Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 12, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-35624 | ||
Entity Registrant Name | INVESTORS REAL ESTATE TRUST | ||
Entity Incorporation, State or Country Code | ND | ||
Entity Tax Identification Number | 45-0311232 | ||
Entity Address, Address Line One | 1400 31st Avenue SW | ||
Entity Address, Address Line Two | Suite 60 | ||
Entity Address, Address Line Three | Post Office Box 1988 | ||
Entity Address, City or Town | Minot | ||
Entity Address, State or Province | ND | ||
Entity Address, Postal Zip Code | 58702-1988 | ||
City Area Code | 701 | ||
Local Phone Number | 837-4738 | ||
Security Exchange Name | NYSE | ||
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 | ||
Entity Shell Company | false | ||
Entity Public Float | $ 679,479,919 | ||
Entity Common Stock, Shares Outstanding | 12,098,979 | ||
Entity Central Index Key | 0000798359 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
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 | IRET | ||
Series C Cumulative Redeemable Preferred Shares | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Series C Cumulative Redeemable Preferred Shares | ||
Trading Symbol | IRET-PC |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2018 |
Real estate investments | |||
Property owned | $ 1,643,078 | $ 1,627,636 | $ 1,669,764 |
Less accumulated depreciation | (349,122) | (353,871) | (311,324) |
Total property owned | 1,293,956 | 1,273,765 | 1,358,440 |
Unimproved land | 1,376 | 5,301 | 11,476 |
Mortgage loans receivable | 16,140 | 10,410 | 10,329 |
Total real estate investments | 1,311,472 | 1,289,476 | 1,380,245 |
Cash and cash equivalents | 26,579 | 13,792 | 11,891 |
Restricted cash | 19,538 | 5,464 | 4,225 |
Other assets | 34,829 | 27,265 | 30,297 |
TOTAL ASSETS | 1,392,418 | 1,335,997 | 1,426,658 |
LIABILITIES | |||
Accounts payable and accrued expenses | 47,155 | 40,892 | 29,018 |
Revolving lines of credit | 50,079 | 57,500 | 124,000 |
Notes payable, net of unamortized loan costs of $942, $1,009 and $486, respectively | 269,058 | 143,991 | 69,514 |
Mortgages payable, net of unamortized loan costs of $1,712, $1,777 and $2,221, respectively | 329,664 | 444,197 | 509,919 |
TOTAL LIABILITIES | 695,956 | 686,580 | 732,451 |
COMMITMENTS AND CONTINGENCIES (NOTE 14) | |||
REDEEMABLE NONCONTROLLING INTERESTS – CONSOLIDATED REAL ESTATE ENTITIES | 0 | 5,968 | 6,644 |
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 165,600 units issued and outstanding at December 31, 2019 and no units issued and outstanding at December 31, 2018 and April 30, 2018, aggregate liquidation preference of $16,560,000) | 16,560 | 0 | 0 |
EQUITY | |||
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 4,118,460 shares issued and outstanding at December 31, 2019, December 31, 2018, and April 30, 2018, aggregate liquidation preference of $102,971,475) | 99,456 | 99,456 | 99,456 |
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 12,098,379 shares issued and outstanding at December 31, 2019, 11,942,372 shares issued and outstanding at December 31, 2018, and 11,952,598 shares issued and outstanding at April 30, 2018) | 917,400 | 899,234 | 900,097 |
Accumulated distributions in excess of net income | (390,196) | (429,048) | (395,669) |
Accumulated other comprehensive income (loss) | (7,607) | (856) | 1,779 |
Total shareholders’ equity | 619,053 | 568,786 | 605,663 |
Noncontrolling interests – Operating Partnership (1,058,142 units at December 31, 2019, 1,367,502 units at December 31, 2018, and 1,409,943 units at April 30, 2018) | 55,284 | 67,916 | 73,012 |
Noncontrolling interests – consolidated real estate entities | 5,565 | 6,747 | 8,888 |
Total equity | 679,902 | 643,449 | 687,563 |
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY | $ 1,392,418 | $ 1,335,997 | $ 1,426,658 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2018 |
EQUITY | |||
Series D Preferred Units, par value (in dollars per shares) | $ 100 | $ 100 | $ 100 |
Series D Preferred Units, shares issued (in shares) | 166,000 | 0 | 0 |
Series D Preferred Units, shares outstanding (in shares) | 166,000 | 0 | 0 |
Series D Preferred Units liquidation preference | $ 16,560,000 | ||
Preferred Shares of Beneficial Interest, shares issued (in shares) | 4,118,460 | 4,118,460 | 4,118,460 |
Preferred Shares of Beneficial Interest, shares outstanding (in shares) | 4,118,460 | 4,118,460 | 4,118,460 |
Preferred shares liquidation preference | $ 102,971,475 | $ 102,971,475 | $ 102,971,475 |
Common Shares of Beneficial Interest, shares issued (in shares) | 12,098,379 | 11,942,372 | 11,952,598 |
Common Shares of Beneficial Interest, shares outstanding (in shares) | 12,098,379 | 11,942,372 | 11,952,598 |
Noncontrolling interests - Operating Partnership (in shares) | 1,058,142 | 1,367,502 | 1,409,943 |
Medium-term Notes | |||
LIABILITIES | |||
Mortgages payable, loan costs | $ 942,000 | $ 1,009,000 | $ 486,000 |
Mortgages | |||
LIABILITIES | |||
Mortgages payable, loan costs | $ 1,712,000 | $ 1,777,000 | $ 2,221,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | |
REVENUE | $ 121,871 | $ 185,755 | $ 169,745 | $ 160,104 |
EXPENSES | ||||
Property operating expenses, excluding real estate taxes | 37,198 | 57,249 | 54,292 | 47,587 |
Real estate taxes | 13,521 | 21,066 | 18,742 | 16,739 |
Casualty loss | 915 | 1,116 | 500 | 414 |
Depreciation and amortization | 50,456 | 74,271 | 82,070 | 44,253 |
Impairment of real estate investments | 1,221 | 0 | 18,065 | 57,028 |
General and administrative expenses | 9,812 | 14,450 | 14,203 | 15,871 |
Acquisition and investment related costs | 0 | 0 | 51 | 3,276 |
TOTAL EXPENSES | 116,786 | 174,338 | 193,449 | 190,214 |
Operating income (loss) | 5,085 | 11,417 | (23,704) | (30,110) |
Interest expense | (21,359) | (30,537) | (34,178) | (34,314) |
Loss on extinguishment of debt | (556) | (2,360) | (940) | (1,651) |
Interest and other income | 1,233 | 2,092 | 1,508 | 1,146 |
Income (loss) before gain (loss) on sale of real estate and other investments, gain (loss) on litigation settlement, and income (loss) from discontinued operations | (15,597) | (19,388) | (57,314) | (64,929) |
Gain (loss) on sale of real estate and other investments | 9,707 | 97,624 | 20,120 | 18,701 |
Gain (loss) on litigation settlement | 0 | 6,586 | 0 | 0 |
Income (loss) from continuing operations | (5,890) | 84,822 | (37,194) | (46,228) |
Income (loss) from discontinued operations | 570 | 0 | 164,823 | 76,753 |
NET INCOME (LOSS) | (5,320) | 84,822 | 127,629 | 30,525 |
Dividends to preferred unitholders | 0 | (537) | 0 | 0 |
Net (income) loss attributable to noncontrolling interests – Operating Partnership | 1,032 | (6,752) | (12,702) | (4,059) |
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities | (110) | 1,136 | 1,861 | 16,881 |
Net income (loss) attributable to controlling interests | (4,398) | 78,669 | 116,788 | 43,347 |
Dividends to preferred shareholders | (4,547) | (6,821) | (8,569) | (10,546) |
Redemption of preferred shares | 0 | 0 | (3,657) | (1,435) |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ (8,945) | $ 71,848 | $ 104,562 | $ 31,366 |
BASIC | ||||
Earnings (loss) per common share from continuing operations – basic (in dollars per share) | $ (0.79) | $ 6.06 | $ (3.54) | $ (3.01) |
Earnings (loss) per common share from discontinued operations – basic (in dollars per share) | 0.04 | 0 | 12.25 | 5.59 |
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC (in dollars per share) | (0.75) | 6.06 | 8.71 | 2.58 |
DILUTED | ||||
Earnings (loss) per common share from continuing operations - diluted (in dollars per share) | (0.79) | 6 | (3.54) | (3.01) |
Earnings (loss) per commong shares from discontinued operations - diluted (in dollars per share) | 0.04 | 0 | 12.25 | 5.59 |
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) | $ (0.75) | $ 6 | $ 8.71 | $ 2.58 |
Management Service | ||||
EXPENSES | ||||
Property management expenses | $ 3,663 | $ 6,186 | $ 5,526 | $ 5,046 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (5,320) | $ 84,822 | $ 127,629 | $ 30,525 |
Other comprehensive income: | ||||
Unrealized gain (loss) from derivative instrument | (2,794) | (7,040) | 1,627 | 0 |
(Gain) loss on derivative instrument reclassified into earnings | 159 | 289 | 152 | 0 |
Total comprehensive income (loss) | (7,955) | 78,071 | 129,408 | 30,525 |
Net comprehensive (income) loss attributable to noncontrolling interests – Operating Partnership | 1,032 | (6,058) | (12,888) | (4,059) |
Net comprehensive (income) loss attributable to noncontrolling interests – consolidated real estate entities | (110) | 1,136 | 1,861 | 16,881 |
Comprehensive income (loss) attributable to controlling interests | $ (7,033) | $ 73,149 | $ 118,381 | $ 43,347 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Shares | Common Shares of Beneficial Interest, no par value | Accumulated Distributions In Excess of Net Income | Accumulated Other Comprehensive Income | Noncontrolling Interest | Series A Preferred Stock | Series A Preferred StockAccumulated Distributions In Excess of Net Income | Series B Preferred Stock | Series B Preferred StockAccumulated Distributions In Excess of Net Income | Series C Preferred Stock | Series C Preferred StockAccumulated Distributions In Excess of Net Income |
Beginning balance at Apr. 30, 2016 | $ 718,262 | $ 138,674 | $ 922,084 | $ (442,000) | $ 0 | $ 99,504 | ||||||
Beginning balance (in shares) at Apr. 30, 2016 | 12,110 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) attributable to controlling interest and noncontrolling interests | 30,947 | 43,347 | (12,400) | |||||||||
Distributions – common shares and Units | (63,360) | (55,907) | (7,453) | |||||||||
Distributions - preferred shares | (10,546) | $ (1,403) | $ (1,403) | $ (9,143) | $ (9,143) | |||||||
Shares issued and share-based compensation (in shares) | 39 | |||||||||||
Shares issued and share-based compensation | 358 | $ 358 | ||||||||||
Redemption of Units for common shares (in shares) | 50 | |||||||||||
Redemption of Units for common shares | 0 | $ 875 | (875) | |||||||||
Redemption of Units for cash | (966) | (966) | ||||||||||
Shares repurchased (in shares) | (79) | |||||||||||
Shares repurchased | (33,253) | (27,317) | $ (4,501) | (1,435) | ||||||||
Contributions from nonredeemable noncontrolling interests – consolidated real estate entities | 7,188 | 7,188 | ||||||||||
Conversion of equity of notes receivable from noncontrolling interests - consolidated real estate entities | (7,366) | (7,366) | ||||||||||
Acquisition of nonredeemable noncontrolling interests - consolidated real estate entities | (4,874) | (9,893) | 5,019 | |||||||||
Other | (232) | (18) | (214) | |||||||||
Ending balance at Apr. 30, 2017 | 636,158 | 111,357 | $ 908,905 | (466,541) | 0 | 82,437 | ||||||
Ending balance (in shares) at Apr. 30, 2017 | 12,120 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) attributable to controlling interest and noncontrolling interests | 128,370 | 116,788 | 11,582 | |||||||||
Change in fair value of derivatives | 1,779 | 1,779 | ||||||||||
Distributions – common shares and Units | (37,785) | (33,689) | (4,096) | |||||||||
Distributions - preferred shares | (8,569) | $ (4,571) | $ (4,571) | $ (3,999) | $ (3,999) | |||||||
Shares issued and share-based compensation (in shares) | 10 | |||||||||||
Shares issued and share-based compensation | 1,663 | $ 1,663 | ||||||||||
Redemption of Units for common shares (in shares) | 3 | |||||||||||
Redemption of Units for common shares | 0 | $ 34 | (34) | |||||||||
Redemption of Units for cash | (8,775) | (8,775) | ||||||||||
Shares repurchased (in shares) | (178) | |||||||||||
Shares repurchased | (124,949) | (111,357) | $ (9,935) | (3,657) | ||||||||
Contributions from nonredeemable noncontrolling interests – consolidated real estate entities | 619 | 619 | ||||||||||
Other (in shares) | (2) | |||||||||||
Other | (403) | $ (570) | 167 | |||||||||
Issuance of Series C preferred shares | 99,456 | 99,456 | ||||||||||
Ending balance at Apr. 30, 2018 | 687,563 | 99,456 | $ 900,097 | (395,669) | 1,779 | 81,900 | ||||||
Ending balance (in shares) at Apr. 30, 2018 | 11,953 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) attributable to controlling interest and noncontrolling interests | (4,878) | (4,398) | (480) | |||||||||
Change in fair value of derivatives | (2,635) | (2,635) | ||||||||||
Distributions – common shares and Units | (27,977) | (25,060) | (2,917) | |||||||||
Distributions - preferred shares | (4,547) | (4,548) | (4,548) | |||||||||
Shares issued and share-based compensation (in shares) | 3 | |||||||||||
Shares issued and share-based compensation | 1,042 | $ 1,042 | ||||||||||
Redemption of Units for common shares (in shares) | 33 | |||||||||||
Redemption of Units for common shares | 0 | $ 649 | (649) | |||||||||
Redemption of Units for cash | (498) | (498) | ||||||||||
Shares repurchased (in shares) | (42) | |||||||||||
Shares repurchased | (2,172) | $ (2,172) | ||||||||||
Acquisition of nonredeemable noncontrolling interests - consolidated real estate entities | (44) | $ (175) | 131 | |||||||||
Other (in shares) | (5) | |||||||||||
Other | (207) | $ (207) | ||||||||||
Distributions to nonredeemable noncontrolling interests - consolidated real estate entities | (2,432) | (2,432) | ||||||||||
Conversion to equity of notes receivable from nonredeemable noncontrolling interests – consolidated real estate entities | (392) | (392) | ||||||||||
Ending balance at Dec. 31, 2018 | 643,449 | 99,456 | $ 899,234 | (429,048) | (856) | 74,663 | ||||||
Ending balance (in shares) at Dec. 31, 2018 | 11,942 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) attributable to controlling interest and noncontrolling interests | 84,459 | 78,669 | 5,790 | |||||||||
Change in fair value of derivatives | (6,751) | (6,751) | ||||||||||
Distributions – common shares and Units | (36,410) | (32,996) | (3,414) | |||||||||
Distributions - preferred shares | (6,821) | $ (6,821) | $ (6,821) | |||||||||
Shares issued and share-based compensation (in shares) | 11 | |||||||||||
Shares issued and share-based compensation | 1,905 | $ 1,905 | ||||||||||
Sale of common shares, net (in shares) | 308 | |||||||||||
Sale of common shares, net | 22,019 | $ 22,019 | ||||||||||
Redemption of Units for common shares (in shares) | 173 | |||||||||||
Redemption of Units for common shares | 0 | $ 7,823 | (7,823) | |||||||||
Redemption of Units for cash | (8,147) | (8,147) | ||||||||||
Shares repurchased (in shares) | (329) | |||||||||||
Shares repurchased | (18,023) | $ (18,023) | ||||||||||
Conversion of equity of notes receivable from noncontrolling interests - consolidated real estate entities | (220) | (220) | ||||||||||
Acquisition of nonredeemable noncontrolling interests – consolidated real estate entities | 4,529 | $ 4,529 | ||||||||||
Other (in shares) | (7) | |||||||||||
Other | (87) | $ (87) | ||||||||||
Ending balance at Dec. 31, 2019 | $ 679,902 | $ 99,456 | $ 917,400 | $ (390,196) | $ (7,607) | $ 60,849 | ||||||
Ending balance (in shares) at Dec. 31, 2019 | 12,098 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | |
Distributions - common shares and units (in dollars per share) | $ 2.10 | $ 2.80 | $ 2.80 | $ 4.60 |
Series A Preferred Stock | ||||
Distributions - preferred shares (in dollars per share) | 1.0312 | |||
Series B Preferred Stock | ||||
Distributions - preferred shares (in dollars per share) | 0.9938 | $ 1.9875 | ||
Series C Preferred Stock | ||||
Distributions - common shares and units (in dollars per share) | $ 1.2422 | |||
Distributions - preferred shares (in dollars per share) | $ 1.65625 | $ 1.65625 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income (loss) | $ (5,320) | $ 84,822 | $ 127,629 | $ 30,525 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 51,394 | 75,408 | 83,276 | 46,135 |
Depreciation and amortization from discontinued operations | 0 | 0 | 8,526 | 10,477 |
(Gain) loss on sale of real estate, land, other investments and discontinued operations | (10,277) | (97,624) | (183,687) | (74,847) |
(Gain) loss on extinguishment of debt and discontinued operations | 482 | 2,360 | 6,839 | 3,848 |
(Gain) loss on litigation settlement | 0 | (1,349) | 0 | 0 |
Share-based compensation expense | 845 | 1,905 | 1,587 | 6 |
Impairment of real estate investments | 1,221 | 0 | 18,065 | 57,028 |
Other, net | 629 | 1,096 | 1,457 | 3,660 |
Changes in other assets and liabilities: | ||||
Other assets | (1,145) | 1,076 | (646) | (214) |
Accounts payable and accrued expenses | 2,205 | 1,930 | (7,851) | 2,434 |
Net cash provided (used) by operating activities | 40,034 | 69,624 | 55,195 | 79,052 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Issuance of loans receivable | (918) | (6,279) | (15,480) | 0 |
Purchase of marketable securities | 0 | (6,942) | 0 | 0 |
Proceeds from sale of discontinued operations | 0 | 0 | 426,131 | 237,135 |
Proceeds from sale of real estate and other investments | 62,695 | 199,282 | 64,639 | 47,354 |
Payments for acquisitions of real estate assets | (977) | (158,466) | (374,081) | 0 |
Payments for improvements of real estate assets | 0 | 0 | (2,655) | (18,274) |
Payments for improvements of real estate assets | (11,518) | (20,954) | (17,980) | (41,083) |
Other investing activities | 1,889 | 366 | (462) | (972) |
Net cash provided (used) by investing activities | 51,171 | 7,007 | 80,112 | 224,160 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from mortgages payable | 0 | 59,900 | 0 | 84,150 |
Principal payments on mortgages payable | (67,016) | (177,743) | (205,159) | (298,984) |
Proceeds from revolving lines of credit | 53,017 | 245,397 | 370,350 | 246,000 |
Principal payments on revolving lines of credit | (119,517) | (252,818) | (303,400) | (206,450) |
Proceeds from notes payable and other debt | 74,352 | 124,878 | 72,714 | 19,341 |
Principal payments on notes payable and other debt | 0 | 0 | (21,689) | (49,080) |
Payoff of financing liability | 0 | 0 | (7,900) | 0 |
Proceeds from sale of common shares, net of issuance costs | 0 | 22,019 | 0 | 0 |
Additions to notes receivable from noncontrolling partner – consolidated real estate entities | 0 | 0 | 0 | (9,211) |
Proceeds from noncontrolling partner – consolidated real estate entities | 0 | 0 | 0 | 9,749 |
Payments for acquisition of noncontrolling interests – consolidated real estate entities | 0 | (1,260) | 0 | (4,938) |
Proceeds from sale of preferred shares | 0 | 0 | 99,467 | 0 |
Repurchase of common shares | (2,172) | (18,023) | (9,935) | (4,501) |
Repurchase of preferred shares | 0 | 0 | (115,017) | (28,752) |
Repurchase of partnership units | (498) | (8,147) | (8,775) | (966) |
Distributions paid to common shareholders | (16,724) | (32,891) | (33,689) | (55,907) |
Distributions paid to preferred shareholders | (5,116) | (6,821) | (8,763) | (10,744) |
Distributions paid to noncontrolling interests – Unitholders of the Operating Partnership | (1,959) | (3,630) | (4,096) | (7,453) |
Distributions paid to noncontrolling interests – consolidated real estate entities | (2,432) | (220) | (99) | (174) |
Distributions paid to preferred unitholders | 0 | (377) | 0 | 0 |
Other financing activities | 0 | (34) | 0 | 0 |
Net cash provided (used) by financing activities | (88,065) | (49,770) | (175,991) | (317,920) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 3,140 | 26,861 | (40,684) | (14,708) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR | 16,116 | 19,256 | 56,800 | 71,508 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | 19,256 | 46,117 | 16,116 | 56,800 |
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||
Accrued capital expenditures | (329) | 1,273 | (3,415) | (1,851) |
Distributions declared but not paid | 0 | 9,210 | 0 | 0 |
Conversion to equity of notes receivable from noncontrolling interests - consolidated real estate entities | 670 | 0 | 0 | 9,846 |
Construction debt reclassified to mortgages payable | 0 | 0 | 23,300 | 10,549 |
Increase in mortgage notes receivable | 0 | 0 | 10,329 | 0 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||
Cash paid for interest, net of amounts capitalized of $0, $0, $0 and $431, respectively | 24,135 | 28,679 | 35,758 | 34,432 |
Series D Preferred Units | ||||
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||
Property acquired through issuance of Series D preferred units | $ 0 | $ 16,560 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Interest capitalized | $ 0 | $ 0 | $ 0 | $ 431 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Investors Real Estate Trust (“IRET,” “we” or “us”) is a real estate investment trust (“REIT”) focused on the ownership, management, acquisition, redevelopment and development of apartment communities. As of December 31, 2019 , we held for investment 69 apartment communities with 11,953 homes. We conduct a majority of our business activities through our consolidated operating partnership, IRET Properties, a North Dakota Limited Partnership (the “Operating Partnership”), as well as through a number of other subsidiary entities. All references to IRET, we, or us refer to Investors Real Estate Trust and its consolidated subsidiaries. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The accompanying consolidated financial statements include our accounts and the accounts of all our subsidiaries in which we maintain a controlling interest, including the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. On September 20, 2018, our Board of Trustees approved a change in our fiscal year-end from April 30 to December 31, effective as of January 1, 2019. As a result of this change, we filed a transition report on Form 10-KT for the eight-month transition period ended December 31, 2018, in accordance with SEC rules and regulations. The references in these notes to the consolidated financial statements to the terms listed below reflect the respective periods presented in the consolidated financial statements: Term Financial Reporting Period Year ended December 31, 2019 January 1, 2019 through December 31, 2019 Transition period ended December 31, 2018 May 1, 2018 through December 31, 2018 Fiscal year ended April 30, 2018 May 1, 2017 through April 30, 2018 Fiscal year ended April 30, 2017 May 1, 2016 through April 30, 2017 Our interest in the Operating Partnership was 92.0% , 89.7% , and 89.4% , respectively, of the limited partnership units of the Operating Partnership (“Units”) as of December 31, 2019 , December 31, 2018, and April 30, 2018 , which includes 100% of the general partnership interest. On December 14, 2018, the Board approved a reverse stock split of our outstanding common shares and Units, no par value per share, at a ratio of 1-for-10. The reverse stock split was effective as of the close of trading on December 27, 2018, with trading commencing on a split-adjusted basis on December 28, 2018. The number of common shares and Units was reduced from 119.4 million to 11.9 million and 13.7 million to 1.4 million , respectively. We have retroactively restated all shares and Units and per share and Unit data for all periods presented. The consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partner's or controlling interest. These entities are consolidated into our other operations with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income, and expenses. USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. RECENT ACCOUNTING PRONOUNCEMENTS The following table provides a brief description of recent GAAP accounting standards updates (“ASUs”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; ASU 2018-19, Codification Improvements to Topic 326; ASU 2019-05, Financial Instruments - Credit Losses - Targeted Transition Relief; ASU 2019-11, Codification improvements to Topic 326, Financial Instruments - Credit Losses These ASUs require entities to estimate a lifetime expected credit loss for most financial assets, such as loans and other financial instruments, and to present the net amount expected to be collected. In 2018, another ASU was issued to amend ASU 2016-13 which clarifies that it does not apply to operating lease receivables. In 2019, an additional ASU was issued to provide transition relief in which an entity is allowed to elect the fair value option on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. These ASUs are effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We will elect the fair value option, as allowed by ASU 2019-05, for our mortgages receivable and notes receivable at January 1, 2020. The fair value option election is not expected to have a material impact on our consolidated financial statements but will require additional disclosures. ASU 2018-13, Fair Value Measurements (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurements This ASU eliminates certain disclosure requirements affecting all levels of measurement, and modifies and adds new disclosure requirements for Level 3 measurements. This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. The new standard will not have a material impact on our condensed consolidated financial statements. ASU 2019-01, Leases (Topic 842) - Codification Improvements This ASU provides clarification on various lease related issues and provides for reduced transition disclosure requirements. This ASU has two effective dates. The various lease issues are effective for annual reporting periods beginning after December 15, 2019. The transition disclosures are effective with ASU 2016-02, Leases. We adopted this standard using the modified retrospective approach effective January 1, 2019. The adoption of the standard did not have a material impact on our condensed consolidated financial statements. Refer to the "Leases" section below for transition disclosures. ASU 2019-07, Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates This ASU clarifies or improves the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC's regulations, thereby eliminating redundancies and making the codification easier to apply. This ASU was effective upon issuance. The adoption of this ASU did not have a material impact on our condensed consolidated financial statements and the related disclosures. RECLASSIFICATIONS Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. These reclassifications had no impact on net income as reported in the consolidated statement of operations, total assets, liabilities or equity as reported in the consolidated balance sheets and total shareholder’s equity. We report in discontinued operations the results of operations and the related gains or losses of properties that have either been disposed or classified as held for sale and for which the disposition represents a strategic shift that has or will have a major effect on our operations and financial results. REAL ESTATE INVESTMENTS Real estate investments are recorded at cost less accumulated depreciation and an adjustment for impairment, if any. Property, consisting primarily of real estate investments, totaled $1.3 billion , $1.3 billion , and $1.4 billion as of December 31, 2019 , December 31, 2018 , and April 30, 2018 , respectively. Upon acquisitions of real estate, we assess the fair value of acquired tangible assets (including land, buildings and personal property), which is determined by valuing the property as if it were vacant, and consider whether there were significant intangible assets acquired (for example, above- and below-market leases, the value of acquired in-place leases and resident relationships) and assumed liabilities, and allocate the purchase price based on these assessments. The as-if-vacant value is allocated to land, buildings, and personal property based on our determination of the relative fair values of these assets. The estimated fair value of the property is the amount that would be recoverable upon the disposition of the property. Techniques used to estimate fair value include discounted cash flow analysis and reference to recent sales of comparable properties. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property. Land value is assigned based on the purchase price if land is acquired separately or based on a relative fair value allocation if acquired in a portfolio acquisition. Other intangible assets acquired include amounts for in-place lease values that are based upon our evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include an estimate of carrying costs and foregone rental income during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. We also consider information about each property obtained during pre-acquisition due diligence, marketing, and leasing activities in estimating the relative fair value of the tangible and intangible assets acquired. Acquired above- and below-market lease values are recorded as the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. We use a 10 - 37 year estimated life for buildings and improvements and a 5 - 10 year estimated life for furniture, fixtures, and equipment. We follow the real estate project costs guidance in ASC 970, Real Estate – General, in accounting for the costs of development and redevelopment projects. As real estate is undergoing development or redevelopment, all project costs directly associated with and attributable to the development and construction of a project, including interest expense and real estate tax expense, are capitalized to the cost of the real property. The capitalization period begins when development activities and expenditures begin and are identifiable to a specific property and ends upon completion, which is when the asset is ready for its intended use. Generally, rental property is considered substantially complete upon issuance of a certificate of occupancy. General and administrative costs are expensed as incurred. Interest of approximately $4,000 and $431,000 was capitalized in continuing and discontinued operations for the years ended April 30, 2018 and 2017 , respectively. We did not capitalize interest during the year ended December 31, 2019 or the transition period ended December 31, 2018 . Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five to twenty years . Property sales or dispositions are recorded when control of the assets transfers to the buyer and we have no significant continuing involvement with the property sold. 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 asset group, and legal and environmental concerns. If indicators exist, we compare the expected future undiscounted cash flows for the long-lived asset group against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount of the asset group. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future 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, 2019 , we did not incur a loss for impairment on real estate. During the transition period ended December 31, 2018 , we incurred a loss of $1.2 million due to impairment of a parcel of land in Bismarck, North Dakota. The parcel was written-down to estimated fair value based on receipt of a market offer to purchase and our intent to dispose of the property. During the fiscal year ended April 30, 2018, we incurred a loss of $18.1 million due to impairment of one apartment community, three other commercial properties, and four parcels of land. We recognized impairments of $12.2 million on one apartment community in Grand Forks, North Dakota; $1.4 million on an industrial property in Bloomington, Minnesota; $922,000 on an industrial property in Woodbury, Minnesota; and $630,000 on a retail property in Minot, North Dakota. These properties were written-down to estimated fair value based on independent appraisals and market data or, in the case of the retail property, receipt of a market offer to purchase and our intent to dispose of the property. We recognized impairments of $428,000 on a parcel of land in Williston, North Dakota; $1.5 million on a parcel of land in Grand Forks, North Dakota; and $256,000 and $709,000 on two parcels of land in Bismarck, North Dakota. These parcels were written down to estimated fair value based on independent appraisals and market data. During the fiscal year ended April 30, 2017, we incurred a loss of $57.0 million due to impairment of 16 apartment communities and two parcels of unimproved land. We recognized impairments of $40.9 million , $5.8 million , $4.7 million , and $2.8 million , respectively, on three apartment communities and one parcel of unimproved land in Williston, North Dakota, due to deterioration of this energy-impacted market, which resulted in poor leasing activity and declining rental rates, which should generally be a strong leasing period. These properties were written down to estimated fair value based on an independent appraisal in the case of one property and management cash flow estimates and market data in the case of the remaining assets. The properties impaired for $40.9 million , $4.7 million , and $2.8 million were owned by joint venture entities in which, at the time of impairment, we had an approximately 70% , 60% , and 70% interest, respectively, but which were consolidated in our consolidated financial statements. We recognized impairments of $2.9 million on 13 properties and one parcel of land in Minot, North Dakota. These properties were written down to estimated fair value based on management cash flow estimates and market data and, in the case of the 13 properties, our intent to dispose of the properties. CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS Effective May 1, 2017, we changed the estimated useful lives of our real estate assets to better reflect the estimated periods during which they would be of economic benefit. Generally, the estimated lives of buildings and improvements that previously were 20 - 40 years were decreased to 10 - 37 years, while those that were previously nine years were changed to 5 - 10 years. The effect of this change in estimate for the fiscal year ended April 30, 2018 , was to increase depreciation expense by approximately $29.3 million , decrease net income by $29.3 million , and decrease earnings per share by $0.22 . REAL ESTATE HELD FOR SALE Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. Our determination of fair value is based on inputs management believes are consistent with those that market participants would use. Estimates are significantly impacted by estimates of sales price, selling velocity, and other factors. Due to uncertainties in the estimation process, actual results could differ from such estimates. Depreciation is not recorded on assets classified as held for sale. We classify properties as held for sale when they meet the GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We generally consider these criteria met when the transaction has been approved by our Board of Trustees, there are no known significant contingencies related to the sale, and management believes it is probable that the sale will be completed within one year . We had no properties classified as held for sale at December 31, 2019 , December 31, 2018 , and April 30, 2018 . We report in discontinued operations the results of operations and the related gains or losses on the sales of properties that have either been disposed of or classified as held for sale and meet the classification of a discontinued operation as described in ASC 205 - Presentation of Financial Statements and ASC 360 - Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . Under these standards, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (in thousands) Balance sheet description December 31, 2019 December 31, 2018 April 30, 2018 Cash and cash equivalents $ 26,579 $ 13,792 $ 11,891 Restricted cash 19,538 5,464 4,225 Total cash, cash equivalents and restricted cash $ 46,117 $ 19,256 $ 16,116 Cash and cash equivalents include all cash and highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents consist of our bank deposits, short-term investment certificates acquired subject to repurchase agreements, and our deposits in a money market mutual fund. We are potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. As of December 31, 2019 restricted cash consisted of $17.2 million of net tax-deferred exchange proceeds remaining from a portion of our dispositions and $2.3 million in escrows held by lenders for real estate taxes, insurance, and capital additions. As of December 31, 2018 , and April 30, 2018 , restricted cash consisted primarily of escrows held by lenders for real estate taxes, insurance, and capital additions. Tax, insurance, and other escrows include funds deposited with a lender for payment of real estate taxes and insurance and reserves for funds to be used for replacement of structural elements and mechanical equipment of certain projects. The funds are under the control of the lender. Disbursements are made after supplying written documentation to the lender. LEASES Effective January 1, 2019, we adopted ASUs 2016-02, 2018-10, 2018-11, 2018-20, and 2019-01 related to leases using the modified retrospective approach. We elected to adopt the package of practical expedients permitted under the transition guidance, which permits us to not reassess prior conclusions about lease identification, classification, and initial direct costs under the new standard, and the practical expedient related to land easements, which allows us to not evaluate existing or expired land easements that were not previously accounted for under ASC 840. We made an accounting policy election to exclude leases in which we are a lessee with a term of 12 months or less from the balance sheet. As a lessor, we primarily lease multifamily apartment homes which qualify as operating leases with terms that are generally one year or less. Rental revenues are recognized in accordance with ASC 842, Leases, using a method that represents a straight-line basis over the term of the lease. Rental income represents approximately 98.1% of our total revenues and includes gross market rent less adjustments for concessions, vacancy loss, and bad debt. Other property revenues represent the remaining 1.9% of our total revenues and are primarily driven by other fee income, which is typically recognized when earned, at a point in time. Some of our apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three to fifteen years. The leases for commercial spaces generally include options to extend the lease for additional terms. Many of our leases contain non-lease components for utility reimbursement from our residents. We have elected the practical expedient to combine lease and non-lease components for all asset classes. The combined components are included in lease income and are accounted for under ASC 842. The aggregate amount of future scheduled lease income on our operating leases for commercial spaces, excluding any variable lease income and non-lease components, as of December 31, 2019 , was as follows: (in thousands) 2020 $ 2,993 2021 3,020 2022 3,024 2023 2,847 2024 2,308 Thereafter 4,793 Total scheduled lease income - operating leases $ 18,985 REVENUE We adopted ASU 2014-09, Revenue from Contracts with Customers, as of May 1, 2018, using the modified retrospective approach. We elected to apply the new standard to contracts that were not complete as of May 1, 2018. We also elected to omit disclosing the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Under the new standard, revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration the company expects to be entitled for those goods and services. Revenue streams that are included in ASU 2014-09 include: • Other property revenues: We recognize revenue for rental related income not included as a component of a lease, such as other application fees, as earned, and have concluded that this is appropriate under the new standard. • Gains or losses on sales of real estate: Subsequent to the adoption of the new standard, a gain or loss is recognized when the criteria for derecognition of an asset are met, including when (1) a contract exists and (2) the buyer obtained control of the nonfinancial asset that was sold. As a result, we may recognize a gain on real estate disposition transactions that previously did not qualify as a sale or for full profit recognition under the previous accounting standard. Any gain or loss on real estate dispositions is net of certain closing and other costs associated with the disposition. We concluded that the adoption of the new standard required a cumulative adjustment of $627,000 to the opening balance of retained earnings as of May 1, 2018, due to the sale of a group of properties in the prior fiscal year. The sale of properties was previously accounted for using the installment method. Under the installment method, we recorded a mortgage receivable net of the deferred gain on sale, which was to be recognized as payments were received. The gain on sale under the new revenue standard is recognized when control of the assets is transferred to the buyer. As a result of our adoption of the new standard, we recorded a cumulative adjustment to retained earnings and increased the mortgage receivable by $627,000 to recognize the previously deferred gain on sale. The following table presents the disaggregation of revenue streams of our rental income for the year ended December 31, 2019 and the transition period ended December 31, 2018 : (in thousands) Year ended Transition period ended Revenue Stream Applicable Standard December 31, 2019 December 31, 2018 Fixed lease income - operating leases Leases $ 176,706 $ 114,047 Variable lease income - operating leases Leases 5,586 3,528 Non-lease components Revenue from contracts with customers — — Other property revenue Revenue from contracts with customers 3,463 4,296 Total revenue $ 185,755 $ 121,871 INCOME TAXES We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding capital gains, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the year ended December 31, 2019 , the transition period ended December 31, 2018 and the fiscal years ended April 30, 2018 , and 2017 , we distributed in excess of 90% of our taxable income and realized capital gains from property dispositions within the prescribed time limits. