Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 15, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-35624 | ||
Entity Registrant Name | INVESTORS REAL ESTATE TRUST | ||
Entity Incorporation, State or Country Code | ND | ||
Entity Tax Identification Number | 45-0311232 | ||
Entity Address, Address Line One | 3100 10th Street SW | ||
Entity Address, Address Line Two | Post Office Box 1988 | ||
Entity Address, Address Line Three | |||
Entity Address, City or Town | Minot | ||
Entity Address, State or Province | ND | ||
Entity Address, Postal Zip Code | 58702-1988 | ||
City Area Code | 701 | ||
Local Phone Number | 837-4738 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 895,669,484 | ||
Entity Common Stock, Outstanding (in shares) | 13,053,065 | ||
Entity Central Index Key | 0000798359 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Documents Incorporated by Reference | Documents Incorporated by Reference: Portions of Centerspace's definitive Proxy Statement for its 2021 Annual Meeting of Shareholders will be incorporated by reference into Part III (Items 10, 11, 12, 13 and 14) hereof. | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Shares of Beneficial Interest, no par value | ||
Trading Symbol | CSR | ||
Security Exchange Name | NYSE | ||
Series C Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Series C Cumulative Redeemable Preferred Shares | ||
Trading Symbol | CSR-PRC | ||
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate investments | ||
Property owned | $ 1,812,557 | $ 1,643,078 |
Less accumulated depreciation | (399,249) | (349,122) |
Real Estate Investment Property, Net, Total | 1,413,308 | 1,293,956 |
Unimproved land | 0 | 1,376 |
Mortgage loans receivable | 24,661 | 16,140 |
Total real estate investments | 1,437,969 | 1,311,472 |
Cash and cash equivalents | 392 | 26,579 |
Restricted cash | 6,918 | 19,538 |
Other assets | 18,904 | 34,829 |
TOTAL ASSETS | 1,464,183 | 1,392,418 |
LIABILITIES | ||
Accounts payable and accrued expenses | 55,609 | 47,155 |
Revolving lines of credit | 152,871 | 50,079 |
Notes payable, net of unamortized loan costs of $754 and $942, respectively | 269,246 | 269,058 |
Mortgages payable, net of unamortized loan costs of $1,371 and $1,712, respectively | 297,074 | 329,664 |
TOTAL LIABILITIES | 774,800 | 695,956 |
COMMITMENTS AND CONTINGENCIES (NOTE 14) | ||
Investors Real Estate Trust shareholders’ equity | ||
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 13,027,172 shares issued and outstanding at December 31, 2020 and 12,098,379 shares issued and outstanding at December 31, 2019) | 968,263 | 917,400 |
Accumulated distributions in excess of net income | (427,681) | (390,196) |
Accumulated other comprehensive income (loss) | (15,905) | (7,607) |
Total shareholders’ equity | 618,207 | 619,053 |
Noncontrolling interests – Operating Partnership (976,516 units at December 31, 2020 and 1,058,142 units at December 31, 2019) | 53,930 | 55,284 |
Noncontrolling interests – consolidated real estate entities | 686 | 5,565 |
TOTAL EQUITY | 672,823 | 679,902 |
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY | 1,464,183 | 1,392,418 |
Series D Preferred Units | ||
LIABILITIES | ||
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 165,600 units issued and outstanding at December 31, 2020 and December 31, 2019, aggregate liquidation preference of $16,560,000) | 16,560 | 16,560 |
Series C Preferred Shares Of Beneficial Interest | ||
Investors Real Estate Trust shareholders’ equity | ||
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 3,881,453 shares issued and outstanding at December 31, 2020, aggregate liquidation preference of $97,036,325 and 4,118,460 shares issued and outstanding at December 31, 2019, aggregate liquidation preference of $102,971,475) | $ 93,530 | $ 99,456 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2018 |
EQUITY | |||
Preferred units, shares outstanding (in shares) | 3,881,453 | 4,100,000 | |
Common stock issued (in shares) | 13,027,172 | 12,098,379 | |
Common shares outstanding (in shares) | 13,027,172 | 12,098,379 | |
Noncontrolling Interests Operating Partnership Units | 976,516 | 1,058,142 | |
Series C Preferred Stock | |||
EQUITY | |||
Preferred shares liquidation preference | $ 97,000,000 | $ 103,000,000 | |
Series D Preferred Units | |||
EQUITY | |||
Preferred units, par value (in dollars per share) | $ 100 | $ 100 | |
Preferred shares issued (in shares) | 165,600 | 165,600 | |
Preferred units, shares outstanding (in shares) | 165,600 | 165,600 | |
Preferred units, liquidation preference | $ 16,560,000 | $ 16,560,000 | |
Series C Preferred Shares Of Beneficial Interest | |||
EQUITY | |||
Preferred shares issued (in shares) | 3,881,453 | 4,118,460 | |
Preferred units, shares outstanding (in shares) | 4,118,460 | 4,100,000 | |
Preferred shares liquidation preference | $ 97,036,325 | $ 102,971,475 | |
Term loans | |||
LIABILITIES | |||
Unamortized loan costs | 754,000 | 942,000 | |
Mortgages payable | |||
LIABILITIES | |||
Unamortized loan costs | $ 1,371,000 | $ 1,712,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2018 | |
Income Statement [Abstract] | ||||
Total revenue | $ 121,871 | $ 177,994 | $ 185,755 | $ 169,745 |
EXPENSES | ||||
Property operating expenses, excluding real estate taxes | 37,198 | 51,625 | 57,249 | 54,292 |
Real estate taxes | 13,521 | 21,533 | 21,066 | 18,742 |
Property management expense | 3,663 | 5,801 | 6,186 | 5,526 |
Casualty loss | 915 | 1,662 | 1,116 | 500 |
Depreciation and amortization | 50,456 | 75,593 | 74,271 | 82,070 |
Impairment of real estate investments | 1,221 | 0 | 0 | 18,065 |
General and administrative expenses | 9,812 | 13,440 | 14,450 | 14,254 |
TOTAL EXPENSES | 116,786 | 169,654 | 174,338 | 193,449 |
Operating income (loss) | 5,085 | 8,340 | 11,417 | (23,704) |
Interest expense | (21,359) | (27,525) | (30,537) | (34,178) |
Loss on extinguishment of debt | (556) | (23) | (2,360) | (940) |
Interest and other income (loss) | 1,233 | (1,552) | 2,092 | 1,508 |
Income (loss) before gain (loss) on sale of real estate and other investments, gain (loss) on litigation settlement, and income (loss) from discontinued operations | (15,597) | (20,760) | (19,388) | (57,314) |
Gain (loss) on sale of real estate and other investments | 9,707 | 25,503 | 97,624 | 20,120 |
Gain (loss) on litigation settlement | 0 | 0 | 6,586 | 0 |
Income (loss) from continuing operations | (5,890) | 4,743 | 84,822 | (37,194) |
Income (loss) from discontinued operations | 570 | 0 | 0 | 164,823 |
NET INCOME (LOSS) | (5,320) | 4,743 | 84,822 | 127,629 |
Dividends to preferred unitholders | 0 | (640) | (537) | 0 |
Net (income) loss attributable to noncontrolling interests – Operating Partnership | 1,032 | 212 | (6,752) | (12,702) |
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities | (110) | 126 | 1,136 | 1,861 |
Net income (loss) attributable to controlling interests | (4,398) | 4,441 | 78,669 | 116,788 |
Dividends to preferred shareholders | (4,547) | (6,528) | (6,821) | (8,569) |
Redemption of preferred shares | 0 | 297 | 0 | |
Redemption of preferred shares | (3,657) | |||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ (8,945) | $ (1,790) | $ 71,848 | $ 104,562 |
BASIC | ||||
Earnings (loss) per common share from continuing operations – basic (in dollars per share) | $ (0.79) | $ (0.15) | $ 6.06 | $ (3.54) |
Earnings (loss) per common share from discontinued operations – basic (in dollars per share) | 0.04 | 0 | 0 | 12.25 |
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED (in dollars per share) | (0.75) | (0.15) | 6.06 | 8.71 |
DILUTED | ||||
Earnings (loss) per common share from continued operations – diluted (in dollars per share) | (0.79) | (0.15) | 6 | (3.54) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.04 | 0 | 0 | 12.25 |
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) | $ (0.75) | $ (0.15) | $ 6 | $ 8.71 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME (LOSS) | $ (5,320) | $ 4,743 | $ 84,822 | $ 127,629 |
Other comprehensive income: | ||||
Unrealized gain (loss) from derivative instrument | (2,794) | (11,068) | (7,040) | 1,627 |
(Gain) loss on derivative instrument reclassified into earnings | 159 | 2,770 | 289 | 152 |
Total comprehensive income (loss) | (7,955) | (3,555) | 78,071 | 129,408 |
Net comprehensive (income) loss attributable to noncontrolling interests – Operating Partnership | 1,032 | 882 | (6,058) | (12,888) |
Net comprehensive (income) loss attributable to noncontrolling interests – consolidated real estate entities | (110) | 126 | 1,136 | 1,861 |
Comprehensive income (loss) attributable to controlling interests | $ (7,033) | $ (2,547) | $ 73,149 | $ 118,381 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Preferred Shares | Preferred SharesCumulative Effect, Period of Adoption, Adjusted Balance | Common Stock | Common StockCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Distributions In Excess of Net Income | Accumulated Distributions In Excess of Net IncomeCumulative Effect, Period of Adoption, Adjustment | Accumulated Distributions In Excess of Net IncomeCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income | Accumulated Other Comprehensive IncomeCumulative Effect, Period of Adoption, Adjusted Balance | Nonredeemable Noncontrolling Interest | Nonredeemable Noncontrolling InterestCumulative Effect, Period of Adoption, Adjusted Balance | Series B Preferred Stock | Series B Preferred StockAccumulated Distributions In Excess of Net Income | Series C Preferred Stock | Series C Preferred StockAccumulated Distributions In Excess of Net Income |
Beginning Balance at Apr. 30, 2017 | $ 636,158 | $ 111,357 | $ 908,905 | $ (466,541) | $ 0 | $ 82,437 | ||||||||||||
Beginning Balance (in shares) at Apr. 30, 2017 | 12,120 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) attributable to controlling interest and noncontrolling interests | 128,370 | 116,788 | 11,582 | |||||||||||||||
Change in fair value of derivatives | 1,779 | 1,779 | ||||||||||||||||
Distributions - commons shares and units | (37,785) | (33,689) | (4,096) | |||||||||||||||
Dividends to preferred shareholders | (8,569) | $ (4,571) | $ (4,571) | $ (3,999) | $ (3,999) | |||||||||||||
Shares issued and share-based compensation (in shares) | 10 | |||||||||||||||||
Share-based compensation, net of forfeitures | 1,663 | $ 1,663 | ||||||||||||||||
Issuance of Series C preferred shares | 99,456 | 99,456 | ||||||||||||||||
Redemption of units for common shares (in shares) | 3 | |||||||||||||||||
Redemption of Units for common shares | 0 | $ 34 | (34) | |||||||||||||||
Redemption of Units for cash | (8,775) | (8,775) | ||||||||||||||||
Shares repurchased | (124,949) | (111,357) | $ (9,935) | (3,657) | ||||||||||||||
Shares repurchased (in shares) | (178) | |||||||||||||||||
Contributions from nonredeemable noncontrolling interests – consolidated real estate entities | 619 | 619 | ||||||||||||||||
Other (in shares) | (2) | |||||||||||||||||
Other | (403) | $ (570) | 167 | |||||||||||||||
Ending Balance at Apr. 30, 2018 | 687,563 | $ 627 | $ 688,190 | 99,456 | $ 99,456 | $ 900,097 | $ 900,097 | (395,669) | $ 627 | $ (395,042) | 1,779 | $ 1,779 | 81,900 | $ 81,900 | ||||
Ending Balance (in shares) at Apr. 30, 2018 | 11,953 | 11,953 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) attributable to controlling interest and noncontrolling interests | (4,878) | (4,398) | (480) | |||||||||||||||
Change in fair value of derivatives | (2,635) | (2,635) | ||||||||||||||||
Distributions - commons shares and units | (27,977) | (25,060) | (2,917) | |||||||||||||||
Dividends to preferred shareholders | (4,547) | (4,548) | (4,548) | |||||||||||||||
Shares issued and share-based compensation (in shares) | 3 | |||||||||||||||||
Share-based compensation, net of forfeitures | 1,042 | $ 1,042 | ||||||||||||||||
Redemption of units for common shares (in shares) | 33 | |||||||||||||||||
Redemption of Units for common shares | 0 | $ 649 | (649) | |||||||||||||||
Redemption of Units for cash | (498) | (498) | ||||||||||||||||
Shares repurchased | (2,172) | $ (2,172) | ||||||||||||||||
Shares repurchased (in shares) | (42) | |||||||||||||||||
Acquisition of nonredeemable noncontrolling interests – consolidated real estate entities | (44) | $ (175) | 131 | |||||||||||||||
Distributions to nonredeemable noncontrolling interests - consolidated real estate entities | (2,432) | (2,432) | ||||||||||||||||
Conversion to equity of notes receivable from nonredeemable noncontrolling interests – consolidated real estate entities | (392) | (392) | ||||||||||||||||
Other (in shares) | (5) | |||||||||||||||||
Other | (207) | $ (207) | ||||||||||||||||
Ending Balance at Dec. 31, 2018 | 643,449 | 99,456 | $ 899,234 | (429,048) | (856) | 74,663 | ||||||||||||
Ending Balance (in shares) at Dec. 31, 2018 | 11,942 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) attributable to controlling interest and noncontrolling interests | 84,459 | 78,669 | 5,790 | |||||||||||||||
Change in fair value of derivatives | (6,751) | (6,751) | ||||||||||||||||
Distributions - commons shares and units | (36,410) | (32,996) | (3,414) | |||||||||||||||
Dividends to preferred shareholders | (6,821) | (6,821) | (6,821) | |||||||||||||||
Shares issued and share-based compensation (in shares) | 11 | |||||||||||||||||
Share-based compensation, net of forfeitures | 1,905 | $ 1,905 | ||||||||||||||||
Stock Options, Issues | 308 | |||||||||||||||||
Sale of common shares, net | 22,019 | $ 22,019 | ||||||||||||||||
Redemption of units for common shares (in shares) | 173 | |||||||||||||||||
Redemption of Units for common shares | 0 | $ 7,823 | (7,823) | |||||||||||||||
Redemption of Units for cash | (8,147) | (8,147) | ||||||||||||||||
Shares repurchased | (18,023) | $ (18,023) | ||||||||||||||||
Shares repurchased (in shares) | (329) | |||||||||||||||||
Acquisition of nonredeemable noncontrolling interests – consolidated real estate entities | 4,529 | $ 4,529 | ||||||||||||||||
Distributions to nonredeemable noncontrolling interests - consolidated real estate entities | (220) | (220) | ||||||||||||||||
Other (in shares) | (7) | |||||||||||||||||
Other | (87) | $ (87) | ||||||||||||||||
Ending Balance at Dec. 31, 2019 | 679,902 | 99,456 | $ 917,400 | (390,196) | (7,607) | 60,849 | ||||||||||||
Ending Balance (in shares) at Dec. 31, 2019 | 12,098 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) attributable to controlling interest and noncontrolling interests | 4,103 | 4,441 | (338) | |||||||||||||||
Change in fair value of derivatives | (8,298) | (8,298) | ||||||||||||||||
Distributions - commons shares and units | (38,537) | (35,695) | (2,842) | |||||||||||||||
Dividends to preferred shareholders | (6,528) | $ (6,528) | $ (6,528) | |||||||||||||||
Shares issued and share-based compensation (in shares) | 20 | |||||||||||||||||
Share-based compensation, net of forfeitures | 2,106 | $ 2,106 | ||||||||||||||||
Stock Options, Issues | 829 | |||||||||||||||||
Sale of common shares, net | 58,852 | $ 58,852 | ||||||||||||||||
Redemption of units for common shares (in shares) | 81 | |||||||||||||||||
Redemption of Units for common shares | 0 | $ (1,750) | 1,750 | |||||||||||||||
Redemption of Units for cash | (50) | (50) | ||||||||||||||||
Shares repurchased | (5,629) | (5,926) | 297 | |||||||||||||||
Acquisition of nonredeemable noncontrolling interests – consolidated real estate entities | (12,221) | $ (7,584) | (4,637) | |||||||||||||||
Other (in shares) | (1) | |||||||||||||||||
Other | (877) | $ (761) | (116) | |||||||||||||||
Ending Balance at Dec. 31, 2020 | $ 672,823 | $ 93,530 | $ 968,263 | $ (427,681) | $ (15,905) | $ 54,616 | ||||||||||||
Ending Balance (in shares) at Dec. 31, 2020 | 13,027 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2018 | |
Common stock, dividends declared (in usd per share) | $ 2.10 | $ 2.80 | $ 2.10 | $ 2.80 |
Preferred Stock, dividends declared (in usd per share) | $ 1.65625 | $ 1.2422 | ||
Series B Preferred Stock | ||||
Preferred Stock, dividends declared (in usd per share) | 0.9938 | |||
Series C Preferred Stock | ||||
Preferred Stock, dividends declared (in usd per share) | $ 1.2422 | $ 1.65625 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income (loss) | $ (5,320) | $ 4,743 | $ 84,822 | $ 127,629 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Depreciation and amortization | 51,394 | 76,596 | 75,408 | 83,276 | |
Depreciation and amortization from discontinued operations | 0 | 0 | 0 | 8,526 | |
(Gain) loss on sale of real estate, land, other investments and discontinued operations | (10,277) | (25,503) | (97,624) | (183,687) | |
Realized (gain) loss on marketable securities | 0 | 3,378 | 0 | 0 | |
(Gain) loss on extinguishment of debt and discontinued operations | 482 | 23 | 2,360 | 6,839 | |
(Gain) loss on litigation settlement | 0 | 0 | (1,349) | 0 | |
Share-based compensation expense | 845 | 2,106 | 1,905 | 1,587 | |
Impairment of real estate investments | 1,221 | 0 | 0 | $ 1,200 | 18,065 |
Bad debt expense | 592 | 2,332 | 1,050 | 1,423 | |
Other, net | 37 | 1,310 | 46 | 34 | |
Changes in other assets and liabilities: | |||||
Other assets | (1,145) | (4,818) | 1,076 | (646) | |
Accounts payable and accrued expenses | 2,205 | 1,061 | 1,930 | (7,851) | |
Net cash provided (used) by operating activities | 40,034 | 61,228 | 69,624 | 55,195 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Proceeds from repayment of mortgage loans receivable | 0 | 10,020 | 0 | 0 | |
Proceeds from sale of marketable securities | 0 | 3,856 | 0 | 0 | |
Increase in mortgages and notes receivable | (918) | (24,862) | (6,279) | (15,480) | |
Purchase of marketable securities | 0 | (179) | (6,942) | 0 | |
Proceeds from sale of discontinued operations | 0 | 0 | 0 | 426,131 | |
Proceeds from sale of real estate and other investments | 62,695 | 43,686 | 199,282 | 64,639 | |
Payments for acquisitions of real estate assets | (977) | (168,696) | (158,466) | (374,081) | |
Payments for improvements of real estate assets | (11,518) | (30,315) | (20,954) | (17,980) | |
Other investing activities | 1,889 | 1,525 | 366 | (3,117) | |
Net cash provided (used) by investing activities | 51,171 | (164,965) | 7,007 | 80,112 | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Proceeds from mortgages payable | 0 | 0 | 59,900 | 0 | |
Principal payments on mortgages payable | (67,016) | (33,422) | (177,743) | (205,159) | |
Proceeds from revolving lines of credit | 53,017 | 155,028 | 245,397 | 370,350 | |
Principal payments on revolving lines of credit | (119,517) | (52,235) | (252,818) | (303,400) | |
Proceeds from notes payable and other debt | 74,352 | 0 | 124,878 | 72,714 | |
Principal payments on notes payable and other debt | 0 | 0 | 0 | (21,689) | |
Payoff of financing liability | 0 | 0 | 0 | (7,900) | |
Proceeds from sale of common shares, net of issuance costs | 0 | 58,852 | 22,019 | 0 | |
Payments for acquisition of noncontrolling interests – consolidated real estate entities | 0 | (12,221) | (1,260) | 0 | |
Proceeds from sale of preferred shares | 0 | 0 | 0 | 99,467 | |
Repurchase of common shares | (2,172) | 0 | (18,023) | (9,935) | |
Repurchase of preferred shares | 0 | (5,629) | 0 | (115,017) | |
Repurchase of partnership units | (498) | (50) | (8,147) | (8,775) | |
Distributions paid to common shareholders | (16,724) | (35,045) | (32,891) | (33,689) | |
Distributions paid to preferred shareholders | (5,116) | (6,528) | (6,821) | (8,763) | |
Distributions paid to noncontrolling interests – Unitholders of the Operating Partnership | (1,959) | (2,900) | (3,630) | (4,096) | |
Distributions paid to noncontrolling interests – consolidated real estate entities | (2,432) | (116) | (220) | (99) | |
Distributions paid to preferred unitholders | 0 | (640) | (377) | 0 | |
Other financing activities | 0 | (164) | (34) | 0 | |
Net cash provided (used) by financing activities | (88,065) | 64,930 | (49,770) | (175,991) | |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 3,140 | (38,807) | 26,861 | (40,684) | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR | 16,116 | 46,117 | 19,256 | ||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | 19,256 | 7,310 | 46,117 | 19,256 | 16,116 |
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||
Accrued capital expenditures | (329) | (1,420) | 1,273 | (3,415) | |
Property acquired through issuance of Series D preferred units | 0 | 0 | 16,560 | 0 | |
Real estate assets acquired through exchange of note receivable | 0 | 17,663 | 0 | 0 | |
Note receivable exchanged through real estate acquisition | 0 | (17,663) | 0 | 0 | |
Conversion to equity of notes receivable from noncontrolling interests - consolidated real estate entities | 670 | 0 | 0 | 0 | |
Construction debt reclassified to mortgages payable | 0 | 0 | 0 | 23,300 | |
Increase in mortgage notes receivable due to sale of real estate | 0 | 0 | 0 | 10,329 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||
Cash paid for interest, net of amounts capitalized of $0, $0, $0 and $431, respectively | 24,135 | 26,051 | 28,679 | 35,758 | |
Cash and cash equivalents | 13,792 | 392 | 26,579 | 13,792 | 11,891 |
Restricted cash | 5,464 | 6,918 | 19,538 | 5,464 | 4,225 |
Common Stock | |||||
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||
Distributions declared but not paid | $ 0 | $ 9,802 | $ 9,210 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2018 | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Interest capitalized | $ 0 | $ 0 | $ 0 | $ 431 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Investors Real Estate Trust doing business as Centerspace (“Centerspace,” “we,” “our,” or “us”) is a real estate investment trust (“REIT”) focused on the ownership, management, acquisition, redevelopment and development of apartment communities. As of December 31, 2020, we held for investment 67 apartment communities with 11,910 homes. We conduct a majority of our business activities through our consolidated operating partnership, Centerspace, LP, (the “Operating Partnership”), as well as through a number of other subsidiary entities. All references to Centerspace, we, or us refer to Centerspace and its consolidated subsidiaries. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The accompanying consolidated financial statements include our accounts and the accounts of all our subsidiaries in which we maintain a controlling interest, including the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. On September 20, 2018, our Board of Trustees approved a change in our fiscal year-end from April 30 to December 31, effective as of January 1, 2019. As a result of this change, we filed a transition report on Form 10-KT for the eight-month transition period ended December 31, 2018, in accordance with SEC rules and regulations. The references in these notes to the consolidated financial statements to the terms listed below reflect the respective periods presented in the consolidated financial statements: Term Financial Reporting Period Year ended December 31, 2020 January 1, 2020 through December 31, 2020 Year ended December 31, 2019 January 1, 2019 through December 31, 2019 Transition period ended December 31, 2018 May 1, 2018 through December 31, 2018 Fiscal year ended April 30, 2018 May 1, 2017 through April 30, 2018 Our interest in the Operating Partnership as of December 31, 2020 and 2019 was 93.0% and 92.0%, respectively, of the limited partnership units of the Operating Partnership (“Units”), which includes 100% of the general partnership interest. The consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partner’s or controlling interest. These entities are consolidated into our other operations with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income, and expenses. SIGNIFICANT RISKS AND UNCERTAINTIES The COVID-19 pandemic is a source of significant risk and uncertainty that could have an adverse impact on our business. the COVID-19 pandemic has adversely impacted the global economy and financial markets, and multifamily residents and commercial tenants have experienced financial hardship or closure. The extent to which the COVID-19 pandemic could have an adverse effect on our financial condition, results of operations, and cash flows is uncertain and will depend on future developments. The COVID-19 pandemic has not had a material adverse impact on our financial condition, results of operations, and cash flows for the year ended December 31, 2020; however, we continue to monitor the impact on all aspects of our business and cannot predict the impact it may have on our financial condition, results of operations, and cash flows in the future. USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. RECENT ACCOUNTING PRONOUNCEMENTS The following table provides a brief description of recent GAAP accounting standards updates (“ASUs”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; ASU 2018-19, Codification Improvements to Topic 326; ASU 2019-05, Financial Instruments - Credit Losses - Targeted Transition Relief; ASU 2019-11, Codification improvements to Topic 326, Financial Instruments - Credit Losses These ASUs require entities to estimate a lifetime expected credit loss for most financial assets, such as loans and other financial instruments, and to present the net amount expected to be collected. In 2018, another ASU was issued to amend ASU 2016-13 which clarifies that it does not apply to operating lease receivables. In 2019, an additional ASU was issued to provide transition relief in which an entity is allowed to elect the fair value option on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. These ASUs are effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We elected the fair value option for all of our mortgages and notes receivable at January 1, 2020, as allowed by ASU 2019-05. As a result, we do not have any receivables or other financial instruments to which we are applying this standard. ASU 2018-13, Fair Value Measurements (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurements This ASU eliminates certain disclosure requirements affecting all levels of measurement, and modifies and adds new disclosure requirements for Level 3 measurements. This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. The new standard did not have a material impact on our consolidated financial statements. ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. This ASU is optional and may be elected over time. We are currently evaluating the practical expedients and the impact they may have on our consolidated financial statements. ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entitiy's Own Equity This ASU simplifies accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies the diluted earnings per share calculation in certain areas and provide updated disclosure requirements. This ASU is effective for annual reporting periods beginning after December 31, 2021. Early adoption is permitted. We are currently evaluating the ASU and the impact it may have on our consolidated financial statements. RECLASSIFICATIONS Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. These reclassifications had no impact on net income as reported in the consolidated statement of operations, total assets, liabilities or equity as reported in the consolidated balance sheets and total shareholder’s equity. We report in discontinued operations the results of operations and the related gains or losses of properties that have either been disposed or classified as held for sale and for which the disposition represents a strategic shift that has or will have a major effect on our operations and financial results. REAL ESTATE INVESTMENTS Real estate investments are recorded at cost less accumulated depreciation and an adjustment for impairment, if any. Property, consisting primarily of real estate investments, totaled $1.4 billion and $1.3 billion as of December 31, 2020 and 2019, respectively. Upon acquisitions of real estate, we assess the fair value of acquired tangible assets (including land, buildings and personal property), which is determined by valuing the property as if it were vacant, and consider whether there were significant intangible assets acquired (for example, above- and below-market leases, the value of acquired in-place leases and resident relationships) and assumed liabilities, and allocate the purchase price based on these assessments. The as-if-vacant value is allocated to land, buildings, and personal property based on our determination of the relative fair values of these assets. The estimated fair value of the property is the amount that would be recoverable upon the disposition of the property. Techniques used to estimate fair value include discounted cash flow analysis and reference to recent sales of comparable properties. