period, Total | 657 |
Depreciation | $ 128 |
Date of Construction or Acquisition | Nov. 01, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Ashbury | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,287 |
Initial cost to company, Land | 314 |
Initial cost to company, Buildings | 3,774 |
Costs capitalized subsequent to acquisition, Land | 26 |
Costs capitalized subsequent to acquisition, Buildings | 25 |
Gross Amount at which carried at close of period, Land | 340 |
Gross Amount at which carried at close of period, Buildings | 3,799 |
Gross Amount at which carried at close of period, Total | 4,139 |
Depreciation | $ 578 |
Date of Construction or Acquisition | Dec. 19, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Auburn II | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 825 |
Initial cost to company, Land | 105 |
Initial cost to company, Buildings | 883 |
Costs capitalized subsequent to acquisition, Land | 12 |
Costs capitalized subsequent to acquisition, Buildings | 87 |
Gross Amount at which carried at close of period, Land | 117 |
Gross Amount at which carried at close of period, Buildings | 970 |
Gross Amount at which carried at close of period, Total | 1,087 |
Depreciation | $ 372 |
Date of Construction or Acquisition | Mar. 23, 2007 |
Residential Property | Auburn II | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Auburn II | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Autumn Ridge | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 5,162 |
Initial cost to company, Land | 1,072 |
Initial cost to company, Buildings | 8,875 |
Costs capitalized subsequent to acquisition, Land | 44 |
Costs capitalized subsequent to acquisition, Buildings | 67 |
Gross Amount at which carried at close of period, Land | 1,116 |
Gross Amount at which carried at close of period, Buildings | 8,942 |
Gross Amount at which carried at close of period, Total | 10,058 |
Depreciation | $ 3,687 |
Date of Construction or Acquisition | Aug. 16, 2004 |
Residential Property | Autumn Ridge | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Residential Property | Autumn Ridge | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Barrett Arms | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Crookston, MN |
Encumbrances | $ 723 |
Initial cost to company, Land | 37 |
Initial cost to company, Buildings | 1,001 |
Costs capitalized subsequent to acquisition, Buildings | 177 |
Gross Amount at which carried at close of period, Land | 37 |
Gross Amount at which carried at close of period, Buildings | 1,178 |
Gross Amount at which carried at close of period, Total | 1,215 |
Depreciation | $ 241 |
Date of Construction or Acquisition | Jan. 02, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Bayview | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,350 |
Initial cost to company, Land | 284 |
Initial cost to company, Buildings | 3,447 |
Costs capitalized subsequent to acquisition, Land | 59 |
Costs capitalized subsequent to acquisition, Buildings | 2,020 |
Gross Amount at which carried at close of period, Land | 343 |
Gross Amount at which carried at close of period, Buildings | 5,467 |
Gross Amount at which carried at close of period, Total | 5,810 |
Depreciation | $ 1,455 |
Date of Construction or Acquisition | Dec. 31, 2007 |
Residential Property | Bayview | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Bayview | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Belmont East and West | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 742 |
Initial cost to company, Land | 167 |
Initial cost to company, Buildings | 1,424 |
Costs capitalized subsequent to acquisition, Land | 2 |
Costs capitalized subsequent to acquisition, Buildings | 8 |
Gross Amount at which carried at close of period, Land | 169 |
Gross Amount at which carried at close of period, Buildings | 1,432 |
Gross Amount at which carried at close of period, Total | 1,601 |
Depreciation | $ 102 |
Date of Construction or Acquisition | Mar. 01, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Berkshire | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 401 |
Initial cost to company, Land | 31 |
Initial cost to company, Buildings | 406 |
Costs capitalized subsequent to acquisition, Land | 7 |
Costs capitalized subsequent to acquisition, Buildings | 53 |
Gross Amount at which carried at close of period, Land | 38 |
Gross Amount at which carried at close of period, Buildings | 459 |
Gross Amount at which carried at close of period, Total | 497 |
Depreciation | $ 155 |
Date of Construction or Acquisition | Mar. 31, 2008 |
Residential Property | Berkshire | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Berkshire | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Betty Ann | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 421 |
Initial cost to company, Land | 74 |
Initial cost to company, Buildings | 738 |
Costs capitalized subsequent to acquisition, Land | 6 |
Costs capitalized subsequent to acquisition, Buildings | 140 |
Gross Amount at which carried at close of period, Land | 80 |
Gross Amount at which carried at close of period, Buildings | 878 |
Gross Amount at which carried at close of period, Total | 958 |
Depreciation | $ 267 |
Date of Construction or Acquisition | Aug. 31, 2009 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Birchwood 1 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 228 |
Initial cost to company, Land | 72 |
Initial cost to company, Buildings | 342 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 42 |
Gross Amount at which carried at close of period, Land | 76 |
Gross Amount at which carried at close of period, Buildings | 384 |
Gross Amount at which carried at close of period, Total | 460 |
Depreciation | $ 46 |
Date of Construction or Acquisition | Dec. 01, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Birchwood 2 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,342 |
Initial cost to company, Land | 234 |
Initial cost to company, Buildings | 2,099 |
Costs capitalized subsequent to acquisition, Land | 52 |
Costs capitalized subsequent to acquisition, Buildings | 288 |
Gross Amount at which carried at close of period, Land | 286 |
Gross Amount at which carried at close of period, Buildings | 2,387 |
Gross Amount at which carried at close of period, Total | 2,673 |
Depreciation | $ 290 |
Date of Construction or Acquisition | Dec. 01, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Bradbury Apartments | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 1,791 |
Initial cost to company, Land | 1,049 |
Initial cost to company, Buildings | 4,922 |
Costs capitalized subsequent to acquisition, Buildings | 81 |
Gross Amount at which carried at close of period, Land | 1,049 |
Gross Amount at which carried at close of period, Buildings | 5,003 |
Gross Amount at which carried at close of period, Total | 6,052 |
Depreciation | $ 532 |
Date of Construction or Acquisition | Oct. 24, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Briar Pointe | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,283 |
Initial cost to company, Land | 384 |
Initial cost to company, Buildings | 1,551 |
Gross Amount at which carried at close of period, Land | 384 |
Gross Amount at which carried at close of period, Buildings | 1,551 |
Gross Amount at which carried at close of period, Total | 1,935 |
Depreciation | $ 61 |
Date of Construction or Acquisition | Jun. 01, 2021 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Bridgeport | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,839 |
Initial cost to company, Land | 613 |
Initial cost to company, Buildings | 7,676 |
Costs capitalized subsequent to acquisition, Land | 14 |
Costs capitalized subsequent to acquisition, Buildings | 61 |
Gross Amount at which carried at close of period, Land | 627 |
Gross Amount at which carried at close of period, Buildings | 7,737 |
Gross Amount at which carried at close of period, Total | 8,364 |
Depreciation | $ 1,174 |
Date of Construction or Acquisition | Dec. 19, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Bristol Park | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 2,801 |
Initial cost to company, Land | 985 |
Initial cost to company, Buildings | 3,976 |
Costs capitalized subsequent to acquisition, Buildings | 779 |
Gross Amount at which carried at close of period, Land | 985 |
Gross Amount at which carried at close of period, Buildings | 4,755 |
Gross Amount at which carried at close of period, Total | 5,740 |
Depreciation | $ 804 |
Date of Construction or Acquisition | Feb. 01, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Brookfield | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,945 |
Initial cost to company, Land | 228 |
Initial cost to company, Buildings | 1,958 |
Costs capitalized subsequent to acquisition, Land | 30 |
Costs capitalized subsequent to acquisition, Buildings | 318 |
Gross Amount at which carried at close of period, Land | 258 |
Gross Amount at which carried at close of period, Buildings | 2,276 |
Gross Amount at which carried at close of period, Total | 2,534 |
Depreciation | $ 761 |
Date of Construction or Acquisition | Aug. 01, 2008 |
Residential Property | Brookfield | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Brookfield | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Brownstone | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,891 |
Initial cost to company, Land | 780 |
Initial cost to company, Buildings | 3,610 |
Gross Amount at which carried at close of period, Land | 780 |
Gross Amount at which carried at close of period, Buildings | 3,610 |
Gross Amount at which carried at close of period, Total | 4,390 |
Depreciation | $ 143 |
Date of Construction or Acquisition | Jun. 01, 2021 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Cambridge (FKA 44th Street) | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,614 |
Initial cost to company, Land | 333 |
Initial cost to company, Buildings | 1,845 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 237 |
Gross Amount at which carried at close of period, Land | 337 |
Gross Amount at which carried at close of period, Buildings | 2,082 |
Gross Amount at which carried at close of period, Total | 2,419 |
Depreciation | $ 480 |
Date of Construction or Acquisition | Feb. 06, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Candlelight | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,583 |
Initial cost to company, Land | 613 |
Initial cost to company, Buildings | 1,221 |
Costs capitalized subsequent to acquisition, Land | (326) |
Costs capitalized subsequent to acquisition, Buildings | 589 |
Gross Amount at which carried at close of period, Land | 287 |
Gross Amount at which carried at close of period, Buildings | 1,810 |
Gross Amount at which carried at close of period, Total | 2,097 |
Depreciation | $ 412 |
Date of Construction or Acquisition | Nov. 30, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Carling Manor | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 498 |
Initial cost to company, Land | 69 |
Initial cost to company, Buildings | 656 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 61 |
Gross Amount at which carried at close of period, Land | 70 |
Gross Amount at which carried at close of period, Buildings | 717 |
Gross Amount at which carried at close of period, Total | 787 |
Depreciation | $ 250 |
Date of Construction or Acquisition | Mar. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Carlton Place | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 5,885 |
Initial cost to company, Land | 703 |
Initial cost to company, Buildings | 7,070 |
Costs capitalized subsequent to acquisition, Land | 96 |
Costs capitalized subsequent to acquisition, Buildings | 714 |
Gross Amount at which carried at close of period, Land | 799 |
Gross Amount at which carried at close of period, Buildings | 7,784 |
Gross Amount at which carried at close of period, Total | 8,583 |
Depreciation | $ 2,576 |
Date of Construction or Acquisition | Sep. 01, 2008 |
Residential Property | Carlton Place | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Carlton Place | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Carr | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 583 |
Initial cost to company, Land | 66 |
Initial cost to company, Buildings | 759 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 41 |
Gross Amount at which carried at close of period, Land | 70 |
Gross Amount at which carried at close of period, Buildings | 800 |
Gross Amount at which carried at close of period, Total | 870 |
Depreciation | $ 116 |
Date of Construction or Acquisition | Jan. 17, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Cedars 4 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 134 |
Initial cost to company, Buildings | 1,068 |