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, we may be subject to certain state and local income and property taxes, and to federal income and excise taxes on undistributed taxable income. In general, however, if we qualify as a REIT, no provisions for federal income taxes are necessary except for taxes on undistributed REIT taxable income and taxes on the income generated by a taxable REIT subsidiary (TRS). We have one TRS, acquired during the second quarter of fiscal year 2014, which is subject to corporate federal and state income taxes on its taxable income at regular statutory rates. For the year ended December 31, 2019 , we estimate that the TRS will have no taxable income. There were no income tax provisions or material deferred income tax items for our TRS for the year ended December 31, 2019 , the transition period ended December 31, 2018 and the fiscal years ended April 30, 2018 , and 2017 . We conduct our business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through our Operating Partnership. UPREIT status allows us to accept the contribution of real estate in exchange for Units. Generally, such a contribution to a limited partnership allows for the deferral of gain by an owner of appreciated real estate. The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2019 , December 31, 2018, and December 31, 2017, CALENDAR YEAR 2019 2018 2017 Tax status of distributions Capital gain 38.53 % 100.00 % 48.87 % Ordinary income 23.43 % — 14.59 % Return of capital 38.04 % — 36.54 % VARIABLE INTEREST ENTITY We have determined that our Operating Partnership and each of our less-than-wholly owned real estate partnerships is a variable interest entity (“VIE”), as the limited partners or the functional equivalent of limited partners lack substantive kick-out rights and substantive participating rights. We are the primary beneficiary of the VIEs, and the VIEs are required to be consolidated on our balance sheet because we have a controlling financial interest in the VIEs and have both the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Because our Operating Partnership is a VIE, all of our assets and liabilities are held through a VIE. OTHER ASSETS As of December 31, 2019 , December 31, 2018 , and April 30, 2018 , other assets consisted of the following amounts: in thousands December 31, 2019 December 31, 2018 April 30, 2018 Receivable arising from straight line rents $ 785 $ 1,145 $ 1,458 Accounts receivable, net of allowance 154 71 81 Fair value of interest rate swaps — 818 1,779 Loans receivable 16,557 16,399 15,480 Marketable securities 7,055 — — Prepaid and other assets 4,866 3,802 5,334 Intangible assets, net of accumulated amortization 1,212 498 1,469 Property and equipment, net of accumulated depreciation 1,277 686 820 Goodwill 1,086 1,546 1,553 Deferred charges and leasing costs 1,837 2,300 2,323 Total Other Assets $ 34,829 $ 27,265 $ 30,297 PROPERTY AND EQUIPMENT Property and equipment consists primarily of office equipment located at our headquarters in Minot, North Dakota and corporate office in Minneapolis, Minnesota. The consolidated balance sheets reflects these assets at cost, net of accumulated depreciation, and are included within Other Assets. As of December 31, 2019 , December 31, 2018 , and April 30, 2018 , property and equipment cost was $2.9 million , $2.2 million , and $2.1 million , respectively. Accumulated depreciation was $1.7 million , $1.4 million , and $1.3 million as of December 31, 2019 , December 31, 2018 , and April 30, 2018 , respectively, and are included within other assets in the consolidated balance sheets. MORTGAGE LOANS RECEIVABLE AND NOTES RECEIVABLE In August 2017, we sold 13 apartment communities in exchange for cash and an $11.0 million note secured by a mortgage on the assets. As of December 31, 2019 , December 31, 2018 , and April 30, 2018 the remaining balance on the mortgage was $10.0 million , $10.4 million , and $11.0 million , respectively. As of December 31, 2019 , 12 communities remained in the pool of assets used to secure the mortgage. The note bears an interest rate of 5.5% and matures in August 2020. Monthly payments are interest-only, with the principal balance payable at maturity. We received and recognized approximately $570,000 , $448,000 , and $372,000 of interest income during the year ended December 31, 2019 , the transition period ended December 31, 2018 , and the fiscal year ended April 30, 2018 , respectively. In July 2017, we originated a $16.2 million loan in a multifamily development located in New Hope, MN, a Minneapolis suburb. We funded an additional $341,000 upon satisfaction of certain conditions set forth in the loan agreement. The note bears an interest rate of 6% , matures in July 2023, and provides us an option to purchase the development prior to the loan maturity date. Interest payments are due when the note matures. As of December 31, 2019 , the balance of the note, including accrued interest, was $16.6 million , which appears in other assets on our consolidated balance sheets. I n December 2019, we originated a $29.9 million construction loan and a $15.3 million mezzanine loan for the development of a multifamily development located in Minneapolis, Minnesota. The construction and mezzanine loans bear interest at 4.5% and 11.5% , respectively. As of December 31, 2019 , we had funded $6.2 million of the construction loan, which appears within mortgages receivable in our consolidated balance sheets. The loans are secured by mortgages and mature on December 31, 2023, and the agreement provides us with an option to purchase the development. The loans represent an investment in an unconsolidated variable interest entity. We are not the primary beneficiary of the VIE as we do not have the power to direct the activities which most significantly impact the entity’s economic performance nor do we have significant influence over the entity. MARKETABLE SECURITIES As of December 31, 2019 , marketable securities consisted of equity securities. We report equity securities at fair value based on quoted market prices (Level 1 inputs). Any unrealized gains or losses are included in interest and other income on the consolidated statements of operations. GAIN ON LITIGATION SETTLEMENT During the year ended December 31, 2019 , we recorded a gain on litigation settlement of $6.6 million from the settlement on a construction defect claim. The gain consisted of $5.2 million of cash received and $1.4 million of liabilities waived under the terms of the settlement. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. We have issued restricted stock units ("RSUs") under our 2015 Incentive Plan and Series D Convertible Preferred Units ("Series D preferred units"), which could have a dilutive effect on our earnings per share upon exercise of the RSUs or upon conversion of the Series D preferred units (refer to Note 4 for further discussion of the preferred units). Other than the issuance of RSUs and Series D preferred units, we have no outstanding options, warrants, convertible stock, or other contractual obligations requiring issuance of additional common shares that would result in a dilution of earnings. Under the terms of the Operating Partnership's Agreement of Limited Partnership, limited partners have the right to require the Operating Partnership to redeem their limited partnership units ("Units") any time following the first anniversary of the date they acquired such Units ("Exchange Right"). Upon the exercise of Exchange Rights, and in our sole discretion, we may issue common shares in exchange for Units on a one -for-one-basis. For the year ended December 31, 2019 , performance-based restricted stock awards of 37,822 were excluded from the calculation of diluted earnings per share because the assumed proceeds per share plus the average unearned compensation were greater than the average market price of the common shares for the periods presented and, therefore, were anti-dilutive. Refer to Note 16 - Share-Based Compensation for discussion of the terms for these awards. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the consolidated financial statements for the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal years ended April 30, 2018 and 2017 : (in thousands, except per share data) For Year Ended For Period Ended For Year Ended December 31, 2019 December 31, 2018 April 30, 2018 April 30, 2017 NUMERATOR Income (loss) from continuing operations – controlling interests $ 78,669 $ (4,908 ) $ (30,266 ) $ (24,473 ) Income (loss) from discontinued operations – controlling interests — 510 147,054 67,820 Net income (loss) attributable to controlling interests 78,669 (4,398 ) 116,788 43,347 Dividends to preferred shareholders (6,821 ) (4,547 ) (8,569 ) (10,546 ) Redemption of preferred shares — — (3,657 ) (1,435 ) Numerator for basic earnings per share – net income available to common shareholders 71,848 (8,945 ) 104,562 31,366 Noncontrolling interests – Operating Partnership 6,752 (1,032 ) 12,702 4,059 Dividends to preferred unitholders 537 — — — Numerator for diluted earnings (loss) per share $ 79,137 $ (9,977 ) $ 117,264 $ 35,425 DENOMINATOR Denominator for basic earnings per share weighted average shares 11,744 11,937 11,998 12,117 Effect of redeemable operating partnership units 1,237 1,387 1,462 1,613 Effect of Series D preferred units 193 — — — Effect of diluted restricted stock awards and restricted stock units 8 — — — Denominator for diluted earnings per share 13,182 13,324 13,460 13,730 Earnings (loss) per common share from continuing operations – basic $ 6.06 $ (0.79 ) $ (3.54 ) $ (3.01 ) Earnings (loss) per common share from discontinued operations – basic — 0.04 12.25 5.59 NET EARNINGS (LOSS) PER COMMON SHARE – BASIC $ 6.06 $ (0.75 ) $ 8.71 $ 2.58 Earnings (loss) per common share from continuing operations – diluted $ 6.00 $ (0.79 ) $ (3.54 ) $ (3.01 ) Earnings (loss) per common share from discontinued operations – diluted — 0.04 12.25 5.59 NET EARNINGS (LOSS) PER COMMON SHARE – DILUTED $ 6.00 $ (0.75 ) $ 8.71 $ 2.58 |
EQUITY AND MEZZANINE EQUITY
EQUITY AND MEZZANINE EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
EQUITY AND MEZZANINE EQUITY | EQUITY AND MEZZANINE EQUITY Operating Partnership Units. Outstanding Units in the Operating Partnership were 1.1 million Units at December 31, 2019 , 1.4 million Units at December 31, 2018, and 1.4 million Units at April 30, 2018 . Exchange Rights. Pursuant to the exercise of Exchange Rights, we redeemed Units during the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018 as detailed in the table below. (in thousands, except per Unit amounts) Number of Aggregate Average Price Units Cost Per Unit Year Ended December 31, 2019 136 $ 8,142 $ 60.02 Transition Period Ended December 31, 2018 9 499 53.12 Fiscal Year Ended April 30, 2018 149 8,775 58.90 We also redeemed Units in exchange for common shares during the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018 as detailed in the table below. (in thousands) Number of Total Book Units Value Year Ended December 31, 2019 174 $ 7,823 Transition Period Ended December 31, 2018 33 649 Fiscal Year Ended April 30, 2018 3 34 Common Shares and Equity Awards . Common shares outstanding on December 31, 2019 , December 31, 2018, and April 30, 2018 , totaled 12.1 million , 11.9 million , and 12.0 million , respectively. During the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018 , we issued approximately 18,000 , 5,600 , and 9,300 common shares, respectively, with a total grant-date value of $1.1 million , $347,000 , and $536,000 , respectively, under our 2015 Incentive Plan, for officer and trustee share-based compensation for future performance. During the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018 , approximately 3,300 , 200 , and 3,200 common shares were forfeited under the 2015 Incentive Plan, respectively. Equity Distribution Agreement. In November 2019, we entered into an equity distribution agreement in connection with an at-the-market offering ("2019 ATM Program") through which we may offer and sell common shares having an aggregate sales price of up to $150.0 million , in amounts and at times as we determine. The proceeds from the sale of common shares under the 2019 ATM Program are intended to be used for general corporate purposes, which may include the funding of future acquisitions, community renovations, and the repayment of indebtedness. During the year ended December 31, 2019 , we issued 308,444 common shares under the 2019 ATM Program at an average price of $72.29 per share, net of commissions. Total consideration, net of commissions and issuance costs, was approximately $22.0 million . As of December 31, 2019 , we had common shares having an aggregate offering price of up to $127.7 million remaining available under the 2019 ATM Program. Share Repurchase Program . On December 7, 2016, our Board of Trustees authorized a share repurchase program to repurchase up to $50 million of our common shares over a one year period. On December 5, 2017, our Board of Trustees reauthorized this share repurchase program for an additional one year period. On December 5, 2018, our Board of Trustees reauthorized this share repurchase program for a third one -year period. On December 5, 2019, our Board of Trustees terminated this share repurchase program and authorized a new share purchase program to repurchase up to $50 million of our common or preferred shares over a one-year period. Under this new repurchase program, we may repurchase common or preferred shares in open-market purchases, including pursuant to Rule 10b5-1 and Rule 10b-18 plans, as determined by management and in accordance with the requirements of the SEC. The extent to which we repurchase our shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements, and other corporate considerations, as determined by our executive management team. The program may be suspended or discontinued at any time. As of December 31, 2019 , $50.0 million remained available under our repurchase program. Common shares repurchased during the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018 are detailed in the table below. (in thousands, except per share amounts) Number of Shares Aggregate Cost (1) Average Price Per Share (1) Year ended December 31, 2019 (2) 329 $ 18,023 $ 54.69 Transition period ended December 31, 2018 42 2,200 51.56 Fiscal year ended April 30, 2018 178 9,900 55.82 (1) Amount includes commissions. (2) Repurchases during the year were under the prior repurchase program. Issuance of Preferred Shares and Redemption of Series B Preferred Shares . In the year ended April 30, 2018, we issued 4,118,460 shares of our 6.625% Series C Cumulative Redeemable Preferred Shares ("Series C preferred shares") and redeemed all 4,600,000 shares of our 7.95% Series B Cumulative Redeemable Preferred Shares. The Series C preferred shares are nonvoting and redeemable for cash at $25.00 per share at our option on or after October 2, 2022. Holders of these shares are entitled to cumulative distributions, payable quarterly (as and if declared by the Board of Trustees). Distributions accrue at an annual rate of $1.65625 per share, which is equal to 6.625% of the $25.00 per share liquidation preference ( $103.0 million liquidation preference in the aggregate). Series D Preferred Units (Mezzanine Equity). On February 26, 2019, we issued 165,600 newly created Series D preferred units at an issuance price of $100 per preferred unit as partial consideration for the acquisition of SouthFork Townhomes. The Series D preferred unit holders receive a preferred distribution at the rate of 3.862% per year. The Series D preferred units have a put option which allows the holder to redeem any or all of the Series D preferred units for cash equal to the issue price. Each Series D preferred unit is convertible, at the holder's option, into 1.37931 Units, representing a conversion exchange rate of $72.50 per unit. Changes in the redemption value are charged to common shares on our consolidated balance sheets from period to period. The holders of the Series D preferred units do not have any voting rights. Distributions to Series D unitholders are presented in the consolidated statements of equity within net income (loss) attributable to controlling interests and noncontrolling interests. Redeemable Noncontrolling Interests (Mezzanine Equity). Redeemable noncontrolling interests on our consolidated balance sheets represent the noncontrolling interest in a joint venture in which our unaffiliated partner, at its election, could require us to buy its interest at a purchase price to be determined by an appraisal conducted in accordance with the terms of the agreement, or at a negotiated price. Redeemable noncontrolling interests are presented at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to common shares on our consolidated balance sheets. During the year ended December 31, 2019 , we acquired the remaining 34.5% noncontrolling interests in the real estate partnership that owns Commons and Landing at Southgate for $1.3 million . Below is a table reflecting the activity of the redeemable noncontrolling interests. (in thousands) Year ended December 31, Transition period ended December 31, Years ended April 30, 2019 2018 2018 2017 Balance at beginning of fiscal year $ 5,968 $ 6,644 $ 7,117 $ 7,522 Contributions — — 268 17 Net (loss) income (174 ) (676 ) (741 ) (422 ) Acquisition of redeemable noncontrolling interests (5,794 ) Balance at close of fiscal year $ — $ 5,968 $ 6,644 $ 7,117 |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS Interests in the Operating Partnership held by limited partners are represented by Units. The Operating Partnership’s income is allocated to holders of Units based upon the ratio of their holdings to the total Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the Operating Partnership’s Agreement of Limited Partnership. We reflect noncontrolling interests in consolidated real estate entities on the Balance Sheet for the portion of properties consolidated by us that are not wholly owned by us. The earnings or losses from these properties attributable to the noncontrolling interests are reflected as net income attributable to noncontrolling interests – consolidated real estate entities in the consolidated statements of operations. Our noncontrolling interests – consolidated real estate entities at December 31, 2019 , December 31, 2018 , and April 30, 2018 were as follows: (in thousands) December 31, 2019 December 31, 2018 April 30, 2018 IRET - 71 France, LLC $ 4,817 $ 5,918 $ 6,606 IRET - Cypress Court Apartments, LLC 748 829 890 IRET - Williston Garden Apartments, LLC — — 1,635 IRET - WRH 1, LLC — — (467 ) WRH Holding, LLC — — 224 Noncontrolling interests – consolidated real estate entities $ 5,565 $ 6,747 $ 8,888 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT As of December 31, 2019 , we owned 69 apartment communities, of which 24 served as collateral for mortgage loans. All of these mortgage loans were non-recourse to us other than for standard carve-out obligations. Interest rates on mortgage loans range from 3.47% to 5.73% , and the mortgage loans have varying maturity dates from November 1, 2020 , through September 1, 2031 . As of December 31, 2019 , we believe there are no material defaults or instances of material noncompliance in regards to any of these mortgage loans. During the year ended December 31, 2019 , we closed on a $59.9 million mortgage loan. This mortgage is secured by four apartment communities, is interest only, and is priced at a fixed rate of 3.88% for the full twelve-year term of the loan. Proceeds from this loan were used to pay down balances under our line of credit. During the year ended December 31, 2019 , we entered into a private shelf agreement for the issuance of up to $150.0 million of unsecured senior promissory notes ("unsecured senior notes"). Under this agreement, we issued $75.0 million of Series A notes due September 13, 2029, bearing interest at a rate of 3.84% annually, and $50.0 million of Series B notes due September 30, 2028, bearing interest at a rate of 3.69% annually. We have $25.0 million remaining available under the private shelf agreement. As of December 31, 2019 , we owned 45 apartment communities that were not encumbered by mortgages, with all of these apartment communities providing credit support for our unsecured borrowings. Our primary unsecured credit facility ("unsecured credit facility") is a revolving, multi-bank line of credit, with the Bank of Montreal serving as administrative agent. Our line of credit has total commitments of $250.0 million , with borrowing capacity based on the value of properties contained in the unencumbered asset pool (“UAP”). The UAP provided for a borrowing capacity of $250.0 million at December 31, 2019 , providing additional borrowing availability of $199.9 million beyond the $50.1 million drawn, including the balance on our operating line of credit (discussed below), priced at an interest rate of 3.81% , including the impact of our interest rate swap. This credit facility matures on August 31, 2022, with one 12 -month option to extend the maturity date at our election. At December 31, 2018 , the line of credit borrowing capacity was $232.5 million based on the UAP, of which $57.5 million was drawn on the line. At April 30, 2018 , the line of credit borrowing capacity was $300.0 million based on the UAP, of which $124.0 million was drawn on the line. Under our unsecured credit facility, we also have unsecured term loans of $70.0 million and $75.0 million , included within notes payable on the consolidated balance sheets, which mature on January 15, 2024 and August 31, 2025, respectively. The interest rates on the line of credit and term loans are based, at our option, on the lender's base rate plus a margin, ranging from 35-85 basis points, or the London Interbank Offered Rate (“LIBOR”), plus a margin that ranges from 135-190 basis points based on our consolidated leverage. Our unsecured credit facility and unsecured senior notes are subject to customary financial covenants and limitations. We believe that we are in compliance with all such financial covenants and limitations as of December 31, 2019 . We also have a $6.0 million operating line of credit. This operating line of credit is designed to enhance treasury management activities and more effectively manage cash balances. This operating line has a one-year term, with pricing based on a market spread plus the one-month LIBOR index rate. The following table summarizes our indebtedness: (in thousands) December 31, 2019 December 31, 2018 April 30, 2018 Weighted Average Maturity in Years Lines of credit $ 50,079 $ 57,500 $ 124,000 2.67 Term loans (1) 145,000 145,000 70,000 4.88 Unsecured senior notes (1) 125,000 — — 9.33 Unsecured debt 320,079 202,500 194,000 6.27 Mortgages payable - fixed 331,376 445,974 489,401 5.79 Mortgages payable - variable — — 22,739 Total debt $ 651,455 $ 648,474 $ 706,140 6.02 Annual Weighted Average Interest Rates Lines of credit (rate with swap) 3.81 % 3.72 % 3.35 % Term loans (rate with swaps) 4.11 % 4.01 % 3.86 % Unsecured senior notes 3.78 % — — Mortgages payable 4.02 % 4.58 % 4.69 % (1) Included within notes payable on our consolidated balance sheets. The aggregate amount of required future principal payments on mortgages payable and notes payable as of December 31, 2019 is as follows: (in thousands) 2020 $ 14,897 2021 40,523 2022 37,352 2023 48,111 2024 73,777 Thereafter 386,716 Total payments $ 601,376 |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS Our objective in using an interest rate derivatives is to add stability to interest expense and to manage our exposure to interest rate fluctuations. To accomplish this objective, we primarily use interest rate swap contracts to fix the variable rate interest on our term loans and a portion of our primary line of credit. The interest rate swap contracts qualify as cash flow hedges. The ineffective portion of a hedging instrument is not recognized currently in earnings or disclosed. Changes in the fair value of cash flow hedges are recorded in accumulated other comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income for our interest rate swap will be reclassified to interest expense as interest payments are made on our term loan and line of credit. During the next 12 months, we estimate an additional $1.5 million will be reclassified as an increase to interest expense. At December 31, 2019 , we had three interest rate swap contracts in effect with a notional amount of $195.0 million and one additional interest rate swap that becomes effective on January 31, 2023 with a notional amount of $70.0 million . The table below presents the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of December 31, 2019 , December 31, 2018 , and April 30, 2018 . (in thousands) (in thousands) December 31, 2019 December 31, 2018 April 30, 2018 December 31, 2019 December 31, 2018 April 30, 2018 Balance Sheet Location Fair Value Fair Value Fair Value Balance Sheet Location Fair Value Fair Value Fair Value Total derivative instruments designated at hedging instruments - interest rate swaps Other Assets $ — $ 818 1,779 Accounts Payable and Accrued Expenses $ 7,607 $ 1,675 — The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations as of December 31, 2019 , December 31, 2018, and April 30, 2018 . (in thousands) Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from Accumulated OCI into Income Gain (Loss) Reclassified from Accumulated OCI into Income Year Ended December 31, Transition Period Ended December 31, Year Ended April 30, Year Ended December 31, Transition Period Ended December 31, Year Ended April 30, 2019 2018 2018 2019 2018 2018 Total derivatives in cash flow hedging relationships - interest rate swaps $ (7,040 ) $ (2,794 ) 1,627 Interest expense $ 289 $ (159 ) (152 ) |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Cash and cash equivalents, restricted cash, accounts payable, accrued expenses, and other liabilities are carried at amounts that reasonably approximate their fair value due to their short-term nature. For variable rate line of credit debt that re-prices frequently, fair values are based on carrying values. In determining the fair value of other financial instruments, we apply Financial Accounting Standard Board ASC 820, Fair Value Measurement and Disclosures . Fair value hierarchy under ASC 820 distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (Levels 1 and 2) and the reporting entity’s own assumptions about market participant assumptions (Level 3). Fair value estimates may differ from the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities. Fair Value Measurements on a Recurring Basis The fair value of our interest rate swaps is determined using the market standard methodology of netting discounted expected variable cash payments and receipts. The variable cash payments and receipts are based on an expectation of future interest rates (a forward curve) derived from observable market interest rate curves. We consider both our own nonperformance risk and the counterparty's nonperformance risk in the fair value measurement. Fair Value Measurements on a Nonrecurring Basis Non-financial assets measured at fair value on a nonrecurring basis at December 31, 2018 and April 30, 2018, consisted of real estate investments that were written-down to estimated fair value during the transition period ended December 31, 2018 and the fiscal year ended April 30, 2018 , respectively. We had no non-financial assets measured at fair value on a nonrecurring basis at December 31, 2019 . The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows: (in thousands) Total Level 1 Level 2 Level 3 December 31, 2018 Real estate investments valued at fair value $ 3,049 — — $ 3,049 April 30, 2018 Real estate investments valued at fair value $ 52,145 — — $ 52,145 As of December 31, 2018 and April 30, 2018 , we estimated the fair value of our real estate investments using appraisals, a market offer to purchase, market comparisons, and other market data. Financial Assets and Liabilities Not Measured at Fair Value For mortgages payable, the fair value of fixed rate loans is estimated based on the discounted cash flows of the loans using market research and management estimates of comparable interest rates (Level 3). The estimated fair values of our financial instruments as of December 31, 2019 , December 31, 2018, and April 30, 2018 are as follows: (in thousands) 12/31/2019 12/31/2018 4/30/2018 Amount Fair Value Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 26,579 $ 26,579 $ 13,792 $ 13,792 $ 11,891 $ 11,891 Restricted cash 19,538 19,538 5,464 5,464 4,225 4,225 Mortgage and note receivables 32,810 32,810 26,809 26,809 25,809 25,809 FINANCIAL LIABILITIES Revolving lines of credit (1) 50,079 50,079 57,500 57,500 124,000 124,000 Notes payable (1) 270,000 270,000 145,000 145,000 70,000 70,000 Mortgages payable 331,376 332,471 445,974 444,241 509,919 510,803 (1) Excluding the effect of the interest rate swap agreement. |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS ACQUISITIONS We acquired $171.4 million of new real estate during the year ended December 31, 2019 , none in the transition period ended December 31, 2018 , and $373.1 million during the fiscal year ended April 30, 2018 . Year Ended December 31, 2019 (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Units (1) Land Building Assets Multifamily 272 homes - SouthFork Townhomes - Lakeville, MN February 26, 2019 $ 44,000 $ 27,440 $ 16,560 $ 3,502 $ 39,950 $ 548 96 homes - FreightYard Townhomes and Flats - Minneapolis, MN September 6, 2019 26,000 26,000 — 1,889 23,615 496 328 homes - Lugano at Cherry Creek - Denver, CO (3) September 26, 2019 99,250 99,250 — 7,679 89,365 1,781 $ 169,250 $ 152,690 $ 16,560 $ 13,070 $ 152,930 $ 2,825 Other Minot 3100 10th St SW - Minot, ND (2) May 23, 2019 $ 2,112 $ 2,112 — $ 246 $ 1,866 — Total Acquisitions $ 171.362 $ 154,802 $ 16,560 $ 13,316 $ 154,796 $ 2,825 (1) Value of Series D preferred units at the acquisition date. (2) Acquired for use as our Minot corporate office building after renovations have been completed. (3) Investment allocation excludes a $425,000 acquisition credit related to retail space lease-up. Fiscal 2018 ( May 1, 2017 to April 30, 2018 ) (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Land Building Assets 191 homes - Oxbo - St. Paul, MN (1) May 26, 2017 $ 61,500 $ 61,500 $ 5,809 $ 54,910 $ 781 500 homes - Park Place - Plymouth, MN September 13, 2017 92,250 92,250 10,609 80,711 930 274 homes - Dylan - Denver, CO November 28, 2017 90,600 90,600 12,155 77,249 1,196 390 homes - Westend - Denver, CO March 28, 2018 128,700 128,700 25,525 102,101 1,074 Total Acquisitions $ 373,050 $ 373,050 $ 54,098 $ 314,971 $ 3,981 (1) Property includes 11,477 square feet of retail space. DISPOSITIONS During the year ended December 31, 2019 , we continued our portfolio transformation by disposing of our portfolios and certain communities in tertiary and secondary markets. We sold our portfolios in Topeka, Kansas, Sioux Falls, South Dakota, and Sioux City, Iowa. We also sold certain apartment communities in Bismarck, North Dakota. We sold 21 apartment communities, two commercial properties and three parcels of unimproved land for a total sales price of $203.1 million . Dispositions totaled $63.4 million and $515.1 million in the transition period ended December 31, 2018 and the fiscal year ended April 30, 2018 , respectively. The dispositions for the year ended December 31, 2019 , the transition period ended December 31, 2018 , and the fiscal year ended April 30, 2018 are detailed below. Year Ended December 31, 2019 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 21 homes - Pinehurst - Billings, MT July 26, 2019 $ 1,675 $ 961 $ 714 160 homes - Brookfield Village - Topeka, KS September 24, 2019 10,350 5,853 4,497 220 homes - Crown Colony - Topeka, KS September 24, 2019 17,200 7,876 9,324 54 homes - Mariposa - Topeka, KS September 24, 2019 6,100 4,290 1,810 300 homes - Sherwood - Topeka, KS September 24, 2019 26,150 11,536 14,614 308 homes - Villa West - Topeka, KS September 24, 2019 22,950 15,165 7,785 152 homes - Crestview - Bismarck, ND October 29, 2019 8,250 2,681 5,569 73 homes - North Pointe - Bismarck, ND October 29, 2019 5,225 3,179 2,046 108 homes - Kirkwood - Bismarck, ND October 29, 2019 5,400 2,518 2,882 65 homes - Westwood Park - Bismarck, ND October 29, 2019 4,250 1,931 2,319 16 homes - Pebble Springs - Bismarck, ND October 29, 2019 875 573 302 192 homes - Arbors - Sioux City, IA December 11, 2019 16,200 6,110 10,090 120 homes - Indian Hills - Sioux City, IA December 11, 2019 8,100 5,302 2,798 132 homes - Ridge Oaks - Sioux City, IA December 11, 2019 7,700 4,006 3,694 50 homes - Cottage West - Sioux Falls, SD December 12, 2019 6,991 4,391 2,600 24 homes - Gables - Sioux Falls, SD December 12, 2019 2,515 2,052 463 79 homes - Oakmont - Sioux Falls, SD December 12, 2019 7,010 3,917 3,093 160 homes - Oakwood - Sioux Falls, SD December 12, 2019 12,090 3,056 9,034 120 homes - Oxbow Park - Sioux Falls, SD December 12, 2019 10,452 2,713 7,739 48 homes - Prairie Winds - Sioux Falls, SD December 12, 2019 3,763 1,112 2,651 44 homes - Sierra Vista - Sioux Falls, SD December 12, 2019 3,178 2,292 886 $ 186,424 $ 91,514 $ 94,910 Other Minot 1400 31st Ave SW - Minot, ND (1) May 23, 2019 $ 6,530 $ 6,048 $ 482 Woodbury 1865 Woodland - Woodbury, MN November 1, 2019 5,765 4,079 1,686 $ 12,295 $ 10,127 $ 2,168 Unimproved Land Creekside Crossing - Bismarck, ND March 1, 2019 $ 3,049 $ 3,205 $ (156 ) Minot 1525 24th Ave SW - Minot, ND April 3, 2019 725 593 132 Weston - Weston, WI July 31, 2019 600 427 173 $ 4,374 $ 4,225 $ 149 Total Dispositions $ 203,093 $ 105,866 $ 97,227 (1) This property currently houses our Minot corporate office. During the second quarter of 2019, we purchased an office building which will become our Minot corporate office after renovations are completed. We will lease space in the Minot 1400 31st Ave SW building until the new office is placed in service. Transition Period Ended December 31, 2018 ( May 1, 2018 to December 31, 2018 ) (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 44 unit - Dakota Commons - Williston, ND July 26, 2018 $ 4,420 $ 3,878 $ 542 145 unit - Williston Garden - Williston, ND (1) July 26, 2018 12,310 11,313 997 288 unit - Renaissance Heights - Williston, ND (2) July 26, 2018 24,770 17,856 6,914 $ 41,500 $ 33,047 $ 8,453 Other 7,849 sq ft Minot Southgate Retail - Minot, ND July 12, 2018 $ 1,925 $ 2,056 $ (131 ) 9,052 sq ft Fresenius - Duluth, MN July 27, 2018 1,900 1,078 822 15,000 sq ft Minot 2505 16th St SW - Minot, ND October 12, 2018 1,710 1,814 (104 ) 81,594 sq ft Minot Arrowhead - Minot, ND November 30, 2018 6,622 5,907 715 100,850 sq ft Bloomington 2000 W 94th Street - Bloomington, MN December 19, 2018 4,550 4,550 — $ 16,707 $ 15,405 $ 1,302 Unimproved Land Grand Forks - Grand Forks, ND July 16, 2018 $ 3,000 $ 2,986 $ 14 Renaissance Heights - Williston, ND (3) July 26, 2018 750 684 66 Badger Hills Unimproved - Rochester, MN August 29, 2018 1,400 1,528 (128 ) $ 5,150 $ 5,198 $ (48 ) Total Property Dispositions $ 63,357 $ 53,650 $ 9,707 (1) This apartment community was owned by a joint venture entity in which we had an interest of approximately 74.11% . (2) This apartment community was owned by a joint venture entity in which we had an interest of approximately 87.14% . (3) This parcel of land was owned by a joint venture entity in which we had an interest of approximately 70.00% Fiscal 2018 ( May 1, 2017 to April 30, 2018 ) (in thousands) Date Book Value Dispositions Disposed Sales Price and Sales Cost Gain/(Loss) Multifamily 327 homes - 13 apartment communities - Minot, ND (1)(2) August 22, 2017 $ 12,263 $ 11,562 $ 701 48 homes - Crown - Rochester, MN December 1, 2017 5,700 3,318 2,382 16 homes - Northern Valley - Rochester, MN December 1, 2017 950 690 260 $ 18,913 $ 15,570 $ 3,343 Other 4,998 sq ft Minot Southgate Wells Fargo Bank - Minot, ND May 15, 2017 $ 3,440 $ 3,332 $ 108 90,260 sq ft Lexington Commerce Center - Eagan, MN August 22, 2017 9,000 3,963 5,037 17,640 sq ft Duckwood Medical - Eagan, MN August 24, 2017 2,100 1,886 214 279,834 sq ft Edgewood Vista Hermantown I & II - Hermantown, MN October 19, 2017 36,884 24,697 12,187 518,161 sq ft Urbandale - Urbandale, IA November 22, 2017 16,700 12,857 3,843 36,053 sq ft 3075 Long Lake Road - Roseville, MN November 28, 2017 18,650 12,766 5,884 1,205,432 sq ft 25 Healthcare properties December 29, 2017 370,268 232,778 137,490 43,404 sq ft Garden View - St. Paul, MN January 19, 2018 14,000 6,191 7,809 52,116 sq ft Ritchie Medical - St. Paul, MN January 19, 2018 16,500 10,419 6,081 22,187 sq ft Bismarck 715 East Broadway and Unimproved Land - Bismarck, ND March 7, 2018 5,500 3,215 2,285 $ 493,042 $ 312,104 $ 180,938 Unimproved Land Bismarck 4916 Unimproved Land - Bismarck, ND August 8, 2017 $ 3,175 $ 3,188 $ (13 ) Total Dispositions $ 515,130 $ 330,862 $ 184,268 (1) These communities include: 4th Street 4 Plex, 11th Street 3 Plex, Apartments on Main, Brooklyn Heights, Colton Heights, Fairmont, First Avenue (Apartments and Office), Pines, Southview, Summit Park, Temple (includes 17 South Main Retail), Terrace Heights, and Westridge. (2) The properties included: 2800 Medical, 2828 Chicago Avenue, Airport Medical, Billings 2300 Grand Road, Burnsville 303 Nicollet Medical, Burnsville 305 Nicollet Medical, Duluth Denfeld Clinic, Edina 6363 France Medical, Edina 6405 France Medical, Edina 6517 Drew Avenue, Edina 6225 France SMC II, Edina 6545 France SMC I, Gateway Clinic, High Pointe Health Campus, Lakeside Medical Plaza, Mariner Clinic, Minneapolis 701 25th Avenue Medical, Missoula 3050 Great Northern, Park Dental, Pavilion I, Pavilion II, PrairieCare Medical, St. Michael Clinic, Trinity at Plaza 16 and Wells Clinic. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS We report in discontinued operations the results of operations and the related gains or losses on the sales of properties that have either been disposed of or classified as held for sale and meet the classification of a discontinued operation as described in ASC 205 - Presentation of Financial Statements and ASC 360 - Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. We determined that our strategic decision to exit our healthcare segment met the criteria for discontinued operations, and we consequently classified 27 property dispositions as discontinued operations during the fiscal year ended April 30, 2018 . We classified no dispositions as discontinued operations during the year ended December 31, 2019 , the transition period ended December 31, 2018 and the fiscal year ended April 30, 2017 . During the fiscal year ended April 30, 2017 , we determined that our strategic plan to exit the office and retail segments met the criteria for discontinued operations. Accordingly, 48 office properties, 17 retail properties, and 1 healthcare property were classified as discontinued operations and subsequently sold during the fiscal year ended April 30, 2017 . The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal years ended April 30, 2018 and 2017 . (in thousands) Year Ended Eight Months Ended Year Ended December 31, 2019 December 31, 2018 April 30, 2018 April 30, 2017 REVENUE Real estate rentals $ — $ — $ 19,744 $ 43,984 Tenant reimbursement — — 11,650 16,110 TRS senior housing revenue — — — 3,218 TOTAL REVENUE — — 31,394 63,312 EXPENSES Property operating expenses, excluding real estate taxes — — 6,350 9,051 Real estate taxes — — 5,191 6,848 Property management expense — — 206 574 Depreciation and amortization — — 8,445 10,772 TRS senior housing expenses — — — 3,113 TOTAL EXPENSES — — 20,192 30,358 Operating income (loss) — — 11,202 32,954 Interest expense (1) — — (4,172 ) (11,628 ) Gain (loss) on extinguishment of debt (1) — — (6,508 ) (3,238 ) Interest income — — 661 2,179 Other income — — 73 340 Income (loss) from discontinued operations before gain on sale — — 1,256 20,607 Gain (loss) on sale of discontinued operations — 570 163,567 56,146 INCOME (LOSS) FROM DISCONTINUED OPERATIONS $ — $ 570 $ 164,823 $ 76,753 Segment Data All other $ — $ 570 $ 164,823 $ 76,753 Total $ — $ 570 $ 164,823 $ 76,753 (in thousands) Year Ended Eight Months Ended Year Ended December 31, 2019 December 31, 2018 April 30, 2018 April 30, 2017 Property Sale Data Sales price — $ — $ 437,652 $ 239,436 Net book value and sales costs — — (274,085 ) (183,290 ) Gain on sale of discontinued operations — $ — $ 163,567 $ 56,146 As of December 31, 2019 , December 31, 2018, and April 30, 2018 |
