Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 13, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 913,064,559 | ||
Entity Common Stock, Outstanding | 14,908,674 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference: Portions of Centerspace’s definitive Proxy Statement for its 2024 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 | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Shares of Beneficial Interest, no par value | |||
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 Cumulative Redeemable Preferred Shares | |||
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, 2023 | |
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, 2023 | Dec. 31, 2022 |
Real estate investments | ||
Property owned | $ 2,420,146 | $ 2,534,124 |
Less accumulated depreciation | (530,703) | (535,401) |
Total real estate investments | 1,889,443 | 1,998,723 |
Cash and cash equivalents | 8,630 | 10,458 |
Restricted cash | 639 | 1,433 |
Other assets | 27,649 | 22,687 |
TOTAL ASSETS | 1,926,361 | 2,033,301 |
LIABILITIES | ||
Accounts payable and accrued expenses | 62,754 | 58,812 |
Revolving lines of credit | 30,000 | 113,500 |
Notes payable, net of unamortized loan costs of $541 and $993, respectively | 299,459 | 399,007 |
Mortgages payable, net of unamortized loan costs of $3,427 and $3,615, respectively | 586,563 | 495,126 |
TOTAL LIABILITIES | 978,776 | 1,066,445 |
COMMITMENTS AND CONTINGENCIES (NOTE 12) | ||
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 166 units issued and outstanding at December 31, 2023 and 2022, aggregate liquidation preference of $16,560) | 16,560 | 16,560 |
Investors Real Estate Trust shareholders’ equity | ||
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, $25 per share liquidation preference, 3,881 shares issued and outstanding at December 31, 2023 and 2022, aggregate liquidation preference of $97,036) | 93,530 | 93,530 |
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 14,963 shares issued and outstanding at December 31, 2023 and 15,020 shares issued and outstanding at December 31, 2022) | 1,165,694 | 1,177,484 |
Accumulated distributions in excess of net income | (548,273) | (539,422) |
Accumulated other comprehensive loss | (1,119) | (2,055) |
Total shareholders’ equity | 709,832 | 729,537 |
Noncontrolling interests – Operating Partnership and Series E preferred units | 220,544 | 220,132 |
Noncontrolling interests – consolidated real estate entities | 649 | 627 |
TOTAL EQUITY | 931,025 | 950,296 |
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY | $ 1,926,361 | $ 2,033,301 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
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 |
Liquidation preference per share (in dollars per share) | $ 25 | $ 25 |
Preferred shares, outstanding (in shares) | 3,881 | 3,881 |
Preferred shares, liquidation preference | $ 97,036 | $ 97,036 |
Common stock issued (in shares) | 14,963 | 15,020 |
Common shares outstanding (in shares) | 14,963 | 15,020 |
Term loans | ||
LIABILITIES | ||
Unamortized loan costs | $ 541 | $ 993 |
Mortgages | ||
LIABILITIES | ||
Unamortized loan costs | $ 3,427 | $ 3,615 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Revenue | $ 261,309,000 | $ 256,716,000 | $ 201,705,000 |
EXPENSES | |||
Property operating expenses, excluding real estate taxes | 77,053,000 | 80,070,000 | 57,753,000 |
Real estate taxes | 28,759,000 | 28,567,000 | 24,104,000 |
Property management expense | 9,353,000 | 9,895,000 | 8,752,000 |
Casualty loss | 2,095,000 | 1,591,000 | 344,000 |
Depreciation and amortization | 101,678,000 | 105,257,000 | 92,165,000 |
Impairment of real estate investments | 5,218,000 | 0 | 0 |
General and administrative expenses | 20,080,000 | 17,516,000 | 16,213,000 |
TOTAL EXPENSES | 244,236,000 | 242,896,000 | 199,331,000 |
Gain on sale of real estate and other investments | 71,244,000 | 41,000 | 27,518,000 |
Loss on litigation settlement | (3,864,000) | 0 | 0 |
Operating income | 84,453,000 | 13,861,000 | 29,892,000 |
Interest expense | (36,429,000) | (32,750,000) | (29,078,000) |
Interest and other income (loss) | 1,207,000 | 1,248,000 | (2,915,000) |
NET INCOME (LOSS) | 49,231,000 | (17,641,000) | (2,101,000) |
Dividends to Series D preferred unitholders | (640,000) | (640,000) | (640,000) |
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | (7,141,000) | 4,299,000 | 2,806,000 |
Net income attributable to noncontrolling interests – consolidated real estate entities | (125,000) | (127,000) | (94,000) |
Net income (loss) attributable to controlling interests | 41,325,000 | (14,109,000) | (29,000) |
Dividends to preferred shareholders | (6,428,000) | (6,428,000) | (6,428,000) |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ 34,897,000 | $ (20,537,000) | $ (6,457,000) |
NET INCOME (LOSS) PER COMMON SHARE – BASIC (in dollars per share) | $ 2.33 | $ (1.35) | $ (0.47) |
NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) | $ 2.32 | $ (1.35) | $ (0.47) |
Weighted average shares - basic (in shares) | 14,994 | 15,216 | 13,803 |
Weighted average shares - diluted (in shares) | 17,118 | 15,216 | 13,803 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 49,231 | $ (17,641) | $ (2,101) |
Other comprehensive income (loss): | |||
Unrealized gain from derivative instrument | 0 | 1,581 | 2,383 |
Loss on derivative instrument reclassified into earnings | 936 | 799 | 9,087 |
Total comprehensive income (loss) | 50,167 | (15,261) | 9,369 |
Net comprehensive (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | (6,985) | 4,708 | 4,407 |
Net comprehensive income attributable to noncontrolling interests – consolidated real estate entities | (125) | (127) | (94) |
Comprehensive income (loss) attributable to controlling interests | $ 43,057 | $ (10,680) | $ 13,682 |
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 Loss | 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, 2020 | $ 672,823 | $ 93,530 | $ 968,263 | $ (427,681) | $ (15,905) | $ 54,616 | |||||
Beginning balance (in shares) at Dec. 31, 2020 | 13,027 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net loss attributable to controlling interest and noncontrolling interests | (2,741) | (29) | (2,712) | ||||||||
Change in fair value of derivatives and amortization of swap settlements | 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 Series E preferred units | 217,513 | $ 44,905 | 172,608 | ||||||||
Redemption of Units for common shares (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 loss attributable to controlling interest and noncontrolling interests | (18,281) | (14,109) | (4,172) | ||||||||
Change in fair value of derivatives and amortization of swap settlements | 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 Series E preferred units | 22,882 | $ 13,023 | 9,859 | ||||||||
Redemption of Units for common shares (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 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net loss attributable to controlling interest and noncontrolling interests | 48,591 | 41,325 | 7,266 | ||||||||
Amortization of swap settlements | 936 | 936 | |||||||||
Distributions - commons shares and units | (46,442) | (43,748) | (2,694) | ||||||||
Distributions – Series C preferred shares | (6,428) | $ (6,428) | $ (6,428) | ||||||||
Distributions - Series E preferred units | (6,756) | (6,756) | |||||||||
Share-based compensation, net of forfeitures (in shares) | 20 | ||||||||||
Share-based compensation, net of forfeitures | 3,295 | $ 3,295 | |||||||||
Redemption of Units for common shares (in shares) | 109 | 31 | |||||||||
Redemption of Units for common shares | 0 | $ (1,910) | 1,910 | $ 0 | $ (1,390) | $ 1,390 | |||||
Shares repurchased (in shares) | 216 | ||||||||||
Shares repurchased | (11,539) | $ (11,539) | |||||||||
Other (in shares) | (1) | ||||||||||
Other | (928) | $ (246) | (682) | ||||||||
Ending balance at Dec. 31, 2023 | $ 931,025 | $ 93,530 | $ 1,165,694 | $ (548,273) | $ (1,119) | $ 221,193 | |||||
Ending balance (in shares) at Dec. 31, 2023 | 14,963 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common stock, dividends declared (in dollar per share) | $ 2.92 | $ 2.92 | $ 2.84 |
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 | $ 3.875 | $ 1.291667 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ 49,231 | $ (17,641) | $ (2,101) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization, including amortization of capitalized loan costs | 103,172 | 106,208 | 93,110 |
Gain on sale of real estate, land, and other investments | (71,240) | (41) | (27,518) |
Share-based compensation expense | 3,295 | 2,615 | 2,689 |
Impairment of real estate investments | 5,218 | 0 | 0 |
(Gain) loss on interest rate swap termination, amortization, and mark-to-market | 936 | (118) | 4,931 |
Provision for bad debt | 340 | 1,355 | 2,304 |
Other, net | 1,436 | (392) | 265 |
Changes in other assets and liabilities: | |||
Other assets | (760) | (645) | (5,402) |
Accounts payable and accrued expenses | (2,108) | 650 | 15,750 |
Net cash provided by operating activities | 89,520 | 91,991 | 84,028 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Increase in mortgages and real estate related notes receivable | (1,579) | 0 | (18,614) |
Net proceeds from sale of real estate and other investments | 223,259 | 41 | 61,334 |
Payments for acquisitions of real estate assets | (42,226) | (104,666) | (273,566) |
Payments for improvements of real estate assets | (58,825) | (56,568) | (31,303) |
Payments for non-real estate assets | 0 | (122) | (1,264) |
Other investing activities | (420) | 1,221 | (3,812) |
Net cash provided by (used by) investing activities | 120,209 | (160,094) | (267,225) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from mortgages payable | 90,000 | 0 | 196,725 |
Principal payments on mortgages payable | (46,749) | (28,960) | (36,282) |
Proceeds from revolving lines of credit | 135,104 | 191,860 | 258,580 |
Principal payments on revolving lines of credit | (218,604) | (154,360) | (335,451) |
Net proceeds from notes payable and other debt | 0 | 99,529 | 174,544 |
Principal payments on notes payable and other debt | (100,000) | 0 | (145,000) |
Payments for termination of interest rate swaps | 0 | (3,209) | (3,804) |
Proceeds from sale of common shares, net of issuance costs | 0 | 31,439 | 156,038 |
Repurchase of common shares | (11,539) | (29,059) | 0 |
Repurchase of partnership units | (38) | (4,141) | 0 |
Distributions paid to common shareholders | (43,742) | (44,461) | (38,487) |
Distributions paid to preferred shareholders | (6,428) | (6,428) | (6,428) |
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units | (9,530) | (9,797) | (4,916) |
Distributions paid to preferred unitholders | (640) | (640) | (640) |
Other financing activities | (185) | (404) | (367) |
Net cash provided by (used by) financing activities | (212,351) | 41,369 | 214,512 |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (2,622) | (26,734) | 31,315 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR | 11,891 | 38,625 | 7,310 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | 9,269 | 11,891 | 38,625 |
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued capital expenditures | 9,747 | 6,008 | 5,253 |
Operating partnership units converted to common shares | (1,910) | (1,353) | (4,714) |
Distributions declared but not paid | 11,552 | 11,625 | 11,411 |
Retirement of shares withheld for taxes | 190 | 1,284 | 933 |
Loss on litigation settlement | 1,000 | 0 | 0 |
Involuntary conversion of assets | (4,224) | 0 | 0 |
Real estate assets acquired through assumption of debt | 52,723 | 41,623 | 20,000 |
Real estate assets acquired through issuance of operating partnership units | 0 | 22,882 | 0 |
Fair value adjustment to debt | (3,924) | 1,224 | 2,367 |
Series E preferred units converted to common shares | (1,390) | (3,667) | 0 |
Change in value of Series D preferred units | 0 | 8,771 | (8,771) |
Real estate assets acquired through exchange of note receivable | 0 | 43,276 | 0 |
Note receivable exchanged through real estate acquisition | 0 | (43,276) | 0 |
Real estate acquired through issuance of Series E preferred units | 0 | 0 | 217,513 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash paid for interest | 34,182 | 31,272 | 26,528 |
Cash and cash equivalents | 8,630 | 10,458 | 31,267 |
Restricted cash | 639 | 1,433 | 7,358 |
Total cash, cash equivalents and restricted cash | $ 9,269 | $ 11,891 | $ 38,625 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Centerspace, collectively with its consolidated subsidiaries (“Centerspace,” “the Company,” “we,” “us,” or “our”) is a North Dakota real estate investment trust (“REIT”) focused on the ownership, management, acquisition, redevelopment and development of apartment communities. As of December 31, 2023, Centerspace owned interests in 72 apartment communities consisting of 13,088 apartment homes. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION Centerspace conducts a majority of its business activities through a consolidated operating partnership, Centerspace, LP, a North Dakota limited partnership (the “Operating Partnership”), as well as through a number of other consolidated subsidiary entities. The accompanying Consolidated Financial Statements include the Company’s accounts and the accounts of all its subsidiaries in which it maintains 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. The Company’s interest in the Operating Partnership as of December 31, 2023 and 2022 was 83.6% and 82.9%, 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 Operating Partnership’s ownership of a joint venture entity in which the Operating Partnership has a general partner or controlling interest. This entity is consolidated into the Company’s 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 the classifications within the Consolidated Statements of Cash Flows. Centerspace reclassified certain items within the disaggregated revenue table included in Note 2. RECENT ACCOUNTING PRONOUNCEMENTS The following table provides a brief description of Financial Accounting Standards Board (“FASB”) recent accounting standards updates (“ASU”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures This ASU is intended to improve reportable segment disclosure requirements and address requests from investors for more detailed information about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The ASU will not have a material impact on the Consolidated Financial Statements. REAL ESTATE INVESTMENTS Real estate investments are recorded at cost less accumulated depreciation and an adjustment for impairment, if any. Property, consisting primarily of real estate investments, totaled $1.9 billion and $2.0 billion as of December 31, 2023 and 2022, respectively. Upon acquisitions of real estate, the Company assesses 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 the Company’s 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 the Company’s 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. The Company also considers 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. The Company uses 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. The Company follows 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. The Company did not capitalize interest during the years ended December 31, 2023, 2022, and 2021. 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 year ended December 31, 2023, the Company incurred a loss of $5.2 million for the impairment of two apartment communities. The Company recognized impairments of $3.0 million on one apartment community in Richfield, MN and $2.2 million on one apartment community in New Hope, MN. These properties were written-down to estimated fair value based on receipt of market offers to purchase the apartment communities. During the years ended December 31, 2022 and 2021, the Company did not record a loss for impairment on real estate. The Company classifies 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. The Company generally considers these criteria met when the transaction has been approved by its 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. The Company had no properties classified as held for sale at December 31, 2023 and 2022. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. The Company’s 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 bank deposits and deposits in a money market mutual fund. The Company is potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. Although past bank failures have increased the risk of loss in such accounts, the Company has not experienced any losses in such accounts. As of December 31, 2023 and 2022, restricted cash consisted of $639,000 and $1.4 million, respectively, 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, Centerspace primarily leases multifamily apartment homes which qualify as operating leases with terms that are generally one year or less. Rental revenues are recognized in accordance with FASB Accounting Standards Codification (“ASC”) 842, Leases , using a method that represents a straight-line basis over the term of the lease. For the years ended December 31, 2023, 2022, and 2021, rental income represents approximately 98.1%, 97.7%, and 98.2%, respectively, of total revenues and includes gross market rent less adjustments for gain or loss to lease, concessions, vacancy loss, and bad debt. For the years ended December 31, 2023, 2022, and 2021, other property revenues represent the remaining 1.9%, 2.3%, and 1.8%, respectively, of total revenues and are primarily driven by other fee income, which is typically recognized when earned, at a point in time. Some of the Company’s apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three Many of the leases contain non-lease components for utility reimbursement from residents and common area maintenance from commercial tenants. Centerspace has elected the practical expedient to combine lease and non-lease components. The combined components are included in lease income and are accounted for under ASC 842. The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of December 31, 2023, was as follows: (in thousands) 2024 $ 1,824 2025 1,769 2026 1,608 2027 1,318 2028 929 Thereafter 5,366 Total scheduled lease income - operating leases $ 12,814 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 to which 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. Centerspace recognizes 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 for the years ended December 31, 2023, 2022, and 2021: (in thousands) Year ended December 31, Revenue Stream Applicable Standard 2023 2022 2021 Fixed lease income - operating leases Leases $ 243,931 $ 240,031 $ 189,452 Variable lease income - operating leases Leases 12,433 10,754 8,565 Other property revenue Revenue from contracts with customers 4,945 5,931 3,688 Total revenue $ 261,309 $ 256,716 $ 201,705 In addition to lease income and other property revenue, the Company recognizes gains or losses on the sale of real estate and other investments 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. For the years ended December 31, 2023, 2022, and 2021, the Company recognized $71.2 million, $41,000, and $27.5 million, respectively, as a gain on the sale of real estate and other investments. Any gain or loss on real estate dispositions is net of certain closing and other costs associated with the disposition. MARKET CONCENTRATION RISK The Company is subject to increased exposure from economic and other competitive factors specific to markets where it holds a significant percentage of the carrying value of its real estate portfolio. As of December 31, 2023, Centerspace held more than 10% of the carrying value of its real estate portfolio in the Minneapolis, Minnesota and Denver, Colorado markets. INCOME TAXES The Company operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856-860 of the Internal Revenue 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, 2023, 2022, and 2021, the Company distributed in excess of 90% of its 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 the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its 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, the Company 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 the Company qualifies 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). The Company has 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 the TRS for the years ended December 31, 2023, 2022, and 2021. The Company conducts its business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through its 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, 2023, 2022, and 2021: CALENDAR YEAR 2023 2022 2021 Tax status of distributions Capital gain 48.79 % — 0.92 % Ordinary income 28.46 % 13.42 % 7.82 % Return of capital 22.75 % 86.58 % 91.26 % VARIABLE INTEREST ENTITY Centerspace has determined that its Operating Partnership and each of its less-than-wholly owned real estate partnerships are variable interest entities (each, a “VIE”), as the limited partners or the functional equivalent of limited partners lack substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of the VIEs, and the VIEs are required to be consolidated on the balance sheet because the Company has a controlling financial interest in the VIEs and has 