Costs capitalized subsequent to acquisition, Buildings | 29 |
Gross Amount at which carried at close of period, Land | 134 |
Gross Amount at which carried at close of period, Buildings | 1,097 |
Gross Amount at which carried at close of period, Total | 1,231 |
Depreciation | $ 111 |
Date of Construction or Acquisition | Dec. 31, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Chandler 1802 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 613 |
Initial cost to company, Land | 133 |
Initial cost to company, Buildings | 1,114 |
Costs capitalized subsequent to acquisition, Buildings | 108 |
Gross Amount at which carried at close of period, Land | 133 |
Gross Amount at which carried at close of period, Buildings | 1,222 |
Gross Amount at which carried at close of period, Total | 1,355 |
Depreciation | $ 256 |
Date of Construction or Acquisition | Jan. 02, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Chandler 1834 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 399 |
Initial cost to company, Land | 112 |
Initial cost to company, Buildings | 552 |
Costs capitalized subsequent to acquisition, Buildings | 39 |
Gross Amount at which carried at close of period, Land | 112 |
Gross Amount at which carried at close of period, Buildings | 591 |
Gross Amount at which carried at close of period, Total | 703 |
Depreciation | $ 61 |
Date of Construction or Acquisition | Sep. 01, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Chandler 1866 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 318 |
Initial cost to company, Land | 31 |
Initial cost to company, Buildings | 270 |
Costs capitalized subsequent to acquisition, Buildings | 59 |
Gross Amount at which carried at close of period, Land | 31 |
Gross Amount at which carried at close of period, Buildings | 329 |
Gross Amount at which carried at close of period, Total | 360 |
Depreciation | $ 130 |
Date of Construction or Acquisition | Jan. 03, 2005 |
Residential Property | Chandler 1866 | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Chandler 1866 | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Chandler 1898 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 114 |
Initial cost to company, Buildings | 357 |
Gross Amount at which carried at close of period, Land | 114 |
Gross Amount at which carried at close of period, Buildings | 357 |
Gross Amount at which carried at close of period, Total | 471 |
Depreciation | $ 1 |
Date of Construction or Acquisition | Dec. 01, 2022 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Cherry Creek (FKA Village) | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 173 |
Initial cost to company, Buildings | 1,435 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 274 |
Gross Amount at which carried at close of period, Land | 174 |
Gross Amount at which carried at close of period, Buildings | 1,709 |
Gross Amount at which carried at close of period, Total | 1,883 |
Depreciation | $ 534 |
Date of Construction or Acquisition | Nov. 01, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Cityside Apartments | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 676 |
Initial cost to company, Land | 192 |
Initial cost to company, Buildings | 1,129 |
Costs capitalized subsequent to acquisition, Land | 6 |
Costs capitalized subsequent to acquisition, Buildings | 62 |
Gross Amount at which carried at close of period, Land | 198 |
Gross Amount at which carried at close of period, Buildings | 1,191 |
Gross Amount at which carried at close of period, Total | 1,389 |
Depreciation | $ 126 |
Date of Construction or Acquisition | Nov. 30, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Columbia Park Village I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 295 |
Initial cost to company, Land | 102 |
Initial cost to company, Buildings | 546 |
Gross Amount at which carried at close of period, Land | 102 |
Gross Amount at which carried at close of period, Buildings | 546 |
Gross Amount at which carried at close of period, Total | 648 |
Depreciation | $ 41 |
Date of Construction or Acquisition | Jan. 31, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Columbia West | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 2,379 |
Initial cost to company, Land | 294 |
Initial cost to company, Buildings | 3,367 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 591 |
Gross Amount at which carried at close of period, Land | 295 |
Gross Amount at which carried at close of period, Buildings | 3,958 |
Gross Amount at which carried at close of period, Total | 4,253 |
Depreciation | $ 1,298 |
Date of Construction or Acquisition | Sep. 01, 2008 |
Residential Property | Columbia West | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Columbia West | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Country Club | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,006 |
Initial cost to company, Land | 252 |
Initial cost to company, Buildings | 1,252 |
Costs capitalized subsequent to acquisition, Land | 2 |
Costs capitalized subsequent to acquisition, Buildings | 240 |
Gross Amount at which carried at close of period, Land | 254 |
Gross Amount at which carried at close of period, Buildings | 1,492 |
Gross Amount at which carried at close of period, Total | 1,746 |
Depreciation | $ 410 |
Date of Construction or Acquisition | May 02, 2011 |
Residential Property | Country Club | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Country Club | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Countryside | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 593 |
Initial cost to company, Land | 135 |
Initial cost to company, Buildings | 677 |
Costs capitalized subsequent to acquisition, Buildings | 68 |
Gross Amount at which carried at close of period, Land | 135 |
Gross Amount at which carried at close of period, Buildings | 745 |
Gross Amount at which carried at close of period, Total | 880 |
Depreciation | $ 203 |
Date of Construction or Acquisition | May 02, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Courtyard | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | St. Louis Park, MN |
Encumbrances | $ 2,865 |
Initial cost to company, Land | 2,270 |
Initial cost to company, Buildings | 5,681 |
Costs capitalized subsequent to acquisition, Buildings | 794 |
Gross Amount at which carried at close of period, Land | 2,270 |
Gross Amount at which carried at close of period, Buildings | 6,475 |
Gross Amount at which carried at close of period, Total | 8,745 |
Depreciation | $ 1,466 |
Date of Construction or Acquisition | Sep. 03, 2013 |
Residential Property | Courtyard | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Courtyard | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Dakota Manor | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,391 |
Initial cost to company, Land | 249 |
Initial cost to company, Buildings | 2,236 |
Costs capitalized subsequent to acquisition, Land | 20 |
Costs capitalized subsequent to acquisition, Buildings | 182 |
Gross Amount at which carried at close of period, Land | 269 |
Gross Amount at which carried at close of period, Buildings | 2,418 |
Gross Amount at which carried at close of period, Total | 2,687 |
Depreciation | $ 486 |
Date of Construction or Acquisition | Aug. 07, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Danbury | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,572 |
Initial cost to company, Land | 381 |
Initial cost to company, Buildings | 5,869 |
Costs capitalized subsequent to acquisition, Land | 211 |
Costs capitalized subsequent to acquisition, Buildings | 653 |
Gross Amount at which carried at close of period, Land | 592 |
Gross Amount at which carried at close of period, Buildings | 6,522 |
Gross Amount at which carried at close of period, Total | 7,114 |
Depreciation | $ 2,317 |
Date of Construction or Acquisition | Dec. 31, 2007 |
Residential Property | Danbury | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Danbury | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Dellwood Estates | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Anoka, MN |
Encumbrances | $ 6,177 |
Initial cost to company, Land | 844 |
Initial cost to company, Buildings | 9,924 |
Costs capitalized subsequent to acquisition, Buildings | 861 |
Gross Amount at which carried at close of period, Land | 844 |
Gross Amount at which carried at close of period, Buildings | 10,785 |
Gross Amount at which carried at close of period, Total | 11,629 |
Depreciation | $ 2,468 |
Date of Construction or Acquisition | May 31, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Deer Park | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Hutchinson, MN |
Encumbrances | $ 8,838 |
Initial cost to company, Land | 1,784 |
Initial cost to company, Buildings | 12,545 |
Gross Amount at which carried at close of period, Land | 1,784 |
Gross Amount at which carried at close of period, Buildings | 12,545 |
Gross Amount at which carried at close of period, Total | 14,329 |
Depreciation | $ 287 |
Date of Construction or Acquisition | Feb. 28, 2022 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Desoto Estates | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 4,155 |
Initial cost to company, Land | 955 |
Initial cost to company, Buildings | 4,869 |
Gross Amount at which carried at close of period, Land | 955 |
Gross Amount at which carried at close of period, Buildings | 4,869 |
Gross Amount at which carried at close of period, Total | 5,824 |
Depreciation | $ 81 |
Date of Construction or Acquisition | May 31, 2022 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Desoto Townhomes | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 1,589 |
Initial cost to company, Land | 464 |
Initial cost to company, Buildings | 2,767 |
Gross Amount at which carried at close of period, Land | 464 |
Gross Amount at which carried at close of period, Buildings | 2,767 |
Gross Amount at which carried at close of period, Total | 3,231 |
Depreciation | $ 46 |
Date of Construction or Acquisition | May 31, 2022 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Diamond Bend | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Mandan, ND |
Encumbrances | $ 6,825 |
Initial cost to company, Land | 722 |
Initial cost to company, Buildings | 9,789 |
Gross Amount at which carried at close of period, Land | 722 |
Gross Amount at which carried at close of period, Buildings | 9,789 |
Gross Amount at which carried at close of period, Total | 10,511 |
Depreciation | $ 143 |
Date of Construction or Acquisition | Jun. 10, 2022 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Eagle Run | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | West Fargo, ND |
Encumbrances | $ 3,659 |
Initial cost to company, Land | 576 |
Initial cost to company, Buildings | 5,787 |
Costs capitalized subsequent to acquisition, Land | 128 |
Costs capitalized subsequent to acquisition, Buildings | 180 |
Gross Amount at which carried at close of period, Land | 704 |
Gross Amount at which carried at close of period, Buildings | 5,967 |
Gross Amount at which carried at close of period, Total | 6,671 |
Depreciation | $ 1,822 |
Date of Construction or Acquisition | Aug. 12, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Eagle Sky I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 801 |
Initial cost to company, Land | 115 |
Initial cost to company, Buildings | 1,292 |
Costs capitalized subsequent to acquisition, Buildings | 104 |
Gross Amount at which carried at close of period, Land | 115 |
Gross Amount at which carried at close of period, Buildings | 1,396 |
Gross Amount at which carried at close of period, Total | 1,511 |
Depreciation | $ 248 |
Date of Construction or Acquisition | Mar. 01, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Eagle Sky II | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 801 |
Initial cost to company, Land | 135 |
Initial cost to company, Buildings | 1,279 |
Costs capitalized subsequent to acquisition, Buildings | 173 |
Gross Amount at which carried at close of period, Land | 135 |
Gross Amount at which carried at close of period, Buildings | 1,452 |
Gross Amount at which carried at close of period, Total | 1,587 |
Depreciation | $ 245 |
Date of Construction or Acquisition | Mar. 01, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | East Bridge | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 3,143 |
Initial cost to company, Land | 792 |
Initial cost to company, Buildings | 5,396 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 301 |
Gross Amount at which carried at close of period, Land | 793 |
Gross Amount at which carried at close of period, Buildings | 5,697 |
Gross Amount at which carried at close of period, Total | 6,490 |
Depreciation | $ 770 |