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property. Land value is assigned based on the purchase price if land is acquired separately or based on a relative fair value allocation if acquired in a portfolio acquisition. Other intangible assets acquired include amounts for in-place lease values that are based upon our evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include an estimate of carrying costs and foregone rental income during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. We also consider information about each property obtained during pre-acquisition due diligence, marketing, and leasing activities in estimating the relative fair value of the tangible and intangible assets acquired. Acquired above- and below-market lease values are recorded as the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. We use a 10-37 year estimated life for buildings and improvements and a 5-10 year estimated life for furniture, fixtures, and equipment. We follow the real estate project costs guidance in ASC 970, Real Estate – General, in accounting for the costs of development and redevelopment projects. As real estate is undergoing development or redevelopment, all project costs directly associated with and attributable to the development and construction of a project, including interest expense and real estate tax expense, are capitalized to the cost of the real property. The capitalization period begins when development activities and expenditures begin and are identifiable to a specific property and ends upon completion, which is when the asset is ready for its intended use. Generally, rental property is considered substantially complete upon issuance of a certificate of occupancy. General and administrative costs are expensed as incurred. Interest of approximately $4,000 was capitalized in continuing and discontinued operations for the fiscal year ended April 30, 2018. We did not capitalize interest during the years ended December 31, 2020 and 2019, or the transition period ended December 31, 2018. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five We periodically evaluate our long-lived assets, including real estate investments, for impairment indicators. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each property, and legal and environmental concerns. If indicators exist, we compare the expected future undiscounted cash flows for the property against the carrying amount of that property. If the sum of the estimated undiscounted cash flows is less than the carrying amount, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future physical occupancy, rental rates, and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. During the years ended December 31, 2020 and 2019, we did not incur a loss for impairment on real estate. During the transition period ended December 31, 2018, we incurred a loss of $1.2 million due to impairment of a parcel of land in Bismarck, North Dakota. The parcel was written-down to estimated fair value based on receipt of a market offer to purchase and our intent to dispose of the property. During the fiscal year ended April 30, 2018, we incurred a loss of $18.1 million due to impairment of one apartment community, three other commercial properties, and four parcels of land. We recognized impairments of $12.2 million on one apartment community in Grand Forks, North Dakota; $1.4 million on an industrial property in Bloomington, Minnesota; $922,000 on an industrial property in Woodbury, Minnesota; and $630,000 on a retail property in Minot, North Dakota. These properties were written-down to estimated fair value based on independent appraisals and market data or, in the case of the retail property, receipt of a market offer to purchase and our intent to dispose of the property. We recognized impairments of $428,000 on a parcel of land in Williston, North Dakota; $1.5 million on a parcel of land in Grand Forks, North Dakota; and $256,000 and $709,000 on two parcels of land in Bismarck, North Dakota. These parcels were written down to estimated fair value based on independent appraisals and market data. CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS Effective May 1, 2017, we changed the estimated useful lives of our real estate assets to better reflect the estimated periods during which they would be of economic benefit. Generally, the estimated lives of buildings and improvements that previously were 20-40 years were decreased to 10-37 years, while those that were previously nine years were changed to 5-10 years. The effect of this change in estimate for the fiscal year ended April 30, 2018, was to increase depreciation expense by approximately $29.3 million, decrease net income by $29.3 million, and decrease earnings per share by $0.22. REAL ESTATE HELD FOR SALE Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. Our determination of fair value is based on inputs management believes are consistent with those that market participants would use. Estimates are significantly impacted by estimates of sales price, selling velocity, and other factors. Due to uncertainties in the estimation process, actual results could differ from such estimates. Depreciation is not recorded on assets classified as held for sale. We classify properties as held for sale when they meet the GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We generally consider these criteria met when the transaction has been approved by our Board of Trustees, there are no known significant contingencies related to the sale, and management believes it is probable that the sale will be completed within one year. We had no properties classified as held for sale at December 31, 2020 and 2019. We report in discontinued operations the results of operations and the related gains or losses on the sales of properties that have either been disposed of or classified as held for sale and meet the classification of a discontinued operation as described in ASC 205 - Presentation of Financial Statements and ASC 360 - Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . Under these standards, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH Cash and cash equivalents include all cash and highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents consist of our bank deposits, short-term investment certificates acquired subject to repurchase agreements, and our deposits in a money market mutual fund. We are potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. As of December 31, 2020 restricted cash consisted of $5.0 million of real estate deposits for property acquisitions and $1.9 million in escrows held by lenders. As of December 31, 2019, restricted cash consisted primarily of net tax-deferred exchange proceeds remaining from a portion of our dispositions and escrows held by lenders. Escrows include funds deposited with a lender for payment of real estate taxes and insurance, and reserves to be used for replacement of structural elements and mechanical equipment at certain communities. The funds are under the control of the lender. Disbursements are made after supplying written documentation to the lender. LEASES Effective January 1, 2019, we adopted ASUs 2016-02, 2018-10, 2018-11, 2018-20, and 2019-01 related to leases using the modified retrospective approach. We elected to adopt the package of practical expedients permitted under the transition guidance, which permits us to not reassess prior conclusions about lease identification, classification, and initial direct costs under the new standard, and the practical expedient related to land easements, which allows us to not evaluate existing or expired land easements that were not previously accounted for under ASC 840. We made an accounting policy election to exclude leases in which we are a lessee with a term of 12 months or less from the balance sheet. As a lessor, we primarily lease multifamily apartment homes which qualify as operating leases with terms that are generally one year or less. Rental revenues are recognized in accordance with ASC 842, Leases, using a method that represents a straight-line basis over the term of the lease. Rental income represents approximately 98.4% of our total revenues and includes gross market rent less adjustments for concessions, vacancy loss, and bad debt. Other property revenues represent the remaining 1.6% of our total revenues and are primarily driven by other fee income, which is typically recognized when earned, at a point in time. Some of our apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three fifteen Beginning in April 2020, we offered multifamily residents suffering from financial hardship related to the COVID-19 pandemic the option to apply for a rent deferral. We elected to account for these accommodations as though enforceable rights and obligations for the accommodations existed without evaluating if such a right or obligation existed under the lease agreement, as allowed by the FASB Q&A released on April 10, 2020 related to lease modification guidance under ASC 842. The accommodations were recognized as variable lease payments. As of December 31, 2020, approximately $99,600 remained outstanding under the rent deferral agreements offered to multifamily residents. We also abated rent, common area maintenance, and real estate taxes for commercial tenants that experienced government-mandated interruptions or closures of their businesses. The accommodations were recognized as variable lease payments, as allowed by the FASB Q&A released on April 10, 2020. During the year ended December 31, 2020, we recognized a reduction in revenue of $656,000 due to the abatement of amounts due from our commercial tenants. Many of our leases contain non-lease components for utility reimbursement from our residents. We have elected the practical expedient to combine lease and non-lease components for all asset classes. The combined components are included in lease income and are accounted for under ASC 842. The aggregate amount of future scheduled lease income on our operating leases for commercial spaces, excluding any variable lease income and non-lease components, as of December 31, 2020, was as follows: (in thousands) 2021 $ 2,216 2022 2,214 2023 2,208 2024 2,194 2025 2,166 Thereafter 2,373 Total scheduled lease income - operating leases $ 13,371 REVENUE We adopted ASU 2014-09, Revenue from Contracts with Customers, as of May 1, 2018, using the modified retrospective approach. We elected to apply the new standard to contracts that were not complete as of May 1, 2018. Under the new standard, revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration the company expects to be entitled for those goods and services. Revenue streams that are included in ASU 2014-09 include: • Other property revenues: We recognize revenue for rental related income not included as a component of a lease, such as other application fees, as earned, and have concluded that this is appropriate under the new standard. • Gains or losses on sales of real estate: Subsequent to the adoption of the new standard, a gain or loss is recognized when the criteria for derecognition of an asset are met, including when (1) a contract exists and (2) the buyer obtained control of the nonfinancial asset that was sold. As a result, we may recognize a gain on real estate disposition transactions that previously did not qualify as a sale or for full profit recognition under the previous accounting standard. Any gain or loss on real estate dispositions is net of certain closing and other costs associated with the disposition. We concluded that the adoption of the new standard required a cumulative adjustment of $627,000 to the opening balance of retained earnings as of May 1, 2018, due to the sale of a group of properties in the prior fiscal year. The sale of properties was previously accounted for using the installment method. Under the installment method, we recorded a mortgage receivable net of the deferred gain on sale, which was to be recognized as payments were received. The gain on sale under the new revenue standard is recognized when control of the assets is transferred to the buyer. As a result of our adoption of the new standard, we recorded a cumulative adjustment to retained earnings and increased the mortgage receivable by $627,000 to recognize the previously deferred gain on sale. The following table presents the disaggregation of revenue streams of our rental income for the years ended December 31, 2020 and 2019, and the transition period ended December 31, 2018: (in thousands) Year ended December 31, Transition period ended Revenue Stream Applicable Standard 2020 2019 December 31, 2018 Fixed lease income - operating leases Leases $ 168,119 $ 176,706 $ 114,047 Variable lease income - operating leases Leases 7,068 5,586 3,528 Other property revenue Revenue from contracts with customers 2,807 3,463 4,296 Total revenue $ 177,994 $ 185,755 $ 121,871 INCOME TAXES We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding capital gains, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018 and the fiscal year ended April 30, 2018, we distributed in excess of 90% of our taxable income and realized capital gains from property dispositions within the prescribed time limits. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, we may be subject to certain state and local income and property taxes, and to federal income and excise taxes on undistributed taxable income. In general, however, if we qualify as a REIT, no provisions for federal income taxes are necessary except for taxes on undistributed REIT taxable income and taxes on the income generated by a taxable REIT subsidiary (TRS). We have one TRS, which is subject to corporate federal and state income taxes on its taxable income at regular statutory rates. There were no income tax provisions or material deferred income tax items for our TRS for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018. We conduct our business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through our Operating Partnership. UPREIT status allows us to accept the contribution of real estate in exchange for Units. Generally, such a contribution to a limited partnership allows for the deferral of gain by an owner of appreciated real estate. The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2020, December 31, 2019, and December 31, 2018: CALENDAR YEAR 2020 2019 2018 Tax status of distributions Capital gain 13.62 % 38.53 % 100.00 % Ordinary income 7.91 % 23.43 % — Return of capital 78.47 % 38.04 % — VARIABLE INTEREST ENTITY We have determined that our Operating Partnership and each of our less-than-wholly owned real estate partnerships is a variable interest entity (“VIE”), as the limited partners or the functional equivalent of limited partners lack substantive kick-out rights and substantive participating rights. We are the primary beneficiary of the VIEs, and the VIEs are required to be consolidated on our balance sheet because we have a controlling financial interest in the VIEs and have both the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Because our Operating Partnership is a VIE, all of our assets and liabilities are held through a VIE. OTHER ASSETS As of December 31, 2020 and 2019, other assets consisted of the following amounts: in thousands December 31, 2020 December 31, 2019 Receivable arising from straight line rents $ 336 $ 785 Accounts receivable, net of allowance 523 154 Real estate related loans receivable 6,332 16,557 Marketable securities — 7,055 Prepaid and other assets 5,702 4,866 Intangible assets, net of accumulated amortization 1,150 1,212 Property and equipment, net of accumulated depreciation 2,674 1,277 Goodwill 986 1,086 Deferred charges and leasing costs 1,201 1,837 Total Other Assets $ 18,904 $ 34,829 PROPERTY AND EQUIPMENT Property and equipment consists primarily of office equipment located at our corporate offices in Minot, North Dakota and in Minneapolis, Minnesota. The consolidated balance sheets reflects these assets at cost, net of accumulated depreciation, and are included within Other Assets. As of December 31, 2020 and 2019, property and equipment cost was $4.7 million and $2.9 million, respectively. Accumulated depreciation was $2.0 million and $1.7 million as of December 31, 2020 and 2019, respectively, and are included within other assets in the consolidated balance sheets. MORTGAGE LOANS RECEIVABLE AND NOTES RECEIVABLE I n March 2020, in connection with our acquisition of Ironwood, an apartment community in New Hope, Minnesota, we acquired a tax increment financing note receivable (“TIF”) with a principal balance of $6.6 million, which appears within Other Assets in our consolidated balance sheets. The note bears an interest rate of 4.5% with payments due in February and August of each year. I n December 2019, we originated a $29.9 million construction loan and a $15.3 million mezzanine loan for the development of a multifamily development located in Minneapolis, Minnesota. The construction and mezzanine loans bear interest at 4.5% and 11.5%, respectively. As of December 31, 2020 and 2019, we had funded $24.7 million and $6.2 million, respectively, of the construction loan, which appears within mortgages receivable in our consolidated balance sheets. The loans are secured by mortgages and mature on December 31, 2023, and the agreement provides us with an option to purchase the development. The loans represent an investment in an unconsolidated variable interest entity. We are not the primary beneficiary of the VIE as we do not have the power to direct the activities which most significantly impact the entity’s economic performance nor do we have significant influence over the entity. In August 2017, we sold 13 apartment communities in exchange for cash and an $11.0 million note secured by a mortgage on the assets. As of December 31, 2020, the note was paid in full. As of December 31, 2019 the remaining balance on the mortgage was $10.0 million. The note had an interest rate of 5.5%. Monthly payments were interest-only, with the principal balance payable at maturity. We received and recognized approximately $279,000, $570,000, $448,000, and $372,000 of interest income during the years ended December 31, 2020 and 2019, the transition period ended December 31, 2019, and the fiscal year ended April 30, 2018, respectively. In July 2017, we originated a $16.2 million loan in a multifamily development located in New Hope, Minnesota, a Minneapolis suburb. We funded an additional $341,000 upon satisfaction of certain conditions set forth in the loan agreement. The note had an interest rate of 6%. During the year ended December 31, 2020, we executed the purchase option for the apartment community (refer to Note 9 for details on acquisition). The note was paid in full as part of our acquisition of this apartment community. MARKETABLE SECURITIES Marketable securities consisted of equity securities. We report equity securities at fair value based on quoted market prices (Level 1 inputs). Any unrealized gains or losses are included in interest and other income (loss) on the consolidated statements of operations. As of December 31, 2020, we had no marketable securities. As of December 31, 2019, the cost basis of marketable securities was $6.9 million, the gross unrealized gain was $113,000, and the carrying value was $7.1 million. During the year ended December 31, 2020, we had a realized loss of $3.4 million arising from the disposal of such securities. GAIN ON LITIGATION SETTLEMENT During the year ended December 31, 2019, we recorded a gain on litigation settlement of $6.6 million from the settlement on a construction defect claim. The gain consisted of $5.2 million of cash received and $1.4 million of liabilities waived under the terms of the settlement. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. We have issued restricted stock units (“RSUs”) and incentive stock options (“ISOs”) under our 2015 Incentive Plan and Series D Convertible Preferred Units (“Series D preferred units”), which could have a dilutive effect on our earnings per share upon exercise of the RSUs, ISOs, or upon conversion of the Series D preferred units (refer to Note 4 for further discussion of the preferred units). Other than the issuance of RSUs, ISOs, and Series D preferred units, we have no outstanding options, warrants, convertible stock, or other contractual obligations requiring issuance of additional common shares that would result in a dilution of earnings. Under the terms of the Operating Partnership’s Agreement of Limited Partnership, limited partners have the right to require the Operating Partnership to redeem their limited partnership units (“Units”) any time following the first anniversary of the date they acquired such Units (“Exchange Right”). Upon the exercise of Exchange Rights, and in our sole discretion, we may issue common shares in exchange for Units on a one-for-one-basis. For the years ended December 31, 2020 and 2019, and the transition period ended December 31, 2018, performance-based restricted stock awards of 26,994, 37,822, and 25,300 were excluded from the calculation of diluted earnings per share because the assumed proceeds per share plus the average unearned compensation were greater than the average market price of the common shares for the periods presented and, therefore, were anti-dilutive. Refer to Note 16 - Share-Based Compensation for discussion of the terms for these awards. For the year ended December 31, 2020, Series D preferred units of 228,000 and time-based RSUs of 13,000 were excluded from the calculation of diluted earnings per shares because they were anti-dilutive because including these items would have improved earnings per share. For the year ended December 31, 2020, weighted average stock options of 86,000 were excluded from the calculation of diluted earnings per share because the assumed proceeds per share plus the average unearned compensation were greater than the average market price of common shares for the period and were, therefore, anti-dilutive. The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the consolidated financial statements for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018: (in thousands, except per share data) Year Ended December 31, Period Ended Fiscal Year Ended 2020 2019 December 31, 2018 April 30, 2018 NUMERATOR Income (loss) from continuing operations – controlling interests $ 4,441 $ 78,669 $ (4,908) $ (30,266) Income (loss) from discontinued operations – controlling interests — — 510 147,054 Net income (loss) attributable to controlling interests 4,441 78,669 (4,398) 116,788 Dividends to preferred shareholders (6,528) (6,821) (4,547) (8,569) Redemption of preferred shares 297 — — (3,657) Numerator for basic earnings per share – net income (loss) available to common shareholders (1,790) 71,848 (8,945) 104,562 Noncontrolling interests – Operating Partnership (212) 6,752 (1,032) 12,702 Dividends to preferred unitholders 640 537 — — Numerator for diluted earnings (loss) per share $ (1,362) $ 79,137 $ (9,977) $ 117,264 DENOMINATOR Denominator for basic earnings per share weighted average shares 12,564 11,744 11,937 11,998 Effect of redeemable operating partnership units 1,030 1,237 1,387 1,462 Effect of Series D preferred units — 193 — — Effect of diluted restricted stock awards and restricted stock units — 8 — — Denominator for diluted earnings per share 13,594 13,182 13,324 13,460 Earnings (loss) per common share from continuing operations – basic $ (0.15) $ 6.06 $ (0.79) $ (3.54) Earnings (loss) per common share from discontinued operations – basic — — 0.04 12.25 NET EARNINGS (LOSS) PER COMMON SHARE – BASIC $ (0.15) $ 6.06 $ (0.75) $ 8.71 Earnings (loss) per common share from continuing operations – diluted $ (0.15) $ 6.00 $ (0.79) $ (3.54) Earnings (loss) per common share from discontinued operations – diluted — — 0.04 12.25 NET EARNINGS (LOSS) PER COMMON SHARE – DILUTED $ (0.15) $ 6.00 $ (0.75) $ 8.71 |
EQUITY AND MEZZANINE EQUITY
EQUITY AND MEZZANINE EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
EQUITY AND MEZZANINE EQUITY | EQUITY AND MEZZANINE EQUITY Operating Partnership Units. Outstanding Units in the Operating Partnership were 1.0 million Units at December 31, 2020 and 1.1 million Units at December 31, 2019. Exchange Rights. Pursuant to the exercise of Exchange Rights, we redeemed Units for cash during the years ended December 31, 2020 and 2019 as detailed in the table below. (in thousands, except per Unit amounts) Number of Aggregate Average Price Units Cost Per Unit Year Ended December 31, 2020 1 $ 50 $ 70.10 Year Ended December 31, 2019 136 $ 8,142 $ 60.02 We also redeemed Units in exchange for common shares during the years ended December 31, 2020 and 2019 as detailed in the table below. (in thousands) Number of Total Book Units Value Year Ended December 31, 2020 81 $ (1,750) Year Ended December 31, 2019 174 $ 7,823 Common Shares and Equity Awards . Common shares outstanding on December 31, 2020 and 2019, totaled 13.0 million and 12.1 million, respectively. During the years ended December 31, 2020 and 2019, we issued approximately 21,000 and 18,000 common shares, respectively, with a total grant-date value of $1.0 million and $1.1 million, respectively, under our 2015 Incentive Plan, as share-based compensation for employees and trustees. During the years ended December 31, 2020 and 2019, approximately 2,400 and 3,300 common shares were forfeited under the 2015 Incentive Plan, respectively. Equity Distribution Agreement. In November 2019, we entered into an equity distribution agreement in connection with an at-the-market offering ("2019 ATM Program") through which we may offer and sell common shares having an aggregate sales price of up to $150.0 million, in amounts and at times as we determine. The proceeds from the sale of common shares under the 2019 ATM Program are intended to be used for general corporate purposes, which may include the funding of future acquisitions, community renovations, and the repayment of indebtedness. As of December 31, 2020, we had common shares having an aggregate offering price of up to $68.5 million remaining available under the 2019 ATM Program. The table below provides details on the sale of common shares during the years ended December 31, 2020 and 2019. (in thousands, except per share amounts) Number of Common Shares Total Consideration (1) Average Price Per Share (1) Year ended December 31, 2020 829 $ 59,187 $ 71.39 Year ended December 31, 2019 308 $ 22,019 $ 72.29 (1) Total consideration is net of $901,000 and $310,000 in commissions for the years ended December 31, 2020 and 2019, respectively. Share Repurchase Program . On December 7, 2016, our Board of Trustees authorized a share repurchase program to repurchase up to $50 million of our common shares over a one year period. This program was reauthorized for two additional one year periods. On December 5, 2019, our Board of Trustees terminated this share repurchase program and authorized a new share purchase program to repurchase up to $50 million of our common or preferred shares over a one-year period. Under this new repurchase program, we could repurchase common or preferred shares in open-market purchases, including pursuant to Rule 10b5-1 and Rule 10b-18 plans, as determined by management and in accordance with the requirements of the SEC. This program expired on December 5, 2020. Shares repurchased during the years ended December 31, 2020 and 2019 are detailed in the table below. (in thousands, except per share amounts) Number of Common Shares Number of Preferred Shares Aggregate Cost (1) Average Price Per Share (1) Year ended December 31, 2020 — 237 $ 5,629 $ 23.75 Year ended December 31, 2019 (2) 329 — $ 18,023 $ 54.69 (1) Amount includes commissions. (2) Repurchases during the year were under the prior repurchase program. Issuance of Series C Preferred Shares . In the fiscal year ended April 30, 2018, we issued 4.1 million shares of our 6.625% Series C Cumulative Redeemable Preferred Shares ("Series C preferred shares"). As of December 31, 2020 and 2019, we had 3.9 million and 4.1 million Series C preferred shares outstanding, respectively. The Series C preferred shares are nonvoting and redeemable for cash at $25.00 per share at our option on or after October 2, 2022. Holders of these shares are entitled to cumulative distributions, payable quarterly (as and if declared by the Board of Trustees). Distributions accrue at an annual rate of $1.65625 per share, which is equal to 6.625% of the $25.00 per share liquidation preference ($97.0 million and $103.0 million liquidation preference in the aggregate, as of December 31, 2020 and 2019, respectively). Series D Preferred Units (Mezzanine Equity). On February 26, 2019, we issued 165,600 newly created Series D preferred units at an issuance price of $100 per preferred unit as partial consideration for the acquisition of SouthFork Townhomes. The Series D preferred unit holders receive a preferred distribution at the rate of 3.862% per year. The Series D preferred units have a put option which allows the holder to redeem any or all of the Series D preferred units for cash equal to the issue price. Each Series D preferred unit is convertible, at the holder's option, into 1.37931 Units, representing a conversion exchange rate of $72.50 per unit. Changes in the redemption value are charged to common shares on our consolidated balance sheets from period to period. The holders of the Series D preferred units do not have any voting rights. Distributions to Series D unitholders are presented in the consolidated statements of equity within net income (loss) attributable to controlling interests and noncontrolling interests. Redeemable