Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 14, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-35624 | ||
Entity Registrant Name | CENTERSPACE | ||
Entity Incorporation, State or Country Code | ND | ||
Entity Tax Identification Number | 45-0311232 | ||
Entity Address, Address Line One | 3100 10th Street SW | ||
Entity Address, Address Line Two | Post Office Box 1988 | ||
Entity Address, City or Town | Minot | ||
Entity Address, State or Province | ND | ||
Entity Address, Postal Zip Code | 58702-1988 | ||
City Area Code | 701 | ||
Local Phone Number | 837-4738 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,244,106,497 | ||
Entity Common Stock, Outstanding | 15,026,314 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference: Portions of Centerspace's definitive Proxy Statement for its 2023 Annual Meeting of Shareholders will be incorporated by reference into Part III (Items 10, 11, 12, 13 and 14) hereof. | ||
Entity Central Index Key | 0000798359 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Shares of Beneficial Interest, no par value | ||
Trading Symbol | CSR | ||
Security Exchange Name | NYSE | ||
Series C Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Series C Cumulative Redeemable Preferred Shares | ||
Trading Symbol | CSR-PRC | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 248 |
Auditor Name | GRANT THORNTON LLP |
Auditor Location | Minneapolis, Minnesota |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real estate investments | ||
Property owned | $ 2,534,124 | $ 2,271,170 |
Less accumulated depreciation | (535,401) | (443,592) |
Total property owned | 1,998,723 | 1,827,578 |
Mortgage loans receivable | 0 | 43,276 |
Total real estate investments | 1,998,723 | 1,870,854 |
Cash and cash equivalents | 10,458 | 31,267 |
Restricted cash | 1,433 | 7,358 |
Other assets | 22,687 | 30,582 |
TOTAL ASSETS | 2,033,301 | 1,940,061 |
LIABILITIES | ||
Accounts payable and accrued expenses | 58,812 | 62,403 |
Revolving lines of credit | 113,500 | 76,000 |
Notes payable, net of unamortized loan costs of $993 and $656, respectively | 399,007 | 299,344 |
Mortgages payable, net of unamortized loan costs of $3,615 and $3,187, respectively | 495,126 | 480,703 |
TOTAL LIABILITIES | 1,066,445 | 918,450 |
COMMITMENTS AND CONTINGENCIES (NOTE 12) | ||
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 166 units issued and outstanding at December 31, 2022 and 2021, aggregate liquidation preference of $16,560) | 16,560 | 25,331 |
Investors Real Estate Trust shareholders’ equity | ||
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 3,881 shares issued and outstanding at December 31, 2022 and 2021, aggregate liquidation preference of $97,036) | 93,530 | 93,530 |
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 15,020 shares issued and outstanding at December 31, 2022 and 15,016 shares issued and outstanding at December 31, 2021) | 1,177,484 | 1,157,255 |
Accumulated distributions in excess of net income | (539,422) | (474,318) |
Accumulated other comprehensive income (loss) | (2,055) | (4,435) |
Total shareholders’ equity | 729,537 | 772,032 |
Noncontrolling interests – Operating Partnership and Series E preferred units | 220,132 | 223,600 |
Noncontrolling interests – consolidated real estate entities | 627 | 648 |
TOTAL EQUITY | 950,296 | 996,280 |
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY | $ 2,033,301 | $ 1,940,061 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
EQUITY | ||
Preferred units, shares issued (in shares) | 166 | 166 |
Preferred units, shares outstanding (in shares) | 166 | 166 |
Preferred units, liquidation preference | $ 16,560 | $ 16,560 |
Preferred shares, issued (in shares) | 3,881 | 3,881 |
Preferred shares, outstanding (in shares) | 3,881 | 3,881 |
Preferred shares, liquidation preference | $ 97,036 | $ 97,036 |
Common stock issued (in shares) | 15,020 | 15,016 |
Common shares outstanding (in shares) | 15,020 | 15,016 |
Term loans | ||
LIABILITIES | ||
Unamortized loan costs | $ 993 | $ 656 |
Mortgages | ||
LIABILITIES | ||
Unamortized loan costs | $ 3,615 | $ 3,187 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Revenue | $ 256,716 | $ 201,705 | $ 177,994 |
EXPENSES | |||
Property operating expenses, excluding real estate taxes | 80,070 | 57,753 | 51,625 |
Real estate taxes | 28,567 | 24,104 | 21,533 |
Property management expense | 9,895 | 8,752 | 5,801 |
Casualty loss | 1,591 | 344 | 1,662 |
Depreciation and amortization | 105,257 | 92,165 | 75,593 |
General and administrative expenses | 17,516 | 16,213 | 13,440 |
TOTAL EXPENSES | 242,896 | 199,331 | 169,654 |
Gain (loss) on sale of real estate and other investments | 41 | 27,518 | 25,503 |
Operating income (loss) | 13,861 | 29,892 | 33,843 |
Interest expense | (32,750) | (29,078) | (27,525) |
Interest and other income (loss) | 1,248 | (2,915) | (1,575) |
Net income (loss) | (17,641) | (2,101) | 4,743 |
Dividends to preferred unitholders | (640) | (640) | (640) |
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | 4,299 | 2,806 | 212 |
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities | (127) | (94) | 126 |
Net income (loss) attributable to controlling interests | (14,109) | (29) | 4,441 |
Dividends to preferred shareholders | (6,428) | (6,428) | (6,528) |
Redemption of preferred shares | 0 | 0 | 297 |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ (20,537) | $ (6,457) | $ (1,790) |
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC (in dollars per share) | $ (1.35) | $ (0.47) | $ (0.15) |
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) | $ (1.35) | $ (0.47) | $ (0.15) |
Weighted average shares - basic (in shares) | 15,216 | 13,803 | 12,564 |
Weighted average shares - diluted (in shares) | 15,216 | 13,803 | 12,564 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (17,641) | $ (2,101) | $ 4,743 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) from derivative instrument | 1,581 | 2,383 | (11,068) |
(Gain) loss on derivative instrument reclassified into earnings | 799 | 9,087 | 2,770 |
Total comprehensive income (loss) | (15,261) | 9,369 | (3,555) |
Net comprehensive (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | 4,708 | 4,407 | 882 |
Net comprehensive (income) loss attributable to noncontrolling interests – consolidated real estate entities | (127) | (94) | 126 |
Comprehensive income (loss) attributable to controlling interests | $ (10,680) | $ 13,682 | $ (2,547) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Shares | Common Shares | Accumulated Distributions In Excess of Net Income | Accumulated Other Comprehensive Income | Nonredeemable Noncontrolling Interest | Series C Preferred Stock | Series C Preferred Stock Accumulated Distributions In Excess of Net Income | Series E Preferred Stock | Series E Preferred Stock Common Shares | Series E Preferred Stock Nonredeemable Noncontrolling Interest |
Beginning balance at Dec. 31, 2019 | $ 679,902 | $ 99,456 | $ 917,400 | $ (390,196) | $ (7,607) | $ 60,849 | |||||
Beginning balance (in shares) at Dec. 31, 2019 | 12,098 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) attributable to controlling interest and noncontrolling interests | 4,103 | 4,441 | (338) | ||||||||
Change in fair value of derivatives | (8,298) | (8,298) | |||||||||
Distributions - commons shares and units | (38,537) | (35,695) | (2,842) | ||||||||
Distributions - Series C preferred shares | (6,528) | $ (6,528) | $ (6,528) | ||||||||
Share-based compensation, net of forfeitures (in shares) | 20 | ||||||||||
Share-based compensation, net of forfeitures | 2,106 | $ 2,106 | |||||||||
Sale of common shares, net (in shares) | 829 | ||||||||||
Sale of common shares, net | 58,852 | $ 58,852 | |||||||||
Number of units redeemed (in shares) | 81 | ||||||||||
Redemption of Units for common shares | 0 | $ (1,750) | 1,750 | ||||||||
Shares repurchased | (5,629) | (5,926) | 297 | ||||||||
Acquisition of redeemable noncontrolling interests | (12,221) | $ (7,584) | (4,637) | ||||||||
Other (in shares) | (1) | ||||||||||
Other | (927) | $ (761) | (166) | ||||||||
Ending balance at Dec. 31, 2020 | 672,823 | 93,530 | $ 968,263 | (427,681) | (15,905) | 54,616 | |||||
Ending balance (in shares) at Dec. 31, 2020 | 13,027 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) attributable to controlling interest and noncontrolling interests | (2,741) | (29) | (2,712) | ||||||||
Change in fair value of derivatives | 11,470 | 11,470 | |||||||||
Distributions - commons shares and units | (42,669) | (40,180) | (2,489) | ||||||||
Distributions - Series C preferred shares | (6,428) | (6,428) | (6,428) | ||||||||
Distributions - Series E preferred units | $ (2,343) | $ (2,343) | |||||||||
Share-based compensation, net of forfeitures (in shares) | 28 | ||||||||||
Share-based compensation, net of forfeitures | 2,689 | $ 2,689 | |||||||||
Sale of common shares, net (in shares) | 1,817 | ||||||||||
Sale of common shares, net | 156,038 | $ 156,038 | |||||||||
Issuance of units | 217,513 | $ 44,905 | 172,608 | ||||||||
Number of units redeemed (in shares) | 144 | ||||||||||
Redemption of Units for common shares | 0 | $ (4,714) | 4,714 | ||||||||
Change in value of Series D preferred units | (8,771) | (8,771) | |||||||||
Other | (1,301) | (1,155) | (146) | ||||||||
Ending balance at Dec. 31, 2021 | 996,280 | 93,530 | $ 1,157,255 | (474,318) | (4,435) | 224,248 | |||||
Ending balance (in shares) at Dec. 31, 2021 | 15,016 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) attributable to controlling interest and noncontrolling interests | (18,281) | (14,109) | (4,172) | ||||||||
Change in fair value of derivatives | 2,380 | 2,380 | |||||||||
Distributions - commons shares and units | (47,445) | (44,567) | (2,878) | ||||||||
Distributions - Series C preferred shares | (6,428) | $ (6,428) | $ (6,428) | ||||||||
Distributions - Series E preferred units | (7,029) | (7,029) | |||||||||
Share-based compensation, net of forfeitures (in shares) | 25 | ||||||||||
Share-based compensation, net of forfeitures | 2,615 | $ 2,615 | |||||||||
Sale of common shares, net (in shares) | 321 | ||||||||||
Sale of common shares, net | 31,439 | $ 31,439 | |||||||||
Issuance of units | 22,882 | $ 13,023 | 9,859 | ||||||||
Number of units redeemed (in shares) | 24 | 67 | |||||||||
Redemption of Units for common shares | 0 | $ (1,353) | 1,353 | $ 0 | $ (3,667) | $ 3,667 | |||||
Redemption of Units for cash | (4,141) | (4,141) | |||||||||
Shares repurchased (in shares) | 432 | ||||||||||
Shares repurchased | (29,059) | $ (29,059) | |||||||||
Change in value of Series D preferred units | 8,771 | 8,771 | |||||||||
Shares withheld for taxes | (1,284) | $ (1,284) | |||||||||
Other (in shares) | (1) | ||||||||||
Other | (404) | $ (256) | (148) | ||||||||
Ending balance at Dec. 31, 2022 | $ 950,296 | $ 93,530 | $ 1,177,484 | $ (539,422) | $ (2,055) | $ 220,759 | |||||
Ending balance (in shares) at Dec. 31, 2022 | 15,020 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common stock, dividends declared (in dollar per share) | $ 2.92 | $ 2.84 | $ 2.80 |
Series C Preferred Stock | |||
Preferred Stock, dividends declared (in dollar per share) | 1.65625 | 1.65625 | $ 1.65625 |
Series E Preferred Stock | |||
Preferred Stock, dividends declared (in dollar per share) | $ 3.875 | $ 1.291667 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ (17,641) | $ (2,101) | $ 4,743 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 106,208 | 93,110 | 76,596 |
(Gain) loss on sale of real estate, land, and other investments | (41) | (27,518) | (25,503) |
Realized (gain) loss on marketable securities | 0 | 0 | 3,378 |
Share-based compensation expense | 2,615 | 2,689 | 2,106 |
(Gain) loss on interest rate swap termination, amortization, and mark-to-market | (118) | 4,931 | 0 |
Provision for bad debt | 1,355 | 2,304 | 2,332 |
Other, net | (392) | 265 | 1,333 |
Changes in other assets and liabilities: | |||
Other assets | (645) | (5,402) | (4,818) |
Accounts payable and accrued expenses | 650 | 15,750 | 1,061 |
Net cash provided (used) by operating activities | 91,991 | 84,028 | 61,228 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Proceeds from repayment of mortgage loans receivable | 0 | 0 | 10,020 |
Proceeds from sale of marketable securities | 0 | 0 | 3,856 |
Increase in mortgages and notes receivable | 0 | (18,614) | (24,862) |
Proceeds from sale of real estate and other investments | 41 | 61,334 | 43,686 |
Payments for acquisitions of real estate assets | (104,666) | (273,566) | (168,696) |
Payments for improvements of real estate assets | (56,568) | (31,303) | (28,638) |
Payments for non-real estate assets | (122) | (1,264) | (1,677) |
Other investing activities | 1,221 | (3,812) | 1,346 |
Net cash provided (used) by investing activities | (160,094) | (267,225) | (164,965) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from mortgages payable | 0 | 196,725 | 0 |
Principal payments on mortgages payable | (28,960) | (36,282) | (33,422) |
Proceeds from revolving lines of credit | 191,860 | 258,580 | 155,028 |
Principal payments on revolving lines of credit | (154,360) | (335,451) | (52,235) |
Net proceeds from notes payable and other debt | 99,529 | 174,544 | 0 |
Principal payments on notes payable and other debt | 0 | (145,000) | 0 |
Payments for termination of interest rate swaps | (3,209) | (3,804) | 0 |
Proceeds from sale of common shares, net of issuance costs | 31,439 | 156,038 | 58,852 |
Payments for acquisition of noncontrolling interests – consolidated real estate entities | 0 | 0 | (12,221) |
Repurchase of common shares | (29,059) | 0 | 0 |
Repurchase of preferred shares | 0 | 0 | (5,629) |
Repurchase of partnership units | (4,141) | 0 | (50) |
Distributions paid to common shareholders | (44,461) | (38,487) | (35,045) |
Distributions paid to preferred shareholders | (6,428) | (6,428) | (6,528) |
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units | (9,797) | (4,916) | (2,900) |
Distributions paid to preferred unitholders | (640) | (640) | (640) |
Other financing activities | (404) | (367) | (280) |
Net cash provided (used) by financing activities | 41,369 | 214,512 | 64,930 |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (26,734) | 31,315 | (38,807) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR | 38,625 | 7,310 | 46,117 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | 11,891 | 38,625 | 7,310 |
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued capital expenditures | 6,008 | 5,253 | 4,302 |
Operating partnership units converted to common shares | (1,353) | (4,714) | (1,750) |
Distributions declared but not paid | 11,625 | 11,411 | 9,802 |
Retirement of shares withheld for taxes | 1,284 | 933 | 0 |
Real estate assets acquired through assumption of debt | 41,623 | 20,000 | 0 |
Real estate assets acquired through issuance of operating partnership units | 22,882 | 0 | 0 |
Fair value adjustment to debt | 1,224 | 2,367 | 0 |
Series E preferred units converted to common shares | (3,667) | 0 | 0 |
Change in value of Series D preferred units | 8,771 | (8,771) | 0 |
Real estate assets acquired through exchange of note receivable | 43,276 | 0 | 17,663 |
Note receivable exchanged through real estate acquisition | (43,276) | 0 | (17,663) |
Real estate acquired through issuance of Series E preferred units | 0 | 217,513 | 0 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash paid for interest | 31,272 | 26,528 | 26,051 |
Cash and cash equivalents | 10,458 | 31,267 | 392 |
Restricted cash | 1,433 | 7,358 | 6,918 |
Total cash, cash equivalents and restricted cash | $ 11,891 | $ 38,625 | $ 7,310 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Centerspace (“Centerspace,” “we,” “our,” or “us”) is a real estate investment trust (“REIT”) focused on the ownership, management, acquisition, redevelopment and development of apartment communities. As of December 31, 2022, we held for investment 84 apartment communities with 15,065 homes. We conduct a majority of our business activities through our consolidated operating partnership, Centerspace, LP, (the “Operating Partnership”), as well as through a number of other subsidiary entities. All references to Centerspace, we, our, or us refer to Centerspace and its consolidated subsidiaries. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The accompanying consolidated financial statements include our accounts and the accounts of all our subsidiaries in which we maintain a controlling interest, including the Operating Partnership, and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All intercompany balances and transactions are eliminated in consolidation. Our interest in the Operating Partnership as of December 31, 2022 and 2021 was 82.9% and 83.3%, respectively, of the limited partnership units of the Operating Partnership (“Units”), which includes 100% of the general partnership interest. The consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partner’s or controlling interest. These entities are consolidated into our other operations with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income, and expenses. USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. RECLASSIFICATIONS Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. These reclassifications had no impact on net income as reported in the consolidated statement of operations, total assets, liabilities or equity as reported in the consolidated balance sheets and total shareholder’s equity. We reclassified certain items within cash flows from investing activities on the Consolidated Statements of Cash Flows. REAL ESTATE INVESTMENTS Real estate investments are recorded at cost less accumulated depreciation and an adjustment for impairment, if any. Property, consisting primarily of real estate investments, totaled $2.0 billion and $1.8 billion as of December 31, 2022 and 2021, respectively. Upon acquisitions of real estate, we assess the fair value of acquired tangible assets (including land, buildings and personal property), which is determined by valuing the property as if it were vacant, and consider whether there were significant intangible assets acquired (for example, above- and below-market leases, the value of acquired in-place leases and resident relationships) and assumed liabilities, and allocate the purchase price based on these assessments. The as-if-vacant value is allocated to land, buildings, and personal property based on our determination of the relative fair values of these assets. The estimated fair value of the property is the amount that would be recoverable upon the disposition of the property. Techniques used to estimate fair value include discounted cash flow analysis and reference to recent sales of comparable properties. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property. Land value is assigned based on the purchase price if land is acquired separately or based on a relative fair value allocation if acquired in a portfolio acquisition. Other intangible assets acquired include amounts for in-place lease values that are based upon our evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include an estimate of carrying costs and foregone rental income during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. We also consider information about each property obtained during pre-acquisition due diligence, marketing, and leasing activities in estimating the relative fair value of the tangible and intangible assets acquired. Acquired above- and below-market lease values are recorded as the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. We use a 10-37 year estimated life for buildings and improvements and a 5-10 year estimated life for furniture, fixtures, and equipment. Land is not depreciated. We follow the real estate project costs guidance in ASC 970, Real Estate – General, in accounting for the costs of development and redevelopment projects. As real estate is undergoing development or redevelopment, all project costs directly associated with and attributable to the development and construction of a project, including interest expense and real estate tax expense, are capitalized to the cost of the real property. The capitalization period begins when development activities and expenditures begin and are identifiable to a specific property and ends upon completion, which is when the asset is ready for its intended use. Generally, rental property is considered substantially complete upon issuance of a certificate of occupancy. General and administrative costs are expensed as incurred. We did not capitalize interest during the years ended December 31, 2022, 2021, and 2020. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five We periodically evaluate our long-lived assets, including real estate investments, for impairment indicators. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each property, and legal and environmental concerns. If indicators exist, we compare the estimated future undiscounted cash flows for the property against the carrying amount of that property. If the sum of the estimated undiscounted cash flows is less than the carrying amount, an impairment loss is generally recorded for the difference between the estimated fair value and the carrying amount. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of estimated cash flows is subjective and is based, in part, on assumptions regarding future physical occupancy, rental rates, and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. During the years ended December 31, 2022, 2021, and 2020 we did not record a loss for impairment on real estate. We classify properties as held for sale when they meet the GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We generally consider these criteria met when the transaction has been approved by our Board of Trustees, there are no known significant contingencies related to the sale, and management believes it is probable that the sale will be completed within one year. We had no properties classified as held for sale at December 31, 2022 and 2021. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. Our determination of fair value is based on inputs management believes are consistent with those that market participants would use. Estimates are significantly impacted by estimates of sales price, selling velocity, and other factors. Due to uncertainties in the estimation process, actual results could differ from such estimates. Depreciation is not recorded on assets classified as held for sale. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH Cash and cash equivalents include all cash and highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents consist of our bank deposits and our deposits in a money market mutual fund. We are potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. As of December 31, 2022 restricted cash consisted of $1.4 million in escrows held by lenders. As of December 31, 2021, restricted cash consisted $5.0 million of real estate deposits for property acquisitions and $2.4 million in escrows held by lenders. Escrows include funds deposited with a lender for payment of real estate taxes and insurance, and reserves to be used for replacement of structural elements and mechanical equipment at certain communities. The funds are under the control of the lender. Disbursements are made after supplying written documentation to the lender. LEASES As a lessor, we primarily lease multifamily apartment homes which qualify as operating leases with terms that are generally one year or less. Rental revenues are recognized in accordance with ASC 842, Leases, using a method that represents a straight-line basis over the term of the lease. For the years ended December 31, 2022, 2021, and 2020, rental income represents approximately 97.9%, 98.2%, and 98.4%, respectively, of our total revenues and includes gross market rent less adjustments for concessions, vacancy loss, and bad debt. For the years ended December 31, 2022, 2021, and 2020, other property revenues represent the remaining 2.1%, 1.8%, and 1.6%, respectively, of our total revenues and are primarily driven by other fee income, which is typically recognized when earned, at a point in time. Some of our apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three Many of our leases contain non-lease components for utility reimbursement from our residents. We have elected the practical expedient to combine lease and non-lease components for all asset classes. The combined components are included in lease income and are accounted for under ASC 842. The aggregate amount of future scheduled lease income on our operating leases for commercial spaces, excluding any variable lease income and non-lease components, as of December 31, 2022, was as follows: (in thousands) 2023 $ 3,241 2024 3,193 2025 3,142 2026 2,533 2027 1,366 Thereafter 5,760 Total scheduled lease income - operating leases $ 19,235 REVENUES AND GAINS ON SALE OF REAL ESTATE Revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration the company expects to be entitled for those goods and services. Revenue streams that are included in revenues from contracts with customers include other property revenues such as application fees and other miscellaneous items. We recognize revenue for these rental related items not included as a component of a lease as earned. The following table presents the disaggregation of revenue streams of our rental income for the years ended December 31, 2022, 2021, and 2020: (in thousands) Year ended December 31, Revenue Stream Applicable Standard 2022 2021 2020 Fixed lease income - operating leases Leases $ 240,566 $ 189,452 $ 168,119 Variable lease income - operating leases Leases 10,754 8,565 7,068 Other property revenue Revenue from contracts with customers 5,396 3,688 2,807 Total revenue $ 256,716 $ 201,705 $ 177,994 In addition to lease income and other property revenue, we recognize gains or losses on the sale of real estate when the criteria for derecognition of an asset are met, including when (1) a contract exists and (2) the buyer obtained control of the nonfinancial asset that was sold. Any gain or loss on real estate dispositions is net of certain closing and other costs associated with the disposition. MARKET CONCENTRATION RISK We are subject to increased exposure from economic and other competitive factors specific to markets where we hold a significant percentage of the carrying value of our real estate portfolio. As of December 31, 2022, we held more than 10% of the carrying value of our real estate portfolio in the Minneapolis, Minnesota and Denver, Colorado markets. INCOME TAXES We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856-860 of the Code. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding capital gains, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the years ended December 31, 2022, 2021, and 2020, we distributed in excess of 90% of our taxable income and realized capital gains from property dispositions within the prescribed time limits. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, we may be subject to certain state and local income and property taxes, and to federal income and excise taxes on undistributed taxable income. In general, however, if we qualify as a REIT, no provisions for federal income taxes are necessary except for taxes on undistributed REIT taxable income and taxes on the income generated by a taxable REIT subsidiary (TRS). We have one TRS, which is subject to corporate federal and state income taxes on its taxable income at regular statutory rates. There were no income tax provisions or material deferred income tax items including any valuation allowances for our TRS for the years ended December 31, 2022, 2021, and 2020. We conduct our business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through our Operating Partnership. UPREIT status allows us to accept the contribution of real estate in exchange for Units. Generally, such a contribution to a limited partnership allows for the deferral of gain by an owner of appreciated real estate. The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2022, 2021, and 2020: CALENDAR YEAR 2022 2021 2020 Tax status of distributions Capital gain — 0.92 % 13.62 % Ordinary income 13.42 % 7.82 % 7.91 % Return of capital 86.58 % 91.26 % 78.47 % VARIABLE INTEREST ENTITY We have determined that our Operating Partnership and each of our less-than-wholly owned real estate partnerships is a variable interest entity (“VIE”), as the limited partners or the functional equivalent of limited partners lack substantive kick-out rights and substantive participating rights. We are the primary beneficiary of the VIEs, and the VIEs are required to be consolidated on our balance sheet because we have a controlling financial interest in the VIEs and have both the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Because our Operating Partnership is a VIE, all of our assets and liabilities are held through a VIE. OTHER ASSETS As of December 31, 2022 and 2021, other assets consisted of the following amounts: in thousands December 31, 2022 December 31, 2021 Receivable arising from straight line rents $ 556 $ 343 Accounts receivable, net of allowance 217 667 Real estate related loans receivable 5,871 6,208 Prepaid and other assets 8,474 9,693 Intangible assets, net of accumulated amortization 2,112 7,370 Property and equipment, net of accumulated depreciation 3,120 3,370 Goodwill 866 866 Deferred charges and leasing costs 1,471 2,065 Total Other Assets $ 22,687 $ 30,582 Intangible assets consist of in-place leases valued at the time of acquisition. For the years ended December 31, 2022, 2021, and 2020, we recognized $12.3 million, $13.5 million, and $3.1 million, respectively, of amortization expense related to these intangibles, included within depreciation and amortization in the Consolidated Statements of Operations. The intangible assets remaining at December 31, 2022 will be fully amortized in 2023. PROPERTY AND EQUIPMENT Property and equipment consists primarily of office equipment located at our corporate offices in Minot, North Dakota and in Minneapolis, Minnesota. The consolidated balance sheets reflects these assets at cost, net of accumulated depreciation, and are included within Other Assets. As of December 31, 2022 and 2021, property and equipment cost was $4.9 million and $4.7 million, respectively. Accumulated depreciation was $1.8 million and $1.4 million as of December 31, 2022 and 2021, respectively, and are included within other assets in the consolidated balance sheets. MORTGAGE LOANS RECEIVABLE AND REAL ESTATE RELATED NOTES RECEIVABLE In connection with our acquisition of Ironwood, an apartment community in New Hope, Minnesota, we acquired a tax increment financing note receivable (“TIF”) with an initial principal balance of $6.6 million. As of December 31, 2022 and 2021, the principal balance was $6.1 million and $6.4 million, respectively, which appears within Other Assets in our Consolidated Balance Sheets at fair value. The note bears an interest rate of 4.5% with payments due in February and August of each year. In 2019, we originated a $29.9 million construction loan and a $15.3 million mezzanine loan for the development of a multifamily development located in Minneapolis, Minnesota. The construction and mezzanine loans bore and accrued interest at 4.5% and 11.5%, respectively. During the year ended December 31, 2022, we exercised our option to purchase the apartment community in exchange for the loans and cash. As of December 31, 2022, the loans had no remaining balance. As of December 31, 2021, we had fully funded the $29.9 million construction loan and $13.4 million of the mezzanine loan, both of which appear within mortgage loans receivable in our Consolidated Balance Sheets. ADVERTISING COSTS Advertising costs are expensed as incurred and reported on the Consolidated Statement of Operations within the Property operating expenses, excluding real estate taxes line item. During the years ended December 31, 2022, 2021, and 2020 total advertising expense was $3.2 million, $2.5 million, and $2.1 million, respectively. MARKETABLE SECURITIES |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. We have issued restricted stock units (“RSUs”) and incentive stock options (“ISOs”) under our 2015 Incentive Plan, Series D Convertible Preferred Units (“Series D preferred units”), and Series E Convertible Preferred Units (“Series E preferred units”), which could have a dilutive effect on our earnings per share upon exercise of the RSUs, ISOs, or upon conversion of the Series D or Series E preferred units (refer to Note 4 for further discussion of the preferred units). Other than the issuance of RSUs, ISOs, Series D preferred units, and Series E preferred units, we have no outstanding options, warrants, convertible stock, or other contractual obligations requiring issuance of additional common shares that would result in a dilution of earnings. Under the terms of the Operating Partnership’s Agreement of Limited Partnership, limited partners have the right to require the Operating Partnership to redeem their limited partnership units (“Units”) any time following the first anniversary of the date they acquired such Units (“Exchange Right”). Upon the exercise of Exchange Rights, and in our sole discretion, we may issue common shares in exchange for Units on a one-for-one-basis. For the year ended December 31, 2022, Units of 978,000, Series E preferred units of 2.2 million, as converted, Series D preferred units of 228,000, as converted, stock options of 28,000, time-based RSUs of 10,000, and performance-based restricted stock awards of 30,000 were excluded from the calculation of diluted earnings per share because they were anti-dilutive. Including these items would have improved earnings per share. For the year ended December 31, 2021, Units of 899,000, Series E preferred units of 729,000, as converted, Series D preferred units of 228,000, as converted, stock options of 30,000, time-based RSUs of 15,000, and performance-based restricted stock awards of 32,000, were excluded from the calculation of diluted earnings per share because they were anti-dilutive. Including these items would have improved earnings per share. For the year ended December 31, 2020, Units of 1.0 million, Series D preferred Units of 228,000, as converted, stock options of 86,000, time-based RSUs of 13,000, and performance-based restricted stock awards of 27,000 were excluded from the calculation of diluted earnings per share because they were anti-dilutive. Including these items would have improved earnings per share. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the consolidated financial statements for the years ended December 31, 2022, 2021, and 2020: (in thousands, except per share data) Year Ended December 31, 2022 2021 2020 NUMERATOR Net income (loss) attributable to controlling interests (14,109) (29) 4,441 Dividends to preferred shareholders (6,428) (6,428) (6,528) Redemption of preferred shares — — 297 Numerator for basic earnings per share – net income (loss) available to common shareholders (20,537) (6,457) (1,790) Noncontrolling interests – Operating Partnership and Series E preferred units (4,299) (2,806) (212) Dividends to preferred unitholders 640 640 640 Numerator for diluted earnings (loss) per share $ (24,196) $ (8,623) $ (1,362) DENOMINATOR Denominator for basic earnings (loss) per share weighted average shares 15,216 13,803 12,564 Denominator for diluted earnings (loss) per share 15,216 13,803 12,564 NET EARNINGS (LOSS) PER COMMON SHARE – BASIC AND DILUTED $ (1.35) $ (0.47) $ (0.15) |
EQUITY AND MEZZANINE EQUITY
EQUITY AND MEZZANINE EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
EQUITY AND MEZZANINE EQUITY | EQUITY AND MEZZANINE EQUITY Operating Partnership Units. Outstanding Units in the Operating Partnership were 971,000 Units at December 31, 2022 and 832,000 Units at December 31, 2021. During the year ended December 31, 2022, we issued 209,000 Units as partial consideration for the acquisition of three apartment communities located in Minneapolis, Minnesota. Exchange Rights. We redeemed Units in exchange for common shares in connection with Unitholders exercising their exchange rights during the years ended December 31, 2022 and 2021 as detailed in the table below. (in thousands) Number of Total Book Units Value Year ended December 31, 2022 24 $ (1,353) Year ended December 31, 2021 144 $ (4,714) We redeemed Units for cash in connection with Unitholders exercising their exchange rights during the years ended December 31, 2022 and 2021 as detailed in the table below. (in thousands, except per Unit data) Number of Aggregate Average Price Units Cost Per Unit Year ended December 31, 2022 46 $ 4,141 $ 90.18 Year ended December 31, 2021 — $ — $ — Series E Preferred Units (Noncontrolling interest). On September 1, 2021, we issued 1.8 million Series E preferred units with a par value of $100 per Series E preferred unit as partial consideration for the acquisition of 17 apartment communities. The Series E preferred unit holders receive a preferred distribution at the rate of 3.875% per year. Each Series E preferred unit is convertible, at the holder’s option, into 1.2048 Units. We have the option, at our sole election, to convert Series E preferred units into Units if our stock has traded at or above $83 per share for 15 of 30 consecutive trading days and we have made at least three consecutive quarters of distributions with a rate of at least $0.804 per Unit. The Series E preferred units have an aggregate liquidation preference of $175.8 million at December 31, 2022. The holders of the Series E preferred units do not have voting rights. We redeemed Series E preferred units in exchange for common shares in connection with Series E unitholders exercising their exchange rights during the year ended December 31, 2022 as detailed below. (in thousands) Number of Series E Number of Total Preferred Units Redeemed Common Shares Issued Value Year ended December 31, 2022 56 67 $ 3,667 Common Shares and Equity Awards . Common shares outstanding on December 31, 2022 and 2021, totaled 15.0 million. During the years ended December 31, 2022 and 2021, we issued approximately 24,613 and 27,351 common shares, respectively, with a total grant-date value of $1.3 million and $1.0 million, respectively, under our 2015 Incentive Plan, as share-based compensation for employees and trustees. During the years ended December 31, 2022 and 2021, approximately 2,000 and 500 common shares were forfeited under the 2015 Incentive Plan, respectively. Equity Distribution Agreement. In September 2021, we entered into an equity distribution agreement in connection with a new at-the-market offering program (“2021 ATM Program”), replacing our prior at-the-market offering program (“2019 ATM Program”). Under the 2021 ATM Program, we may offer and sell common shares having an aggregate sales price of up to $250.0 million, in amounts and at times determined by management. Under the 2021 ATM Program, we may enter into separate forward sale agreements. The proceeds from the sale of common shares under the 2021 ATM Program may be used for general corporate purposes, including the funding of acquisitions, construction or mezzanine loans, community renovations, and the repayment of indebtedness. As of December 31, 2022, we had common shares having an aggregate offering price of up to $126.6 million remaining available under the 2021 ATM Program. The table below provides details on the sale of common shares under the 2021 ATM Program and the 2019 ATM Program during the years ended December 31, 2022 and 2021. (in thousands, except per share amounts) Number of Common Shares Total Consideration (1) Average Price Per Share (1) Year ended December 31, 2022 321 $ 31,732 $ 98.89 Year ended December 31, 2021 1,817 $ 156,449 $ 86.13 (1) Total consideration is net of $338,000 and $2.1 million in commissions for the years ended December 31, 2022 and 2021, respectively. Share Repurchase Program . On March 10, 2022, the Board of Trustees approved a share repurchase program (the “ Share Repurchase Program”), providing for the repurchase of up to an aggregate of $50 million of our outstanding common shares. Under the Share Repurchase Program, we are authorized to repurchase common shares through open-market purchases, privately-negotiated transactions, block trades, or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The repurchases have no time limit and may be suspended or discontinued completely at any time. The specific timing and amount of repurchases will vary based on available capital resources or other financial and operational performance, market conditions, securities law limitations, and other factors. The table below provides details on the shares repurchased during the year ended December 31, 2022. As of December 31, 2022, we had $21.0 million remaining authorized for purchase under this program. (in thousands, except per share amounts) Number of Common Shares Aggregate Cost (1) Average Price Per Share (1) Year ended December 31, 2022 432 $ 29,059 $ 67.23 (1) Amount includes commissions. Issuance of Series C Preferred Shares . On October 2, 2017, we issued 4.1 million shares of our 6.625% Series C Cumulative Redeemable Preferred Shares (“Series C preferred shares”). As of December 31, 2022 and 2021, we had 3.9 million Series C preferred shares outstanding. The Series C preferred shares are nonvoting and redeemable for cash at $25.00 per share at our option on or after October 2, 2022. Holders of these shares are entitled to cumulative distributions, payable quarterly (as and if declared by the Board of Trustees). Distributions accrue at an annual rate of $1.65625 per share, which is equal to 6.625% of the $25.00 per share liquidation preference ($97.0 million liquidation preference in the aggregate, as of December 31, 2022 and 2021). Series D Preferred Units (Mezzanine Equity). Series D preferred units outstanding were 165,600 preferred units as of December 31, 2022 and 2021. The Series D preferred units have a par value of $100 per preferred unit. The Series D preferred unit holders receive a preferred distribution at the rate of 3.862% per year. The Series D preferred units have a put option which allows the holder to redeem any or all of the Series D preferred units for cash equal to the issue price. Each Series D preferred unit is convertible, at the holder's option, into 1.37931 Units. The Series D preferred units have an aggregate liquidation value of $16.6 million. Changes in the redemption value are based on changes in the trading value of our common shares and are charged to common shares on our Consolidated Balance Sheets each quarter. The holders of the Series D preferred units do not have any voting rights. Distributions to Series D unitholders are presented in the consolidated statements of equity within net income (loss) attributable to controlling interests and noncontrolling interests. |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS Interests in the Operating Partnership held by limited partners are represented by Units. The Operating Partnership’s income is allocated to holders of Units based upon the ratio of their holdings to the total Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the Operating Partnership’s Agreement of Limited Partnership. We reflect noncontrolling interests in consolidated real estate entities on the Balance Sheet for the portion of properties consolidated by us that are not wholly owned by us. The earnings or losses from these properties attributable to the noncontrolling interests are reflected as net income attributable to noncontrolling interests – consolidated real estate entities in the consolidated statements of operations. During the year ended December 31, 2020, we acquired the 47.4% noncontrolling interests in the real estate partnership that owns 71 France for $12.2 million. Our noncontrolling interests – consolidated real estate entities at December 31, 2022 and 2021 were as follows: (in thousands) December 31, 2022 December 31, 2021 IRET - Cypress Court Apartments, LLC $ 627 $ 648 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The following table summarizes our indebtedness, excluding deferred financing costs: (in thousands) December 31, 2022 December 31, 2021 Weighted Average Maturity in Years Lines of credit $ 113,500 $ 76,000 2.75 Term loans (1) 100,000 — 0.89 Unsecured senior notes (1) 300,000 300,000 8.26 Unsecured debt 513,500 376,000 6.15 Mortgages payable - Fannie Mae credit facility 198,850 198,850 8.34 Mortgages payable - other (2) 299,427 284,934 4.79 Total debt $ 1,011,777 $ 859,784 5.76 Annual Weighted Average Interest Rates Lines of credit (rate with swap) (3) 4.12 % 2.74 % Term loan 5.57 % — Unsecured senior notes 3.12 % 3.12 % Mortgages payable - Fannie Mae credit facility 2.78 % 2.78 % Mortgages payable - other 3.85 % 3.81 % Total debt 3.62 % 3.26 % (1) Included within notes payable on our Consolidated Balance Sheets. (2) Net of fair value adjustments on acquisition of mortgage. (3) The interest rate swap was terminated in February 2022. Refer to Note 7 - Derivative Instruments for more information. As of December 31, 2022, 53 apartment communities were not encumbered by mortgages and are available to provide credit support for our unsecured borrowings. Our primary unsecured credit facility (“unsecured credit facility”) is a revolving, multi-bank line of credit, with Bank of Montreal serving as administrative agent. Our line of credit has total commitments and borrowing capacity of $250.0 million, based on the value of unencumbered properties. As of December 31, 2022, we had additional borrowing availability of $136.5 million beyond the $113.5 million drawn, priced at an interest rate of 4.12%. At December 31, 2021, the $250.0 million line of credit had borrowing capacity of $173.5 million based on the value of unencumbered properties, of which $76.0 million was drawn on the line. This credit facility was amended on September 30, 2021 to extend the maturity date to September 2025 and has an accordion option to increase borrowing capacity up to $400.0 million. The interest rate on the line of credit is based, at our option, on the lender's base rate plus a margin, ranging from 25-80 basis points, or the London Interbank Offered Rate (“LIBOR”), plus a margin that ranges from 125-180 basis points based on our consolidated leverage, as defined under the Third Amended and Restated Credit Agreement. The terms of our unsecured credit facility allow for the transition to an alternate benchmark interest rate, including the secured overnight financing rate (“SOFR”), to replace any outstanding LIBOR borrowings at the time LIBOR is no longer published. Our unsecured credit facility and unsecured senior notes are subject to customary financial covenants and limitations. We believe that we are in compliance with all such financial covenants and limitations as of December 31, 2022. We also have a $6.0 million unsecured operating line of credit. This operating line of credit is designed to enhance treasury management activities and more effectively manage cash balances. This operating line matures on August 31, 2024, with pricing based on SOFR. In January 2021, we amended and expanded our private shelf agreement with PGIM, Inc., an affiliate of Prudential Financial, Inc., and certain affiliates of PGIM, Inc. (collectively, “PGIM”) to increase the aggregate amount available for issuance of unsecured senior promissory notes (“unsecured senior notes”) to $225.0 million. In September 2021, we entered into a note purchase agreement for the issuance of $125.0 million senior unsecured promissory notes, of which $25.0 million was issued under the private shelf agreement with PGIM. Under the private shelf agreement with PGIM, we issued $200.0 million unsecured senior notes with $25.0 million remaining available as of December 31, 2022. The following table shows the notes issued under both agreements. (in thousands) Amount Maturity Date Fixed Interest Rate Series A $ 75,000 September 13, 2029 3.84 % Series B $ 50,000 September 30, 2028 3.69 % Series C $ 50,000 June 6, 2030 2.70 % Series 2021-A $ 35,000 September 17, 2030 2.50 % Series 2021-B $ 50,000 September 17, 2031 2.62 % Series 2021-C $ 25,000 September 17, 2032 2.68 % Series 2021-D $ 15,000 September 17, 2034 2.78 % In November 2022, we entered into a $100.0 million term loan agreement (“Term Loan”) with PNC Bank, National Association as administrative agent. The interest rate on the Term Loan is based on SOFR, plus a margin that ranges from 120 to 175 basis points based on our consolidated leverage ratio. The Term Loan has a 364-day term but may be extended, at our option and subject to certain conditions, for one additional 364-day term. We have a $198.9 million Fannie Mae Credit Facility Agreement (“FMCF”). The FMCF is currently secured by mortgages on 16 apartment communities. The notes are interest-only, with varying maturity dates of 7, 10, and 12 years, and a blended weighted average fixed interest rate of 2.78%. As of December 31, 2022 and 2021, the FMCF had a balance of $198.9 million. The FMCF is included within mortgages payable on the Consolidated Balance Sheets. As of December 31, 2022, we owned 15 apartment communities that served as collateral for mortgage loans, in addition to the apartment communities secured by the FMCF. All of these mortgage loans were non-recourse to us other than for standard carve-out obligations. Interest rates on mortgage loans range from 3.47% to 4.57%, and the mortgage loans have varying maturity dates from May 1, 2023, through September 1, 2031. As of December 31, 2022, we believe there are no material defaults or instances of material noncompliance in regards to any of these mortgage loans. The aggregate amount of required future principal payments on lines of credit, notes payable, and mortgages payable, as of December 31, 2022 is as follows: (in thousands) 2023 $ 145,988 2024 5,012 2025 147,350 2026 50,088 2027 47,088 Thereafter 616,251 Total payments $ 1,011,777 |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS We used interest rate derivatives to stabilize interest expense and to manage our exposure to interest rate fluctuations. To accomplish this objective, we primarily used interest rate swap contracts to fix variable rate interest debt. Changes in the fair value of derivatives designated and that qualify as cash flow hedges were recorded in accumulated other comprehensive income (loss) (“OCI”) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) will be reclassified to interest expense as interest payments are made on our variable rate debt. During the next 12 months, we estimate an additional $936,000 will be reclassified as an increase to interest expense. Derivatives not designated as hedges were not speculative and were used to manage our exposure to interest rate movements and other identified risks but did not meet the strict hedge accounting requirements. Changes in fair value of derivatives not designated in hedging relationships were recorded directly into earnings within other income (loss) in the Consolidated Statements of Operations. For the years ended December 31, 2022 and 2021, we recorded a gain of $582,000 and $419,000, respectively, related to the interest rate swap not designated in a hedging relationship prior to its termination. In February 2022, we paid $3.2 million to terminate our $75.0 million interest rate swap and our $70.0 million forward swap. As of December 31, 2022, we had no remaining interest rate swaps. At December 31, 2021, we had one interest rate swap contract designated as a cash flow hedge of interest rate risk with a total notional amount of $75.0 million to fix the interest rate on the line of credit. We also had one interest rate swap with a notional amount of $70.0 million that was not effective until January 31, 2023 and was not designated as a hedge in a qualifying hedging relationship. In September 2021, we paid $3.8 million to terminate our $50.0 million interest rate swap and our $70.0 million interest rate swap in connection with the pay down of our term loans (see Note 6 - Debt for additional details). We accelerated the reclassification of a $5.4 million loss from OCI into other income loss in Consolidated Statements of Operations as a result of the hedged transactions becoming probable not to occur. The fair value of the derivative financial instruments as well as their classification on our Consolidated Balance Sheets as of December 31, 2022 and 2021 is detailed below. (in thousands) December 31, 2022 December 31, 2021 Balance Sheet Location Fair Value Fair Value Total derivative instruments designated as hedging instruments - interest rate swaps Accounts Payable and Accrued Expenses $ — $ 4,610 Total derivative instruments not designated as hedging instruments - interest rate swaps Accounts Payable and Accrued Expenses $ — $ 1,097 The effect of the Company's derivative financial instruments on the consolidated statements of operations as of December 31, 2022, 2021, and 2020 is detailed below. (in thousands) Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from Accumulated OCI into Income Gain (Loss) Reclassified from Accumulated OCI into Net Income (Loss) Year Ended December 31, Year Ended December 31, 2022 2021 2020 2022 2021 2020 Total derivatives in cash flow hedging relationships - interest rate swaps $ 1,581 $ 2,383 $ (11,068) Interest expense $ (799) $ (9,087) $ (2,770) |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Cash and cash equivalents, restricted cash, accounts payable, and accrued expenses are carried at amounts that reasonably approximate their fair value due to their short-term nature. For variable rate line of credit debt and notes payable that re-prices frequently, fair values are based on carrying values. In determining the fair value of other financial instruments, we apply Financial Accounting Standard Board ASC 820, Fair Value Measurement and Disclosures . Fair value hierarchy under ASC 820 distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (Levels 1 and 2) and the reporting entity’s own assumptions about market participant assumptions (Level 3). Fair value estimates may differ from the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities. Fair Value Measurements on a Recurring Basis (in thousands) Balance Sheet Location Total Level 1 Level 2 Level 3 December 31, 2022 Assets Notes receivable Other assets $ 5,871 $ — $ — $ 5,871 December 31, 2021 Assets Mortgages and notes receivable Mortgages receivable $ 49,484 $ — $ — $ 49,484 Liabilities Derivative instruments - interest rate swaps Accounts payable and accrued expenses $ 5,707 $ — $ — $ 5,707 The fair value of our interest rate swaps was determined using the market standard methodology of netting discounted expected variable cash payments and receipts. The variable cash payments and receipts are based on an expectation of future interest rates (a forward curve) derived from observable market interest rate curves. We consider both our own nonperformance risk and the counterparty’s nonperformance risk in the fair value measurement (Level 3). We utilize an income approach with Level 3 inputs based on expected future cash flows to value these instruments. The unobservable inputs include market transactions for similar instruments, management estimates of comparable interest rates (range of 3.75% to 10.75%), and instrument specific credit risk (range of 0.5% to 1.0%). Changes in fair value of these receivables from period to period are reported in interest and other income (in thousands) Fair Value Measurement Other Gains (Losses) Interest Income Total Changes in Fair Value Included in Current Period Earnings Year ended December 31, 2022 $ 5,871 $ 16 $ 669 $ 685 Year ended December 31, 2021 $ 49,484 $ 14 $ 2,403 $ 2,417 As of December 31, 2022 and 2021, we had investments totaling $1.6 million and $903,000, respectively, in real estate technology venture funds consisting of privately held entities that develop technology related to the real estate industry. These investments appear within other assets on our Consolidated Balance Sheets The investments are measured at net asset value (“NAV”) as a practical expedient under ASC 820. As of December 31, 2022, we had unfunded commitments of $1.4 million. Fair Value Measurements on a Nonrecurring Basis There were no non-financial assets measured at fair value on a nonrecurring basis at December 31, 2022 and 2021. Financial Assets and Liabilities Not Measured at Fair Value The fair value of mortgages payable and unsecured senior notes is estimated based on the discounted cash flows of the loans using market research and management estimates of comparable interest rates (Level 3). The estimated fair values of our financial instruments as of December 31, 2022 and 2021 are as follows: (in thousands) December 31, 2022 December 31, 2021 Balance Sheet Location Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents Cash and cash equivalents $ 10,458 $ 10,458 $ 31,267 $ 31,267 Restricted cash Restricted cash 1,433 1,433 7,358 7,358 FINANCIAL LIABILITIES Revolving lines of credit (1) Revolving lines of credit 113,500 113,500 76,000 76,000 Term loans Notes payable 100,000 100,000 — — Unsecured senior notes Notes payable 300,000 238,446 300,000 308,302 Mortgages payable - Fannie Mae credit facility Mortgages payable 198,850 161,297 198,850 198,850 Mortgages payable - other Mortgages payable 299,427 274,029 284,934 284,546 (1) Excluding the effect of the interest rate swap agreement at December 31, 2021. |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS ACQUISITIONS We acquired $211.9 million and $499.8 million of new real estate during the years ended December 31, 2022 and 2021, respectively. Our acquisitions during the years ended December 31, 2022 and 2021 are detailed below. Year Ended December 31, 2022 Date (in thousands) Total Acquisition Cost (1) Form of Consideration Investment Allocation Acquisitions Cash Units (2) Other (3) Land Building Intangible Other (4) 191 homes - Martin Blu - Minneapolis, MN January 4, 2022 $ 49,825 $ 3,031 $ 18,885 $ 27,909 $ 3,547 $ 45,212 $ 1,813 $ (747) 31 homes - Elements - Minneapolis, MN January 4, 2022 9,066 1,290 1,748 6,028 941 7,853 335 (63) 45 homes - Zest - Minneapolis, MN January 4, 2022 11,364 1,429 2,249 7,686 936 10,261 574 (407) 130 homes - Noko Apartments - Minneapolis, MN January 26, 2022 46,619 3,343 — 43,276 1,915 42,754 1,950 — 215 homes - Lyra Apartments - Centennial, CO September 30, 2022 95,000 95,000 — — 6,473 86,149 2,378 — Total Acquisitions $ 211,874 $ 104,093 $ 22,882 $ 84,899 $ 13,812 $ 192,229 $ 7,050 $ (1,217) (1) Excludes $573,000 in capitalized transaction cost. (2) Fair value of operating partnership units issued on acquisition. (3) Assumption of seller's debt upon closing for Martin Blu, Zest, and Elements. Mezzanine and construction loans, financed by Centerspace, exchanged as partial consideration for the acquisition of Noko Apartments. (4) Debt discount on assumed mortgage. Year Ended December 31, 2021 (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost (1) Cash Units (2) Other (3) Land Building Assets Other (4) 256 homes - Union Pointe Apartment Homes - Longmont, CO January 6, 2021 $ 76,900 $ 76,900 $ — $ — $ 5,727 $ 69,966 $ 1,207 $ — 120 homes - Bayberry Place - Minneapolis, MN September 1, 2021 16,673 898 9,855 5,920 1,807 14,113 753 — 251 homes - Burgundy & Hillsboro Court - Minneapolis, MN September 1, 2021 35,569 2,092 22,542 10,935 2,834 31,148 1,587 — 97 homes - Venue on Knox - Minneapolis, MN September 1, 2021 18,896 500 11,375 7,021 3,438 14,743 715 — 120 homes - Gatewood - St. Cloud, MN September 1, 2021 7,781 378 3,388 4,015 327 6,858 596 — 84 homes - Grove Ridge - Minneapolis, MN September 1, 2021 12,060 121 8,579 3,360 1,250 10,271 539 — 119 homes - The Legacy - St. Cloud, MN September 1, 2021 10,560 229 5,714 4,617 412 9,556 592 — 151 homes - New Hope Garden & Village - Minneapolis, MN September 1, 2021 15,006 1,435 10,812 2,759 1,603 12,578 825 — 330 homes - Palisades - Minneapolis, MN September 1, 2021 53,354 2,884 30,470 20,000 6,919 46,577 2,211 (2,353) 96 homes - Plymouth Pointe - Minneapolis, MN September 1, 2021 14,450 370 9,061 5,019 1,042 12,809 599 — 93 homes - Pointe West - St. Cloud, MN September 1, 2021 7,558 91 3,605 3,862 246 6,849 463 — 301 homes - River Pointe - Minneapolis MN September 1, 2021 38,348 2,249 21,653 14,446 3,346 33,117 1,885 — 70 homes - Southdale Parc - Minneapolis, MN September 1, 2021 9,670 165 7,907 1,598 1,569 7,740 361 — 62 homes - Portage - Minneapolis, MN September 1, 2021 9,171 323 5,588 3,260 2,133 6,685 353 — 200 homes - Windsor Gates - Minneapolis, MN September 1, 2021 22,231 1,122 12,080 9,029 2,140 18,943 1,148 — 136 homes - Wingate - Minneapolis, MN September 1, 2021 15,784 723 10,246 4,815 1,480 13,530 774 — 178 homes - Woodhaven - Minneapolis, MN September 1, 2021 25,009 1,682 15,200 8,127 3,940 20,080 989 — 288 homes - Woodland Pointe - Minneapolis, MN September 1, 2021 47,796 437 29,438 17,921 5,367 40,422 2,007 — 176 homes - Civic Lofts - Denver, CO December 21, 2021 63,000 63,000 — — 6,166 55,204 1,630 — Total Acquisitions $ 499,816 $ 155,599 $ 217,513 $ 126,704 $ 51,746 $ 431,189 $ 19,234 $ (2,353) (1) Includes $36.1 million for additional fair value of Series E preferred units and excludes $9.1 million in capitalized transaction costs for the September 1, 2021 portfolio acquisition. (2) Fair value of Series E preferred units at the acquisition date. (3) Payoff of debt or assumption of seller's debt upon closing. (4) Debt discount on assumed mortgage. DISPOSITIONS We had no dispositions during the year ended December 31, 2022 compared to dispositions of $62.3 million during the year ended December 31, 2021. The dispositions for the years ended December 31, 2021 are detailed below. Year Ended December 31, 2021 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 76 homes - Crystal Bay-Rochester, MN May 25, 2021 $ 13,650 $ 10,255 $ 3,395 40 homes - French Creek-Rochester, MN May 25, 2021 6,700 4,474 2,226 182 homes - Heritage Manor-Rochester, MN May 25, 2021 14,125 4,892 9,233 140 homes - Olympik Village-Rochester, MN May 25, 2021 10,725 6,529 4,196 151 homes - Winchester/Village Green-Rochester, MN May 25, 2021 14,800 7,010 7,790 $ 60,000 $ 33,160 $ 26,840 Other Minot IPS October 18, 2021 $ 2,250 $ 1,573 $ 677 Total Dispositions $ 62,250 $ 34,733 $ 27,517 |