Date of Construction or Acquisition | Jul. 03, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Eastbrook | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 639 |
Initial cost to company, Land | 145 |
Initial cost to company, Buildings | 1,233 |
Gross Amount at which carried at close of period, Land | 145 |
Gross Amount at which carried at close of period, Buildings | 1,233 |
Gross Amount at which carried at close of period, Total | 1,378 |
Depreciation | $ 87 |
Date of Construction or Acquisition | Jan. 31, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Echo Manor | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Hutchinson, MN |
Encumbrances | $ 911 |
Initial cost to company, Land | 141 |
Initial cost to company, Buildings | 875 |
Costs capitalized subsequent to acquisition, Buildings | 118 |
Gross Amount at which carried at close of period, Land | 141 |
Gross Amount at which carried at close of period, Buildings | 993 |
Gross Amount at which carried at close of period, Total | 1,134 |
Depreciation | $ 215 |
Date of Construction or Acquisition | Jan. 02, 2014 |
Residential Property | Echo Manor | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Echo Manor | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Emerald Court | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 66 |
Initial cost to company, Buildings | 830 |
Costs capitalized subsequent to acquisition, Land | 11 |
Costs capitalized subsequent to acquisition, Buildings | 180 |
Gross Amount at which carried at close of period, Land | 77 |
Gross Amount at which carried at close of period, Buildings | 1,010 |
Gross Amount at which carried at close of period, Total | 1,087 |
Depreciation | $ 340 |
Date of Construction or Acquisition | Mar. 31, 2008 |
Residential Property | Emerald Court | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Emerald Court | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Essex | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 525 |
Initial cost to company, Land | 212 |
Initial cost to company, Buildings | 642 |
Costs capitalized subsequent to acquisition, Buildings | 68 |
Gross Amount at which carried at close of period, Land | 212 |
Gross Amount at which carried at close of period, Buildings | 710 |
Gross Amount at which carried at close of period, Total | 922 |
Depreciation | $ 98 |
Date of Construction or Acquisition | Jun. 01, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Evergreen Terrace | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Omaha, NE |
Encumbrances | $ 5,060 |
Initial cost to company, Land | 820 |
Initial cost to company, Buildings | 7,573 |
Costs capitalized subsequent to acquisition, Buildings | 84 |
Gross Amount at which carried at close of period, Land | 820 |
Gross Amount at which carried at close of period, Buildings | 7,657 |
Gross Amount at which carried at close of period, Total | 8,477 |
Depreciation | $ 399 |
Date of Construction or Acquisition | Dec. 17, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Fairview | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 2,502 |
Initial cost to company, Land | 267 |
Initial cost to company, Buildings | 3,978 |
Costs capitalized subsequent to acquisition, Land | 39 |
Costs capitalized subsequent to acquisition, Buildings | 918 |
Gross Amount at which carried at close of period, Land | 306 |
Gross Amount at which carried at close of period, Buildings | 4,896 |
Gross Amount at which carried at close of period, Total | 5,202 |
Depreciation | $ 1,527 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Residential Property | Fairview | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Fairview | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Flagstone | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 5,110 |
Initial cost to company, Land | 1,535 |
Initial cost to company, Buildings | 6,258 |
Gross Amount at which carried at close of period, Land | 1,535 |
Gross Amount at which carried at close of period, Buildings | 6,258 |
Gross Amount at which carried at close of period, Total | 7,793 |
Depreciation | $ 248 |
Date of Construction or Acquisition | Jun. 01, 2021 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Flickertail | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,799 |
Initial cost to company, Land | 426 |
Initial cost to company, Buildings | 5,590 |
Costs capitalized subsequent to acquisition, Land | 76 |
Costs capitalized subsequent to acquisition, Buildings | 1,674 |
Gross Amount at which carried at close of period, Land | 502 |
Gross Amount at which carried at close of period, Buildings | 7,264 |
Gross Amount at which carried at close of period, Total | 7,766 |
Depreciation | $ 2,132 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Forest Avenue | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 324 |
Initial cost to company, Land | 61 |
Initial cost to company, Buildings | 637 |
Costs capitalized subsequent to acquisition, Land | 8 |
Costs capitalized subsequent to acquisition, Buildings | 64 |
Gross Amount at which carried at close of period, Land | 69 |
Gross Amount at which carried at close of period, Buildings | 701 |
Gross Amount at which carried at close of period, Total | 770 |
Depreciation | $ 166 |
Date of Construction or Acquisition | Feb. 06, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Foxtail Creek Townhomes | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 267 |
Initial cost to company, Buildings | 1,221 |
Gross Amount at which carried at close of period, Land | 267 |
Gross Amount at which carried at close of period, Buildings | 1,221 |
Gross Amount at which carried at close of period, Total | 1,488 |
Depreciation | $ 71 |
Date of Construction or Acquisition | Sep. 15, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Galleria III | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 667 |
Initial cost to company, Land | 118 |
Initial cost to company, Buildings | 681 |
Costs capitalized subsequent to acquisition, Land | 2 |
Costs capitalized subsequent to acquisition, Buildings | 292 |
Gross Amount at which carried at close of period, Land | 120 |
Gross Amount at which carried at close of period, Buildings | 973 |
Gross Amount at which carried at close of period, Total | 1,093 |
Depreciation | $ 237 |
Date of Construction or Acquisition | Nov. 09, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Garden Grove | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 4,089 |
Initial cost to company, Land | 606 |
Initial cost to company, Buildings | 6,073 |
Costs capitalized subsequent to acquisition, Buildings | 168 |
Gross Amount at which carried at close of period, Land | 606 |
Gross Amount at which carried at close of period, Buildings | 6,241 |
Gross Amount at which carried at close of period, Total | 6,847 |
Depreciation | $ 1,050 |
Date of Construction or Acquisition | May 04, 2016 |
Residential Property | Garden Grove | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Garden Grove | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Georgetown on the River | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fridley, MN |
Encumbrances | $ 16,522 |
Initial cost to company, Land | 4,620 |
Initial cost to company, Buildings | 23,833 |
Costs capitalized subsequent to acquisition, Land | 8 |
Costs capitalized subsequent to acquisition, Buildings | 4,117 |
Gross Amount at which carried at close of period, Land | 4,628 |
Gross Amount at which carried at close of period, Buildings | 27,950 |
Gross Amount at which carried at close of period, Total | 32,578 |
Depreciation | $ 5,451 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Residential Property | Georgetown on the River | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Georgetown on the River | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Glen Pond | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Eagan, MN |
Encumbrances | $ 35,566 |
Initial cost to company, Land | 3,761 |
Initial cost to company, Buildings | 20,569 |
Costs capitalized subsequent to acquisition, Land | 38 |
Costs capitalized subsequent to acquisition, Buildings | 960 |
Gross Amount at which carried at close of period, Land | 3,799 |
Gross Amount at which carried at close of period, Buildings | 21,529 |
Gross Amount at which carried at close of period, Total | 25,328 |
Depreciation | $ 5,842 |
Date of Construction or Acquisition | Dec. 02, 2011 |
Residential Property | Glen Pond | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Glen Pond | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Glen Pond Addition | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Eagan, MN |
Encumbrances | $ 6,056 |
Initial cost to company, Land | 876 |
Initial cost to company, Buildings | 15,408 |
Gross Amount at which carried at close of period, Land | 876 |
Gross Amount at which carried at close of period, Buildings | 15,408 |
Gross Amount at which carried at close of period, Total | 16,284 |
Depreciation | $ 899 |
Date of Construction or Acquisition | Sep. 30, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Granger Court I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,908 |
Initial cost to company, Land | 279 |
Initial cost to company, Buildings | 1,926 |
Costs capitalized subsequent to acquisition, Land | 25 |
Costs capitalized subsequent to acquisition, Buildings | 301 |
Gross Amount at which carried at close of period, Land | 304 |
Gross Amount at which carried at close of period, Buildings | 2,227 |
Gross Amount at which carried at close of period, Total | 2,531 |
Depreciation | $ 479 |
Date of Construction or Acquisition | Jun. 04, 2013 |
Residential Property | Granger Court I | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Granger Court I | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Hannifin | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 403 |
Initial cost to company, Land | 81 |
Initial cost to company, Buildings | 607 |
Costs capitalized subsequent to acquisition, Land | 5 |
Costs capitalized subsequent to acquisition, Buildings | 52 |
Gross Amount at which carried at close of period, Land | 86 |
Gross Amount at which carried at close of period, Buildings | 659 |
Gross Amount at which carried at close of period, Total | 745 |
Depreciation | $ 147 |
Date of Construction or Acquisition | Nov. 01, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Harrison and Richfield | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 4,904 |
Initial cost to company, Land | 756 |
Initial cost to company, Buildings | 6,346 |
Costs capitalized subsequent to acquisition, Land | 7 |
Costs capitalized subsequent to acquisition, Buildings | 321 |
Gross Amount at which carried at close of period, Land | 763 |
Gross Amount at which carried at close of period, Buildings | 6,667 |
Gross Amount at which carried at close of period, Total | 7,430 |
Depreciation | $ 2,578 |
Date of Construction or Acquisition | Jul. 01, 2007 |
Residential Property | Harrison and Richfield | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Harrison and Richfield | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Hartford Apartments | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 833 |
Initial cost to company, Land | 154 |
Initial cost to company, Buildings | 1,233 |
Costs capitalized subsequent to acquisition, Buildings | 14 |
Gross Amount at which carried at close of period, Land | 154 |
Gross Amount at which carried at close of period, Buildings | 1,247 |
Gross Amount at which carried at close of period, Total | 1,401 |
Depreciation | $ 132 |
Date of Construction or Acquisition | Oct. 01, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Hawn | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,491 |
Initial cost to company, Land | 280 |
Initial cost to company, Buildings | 2,277 |
Gross Amount at which carried at close of period, Land | 280 |
Gross Amount at which carried at close of period, Buildings | 2,277 |
Gross Amount at which carried at close of period, Total | 2,557 |
Depreciation | $ 161 |
Date of Construction or Acquisition | Mar. 01, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Highland Meadows | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 5,440 |
Initial cost to company, Land | 1,532 |
Initial cost to company, Buildings | 8,513 |
Costs capitalized subsequent to acquisition, Buildings | 457 |
Gross Amount at which carried at close of period, Land | 1,532 |
Gross Amount at which carried at close of period, Buildings | 8,970 |
Gross Amount at which carried at close of period, Total | 10,502 |
Depreciation | $ 1,271 |
Date of Construction or Acquisition | May 01, 2017 |
Residential Property | Highland Meadows | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Highland Meadows | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Hunters Run I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 473 |