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 the Operating Partnership is a VIE, all of the Company’s assets and liabilities are held through a VIE. OTHER ASSETS As of December 31, 2023 and 2022, other assets consisted of the following amounts: in thousands December 31, 2023 December 31, 2022 Receivable arising from straight line rents $ 347 $ 556 Accounts receivable, net of allowance 267 217 Real estate related notes receivable 7,039 5,871 Prepaid assets 7,828 6,520 Other assets (1) 5,294 1,954 Intangible assets, net of accumulated amortization 2,723 2,112 Property and equipment, net of accumulated depreciation 2,798 3,120 Goodwill 491 866 Deferred charges and leasing costs 862 1,471 Total Other Assets $ 27,649 $ 22,687 (1) See Involuntary Conversion of Assets discussion below for additional information on insurance receivable included here. Intangible Assets. Intangible assets consist of in-place leases valued at the time of acquisition. For the years ended December 31, 2023, 2022, and 2021, the Company recognized $2.6 million, $12.3 million, and $13.5 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, 2023 will be fully amortized in 2024. Property and equipment. Property and equipment consists primarily of office equipment located at the Company’s corporate offices in Minot, North Dakota and in Minneapolis, Minnesota. As of December 31, 2023 and 2022, property and equipment cost was $4.6 million and $4.9 million, respectively. The Consolidated Balance Sheets reflect these assets at cost, net of accumulated depreciation of $1.8 million as of December 31, 2023 and 2022, and are included within other assets. Real estate related notes receivable. In connection with the acquisition of Ironwood, an apartment community in New Hope, Minnesota, the Company acquired a tax increment financing note receivable (“TIF”) with an initial principal balance of $6.6 million. As of December 31, 2023 and 2022, the principal balance was $5.7 million and $6.1 million, respectively, which appears within other assets in the 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 2023, the Company originated a $15.1 million mezzanine loan for the development of an apartment community located in Inver Grove Heights, Minnesota. The mezzanine loan bears interest at 10.0% per annum. As of December 31, 2023, the Company had funded $1.6 million of the mezzanine loan, which appears within other assets in the Consolidated Balance Sheets. The loan matures in December 2027 unless extended to December 2028 in accordance with the terms of the mezzanine loan agreement. The loan is secured by a pledge of and first priority security interest against 100% of the membership interests in the mezzanine borrower and the agreement provides the Company with an option to purchase the development. The loan represents an investment in an unconsolidated variable interest entity. The Company is not the primary beneficiary of the VIE as Centerspace does not have the power to direct the activities which most significantly impact the entity’s economic performance nor does Centerspace have significant influence over the entity. As of December 31, 2023, the note receivable appears within other assets in the Consolidated Balance Sheets at fair value. 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, 2023, 2022, and 2021 total advertising expense was $3.2 million, $3.2 million, and $2.5 million, respectively. SEVERANCE AND TRANSITION On March 23, 2023, the Company entered into a Separation and General Release Agreement (the “Separation Agreement”) in connection with the departure of former CEO, Mark Decker, Jr. During the year ended December 31, 2023, the Company incurred total severance costs of $2.2 million for the cash severance and benefits for Mr. Decker, $737,000 in share-based compensation expense for the acceleration of certain equity awards, and $306,000 in other CEO transition related expenses. These expenses are included within general and administrative expenses in the Consolidated Statements of Operations. Refer to Note 13 for additional information on the share-based compensation expense. INVOLUNTARY CONVERSION OF ASSETS In April 2023, a portion of an apartment community was destroyed by fire. The Company recorded a write-down of the apartment community asset, in accordance with ASC 610-30 on involuntary conversion of non-monetary assets, totaling $1.3 million with an offsetting insurance receivable recorded within other assets on the Consolidated Balance Sheets. As of December 31, 2023, the estimated insurance claim was $1.9 million. Any amounts received in excess of the write-down will be recognized when received. During the year ended December 31, 2023, Centerspace recorded $2.0 million in write-downs to three apartment community assets due to separate insurance events with offsetting insurance receivables totaling $1.2 million recorded within other assets on the Consolidated Balance Sheets in accordance with ASC 610-30. LITIGATION SETTLEMENT During the year ended December 31, 2023, the Company recorded a loss on litigation settlement of $3.9 million due to a trial judgment entered against Centerspace for property damage, resulting in monetary losses. Centerspace was the named defendant in a lawsuit where the owner of a neighboring property claimed a retaining wall at one of the Company’s properties was causing water damage to the neighboring property. The original judgment was ordered on October 9, 2023 for $2.9 million which the Company immediately paid. In November 2023, the claimant filed motions requesting additional interest on the judgment and trial costs. Subsequent to December 31, 2023, the claimant was awarded an additional $1.0 million in judgment related interest and costs. The Company paid the additional amount and recorded the loss on litigation for the year ended December 31, 2023. The Company cannot, with any level of certainty, predict or estimate if there will be additional costs incurred as a result of the lawsuit as the matter is still ongoing. |
NET INCOME (LOSS) PER SHARE
NET INCOME (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER SHARE | NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares of beneficial interest (“common shares”) outstanding during the period. Centerspace has issued restricted stock units (“RSUs”) and incentive stock options (“ISOs”) under its 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 net income (loss) 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, there are no outstanding options, warrants, convertible stock, or other contractual obligations requiring issuance of additional common shares that would result in a dilution of net income (loss). 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 Centerspace’s sole discretion, it may issue common shares in exchange for Units on a one-for-one-basis. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted net income (loss) per share reported in the Consolidated Financial Statements for the years ended December 31, 2023, 2022, and 2021: (in thousands, except per share data) Year Ended December 31, 2023 2022 2021 NUMERATOR Net income (loss) attributable to controlling interests 41,325 (14,109) (29) Dividends to preferred shareholders (6,428) (6,428) (6,428) Numerator for basic income per share – net income (loss) available to common shareholders 34,897 (20,537) (6,457) Noncontrolling interests – Operating Partnership and Series E preferred units 4,877 (4,299) (2,806) Dividends to preferred unitholders (1) — 640 640 Numerator for diluted income (loss) per share $ 39,774 $ (24,196) $ (8,623) DENOMINATOR Denominator for basic income (loss) per share weighted average shares 14,994 15,216 13,803 Effect of Series E preferred units 2,100 — — Effect of diluted restricted stock awards and restricted stock units 24 — — Denominator for diluted income (loss) per share 17,118 15,216 13,803 NET INCOME (LOSS) PER COMMON SHARE – BASIC $ 2.33 $ (1.35) $ (0.47) NET INCOME (LOSS) PER COMMON SHARE – DILUTED $ 2.32 $ (1.35) $ (0.47) (1) For the year ended December 31, 2023 , dividends to preferred unitholders of $640,000 were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive. For the year ended December 31, 2023, Units of 925,000 and Series D preferred units of 228,000, as converted, were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive. Including these items would have improved net income (loss) per share. 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 net income (loss) per share because they were anti-dilutive. Including these items would have improved net income (loss) 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 net income (loss) per share because they were anti-dilutive. Including these items would have improved net income (loss) per share. |
EQUITY AND MEZZANINE EQUITY
EQUITY AND MEZZANINE EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
EQUITY AND MEZZANINE EQUITY | EQUITY AND MEZZANINE EQUITY Operating Partnership Units. Outstanding Units in the Operating Partnership were 861,000 Units at December 31, 2023 and 971,000 Units at December 31, 2022. During the year ended December 31, 2022, Centerspace issued 209,000 Units as partial consideration for the acquisition of three apartment communities located in Minneapolis, Minnesota. Exchange Rights. Centerspace redeemed Units in exchange for common shares in connection with Unitholders exercising their exchange rights during the years ended December 31, 2023 and 2022 as detailed in the table below. (in thousands) Number of Total Book Units Value Year ended December 31, 2023 109 $ (1,910) Year ended December 31, 2022 24 $ (1,353) Pursuant to the exercise of exchange rights, the Company redeemed Units for cash during the years ended December 31, 2023 and 2022 as detailed in the table below. (in thousands, except per Unit data) Number of Aggregate Average Price Units Redeemed Cost Per Unit Year ended December 31, 2023 2 $ 130 $ 54.05 Year ended December 31, 2022 46 $ 4,141 $ 90.18 Series E Preferred Units (Noncontrolling interest). Centerspace had 1.7 million and 1.8 million Series E preferred units outstanding as of December 31, 2023 and 2022, respectively. Each Series E preferred unit has a par value of $100. 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. Centerspace has the option, at its sole election, to convert Series E preferred units into Units if its stock has traded at or above $83 per share for 15 of 30 consecutive trading days and it has 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 $172.5 million at December 31, 2023. The holders of the Series E preferred units do not have voting rights. The Company redeemed Series E preferred units in exchange for common shares in connection with Series E unitholders exercising their exchange rights during the years ended December 31, 2023 and 2022 as detailed below. (in thousands) Number of Series E Number of Total Preferred Units Redeemed Common Shares Issued Value Year ended December 31, 2023 26 31 $ 1,390 Year ended December 31, 2022 56 67 $ 3,667 The Company redeemed Series E preferred units in exchange for cash in connection with Series E unitholders exercising their exchange rights during the year ended December 31, 2023 as detailed below. (in thousands) Number of Series E Aggregate Average Price Preferred Units Redeemed Cost Per Series E Unit (1) Year ended December 31, 2023 7 $ 447 $ 52.45 (1) Average price per Series E unit factoring in conversion rate of 1.2048 Units for each Series E preferred unit Common Shares and Equity Awards . Common shares outstanding on December 31, 2023 and 2022, totaled 15.0 million. During the years ended December 31, 2023 and 2022, Centerspace issued approximately 19,606 and 24,613 common shares, respectively, with a total grant-date value of $1.8 million and $1.3 million, respectively, under its 2015 Incentive Plan, as share-based compensation for employees and trustees. These shares vested based on performance and service criteria. Refer to Note 13 for additional details on share-based compensation. During the years ended December 31, 2023 and 2022, approximately 15,000 and 2,000 common shares were forfeited under the 2015 Incentive Plan, respectively. Equity Distribution Agreement. Centerspace has an equity distribution agreement in connection with an at-the-market offering (“2021 ATM Program”) through which it 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, the Company 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, 2023, common shares having an aggregate offering price of up to $126.6 million remained available under the 2021 ATM Program. The table below provides details on the sale of common shares under the 2021 ATM Program during the years ended December 31, 2023 and 2022. (in thousands, except per share amounts) Number of Common Shares Total Consideration (1) Average Price Per Share (1) Year ended December 31, 2023 — $ — $ — Year ended December 31, 2022 321 $ 31,732 $ 98.89 (1) Total consideration is net of $338,000 in commissions for the year ended December 31, 2022. 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 the Company’s outstanding common shares. Under the Share Repurchase Program, the Company is 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 years ended December 31, 2023 and 2022. As of December 31, 2023, the Company had $9.4 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, 2023 216 $ 11,539 $ 53.44 Year ended December 31, 2022 432 $ 29,059 $ 67.23 (1) Amount includes commissions. Series C Preferred Shares . As of December 31, 2023 and 2022, the Company 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 Centerspace’s option. 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, 2023 and 2022). Series D Preferred Units (Mezzanine Equity). Series D preferred units outstanding were 165,600 preferred units as of December 31, 2023 and 2022. 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 and 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 common shares and are charged to common shares on the 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, 2023 | |
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. Centerspace reflects 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. The Company’s noncontrolling interests – consolidated real estate entities at December 31, 2023 and 2022 were as follows: (in thousands) December 31, 2023 December 31, 2022 IRET - Cypress Court Apartments, LLC $ 649 $ 627 Noncontrolling interests – consolidated real estate entities $ 649 $ 627 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The following table summarizes the Company’s indebtedness, excluding deferred financing costs and premiums or discounts: (in thousands) December 31, 2023 December 31, 2022 Carrying Amount Interest Rate Carrying Amount Interest Rate Weighted Average Maturity in Years at December 31, 2023 Lines of credit (1) $ 30,000 6.74 % $ 113,500 5.61 % 1.75 Term loans (2) — — 100,000 5.57 % — Unsecured senior notes (2)(5) 300,000 3.12 % 300,000 3.12 % 6.63 Unsecured debt 330,000 513,500 6.19 Mortgages payable - Fannie Mae credit facility (5) 198,850 2.78 % 198,850 2.78 % 7.56 Mortgages payable - other (3)(5) 391,140 4.05 % 299,427 3.85 % 5.80 Total debt (4) $ 919,990 3.54 % $ 1,011,777 3.62 % 6.30 (1) Interest rates on lines of credit are variable and exclude any unused facility fees and amounts reclassified from accumulated other comprehensive income into interest expense from terminated interest rate swaps. (2) Included within notes payable on the Consolidated Balance Sheets. (3) Represents apartment communities encumbered by mortgages; 14 at December 31, 2023 and 15 at December 31, 2022. (4) Excludes deferred financing costs and premiums or discounts. (5) Interest rate is fixed. As of December 31, 2023, 46 apartment communities were not encumbered by mortgages and were available to provide credit support for the unsecured borrowings. The Company’s primary unsecured credit facility (the “Unsecured Credit Facility”) is a revolving, multi-bank line of credit, with Bank of Montreal serving as administrative agent. The line of credit has total commitments and borrowing capacity of $250.0 million, based on the value of unencumbered properties. As of December 31, 2023, the Company had additional borrowing availability of $220.0 million beyond the $30.0 million drawn, priced at an interest rate of 7.82%. As of December 31, 2022, the Company had additional borrowing availability of $136.5 million beyond the $113.5 million drawn, priced at an interest rate of 5.61%. This Unsecured Credit Facility was amended on September 30, 2021 to extend the maturity date to September 2025 and to provide an accordion option to increase borrowing capacity up to $400.0 million. On May 31, 2023, the Unsecured Credit Facility was amended to replace the London Interbank Offered Rate (“LIBOR”) with the Secured Overnight Financing Rate (“SOFR”) as the benchmark alternative reference rate under the Facility. The interest rates on the line of credit are based on the consolidated leverage ratio, at the Company’s option, on either the lender’s base rate plus a margin, ranging from 25-80 basis points, or daily or term SOFR, plus a margin that ranges from 125-180 basis points with the consolidated leverage ratio described under the Third Amended and Restated Credit Agreement, as amended. Prior to the amendment, interest rates on the line of credit were based on the consolidated leverage ratio applying the same margins to LIBOR. The Unsecured Credit Facility and unsecured senior notes are subject to customary financial covenants and limitations. The Company believes that it was in compliance with all such financial covenants and limitations as of December 31, 2023. Centerspace also has a $6.0 million operating line of credit. As of December 31, 2023 and 2022, there was no outstanding balance on this 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 September 30, 2024, with pricing based on SOFR. Centerspace has a private shelf agreement with PGIM, Inc., an affiliate of Prudential Financial, Inc., and certain affiliates of PGIM, Inc. (collectively, “PGIM”) under which the Company has issued $200.0 million in unsecured senior promissory notes (“unsecured senior notes”). The Company also has a separate 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. The following table shows the notes issued under both agreements as of December 31, 2023 and 2022. (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, the Company 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 was based on SOFR, plus a margin that ranged from 120 to 175 basis points based on the Company’s consolidated leverage ratio. The Term Loan had a 364-day term with an option for an additional 364-day term. As of December 31, 2023, the Term Loan was paid in full. As of December 31, 2022, the Term Loan had a balance of $100.0 million. Centerspace has a $198.9 million Fannie Mae Credit Facility Agreement (“FMCF”). The FMCF is secured by mortgages on 12 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, 2023 and 2022, 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, 2023, Centerspace owned 14 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 the Company other than for standard carve-out obligations. Interest rates on mortgage loans range from 3.45% to 5.04%, and the mortgage loans have varying maturity dates from May 1, 2025, through May 1, 2035. As of December 31, 2023, the Company believes there are no material defaults or instances of material noncompliance in regard 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, 2023 is as follows: (in thousands) 2024 $ 6,860 2025 66,290 2026 99,120 2027 48,666 2028 118,365 Thereafter 580,689 Total payments $ 919,990 |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS Centerspace used interest rate derivatives to stabilize interest expense and manage its exposure to interest rate fluctuations. To accomplish this objective, the Company 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 in the periods in which interest payments are incurred on variable rate debt. During the next 12 months, the Company estimates an additional $713,000 will be reclassified as an increase to interest expense. In February 2022, the Company paid $3.2 million to terminate its $75.0 million interest rate swap and its $70.0 million forward swap. As of December 31, 2023 and 2022, the Company had no remaining interest rate swaps. Derivatives not designated as hedges were not speculative and were used to manage the Company’s 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 year ended December 31, 2022, the Company recorded a gain of $582,000 related to the interest rate swap not designated in a hedging relationship, prior to its termination. In September 2021, the Company paid $3.8 million to terminate its $50.0 million interest rate swap and its $70.0 million interest rate swap in connection with the pay down of its term loans. The Company 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 effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations as of December 31, 2023, 2022, and 2021 is detailed below. (in thousands) Gain Recognized in OCI Location of Loss Reclassified from Accumulated OCI into Income Loss Reclassified from Accumulated OCI into Net Income (Loss) Year Ended December 31, Year Ended December 31, 2023 2022 2021 2023 2022 2021 Total derivatives in cash flow hedging relationships - interest rate swaps $ — $ 1,581 $ 2,383 Interest expense $ (936) $ (799) $ (9,087) |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Cash and cash equivalents, restricted cash, accounts payable, accrued expenses, and other liabilities are carried at amounts that reasonably approximate their fair value due to their short-term nature. For variable rate line of credit debt and notes payable that re-price frequently, fair values are based on carrying values. In determining the fair value of other financial instruments, Centerspace applies 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 data (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, 2023 Real estate related notes receivable Other assets $ 7,039 $ — $ — $ 7,039 December 31, 2022 Real estate related notes receivable Other assets $ 5,871 $ — $ — $ 5,871 Centerspace utilizes an income approach with Level 3 inputs based on expected future cash flows to value the notes receivable. The unobservable inputs include market transactions for similar instruments, management estimates of comparable interest rates (range of 5.00% to 9.00%), and instrument specific credit risk (range of 0.5% to 1.0%). Changes in fair value of these receivables from period to period are reported in interest and other income (in thousands) Fair Value Measurement Other Gains (Losses) Interest Income Total Changes in Fair Value Included in Current Period Earnings Year ended December 31, 2023 Real estate related notes receivable $ 7,039 $ 19 $ 272 $ 291 Year ended December 31, 2022 Real estate related notes receivable $ 5,871 $ 16 $ 669 $ 685 As of December 31, 2023 and 2022, Centerspace had investments totaling $2.1 million and $1.6 million, 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 the Consolidated Balance Sheets. The investments are measured at net asset value (“NAV”) as a practical expedient under ASC 820. As of December 31, 2023, the Company had unfunded commitments of $1.0 million. Fair Value Measurements on a Nonrecurring Basis Non-financial assets measured at fair value on a nonrecurring basis at December 31, 2023 consisted of real estate investments that were written-down to estimated fair value during the year ended December 31, 2023. There were no non-financial assets or liabilities measured at fair value on a nonrecurring basis at December 31, 2022. (in thousands) Balance Sheet Location Total Level 1 Level 2 Level 3 December 31, 2023 Assets Real estate investments measured at fair value Real estate investments $ 19,250 $ — $ 19,250 $ — As of December 31, 2023, the Company estimated the fair value of real estate investments using market offers to purchase and other market data. 