SEGMENTS
SEGMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENTS | SEGMENTS We operate in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities. Each of our operating properties is considered a separate operating segment because each property earns revenues, incurs expenses, and has discrete financial information. Our chief operating decision-makers evaluate each property's operating results to make decisions about resources to be allocated and to assess performance. We do not group our operations based on geography, size, or type. Our apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, our apartment communities are aggregated into a single reportable segment. "All other" is composed of non-multifamily properties, non-multifamily components of mixed use properties, and properties disposed or designated as held for sale. Prior to the third quarter of fiscal year 2018, we reported our results in two reportable segments: multifamily and healthcare. We sold substantially all of our healthcare portfolio during the third quarter of fiscal year 2018 and classified it as discontinued operations, at which point healthcare no longer met the quantitative thresholds for reporting as a separate reportable segment. Our executive management team comprises our chief operating decision-makers. This team measures the performance of our reportable segment based on net operating income (“NOI”), which we define as total real estate revenues less property operating expenses, including real estate taxes. We believe that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization, financing, property management overhead, and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance. The following tables present NOI for the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal years ended April 30, 2018 and 2017 from our reportable segment and reconcile net operating income to net income as reported in the consolidated financial statements. Segment assets are also reconciled to total assets as reported in the consolidated financial statements. (in thousands) Year ended December 31, 2019 Multifamily All Other Total Revenue $ 161,434 $ 24,321 $ 185,755 Property operating expenses, including real estate taxes 67,186 11,129 78,315 Net operating income $ 94,248 $ 13,192 $ 107,440 Property management expenses (6,186 ) Casualty loss (1,116 ) Depreciation and amortization (74,271 ) General and administrative expenses (14,450 ) Interest expense (30,537 ) Loss on debt extinguishment (2,360 ) Interest and other income 2,092 Income (loss) before gain (loss) on sale of real estate and other investments, gain (loss) on litigation settlement, and income (loss) from discontinued operations (19,388 ) Gain (loss) on sale of real estate and other investments 97,624 Gain (loss) on litigation settlement 6,586 Gain (loss) from continuing operations 84,822 Income (loss) from discontinued operations — Net income (loss) $ 84,822 (in thousands) Transition period ended December 31, 2018 Multifamily All Other Total Revenue $ 100,136 $ 21,735 $ 121,871 Property operating expenses, including real estate taxes 41,391 9,328 50,719 Net operating income $ 58,745 $ 12,407 $ 71,152 Property management expenses (3,663 ) Casualty loss (915 ) Depreciation and amortization (50,456 ) Impairment of real estate investments (1,221 ) General and administrative expenses (9,812 ) Interest expense (21,359 ) Loss on debt extinguishment (556 ) Interest and other income 1,233 Income (loss) before gain on sale of real estate and other investments and income (loss) from discontinued operations (15,597 ) Gain (loss) on sale of real estate and other investments 9,707 Gain (loss) from continuing operations (5,890 ) Income (loss) from discontinued operations 570 Net income (loss) $ (5,320 ) (in thousands) Year ended April 30, 2018 Multifamily (1) All Other (1) Total Revenue $ 159,983 $ 9,762 $ 169,745 Property operating expenses, including real estate taxes 70,460 2,574 73,034 Net operating income $ 89,523 $ 7,188 $ 96,711 Property management expenses (5,526 ) Casualty loss (500 ) Depreciation and amortization (82,070 ) Impairment of real estate investments (18,065 ) General and administrative expenses (14,203 ) Acquisition and investment related costs (51 ) Interest expense (34,178 ) Loss on debt extinguishment (940 ) Interest and other income 1,508 Income (loss) before gain on sale of real estate and other investments (57,314 ) Gain (loss) on sale of real estate and other investments 20,120 Income (loss) from continuing operations (37,194 ) Income (loss) from discontinued operations 164,823 Net income (loss) $ 127,629 (1) Revenue, property operating expenses, including real estate taxes, and net operating income for the year ended April 30, 2018 have not been updated for properties sold during the year ended 2019. (in thousands) Year ended April 30, 2017 Multifamily (1) All Other (1) Total Revenue $ 142,214 $ 17,890 $ 160,104 Property operating expenses, including real estate taxes 60,895 3,431 64,326 Net operating income $ 81,319 $ 14,459 $ 95,778 Property management expenses (5,046 ) Casualty loss (414 ) Depreciation and amortization (44,253 ) Impairment of real estate investments (57,028 ) General and administrative expenses (15,871 ) Acquisition and investment related costs (3,276 ) Interest expense (34,314 ) Loss on debt extinguishment (1,651 ) Interest and other income 1,146 Income (loss) before loss on sale of real estate and other investments and income (loss) from discontinued operations (64,929 ) Gain (loss) on sale of real estate and other investments 18,701 Income (loss) from continuing operations (46,228 ) Income (loss) from discontinued operations 76,753 Net income (loss) $ 30,525 (1) Revenue, property operating expenses, including real estate taxes, and net operating income for the year ended April 30, 2017 have not been updated for properties sold during the year ended 2019. Segment Assets and Accumulated Depreciation (in thousands) As at December 31, 2019 Multifamily All Other Total Segment assets Property owned $ 1,609,471 $ 33,607 $ 1,643,078 Less accumulated depreciation (339,272 ) (9,850 ) (349,122 ) Total property owned $ 1,270,199 $ 23,757 $ 1,293,956 Cash and cash equivalents 26,579 Restricted cash 19,538 Other assets 34,829 Unimproved land 1,376 Mortgage loans receivable 16,140 Total Assets $ 1,392,418 (in thousands) As at December 31, 2018 Multifamily All Other Total Segment assets Property owned $ 1,428,226 $ 199,410 $ 1,627,636 Less accumulated depreciation (277,709 ) (76,162 ) (353,871 ) Total property owned $ 1,150,517 $ 123,248 $ 1,273,765 Cash and cash equivalents 13,792 Restricted cash 5,464 Other assets 27,265 Unimproved land 5,301 Mortgage loans receivable 10,410 Total Assets $ 1,335,997 (in thousands) As at April 30, 2018 Multifamily All Other Total Segment assets (1) Property owned $ 1,606,421 $ 63,343 $ 1,669,764 Less accumulated depreciation (294,477 ) (16,847 ) (311,324 ) Total property owned $ 1,311,944 $ 46,496 $ 1,358,440 Cash and cash equivalents 11,891 Restricted cash 4,225 Other assets 30,297 Unimproved land 11,476 Mortgage loans receivable 10,329 Total Assets $ 1,426,658 (1) Segment assets as of April 30, 2018 have not been updated for properties sold during the year ended 2019. |
RETIREMENT PLANS
RETIREMENT PLANS | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
RETIREMENT PLANS | RETIREMENT PLANS We sponsor a defined contribution 401(k) plan to provide retirement benefits for employees that meet minimum employment criteria. We currently match, dollar for dollar, employee contributions to the 401(k) plan in an amount equal to up to 5.0% of the eligible wages of each participating employee. 401(k) matching contributions are fully vested when made. We recognized expense of approximately $738,000 , $476,000 , $838,000 , and $565,000 in the year ended December 31, 2019 , the transition period ended December 31, 2018 , and the fiscal years ended April 30, 2018 and 2017 , respectively. |
TRANSACTIONS WITH RELATED PARTI
TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | TRANSACTIONS WITH RELATED PARTIES Transactions with BMO Capital Markets We have an historical and ongoing relationship with BMO Capital Markets (“BMO”). On July 17, 2017, we engaged BMO to provide financial advisory services in connection with the proposed disposition of our healthcare property portfolio. A family member of Mark O. Decker, Jr., our President and Chief Executive Officer, is an employee of BMO and could have an indirect material interest in any such engagement and related transaction(s). The Board pre-approved the engagement of BMO. During the fiscal year ended April 30, 2018, we completed the disposition of 27 of our 28 healthcare properties and paid BMO a transaction fee of $1.8 million in connection with this engagement. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Proceedings . We are involved in various lawsuits arising in the normal course of business. We believe that such matters will not have a material adverse effect on our consolidated financial statements. Environmental Matters . It is generally our policy to obtain a Phase I environmental assessment of each property that we seek to acquire. Such assessments have not revealed, nor are we aware of, any environmental liabilities that we believe would have a material adverse effect on our financial position or results of operations. We own properties that contain or potentially contain (based on the age of the property) asbestos or lead. For certain of these properties, we estimated the fair value of the conditional asset retirement obligation and chose not to book a liability because the amounts involved were immaterial. With respect to certain other properties, we have not recorded any related asset retirement obligation as the fair value of the liability cannot be reasonably estimated due to insufficient information. We believe we do not have sufficient information to estimate the fair value of the asset retirement obligations for these properties because a settlement date or range of potential settlement dates has not been specified by others and, additionally, there are currently no plans or expectation of plans to demolish these properties or to undertake major renovations that would require removal of the asbestos, lead and/or underground storage tanks. These properties are expected to be maintained by repairs and maintenance activities that would not involve the removal of the asbestos, lead and/or underground storage tanks. Also, a need for renovations caused by resident changes, technology changes or other factors has not been identified. Insurance. We carry insurance coverage on our properties in amounts and types that we believe are customarily obtained by owners of similar properties and are sufficient to achieve our risk management objectives. Restrictions on Taxable Dispositions. Twenty-four of our apartment communities, consisting of approximately 4,443 homes, are subject to restrictions on taxable dispositions under agreements entered into with some of the sellers or contributors of the properties and are effective for varying periods. We do not believe that the agreements materially affect the conduct of our business or our decisions whether to dispose of restricted properties during the restriction period because we generally hold these and our other properties for investment purposes rather than for sale. Where we deem it to be in our shareholders’ best interests to dispose of such properties, we generally seek to structure sales of such properties as tax deferred transactions under Section 1031 of the Internal Revenue Code. Otherwise, we may be required to provide tax indemnification payments to the parties to these agreements. Redemption Value of Units . Pursuant to a Unitholder’s exercise of its Exchange Rights, we have the right, in our sole discretion, to acquire such Units by either making a cash payment or acquiring the Units for our common shares, on a one -for-one basis. All Units receive the same per Unit cash distributions as the per share dividends paid on common shares. Units are redeemable for an amount of cash per Unit equal to the average of the daily market price of our common shares for the ten consecutive trading days immediately preceding the date of valuation of the Unit. As of December 31, 2019 , December 31, 2018, and April 30, 2018 , the aggregate redemption value of the then-outstanding Units owned by limited partners, as determined by the ten -day average market price for our common shares, was approximately $76.6 million , $68.4 million , and $74.7 million |
QUARTERLY RESULTS OF CONSOLIDAT
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) | QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) (in thousands, except per share data) QUARTER ENDED March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 45,608 $ 46,934 $ 47,436 $ 45,777 Net income (loss) attributable to controlling interests $ (4,698 ) $ 3,113 $ 31,596 $ 48,658 Net income (loss) available to common shareholders $ (6,403 ) $ 1,407 $ 29,891 $ 46,953 Net income (loss) per common share - basic $ (0.54 ) $ 0.11 $ 2.57 $ 3.95 Net income (loss) per common share - diluted $ (0.54 ) $ 0.11 $ 2.54 $ 3.89 (in thousands, except per share data) TRANSITION PERIOD First Quarter Second Quarter Two Months Ended December 31, 2018 Revenues $ 45,946 $ 45,638 $ 30,287 Net income (loss) attributable to controlling interest $ 2,916 $ (4,558 ) $ (2,756 ) Net income (loss) available to common shareholders $ 1,211 $ (6,264 ) $ (3,892 ) Net income (loss) per common share - basic & diluted $ 0.10 $ (0.52 ) $ (0.33 ) (in thousands, except per share data) QUARTER ENDED July 31, 2017 October 31, 2017 January 31, 2018 April 30, 2018 Revenues $ 40,978 $ 41,866 $ 42,716 $ 44,185 Net income (loss) attributable to controlling interests $ (11,264 ) $ 12,821 $ 136,105 $ (20,874 ) Net income (loss) available to common shareholders $ (13,550 ) $ 6,360 $ 134,331 $ (22,579 ) Net income (loss) per common share - basic & diluted $ (1.12 ) $ 0.53 $ 11.22 $ (1.89 ) The above financial information is unaudited. In the opinion of management, all adjustments (which are of a normal recurring nature) have been included for a fair presentation. |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE BASED COMPENSATION | SHARE BASED COMPENSATION Share-based awards are provided to officers, non-officer employees, and trustees under our 2015 Incentive Plan approved by shareholders on September 15, 2015, which allows for awards in the form of cash, unrestricted, and restricted common shares, and restricted stock units ("RSUs") up to an aggregate of 425,000 shares over the ten -year period in which the plan will be in effect. Under our 2015 Incentive Plan, officers and non-officer employees may earn share awards under a long-term incentive plan, which is a forward-looking program that measures long-term performance over the stated performance period. These awards are payable to the extent deemed earned in shares. The terms of the long-term incentive awards granted under the program may vary from year to year. Through December 31, 2019, awards under the 2015 Incentive Plan consisted of restricted and unrestricted common shares and RSUs. We account for forfeitures of restricted and unrestricted common shares and RSUs when they occur instead of estimating the forfeitures. Year Ended December 31, 2019 LTIP Awards Awards granted to trustees on May 17, 2019 consisted of 812 RSUs, which vested immediately, awards granted to trustees on June 13, 2019 consisted of 7,521 time-based RSU awards, which vest on June 13, 2020, and an award granted to a trustees on November 25, 2019 consisted of 49 RSUs, which vested immediately. All of these awards are classified as equity awards. We recognize compensation expense associated with the time-based awards ratably over the requisite service period. The fair value of share awards at grant date for non-management trustees was approximately $505,000 , $348,000 , $389,000 , and $365,000 for the year ended December 31, 2019 , the transition period ended December 31, 2018, and each of the fiscal years ended April 30, 2018 and 2017 , respectively. Awards granted to management on March 8, 2019, consist of time-based RSUs for 6,391 shares and performance RSUs based on total shareholder return ("TSR") for 12,781 shares. The time-based RSUs vest as to one-third of the shares on each of March 8, 2020, March 8, 2021, and March 8, 2022. Awards granted to management on June 15, 2019, consist of 169 time-based RSUs that vest on June 15, 2020. Awards granted on August 10, 2019, consist of 100 time-based RSUs that vest on August 10, 2020. Awards granted on August 29, 2019, consist of 98 time-based awards that vest as to one-third on each of March 8, 2020, March 8, 2021, and March 8, 2022; 197 performance RSUs based on TSR; and 444 time-based RSUs that vest as to one-third on each of August 29, 2020, August 29, 2021, and August 29, 2022. All of these awards are classified as equity awards. The TSR performance RSU awards are earned based on our TSR as compared to the MSCI US REIT Index over a forward looking three -year period. The maximum number of RSUs eligible to be earned is 25,562 RSUs, which is 200% of the RSUs granted. Earned awards (if any) will fully vest as of the last day of the measurement period. These awards have market conditions in addition to service conditions that must be met for the awards to vest. We recognize compensation expense ratably based on the grant date fair value, as determined using the Monte Carlo valuation model, regardless of whether the market conditions are achieved and the awards ultimately vest. Therefore, previously recorded compensation expense is not adjusted in the event that the market conditions are not achieved. We based the expected volatility on the historical volatility of our daily closing share price, the risk-free interest rate on the interest rates on U.S. treasury bonds with a maturity equal to the remaining performance period of the award, and the expected term on the performance period of the award. The assumptions used to value the TSR performance RSU awards were an expected volatility of 25.5% , a risk-free interest rate of 2.43% , and an expected life of 2.82 years . The share price at the grant date, March 8, 2019, was $58.06 per share. Share-Based Compensation Expense Total share-based compensation expense recognized in the consolidated financial statements for the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal years ended April 30, 2018 and 2017 , for all share-based awards was as follows: (in thousands) Year Ended December 31, Transition Period Ended Fiscal Year Ended April 30, 2019 December 31, 2018 2018 2017 Share based compensation expense $ 1,905 $ 845 $ 1,587 $ 6 Restricted Share Awards The total fair value of time-based share grants vested during the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal years ended April 30, 2018 and 2017 was $310,000 , $147,000 , $1.1 million , and $127,000 , respectively. The activity for the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal years ended April 30, 2018 and 2017 , related to our restricted share awards was as follows: Awards with Service Conditions Wtd Avg Grant- Shares Date Fair Value Unvested at April 30, 2016 — Granted 25,326 $ 61.59 Vested (2,132 ) $ 59.50 Forfeited (3,683 ) $ 62.40 Unvested at April 30, 2017 19,511 Granted 9,136 $ 57.55 Vested (18,545 ) $ 59.89 Forfeited (202 ) $ 62.40 Unvested at April 30, 2018 9,900 Granted — — Vested (2,709 ) $ 63.21 Forfeited — — Unvested at December 31, 2018 7,191 Granted — Vested (4,999 ) $ 61.06 Forfeited — — Unvested at December 31, 2019 2,192 $ 59.20 Restricted Stock Units During the year ended December 31, 2019 , we issued 7,702 time-based RSUs to employees and 8,382 to trustees. The RSUs to employees generally vest over a three -year period and the RSUs to trustees generally vest over a one-year period. The fair value of the time-based RSUs granted during the year ended December 31, 2019 was $961,000 . The total compensation cost related to non-vested time-based RSUs not yet recognized is $547,000 , which we expect to recognize over a weighted average period of 1.3 years . RSUs with market conditions were granted under the LTIP during the year ended December 31, 2019 with a fair market value, as determined using a Monte Carlo simulation, of $1.0 million . The unamortized value of awards and RSUs with market conditions as of December 31, 2019 , December 31, 2018, and April 30 2018, was approximately $1.3 million , $1.1 million , and $448,000 , respectively. The activity for the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal years ended April 30 2018 and 2017 , related to our RSUs was as follows: RSUs with Service Conditions RSUs with Market Conditions Wtd Avg Grant- Wtd Avg Grant- Shares Date Fair Value Shares Date Fair Value Unvested at April 30, 2017 — — Granted 6,994 $ 60.54 11,538 $ 70.90 Vested (207 ) $ 50.30 — Forfeited — — Unvested at April 30, 2018 6,787 $ 60.85 11,538 $ 70.90 Granted 14,878 $ 53.60 15,461 $ 57.70 Vested (2,943 ) $ 60.83 — — Forfeited (462 ) $ 53.60 (1,680 ) $ 70.90 Unvested at December 31, 2018 18,260 25,319 $ 62.84 Granted 16,084 $ 59.76 12,978 $ 79.49 Vested (11,633 ) $ 55.35 — — Forfeited (365 ) $ 51.73 (475 ) $ 57.70 Unvested at December 31, 2019 22,346 $ 58.41 37,822 $ 68.62 |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Gross amount at which carried at Life on which Initial Cost to Company close of period depreciation in Costs capitalized Date of latest income Buildings & subsequent to Buildings & Accumulated Construction statement is Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition computed Same-Store 71 France - Edina, MN $ 54,459 $ 4,721 $ 61,762 $ 312 $ 4,801 $ 61,994 $ 66,795 $ (11,070 ) 2016 30-37 years Alps Park - Rapid City, SD 3,426 287 5,551 397 333 5,902 6,235 (1,350 ) 2013 30-37 years Arcata - Golden Valley, MN — 2,088 31,036 262 2,130 31,256 33,386 (6,946 ) 2015 30-37 years Ashland - Grand Forks, ND 4,993 741 7,569 329 824 7,815 8,639 (2,016 ) 2012 30-37 years Avalon Cove - Rochester, MN — 1,616 34,074 498 1,731 34,457 36,188 (4,573 ) 2016 30-37 years Boulder Court - Eagan, MN — 1,067 5,498 3,276 1,576 8,265 9,841 (4,014 ) 2003 30-37 years Canyon Lake - Rapid City, SD 2,573 305 3,958 2,404 420 6,247 6,667 (3,006 ) 2001 30-37 years Cardinal Point - Grand Forks, ND — 1,600 33,400 200 1,702 33,498 35,200 (1,829 ) 2013 30-37 years Cascade Shores - Rochester, MN 11,400 1,585 16,710 99 1,587 16,807 18,394 (2,299 ) 2016 30-37 years Castlerock - Billings, MT — 736 4,864 2,452 1,045 7,007 8,052 (4,185 ) 1998 30-37 years Chateau - Minot, ND — 301 20,058 1,023 326 21,056 21,382 (5,095 ) 2013 30-37 years Cimarron Hills - Omaha, NE 8,700 706 9,588 5,016 1,590 13,720 15,310 (7,214 ) 2001 30-37 years Colonial Villa - Burnsville, MN — 2,401 11,515 10,568 2,987 21,497 24,484 (11,044 ) 2003 30-37 years Colony - Lincoln, NE 11,936 1,515 15,730 1,984 1,845 17,384 19,229 (4,686 ) 2012 30-37 years Commons and Landing at Southgate - Minot, ND — 5,945 47,512 1,801 6,419 48,839 55,258 (11,401 ) 2015 30-37 years Cottonwood - Bismarck, ND — 1,056 17,372 5,956 2,001 22,383 24,384 (11,253 ) 1997 30-37 years Country Meadows - Billings, MT — 491 7,809 1,788 599 9,489 10,088 (5,457 ) 1995 30-37 years Crystal Bay - Rochester, MN — 433 11,425 299 438 11,719 12,157 (1,528 ) 2016 30-37 years Cypress Court - St. Cloud, MN 11,934 1,583 18,879 443 1,619 19,286 20,905 (4,474 ) 2012 30-37 years Deer Ridge - Jamestown, ND — 711 24,129 269 778 24,331 25,109 (4,877 ) 2013 30-37 years Evergreen - Isanti, MN — 1,129 5,524 531 1,145 6,039 7,184 (1,782 ) 2008 30-37 years Forest Park - Grand Forks, ND — 810 5,579 8,894 1,532 13,751 15,283 (8,519 ) 1993 30-37 years French Creek - Rochester, MN — 201 4,735 238 207 4,967 5,174 (619 ) 2016 30-37 years Gardens - Grand Forks, ND — 518 8,702 125 535 8,810 9,345 (1,387 ) 2015 30-37 years Grand Gateway - St. Cloud, MN — 814 7,086 1,969 961 8,908 9,869 (2,962 ) 2012 30-37 years GrandeVille at Cascade Lake - Rochester, MN 36,000 5,003 50,363 1,843 5,095 52,114 57,209 (8,040 ) 2015 30-37 years Greenfield - Omaha, NE — 578 4,122 1,513 872 5,341 6,213 (2,064 ) 2007 30-37 years Heritage Manor - Rochester, MN — 403 6,968 3,487 731 10,127 10,858 (5,712 ) 1998 30-37 years Homestead Garden - Rapid City, SD — 655 14,139 784 723 14,855 15,578 (2,845 ) 2015 30-37 years Lakeside Village - Lincoln, NE 11,806 1,215 15,837 1,475 1,401 17,126 18,527 (4,458 ) 2012 30-37 years Landmark - Grand Forks, ND — 184 1,514 1,262 425 2,535 2,960 (1,588 ) 1997 30-37 years Legacy - Grand Forks, ND 13,565 1,362 21,727 10,738 2,431 31,396 33,827 (16,893 ) 1995-2005 30-37 years Legacy Heights - Bismarck, ND — 1,207 13,742 338 1,226 14,061 15,287 (2,091 ) 2015 30-37 years Meadows - Jamestown, ND — 590 4,519 1,993 733 6,369 7,102 (3,438 ) 1998 30-37 years Monticello Crossings - Monticello, MN — 1,734 30,136 110 1,761 30,219 31,980 (4,013 ) 2017 30-37 years Monticello Village - Monticello, MN — 490 3,756 1,211 638 4,819 5,457 (2,161 ) 2004 30-37 years INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES December 31, 2019 Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Gross amount at which carried at Life on which Initial Cost to Company close of period depreciation in Costs capitalized Date of latest income Buildings & subsequent to Buildings & Accumulated Construction statement is Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition computed Northridge - Bismarck, ND $ — $ 884 $ 7,515 $ 278 $ 1,057 $ 7,620 $ 8,677 $ (1,342 ) 2015 30-37 years Olympic Village - Billings, MT 9,533 1,164 10,441 4,031 1,836 13,800 15,636 (7,584 ) 2000 30-37 years Olympik Village - Rochester, MN — 1,034 6,109 2,805 1,450 8,498 9,948 (3,790 ) 2005 30-37 years Park Meadows - Waite Park, MN 7,768 1,143 9,099 10,092 2,140 18,194 20,334 (11,216 ) 1997 30-37 years Park Place - Plymouth, MN — 10,609 80,781 7,280 10,782 87,888 98,670 (7,255 ) 1997 30-37 years Plaza - Minot, ND — 867 12,784 3,069 1,002 15,718 16,720 (5,063 ) 2009 30-37 years Pointe West - Rapid City, SD — 240 3,538 2,140 463 5,455 5,918 (3,548 ) 1994 30-37 years Ponds at Heritage Place - Sartell, MN — 395 4,564 492 419 5,032 5,451 (1,327 ) 2012 30-37 years Quarry Ridge - Rochester, MN 24,680 2,254 30,024 2,133 2,412 31,999 34,411 (9,705 ) 2006 30-37 years Red 20 - Minneapolis, MN 21,755 1,900 24,116 280 1,908 24,388 26,296 (5,532 ) 2015 30-37 years Regency Park Estates - St. Cloud, MN 7,623 702 10,198 2,709 1,148 12,461 13,609 (3,777 ) 2011 30-37 years Rimrock West - Billings, MT — 330 3,489 2,096 543 5,372 5,915 (2,930 ) 1999 30-37 years River Ridge - Bismarck, ND — 576 24,670 1,078 936 25,388 26,324 (7,027 ) 2008 30-37 years Rocky Meadows - Billings, MT — 656 5,726 1,651 840 7,193 8,033 (4,370 ) 1995 30-37 years Rum River - Isanti, MN 3,141 843 4,823 536 870 5,332 6,202 (1,927 ) 2007 30-37 years Silver Springs - Rapid City, SD 2,043 215 3,007 974 267 3,929 4,196 (772 ) 2015 30-37 years South Pointe - Minot, ND — 550 9,548 5,834 1,445 14,487 15,932 (9,239 ) 1995 30-37 years Southpoint - Grand Forks, ND — 576 9,893 227 666 10,030 10,696 (1,919 ) 2013 30-37 years Southwind - Grand Forks, ND — 400 4,938 4,627 929 9,036 9,965 (5,347 ) 1995 30-37 years Sunset Trail - Rochester, MN 7,310 336 12,814 3,430 785 15,795 16,580 (8,294 ) 1999 30-37 years Thomasbrook - Lincoln, NE 13,100 600 10,306 5,451 1,708 14,649 16,357 (7,648 ) 1999 30-37 years Valley Park - Grand Forks, ND — 294 4,137 4,243 1,323 7,351 8,674 (4,498 ) 1999 30-37 years Village Green - Rochester, MN — 234 2,296 1,056 361 3,225 3,586 (1,528 ) 2003 30-37 years West Stonehill - Waite Park, MN 16,425 939 10,167 7,932 1,903 17,135 19,038 (10,848 ) 1995 30-37 years Whispering Ridge - Omaha, NE 20,120 2,139 25,424 1,858 2,459 26,962 29,421 (6,573 ) 2012 30-37 years Winchester - Rochester, MN — 748 5,622 2,676 1,104 7,942 9,046 (3,942 ) 2003 30-37 years Woodridge - Rochester, MN 5,411 370 6,028 4,161 752 9,807 10,559 (5,566 ) 1997 30-37 years Total Same-Store $ 309,701 $ 77,779 $ 928,945 $ 159,026 $ 96,675 $ 1,069,075 $ 1,165,750 $ (319,456 ) Non-Same-Store Dylan - Denver, CO $ — $ 12,155 $ 77,215 $ 870 $ 12,217 $ 78,023 $ 90,240 $ (5,536 ) 2013 30-37 years FreightYard Townhomes & Flats - Minneapolis, MN — 1,889 23,616 124 1,895 23,734 25,629 (289 ) 2019 30 years Lugano at Cherry Creek - Denver, CO — 7,679 87,766 103 7,679 87,869 95,548 (1,075 ) 2019 30 years Oxbo - St Paul, MN — 5,809 51,586 176 5,809 51,755 57,564 (5,096 ) 2015 30-37 years SouthFork Townhomes - Lakeville, MN 21,675 3,502 40,153 2,883 3,502 43,036 46,538 (1,433 ) 2019 30 years Westend - Denver, CO — 25,525 102,180 497 25,525 102,677 128,202 (6,389 ) 1995 30-37 years Total Non-Same-Store $ 21,675 $ 56,559 $ 382,516 $ 4,653 $ 56,627 $ 387,094 $ 443,721 $ (19,818 ) Total Multifamily $ 331,376 $ 134,338 $ 1,311,461 $ 163,679 $ 153,302 $ 1,456,169 $ 1,609,471 $ (339,274 ) INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES December 31, 2019 Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Gross amount at which carried at Life on which Initial Cost to Company close of period depreciation in Costs capitalized Date of latest income Buildings & subsequent to Buildings & Accumulated Construction statement is Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition computed Other - Mixed Use 71 France - Edina, MN — $ — $ 5,879 $ 885 $ — $ 6,764 $ 6,764 $ (873 ) 2016 30-37 years Lugano at Cherry Creek - Denver, CO — — 1,600 — — 1,600 1,600 (18 ) 2019 30 years Oxbo - St Paul, MN — — 3,472 54 — 3,526 3,526 (315 ) 2015 30-37 years Plaza - Minot, ND — 389 5,444 3,839 601 9,071 9,672 (3,899 ) 2009 30-37 years Red 20 - Minneapolis, MN — — 2,525 419 — 2,944 2,944 (541 ) 2015 30-37 years Total Other - Mixed Use — $ 389 $ 18,920 $ 5,197 $ 601 $ 23,905 $ 24,506 $ (5,646 ) Other - Commercial 3100 10th St SW - Minot, ND — $ 246 $ 1,866 $ (1 ) $ 246 $ 1,865 $ 2,111 $ (41 ) 2019 30 years Dakota West Plaza - Minot , ND — 92 493 37 106 516 622 (202 ) 2006 30-37 years Minot IPS - Minot, ND — 416 5,952 — 416 5,952 6,368 (3,959 ) 2012 30-37 years Total Other - Commercial — $ 754 $ 8,311 $ 36 $ 768 $ 8,333 $ 9,101 $ (4,202 ) Subtotal $ 331,376 $ 135,481 $ 1,338,692 $ 168,912 $ 154,671 $ 1,488,407 $ 1,643,078 $ (349,122 ) Unimproved Land Rapid City - Rapid City, SD — $ 1,376 — — $ 1,376 — $ 1,376 — 2014 Total Unimproved Land — $ 1,376 — $ — $ 1,376 — $ 1,376 — Total $ 331,376 $ 136,857 $ 1,338,692 $ 168,912 $ 156,047 $ 1,488,407 $ 1,644,454 $ (349,122 ) (1) Amounts in this column are the mortgages payable balance as of December 31, 2019 . These amounts do not include amounts owing under the Company's multi-bank line of credit or term loans. INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES December 31, 2019 Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliations of the carrying value of total property owned for the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal years ended April 30, 2018 and 2017 are as follows: (in thousands) Year Ended Transition Period Ended Year Ended April 30, December 31, 2019 December 31, 2018 2018 2017 Balance at beginning of year $ 1,627,636 $ 1,669,764 $ 1,358,529 $ 1,369,893 Additions during year Multifamily and Other 168,504 — 369,332 61,565 Improvements and Other 21,868 11,620 15,065 34,761 1,818,008 1,681,384 1,742,926 1,466,219 Deductions during year Cost of real estate sold (171,112 ) (53,653 ) (46,001 ) (21,601 ) Impairment charge — — (15,192 ) (51,401 ) Write down of asset and accumulated depreciation on impaired assets — — (8,597 ) (7,144 ) Properties classified as held for sale during the year — — — (24,156 ) Other (1) (3,819 ) (95 ) (3,372 ) (3,388 ) Balance at close of year $ 1,643,077 $ 1,627,636 $ 1,669,764 $ 1,358,529 Reconciliations of accumulated depreciation/amortization for the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal years ended April 30, 2018 and 2017 , are as follows: (in thousands) Year Ended Transition Period Ended Year Ended April 30, December 31, 2019 December 31, 2018 2018 2017 Balance at beginning of year $ 353,871 $ 311,324 $ 255,599 $ 237,859 Additions during year Provisions for depreciation 71,787 49,208 78,785 42,960 Deductions during year Accumulated depreciation on real estate sold or classified as held for sale (72,758 ) (6,609 ) (11,033 ) (14,687 ) Write down of asset and accumulated depreciation on impaired assets — — (8,597 ) (7,144 ) Other (1) (3,778 ) (52 ) (3,430 ) (3,389 ) Balance at close of year $ 349,122 $ 353,871 $ 311,324 $ 255,599 INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES December 31, 2019 Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliations of development in progress for the year ended December 31, 2019 , the transition period ended December 31, 2018 and the fiscal years ended April 30, 2018 and 2017 , are as follows: (in thousands) Year Ended Transition Period Ended Year Ended April 30, December 31, 2019 December 31, 2018 2018 2017 Balance at beginning of year — — — $ 51,681 Additions during year Unimproved land moved to development in progress — — — — Improvements and other — — — 7,762 Deductions during year Development placed in service (2) — — — (59,443 ) Balance at close of year — — — — INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES December 31, 2019 Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliations of unimproved land for the year ended December 31, 2019 , the transition period ended December 31, 2018 and the fiscal years ended April 30, 2018 and 2017 are as follows: (in thousands) Year Ended Transition Period Ended Year Ended April 30, December 31, 2019 December 31, 2018 2018 2017 Balance at beginning of year $ 5,301 $ 11,476 $ 18,455 $ 20,939 Additions during year Improvements and other — — — 1,024 Deductions during year Cost of real estate sold (3,925 ) (4,954 ) (1,000 ) — Impairment charge — (1,221 ) (2,617 ) (3,508 ) Properties classified as held for sale during the year — — (3,288 ) — Unimproved land moved to development in progress — — — — Other (1) — — (74 ) — Balance at close of year 1,376 5,301 11,476 18,455 Total real estate investments, excluding mortgage notes receivable (3) $ 1,295,331 $ 1,279,066 $ 1,369,916 $ 1,121,385 (1) Consists of miscellaneous disposed assets. (2) Includes development projects that are placed in service in phases. (3) The net basis, including held for sale properties, for Federal Income Tax purposes was $1.3 billion , $1.2 billion , $1.5 billion and $1.4 billion at December 31, 2019 , December 31, 2018, April 30, 2018 , and April 30, 2017 , respectively. |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying consolidated financial statements include our accounts and the accounts of all our subsidiaries in which we maintain a controlling interest, including the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. |