Noncontrolling Interests (Mezzanine Equity). Redeemable noncontrolling interests on our consolidated balance sheets represent the noncontrolling interest in a joint venture in which our unaffiliated partner, at its election, could require us to buy its interest at a purchase price to be determined by an appraisal conducted in accordance with the terms of the agreement, or at a negotiated price. Redeemable noncontrolling interests are presented at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value from period to period are charged to common shares on our consolidated balance sheets. During the year ended December 31, 2019, we acquired the remaining 34.5% noncontrolling interests in the real estate partnership that owns Commons and Landing at Southgate for $1.3 million. Activity of the redeemable noncontrolling interests is detailed in the table below. (in thousands) Year ended December 31, 2019 Balance at beginning of fiscal year $ 5,968 Contributions — Net (loss) income (174) Acquisition of redeemable noncontrolling interests (5,794) Balance at close of fiscal year $ — |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS Interests in the Operating Partnership held by limited partners are represented by Units. The Operating Partnership’s income is allocated to holders of Units based upon the ratio of their holdings to the total Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the Operating Partnership’s Agreement of Limited Partnership. We reflect noncontrolling interests in consolidated real estate entities on the Balance Sheet for the portion of properties consolidated by us that are not wholly owned by us. The earnings or losses from these properties attributable to the noncontrolling interests are reflected as net income attributable to noncontrolling interests – consolidated real estate entities in the consolidated statements of operations. During the year ended December 31, 2020, we acquired the 47.4% noncontrolling interests in the real estate partnership that owns 71 France for $12.2 million. Our noncontrolling interests – consolidated real estate entities at December 31, 2020 and 2019 were as follows: (in thousands) December 31, 2020 December 31, 2019 IRET - 71 France, LLC $ — $ 4,817 IRET - Cypress Court Apartments, LLC 686 748 Noncontrolling interests – consolidated real estate entities $ 686 $ 5,565 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT As of December 31, 2020, 47 of our apartment communities were not encumbered by mortgages, with 34 of those apartment communities providing credit support for our unsecured borrowings. Our primary unsecured credit facility (“unsecured credit facility”) is a revolving, multi-bank line of credit, with the Bank of Montreal serving as administrative agent. Our line of credit has total commitments and borrowing capacity of $250.0 million, based on the value of properties contained in the unencumbered asset pool (“UAP”). As of December 31, 2020, we had additional borrowing availability of $97.1 million beyond the $152.9 million drawn, including the balance on our operating line of credit (discussed below), priced at an interest rate of 2.85%, including the impact of our interest rate swap. This credit facility matures on August 31, 2022, with one 12-month option to extend the maturity date at our election. At December 31, 2019, the line of credit borrowing capacity was $250.0 million based on the UAP, of which $50.1 million was drawn on the line. Under our unsecured credit facility, we also have unsecured term loans of $70.0 million and $75.0 million, included within notes payable on the consolidated balance sheets, which mature on January 15, 2024 and August 31, 2025, respectively. The interest rates on the line of credit and term loans are based, at our option, on the lender's base rate plus a margin, ranging from 35-85 basis points, or the London Interbank Offered Rate (“LIBOR”), plus a margin that ranges from 135-190 basis points based on our consolidated leverage. Our unsecured credit facility and unsecured senior notes are subject to customary financial covenants and limitations. We believe that we are in compliance with all such financial covenants and limitations as of December 31, 2020. We have a private shelf agreement for the issuance of up to $150.0 million of unsecured senior promissory notes (“unsecured senior notes”). Under this agreement, we issued $75.0 million of Series A notes due September 13, 2029, bearing interest at a rate of 3.84% annually, and $50.0 million of Series B notes due September 30, 2028, bearing interest at a rate of 3.69% annually. We have $25.0 million remaining available under the private shelf agreement. As of December 31, 2020, we owned 20 apartment communities that served as collateral for mortgage loans. All of these mortgage loans were non-recourse to us other than for standard carve-out obligations. Interest rates on mortgage loans range from 3.47% to 5.73%, and the mortgage loans have varying maturity dates from June 1, 2021, through September 1, 2031. As of December 31, 2020, we believe there are no material defaults or instances of material noncompliance in regards to any of these mortgage loans. We also have a $6.0 million operating line of credit. This operating line of credit is designed to enhance treasury management activities and more effectively manage cash balances. This operating line has a one-year term, with pricing based on a market spread plus the one-month LIBOR index rate. The following table summarizes our indebtedness: (in thousands) December 31, 2020 December 31, 2019 Weighted Average Maturity in Years Lines of credit $ 152,871 $ 50,079 1.62 Term loans (1) 145,000 145,000 3.88 Unsecured senior notes (1) 125,000 125,000 8.33 Unsecured debt 422,871 320,079 4.38 Mortgages payable - fixed 298,445 331,376 5.23 Total debt $ 721,316 $ 651,455 4.73 Annual Weighted Average Interest Rates Lines of credit (rate with swap) 2.85 % 3.81 % Term loans (rate with swaps) 4.15 % 4.11 % Unsecured senior notes 3.78 % 3.78 % Mortgages payable 3.93 % 4.02 % Total debt 3.62 % 3.97 % (1) Included within notes payable on our consolidated balance sheets. The aggregate amount of required future principal payments on mortgages payable and notes payable as of December 31, 2020 is as follows: (in thousands) 2021 $ 25,665 2022 37,219 2023 45,068 2024 3,777 2025 102,505 Thereafter 354,211 Total payments $ 568,445 |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS Our objective in using interest rate derivatives is to add stability to interest expense and to manage our exposure to interest rate fluctuations. To accomplish this objective, we primarily use interest rate swap contracts to fix the variable rate interest on our term loans and a portion of our primary line of credit. The interest rate swap contracts qualify as cash flow hedges. The ineffective portion of a hedging instrument is not recognized currently in earnings or disclosed. Changes in the fair value of cash flow hedges are recorded in accumulated other comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income for our interest rate swap will be reclassified to interest expense as interest payments are made on our term loan and line of credit. During the next 12 months, we estimate an additional $4.4 million will be reclassified as an increase to interest expense. At December 31, 2020, we had three interest rate swap contracts in effect with a notional amount of $195.0 million and one additional interest rate swap that becomes effective on January 31, 2023 with a notional amount of $70.0 million. The fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of December 31, 2020 and 2019 is detailed below. (in thousands) December 31, 2020 December 31, 2019 Balance Sheet Location Fair Value Fair Value Total derivative instruments designated at hedging instruments - interest rate swaps Accounts Payable and Accrued Expenses $ 15,905 $ 7,607 The effect of the Company's derivative financial instruments on the consolidated statements of operations as of December 31, 2020, December 31, 2019, December 31, 2018, and April 30, 2018 is detailed below. (in thousands) Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from Accumulated OCI into Income Gain (Loss) Reclassified from Accumulated OCI into Income Year Ended December 31, Transition Period Ended December 31, Fiscal Year Ended April 30, Year Ended December 31, Transition Period Ended December 31, Fiscal Year Ended April 30, 2020 2019 2018 2018 2020 2019 2018 2018 Total derivatives in cash flow hedging relationships - interest rate swaps $ (11,068) $ (7,040) $ (2,794) $ 1,627 Interest expense $ (2,770) $ (289) $ (159) $ (152) |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Cash and cash equivalents, restricted cash, accounts payable, accrued expenses, and other liabilities are carried at amounts that reasonably approximate their fair value due to their short-term nature. For variable rate line of credit debt that re-prices frequently, fair values are based on carrying values. In determining the fair value of other financial instruments, we apply Financial Accounting Standard Board ASC 820, Fair Value Measurement and Disclosures . Fair value hierarchy under ASC 820 distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (Levels 1 and 2) and the reporting entity’s own assumptions about market participant assumptions (Level 3). Fair value estimates may differ from the amounts that may ultimately be realized upon sale or disposition of the assets and liabilities. Fair Value Measurements on a Recurring Basis (in thousands) Total Level 1 Level 2 Level 3 December 31, 2020 Assets Mortgages and notes receivable $ 30,994 $ — $ — $ 30,994 Liabilities Derivative instruments - interest rate swaps $ 15,905 $ — $ — $ 15,905 December 31, 2019 Liabilities Derivative instruments - interest rate swaps $ 7,607 $ — $ — $ 7,607 The fair value of our interest rate swaps is determined using the market standard methodology of netting discounted expected variable cash payments and receipts. The variable cash payments and receipts are based on an expectation of future interest rates (a forward curve) derived from observable market interest rate curves. We consider both our own nonperformance risk and the counterparty’s nonperformance risk in the fair value measurement. Effective January 1, 2020, we elected the fair value option for our mortgage loans receivable and notes receivable, as allowed under ASU 2019-05 which provided transition relief upon adoption of ASU 2016-13, "Financial Instruments - Credit Losses." We utilize an income approach with level 3 inputs based on expected future cash flows to value these instruments. The inputs include market transactions for similar instruments, management estimates of comparable interest rates (range of 3.75% to 5.00%), and instrument specific credit risk (range of 0.5% to 1.0%). Changes in fair value of these receivables from period to period are reported in interest and other income on our consolidated statements of operations. (in thousands) Fair Value Measurement Other Gains (Losses) Interest Income Total Changes in Fair Value Included in Current Period Earnings Year ended December 31, 2020 $ 30,994 $ 12 $ 1,442 $ 1,454 Fair Value Measurements on a Nonrecurring Basis There were no non-financial assets measured at fair value on a nonrecurring basis at December 31, 2020 and 2019. Financial Assets and Liabilities Not Measured at Fair Value The fair value of mortgages payable and unsecured senior notes is estimated based on the discounted cash flows of the loans using market research and management estimates of comparable interest rates (Level 3). The estimated fair values of our financial instruments as of December 31, 2020 and 2019 are as follows: (in thousands) December 31, 2020 December 31, 2019 Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 392 $ 392 $ 26,579 $ 26,579 Restricted cash 6,918 6,918 19,538 19,538 Mortgage and note receivables (1) — — 32,810 32,810 FINANCIAL LIABILITIES Revolving lines of credit (2) 152,871 152,871 50,079 50,079 Term loans (2) 145,000 145,000 145,000 145,000 Unsecured senior notes 125,000 133,181 125,000 126,816 Mortgages payable 298,445 308,855 331,376 332,471 (1) As of January 1, 2020, we elected the fair value option, as allowed under ASU 2019-05. Fair value for these instruments is discussed within the Fair Value Measurements on a Recurring Basis section above. (2) Excluding the effect of the interest rate swap agreement. |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS ACQUISITIONS We acquired $191.0 million and $171.4 million of new real estate during the years ended December 31, 2020 and 2019, respectively. Our acquisitions during the years ended December 31, 2020 and 2019 are detailed below. Year Ended December 31, 2020 (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Other (1) Land Building Assets Other (2) 182 homes - Ironwood Apartments - New Hope, MN March 5, 2020 $ 46,263 $ 28,600 $ 17,663 $ 2,165 $ 36,869 $ 824 $ 6,405 465 homes - Parkhouse Apartments - Thornton, CO September 22, 2020 144,750 144,750 — 10,474 132,105 2,171 — Total Acquisitions $ 191,013 $ 173,350 $ 17,663 $ 12,639 $ 168,974 $ 2,995 $ 6,405 (1) Payoff of note receivable and accrued interest by seller at closing. (2) Consists of TIF note acquired. Refer to Note 2 for further discussion. Year Ended December 31, 2019 (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Units (1) Land Building Assets Multifamily 272 homes - SouthFork Townhomes - Lakeville, MN February 26, 2019 $ 44,000 $ 27,440 $ 16,560 $ 3,502 $ 39,950 $ 548 96 homes - FreightYard Townhomes and Flats - Minneapolis, MN September 6, 2019 26,000 26,000 — 1,889 23,615 496 328 homes - Lugano at Cherry Creek - Denver, CO (3) September 26, 2019 99,250 99,250 — 7,679 89,365 1,781 $ 169,250 $ 152,690 $ 16,560 $ 13,070 $ 152,930 $ 2,825 Other Minot 3100 10th St SW - Minot, ND (2) May 23, 2019 $ 2,112 $ 2,112 — $ 246 $ 1,866 — Total Acquisitions $ 171.362 $ 154,802 $ 16,560 $ 13,316 $ 154,796 $ 2,825 (1) Value of Series D preferred units at the acquisition date. (2) Acquired for use as our Minot corporate office building after renovations have been completed. (3) Investment allocation excludes a $425 acquisition credit related to retail space lease-up. DISPOSITIONS During the year ended December 31, 2020, we continued our portfolio transformation by disposing of four apartment communities, one commercial property and one parcel of unimproved land for a total sales price of $44.3 million. The dispositions for the years ended December 31, 2020 and 2019 are detailed below. Year Ended December 31, 2020 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 268 homes - Forest Park - Grand Forks, ND August 18, 2020 $ 19,625 $ 6,884 $ 12,741 90 homes - Landmark - Grand Forks, ND August 18, 2020 3,725 1,348 2,377 164 homes - Southwind - Grand Forks, ND August 18, 2020 10,850 4,573 6,277 168 homes - Valley Park - Grand Forks, ND August 18, 2020 8,300 4,059 4,241 $ 42,500 $ 16,864 $ 25,636 Other Dakota West August 7, 2020 $ 500 $ 474 $ 26 Unimproved Land Rapid City Land - Rapid City, SD June 29, 2020 $ 1,300 $ 1,490 $ (190) Total Dispositions $ 44,300 $ 18,828 $ 25,472 Year Ended December 31, 2019 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 21 homes - Pinehurst - Billings, MT July 26, 2019 $ 1,675 $ 961 $ 714 160 homes - Brookfield Village - Topeka, KS September 24, 2019 10,350 5,853 4,497 220 homes - Crown Colony - Topeka, KS September 24, 2019 17,200 7,876 9,324 54 homes - Mariposa - Topeka, KS September 24, 2019 6,100 4,290 1,810 300 homes - Sherwood - Topeka, KS September 24, 2019 26,150 11,536 14,614 308 homes - Villa West - Topeka, KS September 24, 2019 22,950 15,165 7,785 152 homes - Crestview - Bismarck, ND October 29, 2019 8,250 2,681 5,569 73 homes - North Pointe - Bismarck, ND October 29, 2019 5,225 3,179 2,046 108 homes - Kirkwood - Bismarck, ND October 29, 2019 5,400 2,518 2,882 65 homes - Westwood Park - Bismarck, ND October 29, 2019 4,250 1,931 2,319 16 homes - Pebble Springs - Bismarck, ND October 29, 2019 875 573 302 192 homes - Arbors - Sioux City, IA December 11, 2019 16,200 6,110 10,090 120 homes - Indian Hills - Sioux City, IA December 11, 2019 8,100 5,302 2,798 132 homes - Ridge Oaks - Sioux City, IA December 11, 2019 7,700 4,006 3,694 50 homes - Cottage West - Sioux Falls, SD December 12, 2019 6,991 4,391 2,600 24 homes - Gables - Sioux Falls, SD December 12, 2019 2,515 2,052 463 79 homes - Oakmont - Sioux Falls, SD December 12, 2019 7,010 3,917 3,093 160 homes - Oakwood - Sioux Falls, SD December 12, 2019 12,090 3,056 9,034 120 homes - Oxbow Park - Sioux Falls, SD December 12, 2019 10,452 2,713 7,739 48 homes - Prairie Winds - Sioux Falls, SD December 12, 2019 3,763 1,112 2,651 44 homes - Sierra Vista - Sioux Falls, SD December 12, 2019 3,178 2,292 886 $ 186,424 $ 91,514 $ 94,910 Other Minot 1400 31st Ave SW - Minot, ND May 23, 2019 $ 6,530 $ 6,048 $ 482 Woodbury 1865 Woodland - Woodbury, MN November 1, 2019 5,765 4,079 1,686 $ 12,295 $ 10,127 $ 2,168 Unimproved Land Creekside Crossing - Bismarck, ND March 1, 2019 $ 3,049 $ 3,205 $ (156) Minot 1525 24th Ave SW - Minot, ND April 3, 2019 725 593 132 Weston - Weston, WI July 31, 2019 600 427 173 $ 4,374 $ 4,225 $ 149 Total Dispositions $ 203,093 $ 105,866 $ 97,227 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS We report in discontinued operations the results of operations and the related gains or losses on the sales of properties that have either been disposed of or classified as held for sale and meet the classification of a discontinued operation as described in ASC 205 - Presentation of Financial Statements and ASC 360 - Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under this standard, a disposal (or classification as held for sale) of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. We determined that our strategic decision to exit our healthcare segment met the criteria for discontinued operations, and we consequently classified 27 property dispositions as discontinued operations during the fiscal year ended April 30, 2018. We classified no dispositions as discontinued operations during the years ended December 31, 2020 and 2019, and the transition period ended December 31, 2018. We had no gains or losses from the sale of properties classified as discontinued operations for the years ended December 31, 2020 and 2019. The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the transition period ended December 31, 2018 and the fiscal year ended April 30, 2018. (in thousands) Transition Period Ended Fiscal Year Ended December 31, 2018 April 30, 2018 REVENUE Real estate rentals $ — $ 19,744 Tenant reimbursement — 11,650 TOTAL REVENUE — 31,394 EXPENSES Property operating expenses, excluding real estate taxes — 6,350 Real estate taxes — 5,191 Property management expense — 206 Depreciation and amortization — 8,445 TOTAL EXPENSES — 20,192 Operating income (loss) — 11,202 Interest expense (1) — (4,172) Gain (loss) on extinguishment of debt (1) — (6,508) Interest income — 661 Other income — 73 Income (loss) from discontinued operations before gain on sale — 1,256 Gain (loss) on sale of discontinued operations 570 163,567 INCOME (LOSS) FROM DISCONTINUED OPERATIONS $ 570 $ 164,823 Segment Data All other $ 570 $ 164,823 Total $ 570 $ 164,823 (in thousands) Transition Period Ended Fiscal Year Ended December 31, 2018 April 30, 2018 Property Sale Data Sales price $ — $ 437,652 Net book value and sales costs — (274,085) Gain on sale of discontinued operations $ — $ 163,567 |
SEGMENTS
SEGMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
SEGMENTS | SEGMENTS We operate in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities. Each of our operating properties is considered a separate operating segment because each property earns revenues, incurs expenses, and has discrete financial information. Our chief operating decision-makers evaluate each property’s operating results to make decisions about resources to be allocated and to assess performance. We do not group our operations based on geography, size, or type. Our apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, our apartment communities are aggregated into a single reportable segment. “All other” is composed of non-multifamily properties, non-multifamily components of mixed use properties, and properties disposed or designated as held for sale. Prior to the third quarter of fiscal year 2018, we reported our results in two reportable segments: multifamily and healthcare. We sold substantially all of our healthcare portfolio during the third quarter of fiscal year 2018 and classified it as discontinued operations, at which point healthcare no longer met the quantitative thresholds for reporting as a separate reportable segment. Our executive management team comprises our chief operating decision-makers. This team measures the performance of our reportable segment based on net operating income (“NOI”), which we define as total real estate revenues less property operating expenses, including real estate taxes. We believe that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization, financing, property management overhead, and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance. The following tables present NOI for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018 from our reportable segment and reconcile net operating income to net income as reported in the consolidated financial statements. Segment assets are also reconciled to total assets as reported in the consolidated financial statements. (in thousands) Year ended December 31, 2020 Multifamily All Other Total Revenue $ 171,231 $ 6,763 $ 177,994 Property operating expenses, including real estate taxes 70,044 3,114 73,158 Net operating income $ 101,187 $ 3,649 $ 104,836 Property management expenses (5,801) Casualty loss (1,662) Depreciation and amortization (75,593) General and administrative expenses (13,440) Interest expense (27,525) Loss on debt extinguishment (23) Interest and other income (loss) (1,552) Income (loss) before gain (loss) on sale of real estate and other investments (20,760) Gain (loss) on sale of real estate and other investments 25,503 Net income (loss) $ 4,743 (in thousands) Year ended December 31, 2019 Multifamily All Other Total Revenue $ 155,635 $ 30,120 $ 185,755 Property operating expenses, including real estate taxes 63,909 14,406 78,315 Net operating income $ 91,726 $ 15,714 $ 107,440 Property management expenses (6,186) Casualty loss (1,116) Depreciation and amortization (74,271) General and administrative expenses (14,450) Interest expense (30,537) Loss on debt extinguishment (2,360) Interest and other income 2,092 Income (loss) before gain on sale of real estate and other investments and gain (loss) on litigation settlement (19,388) Gain (loss) on sale of real estate and other investments 97,624 Gain (loss) on litigation settlement 6,586 Net income (loss) $ 84,822 (in thousands) Transition period ended December 31, 2018 Multifamily All Other Total Revenue $ 96,234 $ 25,637 $ 121,871 Property operating expenses, including real estate taxes 39,360 11,359 50,719 Net operating income $ 56,874 $ 14,278 $ 71,152 Property management expenses (3,663) Casualty loss (915) Depreciation and amortization (50,456) Impairment of real estate investments (1,221) General and administrative expenses (9,812) Interest expense (21,359) Loss on debt extinguishment (556) Interest and other income 1,233 Income (loss) before gain on sale of real estate and other investments (15,597) Gain (loss) on sale of real estate and other investments 9,707 Income (loss) from continuing operations (5,890) Income (loss) from discontinued operations 570 Net income (loss) $ (5,320) (in thousands) Fiscal Year ended April 30, 2018 Multifamily (1) All Other (1) Total Revenue $ 159,983 $ 9,762 $ 169,745 Property operating expenses, including real estate taxes 70,460 2,574 73,034 Net operating income $ 89,523 $ 7,188 $ 96,711 Property management expenses (5,526) Casualty loss (500) Depreciation and amortization (82,070) Impairment of real estate investments (18,065) General and administrative expenses (14,203) Acquisition and investment related costs (51) Interest expense (34,178) Loss on debt extinguishment (940) Interest and other income 1,508 Income (loss) before loss on sale of real estate and other investments and income (loss) from discontinued operations (57,314) Gain (loss) on sale of real estate and other investments 20,120 Income (loss) from continuing operations (37,194) Income (loss) from discontinued operations 164,823 Net income (loss) $ 127,629 (1) Revenue, property operating expenses, including real estate taxes, and net operating income for the year ended April 30, 2018 have not been updated for properties sold during the years ended December 31, 2020 and 2019. Segment Assets and Accumulated Depreciation (in thousands) As of December 31, 2020 Multifamily All Other Total Segment assets Property owned $ 1,779,378 $ 33,179 $ 1,812,557 Less accumulated depreciation (387,989) (11,260) (399,249) Total property owned $ 1,391,389 $ 21,919 $ 1,413,308 Cash and cash equivalents 392 Restricted cash 6,918 Other assets 18,904 Mortgage loans receivable 24,661 Total Assets $ 1,464,183 (in thousands) As of December 31, 2019 Multifamily All Other Total Segment assets Property owned $ 1,572,529 $ 70,549 $ 1,643,078 Less accumulated depreciation (319,318) (29,804) (349,122) Total property owned $ 1,253,211 $ 40,745 $ 1,293,956 Cash and cash equivalents 26,579 Restricted cash 19,538 Other assets 34,829 Unimproved land 1,376 Mortgage loans receivable 16,140 Total Assets $ 1,392,418 |
RETIREMENT PLANS
RETIREMENT PLANS | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
RETIREMENT PLANS | RETIREMENT PLANS We sponsor a defined contribution 401(k) plan to provide retirement benefits for employees that meet minimum employment criteria. We currently match, dollar for dollar, employee contributions to the 401(k) plan in an amount equal to up to 5.0% of the eligible wages of each participating employee. 401(k) matching contributions are fully vested when made. We recognized expense of approximately $875,000, $738,000, $476,000, and $838,000 in the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018, respectively. |
TRANSACTIONS WITH RELATED PARTI
TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | TRANSACTIONS WITH RELATED PARTIES Transactions with BMO Capital Markets We have an historical and ongoing relationship with BMO Capital Markets (“BMO”). On July 17, 2017, we engaged BMO to provide financial advisory services in connection with the proposed disposition of our healthcare property portfolio. A family member of Mark O. Decker, Jr., our President and Chief Executive Officer, is an employee of BMO and could have an indirect material interest in any such engagement and related transaction(s). The Board pre-approved the engagement of BMO. During the fiscal year ended April 30, 2018, we completed the disposition of 27 of our 28 healthcare properties and paid BMO a transaction fee of $1.8 million in connection with this engagement. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Proceedings . We are involved in various lawsuits arising in the normal course of business. We believe that such matters will not have a material adverse effect on our consolidated financial statements. Environmental Matters . It is generally our policy to obtain a Phase I environmental assessment of each property that we seek to acquire. Such assessments have not revealed, nor are we aware of, any environmental liabilities that we believe would have a material adverse effect on our financial position or results of operations. We own properties that contain or potentially contain (based on the age of the property) asbestos or lead. For certain of these properties, we estimated the fair value of the conditional asset retirement obligation and chose not to book a liability because the amounts involved were immaterial. With respect to certain other properties, we have not recorded any related asset retirement obligation as the fair value of the liability cannot be reasonably estimated due to insufficient information. We believe we do not have sufficient information to estimate the fair value of the asset retirement obligations for these properties because a settlement date or range of potential settlement dates has not been specified by others and, additionally, there are currently no plans or expectation of plans to demolish these properties or to undertake major renovations that would require removal of the asbestos, lead and/or underground storage tanks. These properties are expected to be maintained by repairs and maintenance activities that would not involve the removal of the asbestos, lead and/or underground storage tanks. Also, a need for renovations caused by resident changes, technology changes or other factors has not been identified. Insurance. We carry insurance coverage on our properties in amounts and types that we believe are customarily obtained by owners of similar properties and are sufficient to achieve our risk management objectives. Restrictions on Taxable Dispositions. Twenty of our apartment communities, consisting of approximately 4,032 homes, are subject to restrictions on taxable dispositions under agreements entered into with some of the sellers or contributors of the properties and are effective for varying periods. We do not believe that the agreements materially affect the conduct of our business or our decisions whether to dispose of restricted properties during the restriction period because we generally hold these and our other properties for investment purposes rather than for sale. Where we deem it to be in our shareholders’ best interests to dispose of such properties, we generally seek to structure sales of such properties as tax deferred transactions under Section 1031 of the Internal Revenue Code. Otherwise, we may be required to provide tax indemnification payments to the parties to these agreements. ten |