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, excluding any prepayment penalties (Level 3). The estimated fair values of the Company’s financial instruments as of December 31, 2023 and 2022 are as follows: (in thousands) December 31, 2023 December 31, 2022 Balance Sheet Location Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents Cash and cash equivalents $ 8,630 $ 8,630 $ 10,458 $ 10,458 Restricted cash Restricted cash 639 639 1,433 1,433 FINANCIAL LIABILITIES Revolving lines of credit Revolving lines of credit 30,000 30,000 113,500 113,500 Term loans Notes payable — — 100,000 100,000 Unsecured senior notes Notes payable 300,000 252,108 300,000 238,446 Mortgages payable - Fannie Mae credit facility Mortgages payable 198,850 168,555 198,850 161,297 Mortgages payable - other Mortgages payable 391,140 367,080 299,427 274,029 |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS ACQUISITIONS Centerspace acquired $94.5 million and $211.9 million of new real estate during the years ended December 31, 2023 and 2022, respectively. The Company’s acquisitions during the years ended December 31, 2023 and 2022 are detailed below. Year Ended December 31, 2023 Date (in thousands) Total Acquisition Cost (1) Form of Consideration Investment Allocation Acquisitions Cash Units (2) Other (3) Land Building Intangible Assets (4) Other (5) 303 homes - Lake Vista Apartment Homes - Loveland, CO October 11, 2023 $ 94,500 $ 41,777 $ — $ 52,723 $ 6,618 $ 80,737 $ 3,221 $ 3,924 Total Acquisitions $ 94,500 $ 41,777 $ — $ 52,723 $ 6,618 $ 80,737 $ 3,221 $ 3,924 (1) Excludes $405,000 in capitalized transaction cost. (2) Fair value of operating partnership units issued on acquisition. (3) Assumption of seller's debt upon closing. (4) Intangible assets consist of in-place leases valued at the time of acquisition. (5) Debt premium on assumed mortgage. 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 Assets (4) Other (5) 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) Intangible assets consist of in-place leases valued at the time of acquisition. (5) Debt discount on assumed mortgage. DISPOSITIONS During the year ended December 31, 2023, Centerspace disposed of 13 apartment communities and associated commercial space in five transactions for an aggregate sales price of $226.8 million. Centerspace did not dispose of any real estate during the year ended December 31, 2022. The dispositions for the year ended December 31, 2023 are detailed below. Year Ended December 31, 2023 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 115 homes - Boulder Court - Eagan, MN March 8, 2023 $ 14,605 $ 4,971 $ 9,634 498 homes - 2 Nebraska apartment communities March 14, 2023 48,500 15,025 33,475 892 homes - 5 Minnesota apartment communities March 15, 2023 74,500 55,186 19,314 62 homes - Portage - Minneapolis, MN March 15, 2023 6,650 9,098 (2,448) 712 homes - 4 North Dakota apartment communities September 14, 2023 82,500 71,235 11,265 Total Dispositions $ 226,755 $ 155,515 $ 71,240 |
SEGMENTS
SEGMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENTS | SEGMENTS Centerspace operates in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities. Each of the operating properties is considered a separate operating segment because each property earns revenues, incurs expenses, and has discrete financial information. The chief operating decision-makers evaluate each property’s operating results to make decisions about resources to be allocated and to assess performance and do not group the properties based on geography, size, or type for this purpose. The apartment communities have similar long-term economic characteristics and provide similar products and services to residents. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, the 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 apartment communities the Company has disposed or designated as held for sale. During the year ended December 31, 2023, 13 sold apartment communities were reclassified from the multifamily segment to all other for all periods presented. The chief executive officer and chief financial officer are the chief operating decision-makers. This team measures the performance of the reportable segment based on net operating income (“NOI”), a non-GAAP measure, which the Company defines as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that excludes gain (loss) on the sale of real estate and other assets, impairment, depreciation, amortization, financing, property management overhead, loss on litigation, casualty losses, and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income (loss), net income (loss) 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, 2023, 2022, and 2021, respectively, along with reconciliations 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, 2023 Multifamily All Other Total Revenue $ 246,364 $ 14,945 $ 261,309 Property operating expenses, including real estate taxes 98,762 7,050 105,812 Net operating income $ 147,602 $ 7,895 $ 155,497 Property management expenses (9,353) Casualty loss (2,095) Depreciation and amortization (101,678) Impairment of real estate investments (5,218) General and administrative expenses (20,080) Gain on sale of real estate and other investments 71,244 Loss on litigation settlement (3,864) Interest expense (36,429) Interest and other income 1,207 Net income $ 49,231 (in thousands) Year ended December 31, 2022 Multifamily All Other Total Revenue $ 224,375 $ 32,341 $ 256,716 Property operating expenses, including real estate taxes 92,327 16,310 108,637 Net operating income $ 132,048 $ 16,031 $ 148,079 Property management expenses (9,895) Casualty loss (1,591) Depreciation and amortization (105,257) General and administrative expenses (17,516) Gain on sale of real estate and other investments 41 Interest expense (32,750) Interest and other income 1,248 Net loss $ (17,641) (in thousands) Year ended December 31, 2021 Multifamily All Other Total Revenue $ 173,436 $ 28,269 $ 201,705 Property operating expenses, including real estate taxes 68,618 13,239 81,857 Net operating income $ 104,818 $ 15,030 $ 119,848 Property management expenses (8,752) Casualty loss (344) Depreciation and amortization (92,165) General and administrative expenses (16,213) Gain on sale of real estate and other investments 27,518 Interest expense (29,078) Interest income and other loss (2,915) Net loss $ (2,101) Segment Assets and Accumulated Depreciation (in thousands) As of December 31, 2023 Multifamily All Other Total Segment assets Property owned $ 2,402,544 $ 17,602 $ 2,420,146 Less accumulated depreciation (526,565) (4,138) (530,703) Total real estate investments $ 1,875,979 $ 13,464 $ 1,889,443 Cash and cash equivalents 8,630 Restricted cash 639 Other assets 27,649 Total Assets $ 1,926,361 (in thousands) As of December 31, 2022 Multifamily All Other Total Segment assets Property owned $ 2,274,202 $ 259,922 $ 2,534,124 Less accumulated depreciation (443,828) (91,573) (535,401) Total real estate investments $ 1,830,374 $ 168,349 $ 1,998,723 Cash and cash equivalents 10,458 Restricted cash 1,433 Other assets 22,687 Total Assets $ 2,033,301 |
RETIREMENT PLANS
RETIREMENT PLANS | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
RETIREMENT PLANS | RETIREMENT PLANS Centerspace sponsors a defined contribution 401(k) plan to provide retirement benefits for employees that meet minimum employment criteria. Centerspace currently matches, 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. Centerspace recognized expense of approximately $1.3 million, $1.3 million, and $1.0 million in the years ended December 31, 2023, 2022, and 2021, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Litigation . Centerspace was the named defendant in a lawsuit where the owner of a neighboring property claims a retaining wall at one of its properties is causing water damage to the neighboring property. The claim was for damage to the property and monetary losses. The Company recorded a loss on litigation settlement of $3.9 million due to a trial judgment against Centerspace. The original judgment was ordered on October 9, 2023 for $2.9 million which the Company immediately paid. In November 2023, the claimant filed motions requesting additional interest on the judgment and trial costs. Subsequent to December 31, 2023, the claimant was awarded an additional $1.0 million in judgment related interest and costs. The Company paid the additional amount and recorded the loss on litigation for the year ended December 31, 2023. The Company cannot, with any level of certainty, predict or estimate if there will be additional costs incurred as a result of the lawsuit as the matter is ongoing. Centerspace is involved in various lawsuits arising in the normal course of business and believes that such matters will not have a material adverse effect on the Consolidated Financial Statements. Environmental Matters . It is generally the Company’s policy to obtain a Phase I environmental assessment of each property that it seeks to acquire. Such assessments have not revealed, nor is the Company aware of, any environmental liabilities that it believes would have a material adverse effect on its financial position or results of operations. Centerspace owns properties that contain or potentially contain (based on the age of the property) asbestos, lead, or underground storage tanks. For certain of these properties, the Company 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, Centerspace has not recorded any related asset retirement obligation as the fair value of the liability cannot be reasonably estimated due to insufficient information. The Company believes it does 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. Centerspace carries insurance coverage on its properties in amounts and types that it believes are customarily obtained by owners of similar properties and are sufficient to achieve its risk management objectives. Limitations on Taxable Dispositions. Twenty-eight apartment communities, consisting of approximately 4,935 homes, are subject to limitations on taxable dispositions under agreements entered into with certain sellers or contributors of the properties and are effective for varying periods. Centerspace does not believe that the agreements materially affect the conduct of its business or its decisions whether to dispose of these properties during the limitation period because it generally holds these and other properties for investment purposes rather than for sale. In addition, where the Company deems it to be in the shareholders’ best interests to dispose of such properties, it generally seeks to structure sales of such properties as tax-deferred transactions under Section 1031 of the Internal Revenue Code. Otherwise, the Company 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, the Company has the right, in its sole discretion, to acquire such Units by either making a cash payment or exchanging the Units for its 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 common shares for the ten Unfunded Commitments. Centerspace has unfunded commitments of $1.0 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, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE BASED COMPENSATION | SHARE-BASED COMPENSATION Share-based awards are provided to officers, non-officer employees, and trustees under the 2015 Incentive Plan approved by shareholders on September 15, 2015, as amended and restated on May 18, 2021 (the “2015 Incentive Plan”), 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 is in effect. Under the 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 revised program may vary from year to year. Through December 31, 2023, awards under the 2015 Incentive Plan consisted of restricted and unrestricted common shares, RSUs, and stock options. The Company accounts for forfeitures of restricted and unrestricted common shares, RSUs, and stock options when they occur instead of estimating the forfeitures. Year Ended December 31, 2023 LTIP Awards Awards granted to employees on January 1, 2023 consisted of an aggregate of 14,256 time-based RSU awards, 20,497 performance RSUs based on total shareholder return (“TSR”), and 45,955 stock options. The time-based RSUs vest as to one-third of the shares on each of January 1, 2024, January 1, 2025, and January 1, 2026. The stock options vest as to 25% on each of January 1, 2024, January 1, 2025, January 1, 2026, and January 1, 2027 and expire 10 years after grant date. The fair value of stock options was $11.086 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: 2023 Exercise price $ 58.67 Risk-free rate 3.97 % Expected term 6.25 years Expected volatility 28.7 % Dividend yield 4.977 % The performance RSUs are earned based on the Company’s TSR as compared to the FTSE Nareit Equity Index over a forward looking three-year period. The maximum number of RSUs eligible to be earned is 40,994 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, 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 37.20%, a risk-free interest rate of 4.22%, and an expected life of 3 years. The share price at the grant date, January 1, 2023, was $58.67 per share. On March 31, 2023, in connection with her appointment to President and Chief Executive Officer, Anne Olson received a one-time stock award of 5,492 RSUs, which will vest in full on March 31, 2026. On March 31, 2023, in connection with the change in executive management, Bhairav Patel, CFO, received a one-time stock award of 2,746 RSUs. One-third of the RSUs will vest on March 31, 2025 and the remaining two-thirds will vest on March 31, 2026. Share-Based Compensation Expense Total share-based compensation expense recognized in the Consolidated Financial Statements for the years ended December 31, 2023, 2022, and 2021 for all share-based awards was as follows: (in thousands) Year Ended December 31, 2023 2022 2021 Share-based compensation expense $ 3,295 $ 2,615 $ 2,689 On March 31, 2023, the Company accelerated the vesting of all unvested time-based RSUs and stock options in connection with the Separation Agreement with Mr. Decker. This resulted in the acceleration of share-based compensation expense for those awards resulting in an additional $737,000 in expense during the year ended December 31, 2023. Any performance-based RSUs were prorated, in accordance with the award agreement, and will vest at the end of performance period based on actual performance. The remaining performance-based RSUs were forfeited. Mr. Decker exercised stock options prior to their expiration on June 30, 2023 in a cashless exercise with a net 425 shares issued. Restricted Stock Units During the year ended December 31, 2023, the Company issued 22,799 time-based RSUs to employees and 9,200 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 years ended December 31, 2023, 2022, and 2021 was $1.8 million, $1.5 million, and $1.0 million, respectively. The fair value of share awards at grant date for non-employee trustees was approximately $545,000, $618,000, and $425,000 for the years ended December 31, 2023, 2022, and 2021, respectively. 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 total compensation cost related to non-vested time-based RSUs not yet recognized is $798,000, which the Company expects to recognize over a weighted average period of 1.6 years. The unamortized value of RSUs with market conditions as of December 31, 2023, 2022, and 2021 was approximately $1.0 million, $1.7 million, and $1.1 million, respectively. The activity for the years ended December 31, 2023, 2022, and 2021 related to 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, 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 Granted 31,999 57.21 20,497 82.63 Vested (22,036) 78.74 (13,820) 87.04 Forfeited (383) 73.85 (14,653) 96.05 Unvested at December 31, 2023 30,994 $ 65.54 22,066 $ 104.01 (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, 2023, Centerspace issued 45,955 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, 2023 was $11.086 per share. The total compensation costs related to non-vested stock options not yet recognized is $203,000, which the Company expects to recognize over a weighted average period of 2.65 years. The stock option activity for the years ended December 31, 2023, 2022, and 2021 was as follows: Number of Shares Weighted Average Exercise Price 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 Granted 45,955 58.67 Exercised (20,061) 58.67 Expired (103,768) 73.03 Forfeited (1,739) 80.66 Outstanding at December 31, 2023 117,010 $ 71.41 Exercisable at December 31, 2023 59,477 70.06 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, 2023, stock options outstanding had no aggregate intrinsic value with a weighted average remaining contractual term of 5.61 years. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Subsequent to December 31, 2023, Centerspace entered into definitive purchase and sale agreements for two communities with expected gross proceeds of $18.9 million. The Company believes the sales 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, 2023 | |