Initial cost to company, Land | 50 |
Initial cost to company, Buildings | 419 |
Costs capitalized subsequent to acquisition, Land | 5 |
Costs capitalized subsequent to acquisition, Buildings | (2) |
Gross Amount at which carried at close of period, Land | 55 |
Gross Amount at which carried at close of period, Buildings | 417 |
Gross Amount at which carried at close of period, Total | 472 |
Depreciation | $ 163 |
Date of Construction or Acquisition | Mar. 23, 2007 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Hunters Run II | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 430 |
Initial cost to company, Land | 44 |
Initial cost to company, Buildings | 441 |
Costs capitalized subsequent to acquisition, Land | 2 |
Gross Amount at which carried at close of period, Land | 46 |
Gross Amount at which carried at close of period, Buildings | 441 |
Gross Amount at which carried at close of period, Total | 487 |
Depreciation | $ 160 |
Date of Construction or Acquisition | Jul. 01, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Huntington | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 314 |
Initial cost to company, Land | 86 |
Initial cost to company, Buildings | 309 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 15 |
Gross Amount at which carried at close of period, Land | 90 |
Gross Amount at which carried at close of period, Buildings | 324 |
Gross Amount at which carried at close of period, Total | 414 |
Depreciation | $ 60 |
Date of Construction or Acquisition | Aug. 04, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Islander | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 732 |
Initial cost to company, Land | 98 |
Initial cost to company, Buildings | 884 |
Costs capitalized subsequent to acquisition, Land | 49 |
Costs capitalized subsequent to acquisition, Buildings | 115 |
Gross Amount at which carried at close of period, Land | 147 |
Gross Amount at which carried at close of period, Buildings | 999 |
Gross Amount at which carried at close of period, Total | 1,146 |
Depreciation | $ 270 |
Date of Construction or Acquisition | Jul. 01, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Jadestone | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 498 |
Initial cost to company, Land | 212 |
Initial cost to company, Buildings | 554 |
Costs capitalized subsequent to acquisition, Buildings | 127 |
Gross Amount at which carried at close of period, Land | 212 |
Gross Amount at which carried at close of period, Buildings | 681 |
Gross Amount at which carried at close of period, Total | 893 |
Depreciation | $ 90 |
Date of Construction or Acquisition | Jun. 01, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Kennedy | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 354 |
Initial cost to company, Land | 84 |
Initial cost to company, Buildings | 588 |
Costs capitalized subsequent to acquisition, Land | 7 |
Costs capitalized subsequent to acquisition, Buildings | 91 |
Gross Amount at which carried at close of period, Land | 91 |
Gross Amount at which carried at close of period, Buildings | 679 |
Gross Amount at which carried at close of period, Total | 770 |
Depreciation | $ 161 |
Date of Construction or Acquisition | Feb. 06, 2013 |
Residential Property | Kennedy | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Kennedy | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Library Lane | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 2,006 |
Initial cost to company, Land | 301 |
Initial cost to company, Buildings | 2,332 |
Costs capitalized subsequent to acquisition, Land | 16 |
Costs capitalized subsequent to acquisition, Buildings | 189 |
Gross Amount at which carried at close of period, Land | 317 |
Gross Amount at which carried at close of period, Buildings | 2,521 |
Gross Amount at which carried at close of period, Total | 2,838 |
Depreciation | $ 937 |
Date of Construction or Acquisition | Oct. 01, 2007 |
Residential Property | Library Lane | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Library Lane | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Madison | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 272 |
Initial cost to company, Land | 95 |
Initial cost to company, Buildings | 497 |
Costs capitalized subsequent to acquisition, Buildings | 100 |
Gross Amount at which carried at close of period, Land | 95 |
Gross Amount at which carried at close of period, Buildings | 597 |
Gross Amount at which carried at close of period, Total | 692 |
Depreciation | $ 102 |
Date of Construction or Acquisition | Sep. 01, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Maple Ridge | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Omaha, NE |
Encumbrances | $ 7,749 |
Initial cost to company, Land | 766 |
Initial cost to company, Buildings | 5,608 |
Costs capitalized subsequent to acquisition, Land | 59 |
Costs capitalized subsequent to acquisition, Buildings | 3,715 |
Gross Amount at which carried at close of period, Land | 825 |
Gross Amount at which carried at close of period, Buildings | 9,323 |
Gross Amount at which carried at close of period, Total | 10,148 |
Depreciation | $ 2,582 |
Date of Construction or Acquisition | Aug. 01, 2008 |
Residential Property | Maple Ridge | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Maple Ridge | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Maplewood | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Maplewood, MN |
Encumbrances | $ 8,556 |
Initial cost to company, Land | 3,120 |
Initial cost to company, Buildings | 11,655 |
Costs capitalized subsequent to acquisition, Buildings | 2,411 |
Gross Amount at which carried at close of period, Land | 3,120 |
Gross Amount at which carried at close of period, Buildings | 14,066 |
Gross Amount at which carried at close of period, Total | 17,186 |
Depreciation | $ 2,537 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Residential Property | Maplewood | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Maplewood | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,235 |
Initial cost to company, Land | 783 |
Initial cost to company, Buildings | 5,839 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 491 |
Gross Amount at which carried at close of period, Land | 784 |
Gross Amount at which carried at close of period, Buildings | 6,330 |
Gross Amount at which carried at close of period, Total | 7,114 |
Depreciation | $ 1,899 |
Date of Construction or Acquisition | Jan. 01, 2009 |
Residential Property | Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Martha Alice | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 421 |
Initial cost to company, Land | 74 |
Initial cost to company, Buildings | 738 |
Costs capitalized subsequent to acquisition, Land | 6 |
Costs capitalized subsequent to acquisition, Buildings | 183 |
Gross Amount at which carried at close of period, Land | 80 |
Gross Amount at which carried at close of period, Buildings | 921 |
Gross Amount at which carried at close of period, Total | 1,001 |
Depreciation | $ 279 |
Date of Construction or Acquisition | Aug. 31, 2009 |
Residential Property | Martha Alice | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Martha Alice | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Mayfair | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 80 |
Initial cost to company, Buildings | 1,043 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 123 |
Gross Amount at which carried at close of period, Land | 84 |
Gross Amount at which carried at close of period, Buildings | 1,166 |
Gross Amount at which carried at close of period, Total | 1,250 |
Depreciation | $ 394 |
Date of Construction or Acquisition | Jul. 01, 2008 |
Residential Property | Mayfair | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Mayfair | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Monticello | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 544 |
Initial cost to company, Land | 60 |
Initial cost to company, Buildings | 752 |
Costs capitalized subsequent to acquisition, Land | 14 |
Costs capitalized subsequent to acquisition, Buildings | 111 |
Gross Amount at which carried at close of period, Land | 74 |
Gross Amount at which carried at close of period, Buildings | 863 |
Gross Amount at which carried at close of period, Total | 937 |
Depreciation | $ 184 |
Date of Construction or Acquisition | Nov. 08, 2013 |
Residential Property | Monticello | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Monticello | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Montreal Courts | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Little Canada, MN |
Encumbrances | $ 16,802 |
Initial cost to company, Land | 5,809 |
Initial cost to company, Buildings | 19,565 |
Costs capitalized subsequent to acquisition, Land | 15 |
Costs capitalized subsequent to acquisition, Buildings | 3,605 |
Gross Amount at which carried at close of period, Land | 5,824 |
Gross Amount at which carried at close of period, Buildings | 23,170 |
Gross Amount at which carried at close of period, Total | 28,994 |
Depreciation | $ 4,961 |
Date of Construction or Acquisition | Oct. 02, 2013 |
Residential Property | Montreal Courts | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Montreal Courts | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Morningside Apartments | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 458 |
Initial cost to company, Land | 85 |
Initial cost to company, Buildings | 673 |
Costs capitalized subsequent to acquisition, Buildings | 42 |
Gross Amount at which carried at close of period, Land | 85 |
Gross Amount at which carried at close of period, Buildings | 715 |
Gross Amount at which carried at close of period, Total | 800 |
Depreciation | $ 71 |
Date of Construction or Acquisition | Nov. 30, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Newgate | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 1,503 |
Initial cost to company, Land | 538 |
Initial cost to company, Buildings | 1,755 |
Gross Amount at which carried at close of period, Land | 538 |
Gross Amount at which carried at close of period, Buildings | 1,755 |
Gross Amount at which carried at close of period, Total | 2,293 |
Depreciation | $ 15 |
Date of Construction or Acquisition | Sep. 13, 2022 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Oak Court | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,502 |
Initial cost to company, Land | 270 |
Initial cost to company, Buildings | 2,210 |
Costs capitalized subsequent to acquisition, Land | 29 |
Costs capitalized subsequent to acquisition, Buildings | 436 |
Gross Amount at which carried at close of period, Land | 299 |
Gross Amount at which carried at close of period, Buildings | 2,646 |
Gross Amount at which carried at close of period, Total | 2,945 |
Depreciation | $ 899 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Residential Property | Oak Court | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 28 years |
Residential Property | Oak Court | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Oakview Townhomes | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 3,473 |
Initial cost to company, Land | 822 |
Initial cost to company, Buildings | 4,698 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 471 |
Gross Amount at which carried at close of period, Land | 823 |
Gross Amount at which carried at close of period, Buildings | 5,169 |
Gross Amount at which carried at close of period, Total | 5,992 |
Depreciation | $ 767 |
Date of Construction or Acquisition | Jan. 11, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Oxford | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 6,679 |
Initial cost to company, Land | 1,655 |
Initial cost to company, Buildings | 8,563 |
Gross Amount at which carried at close of period, Land | 1,655 |
Gross Amount at which carried at close of period, Buildings | 8,563 |
Gross Amount at which carried at close of period, Total | 10,218 |
Depreciation | $ 321 |
Date of Construction or Acquisition | Jul. 01, 2021 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Pacific Park I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 526 |
Initial cost to company, Land | 95 |
Initial cost to company, Buildings | 777 |
Costs capitalized subsequent to acquisition, Land | 3 |
Costs capitalized subsequent to acquisition, Buildings | 130 |
Gross Amount at which carried at close of period, Land | 98 |
Gross Amount at which carried at close of period, Buildings | 907 |
Gross Amount at which carried at close of period, Total | 1,005 |
Depreciation | $ 205 |
Date of Construction or Acquisition | Feb. 06, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Pacific Park II | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 450 |