QUARTERLY RESULTS OF CONSOLIDAT
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Selected Quarterly Financial Information [Abstract] | |
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) | QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) (in thousands, except per share data) QUARTER ENDED March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Revenues $ 44,406 $ 43,910 $ 44,138 $ 45,540 Net income (loss) attributable to controlling interests $ (7,007) $ (3,803) $ 19,629 $ (4,378) Net income (loss) available to common shareholders $ (8,439) $ (5,387) $ 18,021 $ (5,985) Net income (loss) per common share - basic $ (0.69) $ (0.44) $ 1.40 $ (0.46) Net income (loss) per common share - diluted $ (0.67) $ (0.44) $ 1.38 $ (0.46) (in thousands, except per share data) QUARTER ENDED March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 45,608 $ 46,934 $ 47,436 $ 45,777 Net income (loss) attributable to controlling interests $ (4,698) $ 3,113 $ 31,596 $ 48,658 Net income (loss) available to common shareholders $ (6,403) $ 1,407 $ 29,891 $ 46,953 Net income (loss) per common share - basic $ (0.54) $ 0.11 $ 2.57 $ 3.95 Net income (loss) per common share - diluted $ (0.54) $ 0.11 $ 2.54 $ 3.89 The above financial information is unaudited. In the opinion of management, all adjustments (which are of a normal recurring nature) have been included for a fair presentation. |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
SHARE BASED COMPENSATION | SHARE BASED COMPENSATION Share-based awards are provided to officers, non-officer employees, and trustees under our 2015 Incentive Plan approved by shareholders on September 15, 2015, as amended and restated on May 19, 2020 which allows for awards in the form of cash, unrestricted, and restricted common shares, stock options, stock appreciation rights, and restricted stock units ("RSUs") up to an aggregate of 425,000 shares over the ten-year period in which the plan will be in effect. Under our 2015 Incentive Plan, officers and non-officer employees may earn share awards under a long-term incentive plan, which is a forward-looking program that measures long-term performance over the stated performance period. These awards are payable to the extent deemed earned in shares. The terms of the long-term incentive awards granted under the program may vary from year to year. Through December 31, 2020, awards under the 2015 Incentive Plan consisted of restricted and unrestricted common shares, RSUs, and stock options. We account for forfeitures of restricted and unrestricted common shares and RSUs when they occur instead of estimating the forfeitures. Year Ended December 31, 2020 LTIP Awards Awards granted to trustees on May 19, 2020 consisted of 8,272 RSUs, which vest on May 19, 2021. All of these awards are classified as equity awards. We recognize compensation expense associated with the time-based awards ratably over the requisite service period. The fair value of share awards at grant date for non-employee trustees was approximately $533,000, $505,000, $348,000, and $389,000 for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018, respectively. Awards granted to employees on March 13, 2020, consist of an aggregate of 8,806 time-based RSU awards. The time-based RSUs vest as to one-third of the shares on each of March 13, 2021, March 13, 2022, and March 13, 2023. Awards granted to employees on August 12, 2020 consist of 480 time-based RSUs, which vest on August 12, 2021. Awards granted to employees on November 19, 2020 and November 30, 2020 consist of 281 and 142 time-based RSUs, respectively. These awards vest as to 50% on each the first and second anniversary of the grant date. These awards are classified as equity awards. Awards granted to employees on May 21, 2020, consist of 141,000 stock options which vest as to 25% on each of May 21, 2021, January 1, 2022, January 1, 2023 and January 1, 2024 and expire 10 years after grant date. The fair value of stock options was $7.255 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Exercise price $ 66.36 Risk-free rate 0.978 % Expected term 6.25 years Expected volatility 21.08 % Dividend Yield 3.974 % Share-Based Compensation Expense Total share-based compensation expense recognized in the consolidated financial statements for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018, for all share-based awards was as follows: (in thousands) Year Ended December 31, Transition Period Ended Fiscal Year Ended April 30, 2020 2019 December 31, 2018 2018 Share based compensation expense $ 2,106 $ 1,905 $ 845 $ 1,587 Restricted Share Awards The total fair value of time-based share grants vested during the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018 was $136,000, $310,000, $147,000, and $1.1 million, respectively. The activity for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018, related to our restricted share awards was as follows: Awards with Service Conditions Wtd Avg Grant- Shares Date Fair Value Unvested at April 30, 2017 19,511 Granted 9,136 $ 57.55 Vested (18,545) $ 59.89 Forfeited (202) $ 62.40 Unvested at April 30, 2018 9,900 Granted — Vested (2,709) $ 63.21 Forfeited — Unvested at December 31, 2018 7,191 Granted — Vested (4,999) $ 61.06 Forfeited — Unvested at December 31, 2019 2,192 59.20 Granted — Vested (2,192) $ 59.20 Forfeited — Unvested at December 31, 2020 — Restricted Stock Units During the year ended December 31, 2020, we issued 9,709 time-based RSUs to employees and 8,272 to trustees. The RSUs to employees generally vest over a three-year period and the RSUs to trustees generally vest over a one-year period. The fair value of the time-based RSUs granted during the year ended December 31, 2020 was $1,227,000. The total compensation cost related to non-vested time-based RSUs not yet recognized is $644,000, which we expect to recognize over a weighted average period of 1.4 years. The unamortized value of awards and RSUs with market conditions as of December 31, 2020, December 31, 2019, December 31, 2018, and April 30 2018, was approximately $487,000, $1.3 million, $1.1 million, and $448,000 respectively. The activity for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018, related to our RSUs was as follows: RSUs with Service Conditions RSUs with Market Conditions Wtd Avg Grant- Wtd Avg Grant- Shares Date Fair Value Shares Date Fair Value Unvested at April 30, 2017 — — — — Granted 6,994 $ 60.54 11,538 $ 70.90 Vested (207) $ 50.30 — — Forfeited — — — — Unvested at April 30, 2018 6,787 $ 60.85 11,538 $ 70.90 Granted 14,878 $ 53.60 15,461 $ 57.70 Vested (2,943) $ 60.83 — — Forfeited (462) $ 53.60 (1,680) $ 70.90 Unvested at December 31, 2018 18,260 $ 55.13 25,319 $ 62.84 Granted 16,084 $ 59.76 12,978 $ 79.49 Vested (11,633) $ 55.35 — — Forfeited (365) $ 51.73 (475) $ 57.70 Unvested at December 31, 2019 22,346 $ 58.41 37,822 $ 68.62 Granted 17,981 $ 68.25 — $ — Vested (14,991) $ 59.10 (13,357) $ 74.68 Change in awards (1) — — 4,436 — Forfeited (508) $ 62.99 (1,907) $ 63.92 Unvested at December 31, 2020 24,828 $ 65.03 26,994 $ 67.87 (1) Represents the change in the number of restricted stock units earned at the end of the measurement period. Stock Options During the year ended December 31, 2020, we issued 141,000 stock options to employees. The stock options vest over a four The stock option activity for the year ended December 31, 2020 was as follows: Number of Shares Weighted Average Exercise Price Outstanding at beginning of year — — Granted 141,000 $ 66.36 Exercised — — Forfeited (1,952) $ 66.36 Outstanding at end of year 139,048 $ 66.36 Exercisable at end of year — — The intrinsic value of a stock option represents the amount by which the current price of the underlying stock exceeds the exercise price of the option. As of December 31, 2020, stock options outstanding had an aggregate intrinsic value of $595,000 with a weighted average remaining contractual term of 9.39 years. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On January 6, 2021, we acquired Union Pointe Apartment Homes, a 256 home apartment community located in Longmont, Colorado, for an aggregate purchase price of $76.9 million. On January 6, 2021, we also issued $50.0 million of 2.7% unsecured Series C notes due on June 6, 2030. In concert with the issuance, we amended and expanded our Note Purchase Private Shelf Agreement (the “Agreement”) with Prudential to increase the aggregate amount available under the agreement from $150.0 million to $225.0 million. After the close of the Series C Notes, we have $175.0 million outstanding with an additional $50.0 million of capacity remaining under the Agreement. |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Gross amount at which carried at Life on which Initial Cost to Company close of period depreciation in Costs capitalized Date of latest income Buildings & subsequent to Buildings & Accumulated Construction statement is Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition computed Same-Store 71 France - Edina, MN $ 53,324 $ 4,721 $ 61,762 $ 446 $ 4,801 $ 62,128 $ 66,929 $ (14,312) 2016 30-37 years Alps Park - Rapid City, SD — 287 5,551 425 336 5,927 6,263 (1,589) 2013 30-37 years Arcata - Golden Valley, MN — 2,088 31,036 356 2,128 31,352 33,480 (8,600) 2015 30-37 years Ashland - Grand Forks, ND 4,866 741 7,569 346 823 7,833 8,656 (2,323) 2012 30-37 years Avalon Cove - Rochester, MN — 1,616 34,074 646 1,808 34,528 36,336 (5,927) 2016 30-37 years Boulder Court - Eagan, MN — 1,067 5,498 3,305 1,576 8,294 9,870 (4,429) 2003 30-37 years Canyon Lake - Rapid City, SD 2,508 305 3,958 2,266 420 6,109 6,529 (3,208) 2001 30-37 years Cardinal Point - Grand Forks, ND — 1,600 33,400 288 1,727 33,561 35,288 (2,971) 2013 30-37 years Cascade Shores - Rochester, MN 11,400 1,585 16,710 149 1,587 16,857 18,444 (2,967) 2016 30-37 years Castlerock - Billings, MT — 736 4,864 2,538 1,045 7,093 8,138 (4,549) 1998 30-37 years Chateau - Minot, ND — 301 20,058 1,094 326 21,127 21,453 (6,119) 2013 30-37 years Cimarron Hills - Omaha, NE 8,700 706 9,588 5,214 1,639 13,869 15,508 (7,858) 2001 30-37 years Colonial Villa - Burnsville, MN — 2,401 11,515 15,595 3,206 26,305 29,511 (12,940) 2003 30-37 years Colony - Lincoln, NE 11,610 1,515 15,730 3,131 1,817 18,559 20,376 (5,412) 2012 30-37 years Commons and Landing at Southgate - Minot, ND — 5,945 47,512 2,059 6,424 49,092 55,516 (14,012) 2015 30-37 years Cottonwood - Bismarck, ND — 1,056 17,372 6,053 1,962 22,519 24,481 (12,455) 1997 30-37 years Country Meadows - Billings, MT — 491 7,809 1,845 599 9,546 10,145 (5,858) 1995 30-37 years Crystal Bay - Rochester, MN — 433 11,425 360 479 11,739 12,218 (1,984) 2016 30-37 years Cypress Court - St. Cloud, MN 11,641 1,583 18,879 474 1,625 19,311 20,936 (5,409) 2012 30-37 years Deer Ridge - Jamestown, ND — 711 24,129 322 785 24,377 25,162 (6,224) 2013 30-37 years Dylan - Denver, CO — 12,155 77,215 1,030 12,241 78,159 90,400 (8,205) 2018 30 years Evergreen - Isanti, MN — 1,129 5,524 569 1,159 6,063 7,222 (2,041) 2008 30-37 years French Creek - Rochester, MN — 201 4,735 256 212 4,980 5,192 (809) 2016 30-37 years Gardens - Grand Forks, ND — 518 8,702 132 535 8,817 9,352 (1,759) 2015 30-37 years Grand Gateway - St. Cloud, MN — 814 7,086 2,064 970 8,994 9,964 (3,480) 2012 30-37 years GrandeVille at Cascade Lake - Rochester, MN 36,000 5,003 50,363 2,089 5,188 52,267 57,455 (10,304) 2015 30-37 years Greenfield - Omaha, NE — 578 4,122 2,652 876 6,476 7,352 (2,425) 2007 30-37 years Heritage Manor - Rochester, MN — 403 6,968 3,741 790 10,322 11,112 (6,243) 1998 30-37 years Homestead Garden - Rapid City, SD — 655 14,139 540 792 14,542 15,334 (3,427) 2015 30-37 years Lakeside Village - Lincoln, NE 11,489 1,215 15,837 1,850 1,476 17,426 18,902 (5,230) 2012 30-37 years Legacy - Grand Forks, ND 13,072 1,362 21,727 11,044 2,474 31,659 34,133 (18,730) 1995-2005 30-37 years Legacy Heights - Bismarck, ND — 1,207 13,742 257 1,142 14,064 15,206 (2,604) 2015 30-37 years Meadows - Jamestown, ND — 590 4,519 2,087 730 6,466 7,196 (3,788) 1998 30-37 years Monticello Crossings - Monticello, MN — 1,734 30,136 376 1,951 30,295 32,246 (5,407) 2017 30-37 years Monticello Village - Monticello, MN — 490 3,756 1,234 655 4,825 5,480 (2,434) 2004 30-37 years CENTERSPACE AND SUBSIDIARIES December 31, 2020 Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Gross amount at which carried at Life on which Initial Cost to Company close of period depreciation in Costs capitalized Date of latest income Buildings & subsequent to Buildings & Accumulated Construction statement is Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition computed Northridge - Bismarck, ND $ — $ 884 $ 7,515 $ 278 $ 1,048 $ 7,629 $ 8,677 $ (1,641) 2015 30-37 years Olympic Village - Billings, MT — 1,164 10,441 4,175 1,885 13,895 15,780 (8,287) 2000 30-37 years Olympik Village - Rochester, MN — 1,034 6,109 3,459 1,450 9,152 10,602 (4,136) 2005 30-37 years Oxbo - St Paul, MN — 5,809 51,586 214 5,822 51,787 57,609 (7,107) 2018 30 years Park Meadows - Waite Park, MN — 1,143 9,099 10,277 2,140 18,379 20,519 (12,605) 1997 30-37 years Park Place - Plymouth, MN — 10,609 80,781 10,433 10,819 91,004 101,823 (11,303) 2018 30 years Plaza - Minot, ND — 867 12,784 3,128 1,011 15,768 16,779 (5,734) 2009 30-37 years Pointe West - Rapid City, SD — 240 3,538 2,185 463 5,500 5,963 (3,865) 1994 30-37 years Ponds at Heritage Place - Sartell, MN — 395 4,564 510 419 5,050 5,469 (1,539) 2012 30-37 years Quarry Ridge - Rochester, MN 24,057 2,254 30,024 2,356 2,412 32,222 34,634 (10,969) 2006 30-37 years Red 20 - Minneapolis, MN 21,274 1,900 24,116 397 1,908 24,505 26,413 (6,829) 2015 30-37 years Regency Park Estates - St. Cloud, MN 7,400 702 10,198 3,337 1,179 13,058 14,237 (4,394) 2011 30-37 years Rimrock West - Billings, MT — 330 3,489 2,157 568 5,408 5,976 (3,250) 1999 30-37 years River Ridge - Bismarck, ND — 576 24,670 1,092 922 25,416 26,338 (8,025) 2008 30-37 years Rocky Meadows - Billings, MT — 656 5,726 1,745 840 7,287 8,127 (4,687) 1995 30-37 years Rum River - Isanti, MN 3,041 843 4,823 544 870 5,340 6,210 (2,162) 2007 30-37 years Silver Springs - Rapid City, SD 1,997 215 3,007 890 273 3,839 4,112 (958) 2015 30-37 years South Pointe - Minot, ND — 550 9,548 5,990 1,489 14,599 16,088 (10,311) 1995 30-37 years Southpoint - Grand Forks, ND — 576 9,893 236 663 10,042 10,705 (2,293) 2013 30-37 years Sunset Trail - Rochester, MN — 336 12,814 3,560 826 15,884 16,710 (9,024) 1999 30-37 years Thomasbrook - Lincoln, NE 13,100 600 10,306 5,686 1,710 14,882 16,592 (8,563) 1999 30-37 years Village Green - Rochester, MN — 234 2,296 1,083 361 3,252 3,613 (1,682) 2003 30-37 years West Stonehill - Waite Park, MN 16,425 939 10,167 8,171 1,912 17,365 19,277 (12,060) 1995 30-37 years Westend - Denver, CO — 25,525 102,180 605 25,532 102,778 128,310 (9,952) 2018 30 years Whispering Ridge - Omaha, NE 19,664 2,139 25,424 2,992 2,551 28,004 30,555 (7,850) 2012 30-37 years Winchester - Rochester, MN — 748 5,622 3,040 1,112 8,298 9,410 (4,418) 2003 30-37 years Woodridge - Rochester, MN 5,202 370 6,028 5,498 761 11,135 11,896 (6,266) 1997 30-37 years Total Same-Store $ 276,770 $ 119,580 $ 1,143,758 $ 160,871 $ 137,250 $ 1,286,959 $ 1,424,209 $ (375,942) Non-Same-Store FreightYard Townhomes & Flats - Minneapolis, MN — 1,889 23,616 877 1,895 24,487 26,382 (1,171) 2019 30 years Ironwood - Minneapolis, MN — 2,165 36,874 84 2,167 36,956 39,123 (1,187) 2020 30 years Lugano at Cherry Creek - Denver, CO — 7,679 87,766 635 7,679 88,401 96,080 (4,330) 2019 30 years Parkhouse - Thornton, CO — 10,474 132,105 228 10,484 132,323 142,807 (1,722) 2020 30 years SouthFork Townhomes - Lakeville, MN 21,675 3,502 40,153 7,122 3,583 47,194 50,777 (3,638) 2019 30 years Total Non-Same-Store $ 21,675 $ 25,709 $ 320,514 $ 8,946 $ 25,808 $ 329,361 $ 355,169 $ (12,048) Total Multifamily $ 298,445 $ 145,289 $ 1,464,272 $ 169,817 $ 163,058 $ 1,616,320 $ 1,779,378 $ (387,990) CENTERSPACE AND SUBSIDIARIES December 31, 2020 Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Gross amount at which carried at Life on which Initial Cost to Company close of period depreciation in Costs capitalized Date of latest income Buildings & subsequent to Buildings & Accumulated Construction statement is Description Encumbrances (1) Land Improvements acquisition Land Improvements Total Depreciation or Acquisition computed Other - Mixed Use 71 France - Edina, MN — $ — $ 5,879 $ 867 $ — $ 6,746 $ 6,746 $ (1,151) 2016 30-37 years Lugano at Cherry Creek - Denver, CO — — 1,600 206 — 1,806 1,806 (72) 2019 30 years Oxbo - St Paul, MN — — 3,472 54 — 3,526 3,526 (436) 2015 30 years Plaza - Minot, ND — 389 5,444 3,845 607 9,071 9,678 (4,305) 2009 30-37 years Red 20 - Minneapolis, MN — — 2,525 419 — 2,944 2,944 (683) 2015 30-37 years Total Other - Mixed Use — $ 389 $ 18,920 $ 5,391 $ 607 $ 24,093 $ 24,700 $ (6,647) Other - Commercial 3100 10th St SW - Minot, ND — $ 246 $ 1,866 $ (1) $ 246 $ 1,865 $ 2,111 $ (103) 2019 30 years Minot IPS - Minot, ND — 416 5,952 — 416 5,952 6,368 (4,509) 2012 30-37 years Total Other - Commercial — $ 662 $ 7,818 $ (1) $ 662 $ 7,817 $ 8,479 $ (4,612) Total $ 298,445 $ 146,340 $ 1,491,010 $ 175,207 $ 164,327 $ 1,648,230 $ 1,812,557 $ (399,249) (1) Amounts in this column are the mortgages payable balance as of December 31, 2020. These amounts do not include amounts owing under the Company's multi-bank line of credit, term loans, or unsecured senior notes. CENTERSPACE AND SUBSIDIARIES December 31, 2020 and 2019 Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliations of the carrying value of total property owned for the years ended December 31, 2020 and 2019 are as follows: (in thousands) Year Ended December 31, 2020 2019 Balance at beginning of year $ 1,643,078 $ 1,627,636 Additions during year Multifamily and Other 181,771 168,504 Improvements and Other 27,460 21,868 1,852,309 1,818,008 Deductions during year Cost of real estate sold (38,111) (171,112) Other (1) (1,641) (3,818) Balance at close of year $ 1,812,557 $ 1,643,078 Reconciliations of accumulated depreciation/amortization for the years ended December 31, 2020 and 2019 are as follows: (in thousands) Year Ended December 31, 2020 2019 Balance at beginning of year $ 349,122 $ 353,871 Additions during year Provisions for depreciation 72,051 71,787 Deductions during year Accumulated depreciation on real estate sold or classified as held for sale (21,440) (72,758) Write down of asset and accumulated depreciation on impaired assets — — Other (1) (484) (3,778) Balance at close of year $ 399,249 $ 349,122 CENTERSPACE AND SUBSIDIARIES December 31, 2020 and 2019 Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands) Reconciliations of unimproved land for the years ended December 31, 2020 and 2019 are as follows: (in thousands) Year Ended December 31, 2020 2019 Balance at beginning of year $ 1,376 $ 5,301 Deductions during year Cost of real estate sold (1,376) (3,925) Balance at close of year — 1,376 Total real estate investments, excluding mortgage notes receivable (2) $ 1,413,308 $ 1,295,332 (1) Consists of miscellaneous disposed assets. (2) The net basis, including held for sale properties, for Federal Income Tax purposes was $1.4 billion and $1.3 billion at December 31, 2020 and December 31, 2019, respectively. |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying consolidated financial statements include our accounts and the accounts of all our subsidiaries in which we maintain a controlling interest, including the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation. |
CONSOLIDATION | The consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partner’s or controlling interest. These entities are consolidated into our other operations with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income, and expenses. |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS The following table provides a brief description of recent GAAP accounting standards updates (“ASUs”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; ASU 2018-19, Codification Improvements to Topic 326; ASU 2019-05, Financial Instruments - Credit Losses - Targeted Transition Relief; ASU 2019-11, Codification improvements to Topic 326, Financial Instruments - Credit Losses These ASUs require entities to estimate a lifetime expected credit loss for most financial assets, such as loans and other financial instruments, and to present the net amount expected to be collected. In 2018, another ASU was issued to amend ASU 2016-13 which clarifies that it does not apply to operating lease receivables. In 2019, an additional ASU was issued to provide transition relief in which an entity is allowed to elect the fair value option on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. These ASUs are effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We elected the fair value option for all of our mortgages and notes receivable at January 1, 2020, as allowed by ASU 2019-05. As a result, we do not have any receivables or other financial instruments to which we are applying this standard. ASU 2018-13, Fair Value Measurements (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurements This ASU eliminates certain disclosure requirements affecting all levels of measurement, and modifies and adds new disclosure requirements for Level 3 measurements. This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. The new standard did not have a material impact on our consolidated financial statements. ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. This ASU is optional and may be elected over time. We are currently evaluating the practical expedients and the impact they may have on our consolidated financial statements. ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entitiy's Own Equity This ASU simplifies accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies the diluted earnings per share calculation in certain areas and provide updated disclosure requirements. This ASU is effective for annual reporting periods beginning after December 31, 2021. Early adoption is permitted. We are currently evaluating the ASU and the impact it may have on our consolidated financial statements. |
RECLASSIFICATIONS | RECLASSIFICATIONSCertain previously reported amounts have been reclassified to conform to the current financial statement presentation. These reclassifications had no impact on net income as reported in the consolidated statement of operations, total assets, liabilities or equity as reported in the consolidated balance sheets and total shareholder’s equity. We report in discontinued operations the results of operations and the related gains or losses of properties that have either been disposed or classified as held for sale and for which the disposition represents a strategic shift that has or will have a major effect on our operations and financial results. |
REAL ESTATE INVESTMENTS | REAL ESTATE INVESTMENTS Real estate investments are recorded at cost less accumulated depreciation and an adjustment for impairment, if any. Property, consisting primarily of real estate investments, totaled $1.4 billion and $1.3 billion as of December 31, 2020 and 2019, respectively. Upon acquisitions of real estate, we assess the fair value of acquired tangible assets (including land, buildings and personal property), which is determined by valuing the property as if it were vacant, and consider whether there were significant intangible assets acquired (for example, above- and below-market leases, the value of acquired in-place leases and resident relationships) and assumed liabilities, and allocate the purchase price based on these assessments. The as-if-vacant value is allocated to land, buildings, and personal property based on our determination of the relative fair values of these assets. The estimated fair value of the property is the amount that would be recoverable upon the disposition of the property. Techniques used to estimate fair value include discounted cash flow analysis and reference to recent sales of comparable properties. Estimates of future cash flows are based on a number of factors, including the historical operating results, known trends, and market/economic conditions that may affect the property. Land value is assigned based on the purchase price if land is acquired separately or based on a relative fair value allocation if acquired in a portfolio acquisition. Other intangible assets acquired include amounts for in-place lease values that are based upon our evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include an estimate of carrying costs and foregone rental income during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. We also consider information about each property obtained during pre-acquisition due diligence, marketing, and leasing activities in estimating the relative fair value of the tangible and intangible assets acquired. Acquired above- and below-market lease values are recorded as the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining terms of the respective leases. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. We use a 10-37 year estimated life for buildings and improvements and a 5-10 year estimated life for furniture, fixtures, and equipment. We follow the real estate project costs guidance in ASC 970, Real Estate – General, in accounting for the costs of development and redevelopment projects. As real estate is undergoing development or redevelopment, all project costs directly associated with and attributable to the development and construction of a project, including interest expense and real estate tax expense, are capitalized to the cost of the real property. The capitalization period begins when development activities and expenditures begin and are identifiable to a specific property and ends upon completion, which is when the asset is ready for its intended use. Generally, rental property is considered substantially complete upon issuance of a certificate of occupancy. General and administrative costs are expensed as incurred. Interest of approximately $4,000 was capitalized in continuing and discontinued operations for the fiscal year ended April 30, 2018. We did not capitalize interest during the years ended December 31, 2020 and 2019, or the transition period ended December 31, 2018. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five We periodically evaluate our long-lived assets, including real estate investments, for impairment indicators. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each property, and legal and environmental concerns. If indicators exist, we compare the expected future undiscounted cash flows for the property against the carrying amount of that property. If the sum of the estimated undiscounted cash flows is less than the carrying amount, an impairment loss is recorded for the difference between the estimated fair value and the carrying amount. If our anticipated holding period for properties, the estimated fair value of properties or other factors change based on market conditions or otherwise, our evaluation of impairment charges may be different and such differences could be material to our consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future physical occupancy, rental rates, and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. |
CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS | CHANGE IN DEPRECIABLE LIVES OF REAL ESTATE ASSETS Effective May 1, 2017, we changed the estimated useful lives of our real estate assets to better reflect the estimated periods during which they would be of economic benefit. PROPERTY AND EQUIPMENTProperty and equipment consists primarily of office equipment located at our corporate offices in Minot, North Dakota and in Minneapolis, Minnesota. The consolidated balance sheets reflects these assets at cost, net of accumulated depreciation, and are included within Other Assets. |