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 Latest Income Buildings & Subsequent to Land & Buildings & Accumulated Date of Date of Statement is Description Encumbrances (1) Land Improvements Acquisition Improvements Improvements Total Depreciation Construction (2) Acquisition (3) Computed Same-Store 71 France - Edina, MN $ 49,675 $ 4,721 $ 61,762 $ 1,653 $ 4,801 $ 63,335 $ 68,136 $ (21,322) 2014 2014 Up to 37 years Alps Park Apartments - Rapid City, SD — 287 5,551 671 336 6,173 6,509 (2,162) 1995 2013 Up to 37 years Arcata Apartments - Golden Valley, MN — 2,088 31,036 781 2,128 31,777 33,905 (11,660) 2013 2013 Up to 37 years Ashland Apartment Homes - Grand Forks, ND — 741 7,569 285 823 7,772 8,595 (3,120) 2010 2012 Up to 37 years Avalon Cove Townhomes - Rochester, MN — 1,616 34,074 4,984 1,808 38,866 40,674 (10,222) 2001 2016 Up to 37 years Bayberry Place - Eagan, MN 11,048 1,807 14,113 1,637 1,865 15,692 17,557 (1,347) 1995 2021 30 years Burgundy & Hillsboro - New Hope, MN 23,570 2,834 31,149 2,132 2,913 33,202 36,115 (3,066) 1968 2021 30 years Canyon Lake Apartments - Rapid City, SD — 305 3,958 2,335 420 6,178 6,598 (3,591) 1972 2001 Up to 37 years Cardinal Point Apartments - Grand Forks, ND — 1,600 33,400 (111) 1,727 33,162 34,889 (6,287) 2013 2013 Up to 37 years Cascade Shores Townhomes + Flats - Rochester, MN 43,835 6,588 67,072 10,705 6,776 77,589 84,365 (23,733) 2010 2015 Up to 37 years Castlerock Apartment Homes - Billings, MT — 736 4,864 2,075 1,045 6,630 7,675 (4,782) 1979 1998 Up to 37 years Civic Lofts - Denver, CO — 6,166 55,182 597 6,171 55,774 61,945 (4,525) 2019 2021 30 years Connelly on Eleven - Burnsville, MN — 2,401 11,515 16,844 3,206 27,554 30,760 (18,022) 1970 2003 Up to 37 years Cottonwood Apartment Homes - Bismarck, ND — 1,056 17,372 6,823 1,962 23,289 25,251 (14,117) 1998 1997 Up to 37 years Country Meadows Apartment Homes - Billings, MT — 491 7,809 1,437 599 9,138 9,737 (6,079) 1997 1995 Up to 37 years Cypress Court Apartments - St. Cloud, MN 10,697 1,583 18,879 1,074 1,625 19,911 21,536 (7,089) 2014 2012 Up to 37 years Deer Ridge Apartment Homes - Jamestown, ND — 711 24,129 814 785 24,869 25,654 (8,883) 2016 2013 Up to 37 years Donovan Apartment Homes - Lincoln, NE — 1,515 15,730 8,263 1,817 23,691 25,508 (8,980) 1992 2012 Up to 37 years Dylan at RiNo - Denver, CO — 12,155 77,215 1,376 12,241 78,505 90,746 (16,307) 2016 2017 30 years Evergreen Apartment Homes - Isanti, MN — 1,129 5,524 753 1,159 6,247 7,406 (2,666) 2006 2008 Up to 37 years FreightYard Townhomes & Flats - Minneapolis, MN — 1,889 23,616 1,447 1,745 25,207 26,952 (4,006) 1900 2019 30 years Gardens Apartments - Grand Forks, ND — 518 8,702 152 535 8,837 9,372 (2,761) 2015 2015 Up to 37 years Grand Gateway Apartment Homes - St. Cloud, MN — 814 7,086 3,336 970 10,266 11,236 (4,460) 2002 2012 Up to 37 years Greenfield - Omaha, NE — 578 4,122 3,147 876 6,971 7,847 (3,653) 1992 2007 Up to 37 years Grove Ridge - Cottage Grove, MN 7,992 1,250 10,271 790 1,293 11,018 12,311 (981) 1973 2021 30 years Homestead Garden Apartments - Rapid City, SD — 655 14,139 1,783 792 15,785 16,577 (5,006) 2004 2014 Up to 37 years Ironwood - New Hope, MN — 2,165 36,874 764 2,167 37,636 39,803 (5,435) 2018 2020 30 years Lakeside Village Apartment Homes - Lincoln, NE — 1,215 15,837 5,945 1,476 21,521 22,997 (8,013) 2000 2012 Up to 37 years Legacy Apartments - Grand Forks, ND — 1,362 21,727 11,075 2,474 31,690 34,164 (21,434) 1996 1995 Up to 37 years Legacy Heights Apartment Homes - Bismarck, ND — 1,207 13,742 300 1,142 14,107 15,249 (3,961) 2015 2015 Up to 37 years Lugano at Cherry Creek - Denver, CO — 7,679 87,766 8,410 7,679 96,176 103,855 (15,386) 2010 2019 30 years Meadows Apartments - Jamestown, ND — 590 4,519 1,992 730 6,371 7,101 (4,133) 1999 1998 Up to 37 years Monticello Crossings - Monticello, MN — 1,734 30,136 556 1,951 30,475 32,426 (8,329) 2017 2014 Up to 37 years Monticello Village - Monticello, MN — 490 3,756 1,206 655 4,797 5,452 (2,924) 2001 2004 Up to 37 years New Hope Garden & Village - New Hope, MN 9,943 1,603 12,578 1,393 1,651 13,923 15,574 (1,419) 1969 2021 30 years Northridge Apartments - Bismarck, ND — 884 7,515 280 1,048 7,631 8,679 (2,412) 2014 2014 Up to 37 years Olympic Village Apartments - Billings, MT — 1,164 10,441 4,174 1,885 13,894 15,779 (9,224) 2000 2000 Up to 37 years Oxbo Urban Rentals - St Paul, MN — 5,809 51,586 711 5,822 52,284 58,106 (11,861) 2016 2017 30 years Palisades - Roseville, MN 21,622 6,919 46,577 4,806 6,959 51,343 58,302 (4,233) 1973 2021 30 years Park Place Apartments - Plymouth, MN — 10,609 80,781 20,098 10,819 100,669 111,488 (26,469) 1985 2017 30 years Gross Amount at Which Carried at Life on Which Initial Cost to Company Close of Period Depreciation in Costs Capitalized Latest Income Buildings & Subsequent to Land & Buildings & Accumulated Date of Date of Statement is Description Encumbrances (1) Land Improvements Acquisition Improvements Improvements Total Depreciation Construction (2) Acquisition (3) Computed Parkhouse Apartment Homes - Thornton, CO 89,239 10,474 132,105 3,074 10,484 135,169 145,653 (17,666) 2016 2020 30 years Plymouth Pointe - Plymouth, MN 9,575 1,042 12,810 340 1,073 13,119 14,192 (1,261) 1968 2021 30 years Pointe West Apartments - Rapid City, SD — 240 3,538 2,075 463 5,390 5,853 (4,267) 1985 1994 Up to 37 years Ponds at Heritage Place - Sartell, MN — 395 4,564 510 419 5,050 5,469 (2,059) 2008 2012 Up to 37 years Prosper West - Waite Park, MN 16,425 939 10,167 17,929 1,912 27,123 29,035 (16,762) 1989 1995 Up to 37 years Quarry Ridge Apartments - Rochester, MN — 2,254 30,024 9,493 2,412 39,359 41,771 (16,051) 2001 2006 Up to 37 years Red 20 Apartments - Minneapolis, MN 19,718 1,900 24,116 809 1,908 24,917 26,825 (9,063) 2013 2013 Up to 37 years Regency Park Estates - St. Cloud, MN 6,669 702 10,198 8,683 1,179 18,404 19,583 (7,676) 1994 2011 Up to 37 years Rimrock West Apartments - Billings, MT — 330 3,489 1,883 568 5,134 5,702 (3,588) 1975 1999 Up to 37 years River Pointe - Fridley, MN 25,412 3,346 33,118 5,515 3,426 38,553 41,979 (3,750) 1971 2021 30 years River Ridge Apartment Homes - Bismarck, ND — 576 24,670 1,432 922 25,756 26,678 (10,811) 2013 2008 Up to 37 years Rocky Meadows Apartments - Billings, MT — 656 5,726 1,511 840 7,053 7,893 (5,019) 1996 1995 Up to 37 years Rum River Apartments - Isanti, MN — 843 4,823 533 870 5,329 6,199 (2,632) 2005 2007 Up to 37 years Silver Springs Apartment Homes - Rapid City, SD — 215 3,007 1,046 273 3,995 4,268 (1,376) 1985 2014 Up to 37 years Southdale Parc - Richfield, MN (5) 5,301 1,569 7,740 (2,205) 1,618 5,486 7,104 (780) 1962 2021 30 years SouthFork Townhomes + Flats - Lakeville, MN 21,675 3,502 40,153 11,288 3,583 51,360 54,943 (12,684) 1988 2019 30 years Southpoint Apartments - Grand Forks, ND — 576 9,893 409 663 10,215 10,878 (3,432) 2013 2013 Up to 37 years Sunset Trail Apartment Homes - Rochester, MN — 336 12,814 5,961 826 18,285 19,111 (10,340) 2000 1999 Up to 37 years Union Pointe - Longmont, CO — 5,727 69,966 678 5,736 70,635 76,371 (8,307) 2019 2021 30 years Venue on Knox - Minneapolis, MN 11,660 3,438 14,743 5,997 3,530 20,648 24,178 (2,074) 1959 2021 30 years Westend - Denver, CO — 25,525 102,180 1,578 25,532 103,751 129,283 (20,846) 2015 2018 30 years Whispering Ridge - Omaha, NE 21,800 2,139 25,424 5,595 2,551 30,607 33,158 (11,771) 2010 2013 Up to 37 years Wingate - New Hope, MN (5) 10,459 1,480 13,530 (1,032) 1,526 12,452 13,978 (1,422) 1967 2021 30 years Woodhaven - Minneapolis, MN 14,408 3,940 20,080 1,891 4,040 21,871 25,911 (1,849) 1974 2021 30 years Woodland Pointe - Woodbury, MN 31,673 5,367 40,422 15,422 5,449 55,762 61,211 (5,160) 1974 2021 30 years Woodridge on Second - Rochester, MN — 370 6,028 6,062 761 11,699 12,460 (7,746) 1990 1997 Up to 37 years Total Same-Store $ 462,396 $ 177,545 $ 1,685,002 $ 243,970 $ 189,440 $ 1,917,077 $ 2,106,517 $ (512,452) Non-Same-Store Elements of Linden Hills - Minneapolis, MN 5,842 941 7,853 290 949 8,135 9,084 (686) 2015 2022 30 years Lake Vista Apartments Homes - Loveland, CO 49,033 6,618 80,737 434 6,649 81,140 87,789 (885) 2011 2023 30 years Lyra Apartments - Centennial, CO 37,809 6,473 86,149 423 6,481 86,564 93,045 (4,500) 2022 2022 30 years Martin Blu - Eden Prairie, MN 27,193 3,547 45,212 866 3,560 46,065 49,625 (3,756) 2015 2022 30 years Noko Apartments - Minneapolis, MN — 1,915 42,636 295 1,918 42,928 44,846 (3,401) 2021 2022 30 years Zest - Minneapolis, MN 7,717 936 10,209 493 946 10,692 11,638 (885) 2016 2022 30 years Total Non-Same-Store $ 127,594 $ 20,430 $ 272,796 $ 2,801 $ 20,503 $ 275,524 $ 296,027 $ (14,113) Total Multifamily $ 589,990 $ 197,975 $ 1,957,798 $ 246,771 $ 209,943 $ 2,192,601 $ 2,402,544 $ (526,565) Other - Mixed Use 71 France - Edina, MN (4) — $ — $ 5,879 $ 616 $ — $ 6,495 $ 6,495 $ (1,665) 2014 2014 Up to 37 years Gross Amount at Which Carried at Life on Which Initial Cost to Company Close of Period Depreciation in Costs Capitalized Latest Income Buildings & Subsequent to Land & Buildings & Accumulated Date of Date of Statement is Description Encumbrances (1) Land Improvements Acquisition Improvements Improvements Total Depreciation Construction (2) Acquisition (3) Computed Civic Lofts - Denver, CO — — — — — — — — 2019 2021 30 years Lugano at Cherry Creek - Denver, CO — — 1,600 861 — 2,461 2,461 (350) 2010 2019 30 years Noko Apartments - Minneapolis, MN — — 118 — — 118 118 (17) 2021 2022 30 years Oxbo Urban Rentals- St Paul, MN — — 3,472 54 — 3,526 3,526 (728) 2016 2017 30 years Red 20 Apartments - Minneapolis, MN (4) — — 2,525 434 — 2,959 2,959 (997) 2013 2013 Up to 37 years Zest - Minneapolis, MN (4) — — 52 1 — 53 53 (19) 2016 2022 30 years Total Other - Mixed Use — $ — $ 13,646 $ 1,966 $ — $ 15,612 $ 15,612 $ (3,776) Other - Commercial 3100 10th St SW - Minot, ND — $ 246 $ 1,866 $ (122) $ 246 $ 1,744 $ 1,990 $ (362) 1980 2019 30 years Total Other - Commercial — $ 246 $ 1,866 $ (122) $ 246 $ 1,744 $ 1,990 $ (362) Total $ 589,990 $ 198,221 $ 1,973,310 $ 248,615 $ 210,189 $ 2,209,957 $ 2,420,146 $ (530,703) (1) Amounts in this column are the mortgages payable balance as of December 31, 2023. These amounts do not include amounts owing under the Company’s multi-bank line of credit, term loan, or unsecured senior notes. (2) Date of construction represents the date the Company constructed the property or the date it was constructed from purchase records. (3) Date of acquisition represents the date the Company acquired the property through purchase or acquisition. (4) Encumbrances are listed with the multifamily property description. (5) Costs capitalized subsequent to acquisition includes impairment charges. Reconciliations of the carrying value of total property owned for the years ended December 31, 2023, 2022, and 2021 are as follows: (in thousands) Year Ended December 31, 2023 2022 2021 Balance at beginning of year $ 2,534,124 $ 2,271,170 $ 1,812,557 Additions during year Multifamily and Other 87,757 206,623 491,648 Improvements and Other 62,117 57,203 34,427 2,683,998 2,534,996 2,338,632 Deductions during year Cost of real estate sold (243,889) — (57,698) Impairment charge (1) (5,218) — — Other (2) (14,745) (872) (9,764) Balance at close of year $ 2,420,146 $ 2,534,124 $ 2,271,170 Reconciliations of accumulated depreciation/amortization for the years ended December 31, 2023, 2022, and 2021 are as follows: (in thousands) Year Ended December 31, 2023 2022 2021 Balance at beginning of year $ 535,401 $ 443,592 $ 399,249 Additions during year Provisions for depreciation 98,691 92,056 78,268 Deductions during year Accumulated depreciation on real estate sold or classified as held for sale (92,239) — (24,161) Other (2) (11,150) (247) (9,764) Balance at close of year $ 530,703 $ 535,401 $ 443,592 Total real estate investments, excluding mortgage notes receivable (3) $ 1,889,443 $ 1,998,723 $ 1,827,578 (1) During the year ended December 31, 2023, Centerspace recognized impairment on two apartment communities. (2) Consists of the write off of fully depreciated assets and accumulated amortization and miscellaneous disposed assets. (3) The estimated net basis, including held for sale properties, for Federal Income Tax purposes was $1.4 billion and $1.5 billion at December 31, 2023 and December 31, 2022, respectively. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income (loss) attributable to controlling interests | $ 41,325 | $ (14,109) | $ (29) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION |
CONSOLIDATION | The Consolidated Financial Statements also reflect the Operating Partnership’s ownership of a joint venture entity in which the Operating Partnership has a general partner or controlling interest. This entity is consolidated into the Company’s 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 | RECLASSIFICATIONS |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS The following table provides a brief description of Financial Accounting Standards Board (“FASB”) recent accounting standards updates (“ASU”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures This ASU is intended to improve reportable segment disclosure requirements and address requests from investors for more detailed information about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The ASU will not have a material impact on the Consolidated Financial Statements. |
REAL ESTATE INVESTMENTS | REAL ESTATE INVESTMENTS Real estate investments are recorded at cost less accumulated depreciation and an adjustment for impairment, if any. Property, consisting primarily of real estate investments, totaled $1.9 billion and $2.0 billion as of December 31, 2023 and 2022, respectively. Upon acquisitions of real estate, the Company assesses 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 the Company’s 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 the Company’s 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. The Company also considers 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. The Company uses 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. The Company follows 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. The Company did not capitalize interest during the years ended December 31, 2023, 2022, and 2021. 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 | The Company classifies 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. The Company generally considers these criteria met when the transaction has been approved by its 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. The Company had no properties classified as held for sale at December 31, 2023 and 2022. Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. The Company’s 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 bank deposits and deposits in a money market mutual fund. The Company is potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. Although past bank failures have increased the risk of loss in such accounts, the Company has not experienced any losses in such accounts. |
RESTRICED CASH | As of December 31, 2023 and 2022, restricted cash consisted of $639,000 and $1.4 million, respectively, 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, Centerspace primarily leases multifamily apartment homes which qualify as operating leases with terms that are generally one year or less. Rental revenues are recognized in accordance with FASB Accounting Standards Codification (“ASC”) 842, Leases , using a method that represents a straight-line basis over the term of the lease. For the years ended December 31, 2023, 2022, and 2021, rental income represents approximately 98.1%, 97.7%, and 98.2%, respectively, of total revenues and includes gross market rent less adjustments for gain or loss to lease, concessions, vacancy loss, and bad debt. For the years ended December 31, 2023, 2022, and 2021, other property revenues represent the remaining 1.9%, 2.3%, and 1.8%, respectively, of total revenues and are primarily driven by other fee income, which is typically recognized when earned, at a point in time. Some of the Company’s 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 to which 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. Centerspace recognizes revenue for these rental related items not included as a component of a lease as earned. In addition to lease income and other property revenue, the Company recognizes gains or losses on the sale of real estate and other investments 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. For the years ended December 31, 2023, 2022, and 2021, the Company recognized $71.2 million, $41,000, and $27.5 million, respectively, as a gain on the sale of real estate and other investments. Any gain or loss on real estate dispositions is net of certain closing and other costs associated with the disposition. |
MARKET CONCENTRATION RISK | MARKET CONCENTRATION RISK The Company is subject to increased exposure from economic and other competitive factors specific to markets where it holds a significant percentage of the carrying value of its real estate portfolio. As of December 31, 2023, Centerspace held more than 10% of the carrying value of its real estate portfolio in the Minneapolis, Minnesota and Denver, Colorado markets. |
INCOME TAXES | INCOME TAXES The Company operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856-860 of the Internal Revenue 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, 2023, 2022, and 2021, the Company distributed in excess of 90% of its 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 the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its 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, the Company 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 the Company qualifies 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). The Company has 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 the TRS for the years ended December 31, 2023, 2022, and 2021. |
VARIABLE INTEREST ENTITY | VARIABLE INTEREST ENTITY Centerspace has determined that its Operating Partnership and each of its less-than-wholly owned real estate partnerships are variable interest entities (each, a “VIE”), as the limited partners or the functional equivalent of limited partners lack substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of the VIEs, and the VIEs are required to be consolidated on the balance sheet because the Company has a controlling financial interest in the VIEs and has 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 the Operating Partnership is a VIE, all of the Company’s assets and liabilities are held through a VIE. |
PROPERTY AND EQUIPMENT | Property and equipment. |
ADVERTISING COSTS | ADVERTISING COSTS |
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 in the periods in which interest payments are incurred on variable rate debt. |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Future Scheduled Lease Income for Operating Leases | The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of December 31, 2023, was as follows: (in thousands) 2024 $ 1,824 2025 1,769 2026 1,608 2027 1,318 2028 929 Thereafter 5,366 Total scheduled lease income - operating leases $ 12,814 |
Schedule of Disaggregation of Revenue | The following table presents the disaggregation of revenue streams for the years ended December 31, 2023, 2022, and 2021: (in thousands) Year ended December 31, Revenue Stream Applicable Standard 2023 2022 2021 Fixed lease income - operating leases Leases $ 243,931 $ 240,031 $ 189,452 Variable lease income - operating leases Leases 12,433 10,754 8,565 Other property revenue Revenue from contracts with customers 4,945 5,931 3,688 Total revenue $ 261,309 $ 256,716 $ 201,705 |
Summary of Federal Income Tax Distributions | The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2023, 2022, and 2021: CALENDAR YEAR 2023 2022 2021 Tax status of distributions Capital gain 48.79 % — 0.92 % Ordinary income 28.46 % 13.42 % 7.82 % Return of capital 22.75 % 86.58 % 91.26 % |
Schedule of Other Assets | As of December 31, 2023 and 2022, other assets consisted of the following amounts: in thousands December 31, 2023 December 31, 2022 Receivable arising from straight line rents $ 347 $ 556 Accounts receivable, net of allowance 267 217 Real estate related notes receivable 7,039 5,871 Prepaid assets 7,828 6,520 Other assets (1) 5,294 1,954 Intangible assets, net of accumulated amortization 2,723 2,112 Property and equipment, net of accumulated depreciation 2,798 3,120 Goodwill 491 866 Deferred charges and leasing costs 862 1,471 Total Other Assets $ 27,649 $ 22,687 (1) See Involuntary Conversion of Assets discussion below for additional information on insurance receivable included here. |
NET INCOME (LOSS) PER SHARE (Ta
NET INCOME (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted Net Income (Loss) per Share | The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted net income (loss) per share reported in the Consolidated Financial Statements for the years ended December 31, 2023, 2022, and 2021: (in thousands, except per share data) Year Ended December 31, 2023 2022 2021 NUMERATOR Net income (loss) attributable to controlling interests 41,325 (14,109) (29) Dividends to preferred shareholders (6,428) (6,428) (6,428) Numerator for basic income per share – net income (loss) available to common shareholders 34,897 (20,537) (6,457) Noncontrolling interests – Operating Partnership and Series E preferred units 4,877 (4,299) (2,806) Dividends to preferred unitholders (1) — 640 640 Numerator for diluted income (loss) per share $ 39,774 $ (24,196) $ (8,623) DENOMINATOR Denominator for basic income (loss) per share weighted average shares 14,994 15,216 13,803 Effect of Series E preferred units 2,100 — — Effect of diluted restricted stock awards and restricted stock units 24 — — Denominator for diluted income (loss) per share 17,118 15,216 13,803 NET INCOME (LOSS) PER COMMON SHARE – BASIC $ 2.33 $ (1.35) $ (0.47) NET INCOME (LOSS) PER COMMON SHARE – DILUTED $ 2.32 $ (1.35) $ (0.47) (1) For the year ended December 31, 2023 , dividends to preferred unitholders of $640,000 were excluded from the calculation of diluted net income (loss) per share because they were anti-dilutive. |
EQUITY AND MEZZANINE EQUITY (Ta