CONSOLIDATION | The consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partner's or controlling interest. These entities are consolidated into our other operations with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income, and expenses. |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS The following table provides a brief description of recent GAAP accounting standards updates (“ASUs”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; ASU 2018-19, Codification Improvements to Topic 326; ASU 2019-05, Financial Instruments - Credit Losses - Targeted Transition Relief; ASU 2019-11, Codification improvements to Topic 326, Financial Instruments - Credit Losses These ASUs require entities to estimate a lifetime expected credit loss for most financial assets, such as loans and other financial instruments, and to present the net amount expected to be collected. In 2018, another ASU was issued to amend ASU 2016-13 which clarifies that it does not apply to operating lease receivables. In 2019, an additional ASU was issued to provide transition relief in which an entity is allowed to elect the fair value option on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. These ASUs are effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We will elect the fair value option, as allowed by ASU 2019-05, for our mortgages receivable and notes receivable at January 1, 2020. The fair value option election is not expected to have a material impact on our consolidated financial statements but will require additional disclosures. ASU 2018-13, Fair Value Measurements (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurements This ASU eliminates certain disclosure requirements affecting all levels of measurement, and modifies and adds new disclosure requirements for Level 3 measurements. This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. The new standard will not have a material impact on our condensed consolidated financial statements. ASU 2019-01, Leases (Topic 842) - Codification Improvements This ASU provides clarification on various lease related issues and provides for reduced transition disclosure requirements. This ASU has two effective dates. The various lease issues are effective for annual reporting periods beginning after December 15, 2019. The transition disclosures are effective with ASU 2016-02, Leases. We adopted this standard using the modified retrospective approach effective January 1, 2019. The adoption of the standard did not have a material impact on our condensed consolidated financial statements. Refer to the "Leases" section below for transition disclosures. ASU 2019-07, Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates This ASU clarifies or improves the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC's regulations, thereby eliminating redundancies and making the codification easier to apply. This ASU was effective upon issuance. The adoption of this ASU did not have a material impact on our condensed consolidated financial statements and the related disclosures. |
RECLASSIFICATIONS | RECLASSIFICATIONS Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. These reclassifications had no impact on net income as reported in the consolidated statement of operations, total assets, liabilities or equity as reported in the consolidated balance sheets and total shareholder’s equity. We report in discontinued operations the results of operations and the related gains or losses of properties that have either been disposed or classified as held for sale and for which the disposition represents a strategic shift that has or will have a major effect on our operations and financial results. |
REAL ESTATE INVESTMENTS | REAL ESTATE INVESTMENTS 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 $1.3 billion , $1.3 billion , and $1.4 billion as of December 31, 2019 , December 31, 2018 , and April 30, 2018 , respectively. Upon acquisitions of real estate, we assess the fair value of acquired tangible assets (including land, buildings and personal property), which is determined by valuing the property as if it were vacant, and consider whether there were significant intangible assets acquired (for example, above- and below-market leases, the value of acquired in-place leases and resident relationships) and assumed liabilities, and allocate the purchase price based on these assessments. The as-if-vacant value is allocated to land, buildings, and personal property based on our determination of the relative fair values of these assets. The estimated fair value of the property is the amount that would be recoverable upon the disposition of the property. Techniques used to estimate fair value include discounted cash flow analysis and reference to recent sales of comparable properties. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property. Land value is assigned based on the purchase price if land is acquired separately or based on a relative fair value allocation if acquired in a portfolio acquisition. Other intangible assets acquired include amounts for in-place lease values that are based upon our evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include an estimate of carrying costs and foregone rental income during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. We also consider information about each property obtained during pre-acquisition due diligence, marketing, and leasing activities in estimating the relative fair value of the tangible and intangible assets acquired. Acquired above- and below-market lease values are recorded as the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. We use a 10 - 37 year estimated life for buildings and improvements and a 5 - 10 year estimated life for furniture, fixtures, and equipment. We follow the real estate project costs guidance in ASC 970, Real Estate – General, in accounting for the costs of development and redevelopment projects. As real estate is undergoing development or redevelopment, all project costs directly associated with and attributable to the development and construction of a project, including interest expense and real estate tax expense, are capitalized to the cost of the real property. The capitalization period begins when development activities and expenditures begin and are identifiable to a specific property and ends upon completion, which is when the asset is ready for its intended use. Generally, rental property is considered substantially complete upon issuance of a certificate of occupancy. General and administrative costs are expensed as incurred. Interest of approximately $4,000 and $431,000 was capitalized in continuing and discontinued operations for the years ended April 30, 2018 and 2017 , respectively. We did not capitalize interest during the year ended December 31, 2019 or the transition period ended December 31, 2018 . Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five to twenty years . Property sales or dispositions are recorded when control of the assets transfers to the buyer and we have no significant continuing involvement with the property sold. 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 asset group, and legal and environmental concerns. If indicators exist, we compare the expected future undiscounted cash flows for the long-lived asset group against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount of the asset group. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future physical occupancy, rental rates, and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. |
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS AND PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS |
REAL ESTATE HELD FOR SALE | REAL ESTATE HELD FOR SALE Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. Our determination of fair value is based on inputs management believes are consistent with those that market participants would use. Estimates are significantly impacted by estimates of sales price, selling velocity, and other factors. Due to uncertainties in the estimation process, actual results could differ from such estimates. Depreciation is not recorded on assets classified as held for sale. We classify properties as held for sale when they meet the GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We generally consider these criteria met when the transaction has been approved by our Board of Trustees, there are no known significant contingencies related to the sale, and management believes it is probable that the sale will be completed within one year . We had no properties classified as held for sale at December 31, 2019 , December 31, 2018 , and April 30, 2018 . We report in discontinued operations the results of operations and the related gains or losses on the sales of properties that have either been disposed of or classified as held for sale and meet the classification of a discontinued operation as described in ASC 205 - Presentation of Financial Statements and ASC 360 - Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (in thousands) Balance sheet description December 31, 2019 December 31, 2018 April 30, 2018 Cash and cash equivalents $ 26,579 $ 13,792 $ 11,891 Restricted cash 19,538 5,464 4,225 Total cash, cash equivalents and restricted cash $ 46,117 $ 19,256 $ 16,116 Cash and cash equivalents include all cash and highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents consist of our bank deposits, short-term investment certificates acquired subject to repurchase agreements, and our deposits in a money market mutual fund. We are potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. |
RESTRICED CASH | As of December 31, 2019 restricted cash consisted of $17.2 million of net tax-deferred exchange proceeds remaining from a portion of our dispositions and $2.3 million in escrows held by lenders for real estate taxes, insurance, and capital additions. As of December 31, 2018 , and April 30, 2018 |
LEASES | LEASES Effective January 1, 2019, we adopted ASUs 2016-02, 2018-10, 2018-11, 2018-20, and 2019-01 related to leases using the modified retrospective approach. We elected to adopt the package of practical expedients permitted under the transition guidance, which permits us to not reassess prior conclusions about lease identification, classification, and initial direct costs under the new standard, and the practical expedient related to land easements, which allows us to not evaluate existing or expired land easements that were not previously accounted for under ASC 840. We made an accounting policy election to exclude leases in which we are a lessee with a term of 12 months or less from the balance sheet. As a lessor, we primarily lease multifamily apartment homes which qualify as operating leases with terms that are generally one year or less. Rental revenues are recognized in accordance with ASC 842, Leases, using a method that represents a straight-line basis over the term of the lease. Rental income represents approximately 98.1% of our total revenues and includes gross market rent less adjustments for concessions, vacancy loss, and bad debt. Other property revenues represent the remaining 1.9% of our total revenues and are primarily driven by other fee income, which is typically recognized when earned, at a point in time. Some of our apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three to fifteen years. The leases for commercial spaces generally include options to extend the lease for additional terms. |
REVENUE | REVENUE We adopted ASU 2014-09, Revenue from Contracts with Customers, as of May 1, 2018, using the modified retrospective approach. We elected to apply the new standard to contracts that were not complete as of May 1, 2018. We also elected to omit disclosing the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Under the new standard, revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration the company expects to be entitled for those goods and services. Revenue streams that are included in ASU 2014-09 include: • Other property revenues: We recognize revenue for rental related income not included as a component of a lease, such as other application fees, as earned, and have concluded that this is appropriate under the new standard. • Gains or losses on sales of real estate: Subsequent to the adoption of the new standard, a gain or loss is recognized when the criteria for derecognition of an asset are met, including when (1) a contract exists and (2) the buyer obtained control of the nonfinancial asset that was sold. As a result, we may recognize a gain on real estate disposition transactions that previously did not qualify as a sale or for full profit recognition under the previous accounting standard. Any gain or loss on real estate dispositions is net of certain closing and other costs associated with the disposition. |
INCOME TAXES | INCOME TAXES We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding capital gains, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the year ended December 31, 2019 , the transition period ended December 31, 2018 and the fiscal years ended April 30, 2018 , and 2017 , we distributed in excess of 90% of our taxable income and realized capital gains from property dispositions within the prescribed time limits. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, we may be subject to certain state and local income and property taxes, and to federal income and excise taxes on undistributed taxable income. In general, however, if we qualify as a REIT, no provisions for federal income taxes are necessary except for taxes on undistributed REIT taxable income and taxes on the income generated by a taxable REIT subsidiary (TRS). We have one TRS, acquired during the second quarter of fiscal year 2014, which is subject to corporate federal and state income taxes on its taxable income at regular statutory rates. For the year ended December 31, 2019 , we estimate that the TRS will have no taxable income. There were no income tax provisions or material deferred income tax items for our TRS for the year ended December 31, 2019 , the transition period ended December 31, 2018 and the fiscal years ended April 30, 2018 , and 2017 . We conduct our business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through our Operating Partnership. UPREIT status allows us to accept the contribution of real estate in exchange for Units. Generally, such a contribution to a limited partnership allows for the deferral of gain by an owner of appreciated real estate. |
VARIABLE INTEREST ENTITY | VARIABLE INTEREST ENTITY We have determined that our Operating Partnership and each of our less-than-wholly owned real estate partnerships is a variable interest entity (“VIE”), as the limited partners or the functional equivalent of limited partners lack substantive kick-out rights and substantive participating rights. We are the primary beneficiary of the VIEs, and the VIEs are required to be consolidated on our balance sheet because we have a controlling financial interest in the VIEs and have both the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Because our Operating Partnership is a VIE, all of our assets and liabilities are held through a VIE. |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS |
MARKETABLE SECURITIES | As of December 31, 2019 , marketable securities consisted of equity securities. We report equity securities at fair value based on quoted market prices (Level 1 inputs). Any unrealized gains or losses are included in interest and other income on the consolidated statements of operations. |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Financial Statement Periods | The references in these notes to the consolidated financial statements to the terms listed below reflect the respective periods presented in the consolidated financial statements: Term Financial Reporting Period Year ended December 31, 2019 January 1, 2019 through December 31, 2019 Transition period ended December 31, 2018 May 1, 2018 through December 31, 2018 Fiscal year ended April 30, 2018 May 1, 2017 through April 30, 2018 Fiscal year ended April 30, 2017 May 1, 2016 through April 30, 2017 |
Schedule of Recent Accounting Standards Updates | The following table provides a brief description of recent GAAP accounting standards updates (“ASUs”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; ASU 2018-19, Codification Improvements to Topic 326; ASU 2019-05, Financial Instruments - Credit Losses - Targeted Transition Relief; ASU 2019-11, Codification improvements to Topic 326, Financial Instruments - Credit Losses These ASUs require entities to estimate a lifetime expected credit loss for most financial assets, such as loans and other financial instruments, and to present the net amount expected to be collected. In 2018, another ASU was issued to amend ASU 2016-13 which clarifies that it does not apply to operating lease receivables. In 2019, an additional ASU was issued to provide transition relief in which an entity is allowed to elect the fair value option on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. These ASUs are effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We will elect the fair value option, as allowed by ASU 2019-05, for our mortgages receivable and notes receivable at January 1, 2020. The fair value option election is not expected to have a material impact on our consolidated financial statements but will require additional disclosures. ASU 2018-13, Fair Value Measurements (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurements This ASU eliminates certain disclosure requirements affecting all levels of measurement, and modifies and adds new disclosure requirements for Level 3 measurements. This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. The new standard will not have a material impact on our condensed consolidated financial statements. ASU 2019-01, Leases (Topic 842) - Codification Improvements This ASU provides clarification on various lease related issues and provides for reduced transition disclosure requirements. This ASU has two effective dates. The various lease issues are effective for annual reporting periods beginning after December 15, 2019. The transition disclosures are effective with ASU 2016-02, Leases. We adopted this standard using the modified retrospective approach effective January 1, 2019. The adoption of the standard did not have a material impact on our condensed consolidated financial statements. Refer to the "Leases" section below for transition disclosures. ASU 2019-07, Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates This ASU clarifies or improves the disclosure and presentation requirements of a variety of codification topics by aligning them with the SEC's regulations, thereby eliminating redundancies and making the codification easier to apply. This ASU was effective upon issuance. The adoption of this ASU did not have a material impact on our condensed consolidated financial statements and the related disclosures. |
Restrictions on Cash and Cash Equivalents | (in thousands) Balance sheet description December 31, 2019 December 31, 2018 April 30, 2018 Cash and cash equivalents $ 26,579 $ 13,792 $ 11,891 Restricted cash 19,538 5,464 4,225 Total cash, cash equivalents and restricted cash $ 46,117 $ 19,256 $ 16,116 |
Schedule of Cash and Cash Equivalents | (in thousands) Balance sheet description December 31, 2019 December 31, 2018 April 30, 2018 Cash and cash equivalents $ 26,579 $ 13,792 $ 11,891 Restricted cash 19,538 5,464 4,225 Total cash, cash equivalents and restricted cash $ 46,117 $ 19,256 $ 16,116 |
Aggregate Amount of Future Scheduled Lease Income | The aggregate amount of future scheduled lease income on our operating leases for commercial spaces, excluding any variable lease income and non-lease components, as of December 31, 2019 , was as follows: (in thousands) 2020 $ 2,993 2021 3,020 2022 3,024 2023 2,847 2024 2,308 Thereafter 4,793 Total scheduled lease income - operating leases $ 18,985 |
Disaggregation of Revenue | The following table presents the disaggregation of revenue streams of our rental income for the year ended December 31, 2019 and the transition period ended December 31, 2018 : (in thousands) Year ended Transition period ended Revenue Stream Applicable Standard December 31, 2019 December 31, 2018 Fixed lease income - operating leases Leases $ 176,706 $ 114,047 Variable lease income - operating leases Leases 5,586 3,528 Non-lease components Revenue from contracts with customers — — Other property revenue Revenue from contracts with customers 3,463 4,296 Total revenue $ 185,755 $ 121,871 |
Federal Income Tax Note | The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2019 , December 31, 2018, and December 31, 2017, CALENDAR YEAR 2019 2018 2017 Tax status of distributions Capital gain 38.53 % 100.00 % 48.87 % Ordinary income 23.43 % — 14.59 % Return of capital 38.04 % — 36.54 % |
Schedule of Other Assets | As of December 31, 2019 , December 31, 2018 , and April 30, 2018 , other assets consisted of the following amounts: in thousands December 31, 2019 December 31, 2018 April 30, 2018 Receivable arising from straight line rents $ 785 $ 1,145 $ 1,458 Accounts receivable, net of allowance 154 71 81 Fair value of interest rate swaps — 818 1,779 Loans receivable 16,557 16,399 15,480 Marketable securities 7,055 — — Prepaid and other assets 4,866 3,802 5,334 Intangible assets, net of accumulated amortization 1,212 498 1,469 Property and equipment, net of accumulated depreciation 1,277 686 820 Goodwill 1,086 1,546 1,553 Deferred charges and leasing costs 1,837 2,300 2,323 Total Other Assets $ 34,829 $ 27,265 $ 30,297 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted Earnings per Share | The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the consolidated financial statements for the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal years ended April 30, 2018 and 2017 : (in thousands, except per share data) For Year Ended For Period Ended For Year Ended December 31, 2019 December 31, 2018 April 30, 2018 April 30, 2017 NUMERATOR Income (loss) from continuing operations – controlling interests $ 78,669 $ (4,908 ) $ (30,266 ) $ (24,473 ) Income (loss) from discontinued operations – controlling interests — 510 147,054 67,820 Net income (loss) attributable to controlling interests 78,669 (4,398 ) 116,788 43,347 Dividends to preferred shareholders (6,821 ) (4,547 ) (8,569 ) (10,546 ) Redemption of preferred shares — — (3,657 ) (1,435 ) Numerator for basic earnings per share – net income available to common shareholders 71,848 (8,945 ) 104,562 31,366 Noncontrolling interests – Operating Partnership 6,752 (1,032 ) 12,702 4,059 Dividends to preferred unitholders 537 — — — Numerator for diluted earnings (loss) per share $ 79,137 $ (9,977 ) $ 117,264 $ 35,425 DENOMINATOR Denominator for basic earnings per share weighted average shares 11,744 11,937 11,998 12,117 Effect of redeemable operating partnership units 1,237 1,387 1,462 1,613 Effect of Series D preferred units 193 — — — Effect of diluted restricted stock awards and restricted stock units 8 — — — Denominator for diluted earnings per share 13,182 13,324 13,460 13,730 Earnings (loss) per common share from continuing operations – basic $ 6.06 $ (0.79 ) $ (3.54 ) $ (3.01 ) Earnings (loss) per common share from discontinued operations – basic — 0.04 12.25 5.59 NET EARNINGS (LOSS) PER COMMON SHARE – BASIC $ 6.06 $ (0.75 ) $ 8.71 $ 2.58 Earnings (loss) per common share from continuing operations – diluted $ 6.00 $ (0.79 ) $ (3.54 ) $ (3.01 ) Earnings (loss) per common share from discontinued operations – diluted — 0.04 12.25 5.59 NET EARNINGS (LOSS) PER COMMON SHARE – DILUTED $ 6.00 $ (0.75 ) $ 8.71 $ 2.58 |
EQUITY AND MEZZANINE EQUITY (Ta
EQUITY AND MEZZANINE EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Conversions of Stock | Pursuant to the exercise of Exchange Rights, we redeemed Units during the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018 as detailed in the table below. (in thousands, except per Unit amounts) Number of Aggregate Average Price Units Cost Per Unit Year Ended December 31, 2019 136 $ 8,142 $ 60.02 Transition Period Ended December 31, 2018 9 499 53.12 Fiscal Year Ended April 30, 2018 149 8,775 58.90 We also redeemed Units in exchange for common shares during the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018 as detailed in the table below. (in thousands) Number of Total Book Units Value Year Ended December 31, 2019 174 $ 7,823 Transition Period Ended December 31, 2018 33 649 Fiscal Year Ended April 30, 2018 3 34 |
Schedule of Common Shares Repurchased | Common shares repurchased during the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018 are detailed in the table below. (in thousands, except per share amounts) Number of Shares Aggregate Cost (1) Average Price Per Share (1) Year ended December 31, 2019 (2) 329 $ 18,023 $ 54.69 Transition period ended December 31, 2018 42 2,200 51.56 Fiscal year ended April 30, 2018 178 9,900 55.82 (1) Amount includes commissions. (2) Repurchases during the year were under the prior repurchase program. |
Schedule of Redeemable Noncontrolling Interest Activity | Below is a table reflecting the activity of the redeemable noncontrolling interests. (in thousands) Year ended December 31, Transition period ended December 31, Years ended April 30, 2019 2018 2018 2017 Balance at beginning of fiscal year $ 5,968 $ 6,644 $ 7,117 $ 7,522 Contributions — — 268 17 Net (loss) income (174 ) (676 ) (741 ) (422 ) Acquisition of redeemable noncontrolling interests (5,794 ) Balance at close of fiscal year $ — $ 5,968 $ 6,644 $ 7,117 |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Schedule of Noncontrolling Interests - Consolidated Real Estate Entities | Our noncontrolling interests – consolidated real estate entities at December 31, 2019 , December 31, 2018 , and April 30, 2018 were as follows: (in thousands) December 31, 2019 December 31, 2018 April 30, 2018 IRET - 71 France, LLC $ 4,817 $ 5,918 $ 6,606 IRET - Cypress Court Apartments, LLC 748 829 890 IRET - Williston Garden Apartments, LLC — — 1,635 IRET - WRH 1, LLC — — (467 ) WRH Holding, LLC — — 224 Noncontrolling interests – consolidated real estate entities $ 5,565 $ 6,747 $ 8,888 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Indebtedness | The following table summarizes our indebtedness: (in thousands) December 31, 2019 December 31, 2018 April 30, 2018 Weighted Average Maturity in Years Lines of credit $ 50,079 $ 57,500 $ 124,000 2.67 Term loans (1) 145,000 145,000 70,000 4.88 Unsecured senior notes (1) 125,000 — — 9.33 Unsecured debt 320,079 202,500 194,000 6.27 Mortgages payable - fixed 331,376 445,974 489,401 5.79 Mortgages payable - variable — — 22,739 Total debt $ 651,455 $ 648,474 $ 706,140 6.02 Annual Weighted Average Interest Rates Lines of credit (rate with swap) 3.81 % 3.72 % 3.35 % Term loans (rate with swaps) 4.11 % 4.01 % 3.86 % Unsecured senior notes 3.78 % — — Mortgages payable 4.02 % 4.58 % 4.69 % |
Schedule of Aggregate Amount of Required Future Principal Payments on Mortgages Payable | The aggregate amount of required future principal payments on mortgages payable and notes payable as of December 31, 2019 is as follows: (in thousands) 2020 $ 14,897 2021 40,523 2022 37,352 2023 48,111 2024 73,777 Thereafter 386,716 Total payments $ 601,376 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets at Fair Value | The table below presents the fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of December 31, 2019 , December 31, 2018 , and April 30, 2018 . (in thousands) (in thousands) December 31, 2019 December 31, 2018 April 30, 2018 December 31, 2019 December 31, 2018 April 30, 2018 Balance Sheet Location Fair Value Fair Value Fair Value Balance Sheet Location Fair Value Fair Value Fair Value Total derivative instruments designated at hedging instruments - interest rate swaps Other Assets $ — $ 818 1,779 Accounts Payable and Accrued Expenses $ 7,607 $ 1,675 — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations as of December 31, 2019 , December 31, 2018, and April 30, 2018 . (in thousands) Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from Accumulated OCI into Income Gain (Loss) Reclassified from Accumulated OCI into Income Year Ended December 31, Transition Period Ended December 31, Year Ended April 30, Year Ended December 31, Transition Period Ended December 31, Year Ended April 30, 2019 2018 2018 2019 2018 2018 Total derivatives in cash flow hedging relationships - interest rate swaps $ (7,040 ) $ (2,794 ) 1,627 Interest expense $ 289 $ (159 ) (152 ) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements on a Nonrecurring Basis | The aggregate fair value of these assets by their levels in the fair value hierarchy are as follows: (in thousands) Total Level 1 Level 2 Level 3 December 31, 2018 Real estate investments valued at fair value $ 3,049 — — $ 3,049 April 30, 2018 Real estate investments valued at fair value $ 52,145 — — $ 52,145 |
Schedule of Estimated Fair Values of Financial Instruments | The estimated fair values of our financial instruments as of December 31, 2019 , December 31, 2018, and April 30, 2018 are as follows: (in thousands) 12/31/2019 12/31/2018 4/30/2018 Amount Fair Value Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 26,579 $ 26,579 $ 13,792 $ 13,792 $ 11,891 $ 11,891 Restricted cash 19,538 19,538 5,464 5,464 4,225 4,225 Mortgage and note receivables 32,810 32,810 26,809 26,809 25,809 25,809 FINANCIAL LIABILITIES Revolving lines of credit (1) 50,079 50,079 57,500 57,500 124,000 124,000 Notes payable (1) 270,000 270,000 145,000 145,000 70,000 70,000 Mortgages payable 331,376 332,471 445,974 444,241 509,919 510,803 (1) Excluding the effect of the interest rate swap agreement. |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Year Ended December 31, 2019 (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Units (1) Land Building Assets Multifamily 272 homes - SouthFork Townhomes - Lakeville, MN February 26, 2019 $ 44,000 $ 27,440 $ 16,560 $ 3,502 $ 39,950 $ 548 96 homes - FreightYard Townhomes and Flats - Minneapolis, MN September 6, 2019 26,000 26,000 — 1,889 23,615 496 328 homes - Lugano at Cherry Creek - Denver, CO (3) September 26, 2019 99,250 99,250 — 7,679 89,365 1,781 $ 169,250 $ 152,690 $ 16,560 $ 13,070 $ 152,930 $ 2,825 Other Minot 3100 10th St SW - Minot, ND (2) May 23, 2019 $ 2,112 $ 2,112 — $ 246 $ 1,866 — Total Acquisitions $ 171.362 $ 154,802 $ 16,560 $ 13,316 $ 154,796 $ 2,825 (1) Value of Series D preferred units at the acquisition date. (2) Acquired for use as our Minot corporate office building after renovations have been completed. (3) Investment allocation excludes a $425,000 acquisition credit related to retail space lease-up. Fiscal 2018 ( May 1, 2017 to April 30, 2018 ) (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Land Building Assets 191 homes - Oxbo - St. Paul, MN (1) May 26, 2017 $ 61,500 $ 61,500 $ 5,809 $ 54,910 $ 781 500 homes - Park Place - Plymouth, MN September 13, 2017 92,250 92,250 10,609 80,711 930 274 homes - Dylan - Denver, CO November 28, 2017 90,600 90,600 12,155 77,249 1,196 390 homes - Westend - Denver, CO March 28, 2018 128,700 128,700 25,525 102,101 1,074 Total Acquisitions $ 373,050 $ 373,050 $ 54,098 $ 314,971 $ 3,981 (1) Property includes 11,477 square feet of retail space. |
Schedule of Dispositions | The dispositions for the year ended December 31, 2019 , the transition period ended December 31, 2018 , and the fiscal year ended April 30, 2018 are detailed below. Year Ended December 31, 2019 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 21 homes - Pinehurst - Billings, MT July 26, 2019 $ 1,675 $ 961 $ 714 160 homes - Brookfield Village - Topeka, KS September 24, 2019 10,350 5,853 4,497 220 homes - Crown Colony - Topeka, KS September 24, 2019 17,200 7,876 9,324 54 homes - Mariposa - Topeka, KS September 24, 2019 6,100 4,290 1,810 300 homes - Sherwood - Topeka, KS September 24, 2019 26,150 11,536 14,614 308 homes - Villa West - Topeka, KS September 24, 2019 22,950 15,165 7,785 152 homes - Crestview - Bismarck, ND October 29, 2019 8,250 2,681 5,569 73 homes - North Pointe - Bismarck, ND October 29, 2019 5,225 3,179 2,046 108 homes - Kirkwood - Bismarck, ND October 29, 2019 5,400 2,518 2,882 65 homes - Westwood Park - Bismarck, ND October 29, 2019 4,250 1,931 2,319 16 homes - Pebble Springs - Bismarck, ND October 29, 2019 875 573 302 192 homes - Arbors - Sioux City, IA December 11, 2019 16,200 6,110 10,090 120 homes - Indian Hills - Sioux City, IA December 11, 2019 8,100 5,302 2,798 132 homes - Ridge Oaks - Sioux City, IA December 11, 2019 7,700 4,006 3,694 50 homes - Cottage West - Sioux Falls, SD December 12, 2019 6,991 4,391 2,600 24 homes - Gables - Sioux Falls, SD December 12, 2019 2,515 2,052 463 79 homes - Oakmont - Sioux Falls, SD December 12, 2019 7,010 3,917 3,093 160 homes - Oakwood - Sioux Falls, SD December 12, 2019 12,090 3,056 9,034 120 homes - Oxbow Park - Sioux Falls, SD December 12, 2019 10,452 2,713 7,739 48 homes - Prairie Winds - Sioux Falls, SD December 12, 2019 3,763 1,112 2,651 44 homes - Sierra Vista - Sioux Falls, SD December 12, 2019 3,178 2,292 886 $ 186,424 $ 91,514 $ 94,910 Other Minot 1400 31st Ave SW - Minot, ND (1) May 23, 2019 $ 6,530 $ 6,048 $ 482 Woodbury 1865 Woodland - Woodbury, MN November 1, 2019 5,765 4,079 1,686 $ 12,295 $ 10,127 $ 2,168 Unimproved Land Creekside Crossing - Bismarck, ND March 1, 2019 $ 3,049 $ 3,205 $ (156 ) Minot 1525 24th Ave SW - Minot, ND April 3, 2019 725 593 132 Weston - Weston, WI July 31, 2019 600 427 173 $ 4,374 $ 4,225 $ 149 Total Dispositions $ 203,093 $ 105,866 $ 97,227 (1) This property currently houses our Minot corporate office. During the second quarter of 2019, we purchased an office building which will become our Minot corporate office after renovations are completed. We will lease space in the Minot 1400 31st Ave SW building until the new office is placed in service. Transition Period Ended December 31, 2018 ( May 1, 2018 to December 31, 2018 ) (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 44 unit - Dakota Commons - Williston, ND July 26, 2018 $ 4,420 $ 3,878 $ 542 145 unit - Williston Garden - Williston, ND (1) July 26, 2018 12,310 11,313 997 288 unit - Renaissance Heights - Williston, ND (2) July 26, 2018 24,770 17,856 6,914 $ 41,500 $ 33,047 $ 8,453 Other 7,849 sq ft Minot Southgate Retail - Minot, ND July 12, 2018 $ 1,925 $ 2,056 $ (131 ) 9,052 sq ft Fresenius - Duluth, MN July 27, 2018 1,900 1,078 822 15,000 sq ft Minot 2505 16th St SW - Minot, ND October 12, 2018 1,710 1,814 (104 ) 81,594 sq ft Minot Arrowhead - Minot, ND November 30, 2018 6,622 5,907 715 100,850 sq ft Bloomington 2000 W 94th Street - Bloomington, MN December 19, 2018 4,550 4,550 — $ 16,707 $ 15,405 $ 1,302 Unimproved Land Grand Forks - Grand Forks, ND July 16, 2018 $ 3,000 $ 2,986 $ 14 Renaissance Heights - Williston, ND (3) July 26, 2018 750 684 66 Badger Hills Unimproved - Rochester, MN August 29, 2018 1,400 1,528 (128 ) $ 5,150 $ 5,198 $ (48 ) Total Property Dispositions $ 63,357 $ 53,650 $ 9,707 (1) This apartment community was owned by a joint venture entity in which we had an interest of approximately 74.11% . (2) This apartment community was owned by a joint venture entity in which we had an interest of approximately 87.14% . (3) This parcel of land was owned by a joint venture entity in which we had an interest of approximately 70.00% Fiscal 2018 ( May 1, 2017 to April 30, 2018 ) (in thousands) Date Book Value Dispositions Disposed Sales Price and Sales Cost Gain/(Loss) Multifamily 327 homes - 13 apartment communities - Minot, ND (1)(2) August 22, 2017 $ 12,263 $ 11,562 $ 701 48 homes - Crown - Rochester, MN December 1, 2017 5,700 3,318 2,382 16 homes - Northern Valley - Rochester, MN December 1, 2017 950 690 260 $ 18,913 $ 15,570 $ 3,343 Other 4,998 sq ft Minot Southgate Wells Fargo Bank - Minot, ND May 15, 2017 $ 3,440 $ 3,332 $ 108 90,260 sq ft Lexington Commerce Center - Eagan, MN August 22, 2017 9,000 3,963 5,037 17,640 sq ft Duckwood Medical - Eagan, MN August 24, 2017 2,100 1,886 214 279,834 sq ft Edgewood Vista Hermantown I & II - Hermantown, MN October 19, 2017 36,884 24,697 12,187 518,161 sq ft Urbandale - Urbandale, IA November 22, 2017 16,700 12,857 3,843 36,053 sq ft 3075 Long Lake Road - Roseville, MN November 28, 2017 18,650 12,766 5,884 1,205,432 sq ft 25 Healthcare properties December 29, 2017 370,268 232,778 137,490 43,404 sq ft Garden View - St. Paul, MN January 19, 2018 14,000 6,191 7,809 52,116 sq ft Ritchie Medical - St. Paul, MN January 19, 2018 16,500 10,419 6,081 22,187 sq ft Bismarck 715 East Broadway and Unimproved Land - Bismarck, ND March 7, 2018 5,500 3,215 2,285 $ 493,042 $ 312,104 $ 180,938 Unimproved Land Bismarck 4916 Unimproved Land - Bismarck, ND August 8, 2017 $ 3,175 $ 3,188 $ (13 ) Total Dispositions $ 515,130 $ 330,862 $ 184,268 (1) These communities include: 4th Street 4 Plex, 11th Street 3 Plex, Apartments on Main, Brooklyn Heights, Colton Heights, Fairmont, First Avenue (Apartments and Office), Pines, Southview, Summit Park, Temple (includes 17 South Main Retail), Terrace Heights, and Westridge. (2) The properties included: 2800 Medical, 2828 Chicago Avenue, Airport Medical, Billings 2300 Grand Road, Burnsville 303 Nicollet Medical, Burnsville 305 Nicollet Medical, Duluth Denfeld Clinic, Edina 6363 France Medical, Edina 6405 France Medical, Edina 6517 Drew Avenue, Edina 6225 France SMC II, Edina 6545 France SMC I, Gateway Clinic, High Pointe Health Campus, Lakeside Medical Plaza, Mariner Clinic, Minneapolis 701 25th Avenue Medical, Missoula 3050 Great Northern, Park Dental, Pavilion I, Pavilion II, PrairieCare Medical, St. Michael Clinic, Trinity at Plaza 16 and Wells Clinic. |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Effect on Net Income and Gains or Losses From Sale of Properties Classified as Discontinued Operations | The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal years ended April 30, 2018 and 2017 . (in thousands) Year Ended Eight Months Ended Year Ended December 31, 2019 December 31, 2018 April 30, 2018 April 30, 2017 REVENUE Real estate rentals $ — $ — $ 19,744 $ 43,984 Tenant reimbursement — — 11,650 16,110 TRS senior housing revenue — — — 3,218 TOTAL REVENUE — — 31,394 63,312 EXPENSES Property operating expenses, excluding real estate taxes — — 6,350 9,051 Real estate taxes — — 5,191 6,848 Property management expense — — 206 574 Depreciation and amortization — — 8,445 10,772 TRS senior housing expenses — — — 3,113 TOTAL EXPENSES — — 20,192 30,358 Operating income (loss) — — 11,202 32,954 Interest expense (1) — — (4,172 ) (11,628 ) Gain (loss) on extinguishment of debt (1) — — (6,508 ) (3,238 ) Interest income — — 661 2,179 Other income — — 73 340 Income (loss) from discontinued operations before gain on sale — — 1,256 20,607 Gain (loss) on sale of discontinued operations — 570 163,567 56,146 INCOME (LOSS) FROM DISCONTINUED OPERATIONS $ — $ 570 $ 164,823 $ 76,753 Segment Data All other $ — $ 570 $ 164,823 $ 76,753 Total $ — $ 570 $ 164,823 $ 76,753 (in thousands) Year Ended Eight Months Ended Year Ended December 31, 2019 December 31, 2018 April 30, 2018 April 30, 2017 Property Sale Data Sales price — $ — $ 437,652 $ 239,436 Net book value and sales costs — — (274,085 ) (183,290 ) Gain on sale of discontinued operations — $ — $ 163,567 $ 56,146 |