Initial cost to company, Land | 111 |
Initial cost to company, Buildings | 865 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 140 |
Gross Amount at which carried at close of period, Land | 115 |
Gross Amount at which carried at close of period, Buildings | 1,005 |
Gross Amount at which carried at close of period, Total | 1,120 |
Depreciation | $ 225 |
Date of Construction or Acquisition | Feb. 06, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Pacific South | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 278 |
Initial cost to company, Land | 58 |
Initial cost to company, Buildings | 459 |
Costs capitalized subsequent to acquisition, Land | 2 |
Costs capitalized subsequent to acquisition, Buildings | 16 |
Gross Amount at which carried at close of period, Land | 60 |
Gross Amount at which carried at close of period, Buildings | 475 |
Gross Amount at which carried at close of period, Total | 535 |
Depreciation | $ 114 |
Date of Construction or Acquisition | Feb. 06, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Park Circle | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 547 |
Initial cost to company, Land | 196 |
Initial cost to company, Buildings | 716 |
Costs capitalized subsequent to acquisition, Land | 7 |
Costs capitalized subsequent to acquisition, Buildings | 17 |
Gross Amount at which carried at close of period, Land | 203 |
Gross Amount at which carried at close of period, Buildings | 733 |
Gross Amount at which carried at close of period, Total | 936 |
Depreciation | $ 102 |
Date of Construction or Acquisition | Jun. 01, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Parkview Arms | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Initial cost to company, Land | $ 373 |
Initial cost to company, Buildings | 3,845 |
Costs capitalized subsequent to acquisition, Buildings | 365 |
Gross Amount at which carried at close of period, Land | 373 |
Gross Amount at which carried at close of period, Buildings | 4,210 |
Gross Amount at which carried at close of period, Total | 4,583 |
Depreciation | $ 784 |
Date of Construction or Acquisition | May 13, 2015 |
Residential Property | Parkview Arms | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Parkview Arms | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Parkwest Gardens | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | West Fargo, ND |
Encumbrances | $ 3,010 |
Initial cost to company, Land | 713 |
Initial cost to company, Buildings | 5,712 |
Costs capitalized subsequent to acquisition, Land | 39 |
Costs capitalized subsequent to acquisition, Buildings | 1,390 |
Gross Amount at which carried at close of period, Land | 752 |
Gross Amount at which carried at close of period, Buildings | 7,102 |
Gross Amount at which carried at close of period, Total | 7,854 |
Depreciation | $ 1,396 |
Date of Construction or Acquisition | Jun. 30, 2014 |
Residential Property | Parkwest Gardens | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Parkwest Gardens | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Parkwood | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 126 |
Initial cost to company, Buildings | 1,143 |
Costs capitalized subsequent to acquisition, Land | 14 |
Costs capitalized subsequent to acquisition, Buildings | 23 |
Gross Amount at which carried at close of period, Land | 140 |
Gross Amount at which carried at close of period, Buildings | 1,166 |
Gross Amount at which carried at close of period, Total | 1,306 |
Depreciation | $ 407 |
Date of Construction or Acquisition | Aug. 01, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Pebble Creek | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 3,588 |
Initial cost to company, Land | 260 |
Initial cost to company, Buildings | 2,818 |
Costs capitalized subsequent to acquisition, Land | 31 |
Costs capitalized subsequent to acquisition, Buildings | (62) |
Gross Amount at which carried at close of period, Land | 291 |
Gross Amount at which carried at close of period, Buildings | 2,756 |
Gross Amount at which carried at close of period, Total | 3,047 |
Depreciation | $ 958 |
Date of Construction or Acquisition | Mar. 19, 2008 |
Residential Property | Pebble Creek | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Pebble Creek | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Pinehurst | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 9,716 |
Initial cost to company, Land | 2,368 |
Initial cost to company, Buildings | 12,614 |
Gross Amount at which carried at close of period, Land | 2,368 |
Gross Amount at which carried at close of period, Buildings | 12,614 |
Gross Amount at which carried at close of period, Total | 14,982 |
Depreciation | $ 473 |
Date of Construction or Acquisition | Jul. 01, 2021 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Plumtree | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 516 |
Initial cost to company, Land | 100 |
Initial cost to company, Buildings | 782 |
Costs capitalized subsequent to acquisition, Buildings | 29 |
Gross Amount at which carried at close of period, Land | 100 |
Gross Amount at which carried at close of period, Buildings | 811 |
Gross Amount at which carried at close of period, Total | 911 |
Depreciation | $ 114 |
Date of Construction or Acquisition | May 01, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Prairiewood Courts | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 308 |
Initial cost to company, Buildings | 1,730 |
Costs capitalized subsequent to acquisition, Land | 28 |
Costs capitalized subsequent to acquisition, Buildings | 143 |
Gross Amount at which carried at close of period, Land | 336 |
Gross Amount at which carried at close of period, Buildings | 1,873 |
Gross Amount at which carried at close of period, Total | 2,209 |
Depreciation | $ 725 |
Date of Construction or Acquisition | Sep. 01, 2006 |
Residential Property | Prairiewood Courts | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Prairiewood Courts | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Prairiewood Meadows | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 3,781 |
Initial cost to company, Land | 736 |
Initial cost to company, Buildings | 852 |
Costs capitalized subsequent to acquisition, Land | 11 |
Costs capitalized subsequent to acquisition, Buildings | 367 |
Gross Amount at which carried at close of period, Land | 747 |
Gross Amount at which carried at close of period, Buildings | 1,219 |
Gross Amount at which carried at close of period, Total | 1,966 |
Depreciation | $ 232 |
Date of Construction or Acquisition | Sep. 30, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Prose Fossil Creek | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fort Worth, TX |
Initial cost to company, Land | $ 5,451 |
Initial cost to company, Buildings | 46,811 |
Gross Amount at which carried at close of period, Land | 5,451 |
Gross Amount at which carried at close of period, Buildings | 46,811 |
Gross Amount at which carried at close of period, Total | 52,262 |
Depreciation | $ 98 |
Date of Construction or Acquisition | Dec. 29, 2022 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Quail Creek | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Springfield, MO |
Encumbrances | $ 5,317 |
Initial cost to company, Land | 1,529 |
Initial cost to company, Buildings | 7,396 |
Costs capitalized subsequent to acquisition, Buildings | 1,656 |
Gross Amount at which carried at close of period, Land | 1,529 |
Gross Amount at which carried at close of period, Buildings | 9,052 |
Gross Amount at which carried at close of period, Total | 10,581 |
Depreciation | $ 1,537 |
Date of Construction or Acquisition | Feb. 03, 2015 |
Residential Property | Quail Creek | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Quail Creek | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Robinwood | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Coon Rapids, MN |
Encumbrances | $ 4,129 |
Initial cost to company, Land | 1,380 |
Initial cost to company, Buildings | 6,133 |
Costs capitalized subsequent to acquisition, Buildings | 711 |
Gross Amount at which carried at close of period, Land | 1,380 |
Gross Amount at which carried at close of period, Buildings | 6,844 |
Gross Amount at which carried at close of period, Total | 8,224 |
Depreciation | $ 1,333 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Rosedale Estates | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Roseville, MN |
Encumbrances | $ 13,916 |
Initial cost to company, Land | 4,680 |
Initial cost to company, Buildings | 20,591 |
Costs capitalized subsequent to acquisition, Buildings | 836 |
Gross Amount at which carried at close of period, Land | 4,680 |
Gross Amount at which carried at close of period, Buildings | 21,427 |
Gross Amount at which carried at close of period, Total | 26,107 |
Depreciation | $ 4,289 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Residential Property | Rosedale Estates | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Rosedale Estates | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Rosegate | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,888 |
Initial cost to company, Land | 251 |
Initial cost to company, Buildings | 2,978 |
Costs capitalized subsequent to acquisition, Land | 49 |
Costs capitalized subsequent to acquisition, Buildings | 132 |
Gross Amount at which carried at close of period, Land | 300 |
Gross Amount at which carried at close of period, Buildings | 3,110 |
Gross Amount at which carried at close of period, Total | 3,410 |
Depreciation | $ 1,136 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Residential Property | Rosegate | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Rosegate | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Rosser | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 688 |
Initial cost to company, Land | 156 |
Initial cost to company, Buildings | 1,216 |
Costs capitalized subsequent to acquisition, Buildings | 86 |
Gross Amount at which carried at close of period, Land | 156 |
Gross Amount at which carried at close of period, Buildings | 1,302 |
Gross Amount at which carried at close of period, Total | 1,458 |
Depreciation | $ 88 |
Date of Construction or Acquisition | Mar. 01, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Roughrider | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 373 |
Initial cost to company, Land | 100 |
Initial cost to company, Buildings | 448 |
Costs capitalized subsequent to acquisition, Buildings | 117 |
Gross Amount at which carried at close of period, Land | 100 |
Gross Amount at which carried at close of period, Buildings | 565 |
Gross Amount at which carried at close of period, Total | 665 |
Depreciation | $ 93 |
Date of Construction or Acquisition | Aug. 01, 2016 |
Residential Property | Roughrider | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Roughrider | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Saddlebrook | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | West Fargo, ND |
Encumbrances | $ 1,306 |
Initial cost to company, Land | 148 |
Initial cost to company, Buildings | 1,262 |
Costs capitalized subsequent to acquisition, Land | 203 |
Costs capitalized subsequent to acquisition, Buildings | 105 |
Gross Amount at which carried at close of period, Land | 351 |
Gross Amount at which carried at close of period, Buildings | 1,367 |
Gross Amount at which carried at close of period, Total | 1,718 |
Depreciation | $ 462 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sage Park | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | New Brighton, MN |
Encumbrances | $ 9,307 |
Initial cost to company, Land | 2,520 |
Initial cost to company, Buildings | 13,985 |
Costs capitalized subsequent to acquisition, Buildings | 1,061 |
Gross Amount at which carried at close of period, Land | 2,520 |
Gross Amount at which carried at close of period, Buildings | 15,046 |
Gross Amount at which carried at close of period, Total | 17,566 |
Depreciation | $ 3,031 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sage Park | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Sargent | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 940 |
Initial cost to company, Land | 164 |
Initial cost to company, Buildings | 1,529 |
Costs capitalized subsequent to acquisition, Land | 4 |
Costs capitalized subsequent to acquisition, Buildings | 17 |
Gross Amount at which carried at close of period, Land | 168 |
Gross Amount at which carried at close of period, Buildings | 1,546 |
Gross Amount at which carried at close of period, Total | 1,714 |
Depreciation | $ 233 |
Date of Construction or Acquisition | Jan. 10, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Schrock | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 425 |
Initial cost to company, Land | 71 |