EQUITY AND MEZZANINE EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Conversions of Stock | Centerspace redeemed Units in exchange for common shares in connection with Unitholders exercising their exchange rights during the years ended December 31, 2023 and 2022 as detailed in the table below. (in thousands) Number of Total Book Units Value Year ended December 31, 2023 109 $ (1,910) Year ended December 31, 2022 24 $ (1,353) Pursuant to the exercise of exchange rights, the Company redeemed Units for cash during the years ended December 31, 2023 and 2022 as detailed in the table below. (in thousands, except per Unit data) Number of Aggregate Average Price Units Redeemed Cost Per Unit Year ended December 31, 2023 2 $ 130 $ 54.05 Year ended December 31, 2022 46 $ 4,141 $ 90.18 The Company redeemed Series E preferred units in exchange for common shares in connection with Series E unitholders exercising their exchange rights during the years ended December 31, 2023 and 2022 as detailed below. (in thousands) Number of Series E Number of Total Preferred Units Redeemed Common Shares Issued Value Year ended December 31, 2023 26 31 $ 1,390 Year ended December 31, 2022 56 67 $ 3,667 The Company redeemed Series E preferred units in exchange for cash in connection with Series E unitholders exercising their exchange rights during the year ended December 31, 2023 as detailed below. (in thousands) Number of Series E Aggregate Average Price Preferred Units Redeemed Cost Per Series E Unit (1) Year ended December 31, 2023 7 $ 447 $ 52.45 (1) Average price per Series E unit factoring in conversion rate of 1.2048 Units for each Series E preferred unit |
Schedule of Sale of Common Shares | The table below provides details on the sale of common shares under the 2021 ATM Program during the years ended December 31, 2023 and 2022. (in thousands, except per share amounts) Number of Common Shares Total Consideration (1) Average Price Per Share (1) Year ended December 31, 2023 — $ — $ — Year ended December 31, 2022 321 $ 31,732 $ 98.89 (1) Total consideration is net of $338,000 in commissions for the year ended December 31, 2022. |
Schedule of Repurchase Agreements | The table below provides details on the shares repurchased during the years ended December 31, 2023 and 2022. As of December 31, 2023, the Company had $9.4 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, 2023 216 $ 11,539 $ 53.44 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, 2023 | |
Noncontrolling Interest [Abstract] | |
Schedule of Noncontrolling Interests - Consolidated Real Estate Entities | The Company’s noncontrolling interests – consolidated real estate entities at December 31, 2023 and 2022 were as follows: (in thousands) December 31, 2023 December 31, 2022 IRET - Cypress Court Apartments, LLC $ 649 $ 627 Noncontrolling interests – consolidated real estate entities $ 649 $ 627 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table summarizes the Company’s indebtedness, excluding deferred financing costs and premiums or discounts: (in thousands) December 31, 2023 December 31, 2022 Carrying Amount Interest Rate Carrying Amount Interest Rate Weighted Average Maturity in Years at December 31, 2023 Lines of credit (1) $ 30,000 6.74 % $ 113,500 5.61 % 1.75 Term loans (2) — — 100,000 5.57 % — Unsecured senior notes (2)(5) 300,000 3.12 % 300,000 3.12 % 6.63 Unsecured debt 330,000 513,500 6.19 Mortgages payable - Fannie Mae credit facility (5) 198,850 2.78 % 198,850 2.78 % 7.56 Mortgages payable - other (3)(5) 391,140 4.05 % 299,427 3.85 % 5.80 Total debt (4) $ 919,990 3.54 % $ 1,011,777 3.62 % 6.30 (1) Interest rates on lines of credit are variable and exclude any unused facility fees and amounts reclassified from accumulated other comprehensive income into interest expense from terminated interest rate swaps. (2) Included within notes payable on the Consolidated Balance Sheets. (3) Represents apartment communities encumbered by mortgages; 14 at December 31, 2023 and 15 at December 31, 2022. (4) Excludes deferred financing costs and premiums or discounts. (5) Interest rate is fixed. (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, 2023 is as follows: (in thousands) 2024 $ 6,860 2025 66,290 2026 99,120 2027 48,666 2028 118,365 Thereafter 580,689 Total payments $ 919,990 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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, 2023, 2022, and 2021 is detailed below. (in thousands) Gain Recognized in OCI Location of Loss Reclassified from Accumulated OCI into Income Loss Reclassified from Accumulated OCI into Net Income (Loss) Year Ended December 31, Year Ended December 31, 2023 2022 2021 2023 2022 2021 Total derivatives in cash flow hedging relationships - interest rate swaps $ — $ 1,581 $ 2,383 Interest expense $ (936) $ (799) $ (9,087) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Real estate related notes receivable Other assets $ 7,039 $ — $ — $ 7,039 December 31, 2022 Real estate related notes receivable Other assets $ 5,871 $ — $ — $ 5,871 The estimated fair values of the Company’s financial instruments as of December 31, 2023 and 2022 are as follows: (in thousands) December 31, 2023 December 31, 2022 Balance Sheet Location Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents Cash and cash equivalents $ 8,630 $ 8,630 $ 10,458 $ 10,458 Restricted cash Restricted cash 639 639 1,433 1,433 FINANCIAL LIABILITIES Revolving lines of credit Revolving lines of credit 30,000 30,000 113,500 113,500 Term loans Notes payable — — 100,000 100,000 Unsecured senior notes Notes payable 300,000 252,108 300,000 238,446 Mortgages payable - Fannie Mae credit facility Mortgages payable 198,850 168,555 198,850 161,297 Mortgages payable - other Mortgages payable 391,140 367,080 299,427 274,029 |
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, 2023 Real estate related notes receivable $ 7,039 $ 19 $ 272 $ 291 Year ended December 31, 2022 Real estate related notes receivable $ 5,871 $ 16 $ 669 $ 685 |
Schedule of Fair Value Measurements on a Nonrecurring Basis | There were no non-financial assets or liabilities measured at fair value on a nonrecurring basis at December 31, 2022. (in thousands) Balance Sheet Location Total Level 1 Level 2 Level 3 December 31, 2023 Assets Real estate investments measured at fair value Real estate investments $ 19,250 $ — $ 19,250 $ — |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | The Company’s acquisitions during the years ended December 31, 2023 and 2022 are detailed below. Year Ended December 31, 2023 Date (in thousands) Total Acquisition Cost (1) Form of Consideration Investment Allocation Acquisitions Cash Units (2) Other (3) Land Building Intangible Assets (4) Other (5) 303 homes - Lake Vista Apartment Homes - Loveland, CO October 11, 2023 $ 94,500 $ 41,777 $ — $ 52,723 $ 6,618 $ 80,737 $ 3,221 $ 3,924 Total Acquisitions $ 94,500 $ 41,777 $ — $ 52,723 $ 6,618 $ 80,737 $ 3,221 $ 3,924 (1) Excludes $405,000 in capitalized transaction cost. (2) Fair value of operating partnership units issued on acquisition. (3) Assumption of seller's debt upon closing. (4) Intangible assets consist of in-place leases valued at the time of acquisition. (5) Debt premium on assumed mortgage. 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 Assets (4) Other (5) 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) Intangible assets consist of in-place leases valued at the time of acquisition. (5) Debt discount on assumed mortgage. |
Schedule of Dispositions | The dispositions for the year ended December 31, 2023 are detailed below. Year Ended December 31, 2023 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 115 homes - Boulder Court - Eagan, MN March 8, 2023 $ 14,605 $ 4,971 $ 9,634 498 homes - 2 Nebraska apartment communities March 14, 2023 48,500 15,025 33,475 892 homes - 5 Minnesota apartment communities March 15, 2023 74,500 55,186 19,314 62 homes - Portage - Minneapolis, MN March 15, 2023 6,650 9,098 (2,448) 712 homes - 4 North Dakota apartment communities September 14, 2023 82,500 71,235 11,265 Total Dispositions $ 226,755 $ 155,515 $ 71,240 |
SEGMENTS (Tables)
SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Revenues and Net Operating Income for Reportable Segments | The following tables present NOI for the years ended December 31, 2023, 2022, and 2021, respectively, along with reconciliations 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, 2023 Multifamily All Other Total Revenue $ 246,364 $ 14,945 $ 261,309 Property operating expenses, including real estate taxes 98,762 7,050 105,812 Net operating income $ 147,602 $ 7,895 $ 155,497 Property management expenses (9,353) Casualty loss (2,095) Depreciation and amortization (101,678) Impairment of real estate investments (5,218) General and administrative expenses (20,080) Gain on sale of real estate and other investments 71,244 Loss on litigation settlement (3,864) Interest expense (36,429) Interest and other income 1,207 Net income $ 49,231 (in thousands) Year ended December 31, 2022 Multifamily All Other Total Revenue $ 224,375 $ 32,341 $ 256,716 Property operating expenses, including real estate taxes 92,327 16,310 108,637 Net operating income $ 132,048 $ 16,031 $ 148,079 Property management expenses (9,895) Casualty loss (1,591) Depreciation and amortization (105,257) General and administrative expenses (17,516) Gain on sale of real estate and other investments 41 Interest expense (32,750) Interest and other income 1,248 Net loss $ (17,641) (in thousands) Year ended December 31, 2021 Multifamily All Other Total Revenue $ 173,436 $ 28,269 $ 201,705 Property operating expenses, including real estate taxes 68,618 13,239 81,857 Net operating income $ 104,818 $ 15,030 $ 119,848 Property management expenses (8,752) Casualty loss (344) Depreciation and amortization (92,165) General and administrative expenses (16,213) Gain on sale of real estate and other investments 27,518 Interest expense (29,078) Interest income and other loss (2,915) Net loss $ (2,101) |
Segment Assets and Accumulated Depreciation | Segment Assets and Accumulated Depreciation (in thousands) As of December 31, 2023 Multifamily All Other Total Segment assets Property owned $ 2,402,544 $ 17,602 $ 2,420,146 Less accumulated depreciation (526,565) (4,138) (530,703) Total real estate investments $ 1,875,979 $ 13,464 $ 1,889,443 Cash and cash equivalents 8,630 Restricted cash 639 Other assets 27,649 Total Assets $ 1,926,361 (in thousands) As of December 31, 2022 Multifamily All Other Total Segment assets Property owned $ 2,274,202 $ 259,922 $ 2,534,124 Less accumulated depreciation (443,828) (91,573) (535,401) Total real estate investments $ 1,830,374 $ 168,349 $ 1,998,723 Cash and cash equivalents 10,458 Restricted cash 1,433 Other assets 22,687 Total Assets $ 2,033,301 |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Fair Value Stock Options | The fair value of stock options was $11.086 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: 2023 Exercise price $ 58.67 Risk-free rate 3.97 % Expected term 6.25 years Expected volatility 28.7 % Dividend yield 4.977 % |
Schedule of Compensation Expense Recognized | Total share-based compensation expense recognized in the Consolidated Financial Statements for the years ended December 31, 2023, 2022, and 2021 for all share-based awards was as follows: (in thousands) Year Ended December 31, 2023 2022 2021 Share-based compensation expense $ 3,295 $ 2,615 $ 2,689 |
Schedule of Restricted Share Awards Activity | The activity for the years ended December 31, 2023, 2022, and 2021 related to 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, 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 Granted 31,999 57.21 20,497 82.63 Vested (22,036) 78.74 (13,820) 87.04 Forfeited (383) 73.85 (14,653) 96.05 Unvested at December 31, 2023 30,994 $ 65.54 22,066 $ 104.01 (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, 2023, 2022, and 2021 was as follows: Number of Shares Weighted Average Exercise Price 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 Granted 45,955 58.67 Exercised (20,061) 58.67 Expired (103,768) 73.03 Forfeited (1,739) 80.66 Outstanding at December 31, 2023 117,010 $ 71.41 Exercisable at December 31, 2023 59,477 70.06 |
ORGANIZATION (Details)
ORGANIZATION (Details) | Dec. 31, 2023 apartmentCommunity apartmentHome |
Real Estate Properties [Line Items] | |
Number of properties | apartmentCommunity | 72 |
Apartment Properties | |
Real Estate Properties [Line Items] | |
Number of apartment homes | apartmentHome | 13,088 |
BASIS OF PRESENTATION AND SIG_4
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Interest in operating partnership | 83.60% | 82.90% |
Percentage of general interest partnership | 100% | 100% |
BASIS OF PRESENTATION AND SIG_5
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Real Estate Investments (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) apartmentCommunity | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Real Estate Properties [Line Items] | |||
Real estate investments | $ 1,889,443,000 | $ 1,998,723,000 | |
Construction period interest capitalized | 0 | 0 | $ 0 |
Impairment of real estate investments | $ 5,218,000 | $ 0 | $ 0 |
Number of apartment communities impaired during year | apartmentCommunity | 2 | ||
Richfield, MN | |||
Real Estate Properties [Line Items] | |||
Impairment of real estate investments | $ 3,000,000 | ||
New Hope, MN | |||
Real Estate Properties [Line Items] | |||
Impairment of real estate investments | $ 2,200,000 | ||
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, 2023 | Dec. 31, 2022 | |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 639 | $ 1,433 | $ 7,358 |
Escrow Deposits | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 639 | $ 1,400 |
BASIS OF PRESENTATION AND SIG_8
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |||
2024 | $ 1,824 | ||
2025 | 1,769 | ||
2026 | 1,608 | ||
2027 | 1,318 | ||
2028 | 929 | ||
Thereafter | 5,366 | ||
Total scheduled lease income - operating leases | $ 12,814 | ||
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 | 98.10% | 97.70% | 98.20% |
Fee Income | Product Concentration Risk | Revenue Benchmark | |||
Lessor, Lease, Description [Line Items] | |||
Concentration risk | 1.90% | 2.30% | 1.80% |
BASIS OF PRESENTATION AND SIG_9
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Fixed lease income - operating leases | $ 243,931 | $ 240,031 | $ 189,452 |
Variable lease income - operating leases | 12,433 | 10,754 | 8,565 |
Total revenue | 261,309 | 256,716 | 201,705 |
Gain on sale of investments | 71,244 | 41 | 27,518 |
Other Property Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Other property revenue | $ 4,945 | $ 5,931 | $ 3,688 |
BASIS OF PRESENTATION AND SI_10
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - consolidatedEntity | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Minimum dividend distribution percentage | 90% | ||
Dividend distribution percentage | 90% | 90% | 90% |
Number of TRS | 1 | ||
Capital gain | 48.79% | 0% | 0.92% |
Ordinary income | 28.46% | 13.42% | 7.82% |
Return of capital | 22.75% | 86.58% | 91.26% |
BASIS OF PRESENTATION AND SI_11
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Receivable arising from straight line rents | $ 347 | $ 556 |
Accounts receivable, net of allowance | 267 | 217 |
Real estate related notes receivable | 7,039 | 5,871 |
Prepaid assets | 7,828 | 6,520 |
Other assets | 5,294 | 1,954 |
Intangible assets, net of accumulated amortization | 2,723 | 2,112 |
Property and equipment, net of accumulated depreciation | 2,798 | 3,120 |
Goodwill | 491 | 866 |
Deferred charges and leasing costs | 862 | 1,471 |
Total Other Assets | $ 27,649 | $ 22,687 |
BASIS OF PRESENTATION AND SI_12
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |||
Amortization of intangible assets | $ 2.6 | $ 12.3 | $ 13.5 |
BASIS OF PRESENTATION AND SI_13
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Property and equipment cost | $ 4.6 | $ 4.9 |
Accumulated depreciation | $ 1.8 | $ 1.8 |
BASIS OF PRESENTATION AND SI_14
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Mortgage Loans Receivable and Notes Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2020 | |
Multi Family Same-Store | Ironwood | Tax Increment Financing | |||
Real Estate Properties [Line Items] | |||
Loan commitment | $ 5.7 | $ 6.1 | $ 6.6 |
Interest rate on mortgages payable | 4.50% | ||
Multi Family Residential | Inver Grove Heights, Minnesota | Mezzanine Loan | |||
Real Estate Properties [Line Items] | |||
Interest rate on mortgages payable | 10% | ||
Mortgage loans receivable | $ 15.1 | ||
Multi Family Residential | Inver Grove Heights, Minnesota | Mezzanine Loan | Other Assets | |||
Real Estate Properties [Line Items] | |||
Mortgage loans receivable | $ 1.6 |
BASIS OF PRESENTATION AND SI_15
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |||
Advertising expense | $ 3.2 | $ 3.2 | $ 2.5 |
BASIS OF PRESENTATION AND SI_16
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Severance and Transition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Share-based compensation expense | $ 3,295 | $ 2,615 | $ 2,689 |
Former Chief Executive Officer | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance costs | 2,200 | ||
Share-based compensation expense | 737 | ||
Executive office transition related expenses | $ 306 |
BASIS OF PRESENTATION AND SI_17
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Involuntary Conversion of Assets (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) apartmentCommunity | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Business Combination and Asset Acquisition [Abstract] | ||||
Asset impairment charges | $ 1,300 | $ 4,224 | $ 0 | $ 0 |
Asset impairment charges, excluding insurance settlement receivable | 2,000 | |||
Estimated insurance recoveries | $ 1,900 | |||
Number of apartment community assets subject to insurance recoveries | apartmentCommunity | 3 | |||
Insurance settlements receivable | $ 1,200 |
BASIS OF PRESENTATION AND SI_18
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Litigation Settlement (Details) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | |||
Oct. 09, 2023 | Feb. 20, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | |||||
Loss on litigation settlement | $ 3,864 | $ 0 | $ 0 | ||
Payments for legal settlements | $ 2,900 | ||||
Subsequent Event | |||||
Loss Contingencies [Line Items] | |||||
Damages awarded, value | $ 1,000 |
NET INCOME (LOSS) PER SHARE - N
NET INCOME (LOSS) PER SHARE - Narrative (Details) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 shares | Dec. 31, 2022 shares | Dec. 31, 2021 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) | 925 | 978 | 899 |
Series D Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded (in shares) | 228 | 228 | 228 |
Series E Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded (in shares) | 2,200 | 729 | |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded (in shares) | 28 | 30 | |
Restricted Stock Units (RSU) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded (in shares) | 10 | 15 | |
Performance Shares And Restricted Stock Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded (in shares) | 30 | 32 |
NET INCOME (LOSS) PER SHARE - R
NET INCOME (LOSS) PER SHARE - Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
NUMERATOR | |||
Net income (loss) attributable to controlling interests | $ 41,325 | $ (14,109) | $ (29) |
Dividends to preferred shareholders | 6,428 | 6,428 | 6,428 |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | 34,897 | (20,537) | (6,457) |
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | 4,877 | (4,299) | (2,806) |
Dividends to preferred unitholders | 0 | 640 | 640 |
Numerator for diluted income (loss) per share | $ 39,774 | $ (24,196) | $ (8,623) |
DENOMINATOR | |||
Denominator for basic income (loss) per share weighted average shares (in shares) | 14,994 | 15,216 | 13,803 |
Effect of diluted restricted stock awards and restricted stock units (in shares) | 24 | 0 | 0 |
Denominator for diluted income (loss) per share (in shares) | 17,118 | 15,216 | 13,803 |
NET INCOME (LOSS) PER COMMON SHARE – BASIC (in dollars per share) | $ 2.33 | $ (1.35) | $ (0.47) |
NET INCOME (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) | $ 2.32 | $ (1.35) | $ (0.47) |
Preferred Unitholders Dividends | |||
DENOMINATOR | |||
Antidilutive securities excluded from the computation of net income (loss) per share | $ 640 | ||
Series E Preferred Stock | |||
DENOMINATOR | |||
Effect of Series E preferred units (in shares) | 2,100 | 0 | 0 |
EQUITY AND MEZZANINE EQUITY - N
EQUITY AND MEZZANINE EQUITY - Narrative (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) qtr $ / shares shares | Dec. 31, 2022 USD ($) apartmentCommunity $ / shares shares | Dec. 31, 2021 USD ($) | Mar. 10, 2022 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Noncontrolling interests - operating partnership (in shares) | shares | 861,000 | 971,000 | ||
Noncontrolling interests , operating partnership, issued (in shares) | shares | 209,000 | |||
Number of apartment communities acquired | apartmentCommunity | 3 | |||
Preferred units, shares issued (in shares) | shares | 3,881,000 | 3,881,000 | ||
Preferred shares, liquidation preference | $ | $ 97,036,000 | $ 97,036,000 | ||
Common shares outstanding (in shares) | shares | 14,963,000 | 15,020,000 | ||
Sale of common shares, net | $ | $ 31,439,000 | $ 156,038,000 | ||
Aggregate gross sales price of common share of beneficial interest allowed to be repurchased | $ | $ 50,000,000 | |||
Remaining available repurchase amount | $ | $ 9,400,000 | |||
Preferred shares of beneficial interest, shares outstanding (in shares) | shares | 3,881,000 | 3,881,000 | ||
Liquidation preference per share (in dollars per share) | $ / shares | $ 25 | $ 25 | ||