SEGMENTS (Tables)
SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Revenues and Net Operating Income for Reportable Segments | The following tables present NOI for the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal years ended April 30, 2018 and 2017 from our reportable segment and reconcile net operating income to net income as reported in the consolidated financial statements. Segment assets are also reconciled to total assets as reported in the consolidated financial statements. (in thousands) Year ended December 31, 2019 Multifamily All Other Total Revenue $ 161,434 $ 24,321 $ 185,755 Property operating expenses, including real estate taxes 67,186 11,129 78,315 Net operating income $ 94,248 $ 13,192 $ 107,440 Property management expenses (6,186 ) Casualty loss (1,116 ) Depreciation and amortization (74,271 ) General and administrative expenses (14,450 ) Interest expense (30,537 ) Loss on debt extinguishment (2,360 ) Interest and other income 2,092 Income (loss) before gain (loss) on sale of real estate and other investments, gain (loss) on litigation settlement, and income (loss) from discontinued operations (19,388 ) Gain (loss) on sale of real estate and other investments 97,624 Gain (loss) on litigation settlement 6,586 Gain (loss) from continuing operations 84,822 Income (loss) from discontinued operations — Net income (loss) $ 84,822 (in thousands) Transition period ended December 31, 2018 Multifamily All Other Total Revenue $ 100,136 $ 21,735 $ 121,871 Property operating expenses, including real estate taxes 41,391 9,328 50,719 Net operating income $ 58,745 $ 12,407 $ 71,152 Property management expenses (3,663 ) Casualty loss (915 ) Depreciation and amortization (50,456 ) Impairment of real estate investments (1,221 ) General and administrative expenses (9,812 ) Interest expense (21,359 ) Loss on debt extinguishment (556 ) Interest and other income 1,233 Income (loss) before gain on sale of real estate and other investments and income (loss) from discontinued operations (15,597 ) Gain (loss) on sale of real estate and other investments 9,707 Gain (loss) from continuing operations (5,890 ) Income (loss) from discontinued operations 570 Net income (loss) $ (5,320 ) (in thousands) Year ended April 30, 2018 Multifamily (1) All Other (1) Total Revenue $ 159,983 $ 9,762 $ 169,745 Property operating expenses, including real estate taxes 70,460 2,574 73,034 Net operating income $ 89,523 $ 7,188 $ 96,711 Property management expenses (5,526 ) Casualty loss (500 ) Depreciation and amortization (82,070 ) Impairment of real estate investments (18,065 ) General and administrative expenses (14,203 ) Acquisition and investment related costs (51 ) Interest expense (34,178 ) Loss on debt extinguishment (940 ) Interest and other income 1,508 Income (loss) before gain on sale of real estate and other investments (57,314 ) Gain (loss) on sale of real estate and other investments 20,120 Income (loss) from continuing operations (37,194 ) Income (loss) from discontinued operations 164,823 Net income (loss) $ 127,629 (1) Revenue, property operating expenses, including real estate taxes, and net operating income for the year ended April 30, 2018 have not been updated for properties sold during the year ended 2019. (in thousands) Year ended April 30, 2017 Multifamily (1) All Other (1) Total Revenue $ 142,214 $ 17,890 $ 160,104 Property operating expenses, including real estate taxes 60,895 3,431 64,326 Net operating income $ 81,319 $ 14,459 $ 95,778 Property management expenses (5,046 ) Casualty loss (414 ) Depreciation and amortization (44,253 ) Impairment of real estate investments (57,028 ) General and administrative expenses (15,871 ) Acquisition and investment related costs (3,276 ) Interest expense (34,314 ) Loss on debt extinguishment (1,651 ) Interest and other income 1,146 Income (loss) before loss on sale of real estate and other investments and income (loss) from discontinued operations (64,929 ) Gain (loss) on sale of real estate and other investments 18,701 Income (loss) from continuing operations (46,228 ) Income (loss) from discontinued operations 76,753 Net income (loss) $ 30,525 (1) Revenue, property operating expenses, including real estate taxes, and net operating income for the year ended April 30, 2017 have not been updated for properties sold during the year ended 2019. |
Segment Assets and Accumulated Depreciation | Segment Assets and Accumulated Depreciation (in thousands) As at December 31, 2019 Multifamily All Other Total Segment assets Property owned $ 1,609,471 $ 33,607 $ 1,643,078 Less accumulated depreciation (339,272 ) (9,850 ) (349,122 ) Total property owned $ 1,270,199 $ 23,757 $ 1,293,956 Cash and cash equivalents 26,579 Restricted cash 19,538 Other assets 34,829 Unimproved land 1,376 Mortgage loans receivable 16,140 Total Assets $ 1,392,418 (in thousands) As at December 31, 2018 Multifamily All Other Total Segment assets Property owned $ 1,428,226 $ 199,410 $ 1,627,636 Less accumulated depreciation (277,709 ) (76,162 ) (353,871 ) Total property owned $ 1,150,517 $ 123,248 $ 1,273,765 Cash and cash equivalents 13,792 Restricted cash 5,464 Other assets 27,265 Unimproved land 5,301 Mortgage loans receivable 10,410 Total Assets $ 1,335,997 (in thousands) As at April 30, 2018 Multifamily All Other Total Segment assets (1) Property owned $ 1,606,421 $ 63,343 $ 1,669,764 Less accumulated depreciation (294,477 ) (16,847 ) (311,324 ) Total property owned $ 1,311,944 $ 46,496 $ 1,358,440 Cash and cash equivalents 11,891 Restricted cash 4,225 Other assets 30,297 Unimproved land 11,476 Mortgage loans receivable 10,329 Total Assets $ 1,426,658 (1) Segment assets as of April 30, 2018 have not been updated for properties sold during the year ended 2019. |
QUARTERLY RESULTS OF CONSOLID_2
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Results of Consolidation Operations | (in thousands, except per share data) QUARTER ENDED March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 45,608 $ 46,934 $ 47,436 $ 45,777 Net income (loss) attributable to controlling interests $ (4,698 ) $ 3,113 $ 31,596 $ 48,658 Net income (loss) available to common shareholders $ (6,403 ) $ 1,407 $ 29,891 $ 46,953 Net income (loss) per common share - basic $ (0.54 ) $ 0.11 $ 2.57 $ 3.95 Net income (loss) per common share - diluted $ (0.54 ) $ 0.11 $ 2.54 $ 3.89 (in thousands, except per share data) TRANSITION PERIOD First Quarter Second Quarter Two Months Ended December 31, 2018 Revenues $ 45,946 $ 45,638 $ 30,287 Net income (loss) attributable to controlling interest $ 2,916 $ (4,558 ) $ (2,756 ) Net income (loss) available to common shareholders $ 1,211 $ (6,264 ) $ (3,892 ) Net income (loss) per common share - basic & diluted $ 0.10 $ (0.52 ) $ (0.33 ) (in thousands, except per share data) QUARTER ENDED July 31, 2017 October 31, 2017 January 31, 2018 April 30, 2018 Revenues $ 40,978 $ 41,866 $ 42,716 $ 44,185 Net income (loss) attributable to controlling interests $ (11,264 ) $ 12,821 $ 136,105 $ (20,874 ) Net income (loss) available to common shareholders $ (13,550 ) $ 6,360 $ 134,331 $ (22,579 ) Net income (loss) per common share - basic & diluted $ (1.12 ) $ 0.53 $ 11.22 $ (1.89 ) |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Expense Recognized | Total share-based compensation expense recognized in the consolidated financial statements for the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal years ended April 30, 2018 and 2017 , for all share-based awards was as follows: (in thousands) Year Ended December 31, Transition Period Ended Fiscal Year Ended April 30, 2019 December 31, 2018 2018 2017 Share based compensation expense $ 1,905 $ 845 $ 1,587 $ 6 |
Schedule of Restricted Share Awards Activity | The activity for the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal years ended April 30 2018 and 2017 , related to our RSUs was as follows: RSUs with Service Conditions RSUs with Market Conditions Wtd Avg Grant- Wtd Avg Grant- Shares Date Fair Value Shares Date Fair Value Unvested at April 30, 2017 — — Granted 6,994 $ 60.54 11,538 $ 70.90 Vested (207 ) $ 50.30 — Forfeited — — Unvested at April 30, 2018 6,787 $ 60.85 11,538 $ 70.90 Granted 14,878 $ 53.60 15,461 $ 57.70 Vested (2,943 ) $ 60.83 — — Forfeited (462 ) $ 53.60 (1,680 ) $ 70.90 Unvested at December 31, 2018 18,260 25,319 $ 62.84 Granted 16,084 $ 59.76 12,978 $ 79.49 Vested (11,633 ) $ 55.35 — — Forfeited (365 ) $ 51.73 (475 ) $ 57.70 Unvested at December 31, 2019 22,346 $ 58.41 37,822 $ 68.62 The activity for the year ended December 31, 2019 , the transition period ended December 31, 2018, and the fiscal years ended April 30, 2018 and 2017 , related to our restricted share awards was as follows: Awards with Service Conditions Wtd Avg Grant- Shares Date Fair Value Unvested at April 30, 2016 — Granted 25,326 $ 61.59 Vested (2,132 ) $ 59.50 Forfeited (3,683 ) $ 62.40 Unvested at April 30, 2017 19,511 Granted 9,136 $ 57.55 Vested (18,545 ) $ 59.89 Forfeited (202 ) $ 62.40 Unvested at April 30, 2018 9,900 Granted — — Vested (2,709 ) $ 63.21 Forfeited — — Unvested at December 31, 2018 7,191 Granted — Vested (4,999 ) $ 61.06 Forfeited — — Unvested at December 31, 2019 2,192 $ 59.20 |
ORGANIZATION (Details)
ORGANIZATION (Details) - Multi-family Residential Properties | Dec. 31, 2019propertyunit |
Real Estate Properties [Line Items] | |
Number of real estate properties | property | 69 |
Number of apartment homes | unit | 11,953 |
BASIS OF PRESENTATION AND SIG_4
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) | Dec. 14, 2018 | Apr. 30, 2017 | Dec. 31, 2019USD ($)shares | Aug. 31, 2017USD ($)property | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Oct. 31, 2018USD ($)$ / shares | Jul. 31, 2018USD ($)$ / shares | Apr. 30, 2018USD ($)$ / sharesshares | Jan. 31, 2018USD ($)$ / shares | Oct. 31, 2017USD ($)$ / shares | Jul. 31, 2017USD ($)$ / shares | Dec. 31, 2018USD ($)propertyshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2019USD ($)propertyshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019USD ($)apartment_communityshares | Dec. 31, 2018USD ($)shares | Apr. 30, 2018USD ($)propertyshares | Dec. 31, 2017 | Apr. 30, 2017USD ($)property | Dec. 27, 2018shares | Dec. 26, 2018shares |
BASIS OF PRESENTATION [Abstract] | ||||||||||||||||||||||||||||
Interest in operating partnership | 92.00% | 92.00% | 92.00% | 89.40% | 89.70% | 92.00% | 92.00% | 92.00% | 92.00% | 92.00% | 92.00% | 89.70% | 89.40% | |||||||||||||||
Percentage of general interest partnership | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||||||||
Stock split conversion ratio | 0.10 | |||||||||||||||||||||||||||
Common Shares of Beneficial Interest, shares issued (in shares) | shares | 12,098,379 | 12,098,379 | 12,098,379 | 11,952,598 | 11,942,372 | 12,098,379 | 12,098,379 | 12,098,379 | 12,098,379 | 12,098,379 | 12,098,379 | 11,942,372 | 11,952,598 | 11,900,000 | 119,400,000 | |||||||||||||
Reverse stock split, units (in shares) | shares | 1,400,000 | 13,700,000 | ||||||||||||||||||||||||||
REAL ESTATE INVESTMENTS [Abstract] | ||||||||||||||||||||||||||||
Real estate investments | $ 1,311,472,000 | $ 1,311,472,000 | $ 1,311,472,000 | $ 1,380,245,000 | $ 1,289,476,000 | $ 1,311,472,000 | $ 1,311,472,000 | $ 1,311,472,000 | $ 1,311,472,000 | $ 1,311,472,000 | $ 1,311,472,000 | $ 1,289,476,000 | $ 1,380,245,000 | |||||||||||||||
Construction period interest capitalized | 0 | 0 | 4,000 | $ 431,000 | ||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Impairment of real estate investments | 1,221,000 | 0 | 18,065,000 | 57,028,000 | ||||||||||||||||||||||||
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS [Abstract] | ||||||||||||||||||||||||||||
Net income | $ (3,892,000) | 46,953,000 | $ 29,891,000 | $ 1,407,000 | $ (6,403,000) | $ (6,264,000) | $ 1,211,000 | $ (22,579,000) | $ 134,331,000 | $ 6,360,000 | $ (13,550,000) | (8,945,000) | 71,848,000 | $ 104,562,000 | $ 31,366,000 | |||||||||||||
Net income (loss) per common share - basic & diluted (in dollars per share) | $ / shares | $ (0.33) | $ (0.52) | $ 0.10 | $ (1.89) | $ 11.22 | $ 0.53 | $ (1.12) | |||||||||||||||||||||
INCOME TAXES [Abstract] | ||||||||||||||||||||||||||||
Minimum dividend distribution percentage | 90.00% | |||||||||||||||||||||||||||
Dividend distribution percentage | 90.00% | 90.00% | 90.00% | |||||||||||||||||||||||||
Ordinary income | 23.43% | 0.00% | 14.59% | |||||||||||||||||||||||||
Capital gain | 38.53% | 100.00% | 48.87% | |||||||||||||||||||||||||
Return of capital | 38.04% | 0.00% | 36.54% | |||||||||||||||||||||||||
PROPERTY AND EQUIPMENT [Abstract] | ||||||||||||||||||||||||||||
Property and equipment cost | 2,900,000 | $ 2,900,000 | 2,900,000 | $ 2,100,000 | 2,200,000 | 2,900,000 | 2,900,000 | 2,900,000 | $ 2,900,000 | 2,900,000 | 2,900,000 | $ 2,200,000 | $ 2,100,000 | |||||||||||||||
Accumulated depreciation | 1,700,000 | 1,700,000 | 1,700,000 | 1,300,000 | 1,400,000 | 1,700,000 | $ 1,700,000 | 1,700,000 | 1,700,000 | 1,700,000 | $ 1,700,000 | 1,400,000 | 1,300,000 | |||||||||||||||
MORTGAGE LOANS RECEIVABLE AND NOTES RECEIVABLE [Abstract] | ||||||||||||||||||||||||||||
Number of real estate properties sold | 28 | 12 | ||||||||||||||||||||||||||
Mortgage loans receivable | 10,000,000 | $ 11,000,000 | 10,000,000 | 10,000,000 | $ 11,000,000 | 10,400,000 | 10,000,000 | $ 10,000,000 | 10,000,000 | 10,000,000 | $ 10,000,000 | $ 10,000,000 | $ 10,400,000 | 11,000,000 | ||||||||||||||
GAIN ON BARGAIN PURCHASE [Abstract] | ||||||||||||||||||||||||||||
Gain (loss) on litigation settlement | $ 0 | 6,586,000 | $ 0 | $ 0 | ||||||||||||||||||||||||
Cash received in litigation | 5,200,000 | |||||||||||||||||||||||||||
Liabilities waived in litigation | 1,400,000 | |||||||||||||||||||||||||||
Service Life | ||||||||||||||||||||||||||||
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS [Abstract] | ||||||||||||||||||||||||||||
Depreciation | 29,300,000 | |||||||||||||||||||||||||||
Net income | (29,300,000) | |||||||||||||||||||||||||||
Net income (loss) per common share - basic & diluted (in dollars per share) | $ / shares | $ (0.22) | |||||||||||||||||||||||||||
Assets Held for Sale | ||||||||||||||||||||||||||||
HELD FOR SALE [Abstract] | ||||||||||||||||||||||||||||
Number of real estate properties classified as held for sale | property | 0 | 0 | 0 | |||||||||||||||||||||||||
Discontinued Operations, Disposed of by Sale | ||||||||||||||||||||||||||||
MORTGAGE LOANS RECEIVABLE AND NOTES RECEIVABLE [Abstract] | ||||||||||||||||||||||||||||
Interest and other income | $ 0 | 0 | $ 661,000 | $ 2,179,000 | ||||||||||||||||||||||||
Multi-family Residential Properties | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Number of impaired properties | property | 1 | 16 | ||||||||||||||||||||||||||
Multi-family Residential Properties | Assets Held for Sale | ||||||||||||||||||||||||||||
HELD FOR SALE [Abstract] | ||||||||||||||||||||||||||||
Number of real estate properties classified as held for sale | property | 13 | |||||||||||||||||||||||||||
Commercial Properties | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Number of impaired properties | property | 3 | |||||||||||||||||||||||||||
Land | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Number of impaired properties | property | 4 | 2 | ||||||||||||||||||||||||||
Multi-Family Residential | ||||||||||||||||||||||||||||
MORTGAGE LOANS RECEIVABLE AND NOTES RECEIVABLE [Abstract] | ||||||||||||||||||||||||||||
Interest rate on mortgages payable | 6.00% | |||||||||||||||||||||||||||
Amount funded | 6,200,000 | 6,200,000 | 6,200,000 | $ 341,000 | 6,200,000 | $ 6,200,000 | 6,200,000 | 6,200,000 | $ 6,200,000 | 6,200,000 | ||||||||||||||||||
Accrued interest | $ 16,600,000 | 16,600,000 | 16,600,000 | 16,600,000 | 16,600,000 | 16,600,000 | 16,600,000 | 16,600,000 | 16,600,000 | |||||||||||||||||||
Multi-Family Residential | Construction Loans | ||||||||||||||||||||||||||||
MORTGAGE LOANS RECEIVABLE AND NOTES RECEIVABLE [Abstract] | ||||||||||||||||||||||||||||
Interest rate on mortgages payable | 4.50% | |||||||||||||||||||||||||||
Multi-Family Residential | Mezzanine Loan | ||||||||||||||||||||||||||||
MORTGAGE LOANS RECEIVABLE AND NOTES RECEIVABLE [Abstract] | ||||||||||||||||||||||||||||
Interest rate on mortgages payable | 11.50% | |||||||||||||||||||||||||||
Multi-Family Residential | Discontinued Operations, Disposed of by Sale | ||||||||||||||||||||||||||||
MORTGAGE LOANS RECEIVABLE AND NOTES RECEIVABLE [Abstract] | ||||||||||||||||||||||||||||
Number of real estate properties sold | property | 13 | |||||||||||||||||||||||||||
Interest rate on mortgages payable | 5.50% | |||||||||||||||||||||||||||
Interest and other income | 448,000 | 570,000 | $ 372,000 | |||||||||||||||||||||||||
Impaired Property Bismark, North Dakota | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Impairment of real estate investments | $ 1,200,000 | |||||||||||||||||||||||||||
Grand Forks, North Dakota | Multi-family Residential Properties | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Impairment of real estate investments | 12,200,000 | |||||||||||||||||||||||||||
Grand Forks, North Dakota | Land | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Impairment of real estate investments | 1,500,000 | |||||||||||||||||||||||||||
Bloomington, Minnesota | Industrial | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Impairment of real estate investments | 1,400,000 | |||||||||||||||||||||||||||
Woodbury 1865 Woodland - Woodbury, MN | Industrial | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Impairment of real estate investments | 922,000 | |||||||||||||||||||||||||||
Impaired Property Minot N D | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Impairment of real estate investments | $ 2,900,000 | |||||||||||||||||||||||||||
Impaired Property Minot N D | Multi-family Residential Properties | Assets Held for Sale | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Number of impaired properties | property | 13 | |||||||||||||||||||||||||||
Impaired Property Minot N D | Land | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Number of impaired properties | property | 1 | |||||||||||||||||||||||||||
Impaired Property Minot N D | Retail Site | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Impairment of real estate investments | 630,000 | |||||||||||||||||||||||||||
Impaired Property Williston Nd | Multi-family Residential Properties | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Number of impaired properties | property | 3 | |||||||||||||||||||||||||||
Impaired Property Williston Nd | Land | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Impairment of real estate investments | 428,000 | $ 2,800,000 | ||||||||||||||||||||||||||
Number of impaired properties | property | 1 | |||||||||||||||||||||||||||
Interest in joint venture | 70.00% | 70.00% | ||||||||||||||||||||||||||
Bismark, North Dakota - First Property | Land | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Impairment of real estate investments | 256,000 | |||||||||||||||||||||||||||
Bismark, North Dakota - Second Property | Land | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Impairment of real estate investments | $ 709,000 | |||||||||||||||||||||||||||
Bismark, North Dakota | Land | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Number of impaired properties | property | 2 | |||||||||||||||||||||||||||
Impaired Property One Williston Nd | Multi-family Residential Properties | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Impairment of real estate investments | $ 40,900,000 | |||||||||||||||||||||||||||
Interest in joint venture | 70.00% | 70.00% | ||||||||||||||||||||||||||
Impaired Property Two Williston Nd | Multi-family Residential Properties | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Impairment of real estate investments | $ 5,800,000 | |||||||||||||||||||||||||||
Impaired Property Three Williston Nd | Multi-family Residential Properties | ||||||||||||||||||||||||||||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||
Impairment of real estate investments | $ 4,700,000 | |||||||||||||||||||||||||||
Interest in joint venture | 60.00% | 60.00% | ||||||||||||||||||||||||||
New Hope, Minnesota | Multi-Family Residential | ||||||||||||||||||||||||||||
MORTGAGE LOANS RECEIVABLE AND NOTES RECEIVABLE [Abstract] | ||||||||||||||||||||||||||||
Loan commitment | $ 16,200,000 | |||||||||||||||||||||||||||
Minneapolis, Minnesota | Multi-Family Residential | Construction Loans | ||||||||||||||||||||||||||||
MORTGAGE LOANS RECEIVABLE AND NOTES RECEIVABLE [Abstract] | ||||||||||||||||||||||||||||
Loan commitment | $ 29,900,000 | 29,900,000 | 29,900,000 | 29,900,000 | 29,900,000 | 29,900,000 | 29,900,000 | 29,900,000 | 29,900,000 | |||||||||||||||||||
Minneapolis, Minnesota | Multi-Family Residential | Mezzanine Loan | ||||||||||||||||||||||||||||
MORTGAGE LOANS RECEIVABLE AND NOTES RECEIVABLE [Abstract] | ||||||||||||||||||||||||||||
Loan commitment | $ 15,300,000 | $ 15,300,000 | $ 15,300,000 | $ 15,300,000 | $ 15,300,000 | $ 15,300,000 | $ 15,300,000 | $ 15,300,000 | $ 15,300,000 | |||||||||||||||||||
Minimum | Service Life | ||||||||||||||||||||||||||||
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS [Abstract] | ||||||||||||||||||||||||||||
Useful life | 20 years | 10 years | ||||||||||||||||||||||||||
Maximum | Service Life | ||||||||||||||||||||||||||||
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS [Abstract] | ||||||||||||||||||||||||||||
Useful life | 40 years | 37 years | ||||||||||||||||||||||||||
Building and Building Improvements | Minimum | ||||||||||||||||||||||||||||
REAL ESTATE INVESTMENTS [Abstract] | ||||||||||||||||||||||||||||
Estimated useful life of assets | 10 years | |||||||||||||||||||||||||||
Building and Building Improvements | Maximum | ||||||||||||||||||||||||||||
REAL ESTATE INVESTMENTS [Abstract] | ||||||||||||||||||||||||||||
Estimated useful life of assets | 37 years | |||||||||||||||||||||||||||
Furniture and Fixtures | Minimum | ||||||||||||||||||||||||||||
REAL ESTATE INVESTMENTS [Abstract] | ||||||||||||||||||||||||||||
Estimated useful life of assets | 5 years | |||||||||||||||||||||||||||
Furniture and Fixtures | Maximum | ||||||||||||||||||||||||||||
REAL ESTATE INVESTMENTS [Abstract] | ||||||||||||||||||||||||||||
Estimated useful life of assets | 10 years | |||||||||||||||||||||||||||
Renovations And Improvements | Minimum | ||||||||||||||||||||||||||||
REAL ESTATE INVESTMENTS [Abstract] | ||||||||||||||||||||||||||||
Estimated useful life of assets | 5 years | |||||||||||||||||||||||||||
Renovations And Improvements | Maximum | ||||||||||||||||||||||||||||
REAL ESTATE INVESTMENTS [Abstract] | ||||||||||||||||||||||||||||
Estimated useful life of assets | 20 years | |||||||||||||||||||||||||||
Property With Previous Nine Year Life | Service Life | ||||||||||||||||||||||||||||
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS [Abstract] | ||||||||||||||||||||||||||||
Useful life | 9 years | |||||||||||||||||||||||||||
Property With Previous Nine Year Life | Minimum | Service Life | ||||||||||||||||||||||||||||
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS [Abstract] | ||||||||||||||||||||||||||||
Useful life | 5 years | |||||||||||||||||||||||||||
Property With Previous Nine Year Life | Maximum | Service Life | ||||||||||||||||||||||||||||
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS [Abstract] | ||||||||||||||||||||||||||||
Useful life | 10 years |
BASIS OF PRESENTATION AND SIG_5
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 |
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Cash and cash equivalents | $ 26,579 | $ 13,792 | $ 11,891 | ||
Restricted cash | 19,538 | 5,464 | 4,225 | ||
Total cash, cash equivalents and restricted cash | 46,117 | $ 19,256 | $ 16,116 | $ 56,800 | $ 71,508 |
Tax-Deferred Exchange Proceeds | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Restricted cash | 17,200 | ||||
Escrow Deposits | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Restricted cash | $ 2,300 |
BASIS OF PRESENTATION AND SIG_6
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2019 | |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | ||
2020 | $ 2,993 | |
2021 | 3,020 | |
2022 | 3,024 | |
2023 | 2,847 | |
2024 | 2,308 | |
Thereafter | 4,793 | |
Total scheduled lease income - operating leases | $ 18,985 | |
Minimum | ||
Lessor, Lease, Description [Line Items] | ||
Term of contract | 3 years | |
Maximum | ||
Lessor, Lease, Description [Line Items] | ||
Term of contract | 15 years | |
Rental Income | Revenue | Product Concentration Risk | ||
Lessor, Lease, Description [Line Items] | ||
Concentration risk | 98.10% | |
Fee Income | Revenue | Product Concentration Risk | ||
Lessor, Lease, Description [Line Items] | ||
Concentration risk | 1.90% |
BASIS OF PRESENTATION AND SIG_7
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | May 01, 2018 | |
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Retained earnings | $ (390,196) | $ (390,196) | $ (395,669) | $ (429,048) | $ (390,196) | $ (395,669) | ||||||||||
Mortgage loans receivable | 16,140 | 16,140 | 10,329 | 10,410 | 16,140 | 10,329 | ||||||||||
Fixed lease income - operating leases | 114,047 | 176,706 | ||||||||||||||
Variable lease income - operating leases | 3,528 | 5,586 | ||||||||||||||
Total revenue | $ 30,287 | $ 45,777 | $ 47,436 | $ 46,934 | $ 45,608 | $ 45,638 | $ 45,946 | $ 44,185 | $ 42,716 | $ 41,866 | $ 40,978 | 121,871 | 185,755 | $ 169,745 | $ 160,104 | |
Non-lease components | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Revenue from contracts with customers | 0 | 0 | ||||||||||||||
Other property revenue | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Revenue from contracts with customers | $ 4,296 | $ 3,463 | ||||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Retained earnings | $ 627 | |||||||||||||||
Mortgage loans receivable | $ 627 |
BASIS OF PRESENTATION AND SIG_8
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Distributions for Federal Income Tax Purposes (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Capital gain | 38.53% | 100.00% | 48.87% |
Ordinary income | 23.43% | 0.00% | 14.59% |
Return of capital | 38.04% | 0.00% | 36.54% |
BASIS OF PRESENTATION AND SIG_9
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2018 |
Accounting Policies [Abstract] | |||
Receivable arising from straight line rents | $ 785 | $ 1,145 | $ 1,458 |
Accounts receivable, net of allowance | 154 | 71 | 81 |
Fair value of interest rate swaps | 0 | 818 | 1,779 |
Loans receivable | 16,557 | 16,399 | 15,480 |
Marketable securities | 7,055 | 0 | 0 |
Prepaid and other assets | 4,866 | 3,802 | 5,334 |
Intangible assets, net of accumulated amortization | 1,212 | 498 | 1,469 |
Property and equipment, net of accumulated depreciation | 1,277 | 686 | 820 |
Goodwill | 1,086 | 1,546 | 1,553 |
Deferred charges and leasing costs | 1,837 | 2,300 | 2,323 |
Total Other Assets | $ 34,829 | $ 27,265 | $ 30,297 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)$ / shares | Sep. 30, 2019USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares | Mar. 31, 2019USD ($)$ / shares | Oct. 31, 2018USD ($) | Jul. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Jan. 31, 2018USD ($) | Oct. 31, 2017USD ($) | Jul. 31, 2017USD ($) | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Apr. 30, 2018USD ($)$ / sharesshares | Apr. 30, 2017USD ($)$ / sharesshares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Ratio of units exchanged for shares | 1 | ||||||||||||||
Net Income (Loss) Attributable to Parent [Abstract] | |||||||||||||||
Income (loss) from continuing operations – controlling interests | $ (4,908) | $ 78,669 | $ (30,266) | $ (24,473) | |||||||||||
Income (loss) from discontinued operations – controlling interests | 510 | 0 | 147,054 | 67,820 | |||||||||||
Net income (loss) attributable to controlling interests | $ (2,756) | $ 48,658 | $ 31,596 | $ 3,113 | $ (4,698) | $ (4,558) | $ 2,916 | $ (20,874) | $ 136,105 | $ 12,821 | $ (11,264) | (4,398) | 78,669 | 116,788 | 43,347 |
Dividends to preferred shareholders | (4,547) | (6,821) | (8,569) | (10,546) | |||||||||||
Redemption of preferred shares | 0 | 0 | (3,657) | (1,435) | |||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ (3,892) | $ 46,953 | $ 29,891 | $ 1,407 | $ (6,403) | $ (6,264) | $ 1,211 | $ (22,579) | $ 134,331 | $ 6,360 | $ (13,550) | (8,945) | 71,848 | 104,562 | 31,366 |
Noncontrolling interests – Operating Partnership | (1,032) | 6,752 | 12,702 | 4,059 | |||||||||||
Dividends to preferred unitholders | 0 | 537 | 0 | 0 | |||||||||||
Numerator for diluted earnings (loss) per share | $ (9,977) | $ 79,137 | $ 117,264 | $ 35,425 | |||||||||||
DENOMINATOR | |||||||||||||||
Denominator for basic earnings per share weighted average shares (in shares) | shares | 11,937,000 | 11,744,000 | 11,998,000 | 12,117,000 | |||||||||||
Effect of redeemable operating partnership units (in shares) | shares | 1,387,000 | 1,237,000 | 1,462,000 | 1,613,000 | |||||||||||
Effect of Series D preferred units (in shares) | shares | 0 | 193,000 | 0 | 0 | |||||||||||
Effect of diluted restricted stock awards and restricted stock units (in shares) | shares | 0 | 8,000 | 0 | 0 | |||||||||||
Denominator for diluted earnings per share (in shares) | shares | 13,324,000 | 13,182,000 | 13,460,000 | 13,730,000 | |||||||||||
Earnings (loss) per common share from continuing operations – basic (in dollars per share) | $ / shares | $ (0.79) | $ 6.06 | $ (3.54) | $ (3.01) | |||||||||||
Earnings (loss) per common share from discontinued operations – basic (in dollars per share) | $ / shares | 0.04 | 0 | 12.25 | 5.59 | |||||||||||
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC (in dollars per share) | $ / shares | $ 3.95 | $ 2.57 | $ 0.11 | $ (0.54) | (0.75) | 6.06 | 8.71 | 2.58 | |||||||
Earnings (loss) per common share from continuing operations - diluted (in dollars per share) | $ / shares | (0.79) | 6 | (3.54) | (3.01) | |||||||||||
Earnings (loss) per commong shares from discontinued operations - diluted (in dollars per share) | $ / shares | 0.04 | 0 | 12.25 | 5.59 | |||||||||||
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) | $ / shares | $ 3.89 | $ 2.54 | $ 0.11 | $ (0.54) | $ (0.75) | $ 6 | $ 8.71 | $ 2.58 | |||||||
Performance Shares And Restricted Stock Units | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Antidilutive excluded from computation of earnings per share (in shares) | shares | 37,822 |
EQUITY AND MEZZANINE EQUITY (De
EQUITY AND MEZZANINE EQUITY (Details) - USD ($) | Feb. 26, 2019 | Dec. 05, 2018 | Dec. 05, 2017 | Dec. 07, 2016 | Dec. 31, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | Dec. 05, 2019 | Nov. 30, 2019 |
Class of Stock [Line Items] | |||||||||
Noncontrolling interests - Operating Partnership (in shares) | 1,367,502 | 1,058,142 | 1,409,943 | ||||||
Equity Awards | |||||||||
Common shares outstanding (in shares) | 11,942,372 | 12,098,379 | 11,952,598 | ||||||
Share Repurchase Program | |||||||||
Repurchase period | 1 year | 1 year | |||||||
Shares remaining authorized un share repurchase program | $ 50,000,000 | ||||||||
Cumulative Redeemable Preferred Shares of Beneficial Interest [Abstract] | |||||||||
Preferred shares issued (in shares) | 4,118,460 | 4,118,460 | 4,118,460 | ||||||
Preferred shares liquidation preference | $ 102,971,475 | $ 102,971,475 | $ 102,971,475 | ||||||
Series D Preferred Units (Mezzanine Equity) [Abstract] | |||||||||
Series D Preferred Units, shares issued (in shares) | 0 | 166,000 | 0 | ||||||
Series D Preferred Units, par value (in dollars per shares) | $ 100 | $ 100 | $ 100 | ||||||
Series D preferred units, conversion rate (in shares) | 1.37931 | ||||||||
Series D preferred units, conversion exchange rate (in dollars per share) | $ 72.50 | ||||||||
Redeemable Noncontrolling Interest (Mezzanine Equity) [Abstract] | |||||||||
Payments for acquisition of noncontrolling interest | $ 1,300,000 | ||||||||
Commons and Landing at Southgate Partnership | |||||||||
Redeemable Noncontrolling Interest (Mezzanine Equity) [Abstract] | |||||||||
Noncontrolling interest acquired | 34.50% | ||||||||
Share Repurchase Program | |||||||||
Share Repurchase Program | |||||||||
Authorized share repurchase amount | $ 50,000,000 | $ 50,000,000 | |||||||
Repurchase period | 1 year | ||||||||
2015 Incentive Plan | |||||||||
Equity Awards | |||||||||
Forfeited (in shares) | 200 | 3,300 | 3,200 | ||||||
2015 Incentive Plan | Performance Shares | |||||||||
Equity Awards | |||||||||
Shares issued (in shares) | 5,600 | 18,000 | 9,300 | ||||||
Shares issued | $ 347,000 | $ 1,100,000 | $ 536,000 | ||||||
Series C Preferred Stock | |||||||||
Cumulative Redeemable Preferred Shares of Beneficial Interest [Abstract] | |||||||||
Preferred shares issued (in shares) | 4,118,460 | ||||||||
Distribution rate percentage | 6.625% | ||||||||
Liquidation preference per share (in dollars per share) | $ 25 | ||||||||
Distribution accrual rate | $ 1.65625 | ||||||||
Preferred shares liquidation preference | $ 103,000,000 | ||||||||
Series B Preferred Stock | |||||||||
Cumulative Redeemable Preferred Shares of Beneficial Interest [Abstract] | |||||||||
Distribution rate percentage | 7.95% | ||||||||
Shares redeemed (in shares) | 4,600,000 | ||||||||
Series D Preferred Units | |||||||||
Series D Preferred Units (Mezzanine Equity) [Abstract] | |||||||||
Series D Preferred Units, shares issued (in shares) | 165,600 | ||||||||
Series D Preferred Units, par value (in dollars per shares) | $ 100 | ||||||||
Series D preferred units, distribution rate percentage | 3.862% | ||||||||
2019 ATM Program | |||||||||
Equity Distribution Agreement [Abstract] | |||||||||
Aggregate gross sales price of common shares | $ 127,700,000 | $ 150,000,000 | |||||||
Common Shares of Beneficial Interest, shares issued (in shares) | 308,444 | ||||||||
Average per share price of common shares issued (in dollars per share) | $ 72.29 | ||||||||
Net consideration for common shares | $ 22,000,000 |
EQUITY AND MEZZANINE EQUITY - E
EQUITY AND MEZZANINE EQUITY - Exchange Rights (Details) - USD ($) $ / shares in Units, $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | |
Class of Stock [Line Items] | ||||
Number of Units (in shares) | 9,000 | 136,000 | 149,000 | |
Aggregate Cost | $ 499 | $ 8,142 | $ 8,775 | |
Average Price Per Unit (in dollars per share) | $ 53.12 | $ 60.02 | $ 58.90 | |
Total Book Value | $ 0 | $ 0 | $ 0 | $ 0 |
Exercise of Exchange Rights | ||||
Class of Stock [Line Items] | ||||
Partners' capital account, Number of Units (in shares) | 174,000 | 33,000 | 3,000 | |
Total Book Value | $ 7,823 | $ 649 | $ 34 |
EQUITY AND MEZZANINE EQUITY - S
EQUITY AND MEZZANINE EQUITY - Share Repurchase Program (Details) - Share Repurchase Program - USD ($) $ / shares in Units, $ in Thousands | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |||
Number of Shares (in shares) | 42,000 | 329,000 | 178,000 |
Aggregate Cost | $ 2,200 | $ 18,023 | $ 9,900 |
Average Price Per Share (in dollars per share) | $ 51.56 | $ 54.69 | $ 55.82 |
EQUITY AND MEZZANINE EQUITY - R
EQUITY AND MEZZANINE EQUITY - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance at beginning of fiscal year | $ 6,644 | $ 5,968 | ||
Contributions | $ 619 | $ 7,188 | ||
Acquisition of redeemable noncontrolling interests | (392) | |||
Balance at close of fiscal year | 5,968 | 0 | 6,644 | |
Commons and Landing at Southgate Partnership | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance at beginning of fiscal year | 6,644 | 5,968 | 7,117 | 7,522 |
Contributions | 0 | 0 | 268 | 17 |
Net (loss) income | (676) | (174) | (741) | (422) |
Acquisition of redeemable noncontrolling interests | (5,794) | |||
Balance at close of fiscal year | $ 5,968 | $ 0 | $ 6,644 | $ 7,117 |
NONCONTROLLING INTERESTS (Detai
NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2018 |
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests – consolidated real estate entities | $ 5,565 | $ 6,747 | $ 8,888 |
IRET - 71 France, LLC | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests – consolidated real estate entities | 4,817 | 5,918 | 6,606 |
IRET - Cypress Court Apartments, LLC | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests – consolidated real estate entities | 748 | 829 | 890 |
IRET - Williston Garden Apartments, LLC | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests – consolidated real estate entities | 0 | 0 | 1,635 |
IRET - WRH 1, LLC | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests – consolidated real estate entities | 0 | 0 | (467) |
WRH Holding, LLC | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests – consolidated real estate entities | $ 0 | $ 0 | $ 224 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2019USD ($)propertyextension | Dec. 31, 2019USD ($)propertyloanextension | Dec. 31, 2018USD ($) | Apr. 30, 2018USD ($) | |
Line of Credit Facility [Line Items] | ||||
Number of real estate properties, unencumbered by mortgages | property | 45 | 45 | ||
Amount available | $ 6,000,000 | $ 6,000,000 | ||
Revolving lines of credit | 50,079,000 | 50,079,000 | $ 57,500,000 | $ 124,000,000 |
Carrying principal value | $ 651,455,000 | $ 651,455,000 | $ 648,474,000 | $ 706,140,000 |
Domestic Line of Credit | Minimum | Base Rate | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate spread | 0.35% | |||
Domestic Line of Credit | Minimum | London Interbank Offered Rate (LIBOR) | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate spread | 1.35% | |||
Domestic Line of Credit | Maximum | Base Rate | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate spread | 8.50% | |||
Domestic Line of Credit | Maximum | London Interbank Offered Rate (LIBOR) | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate spread | 1.90% | |||
Multifamily | ||||
Line of Credit Facility [Line Items] | ||||
Number of apartment communities, serving as collateral for mortgage loans | property | 24 | 24 | ||
Mortgages | ||||
Line of Credit Facility [Line Items] | ||||
Number of loans in default | loan | 0 | |||
Original principal balance | $ 59,900,000 | $ 59,900,000 | ||
Stated interest rate | 3.88% | 3.88% | ||
Weighted average interest rate (in hundredths) | 4.02% | 4.02% | 4.58% | 4.69% |
Mortgages | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate | 3.47% | 3.47% | ||
Mortgages | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate | 5.73% | 5.73% | ||
Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Term | 1 year | |||