SEGMENTS
SEGMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENTS | SEGMENTS We operate in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities. Each of our operating properties is considered a separate operating segment because each property earns revenues, incurs expenses, and has discrete financial information. Our chief operating decision-makers evaluate each property’s operating results to make decisions about resources to be allocated and to assess performance. We do not group our operations based on geography, size, or type. Our apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, our apartment communities are aggregated into a single reportable segment. “All other” is composed of non-multifamily properties, non-multifamily components of mixed use properties, and properties disposed or designated as held for sale. Our executive management team comprises our chief operating decision-makers. This team measures the performance of our reportable segment based on net operating income (“NOI”), which we define as total real estate revenues less property operating expenses, including real estate taxes. We believe that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization, financing, property management overhead, and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance. The following tables present NOI for the years ended December 31, 2022, 2021, and 2020 from our reportable segment and reconcile net operating income to net income as reported in the consolidated financial statements. Segment assets are also reconciled to total assets as reported in the consolidated financial statements. (in thousands) Year ended December 31, 2022 Multifamily All Other Total Revenue $ 252,950 $ 3,766 $ 256,716 Property operating expenses, including real estate taxes 107,431 1,206 108,637 Net operating income $ 145,519 $ 2,560 $ 148,079 Property management expenses (9,895) Casualty loss (1,591) Depreciation and amortization (105,257) General and administrative expenses (17,516) Gain (loss) on sale of real estate and other investments 41 Interest expense (32,750) Interest and other income (loss) 1,248 Net income (loss) $ (17,641) (in thousands) Year ended December 31, 2021 Multifamily All Other Total Revenue $ 195,624 $ 6,081 $ 201,705 Property operating expenses, including real estate taxes 79,096 2,761 81,857 Net operating income $ 116,528 $ 3,320 $ 119,848 Property management expenses (8,752) Casualty loss (344) Depreciation and amortization (92,165) General and administrative expenses (16,213) Gain (loss) on sale of real estate and other investments 27,518 Interest expense (29,078) Interest and other income (2,915) Net income (loss) $ (2,101) (in thousands) Year ended December 31, 2020 Multifamily All Other Total Revenue $ 164,126 $ 13,868 $ 177,994 Property operating expenses, including real estate taxes 66,356 6,802 73,158 Net operating income $ 97,770 $ 7,066 $ 104,836 Property management expenses (5,801) Casualty loss (1,662) Depreciation and amortization (75,593) General and administrative expenses (13,440) Gain (loss) on sale of real estate and other investments 25,503 Interest expense (27,525) Interest and other income (1,575) Net income (loss) $ 4,743 Segment Assets and Accumulated Depreciation (in thousands) As of December 31, 2022 Multifamily All Other Total Segment assets Property owned $ 2,507,448 $ 26,676 $ 2,534,124 Less accumulated depreciation (527,199) (8,202) (535,401) Total property owned $ 1,980,249 $ 18,474 $ 1,998,723 Cash and cash equivalents 10,458 Restricted cash 1,433 Other assets 22,687 Total Assets $ 2,033,301 (in thousands) As of December 31, 2021 Multifamily All Other Total Segment assets Property owned $ 2,244,250 $ 26,920 $ 2,271,170 Less accumulated depreciation (436,004) (7,588) (443,592) Total property owned $ 1,808,246 $ 19,332 $ 1,827,578 Cash and cash equivalents 31,267 Restricted cash 7,358 Other assets 30,582 Mortgage loans receivable 43,276 Total Assets $ 1,940,061 |
RETIREMENT PLANS
RETIREMENT PLANS | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
RETIREMENT PLANS | RETIREMENT PLANS We sponsor a defined contribution 401(k) plan to provide retirement benefits for employees that meet minimum employment criteria. We currently match, dollar for dollar, employee contributions to the 401(k) plan in an amount equal to up to 5.0% of the eligible wages of each participating employee. Matching contributions are fully vested when made. We recognized expense of approximately $1.3 million, $1.0 million, and $875,000 in the years ended December 31, 2022, 2021, and 2020, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Proceedings . We are currently the named defendant in a lawsuit where the owner of a neighboring property claims a retaining wall at one of our properties is causing water damage to the neighboring property. The claim is for damage to the property and monetary losses. We cannot, with any level of certainty, predict the outcome of the lawsuit or provide an estimate for any potential settlement. We are involved in various lawsuits arising in the normal course of business and believe that such matters will not have a material adverse effect on our consolidated financial statements. Environmental Matters . It is generally our policy to obtain a Phase I environmental assessment of each property that we seek to acquire. Such assessments have not revealed, nor are we aware of, any environmental liabilities that we believe would have a material adverse effect on our financial position or results of operations. We own properties that contain or potentially contain (based on the age of the property) asbestos, lead, or underground storage tanks. For certain of these properties, we estimated the fair value of the conditional asset retirement obligation and chose not to book a liability because the amounts involved were immaterial. With respect to certain other properties, we have not recorded any related asset retirement obligation as the fair value of the liability cannot be reasonably estimated due to insufficient information. We believe we do not have sufficient information to estimate the fair value of the asset retirement obligations for these properties because a settlement date or range of potential settlement dates has not been specified by others. These properties are expected to be maintained by repairs and maintenance activities that would not involve the removal of the asbestos, lead and/or underground storage tanks. Under various federal, state, and local laws, ordinances, and regulations, a current or previous owner or operator of real estate may be liable for the costs of removal of, or remediation of, certain hazardous or toxic substances in, on, around, or under the property. While the Company currently has no knowledge of any material violation of environmental laws, ordinances, or regulations at any of the properties, there can be no assurance that areas of contamination will not be identified at any of its properties or that changes in environmental laws, regulations, or cleanup requirements would not result in material costs. Insurance. We carry insurance coverage on our properties in amounts and types that we believe are customarily obtained by owners of similar properties and are sufficient to achieve our risk management objectives. Restrictions on Taxable Dispositions. Thirty-seven of our apartment communities, consisting of approximately 6,758 homes, are subject to restrictions on taxable dispositions under agreements entered into with some of the sellers or contributors of the properties and are effective for varying periods. We do not believe that the agreements materially affect the conduct of our business or our decisions whether to dispose of restricted properties during the restriction period because we generally hold these and our other properties for investment purposes rather than for sale. Where we deem it to be in our shareholders’ best interests to dispose of such properties, we generally seek to structure sales of such properties as tax deferred transactions under Section 1031 of the Code. Otherwise, we may be required to provide tax indemnification payments to the parties to these agreements. Redemption Value of Units . Pursuant to a Unitholder’s exercise of its Exchange Rights, we have the right, in our sole discretion, to acquire such Units by either making a cash payment or acquiring the Units for our common shares, on a one-for-one basis. All Units receive the same per Unit cash distributions as the per share dividends paid on common shares. Units are redeemable for an amount of cash per Unit equal to the average of the daily market price of our common shares for the ten Unfunded Commitments. Centerspace has unfunded commitments of $1.4 million in two real estate technology venture funds. Refer to Note 8 - Fair Value Measurements for additional information regarding these investments. |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE BASED COMPENSATION | SHARE-BASED COMPENSATION Share-based awards are provided to officers, non-officer employees, and trustees under our 2015 Incentive Plan approved by shareholders on September 15, 2015, as amended and restated on May 18, 2021 which allows for awards in the form of cash, unrestricted, and restricted common shares, stock options, stock appreciation rights, and restricted stock units (“RSUs”) up to an aggregate of 775,000 shares over the ten-year period in which the plan will be in effect. Under our 2015 Incentive Plan, officers and non-officer employees may earn share awards under a long-term incentive plan (“LTIP”), which is a forward-looking program that measures long-term performance over the stated performance period. These awards are payable to the extent deemed earned in shares. The terms of the long-term incentive awards granted under the program may vary from year to year. Through December 31, 2022, awards under the 2015 Incentive Plan consisted of restricted and unrestricted common shares, RSUs, and stock options. We account for forfeitures of restricted and unrestricted common shares, RSUs, and stock options when they occur instead of estimating the forfeitures. Year Ended December 31, 2022 LTIP Awards Awards granted to employees on January 1, 2022, consist of an aggregate of 5,849 time-based RSU awards, 13,407 performance based RSUs based on total shareholder return (“TSR”), and 30,002 stock options. The time-based RSUs vest as to one-third of the shares on each of January 1, 2023, January 1, 2024, and January 1, 2025. The stock options vest as to 25% on each of January 1, 2023, January 1, 2024, January 1, 2025, and January 1, 2026 and expire 10 years after grant date. The fair value of stock options was $17.094 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: 2022 Exercise price $ 110.90 Risk-free rate 1.44 % Expected term 6.25 years Expected volatility 21.2 % Dividend yield 2.597 % The TSR performance RSUs are earned based on the Company’s TSR as compared to the FTSE Nareit Apartment Index over a forward looking three-year period. The maximum number of RSUs eligible to be earned is 26,814 RSUs, which is 200% of the RSUs granted. Earned awards (if any) will fully vest as of the last day of the measurement period. These awards have market conditions in addition to service conditions that must be met for the awards to vest. Compensation expense is recognized ratably based on the grant date fair value, as determined using the Monte Carlo valuation model, regardless of whether the market conditions are achieved and the awards ultimately vest. Therefore, previously recorded compensation expense is not adjusted in the event that the market conditions are not achieved. The Company based the expected volatility on a weighted average of the historical volatility of the Company’s daily closing share price and a select peer average volatility, the risk-free interest rate on the interest rates on U.S. treasury bonds with a maturity equal to the remaining performance period of the award, and the expected term on the performance period of the award. The assumptions used to value the TSR performance RSUs were an expected volatility of 22.40%, a risk-free interest rate of 0.97%, and an expected life of 3 years. The share price at the grant date, January 1, 2022, was $110.90 per share. Awards granted to employees on February 1, 2022, consist of an aggregate of 1,295 time-based RSU awards which vest as to one-third of the RSUs on each of February 1, 2023, February 1, 2024, and February 1, 2025. Awards granted to trustees on May 17, 2022 consisted of 6,563 RSUs with a one-year vesting period. All of these awards are classified as equity awards. We recognize compensation expense associated with the time-based awards ratably over the requisite service period. The fair value of share awards at grant date for non-employee trustees was approximately $618,000, $425,000, and $533,000 for the years ended December 31, 2022, 2021, and 2020, respectively. Share-Based Compensation Expense Total share-based compensation expense recognized in the consolidated financial statements for the years ended December 31, 2022, 2021, and 2020, for all share-based awards was as follows: (in thousands) Year Ended December 31, 2022 2021 2020 Share based compensation expense $ 2,615 $ 2,689 $ 2,106 Restricted Stock Units During the year ended December 31, 2022, we issued 8,203 time-based RSUs to employees and 7,156 to trustees. The RSUs to employees generally vest over a three-year period and the RSUs to trustees generally vest over a one-year period. The fair value of the time-based RSUs granted during the year ended December 31, 2022 was $1.5 million. The total compensation cost related to non-vested time-based RSUs not yet recognized is $646,000, which we expect to recognize over a weighted average period of 1.3 years. The unamortized value of RSUs with market conditions as of December 31, 2022, 2021, and 2020, was approximately $1.7 million, $1.1 million, and $487,000, respectively. The activity for the years ended December 31, 2022, 2021, and 2020, related to our RSUs was as follows: RSUs with Service Conditions RSUs with Market Conditions Wtd Avg Grant- Wtd Avg Grant- Shares Date Fair Value Shares Date Fair Value Unvested at December 31, 2019 22,346 $ 58.41 37,822 $ 68.62 Granted 17,981 68.25 — — Vested (14,991) 59.10 (13,357) 74.68 Change in awards (1) — — 4,436 — Forfeited (508) 62.99 (1,907) 63.92 Unvested at December 31, 2020 24,828 $ 65.03 26,994 $ 67.87 Granted 13,693 71.54 19,224 87.04 Vested (17,065) 63.42 (35,920) 65.34 Change in awards (1) — — 8,926 — Forfeited (482) 70.44 — — Unvested at December 31, 2021 20,974 $ 69.97 19,224 $ 87.04 Granted 15,359 96.29 13,559 131.05 Vested (13,357) 69.24 — — Forfeited (1,562) 76.49 (2,741) 87.04 Unvested at December 31, 2022 21,414 $ 88.83 30,042 $ 106.90 (1) Represents the change in the number of restricted stock units earned at the end of the measurement period. Stock Options During the year ended December 31, 2022, we issued 30,245 stock options to employees. The stock options vest over a four-year period. The weighted average grant date fair value of the stock options granted during the year ended December 31, 2022 was $17.02 per share. The total compensation costs related to non-vested stock options not yet recognized is $363,000, which we expect to recognize over a weighted average period of 2.53 years. The stock option activity for the years ended December 31, 2022, 2021, and 2020 was as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2019 — — Granted 141,000 $ 66.36 Exercised — — Forfeited (1,952) 66.36 Outstanding at December 31, 2020 139,048 $ 66.36 Exercisable at December 31, 2020 — — Granted 43,629 70.64 Exercised — — Forfeited — — Outstanding at December 31, 2021 182,677 $ 67.38 Exercisable at December 31, 2021 34,758 66.36 Granted 30,245 110.67 Exercised — — Forfeited (16,299) 67.59 Outstanding at December 31, 2022 196,623 $ 74.02 Exercisable at December 31, 2022 80,421 $ 66.94 The intrinsic value of a stock option represents the amount by which the current price of the underlying stock exceeds the exercise price of the option. As of December 31, 2022, stock options outstanding had no aggregate intrinsic value with a weighted average remaining contractual term of 6.74 years. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Subsequent to December 31, 2022, we entered into definitive purchase and sale agreements for nine communities and believe they will close in the first quarter.The closing of pending transactions is subject to certain conditions and restrictions; therefore, there can be no assurance that the transactions will be consummated or that the final terms will not differ in material respects . |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | Gross Amount at Which Carried at Life on Which Initial Cost to Company Close of Period Depreciation in Costs Capitalized Date of Latest Income Buildings & Subsequent to Buildings & Accumulated Construction Statement is Description Encumbrances (1) Land Improvements Acquisition Land Improvements Total Depreciation or Acquisition Computed Same-Store 71 France - Edina, MN $ 50,933 $ 4,721 $ 61,762 $ 781 $ 4,801 $ 62,463 $ 67,264 $ (19,278) 2016 30-37 years Alps Park Apartments - Rapid City, SD — 287 5,551 731 336 6,233 6,569 (2,053) 2013 30-37 years Arcata Apartments - Golden Valley, MN — 2,088 31,036 576 2,128 31,572 33,700 (10,664) 2015 30-37 years Ashland Apartment Homes - Grand Forks, ND — 741 7,569 402 823 7,889 8,712 (2,981) 2012 30-37 years Avalon Cove Townhomes - Rochester, MN — 1,616 34,074 1,880 1,808 35,762 37,570 (8,751) 2016 30-37 years Boulder Court Apartment Homes - Eagan, MN — 1,067 5,498 3,179 1,576 8,168 9,744 (4,980) 2003 30-37 years Canyon Lake Apartments - Rapid City, SD — 305 3,958 2,471 420 6,314 6,734 (3,645) 2001 30-37 years Cardinal Point Apartments - Grand Forks, ND — 1,600 33,400 540 1,727 33,813 35,540 (5,318) 2013 30-37 years Cascade Shores Townhomes + Flats - Rochester, MN 45,100 6,588 67,072 9,623 6,776 76,507 83,283 (19,922) 2015-2016 30-37 years Castlerock Apartment Homes - Billings, MT — 736 4,864 2,441 1,045 6,996 8,041 (4,917) 1998 30-37 years Chateau Apartment Homes - Minot, ND — 301 20,058 1,256 326 21,289 21,615 (7,659) 2013 30-37 years Cimarron Hills Apartments - Omaha, NE 8,700 706 9,588 5,256 1,639 13,911 15,550 (8,665) 2001 30-37 years Commons and Landing at Southgate - Minot, ND — 5,945 47,512 2,793 6,424 49,826 56,250 (17,451) 2015 30-37 years Connelly on Eleven - Burnsville, MN — 2,401 11,515 17,012 3,206 27,722 30,928 (16,356) 2003 30-37 years Cottonwood Apartment Homes - Bismarck, ND — 1,056 17,372 6,308 1,962 22,774 24,736 (13,762) 1997 30-37 years Country Meadows Apartment Homes - Billings, MT — 491 7,809 1,742 599 9,443 10,042 (6,184) 1995 30-37 years Cypress Court Apartments - St. Cloud, MN 11,023 1,583 18,879 666 1,625 19,503 21,128 (6,593) 2012 30-37 years Deer Ridge Apartment Homes - Jamestown, ND — 711 24,129 459 785 24,514 25,299 (8,119) 2013 30-37 years Donovan Apartment Homes - Lincoln, NE — 1,515 15,730 6,822 1,817 22,250 24,067 (7,838) 2012 30-37 years Dylan at RiNo - Denver, CO — 12,155 77,215 1,208 12,241 78,337 90,578 (13,596) 2018 30 years Evergreen Apartment Homes - Isanti, MN — 1,129 5,524 713 1,159 6,207 7,366 (2,550) 2008 30-37 years FreightYard Townhomes & Flats - Minneapolis, MN — 1,889 23,616 1,372 1,895 24,982 26,877 (3,031) 2019 30 years Gardens Apartments - Grand Forks, ND — 518 8,702 160 535 8,845 9,380 (2,441) 2015 30-37 years Grand Gateway Apartment Homes - St. Cloud, MN — 814 7,086 2,388 970 9,318 10,288 (4,316) 2012 30-37 years Greenfield - Omaha, NE — 578 4,122 3,241 876 7,065 7,941 (3,324) 2007 30-37 years Homestead Garden Apartments - Rapid City, SD — 655 14,139 1,547 792 15,549 16,341 (4,560) 2015 30-37 years Ironwood - New Hope, MN — 2,165 36,874 540 2,167 37,412 39,579 (3,966) 2020 30 years Lakeside Village Apartment Homes - Lincoln, NE — 1,215 15,837 5,069 1,476 20,645 22,121 (7,156) 2012 30-37 years Legacy Apartments - Grand Forks, ND — 1,362 21,727 11,036 2,474 31,651 34,125 (20,814) 1995-2005 30-37 years Legacy Heights Apartment Homes - Bismarck, ND — 1,207 13,742 399 1,142 14,206 15,348 (3,592) 2015 30-37 years Lugano at Cherry Creek - Denver, CO — 7,679 87,766 3,577 7,679 91,343 99,022 (11,223) 2019 30 years Meadows Apartments - Jamestown, ND — 590 4,519 2,103 730 6,482 7,212 (4,287) 1998 30-37 years Monticello Crossings - Monticello, MN — 1,734 30,136 631 1,951 30,550 32,501 (7,538) 2017 30-37 years Monticello Village - Monticello, MN — 490 3,756 1,263 655 4,854 5,509 (2,865) 2004 30-37 years Northridge Apartments - Bismarck, ND — 884 7,515 266 1,048 7,617 8,665 (2,182) 2015 30-37 years Olympic Village Apartments - Billings, MT — 1,164 10,441 4,464 1,885 14,184 16,069 (9,160) 2000 30-37 years Oxbo Urban Rentals - St Paul, MN — 5,809 51,586 565 5,822 52,138 57,960 (10,412) 2018 30 years Park Meadows Apartment Homes - Waite Park, MN — 1,143 9,099 10,149 2,140 18,251 20,391 (13,904) 1997 30-37 years Park Place Apartments - Plymouth, MN — 10,609 80,781 19,032 10,819 99,603 110,422 (21,002) 2018 30 years Parkhouse Apartment Homes - Thornton, CO — 10,474 132,105 1,583 10,484 133,678 144,162 (12,245) 2020 30 years Gross Amount at Which Carried at Life on Which Initial Cost to Company Close of Period Depreciation in Costs Capitalized Date of Latest Income Buildings & Subsequent to Buildings & Accumulated Construction Statement is Description Encumbrances (1) Land Improvements Acquisition Land Improvements Total Depreciation or Acquisition Computed Plaza Apartments - Minot, ND — 867 12,784 3,160 1,011 15,800 16,811 (6,823) 2009 30-37 years Pointe West Apartments - Rapid City, SD — 240 3,538 2,299 463 5,614 6,077 (4,303) 1994 30-37 years Ponds at Heritage Place - Sartell, MN — 395 4,564 566 419 5,106 5,525 (1,993) 2012 30-37 years Prosper West - Waite Park, MN 16,425 939 10,167 17,243 1,912 26,437 28,349 (14,646) 1995 30-37 years Quarry Ridge Apartments - Rochester, MN 22,733 2,254 30,024 8,777 2,412 38,643 41,055 (14,145) 2006 30-37 years Red 20 Apartments - Minneapolis, MN 20,256 1,900 24,116 758 1,908 24,866 26,774 (8,313) 2015 30-37 years Regency Park Estates - St. Cloud, MN 6,923 702 10,198 8,040 1,179 17,761 18,940 (6,476) 2011 30-37 years Rimrock West Apartments - Billings, MT — 330 3,489 2,102 568 5,353 5,921 (3,623) 1999 30-37 years River Ridge Apartment Homes - Bismarck, ND — 576 24,670 1,214 922 25,538 26,460 (9,992) 2008 30-37 years Rocky Meadows Apartments - Billings, MT — 656 5,726 1,732 840 7,274 8,114 (5,084) 1995 30-37 years Rum River Apartments - Isanti, MN — 843 4,823 542 870 5,338 6,208 (2,591) 2007 30-37 years Silver Springs Apartment Homes - Rapid City, SD — 215 3,007 1,116 273 4,065 4,338 (1,319) 2015 30-37 years South Pointe Apartment Homes - Minot, ND — 550 9,548 6,374 1,489 14,983 16,472 (11,368) 1995 30-37 years SouthFork Townhomes + Flats - Lakeville, MN 21,675 3,502 40,153 11,146 3,583 51,218 54,801 (9,354) 2019 30 years Southpoint Apartments - Grand Forks, ND — 576 9,893 444 663 10,250 10,913 (3,098) 2013 30-37 years Sunset Trail Apartment Homes - Rochester, MN — 336 12,814 3,621 826 15,945 16,771 (10,109) 1999 30-37 years Thomasbrook Apartment - Lincoln, NE 13,100 600 10,306 6,391 1,710 15,587 17,297 (9,677) 1999 30-37 years Westend - Denver, CO — 25,525 102,180 1,270 25,532 103,443 128,975 (17,153) 2018 30 years Whispering Ridge - Omaha, NE 18,691 2,139 25,424 5,780 2,551 30,792 33,343 (10,636) 2012 30-37 years Woodridge on Second - Rochester, MN — 370 6,028 6,373 761 12,010 12,771 (7,328) 1997 30-37 years Total Same-Store $ 235,559 $ 142,236 $ 1,427,116 $ 225,192 $ 158,655 $ 1,635,889 $ 1,794,544 $ (497,331) Non-Same-Store Bayberry Place - Eagan, MN 11,048 1,807 14,113 801 1,865 14,856 16,721 (736) 2021 30 years Burgundy & Hillsboro - New Hope, MN 23,570 2,834 31,149 1,816 2,913 32,886 35,799 (1,686) 2021 30 years Civic Lofts - Denver, CO — 6,166 55,182 172 6,171 55,349 61,520 (2,318) 2021 30 years Elements of Linden Hills - Minneapolis, MN 5,969 941 7,853 178 949 8,023 8,972 (332) 2022 30 years Gatewood - Waite Park, MN 5,156 327 6,858 808 342 7,651 7,993 (428) 2021 30 years Grove Ridge - Cottage Grove, MN 7,992 1,250 10,271 551 1,293 10,779 12,072 (546) 2021 30 years Legacy Waite Park - Waite Park, MN 6,923 412 9,556 1,008 426 10,550 10,976 (580) 2021 30 years Lyra Apartments - Centennial, CO — 6,473 86,149 163 6,481 86,304 92,785 (1,123) 2022 30 years Martin Blu - Eden Prairie, MN 27,939 3,547 45,212 323 3,560 45,522 49,082 (1,854) 2022 30 years New Hope Garden & Village - New Hope, MN 9,943 1,603 12,578 1,032 1,651 13,562 15,213 (742) 2021 30 years Noko Apartments - Minneapolis, MN — 1,915 42,636 98 1,918 42,731 44,649 (1,690) 2022 30 years Palisades - Roseville, MN 22,048 6,919 46,577 1,010 6,959 47,547 54,506 (2,360) 2021 30 years Plymouth Pointe - Plymouth, MN 9,575 1,042 12,810 801 1,073 13,580 14,653 (723) 2021 30 years Pointe West - St. Cloud, MN 5,008 246 6,850 765 260 7,601 7,861 (422) 2021 30 years Portage - Minneapolis, MN 5,991 2,133 6,685 535 2,226 7,127 9,353 (348) 2021 30 years River Pointe - Fridley, MN 25,412 3,346 33,118 2,144 3,426 35,182 38,608 (1,764) 2021 30 years Southdale Parc - Richfield, MN 5,301 1,569 7,740 466 1,618 8,157 9,775 (401) 2021 30 years Union Pointe - Longmont, CO — 5,727 69,966 624 5,736 70,581 76,317 (5,495) 2021 30 years Venue on Knox - Minneapolis, MN 11,660 3,438 14,743 2,514 3,530 17,165 20,695 (815) 2021 30 years Gross Amount at Which Carried at Life on Which Initial Cost to Company Close of Period Depreciation in Costs Capitalized Date of Latest Income Buildings & Subsequent to Buildings & Accumulated Construction Statement is Description Encumbrances (1) Land Improvements Acquisition Land Improvements Total Depreciation or Acquisition Computed Windsor Gates - Brooklyn Park, MN 14,731 2,140 18,943 1,850 2,204 20,729 22,933 (1,065) 2021 30 years Wingate - New Hope, MN 10,459 1,480 13,530 1,018 1,526 14,502 16,028 (766) 2021 30 years Woodhaven - Minneapolis, MN 14,408 3,940 20,080 1,223 4,040 21,203 25,243 (1,036) 2021 30 years Woodland Pointe - Woodbury, MN 31,675 5,367 40,422 3,932 5,449 44,272 49,721 (2,217) 2021 30 years Zest - Minneapolis, MN 7,910 936 10,209 284 946 10,483 11,429 (421) 2022 30 years Total Non-Same-Store $ 262,718 $ 65,558 $ 623,230 $ 24,116 $ 66,562 $ 646,342 $ 712,904 $ (29,868) Total Multifamily $ 498,277 $ 207,794 $ 2,050,346 $ 249,308 $ 225,217 $ 2,282,231 $ 2,507,448 $ (527,199) Other - Mixed Use 71 France - Edina, MN (2) — $ — $ 5,879 $ 518 $ — $ 6,397 $ 6,397 $ (1,457) 2016 30-37 years Civic Lofts - Denver, CO — — — — — — — — 2021 30 years Lugano at Cherry Creek - Denver, CO — — 1,600 738 — 2,338 2,338 (234) 2019 30 years Noko Apartments - Minneapolis, MN — — 118 — — 118 118 (8) 2022 30 years Oxbo Urban Rentals- St Paul, MN — — 3,472 54 — 3,526 3,526 (620) 2015 30 years Plaza Apartments - Minot, ND — 389 5,444 3,467 607 8,693 9,300 (4,683) 2009 30-37 years Red 20 Apartments - Minneapolis, MN (2) — — 2,525 434 — 2,959 2,959 (892) 2015 30-37 years Zest - Minneapolis, MN (2) — — 52 1 — 53 53 (10) 2022 30 years Total Other - Mixed Use — $ 389 $ 19,090 $ 5,212 $ 607 $ 24,084 $ 24,691 $ (7,904) Other - Commercial 3100 10th St SW - Minot, ND — $ 246 $ 1,866 $ (127) $ 246 $ 1,739 $ 1,985 $ (298) 2019 30 years Total Other - Commercial — $ 246 $ 1,866 $ (127) $ 246 $ 1,739 $ 1,985 $ (298) Total $ 498,277 $ 208,429 $ 2,071,302 $ 254,393 $ 226,070 $ 2,308,054 $ 2,534,124 $ (535,401) (1) Amounts in this column are the mortgages payable balance as of December 31, 2022. These amounts do not include amounts owing under the Company's multi-bank line of credit, term loan, or unsecured senior notes. (2) Encumbrances are listed with the multifamily property description. Reconciliations of the carrying value of total property owned for the years ended December 31, 2022, 2021, and 2020 are as follows: (in thousands) Year Ended December 31, 2022 2021 2020 Balance at beginning of year $ 2,271,170 $ 1,812,557 $ 1,643,077 Additions during year Multifamily and Other 206,623 491,648 181,771 Improvements and Other 57,203 34,427 27,460 2,534,996 2,338,632 1,852,308 Deductions during year Cost of real estate sold — (57,698) (38,111) Other (1) (872) (9,764) (1,640) Balance at close of year $ 2,534,124 $ 2,271,170 $ 1,812,557 Reconciliations of accumulated depreciation/amortization for the years ended December 31, 2022, 2021, and 2020 are as follows: (in thousands) Year Ended December 31, 2022 2021 2020 Balance at beginning of year $ 443,592 $ 399,249 $ 349,122 Additions during year Provisions for depreciation 92,056 78,268 72,051 Deductions during year Accumulated depreciation on real estate sold or classified as held for sale — (24,161) (21,440) Other (1) (247) (9,764) (484) Balance at close of year $ 535,401 $ 443,592 $ 399,249 Total real estate investments, excluding mortgage notes receivable (2) $ 1,998,723 $ 1,827,578 $ 1,413,308 (1) Consists of the write off of fully depreciated assets and accumulated amortization and miscellaneous disposed assets. (2) The estimated net basis, including held for sale properties, for Federal Income Tax purposes was $1.5 billion and $1.8 billion at December 31, 2022 and December 31, 2021, respectively. |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATIONThe accompanying consolidated financial statements include our accounts and the accounts of all our subsidiaries in which we maintain a controlling interest, including the Operating Partnership, and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All intercompany balances and transactions are eliminated in consolidation. |