REAL ESTATE HELD FOR SALE | REAL ESTATE HELD FOR SALE Real estate held for sale is stated at the lower of its carrying amount or estimated fair value less disposal costs. Our determination of fair value is based on inputs management believes are consistent with those that market participants would use. Estimates are significantly impacted by estimates of sales price, selling velocity, and other factors. Due to uncertainties in the estimation process, actual results could differ from such estimates. Depreciation is not recorded on assets classified as held for sale. We classify properties as held for sale when they meet the GAAP criteria, which include: (a) management commits to and initiates a plan to sell the asset; (b) the sale is probable and expected to be completed within one year under terms that are usual and customary for sales of such assets; and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We generally consider these criteria met when the transaction has been approved by our Board of Trustees, there are no known significant contingencies related to the sale, and management believes it is probable that the sale will be completed within one year. We had no properties classified as held for sale at December 31, 2020 and 2019. We report in discontinued operations the results of operations and the related gains or losses on the sales of properties that have either been disposed of or classified as held for sale and meet the classification of a discontinued operation as described in ASC 205 - Presentation of Financial Statements and ASC 360 - Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | CASH, CASH EQUIVALENTS, AND RESTRICTED CASH Cash and cash equivalents include all cash and highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents consist of our bank deposits, short-term investment certificates acquired subject to repurchase agreements, and our deposits in a money market mutual fund. We are potentially exposed to credit risk for cash deposited with FDIC-insured financial institutions in accounts which, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. |
RESTRICED CASH | As of December 31, 2020 restricted cash consisted of $5.0 million of real estate deposits for property acquisitions and $1.9 million in escrows held by lenders. As of December 31, 2019, restricted cash consisted primarily of net tax-deferred exchange proceeds remaining from a portion of our dispositions and escrows held by lenders. Escrows include funds deposited with a lender for payment of real estate taxes and insurance, and reserves to be used for replacement of structural elements and mechanical equipment at certain communities. The funds are under the control of the lender. Disbursements are made after supplying written documentation to the lender |
LEASES | LEASES Effective January 1, 2019, we adopted ASUs 2016-02, 2018-10, 2018-11, 2018-20, and 2019-01 related to leases using the modified retrospective approach. We elected to adopt the package of practical expedients permitted under the transition guidance, which permits us to not reassess prior conclusions about lease identification, classification, and initial direct costs under the new standard, and the practical expedient related to land easements, which allows us to not evaluate existing or expired land easements that were not previously accounted for under ASC 840. We made an accounting policy election to exclude leases in which we are a lessee with a term of 12 months or less from the balance sheet. As a lessor, we primarily lease multifamily apartment homes which qualify as operating leases with terms that are generally one year or less. Rental revenues are recognized in accordance with ASC 842, Leases, using a method that represents a straight-line basis over the term of the lease. Rental income represents approximately 98.4% of our total revenues and includes gross market rent less adjustments for concessions, vacancy loss, and bad debt. Other property revenues represent the remaining 1.6% of our total revenues and are primarily driven by other fee income, which is typically recognized when earned, at a point in time. Some of our apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three fifteen Beginning in April 2020, we offered multifamily residents suffering from financial hardship related to the COVID-19 pandemic the option to apply for a rent deferral. We elected to account for these accommodations as though enforceable rights and obligations for the accommodations existed without evaluating if such a right or obligation existed under the lease agreement, as allowed by the FASB Q&A released on April 10, 2020 related to lease modification guidance under ASC 842. The accommodations were recognized as variable lease payments. As of December 31, 2020, approximately $99,600 remained outstanding under the rent deferral agreements offered to multifamily residents. We also abated rent, common area maintenance, and real estate taxes for commercial tenants that experienced government-mandated interruptions or closures of their businesses. The accommodations were recognized as variable lease payments, as allowed by the FASB Q&A released on April 10, 2020. During the year ended December 31, 2020, we recognized a reduction in revenue of $656,000 due to the abatement of amounts due from our commercial tenants. |
REVENUE | REVENUE We adopted ASU 2014-09, Revenue from Contracts with Customers, as of May 1, 2018, using the modified retrospective approach. We elected to apply the new standard to contracts that were not complete as of May 1, 2018. Under the new standard, revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration the company expects to be entitled for those goods and services. Revenue streams that are included in ASU 2014-09 include: • Other property revenues: We recognize revenue for rental related income not included as a component of a lease, such as other application fees, as earned, and have concluded that this is appropriate under the new standard. • Gains or losses on sales of real estate: Subsequent to the adoption of the new standard, a gain or loss is recognized when the criteria for derecognition of an asset are met, including when (1) a contract exists and (2) the buyer obtained control of the nonfinancial asset that was sold. As a result, we may recognize a gain on real estate disposition transactions that previously did not qualify as a sale or for full profit recognition under the previous accounting standard. Any gain or loss on real estate dispositions is net of certain closing and other costs associated with the disposition. |
INCOME TAXES | INCOME TAXES We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding capital gains, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018 and the fiscal year ended April 30, 2018, we distributed in excess of 90% of our taxable income and realized capital gains from property dispositions within the prescribed time limits. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates (including any alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even as a REIT, we may be subject to certain state and local income and property taxes, and to federal income and excise taxes on undistributed taxable income. In general, however, if we qualify as a REIT, no provisions for federal income taxes are necessary except for taxes on undistributed REIT taxable income and taxes on the income generated by a taxable REIT subsidiary (TRS). We have one TRS, which is subject to corporate federal and state income taxes on its taxable income at regular statutory rates. There were no income tax provisions or material deferred income tax items for our TRS for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018. |
VARIABLE INTEREST ENTITY | VARIABLE INTEREST ENTITY We have determined that our Operating Partnership and each of our less-than-wholly owned real estate partnerships is a variable interest entity (“VIE”), as the limited partners or the functional equivalent of limited partners lack substantive kick-out rights and substantive participating rights. We are the primary beneficiary of the VIEs, and the VIEs are required to be consolidated on our balance sheet because we have a controlling financial interest in the VIEs and have both the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Because our Operating Partnership is a VIE, all of our assets and liabilities are held through a VIE. |
MARKETABLE SECURITIES | MARKETABLE SECURITIES Marketable securities consisted of equity securities. We report equity securities at fair value based on quoted market prices (Level 1 inputs). Any unrealized gains or losses are included in interest and other income (loss) on the consolidated statements |
DERIVATIVE INSTRUMENTS | The ineffective portion of a hedging instrument is not recognized currently in earnings or disclosed. Changes in the fair value of cash flow hedges are recorded in accumulated other comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income for our interest rate swap will be reclassified to interest expense as interest payments are made on our term loan and line of credit. |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Fiscal Period Durations | The references in these notes to the consolidated financial statements to the terms listed below reflect the respective periods presented in the consolidated financial statements: Term Financial Reporting Period Year ended December 31, 2020 January 1, 2020 through December 31, 2020 Year ended December 31, 2019 January 1, 2019 through December 31, 2019 Transition period ended December 31, 2018 May 1, 2018 through December 31, 2018 Fiscal year ended April 30, 2018 May 1, 2017 through April 30, 2018 |
Schedule of Recent Accounting Standards Updates | The following table provides a brief description of recent GAAP accounting standards updates (“ASUs”). Standard Description Date of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; ASU 2018-19, Codification Improvements to Topic 326; ASU 2019-05, Financial Instruments - Credit Losses - Targeted Transition Relief; ASU 2019-11, Codification improvements to Topic 326, Financial Instruments - Credit Losses These ASUs require entities to estimate a lifetime expected credit loss for most financial assets, such as loans and other financial instruments, and to present the net amount expected to be collected. In 2018, another ASU was issued to amend ASU 2016-13 which clarifies that it does not apply to operating lease receivables. In 2019, an additional ASU was issued to provide transition relief in which an entity is allowed to elect the fair value option on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. These ASUs are effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We elected the fair value option for all of our mortgages and notes receivable at January 1, 2020, as allowed by ASU 2019-05. As a result, we do not have any receivables or other financial instruments to which we are applying this standard. ASU 2018-13, Fair Value Measurements (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurements This ASU eliminates certain disclosure requirements affecting all levels of measurement, and modifies and adds new disclosure requirements for Level 3 measurements. This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted. The new standard did not have a material impact on our consolidated financial statements. ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. This ASU is optional and may be elected over time. We are currently evaluating the practical expedients and the impact they may have on our consolidated financial statements. ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entitiy's Own Equity This ASU simplifies accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies the diluted earnings per share calculation in certain areas and provide updated disclosure requirements. This ASU is effective for annual reporting periods beginning after December 31, 2021. Early adoption is permitted. We are currently evaluating the ASU and the impact it may have on our consolidated financial statements. |
Future Scheduled Lease Income for Operating Leases | The aggregate amount of future scheduled lease income on our operating leases for commercial spaces, excluding any variable lease income and non-lease components, as of December 31, 2020, was as follows: (in thousands) 2021 $ 2,216 2022 2,214 2023 2,208 2024 2,194 2025 2,166 Thereafter 2,373 Total scheduled lease income - operating leases $ 13,371 |
Disaggregation of Revenue | The following table presents the disaggregation of revenue streams of our rental income for the years ended December 31, 2020 and 2019, and the transition period ended December 31, 2018: (in thousands) Year ended December 31, Transition period ended Revenue Stream Applicable Standard 2020 2019 December 31, 2018 Fixed lease income - operating leases Leases $ 168,119 $ 176,706 $ 114,047 Variable lease income - operating leases Leases 7,068 5,586 3,528 Other property revenue Revenue from contracts with customers 2,807 3,463 4,296 Total revenue $ 177,994 $ 185,755 $ 121,871 |
Federal Income Tax Distributions | The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2020, December 31, 2019, and December 31, 2018: CALENDAR YEAR 2020 2019 2018 Tax status of distributions Capital gain 13.62 % 38.53 % 100.00 % Ordinary income 7.91 % 23.43 % — Return of capital 78.47 % 38.04 % — |
Schedule of Other Assets | As of December 31, 2020 and 2019, other assets consisted of the following amounts: in thousands December 31, 2020 December 31, 2019 Receivable arising from straight line rents $ 336 $ 785 Accounts receivable, net of allowance 523 154 Real estate related loans receivable 6,332 16,557 Marketable securities — 7,055 Prepaid and other assets 5,702 4,866 Intangible assets, net of accumulated amortization 1,150 1,212 Property and equipment, net of accumulated depreciation 2,674 1,277 Goodwill 986 1,086 Deferred charges and leasing costs 1,201 1,837 Total Other Assets $ 18,904 $ 34,829 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted Earnings per Share | The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the consolidated financial statements for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018: (in thousands, except per share data) Year Ended December 31, Period Ended Fiscal Year Ended 2020 2019 December 31, 2018 April 30, 2018 NUMERATOR Income (loss) from continuing operations – controlling interests $ 4,441 $ 78,669 $ (4,908) $ (30,266) Income (loss) from discontinued operations – controlling interests — — 510 147,054 Net income (loss) attributable to controlling interests 4,441 78,669 (4,398) 116,788 Dividends to preferred shareholders (6,528) (6,821) (4,547) (8,569) Redemption of preferred shares 297 — — (3,657) Numerator for basic earnings per share – net income (loss) available to common shareholders (1,790) 71,848 (8,945) 104,562 Noncontrolling interests – Operating Partnership (212) 6,752 (1,032) 12,702 Dividends to preferred unitholders 640 537 — — Numerator for diluted earnings (loss) per share $ (1,362) $ 79,137 $ (9,977) $ 117,264 DENOMINATOR Denominator for basic earnings per share weighted average shares 12,564 11,744 11,937 11,998 Effect of redeemable operating partnership units 1,030 1,237 1,387 1,462 Effect of Series D preferred units — 193 — — Effect of diluted restricted stock awards and restricted stock units — 8 — — Denominator for diluted earnings per share 13,594 13,182 13,324 13,460 Earnings (loss) per common share from continuing operations – basic $ (0.15) $ 6.06 $ (0.79) $ (3.54) Earnings (loss) per common share from discontinued operations – basic — — 0.04 12.25 NET EARNINGS (LOSS) PER COMMON SHARE – BASIC $ (0.15) $ 6.06 $ (0.75) $ 8.71 Earnings (loss) per common share from continuing operations – diluted $ (0.15) $ 6.00 $ (0.79) $ (3.54) Earnings (loss) per common share from discontinued operations – diluted — — 0.04 12.25 NET EARNINGS (LOSS) PER COMMON SHARE – DILUTED $ (0.15) $ 6.00 $ (0.75) $ 8.71 |
EQUITY AND MEZZANINE EQUITY (Ta
EQUITY AND MEZZANINE EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Conversions of Stock | Pursuant to the exercise of Exchange Rights, we redeemed Units for cash during the years ended December 31, 2020 and 2019 as detailed in the table below. (in thousands, except per Unit amounts) Number of Aggregate Average Price Units Cost Per Unit Year Ended December 31, 2020 1 $ 50 $ 70.10 Year Ended December 31, 2019 136 $ 8,142 $ 60.02 We also redeemed Units in exchange for common shares during the years ended December 31, 2020 and 2019 as detailed in the table below. (in thousands) Number of Total Book Units Value Year Ended December 31, 2020 81 $ (1,750) Year Ended December 31, 2019 174 $ 7,823 |
Schedule of Sale of Common Shares | The table below provides details on the sale of common shares during the years ended December 31, 2020 and 2019. (in thousands, except per share amounts) Number of Common Shares Total Consideration (1) Average Price Per Share (1) Year ended December 31, 2020 829 $ 59,187 $ 71.39 Year ended December 31, 2019 308 $ 22,019 $ 72.29 (1) Total consideration is net of $901,000 and $310,000 in commissions for the years ended December 31, 2020 and 2019, respectively. |
Schedule of Repurchase Agreements | Shares repurchased during the years ended December 31, 2020 and 2019 are detailed in the table below. (in thousands, except per share amounts) Number of Common Shares Number of Preferred Shares Aggregate Cost (1) Average Price Per Share (1) Year ended December 31, 2020 — 237 $ 5,629 $ 23.75 Year ended December 31, 2019 (2) 329 — $ 18,023 $ 54.69 (1) Amount includes commissions. (2) Repurchases during the year were under the prior repurchase program. |
Schedule of Redeemable Noncontrolling Interest | Activity of the redeemable noncontrolling interests is detailed in the table below. (in thousands) Year ended December 31, 2019 Balance at beginning of fiscal year $ 5,968 Contributions — Net (loss) income (174) Acquisition of redeemable noncontrolling interests (5,794) Balance at close of fiscal year $ — |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Schedule of Noncontrolling Interests - Consolidated Real Estate Entities | Our noncontrolling interests – consolidated real estate entities at December 31, 2020 and 2019 were as follows: (in thousands) December 31, 2020 December 31, 2019 IRET - 71 France, LLC $ — $ 4,817 IRET - Cypress Court Apartments, LLC 686 748 Noncontrolling interests – consolidated real estate entities $ 686 $ 5,565 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table summarizes our indebtedness: (in thousands) December 31, 2020 December 31, 2019 Weighted Average Maturity in Years Lines of credit $ 152,871 $ 50,079 1.62 Term loans (1) 145,000 145,000 3.88 Unsecured senior notes (1) 125,000 125,000 8.33 Unsecured debt 422,871 320,079 4.38 Mortgages payable - fixed 298,445 331,376 5.23 Total debt $ 721,316 $ 651,455 4.73 Annual Weighted Average Interest Rates Lines of credit (rate with swap) 2.85 % 3.81 % Term loans (rate with swaps) 4.15 % 4.11 % Unsecured senior notes 3.78 % 3.78 % Mortgages payable 3.93 % 4.02 % Total debt 3.62 % 3.97 % (1) Included within notes payable on our consolidated balance sheets. |
Aggregate Amount of Required Future Principal Payments on Mortgages Payable | The aggregate amount of required future principal payments on mortgages payable and notes payable as of December 31, 2020 is as follows: (in thousands) 2021 $ 25,665 2022 37,219 2023 45,068 2024 3,777 2025 102,505 Thereafter 354,211 Total payments $ 568,445 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets at Fair Value | The fair value of our derivative financial instruments as well as their classification on our consolidated balance sheets as of December 31, 2020 and 2019 is detailed below. (in thousands) December 31, 2020 December 31, 2019 Balance Sheet Location Fair Value Fair Value Total derivative instruments designated at hedging instruments - interest rate swaps Accounts Payable and Accrued Expenses $ 15,905 $ 7,607 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The effect of the Company's derivative financial instruments on the consolidated statements of operations as of December 31, 2020, December 31, 2019, December 31, 2018, and April 30, 2018 is detailed below. (in thousands) Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from Accumulated OCI into Income Gain (Loss) Reclassified from Accumulated OCI into Income Year Ended December 31, Transition Period Ended December 31, Fiscal Year Ended April 30, Year Ended December 31, Transition Period Ended December 31, Fiscal Year Ended April 30, 2020 2019 2018 2018 2020 2019 2018 2018 Total derivatives in cash flow hedging relationships - interest rate swaps $ (11,068) $ (7,040) $ (2,794) $ 1,627 Interest expense $ (2,770) $ (289) $ (159) $ (152) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values of Financial Instruments | Fair Value Measurements on a Recurring Basis (in thousands) Total Level 1 Level 2 Level 3 December 31, 2020 Assets Mortgages and notes receivable $ 30,994 $ — $ — $ 30,994 Liabilities Derivative instruments - interest rate swaps $ 15,905 $ — $ — $ 15,905 December 31, 2019 Liabilities Derivative instruments - interest rate swaps $ 7,607 $ — $ — $ 7,607 The estimated fair values of our financial instruments as of December 31, 2020 and 2019 are as follows: (in thousands) December 31, 2020 December 31, 2019 Amount Fair Value Amount Fair Value FINANCIAL ASSETS Cash and cash equivalents $ 392 $ 392 $ 26,579 $ 26,579 Restricted cash 6,918 6,918 19,538 19,538 Mortgage and note receivables (1) — — 32,810 32,810 FINANCIAL LIABILITIES Revolving lines of credit (2) 152,871 152,871 50,079 50,079 Term loans (2) 145,000 145,000 145,000 145,000 Unsecured senior notes 125,000 133,181 125,000 126,816 Mortgages payable 298,445 308,855 331,376 332,471 (1) As of January 1, 2020, we elected the fair value option, as allowed under ASU 2019-05. Fair value for these instruments is discussed within the Fair Value Measurements on a Recurring Basis section above. (2) Excluding the effect of the interest rate swap agreement. |
Changes in Fair Value Receivables | Changes in fair value of these receivables from period to period are reported in interest and other income on our consolidated statements of operations. (in thousands) Fair Value Measurement Other Gains (Losses) Interest Income Total Changes in Fair Value Included in Current Period Earnings Year ended December 31, 2020 $ 30,994 $ 12 $ 1,442 $ 1,454 |
ACQUISITIONS AND DISPOSITIONS (
ACQUISITIONS AND DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Our acquisitions during the years ended December 31, 2020 and 2019 are detailed below. Year Ended December 31, 2020 (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Other (1) Land Building Assets Other (2) 182 homes - Ironwood Apartments - New Hope, MN March 5, 2020 $ 46,263 $ 28,600 $ 17,663 $ 2,165 $ 36,869 $ 824 $ 6,405 465 homes - Parkhouse Apartments - Thornton, CO September 22, 2020 144,750 144,750 — 10,474 132,105 2,171 — Total Acquisitions $ 191,013 $ 173,350 $ 17,663 $ 12,639 $ 168,974 $ 2,995 $ 6,405 (1) Payoff of note receivable and accrued interest by seller at closing. (2) Consists of TIF note acquired. Refer to Note 2 for further discussion. Year Ended December 31, 2019 (in thousands) Total Form of Consideration Investment Allocation Date Acquisition Intangible Acquisitions Acquired Cost Cash Units (1) Land Building Assets Multifamily 272 homes - SouthFork Townhomes - Lakeville, MN February 26, 2019 $ 44,000 $ 27,440 $ 16,560 $ 3,502 $ 39,950 $ 548 96 homes - FreightYard Townhomes and Flats - Minneapolis, MN September 6, 2019 26,000 26,000 — 1,889 23,615 496 328 homes - Lugano at Cherry Creek - Denver, CO (3) September 26, 2019 99,250 99,250 — 7,679 89,365 1,781 $ 169,250 $ 152,690 $ 16,560 $ 13,070 $ 152,930 $ 2,825 Other Minot 3100 10th St SW - Minot, ND (2) May 23, 2019 $ 2,112 $ 2,112 — $ 246 $ 1,866 — Total Acquisitions $ 171.362 $ 154,802 $ 16,560 $ 13,316 $ 154,796 $ 2,825 (1) Value of Series D preferred units at the acquisition date. (2) Acquired for use as our Minot corporate office building after renovations have been completed. (3) Investment allocation excludes a $425 acquisition credit related to retail space lease-up. |
Schedule of Dispositions | he dispositions for the years ended December 31, 2020 and 2019 are detailed below. Year Ended December 31, 2020 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 268 homes - Forest Park - Grand Forks, ND August 18, 2020 $ 19,625 $ 6,884 $ 12,741 90 homes - Landmark - Grand Forks, ND August 18, 2020 3,725 1,348 2,377 164 homes - Southwind - Grand Forks, ND August 18, 2020 10,850 4,573 6,277 168 homes - Valley Park - Grand Forks, ND August 18, 2020 8,300 4,059 4,241 $ 42,500 $ 16,864 $ 25,636 Other Dakota West August 7, 2020 $ 500 $ 474 $ 26 Unimproved Land Rapid City Land - Rapid City, SD June 29, 2020 $ 1,300 $ 1,490 $ (190) Total Dispositions $ 44,300 $ 18,828 $ 25,472 Year Ended December 31, 2019 (in thousands) Date Book Value Dispositions Disposed Sales Price and Sale Cost Gain/(Loss) Multifamily 21 homes - Pinehurst - Billings, MT July 26, 2019 $ 1,675 $ 961 $ 714 160 homes - Brookfield Village - Topeka, KS September 24, 2019 10,350 5,853 4,497 220 homes - Crown Colony - Topeka, KS September 24, 2019 17,200 7,876 9,324 54 homes - Mariposa - Topeka, KS September 24, 2019 6,100 4,290 1,810 300 homes - Sherwood - Topeka, KS September 24, 2019 26,150 11,536 14,614 308 homes - Villa West - Topeka, KS September 24, 2019 22,950 15,165 7,785 152 homes - Crestview - Bismarck, ND October 29, 2019 8,250 2,681 5,569 73 homes - North Pointe - Bismarck, ND October 29, 2019 5,225 3,179 2,046 108 homes - Kirkwood - Bismarck, ND October 29, 2019 5,400 2,518 2,882 65 homes - Westwood Park - Bismarck, ND October 29, 2019 4,250 1,931 2,319 16 homes - Pebble Springs - Bismarck, ND October 29, 2019 875 573 302 192 homes - Arbors - Sioux City, IA December 11, 2019 16,200 6,110 10,090 120 homes - Indian Hills - Sioux City, IA December 11, 2019 8,100 5,302 2,798 132 homes - Ridge Oaks - Sioux City, IA December 11, 2019 7,700 4,006 3,694 50 homes - Cottage West - Sioux Falls, SD December 12, 2019 6,991 4,391 2,600 24 homes - Gables - Sioux Falls, SD December 12, 2019 2,515 2,052 463 79 homes - Oakmont - Sioux Falls, SD December 12, 2019 7,010 3,917 3,093 160 homes - Oakwood - Sioux Falls, SD December 12, 2019 12,090 3,056 9,034 120 homes - Oxbow Park - Sioux Falls, SD December 12, 2019 10,452 2,713 7,739 48 homes - Prairie Winds - Sioux Falls, SD December 12, 2019 3,763 1,112 2,651 44 homes - Sierra Vista - Sioux Falls, SD December 12, 2019 3,178 2,292 886 $ 186,424 $ 91,514 $ 94,910 Other Minot 1400 31st Ave SW - Minot, ND May 23, 2019 $ 6,530 $ 6,048 $ 482 Woodbury 1865 Woodland - Woodbury, MN November 1, 2019 5,765 4,079 1,686 $ 12,295 $ 10,127 $ 2,168 Unimproved Land Creekside Crossing - Bismarck, ND March 1, 2019 $ 3,049 $ 3,205 $ (156) Minot 1525 24th Ave SW - Minot, ND April 3, 2019 725 593 132 Weston - Weston, WI July 31, 2019 600 427 173 $ 4,374 $ 4,225 $ 149 Total Dispositions $ 203,093 $ 105,866 $ 97,227 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Effect on Net Income and Gains or Losses From Sale Of Properties Classified as Discontinued Operations | The following information shows the effect on net income and the gains or losses from the sale of properties classified as discontinued operations for the transition period ended December 31, 2018 and the fiscal year ended April 30, 2018. (in thousands) Transition Period Ended Fiscal Year Ended December 31, 2018 April 30, 2018 REVENUE Real estate rentals $ — $ 19,744 Tenant reimbursement — 11,650 TOTAL REVENUE — 31,394 EXPENSES Property operating expenses, excluding real estate taxes — 6,350 Real estate taxes — 5,191 Property management expense — 206 Depreciation and amortization — 8,445 TOTAL EXPENSES — 20,192 Operating income (loss) — 11,202 Interest expense (1) — (4,172) Gain (loss) on extinguishment of debt (1) — (6,508) Interest income — 661 Other income — 73 Income (loss) from discontinued operations before gain on sale — 1,256 Gain (loss) on sale of discontinued operations 570 163,567 INCOME (LOSS) FROM DISCONTINUED OPERATIONS $ 570 $ 164,823 Segment Data All other $ 570 $ 164,823 Total $ 570 $ 164,823 (in thousands) Transition Period Ended Fiscal Year Ended December 31, 2018 April 30, 2018 Property Sale Data Sales price $ — $ 437,652 Net book value and sales costs — (274,085) Gain on sale of discontinued operations $ — $ 163,567 |
SEGMENTS (Tables)
SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Revenues and Net Operating Income for Reportable Segments | The following tables present NOI for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018 from our reportable segment and reconcile net operating income to net income as reported in the consolidated financial statements. Segment assets are also reconciled to total assets as reported in the consolidated financial statements. (in thousands) Year ended December 31, 2020 Multifamily All Other Total Revenue $ 171,231 $ 6,763 $ 177,994 Property operating expenses, including real estate taxes 70,044 3,114 73,158 Net operating income $ 101,187 $ 3,649 $ 104,836 Property management expenses (5,801) Casualty loss (1,662) Depreciation and amortization (75,593) General and administrative expenses (13,440) Interest expense (27,525) Loss on debt extinguishment (23) Interest and other income (loss) (1,552) Income (loss) before gain (loss) on sale of real estate and other investments (20,760) Gain (loss) on sale of real estate and other investments 25,503 Net income (loss) $ 4,743 (in thousands) Year ended December 31, 2019 Multifamily All Other Total Revenue $ 155,635 $ 30,120 $ 185,755 Property operating expenses, including real estate taxes 63,909 14,406 78,315 Net operating income $ 91,726 $ 15,714 $ 107,440 Property management expenses (6,186) Casualty loss (1,116) Depreciation and amortization (74,271) General and administrative expenses (14,450) Interest expense (30,537) Loss on debt extinguishment (2,360) Interest and other income 2,092 Income (loss) before gain on sale of real estate and other investments and gain (loss) on litigation settlement (19,388) Gain (loss) on sale of real estate and other investments 97,624 Gain (loss) on litigation settlement 6,586 Net income (loss) $ 84,822 (in thousands) Transition period ended December 31, 2018 Multifamily All Other Total Revenue $ 96,234 $ 25,637 $ 121,871 Property operating expenses, including real estate taxes 39,360 11,359 50,719 Net operating income $ 56,874 $ 14,278 $ 71,152 Property management expenses (3,663) Casualty loss (915) Depreciation and amortization (50,456) Impairment of real estate investments (1,221) General and administrative expenses (9,812) Interest expense (21,359) Loss on debt extinguishment (556) Interest and other income 1,233 Income (loss) before gain on sale of real estate and other investments (15,597) Gain (loss) on sale of real estate and other investments 9,707 Income (loss) from continuing operations (5,890) Income (loss) from discontinued operations 570 Net income (loss) $ (5,320) (in thousands) Fiscal Year ended April 30, 2018 Multifamily (1) All Other (1) Total Revenue $ 159,983 $ 9,762 $ 169,745 Property operating expenses, including real estate taxes 70,460 2,574 73,034 Net operating income $ 89,523 $ 7,188 $ 96,711 Property management expenses (5,526) Casualty loss (500) Depreciation and amortization (82,070) Impairment of real estate investments (18,065) General and administrative expenses (14,203) Acquisition and investment related costs (51) Interest expense (34,178) Loss on debt extinguishment (940) Interest and other income 1,508 Income (loss) before loss on sale of real estate and other investments and income (loss) from discontinued operations (57,314) Gain (loss) on sale of real estate and other investments 20,120 Income (loss) from continuing operations (37,194) Income (loss) from discontinued operations 164,823 Net income (loss) $ 127,629 (1) Revenue, property operating expenses, including real estate taxes, and net operating income for the year ended April 30, 2018 have not been updated for properties sold during the years ended December 31, 2020 and 2019. |
Segment Assets and Accumulated Depreciation | Segment Assets and Accumulated Depreciation (in thousands) As of December 31, 2020 Multifamily All Other Total Segment assets Property owned $ 1,779,378 $ 33,179 $ 1,812,557 Less accumulated depreciation (387,989) (11,260) (399,249) Total property owned $ 1,391,389 $ 21,919 $ 1,413,308 Cash and cash equivalents 392 Restricted cash 6,918 Other assets 18,904 Mortgage loans receivable 24,661 Total Assets $ 1,464,183 (in thousands) As of December 31, 2019 Multifamily All Other Total Segment assets Property owned $ 1,572,529 $ 70,549 $ 1,643,078 Less accumulated depreciation (319,318) (29,804) (349,122) Total property owned $ 1,253,211 $ 40,745 $ 1,293,956 Cash and cash equivalents 26,579 Restricted cash 19,538 Other assets 34,829 Unimproved land 1,376 Mortgage loans receivable 16,140 Total Assets $ 1,392,418 |
QUARTERLY RESULTS OF CONSOLID_2
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Results of Consolidation Operations | (in thousands, except per share data) QUARTER ENDED March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Revenues $ 44,406 $ 43,910 $ 44,138 $ 45,540 Net income (loss) attributable to controlling interests $ (7,007) $ (3,803) $ 19,629 $ (4,378) Net income (loss) available to common shareholders $ (8,439) $ (5,387) $ 18,021 $ (5,985) Net income (loss) per common share - basic $ (0.69) $ (0.44) $ 1.40 $ (0.46) Net income (loss) per common share - diluted $ (0.67) $ (0.44) $ 1.38 $ (0.46) (in thousands, except per share data) QUARTER ENDED March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Revenues $ 45,608 $ 46,934 $ 47,436 $ 45,777 Net income (loss) attributable to controlling interests $ (4,698) $ 3,113 $ 31,596 $ 48,658 Net income (loss) available to common shareholders $ (6,403) $ 1,407 $ 29,891 $ 46,953 Net income (loss) per common share - basic $ (0.54) $ 0.11 $ 2.57 $ 3.95 Net income (loss) per common share - diluted $ (0.54) $ 0.11 $ 2.54 $ 3.89 |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Fair Value Stock Options | The fair value of stock options was $7.255 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Exercise price $ 66.36 Risk-free rate 0.978 % Expected term 6.25 years Expected volatility 21.08 % Dividend Yield 3.974 % |
Schedule of Compensation Expense Recognized | Total share-based compensation expense recognized in the consolidated financial statements for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018, for all share-based awards was as follows: (in thousands) Year Ended December 31, Transition Period Ended Fiscal Year Ended April 30, 2020 2019 December 31, 2018 2018 Share based compensation expense $ 2,106 $ 1,905 $ 845 $ 1,587 |
Schedule of Restricted Share Awards Activity | The activity for the years ended December 31, 2020 and 2019, the transition period ended December 31, 2018, and the fiscal year ended April 30, 2018, related to our restricted share awards was as follows: Awards with Service Conditions Wtd Avg Grant- Shares Date Fair Value Unvested at April 30, 2017 19,511 Granted 9,136 $ 57.55 Vested (18,545) $ 59.89 Forfeited (202) $ 62.40 Unvested at April 30, 2018 9,900 Granted — Vested (2,709) $ 63.21 Forfeited — Unvested at December 31, 2018 7,191 Granted — Vested (4,999) $ 61.06 Forfeited — Unvested at December 31, 2019 2,192 59.20 Granted — Vested (2,192) $ 59.20 Forfeited — Unvested at December 31, 2020 — RSUs with Service Conditions RSUs with Market Conditions Wtd Avg Grant- Wtd Avg Grant- Shares Date Fair Value Shares Date Fair Value Unvested at April 30, 2017 — — — — Granted 6,994 $ 60.54 11,538 $ 70.90 Vested (207) $ 50.30 — — Forfeited — — — — Unvested at April 30, 2018 6,787 $ 60.85 11,538 $ 70.90 Granted 14,878 $ 53.60 15,461 $ 57.70 Vested (2,943) $ 60.83 — — Forfeited (462) $ 53.60 (1,680) $ 70.90 Unvested at December 31, 2018 18,260 $ 55.13 25,319 $ 62.84 Granted 16,084 $ 59.76 12,978 $ 79.49 Vested (11,633) $ 55.35 — — Forfeited (365) $ 51.73 (475) $ 57.70 Unvested at December 31, 2019 22,346 $ 58.41 37,822 $ 68.62 Granted 17,981 $ 68.25 — $ — Vested (14,991) $ 59.10 (13,357) $ 74.68 Change in awards (1) — — 4,436 — Forfeited (508) $ 62.99 (1,907) $ 63.92 Unvested at December 31, 2020 24,828 $ 65.03 26,994 $ 67.87 |
Schedule of Stock Options Activity | The stock option activity for the year ended December 31, 2020 was as follows: Number of Shares Weighted Average Exercise Price Outstanding at beginning of year — — Granted 141,000 $ 66.36 Exercised — — Forfeited (1,952) $ 66.36 Outstanding at end of year 139,048 $ 66.36 Exercisable at end of year — — |
ORGANIZATION (Details)
ORGANIZATION (Details) | Dec. 31, 2020apartment_communitynumberOfApartmentHomes |
Real Estate Properties [Line Items] | |
Number of real estate properties | apartment_community | 67 |
Apartment Properties | |
Real Estate Properties [Line Items] | |
Number of apartment homes | numberOfApartmentHomes | 11,910 |
BASIS OF PRESENTATION AND SIG_4
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Interest in operating partnership | 93.00% | 92.00% |
Percentage of general interest partnership | 100.00% | 100.00% |
BASIS OF PRESENTATION AND SIG_5
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Real Estate Investments (Details) $ in Thousands | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 30, 2018USD ($)property | |
Real Estate Properties [Line Items] | |||||
Total real estate investments | $ 1,437,969 | $ 1,311,472 | |||
Construction period interest capitalized | $ 4 | ||||
Impairment of real estate continuing and discontinued operations | $ 1,221 | $ 0 | $ 0 | $ 1,200 | $ 18,065 |
Apartment Properties | |||||
Real Estate Properties [Line Items] | |||||
Number of impaired properties | property | 1 | ||||
Apartment Properties | Grand Forks, North Dakota | |||||
Real Estate Properties [Line Items] | |||||
Impairment of real estate continuing and discontinued operations | $ 12,200 | ||||
Commercial Properties | |||||
Real Estate Properties [Line Items] | |||||
Number of impaired properties | property | 3 | ||||
Land | |||||
Real Estate Properties [Line Items] | |||||
Number of impaired properties | property | 4 | ||||
Land | Grand Forks, North Dakota | |||||
Real Estate Properties [Line Items] | |||||
Impairment of real estate continuing and discontinued operations | $ 1,500 | ||||
Land | Williston, ND | |||||
Real Estate Properties [Line Items] | |||||
Impairment of real estate continuing and discontinued operations | 428 | ||||
Land | Bismark, North Dakota - First Property | |||||
Real Estate Properties [Line Items] | |||||
Impairment of real estate continuing and discontinued operations | 256 | ||||
Land | Bismark, North Dakota - Second Property | |||||
Real Estate Properties [Line Items] | |||||
Impairment of real estate continuing and discontinued operations | $ 709 | ||||
Land | Bismark, North Dakota | |||||
Real Estate Properties [Line Items] | |||||
Number of impaired properties | property | 2 | ||||
Industrial | Bloomington, Minnesota | |||||
Real Estate Properties [Line Items] | |||||
Impairment of real estate continuing and discontinued operations | $ 1,400 | ||||
Industrial | Woodbury, Minnesota | |||||
Real Estate Properties [Line Items] | |||||
Impairment of real estate continuing and discontinued operations | 922 | ||||
Retail Site | Minot, ND | |||||
Real Estate Properties [Line Items] | |||||
Impairment of real estate continuing and discontinued operations | $ 630 | ||||
Minimum | Buildings and Improvements | |||||
Real Estate Properties [Line Items] | |||||
Estimated useful life of assets (in years) | 10 years | ||||
Minimum | Renovations and Improvements | |||||
Real Estate Properties [Line Items] | |||||
Estimated useful life of assets (in years) | 5 years | ||||
Minimum | Furniture, Fixtures and Equipment | |||||
Real Estate Properties [Line Items] | |||||
Estimated useful life of assets (in years) | 5 years | ||||
Maximum | Buildings and Improvements | |||||
Real Estate Properties [Line Items] | |||||
Estimated useful life of assets (in years) | 37 years | ||||
Maximum | Renovations and Improvements | |||||
Real Estate Properties [Line Items] | |||||
Estimated useful life of assets (in years) | 20 years | ||||
Maximum | Furniture, Fixtures and Equipment | |||||
Real Estate Properties [Line Items] | |||||
Estimated useful life of assets (in years) | 10 years |
BASIS OF PRESENTATION AND SIG_6
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Change in Depreciable Lives of Real Estate Assets and Real Estate Held For Sale (Details) $ / shares in Units, $ in Thousands | Apr. 30, 2017 | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2020USD ($)property$ / shares | Dec. 31, 2019USD ($)property$ / shares | Apr. 30, 2018USD ($)$ / shares |
Real Estate Properties [Line Items] | |||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 5,985 | $ (18,021) | $ 5,387 | $ 8,439 | $ (46,953) | $ (29,891) | $ (1,407) | $ 6,403 | $ 8,945 | $ 1,790 | $ (71,848) | $ (104,562) | |
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC | $ / shares | $ 0.75 | $ 0.15 | $ (6.06) | $ (8.71) | |||||||||
Number of year after date of acquisition related to adjustment of real estate preliminary allocations of purchase price | 1 year | ||||||||||||
Assets Held for Sale | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Number of real estate properties classified as held for sale | property | 0 | 0 | |||||||||||
Service Life | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Depreciation | $ 29,300 | ||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 29,300 | ||||||||||||
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC | $ / shares | $ 0.22 | ||||||||||||
Service Life | Property With Previous Nine Year Life | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Useful life | 9 years | ||||||||||||
Minimum | Service Life | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Useful life | 20 years | 10 years | |||||||||||
Minimum | Service Life | Property With Previous Nine Year Life | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Useful life | 5 years | ||||||||||||
Maximum | Service Life | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Useful life | 40 years | 37 years | |||||||||||
Maximum | Service Life | Property With Previous Nine Year Life | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Useful life | 10 years |
BASIS OF PRESENTATION AND SIG_7
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 6,918 | $ 19,538 | $ 5,464 | $ 4,225 |
Real Estate Deposits for Property Acquisition | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 5,000 | |||
Escrow Deposits | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 1,900 |
BASIS OF PRESENTATION AND SIG_8
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Lessor, Lease, Description [Line Items] | |
Rent deferral agreement, amounts outstanding | $ 99,600 |
Reduction in revenue, due to abated rent | 656,000 |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2021 | 2,216,000 |
2022 | 2,214,000 |
2023 | 2,208,000 |
2024 | 2,194,000 |
2025 | 2,166,000 |
Thereafter | 2,373,000 |
Lessor, Operating Lease, Payments to be Received, Total | $ 13,371,000 |
Minimum | |
Lessor, Lease, Description [Line Items] | |
Concentration risk | 0.005% |
Term of lease contract | 3 years |
Maximum | |
Lessor, Lease, Description [Line Items] | |
Concentration risk | 0.01% |
Term of lease contract | 15 years |
Rental Income | Product Concentration Risk | Revenue Benchmark | |
Lessor, Lease, Description [Line Items] | |
Concentration risk | 98.40% |
Fee Income | Product Concentration Risk | Revenue Benchmark | |
Lessor, Lease, Description [Line Items] | |
Concentration risk | 1.60% |
BASIS OF PRESENTATION AND SIG_9
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Revenues (Details) - USD ($) | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2018 | May 01, 2018 | |
Disaggregation of Revenue [Line Items] | ||||||||||||||
Retained earnings | $ (427,681,000) | $ (390,196,000) | $ (427,681,000) | $ (390,196,000) | ||||||||||
Mortgage loans receivable | 24,661,000 | 16,140,000 | 24,661,000 | 16,140,000 | ||||||||||
Fixed lease income - operating leases | 168,119,000 | 176,706,000 | $ 114,047,000 | |||||||||||
Variable lease income - operating leases | 7,068,000 | 5,586,000 | 3,528,000 | |||||||||||
Revenues, Total | $ 45,540,000 | $ 44,138,000 | $ 43,910,000 | $ 44,406,000 | $ 45,777,000 | $ 47,436,000 | $ 46,934,000 | $ 45,608,000 | $ 121,871,000 | 177,994,000 | 185,755,000 | 121,871,000 | $ 169,745,000 | |
Other Property Revenue | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Other property revenue | $ 2,807,000 | $ 3,463,000 | $ 4,296,000 | |||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Retained earnings | $ 627,000 | |||||||||||||
Mortgage loans receivable | $ 627,000 |
BASIS OF PRESENTATION AND SI_10
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Other Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Receivable arising from straight line rents | $ 336,000 | $ 785,000 |
Accounts receivable, net of allowance | 523,000 | 154,000 |
Real estate related loans receivable | 6,332,000 | 16,557,000 |
Marketable securities | 0 | 7,055,000 |
Prepaid and other assets | 5,702,000 | 4,866,000 |
Intangible assets, net of accumulated amortization | 1,150,000 | 1,212,000 |
Property and equipment, net of accumulated depreciation | 2,674,000 | 1,277,000 |
Goodwill | 986,000 | 1,086,000 |
Deferred charges and leasing costs | 1,201,000 | 1,837,000 |
Total Other Assets | $ 18,904,000 | $ 34,829,000 |
BASIS OF PRESENTATION AND SI_11
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Business Combinations [Abstract] | ||
Property and equipment cost | $ 4.7 | $ 2.9 |
Accumulated depreciation | $ 2 | $ 1.7 |
BASIS OF PRESENTATION AND SI_12
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Mortgage Loans Receivable and Notes Receivable (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020USD ($) | Aug. 31, 2017USD ($)property | Jul. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Apr. 30, 2018USD ($)property | |
Real Estate Properties [Line Items] | ||||||||
Mortgage loans receivable | $ 10,000 | $ 10,000 | ||||||
Number of real estate properties sold | property | 28 | |||||||
Discontinued Operations, Disposed of by Sale | ||||||||
Real Estate Properties [Line Items] | ||||||||
Interest income | $ 0 | $ 661 | ||||||
MultiFamily Same-Store | ||||||||
Real Estate Properties [Line Items] | ||||||||
Loan commitment | $ 16,200 | |||||||
Interest rate on mortgages payable | 6.00% | |||||||
MultiFamily Same-Store | Mortgage Receivable | ||||||||
Real Estate Properties [Line Items] | ||||||||
Mortgage loans receivable | $ 11,000 | |||||||
MultiFamily Same-Store | Discontinued Operations, Disposed of by Sale | ||||||||
Real Estate Properties [Line Items] | ||||||||
Interest rate on mortgages payable | 5.50% | |||||||
Number of real estate properties sold | property | 13 | |||||||
Interest income | 448 | $ 279 | 570 | $ 372 | ||||
MultiFamily Same-Store | Minneapolis, Minnesota | ||||||||
Real Estate Properties [Line Items] | ||||||||
Mortgage loans receivable | 6,200 | $ 24,700 | 6,200 | |||||
MultiFamily Same-Store | Minneapolis, Minnesota | Construction Loans | ||||||||
Real Estate Properties [Line Items] | ||||||||
Loan commitment | 29,900 | $ 29,900 | ||||||
Interest rate on mortgages payable | 4.50% | |||||||
MultiFamily Same-Store | Minneapolis, Minnesota | Mezzanine Loan | ||||||||
Real Estate Properties [Line Items] | ||||||||
Loan commitment | $ 15,300 | $ 15,300 | ||||||
Interest rate on mortgages payable | 11.50% | |||||||
MultiFamily Same-Store | Ironwood | ||||||||
Real Estate Properties [Line Items] | ||||||||
Loan commitment, additional funds authorized | $ 341 | |||||||
MultiFamily Same-Store | Ironwood | Tax Increment Financing | ||||||||
Real Estate Properties [Line Items] | ||||||||
Loan commitment | $ 6,600 | |||||||
Interest rate on mortgages payable | 4.50% |
BASIS OF PRESENTATION AND SI_13
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Marketable Securities (Details) - USD ($) | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2018 | |
Accounting Policies [Abstract] | ||||
Marketable securities | $ 0 | $ 7,055,000 | ||
Cost basis of marketable securities | 6,900,000 | |||
Gross unrealized gain | 113,000 | |||
Carrying value | 7,100,000 | |||
Realized gain (loss) on marketable securities | $ 0 | $ 3,378,000 | $ 0 | $ 0 |
BASIS OF PRESENTATION AND SI_14
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Gain on Litigation Settlement (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Accounting Policies [Abstract] | |
Gain (loss) related to litigation settlement | $ 6.6 |
Proceeds from legal settlements | 5.2 |
Liability waived | $ 1.4 |
BASIS OF PRESENTATION AND SI_15
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2018 | |
Accounting Policies [Abstract] | |||||
Minimum dividend distribution percentage | 90.00% | ||||
Dividend distribution percentage | 90.00% | 90.00% | 90.00% | 90.00% | |
Capital gain | 13.62% | 38.53% | 100.00% | ||
Ordinary income | 7.91% | 23.43% | 0.00% | ||
Return of capital | 78.47% | 38.04% | 0.00% |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($)$ / shares | Sep. 30, 2020USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Mar. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Sep. 30, 2019USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares | Mar. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Apr. 30, 2018USD ($)$ / sharesshares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Ratio of units exchanged for shares | 1 | |||||||||||
NUMERATOR | ||||||||||||
Income (loss) from continuing operations – controlling interests | $ (4,908) | $ 4,441 | $ 78,669 | $ (30,266) | ||||||||
Income (loss) from discontinued operations – controlling interests | 510 | 0 | 0 | 147,054 | ||||||||
Net income (loss) attributable to controlling interests | $ (4,378) | $ 19,629 | $ (3,803) | $ (7,007) | $ 48,658 | $ 31,596 | $ 3,113 | $ (4,698) | (4,398) | 4,441 | 78,669 | 116,788 |
Dividends to preferred shareholders | (4,547) | (6,528) | (6,821) | (8,569) | ||||||||
Redemption of preferred shares | 0 | 297 | 0 | |||||||||
Redemption of preferred shares | (3,657) | |||||||||||
Net income (loss) available to common shareholders | $ (5,985) | $ 18,021 | $ (5,387) | $ (8,439) | $ 46,953 | $ 29,891 | $ 1,407 | $ (6,403) | (8,945) | (1,790) | 71,848 | 104,562 |
Net (income) loss attributable to noncontrolling interests – Operating Partnership | (1,032) | (212) | 6,752 | 12,702 | ||||||||
Dividends to preferred unitholders | 0 | 640 | 537 | 0 | ||||||||
Numerator for diluted earnings (loss) per share | $ (9,977) | $ (1,362) | $ 79,137 | $ 117,264 | ||||||||
DENOMINATOR | ||||||||||||
Denominator for basic earnings per share weighted average shares (in shares) | shares | 11,937,000 | 12,564,000 | 11,744,000 | 11,998,000 | ||||||||
Effect of redeemable operating partnership units (in shares) | shares | 1,387,000 | 1,030,000 | 1,237,000 | 1,462,000 | ||||||||
Effect of Series D preferred units (in shares) | shares | 0 | 0 | 193,000 | 0 | ||||||||
Effect of diluted restricted stock awards and restricted stock units (in shares) | shares | 0 | 0 | 8,000 | 0 | ||||||||
Denominator for diluted earnings per share (in shares) | shares | 13,324,000 | 13,594,000 | 13,182,000 | 13,460,000 | ||||||||
BASIC | ||||||||||||
Earnings (loss) per common share from continuing operations – Investors Real Estate Trust – basic and diluted (in dollars per share) | $ / shares | $ (0.79) | $ (0.15) | $ 6.06 | $ (3.54) | ||||||||
Earnings (loss) per common share from discontinued operations – basic (in dollars per share) | $ / shares | 0.04 | 0 | 0 | 12.25 | ||||||||
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC & DILUTED (in dollars per share) | $ / shares | (0.75) | (0.15) | 6.06 | 8.71 | ||||||||
DILUTED | ||||||||||||
Earnings (loss) per common share from continued operations – diluted (in dollars per share) | $ / shares | (0.79) | (0.15) | 6 | (3.54) | ||||||||
Earnings (loss) per common share from discontinued operations - diluted (in dollars per share) | $ / shares | 0.04 | 0 | 0 | 12.25 | ||||||||
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) | $ / shares | $ (0.46) | $ 1.38 | $ (0.44) | $ (0.67) | $ 3.89 | $ 2.54 | $ 0.11 | $ (0.54) | $ (0.75) | $ (0.15) | $ 6 | $ 8.71 |
Performance Shares And Restricted Stock Units | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive securities excluded (in shares) | shares | 25,300,000 | 26,994 | 37,822 | |||||||||
Preferred Units | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive securities excluded (in shares) | shares | 228,000 | |||||||||||
Restricted Stock Units (RSU) | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive securities excluded (in shares) | shares | 13,000 | |||||||||||
Weighted Average Stock Options | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive securities excluded (in shares) | shares | 86,000 |
EQUITY AND MEZZANINE EQUITY - A
EQUITY AND MEZZANINE EQUITY - Additional Information (Details) - USD ($) | Feb. 26, 2019 | Dec. 05, 2017 | Dec. 07, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2018 | Dec. 05, 2019 | Nov. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Noncontrolling Interests Operating Partnership Units | 976,516 | 1,058,142 | ||||||
Common shares outstanding (in shares) | 13,027,172 | 12,098,379 | ||||||
Sale of common shares, net | $ 58,852,000 | $ 22,019,000 | ||||||
Repurchase period | 1 year | |||||||
Preferred shares of beneficial interest, shares outstanding (in shares) | 3,881,453 | 4,100,000 | ||||||
Conversion exchange rate (in dollars per share) | $ 72.50 | |||||||
Convertible units (in shares) | 1.37931 | |||||||
Payments to acquire additional interest | $ 1,300,000 | |||||||
Commons at Southgate - Minot, ND | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Noncontrolling interest, ownership percentage | 34.50% | |||||||
At-The-Market Offering | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Aggregate gross sales price of common shares | $ 68,500,000 | $ 150,000,000 | ||||||
Share Repurchase Program | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Aggregate gross sales price of common share of beneficial interest allowed to be repurchased | $ 50,000,000 | $ 50,000,000 | ||||||
Repurchase period | 1 year | |||||||
Incentive Plan 2015 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common shares forfeited (in shares) | 2,400 | 3,300 | ||||||
Incentive Plan 2015 | Performance Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Equity awards issued (in shares) | 21,000 | 18,000 | ||||||
Sale of common shares, net | $ 1,000,000 | $ 1,100,000 | ||||||
Series C Preferred Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Distribution rate | 6.625% | |||||||
Liquidation preference per share (in dollars per share) | $ 25 | |||||||
Distribution accrual rate (in dollars per share) | $ 1.65625 | |||||||
Preferred shares liquidation preference | $ 97,000,000 | $ 103,000,000 | ||||||
Series D Preferred Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Preferred shares of beneficial interest, shares issued (in shares) | 165,600 | 165,600 | ||||||
Preferred shares of beneficial interest, shares outstanding (in shares) | 165,600 | 165,600 | ||||||
Preferred units, issuance price (in dollars per share) | $ 100 | $ 100 | ||||||
Temporary equity, distribution rate | 3.862% |
EQUITY AND MEZZANINE EQUITY - S
EQUITY AND MEZZANINE EQUITY - Schedule of Conversions of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2018 | |
Conversion of Stock [Line Items] | ||||
Number of units converted (in shares) | 1 | 136 | ||
Units converted, aggregated cost | $ 50 | $ 8,142 | ||
Average price of shares issues (in dollars per share) | $ 70.10 | $ 60.02 | ||
Redemption of units for common shares | $ 0 | $ 0 | $ 0 | $ 0 |
Exercise of Exchange Rights | ||||
Conversion of Stock [Line Items] | ||||
Redemption of units for common shares (in shares) | 81 | 174 | ||
Redemption of units for common shares | $ (1,750) | $ 7,823 |
EQUITY AND MEZZANINE EQUITY -_2
EQUITY AND MEZZANINE EQUITY - Sale of Common Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Average price of shares issues (in dollars per share) | $ 71.39 | $ 72.29 |
Commissions | $ 901 | $ 310 |
At-The-Market Offering | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Common Shares | 829 | 308 |
Total Consideration | $ 59,187 | $ 22,019 |
EQUITY AND MEZZANINE EQUITY -_3
EQUITY AND MEZZANINE EQUITY - Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Equity, Class of Treasury Stock [Line Items] | ||
Average price of shares issues (in dollars per share) | $ 71.39 | $ 72.29 |
Share Repurchase Program | ||
Equity, Class of Treasury Stock [Line Items] | ||
Shares repurchased (in shares) | 237 | 329 |
Aggregate cost of common shares repurchased | $ 5,629 | $ 18,023 |
Average price of shares issues (in dollars per share) | $ 23.75 | $ 54.69 |
EQUITY AND MEZZANINE EQUITY - R
EQUITY AND MEZZANINE EQUITY - Redeemable Non Controlling Interests (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2018 | |
Redeemable Noncontrolling Interest [Line Items] | ||||
Contributions | $ 619 | |||
Acquisition of redeemable noncontrolling interests | $ 392 | |||
Southgate - Minot, ND | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Balance at beginning of fiscal year | $ 0 | $ 5,968 | ||
Contributions | 0 | |||
Net (loss) income | (174) | |||
Acquisition of redeemable noncontrolling interests | $ (5,794) | |||
Balance at close of fiscal year | $ 5,968 | $ 0 |
NONCONTROLLING INTERESTS (Detai
NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests – consolidated real estate entities | $ 686 | $ 5,565 |
IRET - 71 France, LLC | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interest, ownership percentage | 47.40% | |
Payments to acquire additional interests | $ 12,200 | |
Noncontrolling interests – consolidated real estate entities | 0 | 4,817 |
IRET - Cypress Court Apartments, LLC | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests – consolidated real estate entities | $ 686 | $ 748 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)propertyextensionloan | Dec. 31, 2019USD ($) | |
Line of Credit Facility [Line Items] | ||
Number of real estate properties, unencumbered by mortgages | property | 47 | |
Number of real estate properties, unencumbered used to provide credit support | property | 34 | |
Maximum borrowing capacity | $ 6,000,000 | |
Revolving lines of credit | $ 152,871,000 | $ 50,079,000 |
Number of real estate communities, serving as collateral for mortgage loans | property | 20 | |
Domestic Line of Credit | Base Rate | Minimum | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread (as a percent) | 0.35% | |
Domestic Line of Credit | Base Rate | Maximum | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread (as a percent) | 0.85% | |