Unsecured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Original principal balance | $ 150,000,000 | $ 150,000,000 | ||
Note Maturing 2029 | Unsecured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Original principal balance | $ 75,000,000 | $ 75,000,000 | ||
Stated interest rate | 3.84% | 3.84% | ||
Note Maturing 2028 | Unsecured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Original principal balance | $ 50,000,000 | $ 50,000,000 | ||
Stated interest rate | 3.69% | 3.69% | ||
Remaining amount under private shelf agreement | $ 25,000,000 | $ 25,000,000 | ||
BMO Line of Credit | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Amount available | $ 250,000,000 | $ 250,000,000 | $ 300,000,000 | |
Revolving lines of credit | $ 57,500,000 | $ 124,000,000 | ||
Number of extensions | extension | 1 | 1 | ||
Extension term | 12 months | |||
BMO Line of Credit | Domestic Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Amount available | $ 250,000,000 | $ 250,000,000 | ||
Remaining borrowing capacity | 199,900,000 | 199,900,000 | ||
Revolving lines of credit | 50,100,000 | $ 50,100,000 | ||
Interest rate | 3.81% | |||
UAP Line of Credit | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Amount available | $ 232,500,000 | |||
Term Loan Maturing 2024 | Unsecured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Original principal balance | 70,000,000 | $ 70,000,000 | ||
Term Loan Maturing 2025 | Unsecured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Original principal balance | $ 75,000,000 | $ 75,000,000 | ||
Multi-family Residential Properties | ||||
Line of Credit Facility [Line Items] | ||||
Number of apartment communities | property | 69 | 69 |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2018 | |
Debt Instrument [Line Items] | |||
Carrying principal value | $ 651,455 | $ 648,474 | $ 706,140 |
Weighted average maturity in years | 6 years 7 days | ||
Mortgages | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 4.02% | 4.58% | 4.69% |
Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Carrying principal value | $ 320,079 | $ 202,500 | $ 194,000 |
Weighted average maturity in years | 6 years 3 months 7 days | ||
Unsecured Debt | Line of Credit | |||
Debt Instrument [Line Items] | |||
Carrying principal value | $ 50,079 | $ 57,500 | $ 124,000 |
Weighted average maturity in years | 2 years 8 months 1 day | ||
Unsecured Debt | Line of Credit | Lines of credit (rate with swap) | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 3.81% | 3.72% | 3.35% |
Unsecured Debt | Term Loans | |||
Debt Instrument [Line Items] | |||
Carrying principal value | $ 145,000 | $ 145,000 | $ 70,000 |
Weighted average maturity in years | 4 years 10 months 17 days | ||
Weighted average interest rate | 4.11% | 4.01% | 3.86% |
Unsecured Debt | Unsecured Senior Notes | |||
Debt Instrument [Line Items] | |||
Carrying principal value | $ 125,000 | $ 0 | $ 0 |
Weighted average maturity in years | 9 years 3 months 29 days | ||
Weighted average interest rate | 3.78% | 0.00% | 0.00% |
Secured Debt | Mortgages payable - fixed | |||
Debt Instrument [Line Items] | |||
Carrying principal value | $ 331,376 | $ 445,974 | $ 489,401 |
Weighted average maturity in years | 5 years 9 months 14 days | ||
Secured Debt | Mortgage payable - variable | |||
Debt Instrument [Line Items] | |||
Carrying principal value | $ 0 | $ 0 | $ 22,739 |
DEBT - Schedule of Required Pay
DEBT - Schedule of Required Payments (Details) - Mortgages and Term Loans $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
2020 | $ 14,897 |
2021 | 40,523 |
2022 | 37,352 |
2023 | 48,111 |
2024 | 73,777 |
Thereafter | 386,716 |
Total payments | $ 601,376 |
DERIVATIVE INSTRUMENTS (Details
DERIVATIVE INSTRUMENTS (Details) $ in Thousands | 1 Months Ended | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Apr. 30, 2018USD ($) | Apr. 30, 2017USD ($) | Jan. 31, 2023USD ($)derivative_instrument | |
Derivative [Line Items] | ||||||
Cash flow hedge expnese to be reclassified within twelve months | $ 1,500 | |||||
Interest expense | $ 21,359 | $ 30,537 | $ 34,178 | $ 34,314 | ||
Designated as Hedging Instrument | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Notional amount | 195,000 | 195,000 | ||||
Designated as Hedging Instrument | Interest Rate Contract | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) Recognized in OCI | (2,794) | (7,040) | 1,627 | |||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Reclassification out of Accumulated Other Comprehensive Income | Interest Rate Contract | ||||||
Derivative [Line Items] | ||||||
Interest expense | (159) | 289 | (152) | |||
Other Assets | Designated as Hedging Instrument | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Derivative instrument - interest rate swap | 0 | 818 | 0 | 1,779 | ||
Accounts Payable and Accrued Expenses | Designated as Hedging Instrument | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Derivative Liability | $ 7,607 | $ 1,675 | $ 7,607 | $ 0 | ||
Scenario, Forecast | Designated as Hedging Instrument | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 70,000 | |||||
Number of instruments held | derivative_instrument | 1 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2018 |
FINANCIAL ASSETS | |||
Restricted cash | $ 19,538 | $ 5,464 | $ 4,225 |
Carrying Amount | |||
FINANCIAL ASSETS | |||
Cash and cash equivalents | 26,579 | 13,792 | 11,891 |
Restricted cash | 19,538 | 5,464 | 4,225 |
Mortgage and note receivables | 32,810 | 26,809 | 25,809 |
FINANCIAL LIABILITIES | |||
Revolving lines of credit | 50,079 | 57,500 | 124,000 |
Notes payable | 270,000 | 145,000 | 70,000 |
Mortgages payable | 331,376 | 445,974 | 509,919 |
Fair Value | |||
FINANCIAL ASSETS | |||
Cash and cash equivalents | 26,579 | 13,792 | 11,891 |
Restricted cash | 19,538 | 5,464 | 4,225 |
Mortgage and note receivables | 32,810 | 26,809 | 25,809 |
FINANCIAL LIABILITIES | |||
Revolving lines of credit | 50,079 | 57,500 | 124,000 |
Notes payable | 270,000 | 145,000 | 70,000 |
Mortgages payable | $ 332,471 | 444,241 | 510,803 |
Nonrecurring | |||
Fair Value Measurements on a Nonrecurring Basis [Abstract] | |||
Real estate investments valued at fair value | 3,049 | 52,145 | |
Nonrecurring | Level 1 | |||
Fair Value Measurements on a Nonrecurring Basis [Abstract] | |||
Real estate investments valued at fair value | 0 | 0 | |
Nonrecurring | Level 2 | |||
Fair Value Measurements on a Nonrecurring Basis [Abstract] | |||
Real estate investments valued at fair value | 0 | 0 | |
Nonrecurring | Level 3 | |||
Fair Value Measurements on a Nonrecurring Basis [Abstract] | |||
Real estate investments valued at fair value | $ 3,049 | $ 52,145 |
ACQUISITIONS AND DISPOSITIONS -
ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details) - Acquisitions | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)ft²unit | Apr. 30, 2018USD ($)unit | |
Acquisitions and development projects placed in service [Abstract] | |||
Total acquisition costs | $ 0 | $ 171,362,000 | $ 373,050,000 |
Form of consideration, cash | 154,802,000 | 373,050,000 | |
Form of consideration, equity | 16,560,000 | ||
Investment allocation, land | 13,316,000 | 54,098,000 | |
Investment allocation, building | 154,796,000 | 314,971,000 | |
Investment allocation, intangible assets | 2,825,000 | 3,981,000 | |
Acquisition credit related to retail space lease-up | 425,000 | ||
Multi-Family Residential | |||
Acquisitions and development projects placed in service [Abstract] | |||
Total acquisition costs | 169,250,000 | ||
Form of consideration, cash | 152,690,000 | ||
Form of consideration, equity | 16,560,000 | ||
Investment allocation, land | 13,070,000 | ||
Investment allocation, building | 152,930,000 | ||
Investment allocation, intangible assets | 2,825,000 | ||
Multi-Family Residential | 272 homes - SouthFork Townhomes - Lakeville, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Total acquisition costs | 44,000,000 | ||
Form of consideration, cash | 27,440,000 | ||
Form of consideration, equity | 16,560,000 | ||
Investment allocation, land | 3,502,000 | ||
Investment allocation, building | 39,950,000 | ||
Investment allocation, intangible assets | $ 548,000 | ||
Number of apartment units | unit | 272 | ||
Multi-Family Residential | 96 homes - FreightYard Townhomes and Flats - Minneapolis, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Total acquisition costs | $ 26,000,000 | ||
Form of consideration, cash | 26,000,000 | ||
Form of consideration, equity | 0 | ||
Investment allocation, land | 1,889,000 | ||
Investment allocation, building | 23,615,000 | ||
Investment allocation, intangible assets | $ 496,000 | ||
Number of apartment units | unit | 96 | ||
Multi-Family Residential | 328 homes - Lugano at Cherry Creek - Denver, CO(3) | |||
Acquisitions and development projects placed in service [Abstract] | |||
Total acquisition costs | $ 99,250,000 | ||
Form of consideration, cash | 99,250,000 | ||
Form of consideration, equity | 0 | ||
Investment allocation, land | 7,679,000 | ||
Investment allocation, building | 89,365,000 | ||
Investment allocation, intangible assets | $ 1,781,000 | ||
Number of apartment units | unit | 328 | ||
Multi-Family Residential | Oxbo - St Paul, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Total acquisition costs | 61,500,000 | ||
Form of consideration, cash | 61,500,000 | ||
Investment allocation, land | 5,809,000 | ||
Investment allocation, building | 54,910,000 | ||
Investment allocation, intangible assets | $ 781,000 | ||
Number of apartment units | unit | 191 | ||
Area of real estate property (sq ft) | ft² | 11,477 | ||
Multi-Family Residential | 500 homes - Park Place - Plymouth, MN | |||
Acquisitions and development projects placed in service [Abstract] | |||
Total acquisition costs | $ 92,250,000 | ||
Form of consideration, cash | 92,250,000 | ||
Investment allocation, land | 10,609,000 | ||
Investment allocation, building | 80,711,000 | ||
Investment allocation, intangible assets | $ 930,000 | ||
Number of apartment units | unit | 500 | ||
Multi-Family Residential | 274 homes - Dylan - Denver, CO | |||
Acquisitions and development projects placed in service [Abstract] | |||
Total acquisition costs | $ 90,600,000 | ||
Form of consideration, cash | 90,600,000 | ||
Investment allocation, land | 12,155,000 | ||
Investment allocation, building | 77,249,000 | ||
Investment allocation, intangible assets | $ 1,196,000 | ||
Number of apartment units | unit | 274 | ||
Multi-Family Residential | 390 homes - Westend - Denver, CO | |||
Acquisitions and development projects placed in service [Abstract] | |||
Total acquisition costs | $ 128,700,000 | ||
Form of consideration, cash | 128,700,000 | ||
Investment allocation, land | 25,525,000 | ||
Investment allocation, building | 102,101,000 | ||
Investment allocation, intangible assets | $ 1,074,000 | ||
Number of apartment units | unit | 390 | ||
Other | 3100 10th St SW - Minot, ND | |||
Acquisitions and development projects placed in service [Abstract] | |||
Total acquisition costs | $ 2,112,000 | ||
Form of consideration, cash | 2,112,000 | ||
Form of consideration, equity | 0 | ||
Investment allocation, land | 246,000 | ||
Investment allocation, building | 1,866,000 | ||
Investment allocation, intangible assets | $ 0 |
ACQUISITIONS AND DISPOSITIONS_2
ACQUISITIONS AND DISPOSITIONS - Property Dispositions (Details) $ in Thousands | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019USD ($)unit | Dec. 31, 2019USD ($)unit | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Oct. 31, 2018USD ($) | Jul. 31, 2018USD ($) | Apr. 30, 2018USD ($)ft²unitapartment_community | Jan. 31, 2018USD ($) | Oct. 31, 2017USD ($) | Jul. 31, 2017USD ($) | Dec. 31, 2018USD ($)ft²unit | Dec. 31, 2019USD ($)propertyunit | Apr. 30, 2018USD ($)ft²propertyunitapartment_community | Apr. 30, 2017USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 30,287 | $ 45,777 | $ 47,436 | $ 46,934 | $ 45,608 | $ 45,638 | $ 45,946 | $ 44,185 | $ 42,716 | $ 41,866 | $ 40,978 | $ 121,871 | $ 185,755 | $ 169,745 | $ 160,104 |
Disposed of by Sale | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | 63,357 | 203,093 | 515,130 | ||||||||||||
Gain/(Loss) | 9,707 | $ 97,227 | 184,268 | ||||||||||||
Retail Site | Disposed of by Sale | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Number of properties sold | property | 2 | ||||||||||||||
Multi-Family Residential | Disposed of by Sale | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | 41,500 | $ 186,424 | 18,913 | ||||||||||||
Gain/(Loss) | 8,453 | $ 94,910 | 3,343 | ||||||||||||
Number of properties sold | property | 21 | ||||||||||||||
Multi-Family Residential | Disposed of by Sale | 21 homes - Pinehurst - Billings, MT | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 1,675 | ||||||||||||||
Gain/(Loss) | $ 714 | ||||||||||||||
Number of homes, dispositions | unit | 21 | 21 | 21 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 160 homes - Brookfield Village - Topeka, KS | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 10,350 | ||||||||||||||
Gain/(Loss) | $ 4,497 | ||||||||||||||
Number of homes, dispositions | unit | 160 | 160 | 160 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 220 homes - Crown Colony - Topeka, KS | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 17,200 | ||||||||||||||
Gain/(Loss) | $ 9,324 | ||||||||||||||
Number of homes, dispositions | unit | 220 | 220 | 220 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 54 homes - Mariposa - Topeka, KS | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 6,100 | ||||||||||||||
Gain/(Loss) | $ 1,810 | ||||||||||||||
Number of homes, dispositions | unit | 54 | 54 | 54 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 300 homes - Sherwood - Topeka, KS | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 26,150 | ||||||||||||||
Gain/(Loss) | $ 14,614 | ||||||||||||||
Number of homes, dispositions | unit | 300 | 300 | 300 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 308 homes - Villa West - Topeka, KS | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 22,950 | ||||||||||||||
Gain/(Loss) | $ 7,785 | ||||||||||||||
Number of homes, dispositions | unit | 308 | 308 | 308 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 152 homes - Crestview - Bismarck, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 8,250 | ||||||||||||||
Gain/(Loss) | $ 5,569 | ||||||||||||||
Number of homes, dispositions | unit | 152 | 152 | 152 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 73 homes - North Pointe - Bismarck, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 5,225 | ||||||||||||||
Gain/(Loss) | $ 2,046 | ||||||||||||||
Number of homes, dispositions | unit | 73 | 73 | 73 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 108 homes - Kirkwood - Bismarck, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 5,400 | ||||||||||||||
Gain/(Loss) | $ 2,882 | ||||||||||||||
Number of homes, dispositions | unit | 108 | 108 | 108 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 65 homes - Westwood Park - Bismarck, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 4,250 | ||||||||||||||
Gain/(Loss) | $ 2,319 | ||||||||||||||
Number of homes, dispositions | unit | 65 | 65 | 65 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 16 homes - Pebble Springs - Bismarck, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 875 | ||||||||||||||
Gain/(Loss) | $ 302 | ||||||||||||||
Number of homes, dispositions | unit | 16 | 16 | 16 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 192 homes - Arbors - Sioux City, IA | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 16,200 | ||||||||||||||
Gain/(Loss) | $ 10,090 | ||||||||||||||
Number of homes, dispositions | unit | 192 | 192 | 192 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 120 homes - Indian Hills - Sioux City, IA | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 8,100 | ||||||||||||||
Gain/(Loss) | $ 2,798 | ||||||||||||||
Number of homes, dispositions | unit | 120 | 120 | 120 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 132 homes - Ridge Oaks - Sioux City, IA | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 7,700 | ||||||||||||||
Gain/(Loss) | $ 3,694 | ||||||||||||||
Number of homes, dispositions | unit | 132 | 132 | 132 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 50 homes - Cottage West - Sioux Falls, SD | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 6,991 | ||||||||||||||
Gain/(Loss) | $ 2,600 | ||||||||||||||
Number of homes, dispositions | unit | 50 | 50 | 50 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 24 homes - Gables - Sioux Falls, SD | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 2,515 | ||||||||||||||
Gain/(Loss) | $ 463 | ||||||||||||||
Number of homes, dispositions | unit | 24 | 24 | 24 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 79 homes - Oakmont - Sioux Falls, SD | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 7,010 | ||||||||||||||
Gain/(Loss) | $ 3,093 | ||||||||||||||
Number of homes, dispositions | unit | 79 | 79 | 79 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 160 homes - Oakwood - Sioux Falls, SD | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 12,090 | ||||||||||||||
Gain/(Loss) | $ 9,034 | ||||||||||||||
Number of homes, dispositions | unit | 160 | 160 | 160 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 120 homes - Oxbow Park - Sioux Falls, SD | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 10,452 | ||||||||||||||
Gain/(Loss) | $ 7,739 | ||||||||||||||
Number of homes, dispositions | unit | 120 | 120 | 120 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 48 homes - Prairie Winds - Sioux Falls, SD | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 3,763 | ||||||||||||||
Gain/(Loss) | $ 2,651 | ||||||||||||||
Number of homes, dispositions | unit | 48 | 48 | 48 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 44 homes - Sierra Vista - Sioux Falls, SD | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 3,178 | ||||||||||||||
Gain/(Loss) | $ 886 | ||||||||||||||
Number of homes, dispositions | unit | 44 | 44 | 44 | ||||||||||||
Multi-Family Residential | Disposed of by Sale | 44 unit - Dakota Commons - Williston, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | 4,420 | ||||||||||||||
Gain/(Loss) | $ 542 | ||||||||||||||
Number of homes, dispositions | unit | 44 | ||||||||||||||
Multi-Family Residential | Disposed of by Sale | 145 unit - WIlliston Garden - Williston, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 12,310 | ||||||||||||||
Gain/(Loss) | $ 997 | ||||||||||||||
Number of homes, dispositions | unit | 145 | ||||||||||||||
Interest in joint venture | 74.11% | ||||||||||||||
Multi-Family Residential | Disposed of by Sale | 288 unit - Renaissance Heights - Williston, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 24,770 | ||||||||||||||
Gain/(Loss) | $ 6,914 | ||||||||||||||
Number of homes, dispositions | unit | 288 | ||||||||||||||
Interest in joint venture | 87.14% | ||||||||||||||
Multi-Family Residential | Disposed of by Sale | 327 homes - 13 apartment communities - Minot, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | 12,263 | ||||||||||||||
Gain/(Loss) | $ 701 | ||||||||||||||
Number of homes, dispositions | unit | 327 | 327 | |||||||||||||
Number of apartment communities | apartment_community | 13 | 13 | |||||||||||||
Multi-Family Residential | Disposed of by Sale | 48 homes - Crown - Rochester, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 5,700 | ||||||||||||||
Gain/(Loss) | $ 2,382 | ||||||||||||||
Number of homes, dispositions | unit | 48 | 48 | |||||||||||||
Multi-Family Residential | Disposed of by Sale | 16 homes - Northern Valley - Rochester, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 950 | ||||||||||||||
Gain/(Loss) | $ 260 | ||||||||||||||
Number of homes, dispositions | unit | 16 | 16 | |||||||||||||
Other | Disposed of by Sale | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 16,707 | $ 12,295 | $ 493,042 | ||||||||||||
Gain/(Loss) | 1,302 | 2,168 | 180,938 | ||||||||||||
Other | Disposed of by Sale | Minot 1400 31st Ave - Minot, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | 6,530 | ||||||||||||||
Gain/(Loss) | 482 | ||||||||||||||
Other | Disposed of by Sale | Woodbury 1865 Woodland - Woodbury, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | 5,765 | ||||||||||||||
Gain/(Loss) | 1,686 | ||||||||||||||
Other | Disposed of by Sale | 7,849 sq ft Minot Southgate Retail - Minot, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | 1,925 | ||||||||||||||
Gain/(Loss) | $ (131) | ||||||||||||||
Area of real estate property (sq ft) | ft² | 7,849 | ||||||||||||||
Other | Disposed of by Sale | 9,052 sq ft Fresenius - Duluth, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 1,900 | ||||||||||||||
Gain/(Loss) | $ 822 | ||||||||||||||
Area of real estate property (sq ft) | ft² | 9,052 | ||||||||||||||
Other | Disposed of by Sale | 15,000 sq ft Minot 2505 16th St SW - Minot, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 1,710 | ||||||||||||||
Gain/(Loss) | $ (104) | ||||||||||||||
Area of real estate property (sq ft) | ft² | 15,000 | ||||||||||||||
Other | Disposed of by Sale | 81,594 sq ft Minot Arrowhead - Minot, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 6,622 | ||||||||||||||
Gain/(Loss) | $ 715 | ||||||||||||||
Area of real estate property (sq ft) | ft² | 81,594 | ||||||||||||||
Other | Disposed of by Sale | 100,850 sq ft Bloomington 2000 W 94th Street - Bloomington, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 4,550 | ||||||||||||||
Gain/(Loss) | $ 0 | ||||||||||||||
Area of real estate property (sq ft) | ft² | 100,850 | ||||||||||||||
Other | Disposed of by Sale | 4,998 sq ft Minot Southgate Wells Fargo Bank - Minot, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | 3,440 | ||||||||||||||
Gain/(Loss) | $ 108 | ||||||||||||||
Area of real estate property (sq ft) | ft² | 4,998 | 4,998 | |||||||||||||
Other | Disposed of by Sale | 90,260 sq ft Lexington Commerce Center - Eagan, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 9,000 | ||||||||||||||
Gain/(Loss) | $ 5,037 | ||||||||||||||
Area of real estate property (sq ft) | ft² | 90,260 | 90,260 | |||||||||||||
Other | Disposed of by Sale | 17,640 sq ft Duckwood Medical - Eagan, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 2,100 | ||||||||||||||
Gain/(Loss) | $ 214 | ||||||||||||||
Area of real estate property (sq ft) | ft² | 17,640 | 17,640 | |||||||||||||
Other | Disposed of by Sale | 279,834 sq ft Edgewood Vista Hermantown I & II - Hermantown, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 36,884 | ||||||||||||||
Gain/(Loss) | $ 12,187 | ||||||||||||||
Area of real estate property (sq ft) | ft² | 279,834 | 279,834 | |||||||||||||
Other | Disposed of by Sale | 518,161 sq ft Urbandale - Urbandale, IA | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 16,700 | ||||||||||||||
Gain/(Loss) | $ 3,843 | ||||||||||||||
Area of real estate property (sq ft) | ft² | 518,161 | 518,161 | |||||||||||||
Other | Disposed of by Sale | 36,053 sq ft 3075 Long Lake Road - Roseville, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 18,650 | ||||||||||||||
Gain/(Loss) | $ 5,884 | ||||||||||||||
Area of real estate property (sq ft) | ft² | 36,053 | 36,053 | |||||||||||||
Other | Disposed of by Sale | 1,205,432 sq ft 25 Healthcare properties | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 370,268 | ||||||||||||||
Gain/(Loss) | $ 137,490 | ||||||||||||||
Number of properties sold | property | 25 | ||||||||||||||
Area of real estate property (sq ft) | ft² | 1,205,432 | 1,205,432 | |||||||||||||
Other | Disposed of by Sale | 43,404 sq ft Garden View - St. Paul, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 14,000 | ||||||||||||||
Gain/(Loss) | $ 7,809 | ||||||||||||||
Area of real estate property (sq ft) | ft² | 43,404 | 43,404 | |||||||||||||
Other | Disposed of by Sale | 52,116 sq ft Ritchie Medical - St. Paul, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 16,500 | ||||||||||||||
Gain/(Loss) | $ 6,081 | ||||||||||||||
Area of real estate property (sq ft) | ft² | 52,116 | 52,116 | |||||||||||||
Other | Disposed of by Sale | 22,187 sq ft Bismarck 715 East Broadway and Unimproved Land - Bismarck, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 5,500 | ||||||||||||||
Gain/(Loss) | $ 2,285 | ||||||||||||||
Area of real estate property (sq ft) | ft² | 22,187 | 22,187 | |||||||||||||
Unimproved Land | Disposed of by Sale | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 5,150 | 4,374 | |||||||||||||
Gain/(Loss) | (48) | $ 149 | |||||||||||||
Number of properties sold | property | 3 | ||||||||||||||
Unimproved Land | Disposed of by Sale | Creekside Crossing - Bismarck, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 3,049 | ||||||||||||||
Gain/(Loss) | (156) | ||||||||||||||
Unimproved Land | Disposed of by Sale | Minot 1525 24th Ave SW - Minot, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | 725 | ||||||||||||||
Gain/(Loss) | 132 | ||||||||||||||
Unimproved Land | Disposed of by Sale | Weston - Weston, WI | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | 600 | ||||||||||||||
Gain/(Loss) | 173 | ||||||||||||||
Unimproved Land | Disposed of by Sale | Grand Forks Grand Forks Nd | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | 3,000 | ||||||||||||||
Gain/(Loss) | 14 | ||||||||||||||
Unimproved Land | Disposed of by Sale | Renaissance Heights - Williston, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | 750 | ||||||||||||||
Gain/(Loss) | $ 66 | ||||||||||||||
Interest in joint venture | 70.00% | ||||||||||||||
Unimproved Land | Disposed of by Sale | Badger Hills Unimproved - Rochester, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 1,400 | ||||||||||||||
Gain/(Loss) | (128) | ||||||||||||||
Unimproved Land | Disposed of by Sale | Bismarck 4916 Unimproved Land - Bismarck, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Sales price | $ 3,175 | ||||||||||||||
Gain/(Loss) | (13) | ||||||||||||||
Real Estate | Disposed of by Sale | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 53,650 | 105,866 | 330,862 | ||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 33,047 | 91,514 | 15,570 | ||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 21 homes - Pinehurst - Billings, MT | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 961 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 160 homes - Brookfield Village - Topeka, KS | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 5,853 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 220 homes - Crown Colony - Topeka, KS | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 7,876 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 54 homes - Mariposa - Topeka, KS | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 4,290 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 300 homes - Sherwood - Topeka, KS | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 11,536 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 308 homes - Villa West - Topeka, KS | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 15,165 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 152 homes - Crestview - Bismarck, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 2,681 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 73 homes - North Pointe - Bismarck, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 3,179 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 108 homes - Kirkwood - Bismarck, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 2,518 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 65 homes - Westwood Park - Bismarck, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 1,931 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 16 homes - Pebble Springs - Bismarck, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 573 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 192 homes - Arbors - Sioux City, IA | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 6,110 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 120 homes - Indian Hills - Sioux City, IA | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 5,302 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 132 homes - Ridge Oaks - Sioux City, IA | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 4,006 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 50 homes - Cottage West - Sioux Falls, SD | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 4,391 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 24 homes - Gables - Sioux Falls, SD | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 2,052 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 79 homes - Oakmont - Sioux Falls, SD | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 3,917 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 160 homes - Oakwood - Sioux Falls, SD | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 3,056 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 120 homes - Oxbow Park - Sioux Falls, SD | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 2,713 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 48 homes - Prairie Winds - Sioux Falls, SD | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 1,112 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 44 homes - Sierra Vista - Sioux Falls, SD | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 2,292 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 44 unit - Dakota Commons - Williston, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 3,878 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 145 unit - WIlliston Garden - Williston, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 11,313 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 288 unit - Renaissance Heights - Williston, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 17,856 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 327 homes - 13 apartment communities - Minot, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 11,562 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 48 homes - Crown - Rochester, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 3,318 | ||||||||||||||
Real Estate | Multi-Family Residential | Disposed of by Sale | 16 homes - Northern Valley - Rochester, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 690 | ||||||||||||||
Real Estate | Other | Disposed of by Sale | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 15,405 | 10,127 | 312,104 | ||||||||||||
Real Estate | Other | Disposed of by Sale | Minot 1400 31st Ave - Minot, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 6,048 | ||||||||||||||
Real Estate | Other | Disposed of by Sale | Woodbury 1865 Woodland - Woodbury, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 4,079 | ||||||||||||||
Real Estate | Other | Disposed of by Sale | 7,849 sq ft Minot Southgate Retail - Minot, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 2,056 | ||||||||||||||
Real Estate | Other | Disposed of by Sale | 9,052 sq ft Fresenius - Duluth, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 1,078 | ||||||||||||||
Real Estate | Other | Disposed of by Sale | 15,000 sq ft Minot 2505 16th St SW - Minot, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 1,814 | ||||||||||||||
Real Estate | Other | Disposed of by Sale | 81,594 sq ft Minot Arrowhead - Minot, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 5,907 | ||||||||||||||
Real Estate | Other | Disposed of by Sale | 100,850 sq ft Bloomington 2000 W 94th Street - Bloomington, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 4,550 | ||||||||||||||
Real Estate | Other | Disposed of by Sale | 4,998 sq ft Minot Southgate Wells Fargo Bank - Minot, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 3,332 | ||||||||||||||
Real Estate | Other | Disposed of by Sale | 90,260 sq ft Lexington Commerce Center - Eagan, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 3,963 | ||||||||||||||
Real Estate | Other | Disposed of by Sale | 17,640 sq ft Duckwood Medical - Eagan, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 1,886 | ||||||||||||||
Real Estate | Other | Disposed of by Sale | 279,834 sq ft Edgewood Vista Hermantown I & II - Hermantown, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 24,697 | ||||||||||||||
Real Estate | Other | Disposed of by Sale | 518,161 sq ft Urbandale - Urbandale, IA | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 12,857 | ||||||||||||||
Real Estate | Other | Disposed of by Sale | 36,053 sq ft 3075 Long Lake Road - Roseville, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 12,766 | ||||||||||||||
Real Estate | Other | Disposed of by Sale | 1,205,432 sq ft 25 Healthcare properties | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 232,778 | ||||||||||||||
Real Estate | Other | Disposed of by Sale | 43,404 sq ft Garden View - St. Paul, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 6,191 | ||||||||||||||
Real Estate | Other | Disposed of by Sale | 52,116 sq ft Ritchie Medical - St. Paul, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 10,419 | ||||||||||||||
Real Estate | Other | Disposed of by Sale | 22,187 sq ft Bismarck 715 East Broadway and Unimproved Land - Bismarck, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 3,215 | ||||||||||||||
Real Estate | Unimproved Land | Disposed of by Sale | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 5,198 | 4,225 | |||||||||||||
Real Estate | Unimproved Land | Disposed of by Sale | Creekside Crossing - Bismarck, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 3,205 | ||||||||||||||
Real Estate | Unimproved Land | Disposed of by Sale | Minot 1525 24th Ave SW - Minot, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 593 | ||||||||||||||
Real Estate | Unimproved Land | Disposed of by Sale | Weston - Weston, WI | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | $ 427 | ||||||||||||||
Real Estate | Unimproved Land | Disposed of by Sale | Grand Forks Grand Forks Nd | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 2,986 | ||||||||||||||
Real Estate | Unimproved Land | Disposed of by Sale | Renaissance Heights - Williston, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | 684 | ||||||||||||||
Real Estate | Unimproved Land | Disposed of by Sale | Badger Hills Unimproved - Rochester, MN | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | $ 1,528 | ||||||||||||||
Real Estate | Unimproved Land | Disposed of by Sale | Bismarck 4916 Unimproved Land - Bismarck, ND | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Property management expenses | $ 3,188 |
DISCONTINUED OPERATIONS - Effec
DISCONTINUED OPERATIONS - Effect on Net Income and Gains (Losses) From Sale Of Property (Details) $ in Thousands | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Oct. 31, 2018USD ($) | Jul. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Jan. 31, 2018USD ($) | Oct. 31, 2017USD ($) | Jul. 31, 2017USD ($) | Dec. 31, 2018USD ($)property | Dec. 31, 2019USD ($)property | Apr. 30, 2018USD ($)property | Apr. 30, 2017USD ($)property | |
REVENUE | |||||||||||||||
REVENUE | $ 30,287 | $ 45,777 | $ 47,436 | $ 46,934 | $ 45,608 | $ 45,638 | $ 45,946 | $ 44,185 | $ 42,716 | $ 41,866 | $ 40,978 | $ 121,871 | $ 185,755 | $ 169,745 | $ 160,104 |
EXPENSES | |||||||||||||||
Property operating expenses, excluding real estate taxes | 37,198 | 57,249 | 54,292 | 47,587 | |||||||||||
Real estate taxes | 13,521 | 21,066 | 18,742 | 16,739 | |||||||||||
Depreciation and amortization | 50,456 | 74,271 | 82,070 | 44,253 | |||||||||||
TOTAL EXPENSES | 116,786 | 174,338 | 193,449 | 190,214 | |||||||||||
Interest expense | (21,359) | (30,537) | (34,178) | (34,314) | |||||||||||
Gain (loss) on extinguishment of debt | (556) | (2,360) | (940) | (1,651) | |||||||||||
Gain (loss) on sale of discontinued operations | 10,277 | 97,624 | 183,687 | 74,847 | |||||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | 570 | 0 | 164,823 | 76,753 | |||||||||||
Property Sale Data | |||||||||||||||
Gain on sale of discontinued operations | 10,277 | 97,624 | 183,687 | 74,847 | |||||||||||
Discontinued Operations, Disposed of by Sale | |||||||||||||||
REVENUE | |||||||||||||||
Real estate rentals | 0 | 0 | 19,744 | 43,984 | |||||||||||
EXPENSES | |||||||||||||||
Property operating expenses, excluding real estate taxes | 0 | 0 | 6,350 | 9,051 | |||||||||||
Real estate taxes | 0 | 0 | 5,191 | 6,848 | |||||||||||
Depreciation and amortization | 0 | 0 | 8,445 | 10,772 | |||||||||||
TRS senior housing expenses | 0 | 0 | 0 | 3,113 | |||||||||||
TOTAL EXPENSES | 0 | 0 | 20,192 | 30,358 | |||||||||||
Operating income (loss) | 0 | 0 | 11,202 | 32,954 | |||||||||||
Interest expense | 0 | 0 | (4,172) | (11,628) | |||||||||||
Gain (loss) on extinguishment of debt | 0 | 0 | (6,508) | (3,238) | |||||||||||
Interest income | 0 | 0 | 661 | 2,179 | |||||||||||
Other income | 0 | 0 | 73 | 340 | |||||||||||
Income (loss) from discontinued operations before gain on sale | 0 | 0 | 1,256 | 20,607 | |||||||||||
Gain (loss) on sale of discontinued operations | 570 | 0 | 163,567 | 56,146 | |||||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | 570 | 0 | 164,823 | 76,753 | |||||||||||
Property Sale Data | |||||||||||||||
Gain on sale of discontinued operations | 570 | 0 | 163,567 | $ 56,146 | |||||||||||
Discontinued Operations, Disposed of by Sale | Commercial Office | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Number of real estate properties classified as discontinued operations | property | 48 | ||||||||||||||
Discontinued Operations, Disposed of by Sale | Retail Site | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Number of real estate properties classified as discontinued operations | property | 17 | ||||||||||||||
Discontinued Operations, Disposed of by Sale | Commercial Properties | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Number of real estate properties classified as discontinued operations | property | 1 | ||||||||||||||
Discontinued Operations, Disposed of by Sale | All Other | |||||||||||||||
EXPENSES | |||||||||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | $ 570 | $ 0 | $ 164,823 | $ 76,753 | |||||||||||
Discontinued Operations | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Number of real estate properties classified as discontinued operations | property | 0 | 0 | 27 | 0 | |||||||||||
EXPENSES | |||||||||||||||
Gain (loss) on sale of discontinued operations | $ 0 | $ 0 | $ 163,567 | $ 56,146 | |||||||||||
Property Sale Data | |||||||||||||||
Sales price | 0 | 0 | 437,652 | 239,436 | |||||||||||
Net book value and sales costs | 0 | 0 | (274,085) | (183,290) | |||||||||||
Gain on sale of discontinued operations | 0 | 0 | 163,567 | 56,146 | |||||||||||
Tenant Reimbursement | Discontinued Operations, Disposed of by Sale | |||||||||||||||
REVENUE | |||||||||||||||
REVENUE | 0 | 0 | 11,650 | 16,110 | |||||||||||
TRS Senior Housing | Discontinued Operations, Disposed of by Sale | |||||||||||||||
REVENUE | |||||||||||||||
REVENUE | 0 | 0 | 0 | 3,218 | |||||||||||
Real Estate | Discontinued Operations, Disposed of by Sale | |||||||||||||||
REVENUE | |||||||||||||||