Initial cost to company, Buildings | 626 |
Costs capitalized subsequent to acquisition, Land | 3 |
Costs capitalized subsequent to acquisition, Buildings | 66 |
Gross Amount at which carried at close of period, Land | 74 |
Gross Amount at which carried at close of period, Buildings | 692 |
Gross Amount at which carried at close of period, Total | 766 |
Depreciation | $ 152 |
Date of Construction or Acquisition | Jun. 04, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sheridan Pointe | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,976 |
Initial cost to company, Land | 292 |
Initial cost to company, Buildings | 2,387 |
Costs capitalized subsequent to acquisition, Land | 21 |
Costs capitalized subsequent to acquisition, Buildings | 39 |
Gross Amount at which carried at close of period, Land | 313 |
Gross Amount at which carried at close of period, Buildings | 2,426 |
Gross Amount at which carried at close of period, Total | 2,739 |
Depreciation | $ 547 |
Date of Construction or Acquisition | Oct. 01, 2013 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sierra Ridge | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 6,575 |
Initial cost to company, Land | 754 |
Initial cost to company, Buildings | 8,795 |
Costs capitalized subsequent to acquisition, Land | 151 |
Costs capitalized subsequent to acquisition, Buildings | 863 |
Gross Amount at which carried at close of period, Land | 905 |
Gross Amount at which carried at close of period, Buildings | 9,658 |
Gross Amount at which carried at close of period, Total | 10,563 |
Depreciation | $ 2,987 |
Date of Construction or Acquisition | Sep. 01, 2006 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Somerset | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 300 |
Initial cost to company, Buildings | 3,400 |
Costs capitalized subsequent to acquisition, Land | 43 |
Costs capitalized subsequent to acquisition, Buildings | 57 |
Gross Amount at which carried at close of period, Land | 343 |
Gross Amount at which carried at close of period, Buildings | 3,457 |
Gross Amount at which carried at close of period, Total | 3,800 |
Depreciation | $ 1,235 |
Date of Construction or Acquisition | Jul. 01, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Southgate | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,744 |
Initial cost to company, Land | 803 |
Initial cost to company, Buildings | 5,267 |
Costs capitalized subsequent to acquisition, Land | 20 |
Costs capitalized subsequent to acquisition, Buildings | 64 |
Gross Amount at which carried at close of period, Land | 823 |
Gross Amount at which carried at close of period, Buildings | 5,331 |
Gross Amount at which carried at close of period, Total | 6,154 |
Depreciation | $ 2,015 |
Date of Construction or Acquisition | Jul. 01, 2007 |
Residential Property | Southgate | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Southgate | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Southview III | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 99 |
Initial cost to company, Buildings | 522 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 116 |
Gross Amount at which carried at close of period, Land | 100 |
Gross Amount at which carried at close of period, Buildings | 638 |
Gross Amount at which carried at close of period, Total | 738 |
Depreciation | $ 170 |
Date of Construction or Acquisition | Aug. 01, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Southview Villages | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,376 |
Initial cost to company, Land | 268 |
Initial cost to company, Buildings | 2,483 |
Costs capitalized subsequent to acquisition, Land | 16 |
Costs capitalized subsequent to acquisition, Buildings | 645 |
Gross Amount at which carried at close of period, Land | 284 |
Gross Amount at which carried at close of period, Buildings | 3,128 |
Gross Amount at which carried at close of period, Total | 3,412 |
Depreciation | $ 1,012 |
Date of Construction or Acquisition | Oct. 01, 2007 |
Residential Property | Southview Villages | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Southview Villages | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Spring | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 429 |
Initial cost to company, Land | 76 |
Initial cost to company, Buildings | 822 |
Costs capitalized subsequent to acquisition, Land | 75 |
Costs capitalized subsequent to acquisition, Buildings | 24 |
Gross Amount at which carried at close of period, Land | 151 |
Gross Amount at which carried at close of period, Buildings | 846 |
Gross Amount at which carried at close of period, Total | 997 |
Depreciation | $ 210 |
Date of Construction or Acquisition | Feb. 06, 2013 |
Residential Property | Spring | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Spring | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Stanford Court | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 291 |
Initial cost to company, Buildings | 3,866 |
Costs capitalized subsequent to acquisition, Buildings | 454 |
Gross Amount at which carried at close of period, Land | 291 |
Gross Amount at which carried at close of period, Buildings | 4,320 |
Gross Amount at which carried at close of period, Total | 4,611 |
Depreciation | $ 997 |
Date of Construction or Acquisition | Feb. 06, 2013 |
Residential Property | Stanford Court | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Stanford Court | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Stonefield-Phase I | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 7,500 |
Initial cost to company, Land | 2,804 |
Initial cost to company, Buildings | 11,060 |
Costs capitalized subsequent to acquisition, Land | 227 |
Costs capitalized subsequent to acquisition, Buildings | 802 |
Gross Amount at which carried at close of period, Land | 3,031 |
Gross Amount at which carried at close of period, Buildings | 11,862 |
Gross Amount at which carried at close of period, Total | 14,893 |
Depreciation | $ 2,273 |
Date of Construction or Acquisition | Aug. 01, 2014 |
Residential Property | Stonefield-Phase I | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Stonefield-Phase I | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Stonefield-Phase II | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 4,766 |
Initial cost to company, Land | 1,201 |
Initial cost to company, Buildings | 3,678 |
Costs capitalized subsequent to acquisition, Land | 486 |
Costs capitalized subsequent to acquisition, Buildings | 5,754 |
Gross Amount at which carried at close of period, Land | 1,687 |
Gross Amount at which carried at close of period, Buildings | 9,432 |
Gross Amount at which carried at close of period, Total | 11,119 |
Depreciation | $ 1,345 |
Date of Construction or Acquisition | Oct. 23, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Stonefield-Phase III | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Initial cost to company, Land | $ 1,079 |
Costs capitalized subsequent to acquisition, Land | 238 |
Gross Amount at which carried at close of period, Land | 1,317 |
Gross Amount at which carried at close of period, Total | $ 1,317 |
Date of Construction or Acquisition | Oct. 23, 2014 |
Residential Property | Stonybrook | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Omaha, NE |
Encumbrances | $ 6,124 |
Initial cost to company, Land | 1,439 |
Initial cost to company, Buildings | 8,003 |
Costs capitalized subsequent to acquisition, Buildings | 1,574 |
Gross Amount at which carried at close of period, Land | 1,439 |
Gross Amount at which carried at close of period, Buildings | 9,577 |
Gross Amount at which carried at close of period, Total | 11,016 |
Depreciation | $ 3,088 |
Date of Construction or Acquisition | Jan. 20, 2009 |
Residential Property | Stonybrook | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Stonybrook | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Summerfield | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 469 |
Initial cost to company, Land | 129 |
Initial cost to company, Buildings | 599 |
Costs capitalized subsequent to acquisition, Land | 6 |
Costs capitalized subsequent to acquisition, Buildings | 82 |
Gross Amount at which carried at close of period, Land | 135 |
Gross Amount at which carried at close of period, Buildings | 681 |
Gross Amount at which carried at close of period, Total | 816 |
Depreciation | $ 120 |
Date of Construction or Acquisition | Aug. 04, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Summit Point | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 3,284 |
Initial cost to company, Land | 681 |
Initial cost to company, Buildings | 5,434 |
Costs capitalized subsequent to acquisition, Land | 22 |
Costs capitalized subsequent to acquisition, Buildings | 449 |
Gross Amount at which carried at close of period, Land | 703 |
Gross Amount at which carried at close of period, Buildings | 5,883 |
Gross Amount at which carried at close of period, Total | 6,586 |
Depreciation | $ 1,020 |
Date of Construction or Acquisition | Oct. 01, 2015 |
Residential Property | Summit Point | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Summit Point | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sunchase | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,011 |
Initial cost to company, Land | 181 |
Initial cost to company, Buildings | 1,563 |
Costs capitalized subsequent to acquisition, Land | 14 |
Costs capitalized subsequent to acquisition, Buildings | 86 |
Gross Amount at which carried at close of period, Land | 195 |
Gross Amount at which carried at close of period, Buildings | 1,649 |
Gross Amount at which carried at close of period, Total | 1,844 |
Depreciation | $ 234 |
Date of Construction or Acquisition | May 01, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sunset Ridge | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bismarck, ND |
Encumbrances | $ 10,813 |
Initial cost to company, Land | 1,759 |
Initial cost to company, Buildings | 9,560 |
Costs capitalized subsequent to acquisition, Land | 36 |
Costs capitalized subsequent to acquisition, Buildings | 145 |
Gross Amount at which carried at close of period, Land | 1,795 |
Gross Amount at which carried at close of period, Buildings | 9,705 |
Gross Amount at which carried at close of period, Total | 11,500 |
Depreciation | $ 3,234 |
Date of Construction or Acquisition | Jun. 06, 2008 |
Residential Property | Sunset Ridge | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Residential Property | Sunset Ridge | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sunview | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 144 |
Initial cost to company, Buildings | 1,578 |
Costs capitalized subsequent to acquisition, Land | 2 |
Costs capitalized subsequent to acquisition, Buildings | 241 |
Gross Amount at which carried at close of period, Land | 146 |
Gross Amount at which carried at close of period, Buildings | 1,819 |
Gross Amount at which carried at close of period, Total | 1,965 |
Depreciation | $ 587 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Residential Property | Sunview | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Sunview | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Sunwood | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,491 |
Initial cost to company, Land | 358 |
Initial cost to company, Buildings | 3,252 |
Costs capitalized subsequent to acquisition, Land | 38 |
Costs capitalized subsequent to acquisition, Buildings | 541 |
Gross Amount at which carried at close of period, Land | 396 |
Gross Amount at which carried at close of period, Buildings | 3,793 |
Gross Amount at which carried at close of period, Total | 4,189 |
Depreciation | $ 1,304 |
Date of Construction or Acquisition | Jul. 01, 2007 |
Residential Property | Sunwood | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Sunwood | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Thunder Creek | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,645 |
Initial cost to company, Land | 633 |
Initial cost to company, Buildings | 4,063 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 551 |
Gross Amount at which carried at close of period, Land | 634 |
Gross Amount at which carried at close of period, Buildings | 4,614 |
Gross Amount at which carried at close of period, Total | 5,248 |
Depreciation | $ 525 |
Date of Construction or Acquisition | Mar. 01, 2018 |
Residential Property | Thunder Creek | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 25 years |
Residential Property | Thunder Creek | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Twin Oaks | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Hutchinson, MN |
Encumbrances | $ 5,203 |
Initial cost to company, Land | 816 |
Initial cost to company, Buildings | 3,245 |