CONSOLIDATION | The consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partner’s or controlling interest. These entities are consolidated into our other operations with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income, and expenses. |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
RECLASSIFICATIONS | RECLASSIFICATIONSCertain previously reported amounts have been reclassified to conform to the current financial statement presentation. These reclassifications had no impact on net income as reported in the consolidated statement of operations, total assets, liabilities or equity as reported in the consolidated balance sheets and total shareholder’s equity. We reclassified certain items within cash flows from investing activities on the Consolidated Statements of Cash Flows. |
REAL ESTATE INVESTMENTS | REAL ESTATE INVESTMENTS Real estate investments are recorded at cost less accumulated depreciation and an adjustment for impairment, if any. Property, consisting primarily of real estate investments, totaled $2.0 billion and $1.8 billion as of December 31, 2022 and 2021, respectively. Upon acquisitions of real estate, we assess the fair value of acquired tangible assets (including land, buildings and personal property), which is determined by valuing the property as if it were vacant, and consider whether there were significant intangible assets acquired (for example, above- and below-market leases, the value of acquired in-place leases and resident relationships) and assumed liabilities, and allocate the purchase price based on these assessments. The as-if-vacant value is allocated to land, buildings, and personal property based on our determination of the relative fair values of these assets. The estimated fair value of the property is the amount that would be recoverable upon the disposition of the property. Techniques used to estimate fair value include discounted cash flow analysis and reference to recent sales of comparable properties. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property. Land value is assigned based on the purchase price if land is acquired separately or based on a relative fair value allocation if acquired in a portfolio acquisition. Other intangible assets acquired include amounts for in-place lease values that are based upon our evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include an estimate of carrying costs and foregone rental income during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. We also consider information about each property obtained during pre-acquisition due diligence, marketing, and leasing activities in estimating the relative fair value of the tangible and intangible assets acquired. Acquired above- and below-market lease values are recorded as the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. We use a 10-37 year estimated life for buildings and improvements and a 5-10 year estimated life for furniture, fixtures, and equipment. Land is not depreciated. We follow the real estate project costs guidance in ASC 970, Real Estate – General, in accounting for the costs of development and redevelopment projects. As real estate is undergoing development or redevelopment, all project costs directly associated with and attributable to the development and construction of a project, including interest expense and real estate tax expense, are capitalized to the cost of the real property. The capitalization period begins when development activities and expenditures begin and are identifiable to a specific property and ends upon completion, which is when the asset is ready for its intended use. Generally, rental property is considered substantially complete upon issuance of a certificate of occupancy. General and administrative costs are expensed as incurred. We did not capitalize interest during the years ended December 31, 2022, 2021, and 2020. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five We periodically evaluate our long-lived assets, including real estate investments, for impairment indicators. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each property, and legal and environmental concerns. If indicators exist, we compare the estimated future undiscounted cash flows for the property against the carrying amount of that property. If the sum of the estimated undiscounted cash flows is less than the carrying amount, an impairment loss is generally recorded for the difference between the estimated fair value and the carrying amount. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of estimated cash flows is subjective and is based, in part, on assumptions regarding future physical occupancy, rental rates, and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. |
REAL ESTATE HELD FOR SALE | We classify properties as held for sale when they meet the GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We generally consider these criteria met when the transaction has been approved by our Board of Trustees, there are no known significant contingencies related to the sale, and management believes it is probable that the sale will be completed within one year. We had no properties classified as held for sale at December 31, 2022 and 2021. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. Our determination of fair value is based on inputs management believes are consistent with those that market participants would use. Estimates are significantly impacted by estimates of sales price, selling velocity, and other factors. Due to uncertainties in the estimation process, actual results could differ from such estimates. Depreciation is not recorded on assets classified as held for sale. |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | CASH, CASH EQUIVALENTS, AND RESTRICTED CASH Cash and cash equivalents include all cash and highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents consist of our bank deposits and our deposits in a money market mutual fund. We are potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. |
RESTRICED CASH | As of December 31, 2022 restricted cash consisted of $1.4 million in escrows held by lenders. As of December 31, 2021, restricted cash consisted $5.0 million of real estate deposits for property acquisitions and $2.4 million in escrows held by lenders. Escrows include funds deposited with a lender for payment of real estate taxes and insurance, and reserves to be used for replacement of structural elements and mechanical equipment at certain communities. The funds are under the control of the lender. Disbursements are made after supplying written documentation to the lender |
LEASES | LEASES As a lessor, we primarily lease multifamily apartment homes which qualify as operating leases with terms that are generally one year or less. Rental revenues are recognized in accordance with ASC 842, Leases, using a method that represents a straight-line basis over the term of the lease. For the years ended December 31, 2022, 2021, and 2020, rental income represents approximately 97.9%, 98.2%, and 98.4%, respectively, of our total revenues and includes gross market rent less adjustments for concessions, vacancy loss, and bad debt. For the years ended December 31, 2022, 2021, and 2020, other property revenues represent the remaining 2.1%, 1.8%, and 1.6%, respectively, of our total revenues and are primarily driven by other fee income, which is typically recognized when earned, at a point in time. Some of our apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three |
REVENUES AND GAINS ON SALE OF REAL ESTATE | REVENUES AND GAINS ON SALE OF REAL ESTATE Revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration the company expects to be entitled for those goods and services. Revenue streams that are included in revenues from contracts with customers include other property revenues such as application fees and other miscellaneous items. We recognize revenue for these rental related items not included as a component of a lease as earned. |
MARKET CONCENTRATION RISK | MARKET CONCENTRATION RISK We are subject to increased exposure from economic and other competitive factors specific to markets where we hold a significant percentage of the carrying value of our real estate portfolio. As of December 31, 2022, we held more than 10% of the carrying value of our real estate portfolio in the Minneapolis, Minnesota and Denver, Colorado markets. |
INCOME TAXES | INCOME TAXES We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856-860 of the Code. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding capital gains, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the years ended December 31, 2022, 2021, and 2020, we distributed in excess of 90% of our taxable income and realized capital gains from property dispositions within the prescribed time limits. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, we may be subject to certain state and local income and property taxes, and to federal income and excise taxes on undistributed taxable income. In general, however, if we qualify as a REIT, no provisions for federal income taxes are necessary except for taxes on undistributed REIT taxable income and taxes on the income generated by a taxable REIT subsidiary (TRS). We have one TRS, which is subject to corporate federal and state income taxes on its taxable income at regular statutory rates. There were no income tax provisions or material deferred income tax items including any valuation allowances for our TRS for the years ended December 31, 2022, 2021, and 2020. |
VARIABLE INTEREST ENTITY | VARIABLE INTEREST ENTITY We have determined that our Operating Partnership and each of our less-than-wholly owned real estate partnerships is a variable interest entity (“VIE”), as the limited partners or the functional equivalent of limited partners lack substantive kick-out rights and substantive participating rights. We are the primary beneficiary of the VIEs, and the VIEs are required to be consolidated on our balance sheet because we have a controlling financial interest in the VIEs and have both the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Because our Operating Partnership is a VIE, all of our assets and liabilities are held through a VIE. |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENTProperty and equipment consists primarily of office equipment located at our corporate offices in Minot, North Dakota and in Minneapolis, Minnesota. The consolidated balance sheets reflects these assets at cost, net of accumulated depreciation, and are included within Other Assets. |
ADVERTISING COSTS | ADVERTISING COSTS Advertising costs are expensed as incurred and reported on the Consolidated Statement of Operations within the Property operating expenses, excluding real estate taxes |
MARKETABLE SECURITIES | MARKETABLE SECURITIESMarketable securities consisted of equity securities. We report equity securities at fair value based on quoted market prices (Level 1 inputs). Gains or losses are included in interest and other income (loss) on the consolidated statements of operations. |
DERIVATIVE INSTRUMENTS | Changes in the fair value of derivatives designated and that qualify as cash flow hedges were recorded in accumulated other comprehensive income (loss) (“OCI”) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) will be reclassified to interest expense as interest payments are made on our variable rate debt. |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Future Scheduled Lease Income for Operating Leases | The aggregate amount of future scheduled lease income on our operating leases for commercial spaces, excluding any variable lease income and non-lease components, as of December 31, 2022, was as follows: (in thousands) 2023 $ 3,241 2024 3,193 2025 3,142 2026 2,533 2027 1,366 Thereafter 5,760 Total scheduled lease income - operating leases $ 19,235 |
Disaggregation of Revenue | The following table presents the disaggregation of revenue streams of our rental income for the years ended December 31, 2022, 2021, and 2020: (in thousands) Year ended December 31, Revenue Stream Applicable Standard 2022 2021 2020 Fixed lease income - operating leases Leases $ 240,566 $ 189,452 $ 168,119 Variable lease income - operating leases Leases 10,754 8,565 7,068 Other property revenue Revenue from contracts with customers 5,396 3,688 2,807 Total revenue $ 256,716 $ 201,705 $ 177,994 |
Federal Income Tax Distributions | The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2022, 2021, and 2020: CALENDAR YEAR 2022 2021 2020 Tax status of distributions Capital gain — 0.92 % 13.62 % Ordinary income 13.42 % 7.82 % 7.91 % Return of capital 86.58 % 91.26 % 78.47 % |
Schedule of Other Assets | As of December 31, 2022 and 2021, other assets consisted of the following amounts: in thousands December 31, 2022 December 31, 2021 Receivable arising from straight line rents $ 556 $ 343 Accounts receivable, net of allowance 217 667 Real estate related loans receivable 5,871 6,208 Prepaid and other assets 8,474 9,693 Intangible assets, net of accumulated amortization 2,112 7,370 Property and equipment, net of accumulated depreciation 3,120 3,370 Goodwill 866 866 Deferred charges and leasing costs 1,471 2,065 Total Other Assets $ 22,687 $ 30,582 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted Earnings per Share | The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the consolidated financial statements for the years ended December 31, 2022, 2021, and 2020: (in thousands, except per share data) Year Ended December 31, 2022 2021 2020 NUMERATOR Net income (loss) attributable to controlling interests (14,109) (29) 4,441 Dividends to preferred shareholders (6,428) (6,428) (6,528) Redemption of preferred shares — — 297 Numerator for basic earnings per share – net income (loss) available to common shareholders (20,537) (6,457) (1,790) Noncontrolling interests – Operating Partnership and Series E preferred units (4,299) (2,806) (212) Dividends to preferred unitholders 640 640 640 Numerator for diluted earnings (loss) per share $ (24,196) $ (8,623) $ (1,362) DENOMINATOR Denominator for basic earnings (loss) per share weighted average shares 15,216 13,803 12,564 Denominator for diluted earnings (loss) per share 15,216 13,803 12,564 NET EARNINGS (LOSS) PER COMMON SHARE – BASIC AND DILUTED $ (1.35) $ (0.47) $ (0.15) |
EQUITY AND MEZZANINE EQUITY (Ta
EQUITY AND MEZZANINE EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Conversions of Stock | We redeemed Units in exchange for common shares in connection with Unitholders exercising their exchange rights during the years ended December 31, 2022 and 2021 as detailed in the table below. (in thousands) Number of Total Book Units Value Year ended December 31, 2022 24 $ (1,353) Year ended December 31, 2021 144 $ (4,714) We redeemed Units for cash in connection with Unitholders exercising their exchange rights during the years ended December 31, 2022 and 2021 as detailed in the table below. (in thousands, except per Unit data) Number of Aggregate Average Price Units Cost Per Unit Year ended December 31, 2022 46 $ 4,141 $ 90.18 Year ended December 31, 2021 — $ — $ — We redeemed Series E preferred units in exchange for common shares in connection with Series E unitholders exercising their exchange rights during the year ended December 31, 2022 as detailed below. (in thousands) Number of Series E Number of Total Preferred Units Redeemed Common Shares Issued Value Year ended December 31, 2022 56 67 $ 3,667 |
Schedule of Sale of Common Shares | The table below provides details on the sale of common shares under the 2021 ATM Program and the 2019 ATM Program during the years ended December 31, 2022 and 2021. (in thousands, except per share amounts) Number of Common Shares Total Consideration (1) Average Price Per Share (1) Year ended December 31, 2022 321 $ 31,732 $ 98.89 Year ended December 31, 2021 1,817 $ 156,449 $ 86.13 (1) Total consideration is net of $338,000 and $2.1 million in commissions for the years ended December 31, 2022 and 2021, respectively. |
Schedule of Repurchase Agreements | The table below provides details on the shares repurchased during the year ended December 31, 2022. As of December 31, 2022, we had $21.0 million remaining authorized for purchase under this program. (in thousands, except per share amounts) Number of Common Shares Aggregate Cost (1) Average Price Per Share (1) Year ended December 31, 2022 432 $ 29,059 $ 67.23 (1) Amount includes commissions. |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Schedule of Noncontrolling Interests - Consolidated Real Estate Entities | Our noncontrolling interests – consolidated real estate entities at December 31, 2022 and 2021 were as follows: (in thousands) December 31, 2022 December 31, 2021 IRET - Cypress Court Apartments, LLC $ 627 $ 648 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table summarizes our indebtedness, excluding deferred financing costs: (in thousands) December 31, 2022 December 31, 2021 Weighted Average Maturity in Years Lines of credit $ 113,500 $ 76,000 2.75 Term loans (1) 100,000 — 0.89 Unsecured senior notes (1) 300,000 300,000 8.26 Unsecured debt 513,500 376,000 6.15 Mortgages payable - Fannie Mae credit facility 198,850 198,850 8.34 Mortgages payable - other (2) 299,427 284,934 4.79 Total debt $ 1,011,777 $ 859,784 5.76 Annual Weighted Average Interest Rates Lines of credit (rate with swap) (3) 4.12 % 2.74 % Term loan 5.57 % — Unsecured senior notes 3.12 % 3.12 % Mortgages payable - Fannie Mae credit facility 2.78 % 2.78 % Mortgages payable - other 3.85 % 3.81 % Total debt 3.62 % 3.26 % (1) Included within notes payable on our Consolidated Balance Sheets. (2) Net of fair value adjustments on acquisition of mortgage. (3) The interest rate swap was terminated in February 2022. Refer to Note 7 - Derivative Instruments for more information. (in thousands) Amount Maturity Date Fixed Interest Rate Series A $ 75,000 September 13, 2029 3.84 % Series B $ 50,000 September 30, 2028 3.69 % Series C $ 50,000 June 6, 2030 2.70 % Series 2021-A $ 35,000 September 17, 2030 2.50 % Series 2021-B $ 50,000 September 17, 2031 2.62 % Series 2021-C $ 25,000 September 17, 2032 2.68 % Series 2021-D $ 15,000 September 17, 2034 2.78 % |
Aggregate Amount of Required Future Principal Payments on Mortgages Payable | The aggregate amount of required future principal payments on lines of credit, notes payable, and mortgages payable, as of December 31, 2022 is as follows: (in thousands) 2023 $ 145,988 2024 5,012 2025 147,350 2026 50,088 2027 47,088 Thereafter 616,251 Total payments $ 1,011,777 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets at Fair Value | The fair value of the derivative financial instruments as well as their classification on our Consolidated Balance Sheets as of December 31, 2022 and 2021 is detailed below. (in thousands) December 31, 2022 December 31, 2021 Balance Sheet Location Fair Value Fair Value Total derivative instruments designated as hedging instruments - interest rate swaps Accounts Payable and Accrued Expenses $ — $ 4,610 Total derivative instruments not designated as hedging instruments - interest rate swaps Accounts Payable and Accrued Expenses $ — $ 1,097 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The effect of the Company's derivative financial instruments on the consolidated statements of operations as of December 31, 2022, 2021, and 2020 is detailed below. (in thousands) Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from Accumulated OCI into Income Gain (Loss) Reclassified from Accumulated OCI into Net Income (Loss) Year Ended December 31, Year Ended December 31, 2022 2021 2020 2022 2021 2020 Total derivatives in cash flow hedging relationships - interest rate swaps $ 1,581 $ 2,383 $ (11,068) Interest expense $ (799) $ (9,087) $ (2,770) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values of Financial Instruments | Fair Value Measurements on a Recurring Basis (in thousands) Balance Sheet Location Total Level 1 Level 2 Level 3 December 31, 2022 Assets Notes receivable Other assets $ 5,871 $ — $ — $ 5,871 December 31, 2021 Assets Mortgages and notes receivable Mortgages receivable $ 49,484 $ — $ — $ 49,484 Liabilities Derivative instruments - interest rate swaps Accounts payable and accrued expenses $ 5,707 $ — $ — $ 5,707 The estimated fair values of our financial instruments as of December 31, 2022 and 2021 are as follows: (in thousands) December 31, 2022 December 31, 2021 Balance Sheet Location Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents Cash and cash equivalents $ 10,458 $ 10,458 $ 31,267 $ 31,267 Restricted cash Restricted cash 1,433 1,433 7,358 7,358 FINANCIAL LIABILITIES Revolving lines of credit (1) Revolving lines of credit 113,500 113,500 76,000 76,000 Term loans Notes payable 100,000 100,000 — — Unsecured senior notes Notes payable 300,000 238,446 300,000 308,302 Mortgages payable - Fannie Mae credit facility Mortgages payable 198,850 161,297 198,850 198,850 Mortgages payable - other Mortgages payable 299,427 274,029 284,934 284,546 (1) Excluding the effect of the interest rate swap agreement at December 31, 2021. |
Changes in Fair Value Receivables | Changes in fair value of these receivables from period to period are reported in interest and other income (in thousands) Fair Value Measurement Other Gains (Losses) Interest Income Total Changes in Fair Value Included in Current Period Earnings Year ended December 31, 2022 $ 5,871 $ 16 $ 669 $ 685 Year ended December 31, 2021 $ 49,484 $ 14 $ 2,403 $ 2,417 |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Our acquisitions during the years ended December 31, 2022 and 2021 are detailed below. Year Ended December 31, 2022 Date (in thousands) Total Acquisition Cost (1) Form of Consideration Investment Allocation Acquisitions Cash Units (2) Other (3) Land Building Intangible Other (4) 191 homes - Martin Blu - Minneapolis, MN January 4, 2022 $ 49,825 $ 3,031 $ 18,885 $ 27,909 $ 3,547 $ 45,212 $ 1,813 $ (747) 31 homes - Elements - Minneapolis, MN January 4, 2022 9,066 1,290 1,748 6,028 941 7,853 335 (63) 45 homes - Zest - Minneapolis, MN January 4, 2022 11,364 1,429 2,249 7,686 936 10,261 574 (407) 130 homes - Noko Apartments - Minneapolis, MN January 26, 2022 46,619 3,343 — 43,276 1,915 42,754 1,950 — 215 homes - Lyra Apartments - Centennial, CO September 30, 2022 95,000 95,000 — — 6,473 86,149 2,378 — Total Acquisitions $ 211,874 $ 104,093 $ 22,882 $ 84,899 $ 13,812 $ 192,229 $ 7,050 $ (1,217) (1) Excludes $573,000 in capitalized transaction cost. (2) Fair value of operating partnership units issued on acquisition. (3) Assumption of seller's debt upon closing for Martin Blu, Zest, and Elements. Mezzanine and construction loans, financed by Centerspace, exchanged as partial consideration for the acquisition of Noko Apartments. (4) Debt discount on assumed mortgage. Year Ended December 31, 2021 (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost (1) Cash Units (2) Other (3) Land Building Assets Other (4) 256 homes - Union Pointe Apartment Homes - Longmont, CO January 6, 2021 $ 76,900 $ 76,900 $ — $ — $ 5,727 $ 69,966 $ 1,207 $ — 120 homes - Bayberry Place - Minneapolis, MN September 1, 2021 16,673 898 9,855 5,920 1,807 14,113 753 — 251 homes - Burgundy & Hillsboro Court - Minneapolis, MN September 1, 2021 35,569 2,092 22,542 10,935 2,834 31,148 1,587 — 97 homes - Venue on Knox - Minneapolis, MN September 1, 2021 18,896 500 11,375 7,021 3,438 14,743 715 — 120 homes - Gatewood - St. Cloud, MN September 1, 2021 7,781 378 3,388 4,015 327 6,858 596 — 84 homes - Grove Ridge - Minneapolis, MN September 1, 2021 12,060 121 8,579 3,360 1,250 10,271 539 — 119 homes - The Legacy - St. Cloud, MN September 1, 2021 10,560 229 5,714 4,617 412 9,556 592 — 151 homes - New Hope Garden & Village - Minneapolis, MN September 1, 2021 15,006 1,435 10,812 2,759 1,603 12,578 825 — 330 homes - Palisades - Minneapolis, MN September 1, 2021 53,354 2,884 30,470 20,000 6,919 46,577 2,211 (2,353) 96 homes - Plymouth Pointe - Minneapolis, MN September 1, 2021 14,450 370 9,061 5,019 1,042 12,809 599 — 93 homes - Pointe West - St. Cloud, MN September 1, 2021 7,558 91 3,605 3,862 246 6,849 463 — 301 homes - River Pointe - Minneapolis MN September 1, 2021 38,348 2,249 21,653 14,446 3,346 33,117 1,885 — 70 homes - Southdale Parc - Minneapolis, MN September 1, 2021 9,670 165 7,907 1,598 1,569 7,740 361 — 62 homes - Portage - Minneapolis, MN September 1, 2021 9,171 323 5,588 3,260 2,133 6,685 353 — 200 homes - Windsor Gates - Minneapolis, MN September 1, 2021 22,231 1,122 12,080 9,029 2,140 18,943 1,148 — 136 homes - Wingate - Minneapolis, MN September 1, 2021 15,784 723 10,246 4,815 1,480 13,530 774 — 178 homes - Woodhaven - Minneapolis, MN September 1, 2021 25,009 1,682 15,200 8,127 3,940 20,080 989 — 288 homes - Woodland Pointe - Minneapolis, MN September 1, 2021 47,796 437 29,438 17,921 5,367 40,422 2,007 — 176 homes - Civic Lofts - Denver, CO December 21, 2021 63,000 63,000 — — 6,166 55,204 1,630 — Total Acquisitions $ 499,816 $ 155,599 $ 217,513 $ 126,704 $ 51,746 $ 431,189 $ 19,234 $ (2,353) (1) Includes $36.1 million for additional fair value of Series E preferred units and excludes $9.1 million in capitalized transaction costs for the September 1, 2021 portfolio acquisition. (2) Fair value of Series E preferred units at the acquisition date. (3) Payoff of debt or assumption of seller's debt upon closing. (4) Debt discount on assumed mortgage. |