Domestic Line of Credit | London Interbank Offered Rate (LIBOR) | Minimum | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread (as a percent) | 1.35% | |
Domestic Line of Credit | London Interbank Offered Rate (LIBOR) | Maximum | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread (as a percent) | 1.90% | |
BMO Line of Credit | Lines of credit | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 250,000,000 | 250,000,000 |
Revolving lines of credit | $ 50,100,000 | |
Number of extensions | extension | 1 | |
Extension term | 12 months | |
BMO Line of Credit | Domestic Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Remaining borrowing capacity | $ 97,100,000 | |
Revolving lines of credit | $ 152,900,000 | |
Operating line of credit, interest rate | 2.85% | |
Mortgages payable | ||
Line of Credit Facility [Line Items] | ||
Number of loans in default | loan | 0 | |
Mortgages payable | Minimum | ||
Line of Credit Facility [Line Items] | ||
Mortgage loans, interest rate | 3.47% | |
Mortgages payable | Maximum | ||
Line of Credit Facility [Line Items] | ||
Mortgage loans, interest rate | 5.73% | |
Unsecured debt | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 150,000,000 | |
Remaining borrowing capacity | 25,000,000 | |
Unsecured debt | Term Loan Maturing 2024 | ||
Line of Credit Facility [Line Items] | ||
Original principal balance | 70,000,000 | |
Unsecured debt | Term Loan Maturing 2025 | ||
Line of Credit Facility [Line Items] | ||
Original principal balance | 75,000,000 | |
Unsecured debt | Note Maturing 2029 | ||
Line of Credit Facility [Line Items] | ||
Original principal balance | $ 75,000,000 | |
Interest rate percentage | 3.84% | |
Unsecured debt | Note Maturing 2028 | ||
Line of Credit Facility [Line Items] | ||
Original principal balance | $ 50,000,000 | |
Interest rate percentage | 3.69% |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Carrying principal value | $ 721,316 | $ 651,455 |
Weighted Average Maturity in Years | 4 years 8 months 23 days | |
Weighted average interest rate | 3.62% | 3.97% |
Mortgages payable - fixed | ||
Debt Instrument [Line Items] | ||
Carrying principal value | $ 298,445 | $ 331,376 |
Weighted Average Maturity in Years | 5 years 2 months 23 days | |
Mortgages payable | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.93% | 4.02% |
Unsecured debt | ||
Debt Instrument [Line Items] | ||
Carrying principal value | $ 422,871 | $ 320,079 |
Weighted Average Maturity in Years | 4 years 4 months 17 days | |
Unsecured debt | Lines of credit | ||
Debt Instrument [Line Items] | ||
Carrying principal value | $ 152,871 | $ 50,079 |
Weighted Average Maturity in Years | 1 year 7 months 13 days | |
Weighted average interest rate | 2.85% | 3.81% |
Unsecured debt | Term loans | ||
Debt Instrument [Line Items] | ||
Carrying principal value | $ 145,000 | $ 145,000 |
Weighted Average Maturity in Years | 3 years 10 months 17 days | |
Weighted average interest rate | 4.15% | 4.11% |
Unsecured debt | Unsecured senior notes | ||
Debt Instrument [Line Items] | ||
Carrying principal value | $ 125,000 | $ 125,000 |
Weighted Average Maturity in Years | 8 years 3 months 29 days | |
Weighted average interest rate | 3.78% | 3.78% |
DEBT - Schedule of Required Pay
DEBT - Schedule of Required Payments (Details) - Mortgages And Term Loans $ in Thousands | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
2021 | $ 25,665 |
2022 | 37,219 |
2023 | 45,068 |
2024 | 3,777 |
2025 | 102,505 |
Thereafter | 354,211 |
Total payments | $ 568,445 |
DERIVATIVE INSTRUMENTS (Details
DERIVATIVE INSTRUMENTS (Details) | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($)derivative_instrument | Dec. 31, 2019USD ($) | Apr. 30, 2018USD ($) | Jan. 31, 2023USD ($)derivative_instrument | |
Derivative [Line Items] | |||||
Cash flow hedge gain (loss) to be reclassified within twelve months | $ 4,400,000 | ||||
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Gain (Loss) Recognized in OCI | $ (2,794,000) | (11,068,000) | $ (7,040,000) | $ 1,627,000 | |
Interest Rate Swap | Interest Expense | |||||
Derivative [Line Items] | |||||
Gain (Loss) Reclassified from Accumulated OCI into Income | $ (159,000) | $ (2,770,000) | (289,000) | $ (152,000) | |
Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Number of instruments held | derivative_instrument | 3 | ||||
Notional amount | $ 195,000,000 | ||||
Accounts Payable and Accrued Expenses | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Total derivative instruments designated at hedging instruments - interest rate swaps | $ 15,905,000 | $ 7,607,000 | |||
Scenario, Forecast | Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Number of instruments held | derivative_instrument | 1 | ||||
Notional amount | $ 70,000,000 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Risk Level, Low | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Concentration risk | 0.00038% | |
Risk Level, High | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Concentration risk | 0.0005% | |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Concentration risk | 0.005% | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Concentration risk | 0.01% | |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages and notes receivable | $ 30,994 | |
Derivative instruments - interest rate swaps | $ 7,607 | |
Fair Value, Recurring | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps | 15,905 | |
Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages and notes receivable | 0 | |
Derivative instruments - interest rate swaps | 0 | 0 |
Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages and notes receivable | 0 | |
Derivative instruments - interest rate swaps | 0 | |
Fair Value, Recurring | Level 2 | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments - interest rate swaps | 0 | |
Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages and notes receivable | 30,994 | |
Derivative instruments - interest rate swaps | $ 15,905 | $ 7,607 |
FAIR VALUE MEASUREMENTS - Chang
FAIR VALUE MEASUREMENTS - Changes in Fair Value of Receivable (Details) - Fair Value, Recurring $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Mortgages and notes receivable | $ 30,994 |
Changes in fair value of receivables | 1,454 |
Other Gains (Losses) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Changes in fair value of receivables | 12 |
Interest Income | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Changes in fair value of receivables | $ 1,442 |
FAIR VALUE MEASUREMENTS - Finan
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
FINANCIAL LIABILITIES | ||
Unsecured senior notes | $ 269,246 | $ 269,058 |
Carrying Amount | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 392 | 26,579 |
Mortgages and notes receivable | 0 | 32,810 |
FINANCIAL LIABILITIES | ||
Revolving lines of credit | 152,871 | 50,079 |
Term loan | 145,000 | 145,000 |
Unsecured senior notes | 125,000 | 125,000 |
Mortgages payable | 298,445 | 331,376 |
Carrying Amount | Restricted cash | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 6,918 | 19,538 |
Fair Value | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 392 | 26,579 |
Mortgages and notes receivable | 0 | 32,810 |
FINANCIAL LIABILITIES | ||
Revolving lines of credit | 152,871 | 50,079 |
Term loan | 145,000 | 145,000 |
Unsecured senior notes | 133,181 | 126,816 |
Mortgages payable | 308,855 | 332,471 |
Fair Value | Restricted cash | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | $ 6,918 | $ 19,538 |
ACQUISITIONS AND DISPOSITIONS -
ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details) - Acquisitions $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)unit | Dec. 31, 2019USD ($)unit | |
Acquisitions and development projects placed in service [Abstract] | ||
Total acquisition costs | $ 191,013 | $ 171,362 |
Form of consideration, cash | 173,350 | 154,802 |
Form of consideration, other | 17,663 | |
Form of consideration, units | 16,560 | |
Investment allocation, land | 12,639 | 13,316 |
Investment allocation, building | 168,974 | 154,796 |
Investment allocation, intangible assets | 2,995 | 2,825 |
Investment allocation, other | 6,405 | |
Ironwood Apartments - New Hope, MN | ||
Acquisitions and development projects placed in service [Abstract] | ||
Total acquisition costs | 46,263 | |
Form of consideration, cash | 28,600 | |
Form of consideration, other | 17,663 | |
Investment allocation, land | 2,165 | |
Investment allocation, building | 36,869 | |
Investment allocation, intangible assets | 824 | |
Investment allocation, other | 6,405 | |
Parkhouse Apartments - Thornton, CO | ||
Acquisitions and development projects placed in service [Abstract] | ||
Total acquisition costs | 144,750 | |
Form of consideration, cash | 144,750 | |
Form of consideration, other | 0 | |
Investment allocation, land | 10,474 | |
Investment allocation, building | 132,105 | |
Investment allocation, intangible assets | 2,171 | |
Investment allocation, other | $ 0 | |
MultiFamily Same-Store | ||
Acquisitions and development projects placed in service [Abstract] | ||
Total acquisition costs | 169,250 | |
Form of consideration, cash | 152,690 | |
Form of consideration, units | 16,560 | |
Investment allocation, land | 13,070 | |
Investment allocation, building | 152,930 | |
Investment allocation, intangible assets | $ 2,825 | |
MultiFamily Same-Store | Ironwood Apartments - New Hope, MN | ||
Acquisitions and development projects placed in service [Abstract] | ||
Number of apartment homes | unit | 182 | |
MultiFamily Same-Store | Parkhouse Apartments - Thornton, CO | ||
Acquisitions and development projects placed in service [Abstract] | ||
Number of apartment homes | unit | 465 | |
MultiFamily Same-Store | SouthFork Townhomes - Lakeville, MN | ||
Acquisitions and development projects placed in service [Abstract] | ||
Number of apartment homes | unit | 272 | |
Total acquisition costs | $ 44,000 | |
Form of consideration, cash | 27,440 | |
Form of consideration, units | 16,560 | |
Investment allocation, land | 3,502 | |
Investment allocation, building | 39,950 | |
Investment allocation, intangible assets | $ 548 | |
MultiFamily Same-Store | FreightYard Townhomes and Flats - Minneapolis, MN | ||
Acquisitions and development projects placed in service [Abstract] | ||
Number of apartment homes | unit | 96 | |
Total acquisition costs | $ 26,000 | |
Form of consideration, cash | 26,000 | |
Form of consideration, units | 0 | |
Investment allocation, land | 1,889 | |
Investment allocation, building | 23,615 | |
Investment allocation, intangible assets | $ 496 | |
MultiFamily Same-Store | Lugano at Cherry Creek - Denver, CO | ||
Acquisitions and development projects placed in service [Abstract] | ||
Number of apartment homes | unit | 328 | |
Total acquisition costs | $ 99,250 | |
Form of consideration, cash | 99,250 | |
Form of consideration, units | 0 | |
Investment allocation, land | 7,679 | |
Investment allocation, building | 89,365 | |
Investment allocation, intangible assets | 1,781 | |
Acquisition credit | 425 | |
Other Property | Minot, North Dakota | ||
Acquisitions and development projects placed in service [Abstract] | ||
Total acquisition costs | 2,112 | |
Form of consideration, cash | 2,112 | |
Form of consideration, units | 0 | |
Investment allocation, land | 246 | |
Investment allocation, building | 1,866 | |
Investment allocation, intangible assets | $ 0 |
ACQUISITIONS AND DISPOSITIONS_2
ACQUISITIONS AND DISPOSITIONS - Property Dispositions (Details) $ in Thousands | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020USD ($)unit | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)unit | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($)propertyunit | Dec. 31, 2019USD ($)unit | Dec. 31, 2018USD ($) | Apr. 30, 2018USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sales price | $ 45,540 | $ 44,138 | $ 43,910 | $ 44,406 | $ 45,777 | $ 47,436 | $ 46,934 | $ 45,608 | $ 121,871 | $ 177,994 | $ 185,755 | $ 121,871 | $ 169,745 |
Disposed of by Sale | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sales Price | 44,300 | 203,093 | 44,300 | 203,093 | |||||||||
Book Value and Sale Cost | 18,828 | 105,866 | 18,828 | 105,866 | |||||||||
Gain/(Loss) | $ 25,472 | 97,227 | |||||||||||
Retail Site | Disposed of by Sale | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of properties sold | property | 1 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of properties sold | property | 4 | ||||||||||||
Sales Price | 42,500 | 186,424 | $ 42,500 | 186,424 | |||||||||
Book Value and Sale Cost | $ 16,864 | $ 91,514 | 16,864 | 91,514 | |||||||||
Gain/(Loss) | $ 25,636 | $ 94,910 | |||||||||||
MultiFamily Same-Store | Disposed of by Sale | Forest Park - Grand Forks, ND | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 268 | 268 | |||||||||||
Sales Price | $ 19,625 | $ 19,625 | |||||||||||
Book Value and Sale Cost | $ 6,884 | 6,884 | |||||||||||
Gain/(Loss) | $ 12,741 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Landmark, Grand Forks, ND | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 90 | 90 | |||||||||||
Sales Price | $ 3,725 | $ 3,725 | |||||||||||
Book Value and Sale Cost | $ 1,348 | 1,348 | |||||||||||
Gain/(Loss) | $ 2,377 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Southwind, Grand Forks, ND | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 164 | 164 | |||||||||||
Sales Price | $ 10,850 | $ 10,850 | |||||||||||
Book Value and Sale Cost | $ 4,573 | 4,573 | |||||||||||
Gain/(Loss) | $ 6,277 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Valley Park - Grand Forks, ND | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 168 | 168 | |||||||||||
Sales Price | $ 8,300 | $ 8,300 | |||||||||||
Book Value and Sale Cost | 4,059 | 4,059 | |||||||||||
Gain/(Loss) | $ 4,241 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Pinehurst - Billings, Montana | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 21 | 21 | |||||||||||
Sales Price | $ 1,675 | $ 1,675 | |||||||||||
Book Value and Sale Cost | $ 961 | 961 | |||||||||||
Gain/(Loss) | $ 714 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Brookfield Village - Topeka, Kansas | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 160 | 160 | |||||||||||
Sales Price | $ 10,350 | $ 10,350 | |||||||||||
Book Value and Sale Cost | $ 5,853 | 5,853 | |||||||||||
Gain/(Loss) | $ 4,497 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Crown Colony - Topeka, Kansas | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 220 | 220 | |||||||||||
Sales Price | $ 17,200 | $ 17,200 | |||||||||||
Book Value and Sale Cost | $ 7,876 | 7,876 | |||||||||||
Gain/(Loss) | $ 9,324 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Mariposa - Topeka, Kansas | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 54 | 54 | |||||||||||
Sales Price | $ 6,100 | $ 6,100 | |||||||||||
Book Value and Sale Cost | $ 4,290 | 4,290 | |||||||||||
Gain/(Loss) | $ 1,810 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Sherwood - Topeka, Kansas | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 300 | 300 | |||||||||||
Sales Price | $ 26,150 | $ 26,150 | |||||||||||
Book Value and Sale Cost | $ 11,536 | 11,536 | |||||||||||
Gain/(Loss) | $ 14,614 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Villa West - Topeka, Kansas | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 308 | 308 | |||||||||||
Sales Price | $ 22,950 | $ 22,950 | |||||||||||
Book Value and Sale Cost | $ 15,165 | 15,165 | |||||||||||
Gain/(Loss) | $ 7,785 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Crestview - Bismarck, ND | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 152 | 152 | |||||||||||
Sales Price | $ 8,250 | $ 8,250 | |||||||||||
Book Value and Sale Cost | $ 2,681 | 2,681 | |||||||||||
Gain/(Loss) | $ 5,569 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | North Pointe - Bismarck, ND | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 73 | 73 | |||||||||||
Sales Price | $ 5,225 | $ 5,225 | |||||||||||
Book Value and Sale Cost | $ 3,179 | 3,179 | |||||||||||
Gain/(Loss) | $ 2,046 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Kirkwood Manor - Bismarck, ND | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 108 | 108 | |||||||||||
Sales Price | $ 5,400 | $ 5,400 | |||||||||||
Book Value and Sale Cost | $ 2,518 | 2,518 | |||||||||||
Gain/(Loss) | $ 2,882 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Westwood Park - Bismarck, ND | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 65 | 65 | |||||||||||
Sales Price | $ 4,250 | $ 4,250 | |||||||||||
Book Value and Sale Cost | $ 1,931 | 1,931 | |||||||||||
Gain/(Loss) | $ 2,319 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Pebble Springs - Bismarck, ND | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 16 | 16 | |||||||||||
Sales Price | $ 875 | $ 875 | |||||||||||
Book Value and Sale Cost | $ 573 | 573 | |||||||||||
Gain/(Loss) | $ 302 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Arbors - S Sioux City, NE | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 192 | 192 | |||||||||||
Sales Price | $ 16,200 | $ 16,200 | |||||||||||
Book Value and Sale Cost | $ 6,110 | 6,110 | |||||||||||
Gain/(Loss) | $ 10,090 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Indian Hills - Sioux City, IA | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 120 | 120 | |||||||||||
Sales Price | $ 8,100 | $ 8,100 | |||||||||||
Book Value and Sale Cost | $ 5,302 | 5,302 | |||||||||||
Gain/(Loss) | $ 2,798 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Ridge Oaks - Sioux City, IA | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 132 | 132 | |||||||||||
Sales Price | $ 7,700 | $ 7,700 | |||||||||||
Book Value and Sale Cost | $ 4,006 | 4,006 | |||||||||||
Gain/(Loss) | $ 3,694 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Cottage West Twin Homes - Sioux Falls, SD | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 50 | 50 | |||||||||||
Sales Price | $ 6,991 | $ 6,991 | |||||||||||
Book Value and Sale Cost | $ 4,391 | 4,391 | |||||||||||
Gain/(Loss) | $ 2,600 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Gables Townhomes - Sioux Falls, SD | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 24 | 24 | |||||||||||
Sales Price | $ 2,515 | $ 2,515 | |||||||||||
Book Value and Sale Cost | $ 2,052 | 2,052 | |||||||||||
Gain/(Loss) | $ 463 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Oakmont Estates - Sioux Falls, SD | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 79 | 79 | |||||||||||
Sales Price | $ 7,010 | $ 7,010 | |||||||||||
Book Value and Sale Cost | $ 3,917 | 3,917 | |||||||||||
Gain/(Loss) | $ 3,093 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Oakwood Estates - Sioux Falls, SD | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 160 | 160 | |||||||||||
Sales Price | $ 12,090 | $ 12,090 | |||||||||||
Book Value and Sale Cost | $ 3,056 | 3,056 | |||||||||||
Gain/(Loss) | $ 9,034 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Oxbow Park - Sioux Falls, SD | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 120 | 120 | |||||||||||
Sales Price | $ 10,452 | $ 10,452 | |||||||||||
Book Value and Sale Cost | $ 2,713 | 2,713 | |||||||||||
Gain/(Loss) | $ 7,739 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Prairie Winds - Sioux Falls, SD | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 48 | 48 | |||||||||||
Sales Price | $ 3,763 | $ 3,763 | |||||||||||
Book Value and Sale Cost | $ 1,112 | 1,112 | |||||||||||
Gain/(Loss) | $ 2,651 | ||||||||||||
MultiFamily Same-Store | Disposed of by Sale | Sierra Vista - Sioux Falls, SD | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of apartment homes | unit | 44 | 44 | |||||||||||
Sales Price | $ 3,178 | $ 3,178 | |||||||||||
Book Value and Sale Cost | 2,292 | 2,292 | |||||||||||
Gain/(Loss) | 886 | ||||||||||||
Unimproved Land | Disposed of by Sale | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of properties sold | property | 1 | ||||||||||||
Sales Price | 4,374 | 4,374 | |||||||||||
Book Value and Sale Cost | 4,225 | 4,225 | |||||||||||
Gain/(Loss) | 149 | ||||||||||||
Unimproved Land | Disposed of by Sale | Rapid City, South Dakota | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sales Price | 1,300 | $ 1,300 | |||||||||||
Book Value and Sale Cost | 1,490 | 1,490 | |||||||||||
Gain/(Loss) | (190) | ||||||||||||
Unimproved Land | Disposed of by Sale | Creekside Crossing - Bismarck, ND | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sales Price | 3,049 | 3,049 | |||||||||||
Book Value and Sale Cost | 3,205 | 3,205 | |||||||||||
Gain/(Loss) | (156) | ||||||||||||
Unimproved Land | Disposed of by Sale | Minot, North Dakota | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sales Price | 725 | 725 | |||||||||||
Book Value and Sale Cost | 593 | 593 | |||||||||||
Gain/(Loss) | 132 | ||||||||||||
Unimproved Land | Disposed of by Sale | Weston - Weston, Wisconsin | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sales Price | 600 | 600 | |||||||||||
Book Value and Sale Cost | 427 | 427 | |||||||||||
Gain/(Loss) | 173 | ||||||||||||
Other Property | Disposed of by Sale | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sales Price | 12,295 | 12,295 | |||||||||||
Book Value and Sale Cost | 10,127 | 10,127 | |||||||||||
Gain/(Loss) | 2,168 | ||||||||||||
Other Property | Disposed of by Sale | Dakota West | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sales Price | 500 | 500 | |||||||||||
Book Value and Sale Cost | 474 | 474 | |||||||||||
Gain/(Loss) | 26 | ||||||||||||
Other Property | Disposed of by Sale | Minot, North Dakota | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sales Price | 6,530 | 6,530 | |||||||||||
Book Value and Sale Cost | 6,048 | 6,048 | |||||||||||
Gain/(Loss) | 482 | ||||||||||||
Other Property | Disposed of by Sale | Woodbury 1865 Woodlane - Woodbury, MN | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sales Price | $ 5,765 | $ 5,765 | |||||||||||
Book Value and Sale Cost | $ 4,079 | 4,079 | |||||||||||
Gain/(Loss) | $ 1,686 |
DISCONTINUED OPERATIONS - Effec
DISCONTINUED OPERATIONS - Effect on Net Income and Gains (Losses) From Sale Of Property (Details) $ in Thousands | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($)apartment_communityproperty | Dec. 31, 2019USD ($)apartment_communityproperty | Dec. 31, 2018USD ($) | Apr. 30, 2018USD ($)property | |
REVENUE | |||||||||||||
Revenues, Total | $ 45,540 | $ 44,138 | $ 43,910 | $ 44,406 | $ 45,777 | $ 47,436 | $ 46,934 | $ 45,608 | $ 121,871 | $ 177,994 | $ 185,755 | $ 121,871 | $ 169,745 |
EXPENSES | |||||||||||||
Property operating expenses, excluding real estate taxes | 37,198 | 51,625 | 57,249 | 54,292 | |||||||||
Real estate taxes | 13,521 | 21,533 | 21,066 | 18,742 | |||||||||
Property management expense | 3,663 | 5,801 | 6,186 | 5,526 | |||||||||
Depreciation and amortization | 50,456 | 75,593 | 74,271 | 82,070 | |||||||||
TOTAL EXPENSES | 116,786 | 169,654 | 174,338 | 193,449 | |||||||||
Interest expense | (21,359) | (27,525) | (30,537) | (34,178) | |||||||||
Gain (loss) on extinguishment of debt(1) | (556) | (23) | (2,360) | (940) | |||||||||
Gain (loss) on sale of discontinued operations | 10,277 | 25,503 | 97,624 | 183,687 | |||||||||
INCOME FROM DISCONTINUED OPERATIONS | 570 | 0 | 0 | 164,823 | |||||||||
Property Sale Data | |||||||||||||
Gain (loss) on sale of discontinued operations | 10,277 | $ 25,503 | $ 97,624 | $ 183,687 | |||||||||
Discontinued Operations | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of real estate properties classified as discontinued operations | property | 0 | 0 | 27 | ||||||||||
EXPENSES | |||||||||||||
Gain (loss) on sale of discontinued operations | 0 | $ 163,567 | |||||||||||
Property Sale Data | |||||||||||||
Sales price | 0 | 437,652 | |||||||||||
Net book value and sales costs | 0 | (274,085) | |||||||||||
Gain (loss) on sale of discontinued operations | 0 | 163,567 | |||||||||||
Discontinued Operations, Disposed of by Sale | |||||||||||||
REVENUE | |||||||||||||
Real estate rentals, prior to ASC 606 adoption | 0 | 19,744 | |||||||||||
EXPENSES | |||||||||||||
Property operating expenses, excluding real estate taxes | 0 | 6,350 | |||||||||||
Real estate taxes | 0 | 5,191 | |||||||||||
Depreciation and amortization | 0 | 8,445 | |||||||||||
TOTAL EXPENSES | 0 | 20,192 | |||||||||||
Operating income (loss) | 0 | 11,202 | |||||||||||
Interest expense | 0 | (4,172) | |||||||||||
Gain (loss) on extinguishment of debt(1) | 0 | (6,508) | |||||||||||
Interest income | 0 | 661 | |||||||||||
Other income | 0 | 73 | |||||||||||
Income (loss) from discontinued operations before gain on sale | 0 | 1,256 | |||||||||||
Gain (loss) on sale of discontinued operations | 570 | 163,567 | |||||||||||
INCOME FROM DISCONTINUED OPERATIONS | 570 | 164,823 | |||||||||||
Property Sale Data | |||||||||||||
Gain (loss) on sale of discontinued operations | 570 | 163,567 | |||||||||||
Discontinued Operations, Disposed of by Sale | All Other | |||||||||||||
EXPENSES | |||||||||||||
INCOME FROM DISCONTINUED OPERATIONS | 570 | 164,823 | |||||||||||
Discontinued Operations, Held-for-sale | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of properties classified as held for sale | apartment_community | 0 | 0 | |||||||||||
Tenant Reimbursement | Discontinued Operations, Disposed of by Sale | |||||||||||||
REVENUE | |||||||||||||
Revenues, Total | 0 | 11,650 | |||||||||||
Real Estate | |||||||||||||
EXPENSES | |||||||||||||
Property management expense | 50,719 | $ 73,158 | $ 78,315 | 73,034 | |||||||||
Real Estate | Discontinued Operations, Disposed of by Sale | |||||||||||||
REVENUE | |||||||||||||
Revenues, Total | 0 | 31,394 | |||||||||||
Management Service | |||||||||||||
EXPENSES | |||||||||||||
Property management expense | 3,663 | $ 5,801 | $ 6,186 | 5,526 | |||||||||
Management Service | Discontinued Operations, Disposed of by Sale | |||||||||||||
EXPENSES | |||||||||||||
Property management expense | $ 0 | $ 206 |
SEGMENTS (Details)
SEGMENTS (Details) $ in Thousands | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018segment | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 30, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||||||||||||||
Number of reportable segments | segment | 2 | 1 | ||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||
Total revenue | $ 45,540 | $ 44,138 | $ 43,910 | $ 44,406 | $ 45,777 | $ 47,436 | $ 46,934 | $ 45,608 | $ 121,871 | $ 177,994 | $ 185,755 | $ 121,871 | $ 169,745 | |
Property operating expenses, including real estate taxes | 3,663 | 5,801 | 6,186 | 5,526 | ||||||||||
Net Operating Income (Loss) | 71,152 | 104,836 | 107,440 | 96,711 | ||||||||||
Property management expenses | (3,663) | (5,801) | (6,186) | (5,526) | ||||||||||
Casualty loss | (915) | (1,662) | (1,116) | (500) | ||||||||||
Depreciation and amortization | (50,456) | (75,593) | (74,271) | (82,070) | ||||||||||
Impairment of real estate investments | (1,221) | (18,065) | ||||||||||||
General and administrative expenses | (9,812) | (13,440) | (14,450) | (14,254) | ||||||||||
General and administrative expenses | (14,203) | |||||||||||||
Acquisition and investment related costs | (51) | |||||||||||||
Interest expense | (21,359) | (27,525) | (30,537) | (34,178) | ||||||||||
Loss on extinguishment of debt | (556) | (23) | (2,360) | (940) | ||||||||||
Interest and other income (loss) | 1,233 | (1,552) | 2,092 | 1,508 | ||||||||||
Income (loss) before gain (loss) on sale of real estate and other investments, gain (loss) on litigation settlement, and income (loss) from discontinued operations | (15,597) | (20,760) | (19,388) | (57,314) | ||||||||||
Gain (loss) on sale of real estate and other investments | 9,707 | 25,503 | 97,624 | 20,120 | ||||||||||
Gain (loss) on litigation settlement | 0 | 0 | 6,586 | 0 | ||||||||||
Income (loss) from continuing operations | (5,890) | 4,743 | 84,822 | (37,194) | ||||||||||
Income (loss) from discontinued operations | 570 | 0 | 0 | 164,823 | ||||||||||
NET INCOME (LOSS) | (5,320) | 4,743 | 84,822 | 127,629 | ||||||||||
Segment Assets [Abstract] | ||||||||||||||
Property owned | 1,812,557 | 1,643,078 | 1,812,557 | 1,643,078 | ||||||||||
Less accumulated depreciation | (399,249) | (349,122) | (399,249) | (349,122) | ||||||||||
Real Estate Investment Property, Net, Total | 1,413,308 | 1,293,956 | 1,413,308 | 1,293,956 | ||||||||||
Cash and cash equivalents | 392 | 26,579 | 13,792 | 392 | 26,579 | 13,792 | 11,891 | |||||||
Restricted cash | 6,918 | 19,538 | 5,464 | 6,918 | 19,538 | $ 5,464 | 4,225 | |||||||
Other assets | 18,904 | 34,829 | 18,904 | 34,829 | ||||||||||
Unimproved land | 0 | 1,376 | 0 | 1,376 | ||||||||||
Mortgage loans receivable | 24,661 | 16,140 | 24,661 | 16,140 | ||||||||||
TOTAL ASSETS | 1,464,183 | 1,392,418 | 1,464,183 | 1,392,418 | ||||||||||
MultiFamily Same-Store | Operating Segments | ||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||
Total revenue | 96,234 | 171,231 | 155,635 | 159,983 | ||||||||||
Net Operating Income (Loss) | 56,874 | 101,187 | 91,726 | 89,523 | ||||||||||
Segment Assets [Abstract] | ||||||||||||||
Property owned | 1,779,378 | 1,572,529 | 1,779,378 | 1,572,529 | ||||||||||
Less accumulated depreciation | (387,989) | (319,318) | (387,989) | (319,318) | ||||||||||