REVENUE | 0 | 0 | 31,394 | 63,312 | |||||||||||
Management Service | |||||||||||||||
EXPENSES | |||||||||||||||
Property management expenses | 3,663 | 6,186 | 5,526 | 5,046 | |||||||||||
Management Service | Discontinued Operations, Disposed of by Sale | |||||||||||||||
EXPENSES | |||||||||||||||
Property management expenses | $ 0 | $ 0 | $ 206 | $ 574 |
SEGMENTS (Details)
SEGMENTS (Details) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | |
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||||||
REVENUE | $ 30,287 | $ 45,777 | $ 47,436 | $ 46,934 | $ 45,608 | $ 45,638 | $ 45,946 | $ 44,185 | $ 42,716 | $ 41,866 | $ 40,978 | $ 121,871 | $ 185,755 | $ 169,745 | $ 160,104 |
Costs and Expenses | 116,786 | 174,338 | 193,449 | 190,214 | |||||||||||
Operating income (loss) | 5,085 | 11,417 | (23,704) | (30,110) | |||||||||||
Casualty loss | (915) | (1,116) | (500) | (414) | |||||||||||
Depreciation and amortization | (50,456) | (74,271) | (82,070) | (44,253) | |||||||||||
General and administrative expenses | (9,812) | (14,450) | (14,203) | (15,871) | |||||||||||
Acquisition and investment related costs | 0 | 0 | (51) | (3,276) | |||||||||||
Interest expense | (21,359) | (30,537) | (34,178) | (34,314) | |||||||||||
Gain (loss) on extinguishment of debt | (556) | (2,360) | (940) | (1,651) | |||||||||||
Interest and other income | 1,233 | 2,092 | 1,508 | 1,146 | |||||||||||
Income (loss) before gain (loss) on sale of real estate and other investments, gain (loss) on litigation settlement, and income (loss) from discontinued operations | (15,597) | (19,388) | (57,314) | (64,929) | |||||||||||
Gain (loss) on sale of real estate and other investments | 9,707 | 97,624 | 20,120 | 18,701 | |||||||||||
Gain (loss) on litigation settlement | 0 | 6,586 | 0 | 0 | |||||||||||
Income (loss) from continuing operations | (5,890) | 84,822 | (37,194) | (46,228) | |||||||||||
Income (loss) from discontinued operations | 570 | 0 | 164,823 | 76,753 | |||||||||||
NET INCOME (LOSS) | (5,320) | 84,822 | 127,629 | 30,525 | |||||||||||
Segment assets | |||||||||||||||
Property owned | 1,643,078 | 1,643,078 | 1,669,764 | 1,627,636 | 1,643,078 | 1,669,764 | |||||||||
Less accumulated depreciation | (349,122) | (349,122) | (311,324) | (353,871) | (349,122) | (311,324) | |||||||||
Total property owned | 1,293,956 | 1,293,956 | 1,358,440 | 1,273,765 | 1,293,956 | 1,358,440 | |||||||||
Cash and cash equivalents | 26,579 | 26,579 | 11,891 | 13,792 | 26,579 | 11,891 | |||||||||
Restricted cash | 19,538 | 19,538 | 4,225 | 5,464 | 19,538 | 4,225 | |||||||||
Other assets | 34,829 | 34,829 | 30,297 | 27,265 | 34,829 | 30,297 | |||||||||
Unimproved land | 1,376 | 1,376 | 11,476 | 5,301 | 1,376 | 11,476 | |||||||||
Mortgage loans receivable | 16,140 | 16,140 | 10,329 | 10,410 | 16,140 | 10,329 | |||||||||
TOTAL ASSETS | 1,392,418 | 1,392,418 | 1,426,658 | 1,335,997 | 1,392,418 | 1,426,658 | |||||||||
Operating Segments | |||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||||||
REVENUE | 121,871 | 185,755 | 169,745 | 160,104 | |||||||||||
Costs and Expenses | 50,719 | 78,315 | 73,034 | 64,326 | |||||||||||
Operating income (loss) | 71,152 | 107,440 | 96,711 | 95,778 | |||||||||||
Segment Reconciling Items | |||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||||||
Casualty loss | (915) | (1,116) | (500) | (414) | |||||||||||
Depreciation and amortization | (50,456) | (74,271) | (82,070) | (44,253) | |||||||||||
Impairment of real estate investments | (1,221) | (18,065) | (57,028) | ||||||||||||
General and administrative expenses | (9,812) | (14,450) | (14,203) | (15,871) | |||||||||||
Acquisition and investment related costs | (51) | (3,276) | |||||||||||||
Multifamily | |||||||||||||||
Segment assets | |||||||||||||||
Property owned | 1,609,471 | 1,609,471 | 1,606,421 | 1,428,226 | 1,609,471 | 1,606,421 | |||||||||
Less accumulated depreciation | (339,272) | (339,272) | (294,477) | (277,709) | (339,272) | (294,477) | |||||||||
Total property owned | 1,270,199 | 1,270,199 | 1,311,944 | 1,150,517 | 1,270,199 | 1,311,944 | |||||||||
Multifamily | Operating Segments | |||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||||||
REVENUE | 100,136 | 161,434 | 159,983 | 142,214 | |||||||||||
Costs and Expenses | 41,391 | 67,186 | 70,460 | 60,895 | |||||||||||
Operating income (loss) | 58,745 | 94,248 | 89,523 | 81,319 | |||||||||||
All Other | |||||||||||||||
Segment assets | |||||||||||||||
Property owned | 33,607 | 33,607 | 63,343 | 199,410 | 33,607 | 63,343 | |||||||||
Less accumulated depreciation | (9,850) | (9,850) | (16,847) | (76,162) | (9,850) | (16,847) | |||||||||
Total property owned | $ 23,757 | $ 23,757 | $ 46,496 | 123,248 | 23,757 | 46,496 | |||||||||
All Other | Operating Segments | |||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||||||
REVENUE | 21,735 | 24,321 | 9,762 | 17,890 | |||||||||||
Costs and Expenses | 9,328 | 11,129 | 2,574 | 3,431 | |||||||||||
Operating income (loss) | 12,407 | 13,192 | 7,188 | 14,459 | |||||||||||
Management Service | |||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||||||
Property management expenses | (3,663) | (6,186) | (5,526) | (5,046) | |||||||||||
Management Service | Segment Reconciling Items | |||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||||||
Property management expenses | $ (3,663) | $ (6,186) | $ (5,526) | $ (5,046) |
RETIREMENT PLANS (Details)
RETIREMENT PLANS (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | |
Retirement Benefits [Abstract] | ||||
Maximum contribution each employee, towards 401(k) plan | 5.00% | |||
Employer contribution towards profit sharing plan and 401(k) plan | $ 476 | $ 738 | $ 838 | $ 565 |
TRANSACTIONS WITH RELATED PAR_2
TRANSACTIONS WITH RELATED PARTIES - Narrative (Details) - 12 months ended Dec. 31, 2019 $ in Millions | property | USD ($) | apartment_community |
Related Party Transaction [Line Items] | |||
Number of real estate properties sold | 28 | 12 | |
BMO Capital Markets | |||
Related Party Transaction [Line Items] | |||
Number of real estate properties sold | property | 27 | ||
Transaction fee | $ | $ 1.8 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)propertyunit | Dec. 31, 2018USD ($) | Apr. 30, 2018USD ($) | |
Real Estate Properties [Line Items] | |||
Redemption basis | 1 | ||
Number of consecutive trading days for valuation | 10 days | ||
Aggregate redemption value of Units of operating partnership owned by limited partners | $ | $ 76.6 | $ 68.4 | $ 74.7 |
Subject to Restrictions on Taxable Dispositions | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | property | 24 | ||
Number of apartment homes (approximately) | unit | 4,443 |
QUARTERLY RESULTS OF CONSOLID_3
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||||||
REVENUE | $ 30,287 | $ 45,777 | $ 47,436 | $ 46,934 | $ 45,608 | $ 45,638 | $ 45,946 | $ 44,185 | $ 42,716 | $ 41,866 | $ 40,978 | $ 121,871 | $ 185,755 | $ 169,745 | $ 160,104 |
Net income (loss) attributable to controlling interest | (2,756) | 48,658 | 31,596 | 3,113 | (4,698) | (4,558) | 2,916 | (20,874) | 136,105 | 12,821 | (11,264) | (4,398) | 78,669 | 116,788 | 43,347 |
Net income (loss) available to common shareholders | $ (3,892) | $ 46,953 | $ 29,891 | $ 1,407 | $ (6,403) | $ (6,264) | $ 1,211 | $ (22,579) | $ 134,331 | $ 6,360 | $ (13,550) | $ (8,945) | $ 71,848 | $ 104,562 | $ 31,366 |
Net income (loss) per common share - basic (in dollars per share) | $ 3.95 | $ 2.57 | $ 0.11 | $ (0.54) | $ (0.75) | $ 6.06 | $ 8.71 | $ 2.58 | |||||||
Net income (loss) per common share - diluted (in dollars per share) | $ 3.89 | $ 2.54 | $ 0.11 | $ (0.54) | $ (0.75) | $ 6 | $ 8.71 | $ 2.58 | |||||||
Net income (loss) per common share - basic & diluted (in dollars per share) | $ (0.33) | $ (0.52) | $ 0.10 | $ (1.89) | $ 11.22 | $ 0.53 | $ (1.12) |
SHARE BASED COMPENSATION - Narr
SHARE BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 25, 2019 | Aug. 29, 2019 | Aug. 10, 2019 | Jun. 15, 2019 | Jun. 13, 2019 | May 17, 2019 | Mar. 08, 2019 | Aug. 10, 2018 | Jul. 20, 2018 | Sep. 15, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Share based compensation expense | $ 845 | $ 1,905 | $ 1,587 | $ 6 | ||||||||||||
2015 Incentive Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Number of shares (in shares) | 425,000 | |||||||||||||||
Term of award | 10 years | |||||||||||||||
2015 Incentive Plan | Performance Shares | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Eligible to be earned (in shares) | 25,562 | 25,562 | ||||||||||||||
Percent of RSUs granted | 200.00% | 200.00% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||||||
Volatility rate (in hundredths) | 25.50% | |||||||||||||||
Risk free interest rate | 2.43% | |||||||||||||||
Expected life | 2 years 9 months 25 days | |||||||||||||||
Share price (in dollars per share) | $ 58.06 | |||||||||||||||
2015 Incentive Plan | Award granted May 17, 2019 | Restricted Stock | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | 812 | |||||||||||||||
2015 Incentive Plan | Award granted June 13, 2019 | Restricted Stock | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | 7,521 | |||||||||||||||
2015 Incentive Plan | Award granted March 8, 2019 | Relative Total Shareholder Return Performance Shares | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | 12,781 | |||||||||||||||
2015 Incentive Plan | Award granted 29 August 2019 | Relative Total Shareholder Return Performance Shares | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | 197 | |||||||||||||||
2015 Incentive Plan | 2018 LTIP Awards | Restricted Stock | Share-based Compensation Award, Tranche One | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Restricted shares vesting percentage | 33.33% | 33.33% | ||||||||||||||
2015 Incentive Plan | 2018 LTIP Awards | Restricted Stock | Share-based Compensation Award, Tranche Two | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Restricted shares vesting percentage | 33.33% | 33.33% | ||||||||||||||
2015 Incentive Plan | 2018 LTIP Awards | Restricted Stock | Share-based Compensation Award, Tranche Three | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Restricted shares vesting percentage | 33.33% | 33.33% | ||||||||||||||
2015 Incentive Plan | 2018 LTIP Awards | Performance Shares | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting period | 3 years | |||||||||||||||
Trustee Awards | Unrestricted Stock | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Share based compensation expense | $ 348 | $ 505 | $ 389 | $ 365 | ||||||||||||
Restricted Share Awards | Restricted Stock | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | 0 | 0 | 9,136 | 25,326 | ||||||||||||
Eligible to be earned (in shares) | 2,192 | 7,191 | 2,192 | 9,900 | 19,511 | 0 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||||||
Awards vested during period | $ 147 | $ 310 | $ 1,100 | $ 127 | ||||||||||||
Restricted Share Awards | 2018 LTIP Awards | Restricted Stock | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting period | 3 years | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||||||||||||||
Awards vested during period | $ 961 | |||||||||||||||
Total compensation cost related to non-vested share awards | $ 547 | 547 | ||||||||||||||
Weighted average period to recognize cost | 1 year 3 months 18 days | |||||||||||||||
Restricted Share Awards | 2018 LTIP Awards | Restricted Stock | Share-based Payment Arrangement, Employee | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | 7,702 | |||||||||||||||
Restricted Share Awards | 2018 LTIP Awards | Restricted Stock | Share-based Payment Arrangement, Nonemployee | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | 8,382 | |||||||||||||||
Long Term Incentive Plan | 2018 LTIP Awards | ||||||||||||||||
Share based awards with market conditions, grant date fair value [Abstract] | ||||||||||||||||
Grant date fair value | $ 1,000 | |||||||||||||||
Share based awards with market conditions, unamortized value [Abstract] | ||||||||||||||||
Unamortized value | $ 1,300 | $ 1,100 | $ 1,300 | $ 448 | ||||||||||||
Director | 2015 Incentive Plan | Award granted November 25, 2019 | Restricted Stock | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | 49 | |||||||||||||||
Management | 2015 Incentive Plan | Award granted March 8, 2019 | Restricted Stock | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | 6,391 | |||||||||||||||
Management | 2015 Incentive Plan | Award granted June 15, 2019 | Restricted Stock | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | 169 | |||||||||||||||
Management | 2015 Incentive Plan | Award granted August 10, 2019 | Restricted Stock | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | 100 | |||||||||||||||
Management | 2015 Incentive Plan | Award granted 29 August 2019 | Restricted Stock | Share-Based Payment Arrangement, March Vesting | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | 98 | |||||||||||||||
Management | 2015 Incentive Plan | Award granted 29 August 2019 | Restricted Stock | Share-Based Payment Arrangement, August Vesting | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | 444 |
SHARE BASED COMPENSATION - Sche
SHARE BASED COMPENSATION - Schedule of Total Compensation Expense (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share based compensation expense | $ 845 | $ 1,905 | $ 1,587 | $ 6 |
SHARE BASED COMPENSATION - Acti
SHARE BASED COMPENSATION - Activity for Restricted Shares Awards and Restricted Stock Units (Details) - $ / shares | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | |
Restricted Share Awards | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Unvested, beginning of period (in shares) | 9,900 | 7,191 | 19,511 | 0 |
Granted (in shares) | 0 | 0 | 9,136 | 25,326 |
Vested (in shares) | (2,709) | (4,999) | (18,545) | (2,132) |
Forfeited (in shares) | 0 | 0 | (202) | (3,683) |
Unvested, end of period (in shares) | 7,191 | 2,192 | 9,900 | 19,511 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Unvested, beginning of period (in dollars per share) | ||||
Granted (in dollars per share) | 0 | 57.55 | $ 61.59 | |
Vested (in dollars per share) | 63.21 | 61.06 | 59.89 | 59.50 |
Forfeited (in dollars per share) | 0 | 0 | 62.40 | 62.40 |
Unvested, end of period (in dollars per share) | $ 59.20 | |||
Restricted Stock Units with Service Conditions | Restricted Stock Units (RSU) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Unvested, beginning of period (in shares) | 6,787 | 18,260 | 0 | |
Granted (in shares) | 14,878 | 16,084 | 6,994 | |
Vested (in shares) | (2,943) | (11,633) | (207) | |
Forfeited (in shares) | (462) | (365) | 0 | |
Unvested, end of period (in shares) | 18,260 | 22,346 | 6,787 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Unvested, beginning of period (in dollars per share) | $ 60.85 | |||
Granted (in dollars per share) | 53.60 | $ 59.76 | $ 60.54 | |
Vested (in dollars per share) | 60.83 | 55.35 | 50.30 | |
Forfeited (in dollars per share) | $ 53.60 | 51.73 | ||
Unvested, end of period (in dollars per share) | $ 58.41 | $ 60.85 | ||
Restricted Stock with Market Conditions | Restricted Stock Units (RSU) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Unvested, beginning of period (in shares) | 11,538 | 25,319 | 0 | |
Granted (in shares) | 15,461 | 12,978 | 11,538 | |
Vested (in shares) | 0 | 0 | 0 | |
Forfeited (in shares) | (1,680) | (475) | 0 | |
Unvested, end of period (in shares) | 25,319 | 37,822 | 11,538 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Unvested, beginning of period (in dollars per share) | $ 70.90 | $ 62.84 | ||
Granted (in dollars per share) | 57.70 | 79.49 | $ 70.90 | |
Vested (in dollars per share) | 0 | 0 | ||
Forfeited (in dollars per share) | 70.90 | 57.70 | ||
Unvested, end of period (in dollars per share) | $ 62.84 | $ 68.62 | $ 70.90 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2018 | Apr. 30, 2017 | |
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | $ 331,376 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 136,857 | |||||||
Buildings & Improvements | 1,338,692 | |||||||
Costs capitalized subsequent to acquisition | 168,912 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 156,047 | |||||||
Buildings & Improvements | 1,488,407 | |||||||
Total | $ 1,644,454 | 1,644,454 | ||||||
Accumulated Depreciation | $ (311,324) | (349,122) | $ (311,324) | $ (237,859) | (349,122) | $ (353,871) | $ (311,324) | $ (255,599) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Write down of asset and accumulated depreciation on impaired assets | 0 | 0 | (8,597) | (7,144) | ||||
Other | 0 | 0 | (74) | 0 | ||||
Balance at close of year | 1,644,454 | |||||||
Total real estate investments | 1,311,472 | 1,289,476 | 1,380,245 | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||||||
Balance at beginning of year | 311,324 | 353,871 | 255,599 | 237,859 | ||||
Additions during year [Abstract] | ||||||||
Provisions for depreciation | 49,208 | 71,787 | 78,785 | 42,960 | ||||
Deductions during year [Abstract] | ||||||||
Accumulated depreciation on real estate sold or classified as held for sale | (6,609) | (72,758) | (11,033) | (14,687) | ||||
Write down of asset and accumulated depreciation on impaired assets | 0 | 0 | (8,597) | (7,144) | ||||
Other | (52) | (3,778) | (3,430) | (3,389) | ||||
Balance at close of year | 353,871 | 349,122 | 311,324 | 255,599 | ||||
Net basis of real estate investments for federal income tax purposes | 1,300,000 | 1,200,000 | 1,500,000 | 1,400,000 | ||||
Unimproved Land | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,376 | |||||||
Buildings & Improvements | 0 | |||||||
Costs capitalized subsequent to acquisition | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,376 | |||||||
Buildings & Improvements | 0 | |||||||
Total | 11,476 | 1,376 | 18,455 | 18,455 | 1,376 | 5,301 | 11,476 | 18,455 |
Accumulated Depreciation | 0 | 0 | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at beginning of year | 11,476 | 5,301 | 18,455 | 20,939 | ||||
Improvements and Other | 0 | 0 | 0 | 1,024 | ||||
Cost of real estate sold | (4,954) | (3,925) | (1,000) | 0 | ||||
Impairment charge | (1,221) | 0 | (2,617) | (3,508) | ||||
Properties classified as held for sale during the year | 0 | 0 | (3,288) | 0 | ||||
Development placed in service | 0 | 0 | 0 | 0 | ||||
Balance at close of year | 5,301 | 1,376 | 11,476 | 18,455 | ||||
Total real estate investments | 1,295,331 | 1,279,066 | 1,369,916 | 1,121,385 | ||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | 0 | |||||||
Unimproved Land | Rapid City - Rapid City, SD | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,376 | |||||||
Buildings & Improvements | 0 | |||||||
Costs capitalized subsequent to acquisition | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,376 | |||||||
Buildings & Improvements | 0 | |||||||
Total | 1,376 | 1,376 | ||||||
Accumulated Depreciation | 0 | 0 | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 1,376 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | 0 | |||||||
Wholly Owned Properties | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Total | 1,669,764 | 1,627,636 | 1,358,529 | 1,358,529 | 1,643,077 | 1,627,636 | 1,669,764 | 1,358,529 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at beginning of year | 1,669,764 | 1,627,636 | 1,358,529 | 1,369,893 | ||||
Improvements and Other | 11,620 | 21,868 | 15,065 | 34,761 | ||||
Total Additions | 1,681,384 | 1,818,008 | 1,742,926 | 1,466,219 | ||||
Cost of real estate sold | (53,653) | (171,112) | (46,001) | (21,601) | ||||
Impairment charge | 0 | 0 | (15,192) | (51,401) | ||||
Write down of asset and accumulated depreciation on impaired assets | 0 | 0 | (8,597) | (7,144) | ||||
Properties classified as held for sale during the year | 0 | 0 | 0 | (24,156) | ||||
Other | (95) | (3,819) | (3,372) | (3,388) | ||||
Balance at close of year | 1,627,636 | 1,643,077 | 1,669,764 | 1,358,529 | ||||
Deductions during year [Abstract] | ||||||||
Write down of asset and accumulated depreciation on impaired assets | 0 | 0 | (8,597) | (7,144) | ||||
Development in Progress | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Total | 0 | 0 | 0 | 51,681 | 0 | $ 0 | $ 0 | $ 0 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at beginning of year | 0 | 0 | 0 | 51,681 | ||||
Improvements and Other | 0 | 0 | 0 | 7,762 | ||||
Properties classified as held for sale during the year | 0 | 0 | 0 | 0 | ||||
Development placed in service | 0 | 0 | 0 | (59,443) | ||||
Balance at close of year | 0 | 0 | 0 | 0 | ||||
Same-Store | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 309,701 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 77,779 | |||||||
Buildings & Improvements | 928,945 | |||||||
Costs capitalized subsequent to acquisition | 159,026 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 96,675 | |||||||
Buildings & Improvements | 1,069,075 | |||||||
Total | 1,165,750 | 1,165,750 | ||||||
Accumulated Depreciation | (319,456) | (319,456) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 1,165,750 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | 319,456 | |||||||
Same-Store | 71 France - Edina, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 54,459 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 4,721 | |||||||
Buildings & Improvements | 61,762 | |||||||
Costs capitalized subsequent to acquisition | 312 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 4,801 | |||||||
Buildings & Improvements | 61,994 | |||||||
Total | 66,795 | 66,795 | ||||||
Accumulated Depreciation | (11,070) | (11,070) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 66,795 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 11,070 | |||||||
Same-Store | 71 France - Edina, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | 71 France - Edina, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Alps Park - Rapid City, SD | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 3,426 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 287 | |||||||
Buildings & Improvements | 5,551 | |||||||
Costs capitalized subsequent to acquisition | 397 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 333 | |||||||
Buildings & Improvements | 5,902 | |||||||
Total | $ 6,235 | 6,235 | ||||||
Accumulated Depreciation | (1,350) | (1,350) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 6,235 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 1,350 | |||||||
Same-Store | Alps Park - Rapid City, SD | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Alps Park - Rapid City, SD | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Arcata - Golden Valley, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 2,088 | |||||||
Buildings & Improvements | 31,036 | |||||||
Costs capitalized subsequent to acquisition | 262 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 2,130 | |||||||
Buildings & Improvements | 31,256 | |||||||
Total | $ 33,386 | 33,386 | ||||||
Accumulated Depreciation | (6,946) | (6,946) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 33,386 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 6,946 | |||||||
Same-Store | Arcata - Golden Valley, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Arcata - Golden Valley, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Ashland - Grand Forks, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 4,993 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 741 | |||||||
Buildings & Improvements | 7,569 | |||||||
Costs capitalized subsequent to acquisition | 329 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 824 | |||||||
Buildings & Improvements | 7,815 | |||||||
Total | $ 8,639 | 8,639 | ||||||
Accumulated Depreciation | (2,016) | (2,016) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 8,639 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 2,016 | |||||||
Same-Store | Ashland - Grand Forks, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Ashland - Grand Forks, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Avalon Cove - Rochester, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,616 | |||||||
Buildings & Improvements | 34,074 | |||||||
Costs capitalized subsequent to acquisition | 498 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,731 | |||||||
Buildings & Improvements | 34,457 | |||||||
Total | $ 36,188 | 36,188 | ||||||
Accumulated Depreciation | (4,573) | (4,573) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 36,188 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 4,573 | |||||||
Same-Store | Avalon Cove - Rochester, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Avalon Cove - Rochester, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Boulder Court - Eagan, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,067 | |||||||
Buildings & Improvements | 5,498 | |||||||
Costs capitalized subsequent to acquisition | 3,276 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,576 | |||||||
Buildings & Improvements | 8,265 | |||||||
Total | $ 9,841 | 9,841 | ||||||
Accumulated Depreciation | (4,014) | (4,014) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 9,841 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 4,014 | |||||||
Same-Store | Boulder Court - Eagan, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Boulder Court - Eagan, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Canyon Lake - Rapid City, SD | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 2,573 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 305 | |||||||
Buildings & Improvements | 3,958 | |||||||
Costs capitalized subsequent to acquisition | 2,404 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 420 | |||||||
Buildings & Improvements | 6,247 | |||||||
Total | $ 6,667 | 6,667 | ||||||
Accumulated Depreciation | (3,006) | (3,006) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 6,667 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 3,006 | |||||||
Same-Store | Canyon Lake - Rapid City, SD | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Canyon Lake - Rapid City, SD | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Cardinal Point - Grand Forks, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,600 | |||||||
Buildings & Improvements | 33,400 | |||||||
Costs capitalized subsequent to acquisition | 200 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,702 | |||||||
Buildings & Improvements | 33,498 | |||||||
Total | $ 35,200 | 35,200 | ||||||
Accumulated Depreciation | (1,829) | (1,829) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 35,200 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 1,829 | |||||||
Same-Store | Cardinal Point - Grand Forks, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Cardinal Point - Grand Forks, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Cascade Shores - Rochester, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 11,400 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,585 | |||||||
Buildings & Improvements | 16,710 | |||||||
Costs capitalized subsequent to acquisition | 99 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,587 | |||||||
Buildings & Improvements | 16,807 | |||||||
Total | $ 18,394 | 18,394 | ||||||
Accumulated Depreciation | (2,299) | (2,299) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 18,394 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 2,299 | |||||||
Same-Store | Cascade Shores - Rochester, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Cascade Shores - Rochester, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Castlerock - Billings, MT | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 736 | |||||||
Buildings & Improvements | 4,864 | |||||||
Costs capitalized subsequent to acquisition | 2,452 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,045 | |||||||
Buildings & Improvements | 7,007 | |||||||
Total | $ 8,052 | 8,052 | ||||||
Accumulated Depreciation | (4,185) | (4,185) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 8,052 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 4,185 | |||||||
Same-Store | Castlerock - Billings, MT | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Castlerock - Billings, MT | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Chateau - Minot, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 301 | |||||||
Buildings & Improvements | 20,058 | |||||||
Costs capitalized subsequent to acquisition | 1,023 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 326 | |||||||
Buildings & Improvements | 21,056 | |||||||
Total | $ 21,382 | 21,382 | ||||||
Accumulated Depreciation | (5,095) | (5,095) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 21,382 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 5,095 | |||||||
Same-Store | Chateau - Minot, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Chateau - Minot, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Cimarron Hills - Omaha, NE | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 8,700 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 706 | |||||||
Buildings & Improvements | 9,588 | |||||||
Costs capitalized subsequent to acquisition | 5,016 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,590 | |||||||
Buildings & Improvements | 13,720 | |||||||
Total | $ 15,310 | 15,310 | ||||||
Accumulated Depreciation | (7,214) | (7,214) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 15,310 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 7,214 | |||||||
Same-Store | Cimarron Hills - Omaha, NE | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Cimarron Hills - Omaha, NE | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Colonial Villa - Burnsville, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 2,401 | |||||||
Buildings & Improvements | 11,515 | |||||||
Costs capitalized subsequent to acquisition | 10,568 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 2,987 | |||||||
Buildings & Improvements | 21,497 | |||||||
Total | $ 24,484 | 24,484 | ||||||
Accumulated Depreciation | (11,044) | (11,044) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 24,484 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 11,044 | |||||||
Same-Store | Colonial Villa - Burnsville, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Colonial Villa - Burnsville, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Colony - Lincoln, NE | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 11,936 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,515 | |||||||
Buildings & Improvements | 15,730 | |||||||
Costs capitalized subsequent to acquisition | 1,984 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,845 | |||||||
Buildings & Improvements | 17,384 | |||||||
Total | $ 19,229 | 19,229 | ||||||
Accumulated Depreciation | (4,686) | (4,686) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 19,229 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 4,686 | |||||||
Same-Store | Colony - Lincoln, NE | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Colony - Lincoln, NE | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Commons and Landing at Southgate - Minot, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 5,945 | |||||||
Buildings & Improvements | 47,512 | |||||||
Costs capitalized subsequent to acquisition | 1,801 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 6,419 | |||||||
Buildings & Improvements | 48,839 | |||||||
Total | $ 55,258 | 55,258 | ||||||
Accumulated Depreciation | (11,401) | (11,401) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 55,258 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 11,401 | |||||||
Same-Store | Commons and Landing at Southgate - Minot, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Commons and Landing at Southgate - Minot, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Cottonwood - Bismarck, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,056 | |||||||
Buildings & Improvements | 17,372 | |||||||
Costs capitalized subsequent to acquisition | 5,956 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 2,001 | |||||||
Buildings & Improvements | 22,383 | |||||||
Total | $ 24,384 | 24,384 | ||||||
Accumulated Depreciation | (11,253) | (11,253) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 24,384 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 11,253 | |||||||
Same-Store | Cottonwood - Bismarck, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Cottonwood - Bismarck, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Country Meadows - Billings, MT | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 491 | |||||||
Buildings & Improvements | 7,809 | |||||||
Costs capitalized subsequent to acquisition | 1,788 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 599 | |||||||
Buildings & Improvements | 9,489 | |||||||
Total | $ 10,088 | 10,088 | ||||||
Accumulated Depreciation | (5,457) | (5,457) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 10,088 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 5,457 | |||||||
Same-Store | Country Meadows - Billings, MT | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Country Meadows - Billings, MT | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Crystal Bay - Rochester, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 433 | |||||||
Buildings & Improvements | 11,425 | |||||||
Costs capitalized subsequent to acquisition | 299 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 438 | |||||||
Buildings & Improvements | 11,719 | |||||||
Total | $ 12,157 | 12,157 | ||||||
Accumulated Depreciation | (1,528) | (1,528) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 12,157 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 1,528 | |||||||
Same-Store | Crystal Bay - Rochester, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Crystal Bay - Rochester, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Cypress Court - St. Cloud, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 11,934 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,583 | |||||||
Buildings & Improvements | 18,879 | |||||||
Costs capitalized subsequent to acquisition | 443 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,619 | |||||||
Buildings & Improvements | 19,286 | |||||||
Total | $ 20,905 | 20,905 | ||||||
Accumulated Depreciation | (4,474) | (4,474) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 20,905 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 4,474 | |||||||
Same-Store | Cypress Court - St. Cloud, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Cypress Court - St. Cloud, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Deer Ridge - Jamestown, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 711 | |||||||
Buildings & Improvements | 24,129 | |||||||
Costs capitalized subsequent to acquisition | 269 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 778 | |||||||
Buildings & Improvements | 24,331 | |||||||
Total | $ 25,109 | 25,109 | ||||||
Accumulated Depreciation | (4,877) | (4,877) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 25,109 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 4,877 | |||||||
Same-Store | Deer Ridge - Jamestown, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Deer Ridge - Jamestown, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Evergreen - Isanti, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,129 | |||||||
Buildings & Improvements | 5,524 | |||||||
Costs capitalized subsequent to acquisition | 531 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,145 | |||||||
Buildings & Improvements | 6,039 | |||||||
Total | $ 7,184 | 7,184 | ||||||
Accumulated Depreciation | (1,782) | (1,782) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 7,184 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 1,782 | |||||||
Same-Store | Evergreen - Isanti, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Evergreen - Isanti, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Forest Park - Grand Forks, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 810 | |||||||
Buildings & Improvements | 5,579 | |||||||
Costs capitalized subsequent to acquisition | 8,894 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,532 | |||||||
Buildings & Improvements | 13,751 | |||||||
Total | $ 15,283 | 15,283 | ||||||
Accumulated Depreciation | (8,519) | (8,519) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 15,283 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 8,519 | |||||||
Same-Store | Forest Park - Grand Forks, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Forest Park - Grand Forks, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | French Creek - Rochester, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 201 | |||||||
Buildings & Improvements | 4,735 | |||||||
Costs capitalized subsequent to acquisition | 238 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 207 | |||||||
Buildings & Improvements | 4,967 | |||||||
Total | $ 5,174 | 5,174 | ||||||
Accumulated Depreciation | (619) | (619) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 5,174 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 619 | |||||||
Same-Store | French Creek - Rochester, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | French Creek - Rochester, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Gardens - Grand Forks, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 518 | |||||||
Buildings & Improvements | 8,702 | |||||||
Costs capitalized subsequent to acquisition | 125 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 535 | |||||||
Buildings & Improvements | 8,810 | |||||||
Total | $ 9,345 | 9,345 | ||||||
Accumulated Depreciation | (1,387) | (1,387) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 9,345 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 1,387 | |||||||
Same-Store | Gardens - Grand Forks, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Gardens - Grand Forks, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Grand Gateway - St. Cloud, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 814 | |||||||
Buildings & Improvements | 7,086 | |||||||
Costs capitalized subsequent to acquisition | 1,969 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 961 | |||||||
Buildings & Improvements | 8,908 | |||||||
Total | $ 9,869 | 9,869 | ||||||
Accumulated Depreciation | (2,962) | (2,962) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 9,869 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 2,962 | |||||||
Same-Store | Grand Gateway - St. Cloud, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Grand Gateway - St. Cloud, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | GrandeVille at Cascade Lake - Rochester, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 36,000 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 5,003 | |||||||
Buildings & Improvements | 50,363 | |||||||
Costs capitalized subsequent to acquisition | 1,843 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 5,095 | |||||||
Buildings & Improvements | 52,114 | |||||||
Total | $ 57,209 | 57,209 | ||||||
Accumulated Depreciation | (8,040) | (8,040) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 57,209 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 8,040 | |||||||