Schedule of Dispositions | The dispositions for the years ended December 31, 2021 are detailed below. Year Ended December 31, 2021 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 76 homes - Crystal Bay-Rochester, MN May 25, 2021 $ 13,650 $ 10,255 $ 3,395 40 homes - French Creek-Rochester, MN May 25, 2021 6,700 4,474 2,226 182 homes - Heritage Manor-Rochester, MN May 25, 2021 14,125 4,892 9,233 140 homes - Olympik Village-Rochester, MN May 25, 2021 10,725 6,529 4,196 151 homes - Winchester/Village Green-Rochester, MN May 25, 2021 14,800 7,010 7,790 $ 60,000 $ 33,160 $ 26,840 Other Minot IPS October 18, 2021 $ 2,250 $ 1,573 $ 677 Total Dispositions $ 62,250 $ 34,733 $ 27,517 |
SEGMENTS (Tables)
SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Revenues and Net Operating Income for Reportable Segments | The following tables present NOI for the years ended December 31, 2022, 2021, and 2020 from our reportable segment and reconcile net operating income to net income as reported in the consolidated financial statements. Segment assets are also reconciled to total assets as reported in the consolidated financial statements. (in thousands) Year ended December 31, 2022 Multifamily All Other Total Revenue $ 252,950 $ 3,766 $ 256,716 Property operating expenses, including real estate taxes 107,431 1,206 108,637 Net operating income $ 145,519 $ 2,560 $ 148,079 Property management expenses (9,895) Casualty loss (1,591) Depreciation and amortization (105,257) General and administrative expenses (17,516) Gain (loss) on sale of real estate and other investments 41 Interest expense (32,750) Interest and other income (loss) 1,248 Net income (loss) $ (17,641) (in thousands) Year ended December 31, 2021 Multifamily All Other Total Revenue $ 195,624 $ 6,081 $ 201,705 Property operating expenses, including real estate taxes 79,096 2,761 81,857 Net operating income $ 116,528 $ 3,320 $ 119,848 Property management expenses (8,752) Casualty loss (344) Depreciation and amortization (92,165) General and administrative expenses (16,213) Gain (loss) on sale of real estate and other investments 27,518 Interest expense (29,078) Interest and other income (2,915) Net income (loss) $ (2,101) (in thousands) Year ended December 31, 2020 Multifamily All Other Total Revenue $ 164,126 $ 13,868 $ 177,994 Property operating expenses, including real estate taxes 66,356 6,802 73,158 Net operating income $ 97,770 $ 7,066 $ 104,836 Property management expenses (5,801) Casualty loss (1,662) Depreciation and amortization (75,593) General and administrative expenses (13,440) Gain (loss) on sale of real estate and other investments 25,503 Interest expense (27,525) Interest and other income (1,575) Net income (loss) $ 4,743 |
Segment Assets and Accumulated Depreciation | Segment Assets and Accumulated Depreciation (in thousands) As of December 31, 2022 Multifamily All Other Total Segment assets Property owned $ 2,507,448 $ 26,676 $ 2,534,124 Less accumulated depreciation (527,199) (8,202) (535,401) Total property owned $ 1,980,249 $ 18,474 $ 1,998,723 Cash and cash equivalents 10,458 Restricted cash 1,433 Other assets 22,687 Total Assets $ 2,033,301 (in thousands) As of December 31, 2021 Multifamily All Other Total Segment assets Property owned $ 2,244,250 $ 26,920 $ 2,271,170 Less accumulated depreciation (436,004) (7,588) (443,592) Total property owned $ 1,808,246 $ 19,332 $ 1,827,578 Cash and cash equivalents 31,267 Restricted cash 7,358 Other assets 30,582 Mortgage loans receivable 43,276 Total Assets $ 1,940,061 |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Fair Value Stock Options | The fair value of stock options was $17.094 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: 2022 Exercise price $ 110.90 Risk-free rate 1.44 % Expected term 6.25 years Expected volatility 21.2 % Dividend yield 2.597 % |
Schedule of Compensation Expense Recognized | Total share-based compensation expense recognized in the consolidated financial statements for the years ended December 31, 2022, 2021, and 2020, for all share-based awards was as follows: (in thousands) Year Ended December 31, 2022 2021 2020 Share based compensation expense $ 2,615 $ 2,689 $ 2,106 |
Schedule of Restricted Share Awards Activity | The activity for the years ended December 31, 2022, 2021, and 2020, related to our RSUs was as follows: RSUs with Service Conditions RSUs with Market Conditions Wtd Avg Grant- Wtd Avg Grant- Shares Date Fair Value Shares Date Fair Value Unvested at December 31, 2019 22,346 $ 58.41 37,822 $ 68.62 Granted 17,981 68.25 — — Vested (14,991) 59.10 (13,357) 74.68 Change in awards (1) — — 4,436 — Forfeited (508) 62.99 (1,907) 63.92 Unvested at December 31, 2020 24,828 $ 65.03 26,994 $ 67.87 Granted 13,693 71.54 19,224 87.04 Vested (17,065) 63.42 (35,920) 65.34 Change in awards (1) — — 8,926 — Forfeited (482) 70.44 — — Unvested at December 31, 2021 20,974 $ 69.97 19,224 $ 87.04 Granted 15,359 96.29 13,559 131.05 Vested (13,357) 69.24 — — Forfeited (1,562) 76.49 (2,741) 87.04 Unvested at December 31, 2022 21,414 $ 88.83 30,042 $ 106.90 (1) Represents the change in the number of restricted stock units earned at the end of the measurement period. |
Schedule of Stock Options Activity | The stock option activity for the years ended December 31, 2022, 2021, and 2020 was as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2019 — — Granted 141,000 $ 66.36 Exercised — — Forfeited (1,952) 66.36 Outstanding at December 31, 2020 139,048 $ 66.36 Exercisable at December 31, 2020 — — Granted 43,629 70.64 Exercised — — Forfeited — — Outstanding at December 31, 2021 182,677 $ 67.38 Exercisable at December 31, 2021 34,758 66.36 Granted 30,245 110.67 Exercised — — Forfeited (16,299) 67.59 Outstanding at December 31, 2022 196,623 $ 74.02 Exercisable at December 31, 2022 80,421 $ 66.94 |
ORGANIZATION (Details)
ORGANIZATION (Details) - Dec. 31, 2022 | apartmentCommunity | apartmentHome | apartmentProperty |
Real Estate Properties [Line Items] | |||
Number of properties | 84 | 37 | |
Number of apartment homes | 6,758 | ||
Apartment Properties | |||
Real Estate Properties [Line Items] | |||
Number of apartment homes | 15,065 |
BASIS OF PRESENTATION AND SIG_4
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Interest in operating partnership | 82.90% | 83.30% |
Percentage of general interest partnership | 100% | 100% |
BASIS OF PRESENTATION AND SIG_5
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Real Estate Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate Properties [Line Items] | |||
Real estate investments | $ 1,998,723,000 | $ 1,827,578,000 | |
Construction period interest capitalized | $ 0 | $ 0 | $ 0 |
Minimum | Buildings and Improvements | |||
Real Estate Properties [Line Items] | |||
Estimated useful life of assets (in years) | 10 years | ||
Minimum | Furniture, Fixtures and Equipment | |||
Real Estate Properties [Line Items] | |||
Estimated useful life of assets (in years) | 5 years | ||
Minimum | Renovations and Improvements | |||
Real Estate Properties [Line Items] | |||
Estimated useful life of assets (in years) | 5 years | ||
Maximum | Buildings and Improvements | |||
Real Estate Properties [Line Items] | |||
Estimated useful life of assets (in years) | 37 years | ||
Maximum | Furniture, Fixtures and Equipment | |||
Real Estate Properties [Line Items] | |||
Estimated useful life of assets (in years) | 10 years | ||
Maximum | Renovations and Improvements | |||
Real Estate Properties [Line Items] | |||
Estimated useful life of assets (in years) | 20 years |
BASIS OF PRESENTATION AND SIG_6
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Change in Depreciable Lives of Real Estate Assets and Real Estate Held For Sale (Details) - apartmentProperty | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate Properties [Line Items] | ||
Number of year after date of acquisition related to adjustment of real estate preliminary allocations of purchase price | 1 year | |
Assets Held for Sale | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties classified as held for sale | 0 | 0 |
BASIS OF PRESENTATION AND SIG_7
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 1,433 | $ 7,358 | $ 6,918 |
Real Estate Deposits for Property Acquisition | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | 5,000 | ||
Escrow Deposits | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 1,400 | $ 2,400 |
BASIS OF PRESENTATION AND SIG_8
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |||
2023 | $ 3,241 | ||
2024 | 3,193 | ||
2025 | 3,142 | ||
2026 | 2,533 | ||
2027 | 1,366 | ||
Thereafter | 5,760 | ||
Total scheduled lease income - operating leases | $ 19,235 | ||
Minimum | |||
Lessor, Lease, Description [Line Items] | |||
Term of lease contract | 3 years | ||
Maximum | |||
Lessor, Lease, Description [Line Items] | |||
Term of lease contract | 15 years | ||
Rental Income | Product Concentration Risk | Revenue Benchmark | |||
Lessor, Lease, Description [Line Items] | |||
Concentration risk | 97.90% | 98.20% | 98.40% |
Fee Income | Product Concentration Risk | Revenue Benchmark | |||
Lessor, Lease, Description [Line Items] | |||
Concentration risk | 2.10% | 1.80% | 1.60% |
BASIS OF PRESENTATION AND SIG_9
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Fixed lease income - operating leases | $ 240,566 | $ 189,452 | $ 168,119 |
Variable lease income - operating leases | 10,754 | 8,565 | 7,068 |
Revenues, Total | 256,716 | 201,705 | 177,994 |
Other Property Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Other property revenue | $ 5,396 | $ 3,688 | $ 2,807 |
BASIS OF PRESENTATION AND SI_10
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - consolidatedEntity | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Minimum dividend distribution percentage | 90% | ||
Dividend distribution percentage | 90% | 90% | 90% |
Number of TRS | 1 | ||
Capital gain | 0% | 0.92% | 13.62% |
Ordinary income | 13.42% | 7.82% | 7.91% |
Return of capital | 86.58% | 91.26% | 78.47% |
BASIS OF PRESENTATION AND SI_11
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Receivable arising from straight line rents | $ 556 | $ 343 | |
Accounts receivable, net of allowance | 217 | 667 | |
Real estate related loans receivable | 5,871 | 6,208 | |
Prepaid and other assets | 8,474 | 9,693 | |
Intangible assets, net of accumulated amortization | 2,112 | 7,370 | |
Property and equipment, net of accumulated depreciation | 3,120 | 3,370 | |
Goodwill | 866 | 866 | |
Deferred charges and leasing costs | 1,471 | 2,065 | |
Total Other Assets | 22,687 | 30,582 | |
Amortization of intangible assets | $ 12,300 | $ 13,500 | $ 3,100 |
BASIS OF PRESENTATION AND SI_12
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Property and equipment cost | $ 4.9 | $ 4.7 |
Accumulated depreciation | $ 1.8 | $ 1.4 |
BASIS OF PRESENTATION AND SI_13
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Mortgage Loans Receivable and Notes Receivable (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Real Estate Properties [Line Items] | ||||
Mortgage loans receivable | $ 0 | $ 43,276,000 | ||
Multi Family Same-Store | Ironwood | Tax Increment Financing | ||||
Real Estate Properties [Line Items] | ||||
Loan commitment | $ 6,600,000 | 6,100,000 | 6,400,000 | |
Interest rate on mortgages payable | 4.50% | |||
Multi Family Residential | Minneapolis, Minnesota | Construction Loans | ||||
Real Estate Properties [Line Items] | ||||
Mortgage loans receivable | $ 0 | 29,900,000 | $ 29,900,000 | |
Interest rate on mortgages payable | 4.50% | |||
Multi Family Residential | Minneapolis, Minnesota | Mezzanine Loan | ||||
Real Estate Properties [Line Items] | ||||
Mortgage loans receivable | $ 0 | $ 13,400,000 | $ 15,300,000 | |
Interest rate on mortgages payable | 11.50% |
BASIS OF PRESENTATION AND SI_14
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Reportable Segments (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
BASIS OF PRESENTATION AND SI_15
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Combination and Asset Acquisition [Abstract] | |||
Advertising expense | $ 3.2 | $ 2.5 | $ 2.1 |
BASIS OF PRESENTATION AND SI_16
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Marketable Securities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Realized gain (loss) on marketable securities | $ 0 | $ 0 | $ (3,378,000) |
Marketable securities | $ 0 | $ 0 |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Ratio of units exchanged for shares | 1 | ||
Operating Partnership Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded (in shares) | 978 | 899 | 1,000 |
Series E Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded (in shares) | 2,200 | 729 | |
Series D Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded (in shares) | 228 | 228 | 228 |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded (in shares) | 28 | 30 | 86 |
Restricted Stock Units (RSU) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded (in shares) | 10 | 15 | 13 |
Performance Shares And Restricted Stock Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded (in shares) | 30 | 32 | 27 |
EARNINGS PER SHARE - Reconcilia
EARNINGS PER SHARE - Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
NUMERATOR | |||
Net income (loss) attributable to controlling interests | $ (14,109) | $ (29) | $ 4,441 |
Dividends to preferred shareholders | (6,428) | (6,428) | (6,528) |
Redemption of preferred shares | 0 | 0 | 297 |
Numerator for basic earnings per share – net income (loss) available to common shareholders | (20,537) | (6,457) | (1,790) |
Noncontrolling interests – Operating Partnership and Series E preferred units | (4,299) | (2,806) | (212) |
Dividends to preferred unitholders | 640 | 640 | 640 |
Numerator for diluted earnings (loss) per share | $ (24,196) | $ (8,623) | $ (1,362) |
DENOMINATOR | |||
Denominator for basic earnings (loss) per share weighted average shares (in shares) | 15,216 | 13,803 | 12,564 |
Denominator for diluted earnings (loss) per share (in shares) | 15,216 | 13,803 | 12,564 |
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC (in dollars per share) | $ (1.35) | $ (0.47) | $ (0.15) |
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) | $ (1.35) | $ (0.47) | $ (0.15) |
EQUITY AND MEZZANINE EQUITY - N
EQUITY AND MEZZANINE EQUITY - Narrative (Details) | 12 Months Ended | |||||||||
Sep. 01, 2021 qtr apartmentUnit $ / shares shares | Oct. 02, 2017 $ / shares shares | Dec. 31, 2022 USD ($) apartmentCommunity $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) | Dec. 31, 2022 shares | Dec. 31, 2022 USD ($) | Dec. 31, 2022 apartmentCommunity | Dec. 31, 2022 apartmentProperty | Mar. 10, 2022 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Noncontrolling interests - operating partnership (in shares) | shares | 832,000 | 971,000 | ||||||||
Noncontrolling interests , operating partnership, issued (in shares) | shares | 209,000 | |||||||||
Preferred units, shares issued (in shares) | shares | 3,881,000 | 3,881,000 | ||||||||
Number of properties | 84 | 37 | ||||||||
Preferred shares, liquidation preference | $ | $ 97,036,000 | $ 97,036,000 | ||||||||
Common shares outstanding (in shares) | shares | 15,016,000 | 15,020,000 | ||||||||
Sale of common shares, net | $ | $ 31,439,000 | $ 156,038,000 | $ 58,852,000 | |||||||
Aggregate gross sales price of common share of beneficial interest allowed to be repurchased | $ | $ 50,000,000 | |||||||||
Remaining available repurchase amount | $ | 21,000,000 | |||||||||
Preferred shares of beneficial interest, shares outstanding (in shares) | shares | 3,881,000 | 3,881,000 | ||||||||
Preferred units, shares issued (in shares) | shares | 166,000 | 166,000 | ||||||||
Preferred units, liquidation preference | $ | $ 16,560,000 | 16,560,000 | ||||||||
At-The-Market Offering | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Aggregate gross sales price of common shares, authorized amount | $ | 250,000,000 | |||||||||
Aggregate gross sales price of common shares, remaining authorized amount | $ | 126,600,000 | |||||||||
Incentive Plan 2015 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common shares forfeited (in shares) | shares | 2,000 | 500 | ||||||||
Performance Shares | Incentive Plan 2015 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Equity awards issued (in shares) | shares | 24,613 | 27,351 | ||||||||
Sale of common shares, net | $ | $ 1,300,000 | $ 1,000,000 | ||||||||
Series C Preferred Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Distribution rate | 6.625% | |||||||||
Preferred shares, liquidation preference | $ | $ 97,000,000 | 97,000,000 | ||||||||
Preferred shares of beneficial interest, shares outstanding (in shares) | shares | 4,100,000 | |||||||||
Liquidation preference per share (in dollars per share) | $ / shares | $ 25 | |||||||||
Distribution accrual rate (in dollars per share) | $ / shares | $ 1.65625 | |||||||||
Series D Preferred Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Preferred units, shares issued (in shares) | shares | 165,600 | 165,600 | ||||||||
Preferred units, issuance price (in dollars per share) | $ / shares | $ 100 | $ 100 | ||||||||
Temporary equity, distribution rate | 3.862% | |||||||||
Conversion ratio | 1.37931 | |||||||||
Preferred units, liquidation preference | $ | 16,600,000 | |||||||||
Series E Preferred Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Preferred units, shares issued (in shares) | shares | 1,800,000 | |||||||||
Preferred units, par value (in dollars per share) | $ / shares | $ 100 | |||||||||
Distribution rate | 3.875% | |||||||||
Preferred units, conversion ratio | 1.2048 | |||||||||
Preferred units, conversion exchange rate, minimum threshold (in dollars per share) | $ / shares | $ 83 | |||||||||
Preferred stock, threshold trading days | 15 days | |||||||||
Preferred stock, threshold consecutive trading days | 30 days | |||||||||
Number of consecutive distribution periods | qtr | 3 | |||||||||
Minimum distribution rate (in dollars per share) | $ / shares | $ 0.804 | |||||||||
Preferred shares, liquidation preference | $ | $ 175,800,000 | |||||||||
2022 Acquisitions, Three Apartment Communities | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of apartment communities acquired | apartmentCommunity | 3 | |||||||||
2021 Acquisitions | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of properties | apartmentUnit | 17 |
EQUITY AND MEZZANINE EQUITY - S
EQUITY AND MEZZANINE EQUITY - Schedule of Conversions of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Conversion of Stock [Line Items] | |||
Text Book Value | $ 0 | $ 0 | $ 0 |
Aggregate Cost | $ 3,667 | $ 0 | $ 0 |
Exercise of Exchange Rights | |||
Conversion of Stock [Line Items] | |||
Number of units redeemed (in shares) | 24 | 144 | |
Text Book Value | $ (1,353) | $ (4,714) | |
Redemption of Units for Cash | |||
Conversion of Stock [Line Items] | |||
Number of units converted (in shares) | 46 | 0 | |
Aggregate Cost | $ 4,141 | $ 0 | |
Average Net Price Per Share (in dollars per share) | $ 90.18 | $ 0 |
EQUITY AND MEZZANINE EQUITY -_2
EQUITY AND MEZZANINE EQUITY - Schedule of Conversions of Preferred Units (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Conversion of Stock [Line Items] | |||
Number of amount converted | $ 3,667 | $ 0 | $ 0 |
Series E Preferred Stock | |||
Conversion of Stock [Line Items] | |||
Number of units converted (in shares) | 56 | ||
Common Stock | |||
Conversion of Stock [Line Items] | |||
Number of amount converted | $ 67 | ||
Redemption of Units for Common Shares | |||
Conversion of Stock [Line Items] | |||
Total value | $ 3,667 |
EQUITY AND MEZZANINE EQUITY -_3
EQUITY AND MEZZANINE EQUITY - Sale of Common Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Commissions | $ 338 | $ 2,100 |
At-The-Market Offering | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of common shares (in shares) | 321 | 1,817 |
Total consideration | $ 31,732 | $ 156,449 |
Average Net Price Per Share (in dollars per share) | $ 98.89 | $ 86.13 |
EQUITY AND MEZZANINE EQUITY -_4
EQUITY AND MEZZANINE EQUITY - Share Repurchase Program (Details) - Share Repurchase Program $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Equity, Class of Treasury Stock [Line Items] | |
Number of common shares (in shares) | shares | 432 |
Aggregated cost | $ | $ 29,059 |
Average price per share (in dollars per share) | $ / shares | $ 67.23 |
NONCONTROLLING INTERESTS - Narr
NONCONTROLLING INTERESTS - Narrative (Details) - 71 France - Edina, MN $ in Millions | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Noncontrolling Interest [Line Items] | |
Noncontrolling interest percentage purchased by parent | 47.40% |
Payments to acquire additional interests | $ 12.2 |
NONCONTROLLING INTERESTS - Sche
NONCONTROLLING INTERESTS - Schedule of Noncontrolling Interests (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
IRET - Cypress Court Apartments, LLC | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests – consolidated real estate entities | $ 627 | $ 648 |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | |||
Total debt | $ 1,011,777 | $ 859,784 | |
Weighted Average Maturity in Years | 5 years 9 months 3 days | ||
Weighted average interest rate | 3.62% | 3.26% | |
Mortgages | Fannie Mae Credit Facility Agreement | |||
Debt Instrument [Line Items] | |||
Total debt | $ 198,850 | $ 198,850 | |
Weighted Average Maturity in Years | 8 years 4 months 2 days | ||
Weighted average interest rate | 2.78% | 2.78% | 2.78% |
Mortgages | Mortgages Payable | |||
Debt Instrument [Line Items] | |||
Total debt | $ 299,427 | $ 284,934 | |
Weighted Average Maturity in Years | 4 years 9 months 14 days | ||
Weighted average interest rate | 3.85% | 3.81% | |
Unsecured debt | |||
Debt Instrument [Line Items] | |||
Total debt | $ 513,500 | $ 376,000 | |
Weighted Average Maturity in Years | 6 years 1 month 24 days | ||
Unsecured debt | Lines of credit | |||
Debt Instrument [Line Items] | |||
Total debt | $ 113,500 | $ 76,000 | |
Weighted Average Maturity in Years | 2 years 9 months | ||
Weighted average interest rate | 4.12% | 2.74% | |
Unsecured debt | Term loans | |||
Debt Instrument [Line Items] | |||
Total debt | $ 100,000 | $ 0 | |
Weighted Average Maturity in Years | 10 months 20 days | ||
Weighted average interest rate | 5.57% | 0% | |
Unsecured debt | Unsecured senior notes | |||
Debt Instrument [Line Items] | |||
Total debt | $ 300,000 | $ 300,000 | |
Weighted Average Maturity in Years | 8 years 3 months 3 days | ||
Weighted average interest rate | 3.12% | 3.12% |
DEBT - Narrative (Details)
DEBT - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) apartmentProperty | Dec. 31, 2022 USD ($) apartmentProperty loan apartmentHome | Dec. 31, 2021 USD ($) | Jan. 31, 2021 USD ($) | |
Line of Credit Facility [Line Items] | |||||
Number of real estate properties, unencumbered by mortgages | apartmentProperty | 53 | ||||
Revolving lines of credit | $ 113,500,000 | $ 76,000,000 | |||
Number of apartment units | apartmentHome | 6,758 | ||||
Weighted average interest rate | 3.62% | 3.26% | |||
Carrying principal value | $ 1,011,777,000 | $ 859,784,000 | |||
Number of real estate communities, serving as collateral for mortgage loans | apartmentProperty | 15 | ||||
Mortgages | |||||
Line of Credit Facility [Line Items] | |||||
Number of loans in default | loan | 0 | ||||
Mortgages | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Mortgage loans, interest rate | 3.47% | ||||
Mortgages | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Mortgage loans, interest rate | 4.57% | ||||
Private Shelf Agreement | Unsecured debt | |||||
Line of Credit Facility [Line Items] | |||||
Debt available for issuance | $ 25,000,000 | $ 225,000,000 | |||
Original principal balance | $ 25,000,000 | ||||
Carrying principal value | $ 200,000,000 | ||||
Note Purchase Agreement | Unsecured debt | |||||
Line of Credit Facility [Line Items] | |||||
Original principal balance | 125,000,000 | ||||
Fannie Mae Credit Facility Agreement | Mortgages | |||||
Line of Credit Facility [Line Items] | |||||
Original principal balance | $ 198,900,000 | ||||
Weighted average interest rate | 2.78% | 2.78% | 2.78% | ||
Carrying principal value | $ 198,850,000 | $ 198,850,000 | |||
Fannie Mae Credit Facility Agreement | Mortgages | Interest Only Payment Date One | |||||
Line of Credit Facility [Line Items] | |||||
Term | 7 years | ||||
Fannie Mae Credit Facility Agreement | Mortgages | Interest Only Payment Date Two | |||||
Line of Credit Facility [Line Items] | |||||
Term | 10 years | ||||
Fannie Mae Credit Facility Agreement | Mortgages | Interest Only Payment Date Three | |||||
Line of Credit Facility [Line Items] | |||||
Term | 12 years | ||||
Fannie Mae Credit Facility Agreement | Mortgages | 2021 Acquisitions | |||||
Line of Credit Facility [Line Items] | |||||
Number of apartment units | apartmentProperty | 16 | ||||
PNC Bank Term Loan Agreement | Unsecured debt | |||||
Line of Credit Facility [Line Items] | |||||
Term | 364 days | ||||
Original principal balance | $ 100,000,000 | ||||
PNC Bank Term Loan Agreement | Unsecured debt | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate spread (as a percent) | 1.20% | ||||
PNC Bank Term Loan Agreement | Unsecured debt | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate spread (as a percent) | 1.75% | ||||
Lines of credit | BMO Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 250,000,000 | 250,000,000 | |||
Revolving lines of credit | 76,000,000 | ||||
Current borrowing capacity | $ 173,500,000 | ||||
Accordion option | $ 400,000,000 | ||||
Domestic Line of Credit | Minimum | Base Rate | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate spread (as a percent) | 0.25% | ||||
Domestic Line of Credit | Minimum | London Interbank Offered Rate (LIBOR) | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate spread (as a percent) | 1.25% | ||||
Domestic Line of Credit | Maximum | Base Rate | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate spread (as a percent) | 0.80% | ||||
Domestic Line of Credit | Maximum | London Interbank Offered Rate (LIBOR) | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate spread (as a percent) | 1.80% | ||||
Domestic Line of Credit | BMO Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Remaining borrowing capacity | $ 136,500,000 | ||||
Revolving lines of credit | $ 113,500,000 | ||||
Operating line of credit, interest rate | 4.12% | ||||
Operating Line of Credit | Unsecured debt | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 6,000,000 |
DEBT - September Note Purchase
DEBT - September Note Purchase Agreement, Schedule of Debt (Details) - Unsecured debt | Dec. 31, 2022 USD ($) |
Series A | |
Line of Credit Facility [Line Items] | |
Original principal balance | $ 75,000,000 |
Interest rate percentage | 3.84% |
Series B | |
Line of Credit Facility [Line Items] | |
Original principal balance | $ 50,000,000 |
Interest rate percentage | 3.69% |
Series C | |
Line of Credit Facility [Line Items] | |
Original principal balance | $ 50,000,000 |
Interest rate percentage | 2.70% |
Series 2021-A | |
Line of Credit Facility [Line Items] | |
Original principal balance | $ 35,000,000 |
Interest rate percentage | 2.50% |
Series 2021-B | |
Line of Credit Facility [Line Items] | |
Original principal balance | $ 50,000,000 |
Interest rate percentage | 2.62% |
Series 2021-C | |
Line of Credit Facility [Line Items] | |
Original principal balance | $ 25,000,000 |
Interest rate percentage | 2.68% |
Series 2021-D | |
Line of Credit Facility [Line Items] | |
Original principal balance | $ 15,000,000 |
Interest rate percentage | 2.78% |
DEBT - Schedule of Required Pay
DEBT - Schedule of Required Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 145,988 |
2024 | 5,012 |
2025 | 147,350 |
2026 | 50,088 |
2027 | 47,088 |
Thereafter | 616,251 |
Total payments | $ 1,011,777 |
DERIVATIVE INSTRUMENTS - Narrat
DERIVATIVE INSTRUMENTS - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||||
Feb. 28, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) derivativeInstrument | Dec. 31, 2020 USD ($) | Jan. 31, 2023 derivativeInstrument | Jan. 31, 2022 USD ($) | |
Derivative [Line Items] | |||||||
Cash flow hedge gain (loss) to be reclassified within twelve months | $ 936,000 | ||||||
Payments to terminate derivative | 3,209,000 | $ 3,804,000 | $ 0 | ||||
Interest Rate Swap | Not Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Gain on derivative | 582,000 | 419,000 | |||||
Interest Rate Swap | Not Designated as Hedging Instrument | Subsequent Event | |||||||
Derivative [Line Items] | |||||||
Number of instruments held | derivativeInstrument | 1 | ||||||
Interest Rate Swap | Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Payments to terminate derivative | $ 3,200,000 | $ 3,800,000 | |||||
Notional amount | 50,000,000 | $ 0 | $ 75,000,000 | $ 75,000,000 | |||
Number of instruments held | derivativeInstrument | 1 | ||||||
Accelerated reclassification loss from OCI | 5,400,000 | ||||||
Interest Rate Swap | Designated as Hedging Instrument | Unsecured debt | Term loans | |||||||
Derivative [Line Items] | |||||||
Notional amount | $ 70,000,000 | ||||||
Forward Contracts | Not Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Notional amount | $ 70,000,000 | $ 70,000,000 |
DERIVATIVE INSTRUMENTS - Fair V