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 | 15,000 | 2,000 | ||
Performance Shares | Incentive Plan 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity awards issued (in shares) | shares | 19,606 | 24,613 | ||
Sale of common shares, net | $ | $ 1,800,000 | $ 1,300,000 | ||
Series E Preferred Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Preferred units, shares issued (in shares) | shares | 1,700,000 | 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 | $ | $ 172,500,000 | |||
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 | 3,900,000 | 3,900,000 | ||
Liquidation preference per share (in dollars per share) | $ / shares | $ 25 | $ 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 | |||
Temporary equity, distribution rate | 3.862% | |||
Conversion ratio | 1.37931 | |||
Preferred units, liquidation preference | $ | $ 16,600,000 |
EQUITY AND MEZZANINE EQUITY - S
EQUITY AND MEZZANINE EQUITY - Schedule of Conversions of Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Conversion of Stock [Line Items] | |||
Total book value | $ 0 | $ 0 | $ 0 |
Aggregate cost | 1,390 | 3,667 | $ 0 |
Series E Preferred Stock | |||
Conversion of Stock [Line Items] | |||
Total book value | $ 0 | $ 0 | |
Exercise of Exchange Rights | |||
Conversion of Stock [Line Items] | |||
Number of units redeemed (in shares) | 109 | 24 | |
Total book value | $ (1,910) | $ (1,353) | |
Redemption of Units for Cash | |||
Conversion of Stock [Line Items] | |||
Number of units converted (in shares) | 2 | 46 | |
Aggregate cost | $ 130 | $ 4,141 | |
Average net price per share (in dollars per share) | $ 54.05 | $ 90.18 | |
Redemption of Units for Cash | Series E Preferred Stock | |||
Conversion of Stock [Line Items] | |||
Number of units converted (in shares) | 7 | ||
Aggregate cost | $ 447 | ||
Average net price per share (in dollars per share) | $ 52.45 | ||
Redemption of Units for Common Shares | Series E Preferred Stock | |||
Conversion of Stock [Line Items] | |||
Number of units converted (in shares) | 26 | 56 | |
Number of common shares issued (in shares) | 31 | 67 | |
Total value | $ 1,390 | $ 3,667 |
EQUITY AND MEZZANINE EQUITY -_2
EQUITY AND MEZZANINE EQUITY - Sale of Common Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Commissions | $ 338 | |
At-The-Market Offering | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of common shares (in shares) | 0 | 321 |
Total consideration | $ 0 | $ 31,732 |
Average net price per share (in dollars per share) | $ 0 | $ 98.89 |
EQUITY AND MEZZANINE EQUITY -_3
EQUITY AND MEZZANINE EQUITY - Share Repurchase Program (Details) - Share Repurchase Program - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity, Class of Treasury Stock [Line Items] | ||
Number of common shares (in shares) | 216 | 432 |
Aggregated cost | $ 11,539 | $ 29,059 |
Average price per share (in dollars per share) | $ 53.44 | $ 67.23 |
NONCONTROLLING INTERESTS (Detai
NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests – consolidated real estate entities | $ 649 | $ 627 |
IRET - Cypress Court Apartments, LLC | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests – consolidated real estate entities | $ 649 | $ 627 |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Total debt | $ 919,990 | $ 1,011,777 |
Mortgage loans, interest rate | 3.54% | 3.62% |
Weighted Average Maturity in Years at December 31, 2023 | 6 years 3 months 18 days | |
Mortgages | Fannie Mae Credit Facility Agreement | ||
Debt Instrument [Line Items] | ||
Total debt | $ 198,850 | $ 198,850 |
Mortgage loans, interest rate | 2.78% | 2.78% |
Weighted Average Maturity in Years at December 31, 2023 | 7 years 6 months 21 days | |
Mortgages | Mortgages Payable | ||
Debt Instrument [Line Items] | ||
Total debt | $ 391,140 | $ 299,427 |
Mortgage loans, interest rate | 4.05% | 3.85% |
Weighted Average Maturity in Years at December 31, 2023 | 5 years 9 months 18 days | |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Total debt | $ 330,000 | $ 513,500 |
Weighted Average Maturity in Years at December 31, 2023 | 6 years 2 months 8 days | |
Unsecured debt | Line of Credit | ||
Debt Instrument [Line Items] | ||
Total debt | $ 30,000 | $ 113,500 |
Mortgage loans, interest rate | 6.74% | 5.61% |
Weighted Average Maturity in Years at December 31, 2023 | 1 year 9 months | |
Unsecured debt | Term loans | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | $ 100,000 |
Mortgage loans, interest rate | 0% | 5.57% |
Unsecured debt | Unsecured senior notes | ||
Debt Instrument [Line Items] | ||
Total debt | $ 300,000 | $ 300,000 |
Mortgage loans, interest rate | 3.12% | 3.12% |
Weighted Average Maturity in Years at December 31, 2023 | 6 years 7 months 17 days |
DEBT - Narrative (Details)
DEBT - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||
May 31, 2023 | Nov. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) apartmentProperty loan | Dec. 31, 2022 USD ($) apartmentProperty | Sep. 30, 2021 USD ($) | |
Line of Credit Facility [Line Items] | |||||
Number of real estate properties, unencumbered by mortgages | apartmentProperty | 46 | ||||
Revolving lines of credit | $ 30,000,000 | $ 113,500,000 | |||
Carrying principal value | $ 919,990,000 | $ 1,011,777,000 | |||
Number of real estate communities, serving as collateral for mortgage loans | apartmentProperty | 14 | 15 | |||
Mortgage loans, interest rate | 3.54% | 3.62% | |||
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 | 3.45% | ||||
Mortgages | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Mortgage loans, interest rate | 5.04% | ||||
Private Shelf Agreement | Unsecured debt | |||||
Line of Credit Facility [Line Items] | |||||
Carrying principal value | $ 200,000,000 | ||||
Note Purchase Agreement | Unsecured debt | |||||
Line of Credit Facility [Line Items] | |||||
Original principal balance | 125,000,000 | ||||
Series 2021-C | Unsecured debt | |||||
Line of Credit Facility [Line Items] | |||||
Original principal balance | 25,000,000 | ||||
PNC Bank Term Loan Agreement | Unsecured debt | |||||
Line of Credit Facility [Line Items] | |||||
Carrying principal value | $ 100,000,000 | ||||
Original principal balance | $ 100,000,000 | ||||
Term | 364 days | ||||
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% | ||||
Fannie Mae Credit Facility Agreement | Mortgages | |||||
Line of Credit Facility [Line Items] | |||||
Carrying principal value | 198,850,000 | $ 198,850,000 | |||
Original principal balance | $ 198,900,000 | ||||
Number of real estate communities, serving as collateral for mortgage loans | apartmentProperty | 12 | ||||
Weighted average interest rate | 2.78% | ||||
Mortgage loans, interest rate | 2.78% | 2.78% | |||
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 | ||||
Line of Credit | Minimum | Base Rate | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate spread (as a percent) | 2,500% | ||||
Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate spread (as a percent) | 12,500% | ||||
Line of Credit | Maximum | Base Rate | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate spread (as a percent) | 8,000% | ||||
Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate spread (as a percent) | 18,000% | ||||
Line of Credit | BMO Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 250,000,000 | ||||
Remaining borrowing capacity | 220,000,000 | $ 136,500,000 | |||
Revolving lines of credit | $ 30,000,000 | $ 113,500,000 | |||
Operating line of credit, interest rate | 7.82% | 5.61% | |||
Accordion option | $ 400,000,000 | ||||
Operating Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Revolving lines of credit | $ 0 | ||||
Operating Line of Credit | Unsecured debt | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 6,000,000 | $ 6,000,000 |
DEBT - September Note Purchase
DEBT - September Note Purchase Agreement, Schedule of Debt (Details) - Unsecured debt | Dec. 31, 2023 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, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 6,860 |
2025 | 66,290 |
2026 | 99,120 |
2027 | 48,666 |
2028 | 118,365 |
Thereafter | 580,689 |
Total payments | $ 919,990 |
DERIVATIVE INSTRUMENTS - Narrat
DERIVATIVE INSTRUMENTS - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||||
Feb. 28, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) derivativeInstrument | Dec. 31, 2022 USD ($) derivativeInstrument | Dec. 31, 2021 USD ($) | Jan. 31, 2022 USD ($) | Aug. 31, 2021 USD ($) | |
Derivative [Line Items] | |||||||
Cash flow hedge gain (loss) to be reclassified within twelve months | $ 713,000 | ||||||
Payments to terminate derivative | $ 0 | $ 3,209,000 | $ 3,804,000 | ||||
Interest Rate Swap | Not Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Gain on derivative | $ 582,000 | ||||||
Interest Rate Swap | Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Payments to terminate derivative | $ 3,200,000 | $ 3,800,000 | |||||
Notional amount | $ 75,000,000 | $ 50,000,000 | |||||
Number of instruments held | derivativeInstrument | 0 | 0 | |||||
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 |
DERIVATIVE INSTRUMENTS - Deriva
DERIVATIVE INSTRUMENTS - Derivative Instruments on Statement of Operations (Details) - Interest Rate Swap - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Gain Recognized in OCI | $ 0 | $ 1,581 | $ 2,383 |
Interest Expense | |||
Derivative [Line Items] | |||
Loss Reclassified from Accumulated OCI into Net Income (Loss) | $ (936) | $ (799) | $ (9,087) |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Value Measurements on a Recurring Basis (Details) - Fair Value, Recurring - Real Estate Receivable - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate related notes receivable | $ 7,039 | $ 5,871 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate related notes receivable | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate related notes receivable | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Real estate related notes receivable | $ 7,039 | $ 5,871 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unfunded commitments | $ 1,000,000 | |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonfinancial assets | $ 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 | $ 2,100,000 | $ 1,600,000 |
Minimum | Level 3 | Fair Value, Recurring | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Receivables, measurement input | 0.00000500 | |
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 | 0.00000900 | |
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, 2023 | Dec. 31, 2022 | |
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 | Real Estate Receivable | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real estate related notes receivable | $ 7,039 | $ 5,871 |
Changes in fair value of receivables | 291 | 685 |
Fair Value, Recurring | Other Gains (Losses) | Real Estate Receivable | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Changes in fair value of receivables | $ 19 | $ 16 |
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 | Real Estate Receivable | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Changes in fair value of receivables | $ 272 | $ 669 |
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 - Fai_2
FAIR VALUE MEASUREMENTS - Fair Value Measurements on a Nonrecurring Basis (Details) - Nonrecurring $ in Thousands | Dec. 31, 2023 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Real estate investments measured at fair value | $ 19,250 |
Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Real estate investments measured at fair value | 0 |
Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Real estate investments measured at fair value | 19,250 |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Real estate investments measured at fair value | $ 0 |
FAIR VALUE MEASUREMENTS - Finan
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
FINANCIAL LIABILITIES | ||
Unsecured senior notes | $ 299,459 | $ 399,007 |
Mortgages payable | 919,990 | |
Amount | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 8,630 | 10,458 |
FINANCIAL LIABILITIES | ||
Revolving lines of credit | 30,000 | 113,500 |
Term loans | 0 | 100,000 |
Unsecured senior notes | 300,000 | 300,000 |
Amount | Mortgages | ||
FINANCIAL LIABILITIES | ||
Mortgages payable | 391,140 | 299,427 |
Amount | Fannie Mae Credit Facility Agreement | Mortgages | ||
FINANCIAL LIABILITIES | ||
Mortgages payable | 198,850 | 198,850 |
Amount | Restricted cash | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 639 | 1,433 |
Fair Value | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 8,630 | 10,458 |
FINANCIAL LIABILITIES | ||
Revolving lines of credit | 30,000 | 113,500 |
Term loans | 0 | 100,000 |
Unsecured senior notes | 252,108 | 238,446 |
Fair Value | Mortgages | ||
FINANCIAL LIABILITIES | ||
Mortgages payable | 367,080 | 274,029 |
Fair Value | Fannie Mae Credit Facility Agreement | Mortgages | ||
FINANCIAL LIABILITIES | ||
Mortgages payable | 168,555 | 161,297 |
Fair Value | Restricted cash | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | $ 639 | $ 1,433 |
ACQUISITIONS AND DISPOSITIONS -
ACQUISITIONS AND DISPOSITIONS - Acquisitions Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
2023 Acquisitions | ||
Asset Acquisition [Line Items] | ||
Consideration transferred | $ 94,500 | |
2022 Acquisitions | ||
Asset Acquisition [Line Items] | ||
Consideration transferred | $ 211,874 |
ACQUISITIONS AND DISPOSITIONS_2
ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) apartmentHome | Dec. 31, 2022 USD ($) apartmentHome apartmentCommunity | Dec. 31, 2021 USD ($) | |
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentCommunity | 3 | ||
Form of Consideration | |||
Cash | $ 0 | $ 122 | $ 1,264 |
2023 Acquisitions | |||
Acquisitions and development projects placed in service [Abstract] | |||
Consideration transferred | 94,500 | ||
Form of Consideration | |||
Cash | 41,777 | ||
Units | 0 | ||
Other | 52,723 | ||
Investment Allocation | |||
Land | 6,618 | ||
Building | 80,737 | ||
Intangible Assets | 3,221 | ||
Other | 3,924 | ||
Capitalized transaction cost | $ 405 | ||
Lake Vista Apartment Homes - Loveland,CO | |||
Acquisitions and development projects placed in service [Abstract] | |||
Number of apartment communities acquired | apartmentHome | 303 | ||
Consideration transferred | $ 94,500 | ||
Form of Consideration | |||
Cash | 41,777 | ||
Units | 0 | ||
Other | 52,723 | ||
Investment Allocation | |||
Land | 6,618 | ||
Building | 80,737 | ||
Intangible Assets | 3,221 | ||
Other | $ 3,924 | ||
2022 Acquisitions | |||
Acquisitions and development projects placed in service [Abstract] | |||
Consideration transferred | 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 | ||
Consideration transferred | $ 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 | ||
Consideration transferred | $ 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 | ||
Consideration transferred | $ 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 | ||
Consideration transferred | $ 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 | ||
Consideration transferred | $ 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 |
ACQUISITIONS AND DISPOSITIONS_3
ACQUISITIONS AND DISPOSITIONS - Dispositions (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) apartmentHome transaction apartmentProperty | Dec. 31, 2022 apartmentCommunity | |
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 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 | 13 | |
Disposed of by Sale | 2023 Disposals | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of disposal transactions during period | transaction | 5 | |
Sales Price | $ 226,755 | |
Book Value and Sales Cost | 155,515 | |
Gain/(Loss) | $ 71,240 | |
Disposed of by Sale | 2022 Disposals | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | apartmentCommunity | 0 | |
Boulder Court - Eagan, MN | Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | apartmentHome | 115 | |
Sales Price | $ 14,605 | |
Book Value and Sales Cost | 4,971 | |
Gain/(Loss) | $ 9,634 | |
2 Nebraska apartment communities | Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | apartmentHome | 498 | |
Sales Price | $ 48,500 | |
Book Value and Sales Cost | 15,025 | |
Gain/(Loss) | $ 33,475 | |
5 Minnesota apartment communities | Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | apartmentHome | 892 | |
Sales Price | $ 74,500 | |
Book Value and Sales Cost | 55,186 | |
Gain/(Loss) | $ 19,314 | |
Portage - Minneapolis, MN | Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | apartmentHome | 62 | |
Sales Price | $ 6,650 | |
Book Value and Sales Cost | 9,098 | |
Gain/(Loss) | $ (2,448) | |
4 North Dakota Apartment Communities | Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | apartmentHome | 712 | |
Sales Price | $ 82,500 | |
Book Value and Sales Cost | 71,235 | |
Gain/(Loss) | $ 11,265 |
SEGMENTS - Revenues and Net Ope
SEGMENTS - Revenues and Net Operating Income for Reportable Segments (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment apartmentCommunity | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 1 | ||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Revenue | $ 261,309,000 | $ 256,716,000 | $ 201,705,000 |
Property operating expenses, including real estate taxes | 105,812,000 | 108,637,000 | 81,857,000 |
Net operating income | 155,497,000 | 148,079,000 | 119,848,000 |
Property management expenses | (9,353,000) | (9,895,000) | (8,752,000) |
Casualty loss | (2,095,000) | (1,591,000) | (344,000) |
Depreciation and amortization | (101,678,000) | (105,257,000) | (92,165,000) |
Impairment of real estate investments | (5,218,000) | 0 | 0 |
General and administrative expenses | (20,080,000) | (17,516,000) | (16,213,000) |
Gain on sale of real estate and other investments | 71,244,000 | 41,000 | 27,518,000 |
Loss on litigation settlement | (3,864,000) | 0 | 0 |
Interest expense | (36,429,000) | (32,750,000) | (29,078,000) |
Interest and other income (loss) | 1,207,000 | 1,248,000 | (2,915,000) |
NET INCOME (LOSS) | $ 49,231,000 | (17,641,000) | (2,101,000) |
Disposed of by Sale | 2023 Diposals | |||
Segment Reporting Information [Line Items] | |||
Number of properties sold, reclassified to other | apartmentCommunity | 13 | ||
Multifamily | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Revenue | $ 246,364,000 | 224,375,000 | 173,436,000 |
Property operating expenses, including real estate taxes | 98,762,000 | 92,327,000 | 68,618,000 |
Net operating income | 147,602,000 | 132,048,000 | 104,818,000 |
All Other | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Revenue | 14,945,000 | 32,341,000 | 28,269,000 |
Property operating expenses, including real estate taxes | 7,050,000 | 16,310,000 | 13,239,000 |
Net operating income | $ 7,895,000 | $ 16,031,000 | $ 15,030,000 |
SEGMENT REPORTING - Segment Ass
SEGMENT REPORTING - Segment Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | |||
Property owned | $ 2,420,146 | $ 2,534,124 | |
Less accumulated depreciation | (530,703) | (535,401) | |
Total real estate investments | 1,889,443 | 1,998,723 | |
Cash and cash equivalents | 8,630 | 10,458 | $ 31,267 |
Restricted cash | 639 | 1,433 | $ 7,358 |
Other assets | 27,649 | 22,687 | |
TOTAL ASSETS | 1,926,361 | 2,033,301 | |
Multifamily | |||
Segment Reporting Information [Line Items] | |||
Property owned | 2,402,544 | 2,274,202 | |
Less accumulated depreciation | (526,565) | (443,828) | |
Total real estate investments | 1,875,979 | 1,830,374 | |
All Other | |||
Segment Reporting Information [Line Items] | |||
Property owned | 17,602 | 259,922 | |
Less accumulated depreciation | (4,138) | (91,573) | |
Total real estate investments | $ 13,464 | $ 168,349 |
RETIREMENT PLANS (Details)
RETIREMENT PLANS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Maximum contribution each employee, towards 401(k) plan | 5% | ||
Employer contribution towards profit sharing plan and 401(k) plan | $ 1.3 | $ 1.3 | $ 1 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | 2 Months Ended | 12 Months Ended | |||
Oct. 09, 2023 USD ($) | Feb. 20, 2024 USD ($) | Dec. 31, 2023 USD ($) apartmentCommunity realEstateTechnologyVentureFund apartmentProperty apartmentHome | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Real Estate Properties [Line Items] | |||||
Loss on litigation settlement | $ 3,864 | $ 0 | $ 0 | ||
Payments for legal settlements | $ (2,900) | ||||
Number of properties | apartmentCommunity | 72 | ||||
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 | $ 50,400 | $ 58,000 | |||
Number of real estate technology venture funds with unfunded commitments | realEstateTechnologyVentureFund | 2 | ||||
Taxable Dispositions Limitations | |||||
Real Estate Properties [Line Items] | |||||
Number of properties | apartmentProperty | 28 | ||||
Number of apartment homes (approximately) | apartmentHome | 4,935 | ||||
Subsequent Event | |||||
Real Estate Properties [Line Items] | |||||
Damages awarded, value | $ 1,000 | ||||
Fair Value, Recurring | |||||
Real Estate Properties [Line Items] | |||||
Unfunded commitments | $ 1,000 |
SHARE BASED COMPENSATION - Narr
SHARE BASED COMPENSATION - Narrative (Details) | 12 Months Ended | |||||
Mar. 31, 2023 shares | Jan. 01, 2023 $ / shares shares | Sep. 15, 2015 shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) 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) | 45,955 | 30,245 | 43,629 | |||