Costs capitalized subsequent to acquisition, Buildings | 149 |
Gross Amount at which carried at close of period, Land | 816 |
Gross Amount at which carried at close of period, Buildings | 3,394 |
Gross Amount at which carried at close of period, Total | 4,210 |
Depreciation | $ 692 |
Date of Construction or Acquisition | Oct. 01, 2014 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Twin Parks | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 119 |
Initial cost to company, Buildings | 2,072 |
Costs capitalized subsequent to acquisition, Land | 43 |
Costs capitalized subsequent to acquisition, Buildings | 227 |
Gross Amount at which carried at close of period, Land | 162 |
Gross Amount at which carried at close of period, Buildings | 2,299 |
Gross Amount at which carried at close of period, Total | 2,461 |
Depreciation | $ 757 |
Date of Construction or Acquisition | Oct. 01, 2008 |
Residential Property | Twin Parks | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Twin Parks | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Valley Homes Duplexes | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 998 |
Initial cost to company, Land | 356 |
Initial cost to company, Buildings | 1,668 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 418 |
Gross Amount at which carried at close of period, Land | 357 |
Gross Amount at which carried at close of period, Buildings | 2,086 |
Gross Amount at which carried at close of period, Total | 2,443 |
Depreciation | $ 390 |
Date of Construction or Acquisition | Jan. 22, 2015 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Valley View | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Golden Valley, MN |
Encumbrances | $ 4,107 |
Initial cost to company, Land | 1,190 |
Initial cost to company, Buildings | 6,076 |
Costs capitalized subsequent to acquisition, Buildings | 458 |
Gross Amount at which carried at close of period, Land | 1,190 |
Gross Amount at which carried at close of period, Buildings | 6,534 |
Gross Amount at which carried at close of period, Total | 7,724 |
Depreciation | $ 1,274 |
Date of Construction or Acquisition | Dec. 19, 2014 |
Residential Property | Valley View | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Valley View | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Village Park | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 609 |
Initial cost to company, Land | 219 |
Initial cost to company, Buildings | 1,932 |
Costs capitalized subsequent to acquisition, Land | 51 |
Costs capitalized subsequent to acquisition, Buildings | 80 |
Gross Amount at which carried at close of period, Land | 270 |
Gross Amount at which carried at close of period, Buildings | 2,012 |
Gross Amount at which carried at close of period, Total | 2,282 |
Depreciation | $ 725 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Village West | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,154 |
Initial cost to company, Land | 357 |
Initial cost to company, Buildings | 2,274 |
Costs capitalized subsequent to acquisition, Land | 61 |
Costs capitalized subsequent to acquisition, Buildings | 126 |
Gross Amount at which carried at close of period, Land | 418 |
Gross Amount at which carried at close of period, Buildings | 2,400 |
Gross Amount at which carried at close of period, Total | 2,818 |
Depreciation | $ 836 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Washington | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Encumbrances | $ 350 |
Initial cost to company, Land | 74 |
Initial cost to company, Buildings | 592 |
Costs capitalized subsequent to acquisition, Buildings | 75 |
Gross Amount at which carried at close of period, Land | 74 |
Gross Amount at which carried at close of period, Buildings | 667 |
Gross Amount at which carried at close of period, Total | 741 |
Depreciation | $ 108 |
Date of Construction or Acquisition | May 04, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Westcourt | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,294 |
Initial cost to company, Land | 287 |
Initial cost to company, Buildings | 2,914 |
Costs capitalized subsequent to acquisition, Land | 28 |
Costs capitalized subsequent to acquisition, Buildings | 195 |
Gross Amount at which carried at close of period, Land | 315 |
Gross Amount at which carried at close of period, Buildings | 3,109 |
Gross Amount at which carried at close of period, Total | 3,424 |
Depreciation | $ 702 |
Date of Construction or Acquisition | Jan. 02, 2014 |
Residential Property | Westcourt | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Residential Property | Westcourt | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | West Oak | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 608 |
Initial cost to company, Land | 85 |
Initial cost to company, Buildings | 692 |
Costs capitalized subsequent to acquisition, Land | 47 |
Costs capitalized subsequent to acquisition, Buildings | 36 |
Gross Amount at which carried at close of period, Land | 132 |
Gross Amount at which carried at close of period, Buildings | 728 |
Gross Amount at which carried at close of period, Total | 860 |
Depreciation | $ 116 |
Date of Construction or Acquisition | Jan. 17, 2017 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Westside | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Hawley, MN |
Encumbrances | $ 456 |
Initial cost to company, Land | 59 |
Initial cost to company, Buildings | 360 |
Costs capitalized subsequent to acquisition, Buildings | 99 |
Gross Amount at which carried at close of period, Land | 59 |
Gross Amount at which carried at close of period, Buildings | 459 |
Gross Amount at which carried at close of period, Total | 518 |
Depreciation | $ 127 |
Date of Construction or Acquisition | Feb. 01, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Westwind | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 561 |
Initial cost to company, Land | 49 |
Initial cost to company, Buildings | 455 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 95 |
Gross Amount at which carried at close of period, Land | 50 |
Gross Amount at which carried at close of period, Buildings | 550 |
Gross Amount at which carried at close of period, Total | 600 |
Depreciation | $ 206 |
Date of Construction or Acquisition | Apr. 30, 2008 |
Residential Property | Westwind | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Westwind | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Westwood | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 3,108 |
Initial cost to company, Land | 597 |
Initial cost to company, Buildings | 6,341 |
Costs capitalized subsequent to acquisition, Land | 91 |
Costs capitalized subsequent to acquisition, Buildings | 764 |
Gross Amount at which carried at close of period, Land | 688 |
Gross Amount at which carried at close of period, Buildings | 7,105 |
Gross Amount at which carried at close of period, Total | 7,793 |
Depreciation | $ 2,378 |
Date of Construction or Acquisition | Jun. 05, 2008 |
Residential Property | Westwood | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 20 years |
Residential Property | Westwood | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Willow Park | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 3,228 |
Initial cost to company, Land | 288 |
Initial cost to company, Buildings | 5,286 |
Costs capitalized subsequent to acquisition, Land | 39 |
Costs capitalized subsequent to acquisition, Buildings | 799 |
Gross Amount at which carried at close of period, Land | 327 |
Gross Amount at which carried at close of period, Buildings | 6,085 |
Gross Amount at which carried at close of period, Total | 6,412 |
Depreciation | $ 1,943 |
Date of Construction or Acquisition | Dec. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Wolf Creek | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 2,979 |
Initial cost to company, Land | 1,082 |
Initial cost to company, Buildings | 4,210 |
Costs capitalized subsequent to acquisition, Buildings | 28 |
Gross Amount at which carried at close of period, Land | 1,082 |
Gross Amount at which carried at close of period, Buildings | 4,238 |
Gross Amount at which carried at close of period, Total | 5,320 |
Depreciation | $ 319 |
Date of Construction or Acquisition | Jan. 12, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Residential Property | Woodland Pines | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Omaha, NE |
Encumbrances | $ 6,047 |
Initial cost to company, Land | 842 |
Initial cost to company, Buildings | 10,596 |
Costs capitalized subsequent to acquisition, Buildings | 1,372 |
Gross Amount at which carried at close of period, Land | 842 |
Gross Amount at which carried at close of period, Buildings | 11,968 |
Gross Amount at which carried at close of period, Total | 12,810 |
Depreciation | $ 1,199 |
Date of Construction or Acquisition | Nov. 30, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 61,337 |
Initial cost to company, Land | 14,072 |
Initial cost to company, Buildings | 70,295 |
Costs capitalized subsequent to acquisition, Land | 121 |
Costs capitalized subsequent to acquisition, Buildings | 25,430 |
Gross Amount at which carried at close of period, Land | 14,193 |
Gross Amount at which carried at close of period, Buildings | 95,725 |
Gross Amount at which carried at close of period, Total | 109,918 |
Depreciation | $ 26,361 |
Office Property | 32nd Avenue | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 4,763 |
Initial cost to company, Land | 635 |
Initial cost to company, Buildings | 3,298 |
Costs capitalized subsequent to acquisition, Land | 87 |
Costs capitalized subsequent to acquisition, Buildings | 1,226 |
Gross Amount at which carried at close of period, Land | 722 |
Gross Amount at which carried at close of period, Buildings | 4,524 |
Gross Amount at which carried at close of period, Total | 5,246 |
Depreciation | $ 1,651 |
Date of Construction or Acquisition | Mar. 16, 2004 |
Office Property | 32nd Avenue | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 3 years |
Office Property | 32nd Avenue | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Bell Plaza | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Bloomington, MN |
Encumbrances | $ 30,662 |
Initial cost to company, Land | 6,912 |
Initial cost to company, Buildings | 34,672 |
Costs capitalized subsequent to acquisition, Buildings | 4,635 |
Gross Amount at which carried at close of period, Land | 6,912 |
Gross Amount at which carried at close of period, Buildings | 39,307 |
Gross Amount at which carried at close of period, Total | 46,219 |
Depreciation | $ 11,707 |
Date of Construction or Acquisition | Aug. 13, 2015 |
Office Property | Bell Plaza | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 3 years |
Office Property | Bell Plaza | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Trustmark | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 6,915 |
Initial cost to company, Land | 2,089 |
Initial cost to company, Buildings | 4,718 |
Costs capitalized subsequent to acquisition, Land | 14 |
Costs capitalized subsequent to acquisition, Buildings | 6,298 |
Gross Amount at which carried at close of period, Land | 2,103 |
Gross Amount at which carried at close of period, Buildings | 11,016 |
Gross Amount at which carried at close of period, Total | 13,119 |
Depreciation | $ 712 |
Date of Construction or Acquisition | Aug. 28, 2020 |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | First International Bank & Trust | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Moorhead, MN |
Initial cost to company, Land | $ 210 |
Initial cost to company, Buildings | 712 |
Costs capitalized subsequent to acquisition, Land | 5 |
Costs capitalized subsequent to acquisition, Buildings | 88 |
Gross Amount at which carried at close of period, Land | 215 |
Gross Amount at which carried at close of period, Buildings | 800 |
Gross Amount at which carried at close of period, Total | 1,015 |
Depreciation | $ 295 |
Date of Construction or Acquisition | May 13, 2011 |
Office Property | First International Bank & Trust | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 10 years |
Office Property | First International Bank & Trust | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Four Points | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Initial cost to company, Land | $ 70 |
Initial cost to company, Buildings | 1,238 |
Costs capitalized subsequent to acquisition, Buildings | 175 |
Gross Amount at which carried at close of period, Land | 70 |
Gross Amount at which carried at close of period, Buildings | 1,413 |
Gross Amount at which carried at close of period, Total | 1,483 |
Depreciation | $ 520 |
Date of Construction or Acquisition | Oct. 18, 2007 |