DERIVATIVE INSTRUMENTS - Fair Value of Derivative Financial Instruments (Details) - Interest Rate Swap - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable and accrued expenses | Accounts payable and accrued expenses |
Total derivative instruments | $ 0 | $ 4,610 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable and accrued expenses | Accounts payable and accrued expenses |
Total derivative instruments | $ 0 | $ 1,097 |
DERIVATIVE INSTRUMENTS - Deriva
DERIVATIVE INSTRUMENTS - Derivative Instruments on Statement of Operations (Details) - Interest Rate Swap - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Gain (Loss) Recognized in OCI | $ 1,581 | $ 2,383 | $ (11,068) |
Interest Expense | |||
Derivative [Line Items] | |||
Gain (Loss) Reclassified from Accumulated OCI into Net Income (Loss) | $ (799) | $ (9,087) | $ (2,770) |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Value Measurements on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes receivable | $ 5,871 | $ 49,484 |
Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps | 5,707 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes receivable | 0 | 0 |
Level 1 | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps | 0 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes receivable | 0 | 0 |
Level 2 | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps | 0 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes receivable | $ 5,871 | 49,484 |
Level 3 | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps | $ 5,707 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate investment, unfunded commitments | $ 1,400,000 | |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonfinancial assets | 0 | $ 0 |
Fair Value Measured at Net Asset Value Per Share | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate investment, fair value disclosure | $ 1,600,000 | $ 903,000 |
Minimum | Level 3 | Fair Value, Recurring | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables, measurement input | 0.00000375 | |
Minimum | Level 3 | Fair Value, Recurring | Credit Risk | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables, measurement input | 0.00005 | |
Maximum | Level 3 | Fair Value, Recurring | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables, measurement input | 0.00001075 | |
Maximum | Level 3 | Fair Value, Recurring | Credit Risk | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables, measurement input | 0.00010 |
FAIR VALUE MEASUREMENTS - Chang
FAIR VALUE MEASUREMENTS - Changes in Fair Value of Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and other income (loss) | Interest and other income (loss) |
Fair Value, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | $ 5,871 | $ 49,484 |
Changes in fair value of receivables | 685 | 2,417 |
Fair Value, Recurring | Other Gains (Losses) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Changes in fair value of receivables | $ 16 | $ 14 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and other income (loss) | Interest and other income (loss) |
Fair Value, Recurring | Interest Income | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Changes in fair value of receivables | $ 669 | $ 2,403 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and other income (loss) | Interest and other income (loss) |
FAIR VALUE MEASUREMENTS - Finan
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
FINANCIAL LIABILITIES | ||
Unsecured senior notes | $ 399,007 | $ 299,344 |
Mortgages payable | 1,011,777 | |
Amount | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 10,458 | 31,267 |
FINANCIAL LIABILITIES | ||
Revolving lines of credit | 113,500 | 76,000 |
Term loans | 100,000 | 0 |
Unsecured senior notes | 300,000 | 300,000 |
Amount | Mortgages | ||
FINANCIAL LIABILITIES | ||
Mortgages payable | 299,427 | 284,934 |
Amount | Fannie Mae Credit Facility Agreement | Mortgages | ||
FINANCIAL LIABILITIES | ||
Mortgages payable | 198,850 | 198,850 |
Amount | Restricted cash | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 1,433 | 7,358 |
Fair Value | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 10,458 | 31,267 |
FINANCIAL LIABILITIES | ||
Revolving lines of credit | 113,500 | 76,000 |
Term loans | 100,000 | 0 |
Unsecured senior notes | 238,446 | 308,302 |
Fair Value | Mortgages | ||
FINANCIAL LIABILITIES | ||
Mortgages payable | 274,029 | 284,546 |
Fair Value | Fannie Mae Credit Facility Agreement | Mortgages | ||
FINANCIAL LIABILITIES | ||
Mortgages payable | 161,297 | 198,850 |
Fair Value | Restricted cash | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | $ 1,433 | $ 7,358 |
ACQUISITIONS AND DISPOSITIONS -
ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details) $ in Thousands | 12 Months Ended | ||
Sep. 01, 2021 USD ($) | Dec. 31, 2022 USD ($) apartmentHome | Dec. 31, 2021 USD ($) apartmentUnit | |
2022 Acquisitions | |||
Acquisitions and development projects placed in service [Abstract] | |||
Total acquisition cost | $ 211,874 | ||
Form of Consideration | |||
Cash | 104,093 | ||
Units | 22,882 | ||
Other | 84,899 | ||
Investment Allocation | |||
Land | 13,812 | ||
Building | 192,229 | ||
Intangible Assets | 7,050 | ||
Other | (1,217) | ||
Capitalized transaction cost | $ 573 | ||
Martin Blu - Eden Prairie, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentHome | 191 | ||
Total acquisition cost | $ 49,825 | ||
Form of Consideration | |||
Cash | 3,031 | ||
Units | 18,885 | ||
Other | 27,909 | ||
Investment Allocation | |||
Land | 3,547 | ||
Building | 45,212 | ||
Intangible Assets | 1,813 | ||
Other | $ (747) | ||
Elements of Linden Hills - Minneapolis, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentHome | 31 | ||
Total acquisition cost | $ 9,066 | ||
Form of Consideration | |||
Cash | 1,290 | ||
Units | 1,748 | ||
Other | 6,028 | ||
Investment Allocation | |||
Land | 941 | ||
Building | 7,853 | ||
Intangible Assets | 335 | ||
Other | $ (63) | ||
Zest - Minneapolis, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentHome | 45 | ||
Total acquisition cost | $ 11,364 | ||
Form of Consideration | |||
Cash | 1,429 | ||
Units | 2,249 | ||
Other | 7,686 | ||
Investment Allocation | |||
Land | 936 | ||
Building | 10,261 | ||
Intangible Assets | 574 | ||
Other | $ (407) | ||
Noko Apartments - Minneapolis, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentHome | 130 | ||
Total acquisition cost | $ 46,619 | ||
Form of Consideration | |||
Cash | 3,343 | ||
Units | 0 | ||
Other | 43,276 | ||
Investment Allocation | |||
Land | 1,915 | ||
Building | 42,754 | ||
Intangible Assets | 1,950 | ||
Other | $ 0 | ||
Lyra Apartments - Centennial, CO | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentHome | 215 | ||
Total acquisition cost | $ 95,000 | ||
Form of Consideration | |||
Cash | 95,000 | ||
Units | 0 | ||
Other | 0 | ||
Investment Allocation | |||
Land | 6,473 | ||
Building | 86,149 | ||
Intangible Assets | 2,378 | ||
Other | $ 0 | ||
2021 Acquisitions | |||
Acquisitions and development projects placed in service [Abstract] | |||
Total acquisition cost | $ 499,816 | ||
Form of Consideration | |||
Cash | 155,599 | ||
Units | 217,513 | ||
Other | 126,704 | ||
Investment Allocation | |||
Land | 51,746 | ||
Building | 431,189 | ||
Intangible Assets | 19,234 | ||
Other | $ (2,353) | ||
Capitalized transaction cost | $ 9,100 | ||
2021 Acquisitions | Series E Preferred Stock | |||
Acquisitions and development projects placed in service [Abstract] | |||
Total acquisition cost | $ 36,100 | ||
Union Pointe Apartment Homes - Longmont, CO | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 256 | ||
Total acquisition cost | $ 76,900 | ||
Form of Consideration | |||
Cash | 76,900 | ||
Units | 0 | ||
Other | 0 | ||
Investment Allocation | |||
Land | 5,727 | ||
Building | 69,966 | ||
Intangible Assets | 1,207 | ||
Other | $ 0 | ||
Bayberry Place - Eagan, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 120 | ||
Total acquisition cost | $ 16,673 | ||
Form of Consideration | |||
Cash | 898 | ||
Units | 9,855 | ||
Other | 5,920 | ||
Investment Allocation | |||
Land | 1,807 | ||
Building | 14,113 | ||
Intangible Assets | 753 | ||
Other | $ 0 | ||
Burgandy & Hillsboro Court - Minneapolis, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 251 | ||
Total acquisition cost | $ 35,569 | ||
Form of Consideration | |||
Cash | 2,092 | ||
Units | 22,542 | ||
Other | 10,935 | ||
Investment Allocation | |||
Land | 2,834 | ||
Building | 31,148 | ||
Intangible Assets | 1,587 | ||
Other | $ 0 | ||
Venue on Knox - Minneapolis, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 97 | ||
Total acquisition cost | $ 18,896 | ||
Form of Consideration | |||
Cash | 500 | ||
Units | 11,375 | ||
Other | 7,021 | ||
Investment Allocation | |||
Land | 3,438 | ||
Building | 14,743 | ||
Intangible Assets | 715 | ||
Other | $ 0 | ||
Gatewood - St. Cloud, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 120 | ||
Total acquisition cost | $ 7,781 | ||
Form of Consideration | |||
Cash | 378 | ||
Units | 3,388 | ||
Other | 4,015 | ||
Investment Allocation | |||
Land | 327 | ||
Building | 6,858 | ||
Intangible Assets | 596 | ||
Other | $ 0 | ||
Grove Ridge - Cottage Grove, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 84 | ||
Total acquisition cost | $ 12,060 | ||
Form of Consideration | |||
Cash | 121 | ||
Units | 8,579 | ||
Other | 3,360 | ||
Investment Allocation | |||
Land | 1,250 | ||
Building | 10,271 | ||
Intangible Assets | 539 | ||
Other | $ 0 | ||
The Legacy - St. Cloud, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 119 | ||
Total acquisition cost | $ 10,560 | ||
Form of Consideration | |||
Cash | 229 | ||
Units | 5,714 | ||
Other | 4,617 | ||
Investment Allocation | |||
Land | 412 | ||
Building | 9,556 | ||
Intangible Assets | 592 | ||
Other | $ 0 | ||
New Hope Garden & Village - Minneapolis, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 151 | ||
Total acquisition cost | $ 15,006 | ||
Form of Consideration | |||
Cash | 1,435 | ||
Units | 10,812 | ||
Other | 2,759 | ||
Investment Allocation | |||
Land | 1,603 | ||
Building | 12,578 | ||
Intangible Assets | 825 | ||
Other | $ 0 | ||
Palisades - Roseville, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 330 | ||
Total acquisition cost | $ 53,354 | ||
Form of Consideration | |||
Cash | 2,884 | ||
Units | 30,470 | ||
Other | 20,000 | ||
Investment Allocation | |||
Land | 6,919 | ||
Building | 46,577 | ||
Intangible Assets | 2,211 | ||
Other | $ (2,353) | ||
Plymouth Pointe - Plymouth, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 96 | ||
Total acquisition cost | $ 14,450 | ||
Form of Consideration | |||
Cash | 370 | ||
Units | 9,061 | ||
Other | 5,019 | ||
Investment Allocation | |||
Land | 1,042 | ||
Building | 12,809 | ||
Intangible Assets | 599 | ||
Other | $ 0 | ||
Pointe West - St. Cloud, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 93 | ||
Total acquisition cost | $ 7,558 | ||
Form of Consideration | |||
Cash | 91 | ||
Units | 3,605 | ||
Other | 3,862 | ||
Investment Allocation | |||
Land | 246 | ||
Building | 6,849 | ||
Intangible Assets | 463 | ||
Other | $ 0 | ||
River Pointe - Fridley, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 301 | ||
Total acquisition cost | $ 38,348 | ||
Form of Consideration | |||
Cash | 2,249 | ||
Units | 21,653 | ||
Other | 14,446 | ||
Investment Allocation | |||
Land | 3,346 | ||
Building | 33,117 | ||
Intangible Assets | 1,885 | ||
Other | $ 0 | ||
Southdale Parc - Richfield, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 70 | ||
Total acquisition cost | $ 9,670 | ||
Form of Consideration | |||
Cash | 165 | ||
Units | 7,907 | ||
Other | 1,598 | ||
Investment Allocation | |||
Land | 1,569 | ||
Building | 7,740 | ||
Intangible Assets | 361 | ||
Other | $ 0 | ||
Portage - Minneapolis, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 62 | ||
Total acquisition cost | $ 9,171 | ||
Form of Consideration | |||
Cash | 323 | ||
Units | 5,588 | ||
Other | 3,260 | ||
Investment Allocation | |||
Land | 2,133 | ||
Building | 6,685 | ||
Intangible Assets | 353 | ||
Other | $ 0 | ||
Windsor Gates - Minneapolis, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 200 | ||
Total acquisition cost | $ 22,231 | ||
Form of Consideration | |||
Cash | 1,122 | ||
Units | 12,080 | ||
Other | 9,029 | ||
Investment Allocation | |||
Land | 2,140 | ||
Building | 18,943 | ||
Intangible Assets | 1,148 | ||
Other | $ 0 | ||
Wingate - New Hope, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 136 | ||
Total acquisition cost | $ 15,784 | ||
Form of Consideration | |||
Cash | 723 | ||
Units | 10,246 | ||
Other | 4,815 | ||
Investment Allocation | |||
Land | 1,480 | ||
Building | 13,530 | ||
Intangible Assets | 774 | ||
Other | $ 0 | ||
Woodhaven - Minneapolis, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 178 | ||
Total acquisition cost | $ 25,009 | ||
Form of Consideration | |||
Cash | 1,682 | ||
Units | 15,200 | ||
Other | 8,127 | ||
Investment Allocation | |||
Land | 3,940 | ||
Building | 20,080 | ||
Intangible Assets | 989 | ||
Other | $ 0 | ||
Woodland Pointe - Woodbury, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 288 | ||
Total acquisition cost | $ 47,796 | ||
Form of Consideration | |||
Cash | 437 | ||
Units | 29,438 | ||
Other | 17,921 | ||
Investment Allocation | |||
Land | 5,367 | ||
Building | 40,422 | ||
Intangible Assets | 2,007 | ||
Other | $ 0 | ||
Civic Lofts - Denver, CO | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentUnit | 176 | ||
Total acquisition cost | $ 63,000 | ||
Form of Consideration | |||
Cash | 63,000 | ||
Units | 0 | ||
Other | 0 | ||
Investment Allocation | |||
Land | 6,166 | ||
Building | 55,204 | ||
Intangible Assets | 1,630 | ||
Other | $ 0 |
ACQUISITIONS AND DISPOSITIONS_2
ACQUISITIONS AND DISPOSITIONS - Dispositions (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 apartmentProperty | Dec. 31, 2021 USD ($) apartmentUnit | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (loss) on sale of real estate and other investments | |
Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | apartmentProperty | 0 | |
Sales Price | $ 62,250 | |
Book Value and Sales Cost | 34,733 | |
Gain/(Loss) | 27,517 | |
Multifamily | Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Sales Price | 60,000 | |
Book Value and Sales Cost | 33,160 | |
Gain/(Loss) | $ 26,840 | |
Multifamily | Crystal Bay - Rochester, MN | Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | apartmentUnit | 76 | |
Sales Price | $ 13,650 | |
Book Value and Sales Cost | 10,255 | |
Gain/(Loss) | $ 3,395 | |
Multifamily | French Creek - Rochester, MN | Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | apartmentUnit | 40 | |
Sales Price | $ 6,700 | |
Book Value and Sales Cost | 4,474 | |
Gain/(Loss) | $ 2,226 | |
Multifamily | Heritage Manor- Rochester, MN | Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | apartmentUnit | 182 | |
Sales Price | $ 14,125 | |
Book Value and Sales Cost | 4,892 | |
Gain/(Loss) | $ 9,233 | |
Multifamily | Olympik Village - Rochester, MN | Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | apartmentUnit | 140 | |
Sales Price | $ 10,725 | |
Book Value and Sales Cost | 6,529 | |
Gain/(Loss) | $ 4,196 | |
Multifamily | Winchester/Village Green-Rochester, MN | Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | apartmentUnit | 151 | |
Sales Price | $ 14,800 | |
Book Value and Sales Cost | 7,010 | |
Gain/(Loss) | 7,790 | |
Other | Minot IPS | Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Sales Price | 2,250 | |
Book Value and Sales Cost | 1,573 | |
Gain/(Loss) | $ 677 |
SEGMENTS - Revenues and Net Ope
SEGMENTS - Revenues and Net Operating Income for Reportable Segments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 1 | ||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Revenue | $ 256,716 | $ 201,705 | $ 177,994 |
Property operating expenses, including real estate taxes | 108,637 | 81,857 | 73,158 |
Net operating income | 148,079 | 119,848 | 104,836 |
Property management expenses | (9,895) | (8,752) | (5,801) |
Casualty loss | (1,591) | (344) | (1,662) |
Depreciation and amortization | (105,257) | (92,165) | (75,593) |
General and administrative expenses | (17,516) | (16,213) | (13,440) |
Gain (loss) on sale of real estate and other investments | 41 | 27,518 | 25,503 |
Interest expense | (32,750) | (29,078) | (27,525) |
Interest and other income (loss) | 1,248 | (2,915) | (1,575) |
Net income (loss) | (17,641) | (2,101) | 4,743 |
Multifamily | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Revenue | 252,950 | 195,624 | 164,126 |
Property operating expenses, including real estate taxes | 107,431 | 79,096 | 66,356 |
Net operating income | 145,519 | 116,528 | 97,770 |
All Other | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Revenue | 3,766 | 6,081 | 13,868 |
Property operating expenses, including real estate taxes | 1,206 | 2,761 | 6,802 |
Net operating income | $ 2,560 | $ 3,320 | $ 7,066 |
SEGMENT REPORTING - Segment Ass
SEGMENT REPORTING - Segment Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | |||
Property owned | $ 2,534,124 | $ 2,271,170 | |
Less accumulated depreciation | (535,401) | (443,592) | |
Total property owned | 1,998,723 | 1,827,578 | |
Cash and cash equivalents | 10,458 | 31,267 | $ 392 |
Restricted cash | 1,433 | 7,358 | $ 6,918 |
Other assets | 22,687 | 30,582 | |
Mortgage loans receivable | 0 | 43,276 | |
TOTAL ASSETS | 2,033,301 | 1,940,061 | |
Multifamily | |||
Segment Reporting Information [Line Items] | |||
Property owned | 2,507,448 | 2,244,250 | |
Less accumulated depreciation | (527,199) | (436,004) | |
Total property owned | 1,980,249 | 1,808,246 | |
All Other | |||
Segment Reporting Information [Line Items] | |||
Property owned | 26,676 | 26,920 | |
Less accumulated depreciation | (8,202) | (7,588) | |
Total property owned | $ 18,474 | $ 19,332 |
RETIREMENT PLANS (Details)
RETIREMENT PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Maximum contribution each employee, towards 401(k) plan | 5% | ||
Employer contribution towards profit sharing plan and 401(k) plan | $ 1,300 | $ 1,000 | $ 875 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 apartmentCommunity | Dec. 31, 2021 USD ($) | Dec. 31, 2022 apartmentHome | Dec. 31, 2022 apartmentProperty | Dec. 31, 2022 USD ($) | Dec. 31, 2022 realEstateTechnologyVentureFund | |
Real Estate Properties [Line Items] | ||||||
Number of properties | 84 | 37 | ||||
Number of apartment homes (approximately) | apartmentHome | 6,758 | |||||
Redemption basis | 1 | |||||
Number of consecutive trading days for valuation | 10 days | 10 days | ||||
Aggregate redemption value of units of operating partnership owned by limited partners | $ 90.9 | $ 58 | ||||
Number of real estate technology venture funds with unfunded commitments | realEstateTechnologyVentureFund | 2 | |||||
Fair Value, Recurring | ||||||
Real Estate Properties [Line Items] | ||||||
Equity Securities, FV-NI, Unfunded Commitments | $ 1.4 |
SHARE BASED COMPENSATION - Narr
SHARE BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
May 17, 2022 shares | Feb. 01, 2022 shares | Jan. 01, 2022 $ / shares shares | Jan. 01, 2021 shares | Sep. 15, 2015 shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares (in shares) | 775,000 | |||||||
Term of award | 10 years | 3 years | ||||||
Options granted (in shares) | 30,245 | 43,629 | 141,000 | |||||
Share Price | $ / shares | $ 110.90 | |||||||
Stock options outstanding, aggregate intrinsic value | $ | $ 0 | |||||||
Weighted average remaining contractual term | 6 years 8 months 26 days | |||||||
Share-Based Payment Arrangement, Employee | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Options granted (in shares) | 30,002 | |||||||
Fair value of stock options (in dollars per share) | $ / shares | $ 17.094 | |||||||
Restricted Stock Units (RSU) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Awards vested during period | $ | $ 1,500 | |||||||
Total compensation cost related to non-vested share awards | $ | $ 646 | |||||||
Weighted average period to recognize cost | 1 year 3 months 18 days | |||||||
Unamortized value | $ | $ 1,700 | $ 1,100 | $ 487 | |||||
Restricted Stock Units (RSU) | Employees | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Awards granted (in shares) | 8,203 | |||||||
Award vesting period | 3 years | |||||||
Restricted Stock Units (RSU) | Trustee | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Awards granted (in shares) | 7,156 | |||||||
Award vesting period | 1 year | |||||||
Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Employee | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Awards granted (in shares) | 1,295 | 5,849 | ||||||
Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Employee | Tranche One | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 33.33% | 33.33% | ||||||
Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Employee | Tranche Two | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 33.33% | 33.33% | ||||||
Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Employee | Tranche Three | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 33.33% | 33.33% | ||||||
Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Nonemployee | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Awards granted (in shares) | 6,563 | |||||||
Award vesting period | 1 year | |||||||
Awards vested during period | $ | $ 618 | $ 425 | $ 533 | |||||
Performance Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares eligible to be earned (in shares) | 26,814 | |||||||
Shares eligible to be earned, percentage of awards granted | 2 | |||||||
Expected volatility | 22.40% | |||||||
Risk-free rate | 0.97% | |||||||
Expected term | 3 years | |||||||
Performance Shares | Share-Based Payment Arrangement, Employee | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Awards granted (in shares) | 13,407 | |||||||
Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 25% | |||||||
Expiration period | 10 years | |||||||
Award vesting period | 4 years | |||||||
Fair value of stock options granted (in usd per share) | $ / shares | $ 17.02 | |||||||
Total compensation cost related to non-vested share awards | $ | $ 363 | |||||||
Weighted average period to recognize cost | 2 years 6 months 10 days |
SHARE BASED COMPENSATION - Sche
SHARE BASED COMPENSATION - Schedule of Fair Value Stock Options (Details) - Stock Options - 2022 Long-term Incentive Plan ("LTIP") Awards | 12 Months Ended |
Dec. 31, 2022 $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price (in usd per share) | $ 110.90 |
Risk-free rate | 1.44% |
Expected term | 6 years 3 months |
Expected volatility | 21.20% |
Dividend yield | 2.597% |
SHARE BASED COMPENSATION - Sc_2
SHARE BASED COMPENSATION - Schedule of Total Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Share based compensation expense | $ 2,615 | $ 2,689 | $ 2,106 |
SHARE BASED COMPENSATION - Acti
SHARE BASED COMPENSATION - Activity for Restricted Shares Awards and Restricted Stock Units (Details) - Restricted Stock Units (RSU) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock Units with Service Conditions | |||
Shares [Roll Forward] | |||
Unvested, beginning of period (in shares) | 20,974 | 24,828 | 22,346 |
Granted (in shares) | 15,359 | 13,693 | 17,981 |
Vested (in shares) | (13,357) | (17,065) | (14,991) |
Change in awards (in shares) | 0 | 0 | |
Forfeited (in shares) | (1,562) | (482) | (508) |
Unvested, end of period (in shares) | 21,414 | 20,974 | 24,828 |
Wtd Avg Grant-Date Fair Value [Abstract] | |||
Unvested, beginning of period (in dollars per share) | $ 69.97 | $ 65.03 | $ 58.41 |
Granted (in dollars per share) | 96.29 | 71.54 | 68.25 |
Vested (in dollars per share) | 69.24 | 63.42 | 59.10 |
Change in awards (in dollars per share) | 0 | 0 | |
Forfeited (in dollars per share) | 76.49 | 70.44 | 62.99 |
Unvested, end of period (in dollars per share) | $ 88.83 | $ 69.97 | $ 65.03 |
Restricted Stock With Market Conditions | |||
Shares [Roll Forward] | |||
Unvested, beginning of period (in shares) | 19,224 | 26,994 | 37,822 |
Granted (in shares) | 13,559 | 19,224 | 0 |
Vested (in shares) | 0 | (35,920) | (13,357) |
Change in awards (in shares) | 8,926 | 4,436 | |
Forfeited (in shares) | (2,741) | 0 | (1,907) |
Unvested, end of period (in shares) | 30,042 | 19,224 | 26,994 |
Wtd Avg Grant-Date Fair Value [Abstract] | |||
Unvested, beginning of period (in dollars per share) | $ 87.04 | $ 67.87 | $ 68.62 |
Granted (in dollars per share) | 131.05 | 87.04 | 0 |
Vested (in dollars per share) | 0 | 65.34 | 74.68 |
Change in awards (in dollars per share) | 0 | 0 | |
Forfeited (in dollars per share) | 87.04 | 0 | 63.92 |
Unvested, end of period (in dollars per share) | $ 106.90 | $ 87.04 | $ 67.87 |
SHARE BASED COMPENSATION - Sc_3
SHARE BASED COMPENSATION - Schedule of Stock Options Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Shares | |||
Outstanding at beginning of year (in shares) | 182,677 | 139,048 | 0 |
Granted (in shares) | 30,245 | 43,629 | 141,000 |
Exercised (in shares) | 0 | 0 | 0 |
Forfeited (in shares) | (16,299) | 0 | (1,952) |
Outstanding at end of year (in shares) | 196,623 | 182,677 | 139,048 |
Exercisable at end of year (in shares) | 80,421 | 34,758 | 0 |
Weighted Average Exercise Price (in usd per share) | |||
Outstanding at beginning of year (in usd per share) | $ 67.38 | $ 66.36 | $ 0 |
Granted (in usd per share) | 110.67 | 70.64 | 66.36 |
Exercised (in usd per share) | 0 | 0 | |
Forfeited (in usd per share) | 67.59 | 0 | 66.36 |
Outstanding at end of year (in usd per share) | 74.02 | 67.38 | 66.36 |
Exercisable at end of year (in usd per share) | $ 66.94 | $ 66.36 | $ 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Mar. 31, 2023 apartmentCommunity |
Scenario, Forecast | |
Subsequent Event [Line Items] | |
Number of apartment communities to be sold | 9 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deductions during year | |||
Total real estate investments, excluding mortgage notes receivable | $ 1,998,723 | $ 1,870,854 | |
Net basis of real estate investments for federal income tax purposes | 1,500,000 | 1,800,000 | |
Wholly Owned Properties | |||
Gross amount at which carries at close of period [Abstract] | |||
Total | 2,534,124 | 2,271,170 | $ 1,812,557 |
Accumulated Depreciation | (535,401) | (443,592) | (399,249) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at beginning of year | 2,271,170 | 1,812,557 | 1,643,077 |
Multifamily and Other | 206,623 | 491,648 | 181,771 |
Improvements and Other | 57,203 | 34,427 | 27,460 |
Total additions including opening balance | 2,534,996 | 2,338,632 | 1,852,308 |
Cost of real estate sold | 0 | (57,698) | (38,111) |
Other | (872) | (9,764) | (1,640) |
Balance at close of year | 2,534,124 | 2,271,170 | 1,812,557 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of year | 443,592 | 399,249 | 349,122 |
Additions during year | |||
Provisions for depreciation | 92,056 | 78,268 | 72,051 |
Deductions during year | |||
Accumulated depreciation on real estate sold or classified as held for sale | 0 | (24,161) | (21,440) |
Other | (247) | (9,764) | (484) |
Balance at close of year | 535,401 | 443,592 | 399,249 |
Total real estate investments, excluding mortgage notes receivable | 1,998,723 | $ 1,827,578 | $ 1,413,308 |
Multi Family Same-Store | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 235,559 | ||
Initial Cost to Company [Abstract] | |||
Land | 142,236 | ||
Buildings & Improvements | 1,427,116 | ||
Costs capitalized subsequent to acquisition | 225,192 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 158,655 | ||
Buildings & Improvements | 1,635,889 | ||
Total | 1,794,544 | ||
Accumulated Depreciation | (497,331) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 1,794,544 | ||
Deductions during year | |||
Balance at close of year | 497,331 | ||
Multi Family Same-Store | 71 France - Edina, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 50,933 | ||
Initial Cost to Company [Abstract] | |||
Land | 4,721 | ||
Buildings & Improvements | 61,762 | ||
Costs capitalized subsequent to acquisition | 781 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 4,801 | ||
Buildings & Improvements | 62,463 | ||
Total | 67,264 | ||
Accumulated Depreciation | (19,278) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 67,264 | ||
Deductions during year | |||
Balance at close of year | $ 19,278 | ||
Multi Family Same-Store | 71 France - Edina, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | 71 France - Edina, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Alps Park Apartments - Rapid City, SD | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 287 | ||
Buildings & Improvements | 5,551 | ||
Costs capitalized subsequent to acquisition | 731 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 336 | ||
Buildings & Improvements | 6,233 | ||
Total | 6,569 | ||
Accumulated Depreciation | (2,053) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 6,569 | ||
Deductions during year | |||
Balance at close of year | $ 2,053 | ||
Multi Family Same-Store | Alps Park Apartments - Rapid City, SD | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Alps Park Apartments - Rapid City, SD | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Arcata Apartments - Golden Valley, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 2,088 | ||
Buildings & Improvements | 31,036 | ||
Costs capitalized subsequent to acquisition | 576 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 2,128 | ||
Buildings & Improvements | 31,572 | ||
Total | 33,700 | ||