Exercised (in shares) | 20,061 | 0 | 0 | |||
Share price (in usd per share) | $ / shares | $ 58.67 | |||||
Stock options outstanding, aggregate intrinsic value | $ | $ 0 | |||||
Weighted average remaining contractual term | 5 years 7 months 9 days | |||||
Former Chief Executive Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercised (in shares) | 425 | |||||
Former Chief Executive Officer | Mr. Decker | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Accelerated cost | $ | $ 737,000 | |||||
Tranche One | Chief Financial Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 33% | |||||
Tranche Two | Chief Financial Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 67% | |||||
Share-Based Payment Arrangement, Employee | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options granted (in shares) | 45,955 | |||||
Fair value of stock options (in dollars per share) | $ / shares | $ 11.086 | |||||
Restricted Stock Units (RSU) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair value of share awards at grant date | $ | $ 1,800,000 | $ 1,500,000 | $ 1,000,000 | |||
Total compensation cost related to non-vested share awards | $ | $ 798,000 | |||||
Weighted average period to recognize cost | 1 year 7 months 6 days | |||||
Unamortized value | $ | $ 1,000,000 | 1,700,000 | 1,100,000 | |||
Restricted Stock Units (RSU) | President and Chief Executive Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awards granted (in shares) | 5,492 | |||||
Restricted Stock Units (RSU) | Chief Financial Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awards granted (in shares) | 2,746 | |||||
Restricted Stock Units (RSU) | Employees | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awards granted (in shares) | 22,799 | |||||
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) | 9,200 | |||||
Award vesting period | 1 year | |||||
Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Nonemployee | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair value of share awards at grant date | $ | $ 545,000 | $ 618,000 | $ 425,000 | |||
Restricted Stock Units (RSU) | Share-Based Payment Arrangement, Employee | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awards granted (in shares) | 14,256 | |||||
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% | |||||
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% | |||||
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% | |||||
Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares eligible to be earned (in shares) | 40,994 | |||||
Shares eligible to be earned, percentage of awards granted | 2 | |||||
Expected volatility | 37.20% | |||||
Risk-free rate | 4.22% | |||||
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) | 20,497 | |||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expiration period | 10 years | |||||
Award vesting period | 4 years | |||||
Total compensation cost related to non-vested share awards | $ | $ 203,000 | |||||
Weighted average period to recognize cost | 2 years 7 months 24 days | |||||
Fair value of stock options granted (in usd per share) | $ / shares | $ 11.086 | |||||
Stock Options | Tranche One | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 25% | |||||
Stock Options | Tranche Two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 25% | |||||
Stock Options | Tranche Three | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 25% | |||||
Stock Options | Tranche Four | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 25% |
SHARE BASED COMPENSATION - Sche
SHARE BASED COMPENSATION - Schedule of Fair Value Stock Options (Details) - Stock Options - 2023 Long-term Incentive Plan ("LTIP") Awards | 12 Months Ended |
Dec. 31, 2023 $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price (in usd per share) | $ 58.67 |
Risk-free rate | 3.97% |
Expected term | 6 years 3 months |
Expected volatility | 28.70% |
Dividend yield | 4.977% |
SHARE BASED COMPENSATION - Sc_2
SHARE BASED COMPENSATION - Schedule of Total Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Share-based compensation expense | $ 3,295 | $ 2,615 | $ 2,689 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units with Service Conditions | |||
Shares [Roll Forward] | |||
Unvested, beginning of period (in shares) | 21,414 | 20,974 | 24,828 |
Granted (in shares) | 31,999 | 15,359 | 13,693 |
Vested (in shares) | (22,036) | (13,357) | (17,065) |
Change in awards (in shares) | 0 | ||
Forfeited (in shares) | (383) | (1,562) | (482) |
Unvested, end of period (in shares) | 30,994 | 21,414 | 20,974 |
Wtd Avg Grant-Date Fair Value [Abstract] | |||
Unvested, beginning of period (in dollars per share) | $ 88.83 | $ 69.97 | $ 65.03 |
Granted (in dollars per share) | 57.21 | 96.29 | 71.54 |
Vested (in dollars per share) | 78.74 | 69.24 | 63.42 |
Change in awards (in dollars per share) | 0 | ||
Forfeited (in dollars per share) | 73.85 | 76.49 | 70.44 |
Unvested, end of period (in dollars per share) | $ 65.54 | $ 88.83 | $ 69.97 |
Restricted Stock With Market Conditions | |||
Shares [Roll Forward] | |||
Unvested, beginning of period (in shares) | 30,042 | 19,224 | 26,994 |
Granted (in shares) | 20,497 | 13,559 | 19,224 |
Vested (in shares) | (13,820) | 0 | (35,920) |
Change in awards (in shares) | 8,926 | ||
Forfeited (in shares) | (14,653) | (2,741) | 0 |
Unvested, end of period (in shares) | 22,066 | 30,042 | 19,224 |
Wtd Avg Grant-Date Fair Value [Abstract] | |||
Unvested, beginning of period (in dollars per share) | $ 106.90 | $ 87.04 | $ 67.87 |
Granted (in dollars per share) | 82.63 | 131.05 | 87.04 |
Vested (in dollars per share) | 87.04 | 0 | 65.34 |
Change in awards (in dollars per share) | 0 | ||
Forfeited (in dollars per share) | 96.05 | 87.04 | 0 |
Unvested, end of period (in dollars per share) | $ 104.01 | $ 106.90 | $ 87.04 |
SHARE BASED COMPENSATION - Sc_3
SHARE BASED COMPENSATION - Schedule of Stock Options Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Shares | ||||
Outstanding at beginning of year (in shares) | 196,623 | 182,677 | 139,048 | |
Granted (in shares) | 45,955 | 30,245 | 43,629 | |
Exercised (in shares) | (20,061) | 0 | 0 | |
Expired (in shares) | (103,768) | |||
Forfeited (in shares) | (1,739) | (16,299) | 0 | |
Outstanding at end of year (in shares) | 117,010 | 196,623 | 182,677 | |
Exercisable at end of year (in shares) | 59,477 | 80,421 | 34,758 | 0 |
Weighted Average Exercise Price (in usd per share) | ||||
Outstanding at beginning of year (in usd per share) | $ 74.02 | $ 67.38 | $ 66.36 | |
Granted (in usd per share) | 58.67 | 110.67 | 70.64 | |
Exercised (in usd per share) | 58.67 | 0 | 0 | |
Expired (in usd per shares) | 73.03 | |||
Forfeited (in usd per share) | 80.66 | 67.59 | 0 | |
Outstanding at end of year (in usd per share) | 71.41 | 74.02 | 67.38 | |
Exercisable at end of year (in usd per share) | $ 70.06 | $ 66.94 | $ 66.36 | $ 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | |
Feb. 20, 2024 USD ($) apartmentCommunity $ / shares shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Subsequent Event [Line Items] | |||
Consideration for shares repurchased | $ 11,539 | $ 29,059 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Shares repurchased (in shares) | shares | 87,722 | ||
Consideration for shares repurchased | $ 4,700 | ||
Average price per share (in dollars per share) | $ / shares | $ 53.62 | ||
Scenario, Forecast | |||
Subsequent Event [Line Items] | |||
Number of apartment communities to be sold | apartmentCommunity | 2 | ||
Proceeds from sale of assets | $ 18,900 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) apartmentCommunity | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Gross amount at which carries at close of period [Abstract] | |||
Total | $ 2,420,146 | $ 2,534,124 | $ 2,271,170 |
Accumulated Depreciation | (530,703) | (535,401) | (443,592) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at beginning of year | 2,534,124 | 2,271,170 | 1,812,557 |
Multifamily and Other | 87,757 | 206,623 | 491,648 |
Improvements and Other | 62,117 | 57,203 | 34,427 |
Total additions including opening balance | 2,683,998 | 2,534,996 | 2,338,632 |
Cost of real estate sold | (243,889) | 0 | (57,698) |
Impairment charge | (5,218) | 0 | 0 |
Other | (14,745) | (872) | (9,764) |
Balance at close of year | 2,420,146 | 2,534,124 | 2,271,170 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of year | 535,401 | 443,592 | 399,249 |
Additions during year | |||
Provisions for depreciation | 98,691 | 92,056 | 78,268 |
Deductions during year | |||
Accumulated depreciation on real estate sold or classified as held for sale | (92,239) | 0 | (24,161) |
Other | (11,150) | (247) | (9,764) |
Balance at close of year | 530,703 | 535,401 | 443,592 |
Total real estate investments, excluding mortgage notes receivable | $ 1,889,443 | 1,998,723 | $ 1,827,578 |
Number of apartment communities impaired during year | apartmentCommunity | 2 | ||
Net basis of real estate investments for federal income tax purposes | $ 1,400,000 | $ 1,500,000 | |
Multi Family Same-Store | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 462,396 | ||
Initial Cost to Company [Abstract] | |||
Land | 177,545 | ||
Buildings & Improvements | 1,685,002 | ||
Costs capitalized subsequent to acquisition | 243,970 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 189,440 | ||
Buildings & Improvements | 1,917,077 | ||
Total | 2,106,517 | ||
Accumulated Depreciation | (512,452) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 2,106,517 | ||
Deductions during year | |||
Balance at close of year | 512,452 | ||
Multi Family Same-Store | 71 France - Edina, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 49,675 | ||
Initial Cost to Company [Abstract] | |||
Land | 4,721 | ||
Buildings & Improvements | 61,762 | ||
Costs capitalized subsequent to acquisition | 1,653 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 4,801 | ||
Buildings & Improvements | 63,335 | ||
Total | 68,136 | ||
Accumulated Depreciation | (21,322) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 68,136 | ||
Deductions during year | |||
Balance at close of year | $ 21,322 | ||
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 | 671 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 336 | ||
Buildings & Improvements | 6,173 | ||
Total | 6,509 | ||
Accumulated Depreciation | (2,162) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 6,509 | ||
Deductions during year | |||
Balance at close of year | $ 2,162 | ||
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 | 781 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 2,128 | ||
Buildings & Improvements | 31,777 | ||
Total | 33,905 | ||
Accumulated Depreciation | (11,660) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 33,905 | ||
Deductions during year | |||
Balance at close of year | $ 11,660 | ||
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 | 285 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 823 | ||
Buildings & Improvements | 7,772 | ||
Total | 8,595 | ||
Accumulated Depreciation | (3,120) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 8,595 | ||
Deductions during year | |||
Balance at close of year | $ 3,120 | ||
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 | 4,984 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,808 | ||
Buildings & Improvements | 38,866 | ||
Total | 40,674 | ||
Accumulated Depreciation | (10,222) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 40,674 | ||
Deductions during year | |||
Balance at close of year | $ 10,222 | ||
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 | 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 | 1,637 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,865 | ||
Buildings & Improvements | 15,692 | ||
Total | 17,557 | ||
Accumulated Depreciation | $ (1,347) | ||
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 | $ 17,557 | ||
Deductions during year | |||
Balance at close of year | 1,347 | ||
Multi Family 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 | 2,132 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 2,913 | ||
Buildings & Improvements | 33,202 | ||
Total | 36,115 | ||
Accumulated Depreciation | $ (3,066) | ||
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 | $ 36,115 | ||
Deductions during year | |||
Balance at close of year | 3,066 | ||
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 | 2,335 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 420 | ||
Buildings & Improvements | 6,178 | ||
Total | 6,598 | ||
Accumulated Depreciation | (3,591) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 6,598 | ||
Deductions during year | |||
Balance at close of year | $ 3,591 | ||
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 | (111) | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,727 | ||
Buildings & Improvements | 33,162 | ||
Total | 34,889 | ||
Accumulated Depreciation | (6,287) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 34,889 | ||
Deductions during year | |||
Balance at close of year | $ 6,287 | ||
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 | $ 43,835 | ||
Initial Cost to Company [Abstract] | |||
Land | 6,588 | ||
Buildings & Improvements | 67,072 | ||
Costs capitalized subsequent to acquisition | 10,705 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 6,776 | ||
Buildings & Improvements | 77,589 | ||
Total | 84,365 | ||
Accumulated Depreciation | (23,733) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 84,365 | ||
Deductions during year | |||
Balance at close of year | $ 23,733 | ||
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 | 2,075 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,045 | ||
Buildings & Improvements | 6,630 | ||
Total | 7,675 | ||
Accumulated Depreciation | (4,782) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 7,675 | ||
Deductions during year | |||
Balance at close of year | $ 4,782 | ||
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 | 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 | 597 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 6,171 | ||
Buildings & Improvements | 55,774 | ||
Total | 61,945 | ||
Accumulated Depreciation | $ (4,525) | ||
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 | $ 61,945 | ||
Deductions during year | |||
Balance at close of year | 4,525 | ||
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 | 16,844 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 3,206 | ||
Buildings & Improvements | 27,554 | ||
Total | 30,760 | ||
Accumulated Depreciation | (18,022) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 30,760 | ||
Deductions during year | |||
Balance at close of year | $ 18,022 | ||
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 | 6,823 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,962 | ||
Buildings & Improvements | 23,289 | ||
Total | 25,251 | ||
Accumulated Depreciation | (14,117) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 25,251 | ||
Deductions during year | |||
Balance at close of year | $ 14,117 | ||
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 | 1,437 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 599 | ||
Buildings & Improvements | 9,138 | ||
Total | 9,737 | ||
Accumulated Depreciation | (6,079) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 9,737 | ||
Deductions during year | |||
Balance at close of year | $ 6,079 | ||
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 | $ 10,697 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,583 | ||
Buildings & Improvements | 18,879 | ||
Costs capitalized subsequent to acquisition | 1,074 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,625 | ||
Buildings & Improvements | 19,911 | ||
Total | 21,536 | ||
Accumulated Depreciation | (7,089) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 21,536 | ||
Deductions during year | |||
Balance at close of year | $ 7,089 | ||
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 | 814 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 785 | ||
Buildings & Improvements | 24,869 | ||
Total | 25,654 | ||
Accumulated Depreciation | (8,883) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 25,654 | ||
Deductions during year | |||
Balance at close of year | $ 8,883 | ||
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 | 8,263 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,817 | ||
Buildings & Improvements | 23,691 | ||
Total | 25,508 | ||
Accumulated Depreciation | (8,980) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 25,508 | ||
Deductions during year | |||
Balance at close of year | $ 8,980 | ||
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 | 1,376 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 12,241 | ||
Buildings & Improvements | 78,505 | ||
Total | 90,746 | ||
Accumulated Depreciation | $ (16,307) | ||
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 | $ 90,746 | ||
Deductions during year | |||
Balance at close of year | 16,307 | ||
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 | 753 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,159 | ||
Buildings & Improvements | 6,247 | ||
Total | 7,406 | ||
Accumulated Depreciation | (2,666) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 7,406 | ||
Deductions during year | |||
Balance at close of year | $ 2,666 | ||
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 | 1,447 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,745 | ||
Buildings & Improvements | 25,207 | ||
Total | 26,952 | ||
Accumulated Depreciation | $ (4,006) | ||
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 | $ 26,952 | ||
Deductions during year | |||
Balance at close of year | 4,006 | ||
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 | 152 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 535 | ||
Buildings & Improvements | 8,837 | ||
Total | 9,372 | ||
Accumulated Depreciation | (2,761) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 9,372 | ||
Deductions during year | |||
Balance at close of year | $ 2,761 | ||
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 | 3,336 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 970 | ||
Buildings & Improvements | 10,266 | ||
Total | 11,236 | ||
Accumulated Depreciation | (4,460) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 11,236 | ||
Deductions during year | |||
Balance at close of year | $ 4,460 | ||
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 | 3,147 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 876 | ||
Buildings & Improvements | 6,971 | ||
Total | 7,847 | ||
Accumulated Depreciation | (3,653) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 7,847 | ||
Deductions during year | |||
Balance at close of year | $ 3,653 | ||
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 | 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 | 790 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,293 | ||
Buildings & Improvements | 11,018 | ||
Total | 12,311 | ||
Accumulated Depreciation | $ (981) | ||
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 | $ 12,311 | ||
Deductions during year | |||
Balance at close of year | 981 | ||
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 | 1,783 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 792 | ||
Buildings & Improvements | 15,785 | ||
Total | 16,577 | ||
Accumulated Depreciation | (5,006) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 16,577 | ||
Deductions during year | |||
Balance at close of year | $ 5,006 | ||
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 | 764 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 2,167 | ||
Buildings & Improvements | 37,636 | ||
Total | 39,803 | ||
Accumulated Depreciation | $ (5,435) | ||
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 | $ 39,803 | ||
Deductions during year | |||
Balance at close of year | 5,435 | ||
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 | 5,945 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,476 | ||
Buildings & Improvements | 21,521 | ||
Total | 22,997 | ||
Accumulated Depreciation | (8,013) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 22,997 | ||
Deductions during year | |||
Balance at close of year | $ 8,013 | ||
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 | 11,075 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 2,474 | ||
Buildings & Improvements | 31,690 | ||
Total | 34,164 | ||
Accumulated Depreciation | (21,434) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 34,164 | ||
Deductions during year | |||
Balance at close of year | $ 21,434 | ||
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 | 300 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,142 | ||
Buildings & Improvements | 14,107 | ||
Total | 15,249 | ||
Accumulated Depreciation | (3,961) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 15,249 | ||
Deductions during year | |||
Balance at close of year | $ 3,961 | ||
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 | 8,410 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 7,679 | ||
Buildings & Improvements | 96,176 | ||
Total | 103,855 | ||
Accumulated Depreciation | $ (15,386) | ||
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 | $ 103,855 | ||
Deductions during year | |||
Balance at close of year | 15,386 | ||
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 | 1,992 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 730 | ||