Office Property | Four Points | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Office Property | Four Points | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Gate City | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Grand Forks, ND |
Initial cost to company, Land | $ 382 |
Initial cost to company, Buildings | 893 |
Costs capitalized subsequent to acquisition, Land | 1 |
Costs capitalized subsequent to acquisition, Buildings | 810 |
Gross Amount at which carried at close of period, Land | 383 |
Gross Amount at which carried at close of period, Buildings | 1,703 |
Gross Amount at which carried at close of period, Total | 2,086 |
Depreciation | $ 405 |
Date of Construction or Acquisition | Mar. 31, 2008 |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Goldmark Office Park | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 12,362 |
Initial cost to company, Land | 1,160 |
Initial cost to company, Buildings | 11,788 |
Costs capitalized subsequent to acquisition, Land | 65 |
Costs capitalized subsequent to acquisition, Buildings | 8,832 |
Gross Amount at which carried at close of period, Land | 1,225 |
Gross Amount at which carried at close of period, Buildings | 20,620 |
Gross Amount at which carried at close of period, Total | 21,845 |
Depreciation | $ 5,289 |
Date of Construction or Acquisition | Jul. 01, 2007 |
Office Property | Goldmark Office Park | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 1 year |
Office Property | Goldmark Office Park | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Great American Bldg | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,064 |
Initial cost to company, Land | 511 |
Initial cost to company, Buildings | 1,290 |
Costs capitalized subsequent to acquisition, Land | 22 |
Costs capitalized subsequent to acquisition, Buildings | 447 |
Gross Amount at which carried at close of period, Land | 533 |
Gross Amount at which carried at close of period, Buildings | 1,737 |
Gross Amount at which carried at close of period, Total | 2,270 |
Depreciation | $ 760 |
Date of Construction or Acquisition | Feb. 01, 2005 |
Office Property | Great American Bldg | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 28 years |
Office Property | Great American Bldg | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Midtown Plaza | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Minot, ND |
Encumbrances | $ 1,103 |
Initial cost to company, Land | 30 |
Initial cost to company, Buildings | 1,213 |
Costs capitalized subsequent to acquisition, Buildings | 97 |
Gross Amount at which carried at close of period, Land | 30 |
Gross Amount at which carried at close of period, Buildings | 1,310 |
Gross Amount at which carried at close of period, Total | 1,340 |
Depreciation | $ 565 |
Date of Construction or Acquisition | Jan. 01, 2004 |
Office Property | Midtown Plaza | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 5 years |
Office Property | Midtown Plaza | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Parkway office building (FKA Echelon) | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fargo, ND |
Encumbrances | $ 1,619 |
Initial cost to company, Land | 278 |
Initial cost to company, Buildings | 1,491 |
Costs capitalized subsequent to acquisition, Land | 42 |
Costs capitalized subsequent to acquisition, Buildings | 82 |
Gross Amount at which carried at close of period, Land | 320 |
Gross Amount at which carried at close of period, Buildings | 1,573 |
Gross Amount at which carried at close of period, Total | 1,893 |
Depreciation | $ 611 |
Date of Construction or Acquisition | May 15, 2007 |
Office Property | Parkway office building (FKA Echelon) | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 9 years |
Office Property | Parkway office building (FKA Echelon) | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Redpath | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | White Bear Lake, MN |
Encumbrances | $ 2,849 |
Initial cost to company, Land | 1,195 |
Initial cost to company, Buildings | 1,787 |
Gross Amount at which carried at close of period, Land | 1,195 |
Gross Amount at which carried at close of period, Buildings | 1,787 |
Gross Amount at which carried at close of period, Total | 2,982 |
Depreciation | $ 309 |
Date of Construction or Acquisition | Feb. 01, 2016 |
Life on which depreciation on latest income statement is computed | 40 years |
Office Property | Wells Fargo Center | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Duluth, MN |
Initial cost to company, Land | $ 600 |
Initial cost to company, Buildings | 7,195 |
Costs capitalized subsequent to acquisition, Land | (115) |
Costs capitalized subsequent to acquisition, Buildings | 2,740 |
Gross Amount at which carried at close of period, Land | 485 |
Gross Amount at which carried at close of period, Buildings | 9,935 |
Gross Amount at which carried at close of period, Total | 10,420 |
Depreciation | $ 3,537 |
Date of Construction or Acquisition | Jul. 11, 2007 |
Office Property | Wells Fargo Center | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 4 years |
Office Property | Wells Fargo Center | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Encumbrances | $ 13,527 |
Initial cost to company, Land | 8,275 |
Initial cost to company, Buildings | 23,698 |
Costs capitalized subsequent to acquisition, Land | 11 |
Costs capitalized subsequent to acquisition, Buildings | 81 |
Gross Amount at which carried at close of period, Land | 8,286 |
Gross Amount at which carried at close of period, Buildings | 23,779 |
Gross Amount at which carried at close of period, Total | 32,065 |
Depreciation | $ 7,462 |
Retail Property | Applebees, Coon Rapids, MN | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Coon Rapids, MN |
Initial cost to company, Land | $ 750 |
Initial cost to company, Buildings | 875 |
Costs capitalized subsequent to acquisition, Land | 8 |
Gross Amount at which carried at close of period, Land | 758 |
Gross Amount at which carried at close of period, Buildings | 875 |
Gross Amount at which carried at close of period, Total | 1,633 |
Depreciation | $ 281 |
Date of Construction or Acquisition | Mar. 09, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Dairy Queen, Apple Valley, MN | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Apple Valley, MN |
Encumbrances | $ 1,898 |
Initial cost to company, Land | 845 |
Initial cost to company, Buildings | 828 |
Gross Amount at which carried at close of period, Land | 845 |
Gross Amount at which carried at close of period, Buildings | 828 |
Gross Amount at which carried at close of period, Total | 1,673 |
Depreciation | $ 90 |
Date of Construction or Acquisition | Sep. 17, 2018 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Dairy Queen, Dickinson, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Dickinson, ND |
Initial cost to company, Land | $ 329 |
Initial cost to company, Buildings | 658 |
Costs capitalized subsequent to acquisition, Land | 1 |
Gross Amount at which carried at close of period, Land | 330 |
Gross Amount at which carried at close of period, Buildings | 658 |
Gross Amount at which carried at close of period, Total | 988 |
Depreciation | $ 181 |
Date of Construction or Acquisition | Jan. 19, 2012 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Dairy Queen, Moorhead, MN | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Moorhead, MN |
Initial cost to company, Land | $ 243 |
Initial cost to company, Buildings | 787 |
Costs capitalized subsequent to acquisition, Land | 2 |
Gross Amount at which carried at close of period, Land | 245 |
Gross Amount at which carried at close of period, Buildings | 787 |
Gross Amount at which carried at close of period, Total | 1,032 |
Depreciation | $ 230 |
Date of Construction or Acquisition | May 13, 2011 |
Life on which depreciation on latest income statement is computed | 20 years |
Retail Property | Family Dollar, Mandan, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Mandan, ND |
Initial cost to company, Land | $ 166 |
Initial cost to company, Buildings | 649 |
Costs capitalized subsequent to acquisition, Buildings | 54 |
Gross Amount at which carried at close of period, Land | 166 |
Gross Amount at which carried at close of period, Buildings | 703 |
Gross Amount at which carried at close of period, Total | 869 |
Depreciation | $ 198 |
Date of Construction or Acquisition | Dec. 14, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | OReilly, Mandan, ND | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Mandan, ND |
Initial cost to company, Land | $ 115 |
Initial cost to company, Buildings | 449 |
Costs capitalized subsequent to acquisition, Buildings | 27 |
Gross Amount at which carried at close of period, Land | 115 |
Gross Amount at which carried at close of period, Buildings | 476 |
Gross Amount at which carried at close of period, Total | 591 |
Depreciation | $ 138 |
Date of Construction or Acquisition | Dec. 14, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Walgreens, Alexandria, LA | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Alexandria, LA |
Encumbrances | $ 548 |
Initial cost to company, Land | 1,090 |
Initial cost to company, Buildings | 2,973 |
Gross Amount at which carried at close of period, Land | 1,090 |
Gross Amount at which carried at close of period, Buildings | 2,973 |
Gross Amount at which carried at close of period, Total | 4,063 |
Depreciation | $ 969 |
Date of Construction or Acquisition | Dec. 18, 2009 |
Retail Property | Walgreens, Alexandria, LA | Minimum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 28 years |
Retail Property | Walgreens, Alexandria, LA | Maximum | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Walgreens, Batesville, AR | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Batesville, AR |
Encumbrances | $ 4,623 |
Initial cost to company, Land | 472 |
Initial cost to company, Buildings | 6,405 |
Gross Amount at which carried at close of period, Land | 472 |
Gross Amount at which carried at close of period, Buildings | 6,405 |
Gross Amount at which carried at close of period, Total | 6,877 |
Depreciation | $ 2,162 |
Date of Construction or Acquisition | Jul. 09, 2009 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Walgreens, Denver, CO | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Denver, CO |
Encumbrances | $ 2,984 |
Initial cost to company, Land | 2,349 |
Initial cost to company, Buildings | 2,358 |
Gross Amount at which carried at close of period, Land | 2,349 |
Gross Amount at which carried at close of period, Buildings | 2,358 |
Gross Amount at which carried at close of period, Total | 4,707 |
Depreciation | $ 683 |
Date of Construction or Acquisition | Jun. 14, 2011 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Walgreens, Fayetteville, AR | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Fayetteville, AR |
Encumbrances | $ 3,474 |
Initial cost to company, Land | 636 |
Initial cost to company, Buildings | 4,732 |
Gross Amount at which carried at close of period, Land | 636 |
Gross Amount at which carried at close of period, Buildings | 4,732 |
Gross Amount at which carried at close of period, Total | 5,368 |
Depreciation | $ 1,597 |
Date of Construction or Acquisition | Jul. 09, 2009 |
Life on which depreciation on latest income statement is computed | 40 years |
Retail Property | Walgreens, Laurel, MS | |
SEC Schedule III, Real Estate and Accumulated Depreciation | |
Physical Location | Laurel, MS |
Initial cost to company, Land | $ 1,280 |
Initial cost to company, Buildings | 2,984 |
Gross Amount at which carried at close of period, Land | 1,280 |
Gross Amount at which carried at close of period, Buildings | 2,984 |
Gross Amount at which carried at close of period, Total | 4,264 |
Depreciation | $ 933 |
Date of Construction or Acquisition | Jul. 30, 2010 |
Life on which depreciation on latest income statement is computed | 40 years |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Changes in Real Estate Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Beginning balance | $ 896,702 | $ 845,288 | $ 802,028 |
Purchase of real estate investments | 103,252 | 63,299 | 57,799 |
Sale and disposal of real estate investment | (26,960) | (8,184) | (15,467) |
Property held for sale | 1,578 | (1,578) | |
Provision for asset impairment | (561) | 0 | 0 |
Construction in progress not yet placed in service | (1,285) | (5,279) | 2,506 |
Ending balance | $ 971,148 | $ 896,702 | $ 845,288 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Changes in Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |||
Beginning balance | $ 179,155 | $ 160,575 | $ 146,316 |
Depreciation expense | 22,161 | 20,917 | 19,770 |
Property held for sale | 749 | (749) | |
Sale and disposal of real estate investment | (6,467) | (3,086) | (4,762) |
Ending balance | $ 194,849 | $ 179,155 | $ 160,575 |