Accumulated Depreciation | (10,664) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 33,700 | ||
Deductions during year | |||
Balance at close of year | $ 10,664 | ||
Multi Family Same-Store | Arcata Apartments - Golden Valley, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Arcata Apartments - Golden Valley, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Ashland Apartment Homes - Grand Forks, ND | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 741 | ||
Buildings & Improvements | 7,569 | ||
Costs capitalized subsequent to acquisition | 402 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 823 | ||
Buildings & Improvements | 7,889 | ||
Total | 8,712 | ||
Accumulated Depreciation | (2,981) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 8,712 | ||
Deductions during year | |||
Balance at close of year | $ 2,981 | ||
Multi Family Same-Store | Ashland Apartment Homes - Grand Forks, ND | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Ashland Apartment Homes - Grand Forks, ND | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Avalon Cove Townhomes - Rochester, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,616 | ||
Buildings & Improvements | 34,074 | ||
Costs capitalized subsequent to acquisition | 1,880 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,808 | ||
Buildings & Improvements | 35,762 | ||
Total | 37,570 | ||
Accumulated Depreciation | (8,751) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 37,570 | ||
Deductions during year | |||
Balance at close of year | $ 8,751 | ||
Multi Family Same-Store | Avalon Cove Townhomes - Rochester, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Avalon Cove Townhomes - Rochester, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Boulder Court Apartment Homes - Eagan, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,067 | ||
Buildings & Improvements | 5,498 | ||
Costs capitalized subsequent to acquisition | 3,179 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,576 | ||
Buildings & Improvements | 8,168 | ||
Total | 9,744 | ||
Accumulated Depreciation | (4,980) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 9,744 | ||
Deductions during year | |||
Balance at close of year | $ 4,980 | ||
Multi Family Same-Store | Boulder Court Apartment Homes - Eagan, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Boulder Court Apartment Homes - Eagan, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Canyon Lake Apartments - Rapid City, SD | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 305 | ||
Buildings & Improvements | 3,958 | ||
Costs capitalized subsequent to acquisition | 2,471 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 420 | ||
Buildings & Improvements | 6,314 | ||
Total | 6,734 | ||
Accumulated Depreciation | (3,645) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 6,734 | ||
Deductions during year | |||
Balance at close of year | $ 3,645 | ||
Multi Family Same-Store | Canyon Lake Apartments - Rapid City, SD | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Canyon Lake Apartments - Rapid City, SD | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Cardinal Point Apartments - Grand Forks, ND | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,600 | ||
Buildings & Improvements | 33,400 | ||
Costs capitalized subsequent to acquisition | 540 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,727 | ||
Buildings & Improvements | 33,813 | ||
Total | 35,540 | ||
Accumulated Depreciation | (5,318) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 35,540 | ||
Deductions during year | |||
Balance at close of year | $ 5,318 | ||
Multi Family Same-Store | Cardinal Point Apartments - Grand Forks, ND | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Cardinal Point Apartments - Grand Forks, ND | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Cascade Shores Townhomes + Flats - Rochester, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 45,100 | ||
Initial Cost to Company [Abstract] | |||
Land | 6,588 | ||
Buildings & Improvements | 67,072 | ||
Costs capitalized subsequent to acquisition | 9,623 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 6,776 | ||
Buildings & Improvements | 76,507 | ||
Total | 83,283 | ||
Accumulated Depreciation | (19,922) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 83,283 | ||
Deductions during year | |||
Balance at close of year | $ 19,922 | ||
Multi Family Same-Store | Cascade Shores Townhomes + Flats - Rochester, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Cascade Shores Townhomes + Flats - Rochester, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Castlerock Apartment Homes - Billings, MT | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 736 | ||
Buildings & Improvements | 4,864 | ||
Costs capitalized subsequent to acquisition | 2,441 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,045 | ||
Buildings & Improvements | 6,996 | ||
Total | 8,041 | ||
Accumulated Depreciation | (4,917) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 8,041 | ||
Deductions during year | |||
Balance at close of year | $ 4,917 | ||
Multi Family Same-Store | Castlerock Apartment Homes - Billings, MT | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Castlerock Apartment Homes - Billings, MT | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Chateau Apartment Homes - Minot, ND | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 301 | ||
Buildings & Improvements | 20,058 | ||
Costs capitalized subsequent to acquisition | 1,256 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 326 | ||
Buildings & Improvements | 21,289 | ||
Total | 21,615 | ||
Accumulated Depreciation | (7,659) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 21,615 | ||
Deductions during year | |||
Balance at close of year | $ 7,659 | ||
Multi Family Same-Store | Chateau Apartment Homes - Minot, ND | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Chateau Apartment Homes - Minot, ND | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Cimarron Hills Apartments - Omaha, NE | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 8,700 | ||
Initial Cost to Company [Abstract] | |||
Land | 706 | ||
Buildings & Improvements | 9,588 | ||
Costs capitalized subsequent to acquisition | 5,256 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,639 | ||
Buildings & Improvements | 13,911 | ||
Total | 15,550 | ||
Accumulated Depreciation | (8,665) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 15,550 | ||
Deductions during year | |||
Balance at close of year | $ 8,665 | ||
Multi Family Same-Store | Cimarron Hills Apartments - Omaha, NE | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Cimarron Hills Apartments - Omaha, NE | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Commons and Landing at Southgate - Minot, ND | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 5,945 | ||
Buildings & Improvements | 47,512 | ||
Costs capitalized subsequent to acquisition | 2,793 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 6,424 | ||
Buildings & Improvements | 49,826 | ||
Total | 56,250 | ||
Accumulated Depreciation | (17,451) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 56,250 | ||
Deductions during year | |||
Balance at close of year | $ 17,451 | ||
Multi Family Same-Store | Commons and Landing at Southgate - Minot, ND | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Commons and Landing at Southgate - Minot, ND | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Connelly on Eleven - Burnsville, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 2,401 | ||
Buildings & Improvements | 11,515 | ||
Costs capitalized subsequent to acquisition | 17,012 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 3,206 | ||
Buildings & Improvements | 27,722 | ||
Total | 30,928 | ||
Accumulated Depreciation | (16,356) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 30,928 | ||
Deductions during year | |||
Balance at close of year | $ 16,356 | ||
Multi Family Same-Store | Connelly on Eleven - Burnsville, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Connelly on Eleven - Burnsville, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Cottonwood Apartment Homes - Bismarck, ND | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,056 | ||
Buildings & Improvements | 17,372 | ||
Costs capitalized subsequent to acquisition | 6,308 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,962 | ||
Buildings & Improvements | 22,774 | ||
Total | 24,736 | ||
Accumulated Depreciation | (13,762) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 24,736 | ||
Deductions during year | |||
Balance at close of year | $ 13,762 | ||
Multi Family Same-Store | Cottonwood Apartment Homes - Bismarck, ND | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Cottonwood Apartment Homes - Bismarck, ND | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Country Meadows Apartment Homes - Billings, MT | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 491 | ||
Buildings & Improvements | 7,809 | ||
Costs capitalized subsequent to acquisition | 1,742 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 599 | ||
Buildings & Improvements | 9,443 | ||
Total | 10,042 | ||
Accumulated Depreciation | (6,184) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 10,042 | ||
Deductions during year | |||
Balance at close of year | $ 6,184 | ||
Multi Family Same-Store | Country Meadows Apartment Homes - Billings, MT | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Country Meadows Apartment Homes - Billings, MT | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Cypress Court Apartments - St. Cloud, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 11,023 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,583 | ||
Buildings & Improvements | 18,879 | ||
Costs capitalized subsequent to acquisition | 666 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,625 | ||
Buildings & Improvements | 19,503 | ||
Total | 21,128 | ||
Accumulated Depreciation | (6,593) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 21,128 | ||
Deductions during year | |||
Balance at close of year | $ 6,593 | ||
Multi Family Same-Store | Cypress Court Apartments - St. Cloud, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Cypress Court Apartments - St. Cloud, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Deer Ridge Apartment Homes - Jamestown, ND | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 711 | ||
Buildings & Improvements | 24,129 | ||
Costs capitalized subsequent to acquisition | 459 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 785 | ||
Buildings & Improvements | 24,514 | ||
Total | 25,299 | ||
Accumulated Depreciation | (8,119) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 25,299 | ||
Deductions during year | |||
Balance at close of year | $ 8,119 | ||
Multi Family Same-Store | Deer Ridge Apartment Homes - Jamestown, ND | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Deer Ridge Apartment Homes - Jamestown, ND | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Donovan Apartment Homes - Lincoln, NE | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,515 | ||
Buildings & Improvements | 15,730 | ||
Costs capitalized subsequent to acquisition | 6,822 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,817 | ||
Buildings & Improvements | 22,250 | ||
Total | 24,067 | ||
Accumulated Depreciation | (7,838) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 24,067 | ||
Deductions during year | |||
Balance at close of year | $ 7,838 | ||
Multi Family Same-Store | Donovan Apartment Homes - Lincoln, NE | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Donovan Apartment Homes - Lincoln, NE | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Dylan at RiNo - Denver, CO | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 12,155 | ||
Buildings & Improvements | 77,215 | ||
Costs capitalized subsequent to acquisition | 1,208 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 12,241 | ||
Buildings & Improvements | 78,337 | ||
Total | 90,578 | ||
Accumulated Depreciation | $ (13,596) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 90,578 | ||
Deductions during year | |||
Balance at close of year | 13,596 | ||
Multi Family Same-Store | Evergreen Apartment Homes - Isanti, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,129 | ||
Buildings & Improvements | 5,524 | ||
Costs capitalized subsequent to acquisition | 713 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,159 | ||
Buildings & Improvements | 6,207 | ||
Total | 7,366 | ||
Accumulated Depreciation | (2,550) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 7,366 | ||
Deductions during year | |||
Balance at close of year | $ 2,550 | ||
Multi Family Same-Store | Evergreen Apartment Homes - Isanti, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Evergreen Apartment Homes - Isanti, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | FreightYard Townhomes & Flats - Minneapolis, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,889 | ||
Buildings & Improvements | 23,616 | ||
Costs capitalized subsequent to acquisition | 1,372 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,895 | ||
Buildings & Improvements | 24,982 | ||
Total | 26,877 | ||
Accumulated Depreciation | $ (3,031) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 26,877 | ||
Deductions during year | |||
Balance at close of year | 3,031 | ||
Multi Family Same-Store | Gardens Apartments - Grand Forks, ND | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 518 | ||
Buildings & Improvements | 8,702 | ||
Costs capitalized subsequent to acquisition | 160 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 535 | ||
Buildings & Improvements | 8,845 | ||
Total | 9,380 | ||
Accumulated Depreciation | (2,441) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 9,380 | ||
Deductions during year | |||
Balance at close of year | $ 2,441 | ||
Multi Family Same-Store | Gardens Apartments - Grand Forks, ND | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Gardens Apartments - Grand Forks, ND | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Grand Gateway Apartment Homes - St. Cloud, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 814 | ||
Buildings & Improvements | 7,086 | ||
Costs capitalized subsequent to acquisition | 2,388 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 970 | ||
Buildings & Improvements | 9,318 | ||
Total | 10,288 | ||
Accumulated Depreciation | (4,316) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 10,288 | ||
Deductions during year | |||
Balance at close of year | $ 4,316 | ||
Multi Family Same-Store | Grand Gateway Apartment Homes - St. Cloud, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Grand Gateway Apartment Homes - St. Cloud, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Greenfield - Omaha, NE | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 578 | ||
Buildings & Improvements | 4,122 | ||
Costs capitalized subsequent to acquisition | 3,241 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 876 | ||
Buildings & Improvements | 7,065 | ||
Total | 7,941 | ||
Accumulated Depreciation | (3,324) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 7,941 | ||
Deductions during year | |||
Balance at close of year | $ 3,324 | ||
Multi Family Same-Store | Greenfield - Omaha, NE | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Greenfield - Omaha, NE | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Homestead Garden Apartments - Rapid City, SD | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 655 | ||
Buildings & Improvements | 14,139 | ||
Costs capitalized subsequent to acquisition | 1,547 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 792 | ||
Buildings & Improvements | 15,549 | ||
Total | 16,341 | ||
Accumulated Depreciation | (4,560) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 16,341 | ||
Deductions during year | |||
Balance at close of year | $ 4,560 | ||
Multi Family Same-Store | Homestead Garden Apartments - Rapid City, SD | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Homestead Garden Apartments - Rapid City, SD | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Ironwood - New Hope, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 2,165 | ||
Buildings & Improvements | 36,874 | ||
Costs capitalized subsequent to acquisition | 540 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 2,167 | ||
Buildings & Improvements | 37,412 | ||
Total | 39,579 | ||
Accumulated Depreciation | $ (3,966) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 39,579 | ||
Deductions during year | |||
Balance at close of year | 3,966 | ||
Multi Family Same-Store | Lakeside Village Apartment Homes - Lincoln, NE | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,215 | ||
Buildings & Improvements | 15,837 | ||
Costs capitalized subsequent to acquisition | 5,069 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,476 | ||
Buildings & Improvements | 20,645 | ||
Total | 22,121 | ||
Accumulated Depreciation | (7,156) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 22,121 | ||
Deductions during year | |||
Balance at close of year | $ 7,156 | ||
Multi Family Same-Store | Lakeside Village Apartment Homes - Lincoln, NE | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Lakeside Village Apartment Homes - Lincoln, NE | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Legacy Apartments - Grand Forks, ND | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,362 | ||
Buildings & Improvements | 21,727 | ||
Costs capitalized subsequent to acquisition | 11,036 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 2,474 | ||
Buildings & Improvements | 31,651 | ||
Total | 34,125 | ||
Accumulated Depreciation | (20,814) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 34,125 | ||
Deductions during year | |||
Balance at close of year | $ 20,814 | ||
Multi Family Same-Store | Legacy Apartments - Grand Forks, ND | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Legacy Apartments - Grand Forks, ND | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Legacy Heights Apartment Homes - Bismarck, ND | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,207 | ||
Buildings & Improvements | 13,742 | ||
Costs capitalized subsequent to acquisition | 399 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,142 | ||
Buildings & Improvements | 14,206 | ||
Total | 15,348 | ||
Accumulated Depreciation | (3,592) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 15,348 | ||
Deductions during year | |||
Balance at close of year | $ 3,592 | ||
Multi Family Same-Store | Legacy Heights Apartment Homes - Bismarck, ND | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Legacy Heights Apartment Homes - Bismarck, ND | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Lugano at Cherry Creek - Denver, CO | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 7,679 | ||
Buildings & Improvements | 87,766 | ||
Costs capitalized subsequent to acquisition | 3,577 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 7,679 | ||
Buildings & Improvements | 91,343 | ||
Total | 99,022 | ||
Accumulated Depreciation | $ (11,223) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 99,022 | ||
Deductions during year | |||
Balance at close of year | 11,223 | ||
Multi Family Same-Store | Meadows Apartments - Jamestown, ND | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 590 | ||
Buildings & Improvements | 4,519 | ||
Costs capitalized subsequent to acquisition | 2,103 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 730 | ||
Buildings & Improvements | 6,482 | ||
Total | 7,212 | ||
Accumulated Depreciation | (4,287) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 7,212 | ||
Deductions during year | |||
Balance at close of year | $ 4,287 | ||
Multi Family Same-Store | Meadows Apartments - Jamestown, ND | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Meadows Apartments - Jamestown, ND | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Monticello Crossings - Monticello, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,734 | ||
Buildings & Improvements | 30,136 | ||
Costs capitalized subsequent to acquisition | 631 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,951 | ||
Buildings & Improvements | 30,550 | ||
Total | 32,501 | ||
Accumulated Depreciation | (7,538) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 32,501 | ||
Deductions during year | |||
Balance at close of year | $ 7,538 | ||
Multi Family Same-Store | Monticello Crossings - Monticello, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Monticello Crossings - Monticello, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Monticello Village - Monticello, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 490 | ||
Buildings & Improvements | 3,756 | ||
Costs capitalized subsequent to acquisition | 1,263 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 655 | ||
Buildings & Improvements | 4,854 | ||
Total | 5,509 | ||
Accumulated Depreciation | (2,865) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 5,509 | ||
Deductions during year | |||
Balance at close of year | $ 2,865 | ||
Multi Family Same-Store | Monticello Village - Monticello, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Monticello Village - Monticello, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Northridge Apartments - Bismarck, ND | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 884 | ||
Buildings & Improvements | 7,515 | ||
Costs capitalized subsequent to acquisition | 266 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,048 | ||
Buildings & Improvements | 7,617 | ||
Total | 8,665 | ||
Accumulated Depreciation | (2,182) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 8,665 | ||
Deductions during year | |||
Balance at close of year | $ 2,182 | ||
Multi Family Same-Store | Northridge Apartments - Bismarck, ND | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Northridge Apartments - Bismarck, ND | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Olympic Village Apartments - Billings, MT | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,164 | ||
Buildings & Improvements | 10,441 | ||
Costs capitalized subsequent to acquisition | 4,464 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,885 | ||
Buildings & Improvements | 14,184 | ||
Total | 16,069 | ||
Accumulated Depreciation | (9,160) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 16,069 | ||
Deductions during year | |||
Balance at close of year | $ 9,160 | ||
Multi Family Same-Store | Olympic Village Apartments - Billings, MT | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Olympic Village Apartments - Billings, MT | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Oxbo Urban Rentals - St Paul, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 5,809 | ||
Buildings & Improvements | 51,586 | ||
Costs capitalized subsequent to acquisition | 565 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 5,822 | ||
Buildings & Improvements | 52,138 | ||
Total | 57,960 | ||
Accumulated Depreciation | $ (10,412) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 57,960 | ||
Deductions during year | |||
Balance at close of year | 10,412 | ||
Multi Family Same-Store | Park Meadows Apartment Homes - Waite Park, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,143 | ||
Buildings & Improvements | 9,099 | ||
Costs capitalized subsequent to acquisition | 10,149 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 2,140 | ||
Buildings & Improvements | 18,251 | ||
Total | 20,391 | ||
Accumulated Depreciation | (13,904) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 20,391 | ||
Deductions during year | |||
Balance at close of year | $ 13,904 | ||
Multi Family Same-Store | Park Meadows Apartment Homes - Waite Park, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Park Meadows Apartment Homes - Waite Park, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Park Place Apartments - Plymouth, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 10,609 | ||
Buildings & Improvements | 80,781 | ||
Costs capitalized subsequent to acquisition | 19,032 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 10,819 | ||
Buildings & Improvements | 99,603 | ||
Total | 110,422 | ||
Accumulated Depreciation | $ (21,002) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 110,422 | ||
Deductions during year | |||
Balance at close of year | 21,002 | ||
Multi Family Same-Store | Parkhouse Apartment Homes - Thornton, CO | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 10,474 | ||
Buildings & Improvements | 132,105 | ||
Costs capitalized subsequent to acquisition | 1,583 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 10,484 | ||
Buildings & Improvements | 133,678 | ||
Total | 144,162 | ||
Accumulated Depreciation | $ (12,245) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 144,162 | ||
Deductions during year | |||
Balance at close of year | 12,245 | ||
Multi Family Same-Store | Plaza Apartments - Minot, ND | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 867 | ||
Buildings & Improvements | 12,784 | ||
Costs capitalized subsequent to acquisition | 3,160 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,011 | ||
Buildings & Improvements | 15,800 | ||
Total | 16,811 | ||
Accumulated Depreciation | (6,823) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 16,811 | ||
Deductions during year | |||
Balance at close of year | $ 6,823 | ||
Multi Family Same-Store | Plaza Apartments - Minot, ND | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Plaza Apartments - Minot, ND | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Pointe West Apartments - Rapid City, SD | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 240 | ||
Buildings & Improvements | 3,538 | ||
Costs capitalized subsequent to acquisition | 2,299 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 463 | ||
Buildings & Improvements | 5,614 | ||
Total | 6,077 | ||
Accumulated Depreciation | (4,303) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 6,077 | ||
Deductions during year | |||
Balance at close of year | $ 4,303 | ||
Multi Family Same-Store | Pointe West Apartments - Rapid City, SD | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Pointe West Apartments - Rapid City, SD | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Ponds at Heritage Place - Sartell, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 395 | ||
Buildings & Improvements | 4,564 | ||
Costs capitalized subsequent to acquisition | 566 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 419 | ||
Buildings & Improvements | 5,106 | ||
Total | 5,525 | ||
Accumulated Depreciation | (1,993) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 5,525 | ||
Deductions during year | |||
Balance at close of year | $ 1,993 | ||
Multi Family Same-Store | Ponds at Heritage Place - Sartell, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Ponds at Heritage Place - Sartell, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Prosper West - Waite Park, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 16,425 | ||
Initial Cost to Company [Abstract] | |||
Land | 939 | ||
Buildings & Improvements | 10,167 | ||
Costs capitalized subsequent to acquisition | 17,243 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,912 | ||
Buildings & Improvements | 26,437 | ||
Total | 28,349 | ||
Accumulated Depreciation | (14,646) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 28,349 | ||
Deductions during year | |||
Balance at close of year | $ 14,646 | ||
Multi Family Same-Store | Prosper West - Waite Park, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Prosper West - Waite Park, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Quarry Ridge Apartments - Rochester, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 22,733 | ||
Initial Cost to Company [Abstract] | |||
Land | 2,254 | ||
Buildings & Improvements | 30,024 | ||
Costs capitalized subsequent to acquisition | 8,777 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 2,412 | ||
Buildings & Improvements | 38,643 | ||
Total | 41,055 | ||
Accumulated Depreciation | (14,145) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 41,055 | ||
Deductions during year | |||
Balance at close of year | $ 14,145 | ||
Multi Family Same-Store | Quarry Ridge Apartments - Rochester, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Quarry Ridge Apartments - Rochester, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Red 20 Apartments - Minneapolis, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 20,256 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,900 | ||
Buildings & Improvements | 24,116 | ||
Costs capitalized subsequent to acquisition | 758 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,908 | ||
Buildings & Improvements | 24,866 | ||
Total | 26,774 | ||
Accumulated Depreciation | (8,313) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 26,774 | ||
Deductions during year | |||
Balance at close of year | $ 8,313 | ||
Multi Family Same-Store | Red 20 Apartments - Minneapolis, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Red 20 Apartments - Minneapolis, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Regency Park Estates - St. Cloud, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 6,923 | ||
Initial Cost to Company [Abstract] | |||
Land | 702 | ||
Buildings & Improvements | 10,198 | ||
Costs capitalized subsequent to acquisition | 8,040 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,179 | ||
Buildings & Improvements | 17,761 | ||