Buildings & Improvements | 6,371 | ||
Total | 7,101 | ||
Accumulated Depreciation | (4,133) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 7,101 | ||
Deductions during year | |||
Balance at close of year | $ 4,133 | ||
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 | 556 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,951 | ||
Buildings & Improvements | 30,475 | ||
Total | 32,426 | ||
Accumulated Depreciation | (8,329) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 32,426 | ||
Deductions during year | |||
Balance at close of year | $ 8,329 | ||
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 | 1,206 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 655 | ||
Buildings & Improvements | 4,797 | ||
Total | 5,452 | ||
Accumulated Depreciation | (2,924) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 5,452 | ||
Deductions during year | |||
Balance at close of year | $ 2,924 | ||
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 | 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 | 1,393 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,651 | ||
Buildings & Improvements | 13,923 | ||
Total | 15,574 | ||
Accumulated Depreciation | $ (1,419) | ||
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 | $ 15,574 | ||
Deductions during year | |||
Balance at close of year | 1,419 | ||
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 | 280 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,048 | ||
Buildings & Improvements | 7,631 | ||
Total | 8,679 | ||
Accumulated Depreciation | (2,412) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 8,679 | ||
Deductions during year | |||
Balance at close of year | $ 2,412 | ||
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 | 4,174 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,885 | ||
Buildings & Improvements | 13,894 | ||
Total | 15,779 | ||
Accumulated Depreciation | (9,224) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 15,779 | ||
Deductions during year | |||
Balance at close of year | $ 9,224 | ||
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 | 711 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 5,822 | ||
Buildings & Improvements | 52,284 | ||
Total | 58,106 | ||
Accumulated Depreciation | $ (11,861) | ||
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 | $ 58,106 | ||
Deductions during year | |||
Balance at close of year | 11,861 | ||
Multi Family Same-Store | Palisades - Roseville, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 21,622 | ||
Initial Cost to Company [Abstract] | |||
Land | 6,919 | ||
Buildings & Improvements | 46,577 | ||
Costs capitalized subsequent to acquisition | 4,806 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 6,959 | ||
Buildings & Improvements | 51,343 | ||
Total | 58,302 | ||
Accumulated Depreciation | $ (4,233) | ||
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 | $ 58,302 | ||
Deductions during year | |||
Balance at close of year | 4,233 | ||
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 | 20,098 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 10,819 | ||
Buildings & Improvements | 100,669 | ||
Total | 111,488 | ||
Accumulated Depreciation | (26,469) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 111,488 | ||
Deductions during year | |||
Balance at close of year | 26,469 | ||
Multi Family Same-Store | Parkhouse Apartment Homes - Thornton, CO | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 89,239 | ||
Initial Cost to Company [Abstract] | |||
Land | 10,474 | ||
Buildings & Improvements | 132,105 | ||
Costs capitalized subsequent to acquisition | 3,074 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 10,484 | ||
Buildings & Improvements | 135,169 | ||
Total | 145,653 | ||
Accumulated Depreciation | $ (17,666) | ||
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 | $ 145,653 | ||
Deductions during year | |||
Balance at close of year | 17,666 | ||
Multi Family 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 | 340 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,073 | ||
Buildings & Improvements | 13,119 | ||
Total | 14,192 | ||
Accumulated Depreciation | $ (1,261) | ||
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 | $ 14,192 | ||
Deductions during year | |||
Balance at close of year | 1,261 | ||
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 | 2,075 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 463 | ||
Buildings & Improvements | 5,390 | ||
Total | 5,853 | ||
Accumulated Depreciation | (4,267) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 5,853 | ||
Deductions during year | |||
Balance at close of year | $ 4,267 | ||
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 | 510 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 419 | ||
Buildings & Improvements | 5,050 | ||
Total | 5,469 | ||
Accumulated Depreciation | (2,059) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 5,469 | ||
Deductions during year | |||
Balance at close of year | $ 2,059 | ||
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 | 17,929 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,912 | ||
Buildings & Improvements | 27,123 | ||
Total | 29,035 | ||
Accumulated Depreciation | (16,762) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 29,035 | ||
Deductions during year | |||
Balance at close of year | $ 16,762 | ||
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 | $ 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 2,254 | ||
Buildings & Improvements | 30,024 | ||
Costs capitalized subsequent to acquisition | 9,493 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 2,412 | ||
Buildings & Improvements | 39,359 | ||
Total | 41,771 | ||
Accumulated Depreciation | (16,051) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 41,771 | ||
Deductions during year | |||
Balance at close of year | $ 16,051 | ||
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 | $ 19,718 | ||
Initial Cost to Company [Abstract] | |||
Land | 1,900 | ||
Buildings & Improvements | 24,116 | ||
Costs capitalized subsequent to acquisition | 809 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,908 | ||
Buildings & Improvements | 24,917 | ||
Total | 26,825 | ||
Accumulated Depreciation | (9,063) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 26,825 | ||
Deductions during year | |||
Balance at close of year | $ 9,063 | ||
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 | $ 6,669 | ||
Initial Cost to Company [Abstract] | |||
Land | 702 | ||
Buildings & Improvements | 10,198 | ||
Costs capitalized subsequent to acquisition | 8,683 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,179 | ||
Buildings & Improvements | 18,404 | ||
Total | 19,583 | ||
Accumulated Depreciation | (7,676) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 19,583 | ||
Deductions during year | |||
Balance at close of year | $ 7,676 | ||
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 | 1,883 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 568 | ||
Buildings & Improvements | 5,134 | ||
Total | 5,702 | ||
Accumulated Depreciation | (3,588) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 5,702 | ||
Deductions during year | |||
Balance at close of year | $ 3,588 | ||
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 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 | 5,515 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 3,426 | ||
Buildings & Improvements | 38,553 | ||
Total | 41,979 | ||
Accumulated Depreciation | $ (3,750) | ||
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 | $ 41,979 | ||
Deductions during year | |||
Balance at close of year | 3,750 | ||
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 | 1,432 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 922 | ||
Buildings & Improvements | 25,756 | ||
Total | 26,678 | ||
Accumulated Depreciation | (10,811) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 26,678 | ||
Deductions during year | |||
Balance at close of year | $ 10,811 | ||
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 | 1,511 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 840 | ||
Buildings & Improvements | 7,053 | ||
Total | 7,893 | ||
Accumulated Depreciation | (5,019) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 7,893 | ||
Deductions during year | |||
Balance at close of year | $ 5,019 | ||
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 | 533 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 870 | ||
Buildings & Improvements | 5,329 | ||
Total | 6,199 | ||
Accumulated Depreciation | (2,632) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 6,199 | ||
Deductions during year | |||
Balance at close of year | $ 2,632 | ||
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 | 1,046 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 273 | ||
Buildings & Improvements | 3,995 | ||
Total | 4,268 | ||
Accumulated Depreciation | (1,376) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 4,268 | ||
Deductions during year | |||
Balance at close of year | $ 1,376 | ||
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 | 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 | (2,205) | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,618 | ||
Buildings & Improvements | 5,486 | ||
Total | 7,104 | ||
Accumulated Depreciation | $ (780) | ||
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 | $ 7,104 | ||
Deductions during year | |||
Balance at close of year | 780 | ||
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 | 11,288 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 3,583 | ||
Buildings & Improvements | 51,360 | ||
Total | 54,943 | ||
Accumulated Depreciation | $ (12,684) | ||
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 | $ 54,943 | ||
Deductions during year | |||
Balance at close of year | 12,684 | ||
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 | 409 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 663 | ||
Buildings & Improvements | 10,215 | ||
Total | 10,878 | ||
Accumulated Depreciation | (3,432) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 10,878 | ||
Deductions during year | |||
Balance at close of year | $ 3,432 | ||
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 | 5,961 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 826 | ||
Buildings & Improvements | 18,285 | ||
Total | 19,111 | ||
Accumulated Depreciation | (10,340) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 19,111 | ||
Deductions during year | |||
Balance at close of year | $ 10,340 | ||
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 | 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 | 678 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 5,736 | ||
Buildings & Improvements | 70,635 | ||
Total | 76,371 | ||
Accumulated Depreciation | $ (8,307) | ||
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 | $ 76,371 | ||
Deductions during year | |||
Balance at close of year | 8,307 | ||
Multi Family 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 | 5,997 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 3,530 | ||
Buildings & Improvements | 20,648 | ||
Total | 24,178 | ||
Accumulated Depreciation | $ (2,074) | ||
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 | $ 24,178 | ||
Deductions during year | |||
Balance at close of year | 2,074 | ||
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 | 1,578 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 25,532 | ||
Buildings & Improvements | 103,751 | ||
Total | 129,283 | ||
Accumulated Depreciation | $ (20,846) | ||
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 | $ 129,283 | ||
Deductions during year | |||
Balance at close of year | 20,846 | ||
Multi Family Same-Store | Whispering Ridge - Omaha, NE | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 21,800 | ||
Initial Cost to Company [Abstract] | |||
Land | 2,139 | ||
Buildings & Improvements | 25,424 | ||
Costs capitalized subsequent to acquisition | 5,595 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 2,551 | ||
Buildings & Improvements | 30,607 | ||
Total | 33,158 | ||
Accumulated Depreciation | (11,771) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 33,158 | ||
Deductions during year | |||
Balance at close of year | $ 11,771 | ||
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 | 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 | (1,032) | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,526 | ||
Buildings & Improvements | 12,452 | ||
Total | 13,978 | ||
Accumulated Depreciation | $ (1,422) | ||
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 | $ 13,978 | ||
Deductions during year | |||
Balance at close of year | 1,422 | ||
Multi Family 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 | 1,891 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 4,040 | ||
Buildings & Improvements | 21,871 | ||
Total | 25,911 | ||
Accumulated Depreciation | $ (1,849) | ||
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 | $ 25,911 | ||
Deductions during year | |||
Balance at close of year | 1,849 | ||
Multi Family Same-Store | Woodland Pointe - Woodbury, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 31,673 | ||
Initial Cost to Company [Abstract] | |||
Land | 5,367 | ||
Buildings & Improvements | 40,422 | ||
Costs capitalized subsequent to acquisition | 15,422 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 5,449 | ||
Buildings & Improvements | 55,762 | ||
Total | 61,211 | ||
Accumulated Depreciation | $ (5,160) | ||
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 | $ 61,211 | ||
Deductions during year | |||
Balance at close of year | 5,160 | ||
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 | 6,062 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 761 | ||
Buildings & Improvements | 11,699 | ||
Total | 12,460 | ||
Accumulated Depreciation | (7,746) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 12,460 | ||
Deductions during year | |||
Balance at close of year | $ 7,746 | ||
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 | $ 127,594 | ||
Initial Cost to Company [Abstract] | |||
Land | 20,430 | ||
Buildings & Improvements | 272,796 | ||
Costs capitalized subsequent to acquisition | 2,801 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 20,503 | ||
Buildings & Improvements | 275,524 | ||
Total | 296,027 | ||
Accumulated Depreciation | (14,113) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 296,027 | ||
Deductions during year | |||
Balance at close of year | 14,113 | ||
MultiFamily Non-Same-Store | Elements of Linden Hills - Minneapolis, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 5,842 | ||
Initial Cost to Company [Abstract] | |||
Land | 941 | ||
Buildings & Improvements | 7,853 | ||
Costs capitalized subsequent to acquisition | 290 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 949 | ||
Buildings & Improvements | 8,135 | ||
Total | 9,084 | ||
Accumulated Depreciation | $ (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 | $ 9,084 | ||
Deductions during year | |||
Balance at close of year | 686 | ||
MultiFamily Non-Same-Store | Lake Vista Apartments Homes - Loveland, CO | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 49,033 | ||
Initial Cost to Company [Abstract] | |||
Land | 6,618 | ||
Buildings & Improvements | 80,737 | ||
Costs capitalized subsequent to acquisition | 434 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 6,649 | ||
Buildings & Improvements | 81,140 | ||
Total | 87,789 | ||
Accumulated Depreciation | $ (885) | ||
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 | $ 87,789 | ||
Deductions during year | |||
Balance at close of year | 885 | ||
MultiFamily Non-Same-Store | Lyra Apartments - Centennial, CO | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 37,809 | ||
Initial Cost to Company [Abstract] | |||
Land | 6,473 | ||
Buildings & Improvements | 86,149 | ||
Costs capitalized subsequent to acquisition | 423 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 6,481 | ||
Buildings & Improvements | 86,564 | ||
Total | 93,045 | ||
Accumulated Depreciation | $ (4,500) | ||
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 | $ 93,045 | ||
Deductions during year | |||
Balance at close of year | 4,500 | ||
MultiFamily Non-Same-Store | Martin Blu - Eden Prairie, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 27,193 | ||
Initial Cost to Company [Abstract] | |||
Land | 3,547 | ||
Buildings & Improvements | 45,212 | ||
Costs capitalized subsequent to acquisition | 866 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 3,560 | ||
Buildings & Improvements | 46,065 | ||
Total | 49,625 | ||
Accumulated Depreciation | $ (3,756) | ||
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 | $ 49,625 | ||
Deductions during year | |||
Balance at close of year | 3,756 | ||
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 | 295 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 1,918 | ||
Buildings & Improvements | 42,928 | ||
Total | 44,846 | ||
Accumulated Depreciation | $ (3,401) | ||
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 | $ 44,846 | ||
Deductions during year | |||
Balance at close of year | 3,401 | ||
MultiFamily Non-Same-Store | Zest - Minneapolis, MN | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 7,717 | ||
Initial Cost to Company [Abstract] | |||
Land | 936 | ||
Buildings & Improvements | 10,209 | ||
Costs capitalized subsequent to acquisition | 493 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 946 | ||
Buildings & Improvements | 10,692 | ||
Total | 11,638 | ||
Accumulated Depreciation | $ (885) | ||
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 | $ 11,638 | ||
Deductions during year | |||
Balance at close of year | 885 | ||
Total Multifamily | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 589,990 | ||
Initial Cost to Company [Abstract] | |||
Land | 197,975 | ||
Buildings & Improvements | 1,957,798 | ||
Costs capitalized subsequent to acquisition | 246,771 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 209,943 | ||
Buildings & Improvements | 2,192,601 | ||
Total | 2,402,544 | ||
Accumulated Depreciation | (526,565) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 2,402,544 | ||
Deductions during year | |||
Balance at close of year | 526,565 | ||
Other - Mixed Use | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 0 | ||
Initial Cost to Company [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 13,646 | ||
Costs capitalized subsequent to acquisition | 1,966 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 15,612 | ||
Total | 15,612 | ||
Accumulated Depreciation | (3,776) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 15,612 | ||
Deductions during year | |||
Balance at close of year | 3,776 | ||
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 | 616 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 6,495 | ||
Total | 6,495 | ||
Accumulated Depreciation | (1,665) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 6,495 | ||
Deductions during year | |||
Balance at close of year | $ 1,665 | ||
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 | 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 | 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 | 861 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 0 | ||
Buildings & Improvements | 2,461 | ||
Total | 2,461 | ||
Accumulated Depreciation | $ (350) | ||
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 | $ 2,461 | ||
Deductions during year | |||
Balance at close of year | 350 | ||
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 | $ (19) | ||
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 | 19 | ||
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 | $ (17) | ||
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 | 17 | ||
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 | $ (728) | ||
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 | 728 | ||
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 | (997) | ||
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 | $ 997 | ||
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 | (122) | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 246 | ||
Buildings & Improvements | 1,744 | ||
Total | 1,990 | ||
Accumulated Depreciation | (362) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 1,990 | ||
Deductions during year | |||
Balance at close of year | 362 | ||
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 | (122) | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 246 | ||
Buildings & Improvements | 1,744 | ||
Total | 1,990 | ||
Accumulated Depreciation | $ (362) | ||
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 | $ 1,990 | ||
Deductions during year | |||
Balance at close of year | 362 | ||
Total | |||
Real Estate And Accumulated Depreciation [Abstract] | |||
Encumbrances | 589,990 | ||
Initial Cost to Company [Abstract] | |||
Land | 198,221 | ||
Buildings & Improvements | 1,973,310 | ||
Costs capitalized subsequent to acquisition | 248,615 | ||
Gross amount at which carries at close of period [Abstract] | |||
Land | 210,189 | ||
Buildings & Improvements | 2,209,957 | ||
Total | 2,420,146 | ||
Accumulated Depreciation | (530,703) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at close of year | 2,420,146 | ||
Deductions during year | |||
Balance at close of year | $ 530,703 |