Same-Store | GrandeVille at Cascade Lake - Rochester, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | GrandeVille at Cascade Lake - Rochester, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Greenfield - Omaha, NE | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 578 | |||||||
Buildings & Improvements | 4,122 | |||||||
Costs capitalized subsequent to acquisition | 1,513 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 872 | |||||||
Buildings & Improvements | 5,341 | |||||||
Total | $ 6,213 | 6,213 | ||||||
Accumulated Depreciation | (2,064) | (2,064) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 6,213 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 2,064 | |||||||
Same-Store | Greenfield - Omaha, NE | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Greenfield - Omaha, NE | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Heritage Manor - Rochester, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 403 | |||||||
Buildings & Improvements | 6,968 | |||||||
Costs capitalized subsequent to acquisition | 3,487 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 731 | |||||||
Buildings & Improvements | 10,127 | |||||||
Total | $ 10,858 | 10,858 | ||||||
Accumulated Depreciation | (5,712) | (5,712) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 10,858 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 5,712 | |||||||
Same-Store | Heritage Manor - Rochester, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Heritage Manor - Rochester, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Homestead Garden - Rapid City, SD | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 655 | |||||||
Buildings & Improvements | 14,139 | |||||||
Costs capitalized subsequent to acquisition | 784 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 723 | |||||||
Buildings & Improvements | 14,855 | |||||||
Total | $ 15,578 | 15,578 | ||||||
Accumulated Depreciation | (2,845) | (2,845) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 15,578 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 2,845 | |||||||
Same-Store | Homestead Garden - Rapid City, SD | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Homestead Garden - Rapid City, SD | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Lakeside Village - Lincoln, NE | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 11,806 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,215 | |||||||
Buildings & Improvements | 15,837 | |||||||
Costs capitalized subsequent to acquisition | 1,475 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,401 | |||||||
Buildings & Improvements | 17,126 | |||||||
Total | $ 18,527 | 18,527 | ||||||
Accumulated Depreciation | (4,458) | (4,458) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 18,527 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 4,458 | |||||||
Same-Store | Lakeside Village - Lincoln, NE | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Lakeside Village - Lincoln, NE | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Landmark - Grand Forks, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 184 | |||||||
Buildings & Improvements | 1,514 | |||||||
Costs capitalized subsequent to acquisition | 1,262 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 425 | |||||||
Buildings & Improvements | 2,535 | |||||||
Total | $ 2,960 | 2,960 | ||||||
Accumulated Depreciation | (1,588) | (1,588) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 2,960 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 1,588 | |||||||
Same-Store | Landmark - Grand Forks, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Landmark - Grand Forks, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Legacy - Grand Forks, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 13,565 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,362 | |||||||
Buildings & Improvements | 21,727 | |||||||
Costs capitalized subsequent to acquisition | 10,738 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 2,431 | |||||||
Buildings & Improvements | 31,396 | |||||||
Total | $ 33,827 | 33,827 | ||||||
Accumulated Depreciation | (16,893) | (16,893) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 33,827 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 16,893 | |||||||
Same-Store | Legacy - Grand Forks, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Legacy - Grand Forks, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Legacy Heights - Bismarck, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,207 | |||||||
Buildings & Improvements | 13,742 | |||||||
Costs capitalized subsequent to acquisition | 338 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,226 | |||||||
Buildings & Improvements | 14,061 | |||||||
Total | $ 15,287 | 15,287 | ||||||
Accumulated Depreciation | (2,091) | (2,091) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 15,287 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 2,091 | |||||||
Same-Store | Legacy Heights - Bismarck, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Legacy Heights - Bismarck, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Meadows - Jamestown, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 590 | |||||||
Buildings & Improvements | 4,519 | |||||||
Costs capitalized subsequent to acquisition | 1,993 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 733 | |||||||
Buildings & Improvements | 6,369 | |||||||
Total | $ 7,102 | 7,102 | ||||||
Accumulated Depreciation | (3,438) | (3,438) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 7,102 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 3,438 | |||||||
Same-Store | Meadows - Jamestown, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Meadows - Jamestown, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Monticello Crossings - Monticello, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,734 | |||||||
Buildings & Improvements | 30,136 | |||||||
Costs capitalized subsequent to acquisition | 110 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,761 | |||||||
Buildings & Improvements | 30,219 | |||||||
Total | $ 31,980 | 31,980 | ||||||
Accumulated Depreciation | (4,013) | (4,013) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 31,980 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | 4,013 | |||||||
Same-Store | Monticello Village - Monticello, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 490 | |||||||
Buildings & Improvements | 3,756 | |||||||
Costs capitalized subsequent to acquisition | 1,211 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 638 | |||||||
Buildings & Improvements | 4,819 | |||||||
Total | 5,457 | 5,457 | ||||||
Accumulated Depreciation | (2,161) | (2,161) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 5,457 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 2,161 | |||||||
Same-Store | Monticello Village - Monticello, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Monticello Village - Monticello, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Northridge - Bismarck, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 884 | |||||||
Buildings & Improvements | 7,515 | |||||||
Costs capitalized subsequent to acquisition | 278 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,057 | |||||||
Buildings & Improvements | 7,620 | |||||||
Total | $ 8,677 | 8,677 | ||||||
Accumulated Depreciation | (1,342) | (1,342) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 8,677 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 1,342 | |||||||
Same-Store | Northridge - Bismarck, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Northridge - Bismarck, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Olympic Village - Billings, MT | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 9,533 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,164 | |||||||
Buildings & Improvements | 10,441 | |||||||
Costs capitalized subsequent to acquisition | 4,031 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,836 | |||||||
Buildings & Improvements | 13,800 | |||||||
Total | $ 15,636 | 15,636 | ||||||
Accumulated Depreciation | (7,584) | (7,584) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 15,636 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 7,584 | |||||||
Same-Store | Olympic Village - Billings, MT | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Olympic Village - Billings, MT | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Olympik Village - Rochester, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,034 | |||||||
Buildings & Improvements | 6,109 | |||||||
Costs capitalized subsequent to acquisition | 2,805 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,450 | |||||||
Buildings & Improvements | 8,498 | |||||||
Total | $ 9,948 | 9,948 | ||||||
Accumulated Depreciation | (3,790) | (3,790) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 9,948 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 3,790 | |||||||
Same-Store | Olympik Village - Rochester, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Olympik Village - Rochester, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Park Meadows - Waite Park, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 7,768 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,143 | |||||||
Buildings & Improvements | 9,099 | |||||||
Costs capitalized subsequent to acquisition | 10,092 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 2,140 | |||||||
Buildings & Improvements | 18,194 | |||||||
Total | $ 20,334 | 20,334 | ||||||
Accumulated Depreciation | (11,216) | (11,216) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 20,334 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 11,216 | |||||||
Same-Store | Park Meadows - Waite Park, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Park Meadows - Waite Park, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Park Place - Plymouth, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 10,609 | |||||||
Buildings & Improvements | 80,781 | |||||||
Costs capitalized subsequent to acquisition | 7,280 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 10,782 | |||||||
Buildings & Improvements | 87,888 | |||||||
Total | $ 98,670 | 98,670 | ||||||
Accumulated Depreciation | (7,255) | (7,255) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 98,670 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 7,255 | |||||||
Same-Store | Park Place - Plymouth, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Park Place - Plymouth, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Plaza - Minot, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 867 | |||||||
Buildings & Improvements | 12,784 | |||||||
Costs capitalized subsequent to acquisition | 3,069 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,002 | |||||||
Buildings & Improvements | 15,718 | |||||||
Total | $ 16,720 | 16,720 | ||||||
Accumulated Depreciation | (5,063) | (5,063) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 16,720 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 5,063 | |||||||
Same-Store | Plaza - Minot, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Plaza - Minot, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Pointe West - Rapid City, SD | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 240 | |||||||
Buildings & Improvements | 3,538 | |||||||
Costs capitalized subsequent to acquisition | 2,140 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 463 | |||||||
Buildings & Improvements | 5,455 | |||||||
Total | $ 5,918 | 5,918 | ||||||
Accumulated Depreciation | (3,548) | (3,548) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 5,918 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 3,548 | |||||||
Same-Store | Pointe West - Rapid City, SD | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Pointe West - Rapid City, SD | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Ponds at Heritage Place - Sartell, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 395 | |||||||
Buildings & Improvements | 4,564 | |||||||
Costs capitalized subsequent to acquisition | 492 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 419 | |||||||
Buildings & Improvements | 5,032 | |||||||
Total | $ 5,451 | 5,451 | ||||||
Accumulated Depreciation | (1,327) | (1,327) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 5,451 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 1,327 | |||||||
Same-Store | Ponds at Heritage Place - Sartell, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Ponds at Heritage Place - Sartell, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Quarry Ridge - Rochester, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 24,680 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 2,254 | |||||||
Buildings & Improvements | 30,024 | |||||||
Costs capitalized subsequent to acquisition | 2,133 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 2,412 | |||||||
Buildings & Improvements | 31,999 | |||||||
Total | $ 34,411 | 34,411 | ||||||
Accumulated Depreciation | (9,705) | (9,705) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 34,411 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 9,705 | |||||||
Same-Store | Quarry Ridge - Rochester, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Quarry Ridge - Rochester, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Red 20 - Minneapolis, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 21,755 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,900 | |||||||
Buildings & Improvements | 24,116 | |||||||
Costs capitalized subsequent to acquisition | 280 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,908 | |||||||
Buildings & Improvements | 24,388 | |||||||
Total | $ 26,296 | 26,296 | ||||||
Accumulated Depreciation | (5,532) | (5,532) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 26,296 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 5,532 | |||||||
Same-Store | Red 20 - Minneapolis, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Red 20 - Minneapolis, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Regency Park Estates - St. Cloud, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 7,623 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 702 | |||||||
Buildings & Improvements | 10,198 | |||||||
Costs capitalized subsequent to acquisition | 2,709 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,148 | |||||||
Buildings & Improvements | 12,461 | |||||||
Total | $ 13,609 | 13,609 | ||||||
Accumulated Depreciation | (3,777) | (3,777) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 13,609 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 3,777 | |||||||
Same-Store | Regency Park Estates - St. Cloud, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Regency Park Estates - St. Cloud, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Rimrock West - Billings, MT | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 330 | |||||||
Buildings & Improvements | 3,489 | |||||||
Costs capitalized subsequent to acquisition | 2,096 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 543 | |||||||
Buildings & Improvements | 5,372 | |||||||
Total | $ 5,915 | 5,915 | ||||||
Accumulated Depreciation | (2,930) | (2,930) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 5,915 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 2,930 | |||||||
Same-Store | Rimrock West - Billings, MT | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Rimrock West - Billings, MT | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | River Ridge - Bismarck, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 576 | |||||||
Buildings & Improvements | 24,670 | |||||||
Costs capitalized subsequent to acquisition | 1,078 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 936 | |||||||
Buildings & Improvements | 25,388 | |||||||
Total | $ 26,324 | 26,324 | ||||||
Accumulated Depreciation | (7,027) | (7,027) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 26,324 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 7,027 | |||||||
Same-Store | River Ridge - Bismarck, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | River Ridge - Bismarck, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Rocky Meadows - Billings, MT | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 656 | |||||||
Buildings & Improvements | 5,726 | |||||||
Costs capitalized subsequent to acquisition | 1,651 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 840 | |||||||
Buildings & Improvements | 7,193 | |||||||
Total | $ 8,033 | 8,033 | ||||||
Accumulated Depreciation | (4,370) | (4,370) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 8,033 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 4,370 | |||||||
Same-Store | Rocky Meadows - Billings, MT | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Rocky Meadows - Billings, MT | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Rum River - Isanti, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 3,141 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 843 | |||||||
Buildings & Improvements | 4,823 | |||||||
Costs capitalized subsequent to acquisition | 536 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 870 | |||||||
Buildings & Improvements | 5,332 | |||||||
Total | $ 6,202 | 6,202 | ||||||
Accumulated Depreciation | (1,927) | (1,927) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 6,202 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 1,927 | |||||||
Same-Store | Rum River - Isanti, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Rum River - Isanti, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Silver Springs - Rapid City, SD | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 2,043 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 215 | |||||||
Buildings & Improvements | 3,007 | |||||||
Costs capitalized subsequent to acquisition | 974 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 267 | |||||||
Buildings & Improvements | 3,929 | |||||||
Total | $ 4,196 | 4,196 | ||||||
Accumulated Depreciation | (772) | (772) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 4,196 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 772 | |||||||
Same-Store | Silver Springs - Rapid City, SD | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Silver Springs - Rapid City, SD | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | South Pointe - Minot, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 550 | |||||||
Buildings & Improvements | 9,548 | |||||||
Costs capitalized subsequent to acquisition | 5,834 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,445 | |||||||
Buildings & Improvements | 14,487 | |||||||
Total | $ 15,932 | 15,932 | ||||||
Accumulated Depreciation | (9,239) | (9,239) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 15,932 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 9,239 | |||||||
Same-Store | South Pointe - Minot, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | South Pointe - Minot, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Southpoint - Grand Forks, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 576 | |||||||
Buildings & Improvements | 9,893 | |||||||
Costs capitalized subsequent to acquisition | 227 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 666 | |||||||
Buildings & Improvements | 10,030 | |||||||
Total | $ 10,696 | 10,696 | ||||||
Accumulated Depreciation | (1,919) | (1,919) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 10,696 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 1,919 | |||||||
Same-Store | Southpoint - Grand Forks, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Southpoint - Grand Forks, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Southwind - Grand Forks, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 400 | |||||||
Buildings & Improvements | 4,938 | |||||||
Costs capitalized subsequent to acquisition | 4,627 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 929 | |||||||
Buildings & Improvements | 9,036 | |||||||
Total | $ 9,965 | 9,965 | ||||||
Accumulated Depreciation | (5,347) | (5,347) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 9,965 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 5,347 | |||||||
Same-Store | Southwind - Grand Forks, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Southwind - Grand Forks, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Sunset Trail - Rochester, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 7,310 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 336 | |||||||
Buildings & Improvements | 12,814 | |||||||
Costs capitalized subsequent to acquisition | 3,430 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 785 | |||||||
Buildings & Improvements | 15,795 | |||||||
Total | $ 16,580 | 16,580 | ||||||
Accumulated Depreciation | (8,294) | (8,294) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 16,580 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 8,294 | |||||||
Same-Store | Sunset Trail - Rochester, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Sunset Trail - Rochester, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Thomasbrook - Lincoln, NE | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 13,100 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 600 | |||||||
Buildings & Improvements | 10,306 | |||||||
Costs capitalized subsequent to acquisition | 5,451 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,708 | |||||||
Buildings & Improvements | 14,649 | |||||||
Total | $ 16,357 | 16,357 | ||||||
Accumulated Depreciation | (7,648) | (7,648) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 16,357 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 7,648 | |||||||
Same-Store | Thomasbrook - Lincoln, NE | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Thomasbrook - Lincoln, NE | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Valley Park - Grand Forks, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 294 | |||||||
Buildings & Improvements | 4,137 | |||||||
Costs capitalized subsequent to acquisition | 4,243 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,323 | |||||||
Buildings & Improvements | 7,351 | |||||||
Total | $ 8,674 | 8,674 | ||||||
Accumulated Depreciation | (4,498) | (4,498) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 8,674 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 4,498 | |||||||
Same-Store | Valley Park - Grand Forks, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Valley Park - Grand Forks, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Village Green - Rochester, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 234 | |||||||
Buildings & Improvements | 2,296 | |||||||
Costs capitalized subsequent to acquisition | 1,056 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 361 | |||||||
Buildings & Improvements | 3,225 | |||||||
Total | $ 3,586 | 3,586 | ||||||
Accumulated Depreciation | (1,528) | (1,528) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 3,586 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 1,528 | |||||||
Same-Store | Village Green - Rochester, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Village Green - Rochester, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | West Stonehill - Waite Park, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 16,425 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 939 | |||||||
Buildings & Improvements | 10,167 | |||||||
Costs capitalized subsequent to acquisition | 7,932 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,903 | |||||||
Buildings & Improvements | 17,135 | |||||||
Total | $ 19,038 | 19,038 | ||||||
Accumulated Depreciation | (10,848) | (10,848) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 19,038 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 10,848 | |||||||
Same-Store | West Stonehill - Waite Park, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | West Stonehill - Waite Park, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Whispering Ridge - Omaha, NE | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 20,120 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 2,139 | |||||||
Buildings & Improvements | 25,424 | |||||||
Costs capitalized subsequent to acquisition | 1,858 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 2,459 | |||||||
Buildings & Improvements | 26,962 | |||||||
Total | $ 29,421 | 29,421 | ||||||
Accumulated Depreciation | (6,573) | (6,573) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 29,421 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 6,573 | |||||||
Same-Store | Whispering Ridge - Omaha, NE | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Whispering Ridge - Omaha, NE | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Winchester - Rochester, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 748 | |||||||
Buildings & Improvements | 5,622 | |||||||
Costs capitalized subsequent to acquisition | 2,676 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,104 | |||||||
Buildings & Improvements | 7,942 | |||||||
Total | $ 9,046 | 9,046 | ||||||
Accumulated Depreciation | (3,942) | (3,942) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 9,046 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 3,942 | |||||||
Same-Store | Winchester - Rochester, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Winchester - Rochester, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Woodridge - Rochester, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 5,411 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 370 | |||||||
Buildings & Improvements | 6,028 | |||||||
Costs capitalized subsequent to acquisition | 4,161 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 752 | |||||||
Buildings & Improvements | 9,807 | |||||||
Total | $ 10,559 | 10,559 | ||||||
Accumulated Depreciation | (5,566) | (5,566) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 10,559 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 5,566 | |||||||
Same-Store | Woodridge - Rochester, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Woodridge - Rochester, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Oxbo - St Paul, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Same-Store | Oxbo - St Paul, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Same-Store | Wholly Owned Properties | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Multifamily and Other | $ 0 | $ 168,504 | $ 369,332 | $ 61,565 | ||||
Non-Same-Store | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 21,675 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 56,559 | |||||||
Buildings & Improvements | 382,516 | |||||||
Costs capitalized subsequent to acquisition | 4,653 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 56,627 | |||||||
Buildings & Improvements | 387,094 | |||||||
Total | 443,721 | 443,721 | ||||||
Accumulated Depreciation | (19,818) | (19,818) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 443,721 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | 19,818 | |||||||
Non-Same-Store | Dylan - Denver, CO | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 12,155 | |||||||
Buildings & Improvements | 77,215 | |||||||
Costs capitalized subsequent to acquisition | 870 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 12,217 | |||||||
Buildings & Improvements | 78,023 | |||||||
Total | 90,240 | 90,240 | ||||||
Accumulated Depreciation | (5,536) | (5,536) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 90,240 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 5,536 | |||||||
Non-Same-Store | Dylan - Denver, CO | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Non-Same-Store | Dylan - Denver, CO | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Non-Same-Store | FreightYard Townhomes & Flats - Minneapolis, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 1,889 | |||||||
Buildings & Improvements | 23,616 | |||||||
Costs capitalized subsequent to acquisition | 124 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 1,895 | |||||||
Buildings & Improvements | 23,734 | |||||||
Total | $ 25,629 | 25,629 | ||||||
Accumulated Depreciation | $ (289) | (289) | ||||||
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 | $ 25,629 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | 289 | |||||||
Non-Same-Store | Lugano at Cherry Creek - Denver, CO | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 7,679 | |||||||
Buildings & Improvements | 87,766 | |||||||
Costs capitalized subsequent to acquisition | 103 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 7,679 | |||||||
Buildings & Improvements | 87,869 | |||||||
Total | 95,548 | 95,548 | ||||||
Accumulated Depreciation | $ (1,075) | (1,075) | ||||||
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 | $ 95,548 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | 1,075 | |||||||
Non-Same-Store | Oxbo - St Paul, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 5,809 | |||||||
Buildings & Improvements | 51,586 | |||||||
Costs capitalized subsequent to acquisition | 176 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 5,809 | |||||||
Buildings & Improvements | 51,755 | |||||||
Total | 57,564 | 57,564 | ||||||
Accumulated Depreciation | (5,096) | (5,096) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 57,564 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 5,096 | |||||||
Non-Same-Store | Oxbo - St Paul, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Non-Same-Store | Oxbo - St Paul, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Non-Same-Store | SouthFork Townhomes - Lakeville, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 21,675 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 3,502 | |||||||
Buildings & Improvements | 40,153 | |||||||
Costs capitalized subsequent to acquisition | 2,883 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 3,502 | |||||||
Buildings & Improvements | 43,036 | |||||||
Total | $ 46,538 | 46,538 | ||||||
Accumulated Depreciation | $ (1,433) | (1,433) | ||||||
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 | $ 46,538 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | 1,433 | |||||||
Non-Same-Store | Westend - Denver, CO | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 25,525 | |||||||
Buildings & Improvements | 102,180 | |||||||
Costs capitalized subsequent to acquisition | 497 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 25,525 | |||||||
Buildings & Improvements | 102,677 | |||||||
Total | 128,202 | 128,202 | ||||||
Accumulated Depreciation | (6,389) | (6,389) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 128,202 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 6,389 | |||||||
Non-Same-Store | Westend - Denver, CO | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Non-Same-Store | Westend - Denver, CO | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Multifamily | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 331,376 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 134,338 | |||||||
Buildings & Improvements | 1,311,461 | |||||||
Costs capitalized subsequent to acquisition | 163,679 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 153,302 | |||||||
Buildings & Improvements | 1,456,169 | |||||||
Total | $ 1,609,471 | 1,609,471 | ||||||
Accumulated Depreciation | (339,274) | (339,274) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 1,609,471 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | 339,274 | |||||||
Other - Mixed Use | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 389 | |||||||
Buildings & Improvements | 18,920 | |||||||
Costs capitalized subsequent to acquisition | 5,197 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 601 | |||||||
Buildings & Improvements | 23,905 | |||||||
Total | 24,506 | 24,506 | ||||||
Accumulated Depreciation | (5,646) | (5,646) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 24,506 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | 5,646 | |||||||
Other - Mixed Use | 71 France - Edina, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 0 | |||||||
Buildings & Improvements | 5,879 | |||||||
Costs capitalized subsequent to acquisition | 885 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 0 | |||||||
Buildings & Improvements | 6,764 | |||||||
Total | 6,764 | 6,764 | ||||||
Accumulated Depreciation | (873) | (873) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 6,764 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 873 | |||||||
Other - Mixed Use | 71 France - Edina, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Other - Mixed Use | 71 France - Edina, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Other - Mixed Use | Plaza - Minot, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 389 | |||||||
Buildings & Improvements | 5,444 | |||||||
Costs capitalized subsequent to acquisition | 3,839 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 601 | |||||||
Buildings & Improvements | 9,071 | |||||||
Total | $ 9,672 | 9,672 | ||||||
Accumulated Depreciation | (3,899) | (3,899) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 9,672 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 3,899 | |||||||
Other - Mixed Use | Plaza - Minot, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Other - Mixed Use | Plaza - Minot, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Other - Mixed Use | Red 20 - Minneapolis, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 0 | |||||||
Buildings & Improvements | 2,525 | |||||||
Costs capitalized subsequent to acquisition | 419 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 0 | |||||||
Buildings & Improvements | 2,944 | |||||||
Total | $ 2,944 | 2,944 | ||||||
Accumulated Depreciation | (541) | (541) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 2,944 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 541 | |||||||
Other - Mixed Use | Red 20 - Minneapolis, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Other - Mixed Use | Red 20 - Minneapolis, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Other - Mixed Use | Lugano at Cherry Creek - Denver, CO | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 0 | |||||||
Buildings & Improvements | 1,600 | |||||||
Costs capitalized subsequent to acquisition | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 0 | |||||||
Buildings & Improvements | 1,600 | |||||||
Total | $ 1,600 | 1,600 | ||||||
Accumulated Depreciation | (18) | (18) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 1,600 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 18 | |||||||
Other - Mixed Use | Lugano at Cherry Creek - Denver, CO | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Other - Mixed Use | Oxbo - St Paul, MN | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 0 | |||||||
Buildings & Improvements | 3,472 | |||||||
Costs capitalized subsequent to acquisition | 54 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 0 | |||||||
Buildings & Improvements | 3,526 | |||||||
Total | $ 3,526 | 3,526 | ||||||
Accumulated Depreciation | (315) | (315) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 3,526 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 315 | |||||||
Other - Mixed Use | Oxbo - St Paul, MN | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Other - Mixed Use | Oxbo - St Paul, MN | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Other - Mixed Use | 3100 10th St SW - Minot, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Other - Commercial | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 754 | |||||||
Buildings & Improvements | 8,311 | |||||||
Costs capitalized subsequent to acquisition | 36 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 768 | |||||||
Buildings & Improvements | 8,333 | |||||||
Total | $ 9,101 | 9,101 | ||||||
Accumulated Depreciation | (4,202) | (4,202) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 9,101 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | 4,202 | |||||||
Other - Commercial | 3100 10th St SW - Minot, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 246 | |||||||
Buildings & Improvements | 1,866 | |||||||
Costs capitalized subsequent to acquisition | (1) | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 246 | |||||||
Buildings & Improvements | 1,865 | |||||||
Total | 2,111 | 2,111 | ||||||
Accumulated Depreciation | (41) | (41) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 2,111 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | 41 | |||||||
Other - Commercial | Dakota West Plaza - Minot , ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 92 | |||||||
Buildings & Improvements | 493 | |||||||
Costs capitalized subsequent to acquisition | 37 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 106 | |||||||
Buildings & Improvements | 516 | |||||||
Total | 622 | 622 | ||||||
Accumulated Depreciation | (202) | (202) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 622 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 202 | |||||||
Other - Commercial | Dakota West Plaza - Minot , ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Other - Commercial | Dakota West Plaza - Minot , ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Other - Commercial | Minot IPS - Minot, ND | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 416 | |||||||
Buildings & Improvements | 5,952 | |||||||
Costs capitalized subsequent to acquisition | 0 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 416 | |||||||
Buildings & Improvements | 5,952 | |||||||
Total | $ 6,368 | 6,368 | ||||||
Accumulated Depreciation | (3,959) | (3,959) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 6,368 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 3,959 | |||||||
Other - Commercial | Minot IPS - Minot, ND | Minimum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 30 years | |||||||
Other - Commercial | Minot IPS - Minot, ND | Maximum | ||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Life on which depreciation in latest income statement is computed | 37 years | |||||||
Subtotal | ||||||||
Real Estate And Accumulated Depreciation [Abstract] | ||||||||
Encumbrances | 331,376 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ||||||||
Land | 135,481 | |||||||
Buildings & Improvements | 1,338,692 | |||||||
Costs capitalized subsequent to acquisition | 168,912 | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross [Abstract] | ||||||||
Land | 154,671 | |||||||
Buildings & Improvements | 1,488,407 | |||||||
Total | $ 1,643,078 | 1,643,078 | ||||||
Accumulated Depreciation | (349,122) | $ (349,122) | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||||
Balance at close of year | 1,643,078 | |||||||
Deductions during year [Abstract] | ||||||||
Balance at close of year | $ 349,122 |
Uncategorized Items - iret12311
Label | Element | Value |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 688,190,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 627,000 |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 900,097,000 |
Shares, Issued | us-gaap_SharesIssued | 11,953,000 |
Preferred Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 99,456,000 |
Noncontrolling Interest [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 81,900,000 |
Comprehensive Income [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 1,779,000 |
Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (395,042,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 627,000 |