Total | 18,940 | ||
Accumulated Depreciation | (6,476) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 18,940 | ||
Deductions during year | |||
Balance at close of year | $ 6,476 | ||
Multi Family Same-Store | Regency Park Estates - St. Cloud, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Regency Park Estates - St. Cloud, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Rimrock West Apartments - Billings, MT | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 330 | ||
Buildings & Improvements | 3,489 | ||
Costs capitalized subsequent to acquisition | 2,102 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 568 | ||
Buildings & Improvements | 5,353 | ||
Total | 5,921 | ||
Accumulated Depreciation | (3,623) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 5,921 | ||
Deductions during year | |||
Balance at close of year | $ 3,623 | ||
Multi Family Same-Store | Rimrock West Apartments - Billings, MT | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Rimrock West Apartments - Billings, MT | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | River Ridge Apartment Homes - Bismarck, ND | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 576 | ||
Buildings & Improvements | 24,670 | ||
Costs capitalized subsequent to acquisition | 1,214 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 922 | ||
Buildings & Improvements | 25,538 | ||
Total | 26,460 | ||
Accumulated Depreciation | (9,992) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 26,460 | ||
Deductions during year | |||
Balance at close of year | $ 9,992 | ||
Multi Family Same-Store | River Ridge Apartment Homes - Bismarck, ND | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | River Ridge Apartment Homes - Bismarck, ND | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Rocky Meadows Apartments - Billings, MT | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 656 | ||
Buildings & Improvements | 5,726 | ||
Costs capitalized subsequent to acquisition | 1,732 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 840 | ||
Buildings & Improvements | 7,274 | ||
Total | 8,114 | ||
Accumulated Depreciation | (5,084) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 8,114 | ||
Deductions during year | |||
Balance at close of year | $ 5,084 | ||
Multi Family Same-Store | Rocky Meadows Apartments - Billings, MT | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Rocky Meadows Apartments - Billings, MT | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Rum River Apartments - Isanti, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 843 | ||
Buildings & Improvements | 4,823 | ||
Costs capitalized subsequent to acquisition | 542 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 870 | ||
Buildings & Improvements | 5,338 | ||
Total | 6,208 | ||
Accumulated Depreciation | (2,591) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 6,208 | ||
Deductions during year | |||
Balance at close of year | $ 2,591 | ||
Multi Family Same-Store | Rum River Apartments - Isanti, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Rum River Apartments - Isanti, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Silver Springs Apartment Homes - Rapid City, SD | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 215 | ||
Buildings & Improvements | 3,007 | ||
Costs capitalized subsequent to acquisition | 1,116 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 273 | ||
Buildings & Improvements | 4,065 | ||
Total | 4,338 | ||
Accumulated Depreciation | (1,319) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 4,338 | ||
Deductions during year | |||
Balance at close of year | $ 1,319 | ||
Multi Family Same-Store | Silver Springs Apartment Homes - Rapid City, SD | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Silver Springs Apartment Homes - Rapid City, SD | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | South Pointe Apartment Homes - Minot, ND | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 550 | ||
Buildings & Improvements | 9,548 | ||
Costs capitalized subsequent to acquisition | 6,374 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,489 | ||
Buildings & Improvements | 14,983 | ||
Total | 16,472 | ||
Accumulated Depreciation | (11,368) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 16,472 | ||
Deductions during year | |||
Balance at close of year | $ 11,368 | ||
Multi Family Same-Store | South Pointe Apartment Homes - Minot, ND | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | South Pointe Apartment Homes - Minot, ND | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | SouthFork Townhomes + Flats - Lakeville, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 21,675 | ||
Initial Cost to Company [Abstract] | |||
Land | 3,502 | ||
Buildings & Improvements | 40,153 | ||
Costs capitalized subsequent to acquisition | 11,146 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 3,583 | ||
Buildings & Improvements | 51,218 | ||
Total | 54,801 | ||
Accumulated Depreciation | $ (9,354) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 54,801 | ||
Deductions during year | |||
Balance at close of year | 9,354 | ||
Multi Family Same-Store | Southpoint Apartments - Grand Forks, ND | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 576 | ||
Buildings & Improvements | 9,893 | ||
Costs capitalized subsequent to acquisition | 444 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 663 | ||
Buildings & Improvements | 10,250 | ||
Total | 10,913 | ||
Accumulated Depreciation | (3,098) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 10,913 | ||
Deductions during year | |||
Balance at close of year | $ 3,098 | ||
Multi Family Same-Store | Southpoint Apartments - Grand Forks, ND | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Southpoint Apartments - Grand Forks, ND | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Sunset Trail Apartment Homes - Rochester, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 336 | ||
Buildings & Improvements | 12,814 | ||
Costs capitalized subsequent to acquisition | 3,621 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 826 | ||
Buildings & Improvements | 15,945 | ||
Total | 16,771 | ||
Accumulated Depreciation | (10,109) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 16,771 | ||
Deductions during year | |||
Balance at close of year | $ 10,109 | ||
Multi Family Same-Store | Sunset Trail Apartment Homes - Rochester, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Sunset Trail Apartment Homes - Rochester, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Thomasbrook Apartment - Lincoln, NE | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 13,100 | ||
Initial Cost to Company [Abstract] | |||
Land | 600 | ||
Buildings & Improvements | 10,306 | ||
Costs capitalized subsequent to acquisition | 6,391 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,710 | ||
Buildings & Improvements | 15,587 | ||
Total | 17,297 | ||
Accumulated Depreciation | (9,677) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 17,297 | ||
Deductions during year | |||
Balance at close of year | $ 9,677 | ||
Multi Family Same-Store | Thomasbrook Apartment - Lincoln, NE | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Thomasbrook Apartment - Lincoln, NE | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Westend - Denver, CO | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 25,525 | ||
Buildings & Improvements | 102,180 | ||
Costs capitalized subsequent to acquisition | 1,270 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 25,532 | ||
Buildings & Improvements | 103,443 | ||
Total | 128,975 | ||
Accumulated Depreciation | $ (17,153) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 128,975 | ||
Deductions during year | |||
Balance at close of year | 17,153 | ||
Multi Family Same-Store | Whispering Ridge - Omaha, NE | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 18,691 | ||
Initial Cost to Company [Abstract] | |||
Land | 2,139 | ||
Buildings & Improvements | 25,424 | ||
Costs capitalized subsequent to acquisition | 5,780 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 2,551 | ||
Buildings & Improvements | 30,792 | ||
Total | 33,343 | ||
Accumulated Depreciation | (10,636) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 33,343 | ||
Deductions during year | |||
Balance at close of year | $ 10,636 | ||
Multi Family Same-Store | Whispering Ridge - Omaha, NE | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Whispering Ridge - Omaha, NE | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Multi Family Same-Store | Woodridge on Second - Rochester, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 370 | ||
Buildings & Improvements | 6,028 | ||
Costs capitalized subsequent to acquisition | 6,373 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 761 | ||
Buildings & Improvements | 12,010 | ||
Total | 12,771 | ||
Accumulated Depreciation | (7,328) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 12,771 | ||
Deductions during year | |||
Balance at close of year | $ 7,328 | ||
Multi Family Same-Store | Woodridge on Second - Rochester, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Multi Family Same-Store | Woodridge on Second - Rochester, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
MultiFamily Non-Same-Store | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 262,718 | ||
Initial Cost to Company [Abstract] | |||
Land | 65,558 | ||
Buildings & Improvements | 623,230 | ||
Costs capitalized subsequent to acquisition | 24,116 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 66,562 | ||
Buildings & Improvements | 646,342 | ||
Total | 712,904 | ||
Accumulated Depreciation | (29,868) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 712,904 | ||
Deductions during year | |||
Balance at close of year | 29,868 | ||
MultiFamily Non-Same-Store | Bayberry Place - Eagan, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 11,048 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,807 | ||
Buildings & Improvements | 14,113 | ||
Costs capitalized subsequent to acquisition | 801 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,865 | ||
Buildings & Improvements | 14,856 | ||
Total | 16,721 | ||
Accumulated Depreciation | $ (736) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 16,721 | ||
Deductions during year | |||
Balance at close of year | 736 | ||
MultiFamily Non-Same-Store | Burgandy & Hillsboro - New Hope, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 23,570 | ||
Initial Cost to Company [Abstract] | |||
Land | 2,834 | ||
Buildings & Improvements | 31,149 | ||
Costs capitalized subsequent to acquisition | 1,816 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 2,913 | ||
Buildings & Improvements | 32,886 | ||
Total | 35,799 | ||
Accumulated Depreciation | $ (1,686) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 35,799 | ||
Deductions during year | |||
Balance at close of year | 1,686 | ||
MultiFamily Non-Same-Store | Civic Lofts - Denver, CO | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 6,166 | ||
Buildings & Improvements | 55,182 | ||
Costs capitalized subsequent to acquisition | 172 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 6,171 | ||
Buildings & Improvements | 55,349 | ||
Total | 61,520 | ||
Accumulated Depreciation | $ (2,318) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 61,520 | ||
Deductions during year | |||
Balance at close of year | 2,318 | ||
MultiFamily Non-Same-Store | Elements of Linden Hills - Minneapolis, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 5,969 | ||
Initial Cost to Company [Abstract] | |||
Land | 941 | ||
Buildings & Improvements | 7,853 | ||
Costs capitalized subsequent to acquisition | 178 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 949 | ||
Buildings & Improvements | 8,023 | ||
Total | 8,972 | ||
Accumulated Depreciation | $ (332) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 8,972 | ||
Deductions during year | |||
Balance at close of year | 332 | ||
MultiFamily Non-Same-Store | Gatewood - Waite Park, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 5,156 | ||
Initial Cost to Company [Abstract] | |||
Land | 327 | ||
Buildings & Improvements | 6,858 | ||
Costs capitalized subsequent to acquisition | 808 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 342 | ||
Buildings & Improvements | 7,651 | ||
Total | 7,993 | ||
Accumulated Depreciation | $ (428) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 7,993 | ||
Deductions during year | |||
Balance at close of year | 428 | ||
MultiFamily Non-Same-Store | Grove Ridge - Cottage Grove, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 7,992 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,250 | ||
Buildings & Improvements | 10,271 | ||
Costs capitalized subsequent to acquisition | 551 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,293 | ||
Buildings & Improvements | 10,779 | ||
Total | 12,072 | ||
Accumulated Depreciation | $ (546) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 12,072 | ||
Deductions during year | |||
Balance at close of year | 546 | ||
MultiFamily Non-Same-Store | Legacy Waite Park - Waite Park, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 6,923 | ||
Initial Cost to Company [Abstract] | |||
Land | 412 | ||
Buildings & Improvements | 9,556 | ||
Costs capitalized subsequent to acquisition | 1,008 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 426 | ||
Buildings & Improvements | 10,550 | ||
Total | 10,976 | ||
Accumulated Depreciation | $ (580) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 10,976 | ||
Deductions during year | |||
Balance at close of year | 580 | ||
MultiFamily Non-Same-Store | Lyra Apartments - Centennial, CO | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 6,473 | ||
Buildings & Improvements | 86,149 | ||
Costs capitalized subsequent to acquisition | 163 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 6,481 | ||
Buildings & Improvements | 86,304 | ||
Total | 92,785 | ||
Accumulated Depreciation | $ (1,123) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 92,785 | ||
Deductions during year | |||
Balance at close of year | 1,123 | ||
MultiFamily Non-Same-Store | Martin Blu - Eden Prairie, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 27,939 | ||
Initial Cost to Company [Abstract] | |||
Land | 3,547 | ||
Buildings & Improvements | 45,212 | ||
Costs capitalized subsequent to acquisition | 323 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 3,560 | ||
Buildings & Improvements | 45,522 | ||
Total | 49,082 | ||
Accumulated Depreciation | $ (1,854) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 49,082 | ||
Deductions during year | |||
Balance at close of year | 1,854 | ||
MultiFamily Non-Same-Store | New Hope Garden & Village - New Hope, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 9,943 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,603 | ||
Buildings & Improvements | 12,578 | ||
Costs capitalized subsequent to acquisition | 1,032 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,651 | ||
Buildings & Improvements | 13,562 | ||
Total | 15,213 | ||
Accumulated Depreciation | $ (742) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 15,213 | ||
Deductions during year | |||
Balance at close of year | 742 | ||
MultiFamily Non-Same-Store | Noko Apartments - Minneapolis, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,915 | ||
Buildings & Improvements | 42,636 | ||
Costs capitalized subsequent to acquisition | 98 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,918 | ||
Buildings & Improvements | 42,731 | ||
Total | 44,649 | ||
Accumulated Depreciation | $ (1,690) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 44,649 | ||
Deductions during year | |||
Balance at close of year | 1,690 | ||
MultiFamily Non-Same-Store | Palisades - Roseville, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 22,048 | ||
Initial Cost to Company [Abstract] | |||
Land | 6,919 | ||
Buildings & Improvements | 46,577 | ||
Costs capitalized subsequent to acquisition | 1,010 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 6,959 | ||
Buildings & Improvements | 47,547 | ||
Total | 54,506 | ||
Accumulated Depreciation | $ (2,360) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 54,506 | ||
Deductions during year | |||
Balance at close of year | 2,360 | ||
MultiFamily Non-Same-Store | Plymouth Pointe - Plymouth, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 9,575 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,042 | ||
Buildings & Improvements | 12,810 | ||
Costs capitalized subsequent to acquisition | 801 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,073 | ||
Buildings & Improvements | 13,580 | ||
Total | 14,653 | ||
Accumulated Depreciation | $ (723) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 14,653 | ||
Deductions during year | |||
Balance at close of year | 723 | ||
MultiFamily Non-Same-Store | Pointe West - St. Cloud, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 5,008 | ||
Initial Cost to Company [Abstract] | |||
Land | 246 | ||
Buildings & Improvements | 6,850 | ||
Costs capitalized subsequent to acquisition | 765 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 260 | ||
Buildings & Improvements | 7,601 | ||
Total | 7,861 | ||
Accumulated Depreciation | $ (422) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 7,861 | ||
Deductions during year | |||
Balance at close of year | 422 | ||
MultiFamily Non-Same-Store | Portage - Minneapolis, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 5,991 | ||
Initial Cost to Company [Abstract] | |||
Land | 2,133 | ||
Buildings & Improvements | 6,685 | ||
Costs capitalized subsequent to acquisition | 535 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 2,226 | ||
Buildings & Improvements | 7,127 | ||
Total | 9,353 | ||
Accumulated Depreciation | $ (348) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 9,353 | ||
Deductions during year | |||
Balance at close of year | 348 | ||
MultiFamily Non-Same-Store | River Pointe - Fridley, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 25,412 | ||
Initial Cost to Company [Abstract] | |||
Land | 3,346 | ||
Buildings & Improvements | 33,118 | ||
Costs capitalized subsequent to acquisition | 2,144 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 3,426 | ||
Buildings & Improvements | 35,182 | ||
Total | 38,608 | ||
Accumulated Depreciation | $ (1,764) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 38,608 | ||
Deductions during year | |||
Balance at close of year | 1,764 | ||
MultiFamily Non-Same-Store | Southdale Parc - Richfield, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 5,301 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,569 | ||
Buildings & Improvements | 7,740 | ||
Costs capitalized subsequent to acquisition | 466 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,618 | ||
Buildings & Improvements | 8,157 | ||
Total | 9,775 | ||
Accumulated Depreciation | $ (401) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 9,775 | ||
Deductions during year | |||
Balance at close of year | 401 | ||
MultiFamily Non-Same-Store | Union Pointe - Longmont, CO | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 5,727 | ||
Buildings & Improvements | 69,966 | ||
Costs capitalized subsequent to acquisition | 624 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 5,736 | ||
Buildings & Improvements | 70,581 | ||
Total | 76,317 | ||
Accumulated Depreciation | $ (5,495) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 76,317 | ||
Deductions during year | |||
Balance at close of year | 5,495 | ||
MultiFamily Non-Same-Store | Venue on Knox - Minneapolis, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 11,660 | ||
Initial Cost to Company [Abstract] | |||
Land | 3,438 | ||
Buildings & Improvements | 14,743 | ||
Costs capitalized subsequent to acquisition | 2,514 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 3,530 | ||
Buildings & Improvements | 17,165 | ||
Total | 20,695 | ||
Accumulated Depreciation | $ (815) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 20,695 | ||
Deductions during year | |||
Balance at close of year | 815 | ||
MultiFamily Non-Same-Store | Windsor Gates - Brooklyn Park, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 14,731 | ||
Initial Cost to Company [Abstract] | |||
Land | 2,140 | ||
Buildings & Improvements | 18,943 | ||
Costs capitalized subsequent to acquisition | 1,850 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 2,204 | ||
Buildings & Improvements | 20,729 | ||
Total | 22,933 | ||
Accumulated Depreciation | $ (1,065) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 22,933 | ||
Deductions during year | |||
Balance at close of year | 1,065 | ||
MultiFamily Non-Same-Store | Wingate - New Hope, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 10,459 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,480 | ||
Buildings & Improvements | 13,530 | ||
Costs capitalized subsequent to acquisition | 1,018 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,526 | ||
Buildings & Improvements | 14,502 | ||
Total | 16,028 | ||
Accumulated Depreciation | $ (766) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 16,028 | ||
Deductions during year | |||
Balance at close of year | 766 | ||
MultiFamily Non-Same-Store | Woodhaven - Minneapolis, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 14,408 | ||
Initial Cost to Company [Abstract] | |||
Land | 3,940 | ||
Buildings & Improvements | 20,080 | ||
Costs capitalized subsequent to acquisition | 1,223 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 4,040 | ||
Buildings & Improvements | 21,203 | ||
Total | 25,243 | ||
Accumulated Depreciation | $ (1,036) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 25,243 | ||
Deductions during year | |||
Balance at close of year | 1,036 | ||
MultiFamily Non-Same-Store | Woodland Pointe - Woodbury, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 31,675 | ||
Initial Cost to Company [Abstract] | |||
Land | 5,367 | ||
Buildings & Improvements | 40,422 | ||
Costs capitalized subsequent to acquisition | 3,932 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 5,449 | ||
Buildings & Improvements | 44,272 | ||
Total | 49,721 | ||
Accumulated Depreciation | $ (2,217) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 49,721 | ||
Deductions during year | |||
Balance at close of year | 2,217 | ||
MultiFamily Non-Same-Store | Zest - Minneapolis, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 7,910 | ||
Initial Cost to Company [Abstract] | |||
Land | 936 | ||
Buildings & Improvements | 10,209 | ||
Costs capitalized subsequent to acquisition | 284 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 946 | ||
Buildings & Improvements | 10,483 | ||
Total | 11,429 | ||
Accumulated Depreciation | $ (421) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 11,429 | ||
Deductions during year | |||
Balance at close of year | 421 | ||
Total Multifamily | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 498,277 | ||
Initial Cost to Company [Abstract] | |||
Land | 207,794 | ||
Buildings & Improvements | 2,050,346 | ||
Costs capitalized subsequent to acquisition | 249,308 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 225,217 | ||
Buildings & Improvements | 2,282,231 | ||
Total | 2,507,448 | ||
Accumulated Depreciation | (527,199) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 2,507,448 | ||
Deductions during year | |||
Balance at close of year | 527,199 | ||
Other - Mixed Use | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 389 | ||
Buildings & Improvements | 19,090 | ||
Costs capitalized subsequent to acquisition | 5,212 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 607 | ||
Buildings & Improvements | 24,084 | ||
Total | 24,691 | ||
Accumulated Depreciation | (7,904) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 24,691 | ||
Deductions during year | |||
Balance at close of year | 7,904 | ||
Other - Mixed Use | 71 France - Edina, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 5,879 | ||
Costs capitalized subsequent to acquisition | 518 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 6,397 | ||
Total | 6,397 | ||
Accumulated Depreciation | (1,457) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 6,397 | ||
Deductions during year | |||
Balance at close of year | $ 1,457 | ||
Other - Mixed Use | 71 France - Edina, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Other - Mixed Use | 71 France - Edina, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Other - Mixed Use | Lugano at Cherry Creek - Denver, CO | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 1,600 | ||
Costs capitalized subsequent to acquisition | 738 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 2,338 | ||
Total | 2,338 | ||
Accumulated Depreciation | $ (234) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 2,338 | ||
Deductions during year | |||
Balance at close of year | 234 | ||
Other - Mixed Use | Civic Lofts - Denver, CO | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 0 | ||
Costs capitalized subsequent to acquisition | 0 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 0 | ||
Total | 0 | ||
Accumulated Depreciation | $ 0 | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 0 | ||
Deductions during year | |||
Balance at close of year | 0 | ||
Other - Mixed Use | Zest - Minneapolis, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 52 | ||
Costs capitalized subsequent to acquisition | 1 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 53 | ||
Total | 53 | ||
Accumulated Depreciation | $ (10) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 53 | ||
Deductions during year | |||
Balance at close of year | 10 | ||
Other - Mixed Use | Noko - Minneapolis, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 118 | ||
Costs capitalized subsequent to acquisition | 0 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 118 | ||
Total | 118 | ||
Accumulated Depreciation | $ (8) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 118 | ||
Deductions during year | |||
Balance at close of year | 8 | ||
Other - Mixed Use | 191 homes - Oxbo - St Paul, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 3,472 | ||
Costs capitalized subsequent to acquisition | 54 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 3,526 | ||
Total | 3,526 | ||
Accumulated Depreciation | $ (620) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 3,526 | ||
Deductions during year | |||
Balance at close of year | 620 | ||
Other - Mixed Use | Plaza - Minot, ND | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 389 | ||
Buildings & Improvements | 5,444 | ||
Costs capitalized subsequent to acquisition | 3,467 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 607 | ||
Buildings & Improvements | 8,693 | ||
Total | 9,300 | ||
Accumulated Depreciation | (4,683) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 9,300 | ||
Deductions during year | |||
Balance at close of year | $ 4,683 | ||
Other - Mixed Use | Plaza - Minot, ND | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Other - Mixed Use | Plaza - Minot, ND | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Other - Mixed Use | Red 20 - Minneapolis, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 2,525 | ||
Costs capitalized subsequent to acquisition | 434 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 2,959 | ||
Total | 2,959 | ||
Accumulated Depreciation | (892) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 2,959 | ||
Deductions during year | |||
Balance at close of year | $ 892 | ||
Other - Mixed Use | Red 20 - Minneapolis, MN | Minimum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 30 years | ||
Other - Mixed Use | Red 20 - Minneapolis, MN | Maximum | |||
Gross amount at which carries at close of period [Abstract] | |||
Life on which depreciation in latest income statement is computed | 37 years | ||
Other - Commercial | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 246 | ||
Buildings & Improvements | 1,866 | ||
Costs capitalized subsequent to acquisition | (127) | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 246 | ||
Buildings & Improvements | 1,739 | ||
Total | 1,985 | ||
Accumulated Depreciation | (298) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 1,985 | ||
Deductions during year | |||
Balance at close of year | 298 | ||
Other - Commercial | 3100 10th St SW - Minot, ND | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 246 | ||
Buildings & Improvements | 1,866 | ||
Costs capitalized subsequent to acquisition | (127) | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 246 | ||
Buildings & Improvements | 1,739 | ||
Total | 1,985 | ||
Accumulated Depreciation | $ (298) | ||
Life on which depreciation in latest income statement is computed | 30 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | $ 1,985 | ||
Deductions during year | |||
Balance at close of year | 298 | ||
Total | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 498,277 | ||
Initial Cost to Company [Abstract] | |||
Land | 208,429 | ||
Buildings & Improvements | 2,071,302 | ||
Costs capitalized subsequent to acquisition | 254,393 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 226,070 | ||
Buildings & Improvements | 2,308,054 | ||
Total | 2,534,124 | ||
Accumulated Depreciation | (535,401) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 2,534,124 | ||
Deductions during year | |||
Balance at close of year | $ 535,401 |