Real Estate Investment Property, Net, Total | 1,391,389 | 1,253,211 | 1,391,389 | 1,253,211 | ||||||||||
All Other | Operating Segments | ||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||
Total revenue | 25,637 | 6,763 | 30,120 | 9,762 | ||||||||||
Net Operating Income (Loss) | 14,278 | 3,649 | 15,714 | 7,188 | ||||||||||
Segment Assets [Abstract] | ||||||||||||||
Property owned | 33,179 | 70,549 | 33,179 | 70,549 | ||||||||||
Less accumulated depreciation | (11,260) | (29,804) | (11,260) | (29,804) | ||||||||||
Real Estate Investment Property, Net, Total | $ 21,919 | $ 40,745 | 21,919 | 40,745 | ||||||||||
Real Estate | ||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||
Property operating expenses, including real estate taxes | 50,719 | 73,158 | 78,315 | 73,034 | ||||||||||
Property management expenses | (50,719) | (73,158) | (78,315) | (73,034) | ||||||||||
Real Estate | MultiFamily Same-Store | Operating Segments | ||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||
Property operating expenses, including real estate taxes | 39,360 | 70,044 | 63,909 | 70,460 | ||||||||||
Property management expenses | (39,360) | (70,044) | (63,909) | (70,460) | ||||||||||
Real Estate | All Other | Operating Segments | ||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||
Property operating expenses, including real estate taxes | 11,359 | 3,114 | 14,406 | 2,574 | ||||||||||
Property management expenses | (11,359) | (3,114) | (14,406) | (2,574) | ||||||||||
Management Service | ||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||
Property operating expenses, including real estate taxes | 3,663 | 5,801 | 6,186 | 5,526 | ||||||||||
Property management expenses | $ (3,663) | $ (5,801) | $ (6,186) | $ (5,526) |
RETIREMENT PLANS (Details)
RETIREMENT PLANS (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2018 | |
Retirement Benefits [Abstract] | ||||
Maximum contribution each employee, towards 401(k) plan | 5.00% | |||
Employer contribution towards profit sharing plan and 401(k) plan | $ 476 | $ 875 | $ 738 | $ 838 |
TRANSACTIONS WITH RELATED PAR_2
TRANSACTIONS WITH RELATED PARTIES - Narrative (Details) $ in Millions | 12 Months Ended |
Apr. 30, 2018USD ($)property | |
Related Party Transaction [Line Items] | |
Number of real estate properties sold | 28 |
BMO Capital Markets | |
Related Party Transaction [Line Items] | |
Number of real estate properties sold | 27 |
Transaction fee | $ | $ 1.8 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)propertynumberOfApartmentHomesapartment_community | Dec. 31, 2019USD ($) | |
Real Estate Properties [Line Items] | ||
Number of real estate properties | apartment_community | 67 | |
Redemption basis | 1 | |
Number of consecutive trading days for valuation | 10 days | |
Aggregate redemption value of units of operating partnership owned by limited partners | $ | $ 69 | $ 76.6 |
Subject to Restrictions on Taxable Dispositions | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties | property | 20 | |
Number of apartment homes (approximately) | numberOfApartmentHomes | 4,032 |
QUARTERLY RESULTS OF CONSOLID_3
QUARTERLY RESULTS OF CONSOLIDATED OPERATIONS (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2018 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||||
Total revenue | $ 45,540 | $ 44,138 | $ 43,910 | $ 44,406 | $ 45,777 | $ 47,436 | $ 46,934 | $ 45,608 | $ 121,871 | $ 177,994 | $ 185,755 | $ 121,871 | $ 169,745 |
Net income (loss) attributable to controlling interests | (4,378) | 19,629 | (3,803) | (7,007) | 48,658 | 31,596 | 3,113 | (4,698) | (4,398) | 4,441 | 78,669 | 116,788 | |
Net income (loss) available to common shareholders | $ (5,985) | $ 18,021 | $ (5,387) | $ (8,439) | $ 46,953 | $ 29,891 | $ 1,407 | $ (6,403) | $ (8,945) | $ (1,790) | $ 71,848 | $ 104,562 | |
Net income (loss) per common share - basic | $ (0.46) | $ 1.40 | $ (0.44) | $ (0.69) | $ 3.95 | $ 2.57 | $ 0.11 | $ (0.54) | |||||
Net income (loss) per common share - diluted | $ (0.46) | $ 1.38 | $ (0.44) | $ (0.67) | $ 3.89 | $ 2.54 | $ 0.11 | $ (0.54) | $ (0.75) | $ (0.15) | $ 6 | $ 8.71 |
SHARE BASED COMPENSATION - Narr
SHARE BASED COMPENSATION - Narrative (Details) - USD ($) | Nov. 30, 2020 | Nov. 19, 2020 | Aug. 12, 2020 | May 21, 2020 | May 19, 2020 | Mar. 13, 2020 | Sep. 15, 2015 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock based compensation expense | $ 845,000 | $ 2,106,000 | $ 1,905,000 | $ 1,587,000 | |||||||
Stock options granted (in shares) | 141,000 | ||||||||||
Percent of RSUs granted | 25.00% | ||||||||||
Total compensation cost related to non-vested share awards | $ 629,000 | ||||||||||
Weighted average period to recognize cost | 3 years | ||||||||||
Award vesting period | 4 years | ||||||||||
Fair value of stock options granted (in usd per share) | $ 7.255 | ||||||||||
Stock options outstanding, aggregate intrinsic value | $ 595,000 | ||||||||||
Weighted average remaining contractual term | 9 years 4 months 20 days | ||||||||||
Incentive Plan 2015 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares (in shares) | 425,000 | ||||||||||
Term of award | 10 years | ||||||||||
Incentive Plan 2015 | LTIP Awards | Restricted Stock | Vesting Periods One | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted shares vesting percentage | 33.33% | ||||||||||
Incentive Plan 2015 | LTIP Awards | Restricted Stock | Vesting Periods Two | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted shares vesting percentage | 33.33% | ||||||||||
Incentive Plan 2015 | LTIP Awards | Restricted Stock | Vesting Periods Three | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted shares vesting percentage | 33.33% | ||||||||||
Restricted Share Awards | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | 0 | 0 | 0 | 9,136 | |||||||
Awards vested during period | $ 147,000 | $ 136,000 | $ 310,000 | $ 1,100,000 | |||||||
Restricted Share Awards | LTIP Awards | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | 9,709 | ||||||||||
Awards vested during period | $ 1,227,000 | ||||||||||
Total compensation cost related to non-vested share awards | $ 644,000 | ||||||||||
Weighted average period to recognize cost | 1 year 4 months 24 days | ||||||||||
Award vesting period | 3 years | ||||||||||
Long Term Incentive Plan | LTIP Awards | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Unamortized value | 1,100,000 | $ 487,000 | 1,300,000 | 448,000 | |||||||
Trustee Awards | Unrestricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock based compensation expense | $ 348,000 | $ 533,000 | $ 505,000 | $ 389,000 | |||||||
Trustee | Incentive Plan 2015 | Award On 19 May 2020 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | 8,272 | 8,272 | |||||||||
Employees | Incentive Plan 2015 | Award On 12 August 2020 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | 480 | ||||||||||
Employees | Incentive Plan 2015 | Award on 19 November 2020 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | 281 | ||||||||||
Employees | Incentive Plan 2015 | Award On 30 November 2020 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | 142 | ||||||||||
Management | Incentive Plan 2015 | Award On 13 March 2020 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | 8,806 | ||||||||||
Management | Incentive Plan 2015 | Award On 21 May 2020 | Share-based Payment Arrangement, Option | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock options granted (in shares) | 141,000 | ||||||||||
Expiration period | 10 years |
SHARE BASED COMPENSATION - Sche
SHARE BASED COMPENSATION - Schedule of Fair Value Stock Options (Details) | 12 Months Ended |
Dec. 31, 2020$ / shares | |
Share-based Payment Arrangement [Abstract] | |
Exercise price (in usd per share) | $ 66.36 |
Risk-free rate | 0.0001% |
Expected term | 6 years 3 months |
Expected volatility | 0.2108% |
Dividend Yield | 0.0004% |
SHARE BASED COMPENSATION - Sc_2
SHARE BASED COMPENSATION - Schedule of Total Compensation Expense (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2018 | |
Share-based Payment Arrangement [Abstract] | ||||
Stock based compensation expense | $ 845 | $ 2,106 | $ 1,905 | $ 1,587 |
SHARE BASED COMPENSATION - Acti
SHARE BASED COMPENSATION - Activity for Restricted Shares Awards and Restricted Stock Units (Details) - $ / shares | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2018 | |
Shares [Roll Forward] | |||||
Award vesting period | 4 years | ||||
Restricted Share Awards | Restricted Stock | |||||
Shares [Roll Forward] | |||||
Unvested, beginning of period (in shares) | 9,900 | 2,192 | 7,191 | 19,511 | |
Granted (in shares) | 0 | 0 | 0 | 9,136 | |
Vested (in shares) | (2,709) | (2,192) | (4,999) | (18,545) | |
Forfeited (in shares) | 0 | 0 | 0 | (202) | |
Unvested, end of period (in shares) | 7,191 | 0 | 2,192 | 7,191 | 9,900 |
Wtd Avg Grant-Date Fair Value [Abstract] | |||||
Unvested, beginning of period (in dollars per share) | $ 59.20 | ||||
Granted (in dollars per share) | 57.55 | ||||
Vested (in dollars per share) | 63.21 | $ 59.20 | 61.06 | 59.89 | |
Forfeited (in dollars per share) | 62.40 | ||||
Unvested, end of period (in dollars per share) | $ 59.20 | ||||
Restricted Share Awards | Restricted Stock | LTIP Awards | |||||
Shares [Roll Forward] | |||||
Granted (in shares) | 9,709 | ||||
Award vesting period | 3 years | ||||
Restricted Stock Units with Service Conditions | Restricted Stock Units (RSU) | |||||
Shares [Roll Forward] | |||||
Unvested, beginning of period (in shares) | 6,787 | 22,346 | 18,260 | 0 | |
Granted (in shares) | 14,878 | 17,981 | 16,084 | 6,994 | |
Vested (in shares) | (2,943) | (14,991) | (11,633) | (207) | |
Change in awards (in shares) | 0 | ||||
Forfeited (in shares) | (462) | (508) | (365) | 0 | |
Unvested, end of period (in shares) | 18,260 | 24,828 | 22,346 | 18,260 | 6,787 |
Wtd Avg Grant-Date Fair Value [Abstract] | |||||
Unvested, beginning of period (in dollars per share) | $ 60.85 | $ 58.41 | $ 55.13 | $ 0 | |
Granted (in dollars per share) | 53.60 | 68.25 | $ 59.76 | 60.54 | |
Vested (in dollars per share) | 60.83 | 59.10 | 55.35 | 50.30 | |
Change in awards (in dollars per share) | 0 | ||||
Forfeited (in dollars per share) | 53.60 | 62.99 | 51.73 | 0 | |
Unvested, end of period (in dollars per share) | $ 55.13 | $ 65.03 | $ 58.41 | $ 55.13 | $ 60.85 |
Restricted Stock With Market Conditions | Restricted Stock Units (RSU) | |||||
Shares [Roll Forward] | |||||
Unvested, beginning of period (in shares) | 11,538 | 37,822 | 25,319 | 0 | |
Granted (in shares) | 15,461 | 0 | 12,978 | 11,538 | |
Vested (in shares) | 0 | (13,357) | 0 | 0 | |
Change in awards (in shares) | 4,436 | ||||
Forfeited (in shares) | (1,680) | (1,907) | (475) | 0 | |
Unvested, end of period (in shares) | 25,319 | 26,994 | 37,822 | 25,319 | 11,538 |
Wtd Avg Grant-Date Fair Value [Abstract] | |||||
Unvested, beginning of period (in dollars per share) | $ 70.90 | $ 68.62 | $ 62.84 | $ 0 | |
Granted (in dollars per share) | 57.70 | 0 | $ 79.49 | 70.90 | |
Vested (in dollars per share) | 0 | 74.68 | 0 | 0 | |
Change in awards (in dollars per share) | 0 | ||||
Forfeited (in dollars per share) | 70.90 | 63.92 | 57.70 | 0 | |
Unvested, end of period (in dollars per share) | $ 62.84 | $ 67.87 | $ 68.62 | $ 62.84 | $ 70.90 |
SHARE BASED COMPENSATION - Sc_3
SHARE BASED COMPENSATION - Schedule of Stock Options Activity (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Number of Shares | |
Outstanding at beginning of year (in shares) | 0 |
Granted (in shares) | 141,000 |
Exercised (in shares) | 0 |
Forfeited (in shares) | (1,952) |
Outstanding at end of year (in shares) | 139,048 |
Exercisable at end of year (in shares) | 0 |
Weighted Average Exercise Price (in usd per share) | |
Outstanding at beginning of year (in usd per share) | $ / shares | $ 0 |
Granted (in usd per share) | $ / shares | 66.36 |
Forfeited (in usd per share) | $ / shares | 66.36 |
Outstanding at end of year (in usd per share) | $ / shares | 66.36 |
Exercisable at end of year (in usd per share) | $ / shares | $ 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Jan. 06, 2021USD ($)apartment_community | Jan. 05, 2021USD ($) | Dec. 31, 2020USD ($) |
Subsequent Event [Line Items] | |||
Aggregate borrowing amount available | $ 6,000,000 | ||
Unsecured debt | |||
Subsequent Event [Line Items] | |||
Aggregate borrowing amount available | 150,000,000 | ||
Remaining borrowing capacity | $ 25,000,000 | ||
Subsequent Event | Unsecured debt | Unsecured Series C Debt | |||
Subsequent Event [Line Items] | |||
Original principal balance | $ 50,000,000 | ||
Interest rate percentage | 0.00027% | ||
Aggregate borrowing amount available | $ 225,000,000 | $ 150,000,000 | |
Fair value of amount outstanding | 175,000,000 | ||
Remaining borrowing capacity | $ 50,000,000 | ||
Union Pointe Apartment Homes | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Number of units in acquired property | apartment_community | 256 | ||
Total acquisition costs | $ 76,900,000 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gross amount at which carries at close of period [Abstract] | ||||
Accumulated Depreciation | $ (399,249) | $ (353,871) | $ (399,249) | $ (349,122) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Total real estate investments | 1,437,969 | 1,311,472 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at beginning of year | 349,122 | 353,871 | ||
Additions during year [Abstract] | ||||
Provisions for depreciation | 72,051 | 71,787 | ||
Deductions during year [Abstract] | ||||
Accumulated depreciation on real estate sold or classified as held for sale | (21,440) | (72,758) | ||
Write down of asset and accumulated depreciation on impaired assets | 0 | 0 | ||
Other | (484) | (3,778) | ||
Balance at close of year | 399,249 | 349,122 | ||
Net basis of real estate investments for federal income tax purposes | 1,400,000 | 1,300,000 | ||
Unimproved Land | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Total | 1,376 | 1,376 | 0 | 1,376 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at beginning of year | 1,376 | 5,301 | ||
Cost of real estate sold | (1,376) | (3,925) | ||
Balance at close of year | 0 | 1,376 | ||
Total real estate investments | 1,413,308 | 1,295,332 | ||
Wholly Owned Properties | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Total | 1,643,078 | 1,643,078 | 1,812,557 | $ 1,643,078 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at beginning of year | 1,643,078 | 1,627,636 | ||
Improvements and Other | 27,460 | 21,868 | ||
Total Additions | 1,852,309 | 1,818,008 | ||
Cost of real estate sold | (38,111) | (171,112) | ||
Other | (1,641) | (3,818) | ||
Balance at close of year | 1,812,557 | 1,643,078 | ||
MultiFamily Same-Store | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 276,770 | |||
Initial Cost to Company [Abstract] | ||||
Land | 119,580 | |||
Buildings & Improvements | 1,143,758 | |||
Costs capitalized subsequent to acquisition | 160,871 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 137,250 | |||
Buildings & Improvements | 1,286,959 | |||
Total | 1,424,209 | 1,424,209 | ||
Accumulated Depreciation | (375,942) | (375,942) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 1,424,209 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 375,942 | |||
MultiFamily Same-Store | 71 France - Edina, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 53,324 | |||
Initial Cost to Company [Abstract] | ||||
Land | 4,721 | |||
Buildings & Improvements | 61,762 | |||
Costs capitalized subsequent to acquisition | 446 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 4,801 | |||
Buildings & Improvements | 62,128 | |||
Total | 66,929 | 66,929 | ||
Accumulated Depreciation | (14,312) | (14,312) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 66,929 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 14,312 | |||
MultiFamily Same-Store | Alps Park - Rapid City, SD | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 287 | |||
Buildings & Improvements | 5,551 | |||
Costs capitalized subsequent to acquisition | 425 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 336 | |||
Buildings & Improvements | 5,927 | |||
Total | 6,263 | 6,263 | ||
Accumulated Depreciation | (1,589) | (1,589) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 6,263 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 1,589 | |||
MultiFamily Same-Store | Arcata - Golden Valley, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 2,088 | |||
Buildings & Improvements | 31,036 | |||
Costs capitalized subsequent to acquisition | 356 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 2,128 | |||
Buildings & Improvements | 31,352 | |||
Total | 33,480 | 33,480 | ||
Accumulated Depreciation | (8,600) | (8,600) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 33,480 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 8,600 | |||
MultiFamily Same-Store | Ashland - Grand Forks, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 4,866 | |||
Initial Cost to Company [Abstract] | ||||
Land | 741 | |||
Buildings & Improvements | 7,569 | |||
Costs capitalized subsequent to acquisition | 346 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 823 | |||
Buildings & Improvements | 7,833 | |||
Total | 8,656 | 8,656 | ||
Accumulated Depreciation | (2,323) | (2,323) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 8,656 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 2,323 | |||
MultiFamily Same-Store | Avalon Cove - Rochester, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 1,616 | |||
Buildings & Improvements | 34,074 | |||
Costs capitalized subsequent to acquisition | 646 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,808 | |||
Buildings & Improvements | 34,528 | |||
Total | 36,336 | 36,336 | ||
Accumulated Depreciation | (5,927) | (5,927) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 36,336 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 5,927 | |||
MultiFamily Same-Store | Boulder Court - Eagan, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 1,067 | |||
Buildings & Improvements | 5,498 | |||
Costs capitalized subsequent to acquisition | 3,305 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,576 | |||
Buildings & Improvements | 8,294 | |||
Total | 9,870 | 9,870 | ||
Accumulated Depreciation | (4,429) | (4,429) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 9,870 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 4,429 | |||
MultiFamily Same-Store | Canyon Lake - Rapid City, SD | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 2,508 | |||
Initial Cost to Company [Abstract] | ||||
Land | 305 | |||
Buildings & Improvements | 3,958 | |||
Costs capitalized subsequent to acquisition | 2,266 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 420 | |||
Buildings & Improvements | 6,109 | |||
Total | 6,529 | 6,529 | ||
Accumulated Depreciation | (3,208) | (3,208) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 6,529 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 3,208 | |||
MultiFamily Same-Store | Cardinal Point - Grand Forks, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 1,600 | |||
Buildings & Improvements | 33,400 | |||
Costs capitalized subsequent to acquisition | 288 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,727 | |||
Buildings & Improvements | 33,561 | |||
Total | 35,288 | 35,288 | ||
Accumulated Depreciation | (2,971) | (2,971) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 35,288 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 2,971 | |||
MultiFamily Same-Store | Cascade Shores - Rochester, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 11,400 | |||
Initial Cost to Company [Abstract] | ||||
Land | 1,585 | |||
Buildings & Improvements | 16,710 | |||
Costs capitalized subsequent to acquisition | 149 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,587 | |||
Buildings & Improvements | 16,857 | |||
Total | 18,444 | 18,444 | ||
Accumulated Depreciation | (2,967) | (2,967) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 18,444 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 2,967 | |||
MultiFamily Same-Store | Castlerock - Billings, MT | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 736 | |||
Buildings & Improvements | 4,864 | |||
Costs capitalized subsequent to acquisition | 2,538 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,045 | |||
Buildings & Improvements | 7,093 | |||
Total | 8,138 | 8,138 | ||
Accumulated Depreciation | (4,549) | (4,549) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 8,138 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 4,549 | |||
MultiFamily Same-Store | Chateau - Minot, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 301 | |||
Buildings & Improvements | 20,058 | |||
Costs capitalized subsequent to acquisition | 1,094 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 326 | |||
Buildings & Improvements | 21,127 | |||
Total | 21,453 | 21,453 | ||
Accumulated Depreciation | (6,119) | (6,119) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 21,453 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 6,119 | |||
MultiFamily Same-Store | Cimarron Hills - Omaha, NE | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 8,700 | |||
Initial Cost to Company [Abstract] | ||||
Land | 706 | |||
Buildings & Improvements | 9,588 | |||
Costs capitalized subsequent to acquisition | 5,214 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,639 | |||
Buildings & Improvements | 13,869 | |||
Total | 15,508 | 15,508 | ||
Accumulated Depreciation | (7,858) | (7,858) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 15,508 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 7,858 | |||
MultiFamily Same-Store | Colonial Villa - Burnsville, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 2,401 | |||
Buildings & Improvements | 11,515 | |||
Costs capitalized subsequent to acquisition | 15,595 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 3,206 | |||
Buildings & Improvements | 26,305 | |||
Total | 29,511 | 29,511 | ||
Accumulated Depreciation | (12,940) | (12,940) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 29,511 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 12,940 | |||
MultiFamily Same-Store | Colony - Lincoln, NE | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 11,610 | |||
Initial Cost to Company [Abstract] | ||||
Land | 1,515 | |||
Buildings & Improvements | 15,730 | |||
Costs capitalized subsequent to acquisition | 3,131 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,817 | |||
Buildings & Improvements | 18,559 | |||
Total | 20,376 | 20,376 | ||
Accumulated Depreciation | (5,412) | (5,412) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 20,376 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 5,412 | |||
MultiFamily Same-Store | Commons at Southgate - Minot, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 5,945 | |||
Buildings & Improvements | 47,512 | |||
Costs capitalized subsequent to acquisition | 2,059 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 6,424 | |||
Buildings & Improvements | 49,092 | |||
Total | 55,516 | 55,516 | ||
Accumulated Depreciation | (14,012) | (14,012) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 55,516 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 14,012 | |||
MultiFamily Same-Store | Cottonwood - Bismarck, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 1,056 | |||
Buildings & Improvements | 17,372 | |||
Costs capitalized subsequent to acquisition | 6,053 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,962 | |||
Buildings & Improvements | 22,519 | |||
Total | 24,481 | 24,481 | ||
Accumulated Depreciation | (12,455) | (12,455) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 24,481 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 12,455 | |||
MultiFamily Same-Store | Country Meadows - Billings, MT | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 491 | |||
Buildings & Improvements | 7,809 | |||
Costs capitalized subsequent to acquisition | 1,845 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 599 | |||
Buildings & Improvements | 9,546 | |||
Total | 10,145 | 10,145 | ||
Accumulated Depreciation | (5,858) | (5,858) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 10,145 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 5,858 | |||
MultiFamily Same-Store | Crystal Bay - Rochester, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 433 | |||
Buildings & Improvements | 11,425 | |||
Costs capitalized subsequent to acquisition | 360 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 479 | |||
Buildings & Improvements | 11,739 | |||
Total | 12,218 | 12,218 | ||
Accumulated Depreciation | (1,984) | (1,984) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 12,218 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 1,984 | |||
MultiFamily Same-Store | Cypress Court - St. Cloud, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 11,641 | |||
Initial Cost to Company [Abstract] | ||||
Land | 1,583 | |||
Buildings & Improvements | 18,879 | |||
Costs capitalized subsequent to acquisition | 474 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,625 | |||
Buildings & Improvements | 19,311 | |||
Total | 20,936 | 20,936 | ||
Accumulated Depreciation | (5,409) | (5,409) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 20,936 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 5,409 | |||
MultiFamily Same-Store | Deer Ridge - Jamestown, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 711 | |||
Buildings & Improvements | 24,129 | |||
Costs capitalized subsequent to acquisition | 322 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 785 | |||
Buildings & Improvements | 24,377 | |||
Total | 25,162 | 25,162 | ||
Accumulated Depreciation | (6,224) | (6,224) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 25,162 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 6,224 | |||
MultiFamily Same-Store | Dylan - Denver Co | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 12,155 | |||
Buildings & Improvements | 77,215 | |||
Costs capitalized subsequent to acquisition | 1,030 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 12,241 | |||
Buildings & Improvements | 78,159 | |||
Total | 90,400 | 90,400 | ||
Accumulated Depreciation | $ (8,205) | (8,205) | ||
Life on which depreciation in latest income statement is computed | 30 years | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | $ 90,400 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 8,205 | |||
MultiFamily Same-Store | Evergreen - Isanti, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 1,129 | |||
Buildings & Improvements | 5,524 | |||
Costs capitalized subsequent to acquisition | 569 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,159 | |||
Buildings & Improvements | 6,063 | |||
Total | 7,222 | 7,222 | ||
Accumulated Depreciation | (2,041) | (2,041) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 7,222 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 2,041 | |||
MultiFamily Same-Store | French Creek - Rochester, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 201 | |||
Buildings & Improvements | 4,735 | |||
Costs capitalized subsequent to acquisition | 256 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 212 | |||
Buildings & Improvements | 4,980 | |||
Total | 5,192 | 5,192 | ||
Accumulated Depreciation | (809) | (809) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 5,192 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 809 | |||
MultiFamily Same-Store | Gardens - Grand Forks, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 518 | |||
Buildings & Improvements | 8,702 | |||
Costs capitalized subsequent to acquisition | 132 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 535 | |||
Buildings & Improvements | 8,817 | |||
Total | 9,352 | 9,352 | ||
Accumulated Depreciation | (1,759) | (1,759) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 9,352 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 1,759 | |||
MultiFamily Same-Store | Grand Gateway - St. Cloud, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 814 | |||
Buildings & Improvements | 7,086 | |||
Costs capitalized subsequent to acquisition | 2,064 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 970 | |||
Buildings & Improvements | 8,994 | |||
Total | 9,964 | 9,964 | ||
Accumulated Depreciation | (3,480) | (3,480) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 9,964 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 3,480 | |||
MultiFamily Same-Store | GrandeVille at Cascade Lake - Rochester, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 36,000 | |||
Initial Cost to Company [Abstract] | ||||
Land | 5,003 | |||
Buildings & Improvements | 50,363 | |||
Costs capitalized subsequent to acquisition | 2,089 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 5,188 | |||
Buildings & Improvements | 52,267 | |||
Total | 57,455 | 57,455 | ||
Accumulated Depreciation | (10,304) | (10,304) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 57,455 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 10,304 | |||
MultiFamily Same-Store | Greenfield - Omaha, NE | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 578 | |||
Buildings & Improvements | 4,122 | |||
Costs capitalized subsequent to acquisition | 2,652 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 876 | |||
Buildings & Improvements | 6,476 | |||
Total | 7,352 | 7,352 | ||
Accumulated Depreciation | (2,425) | (2,425) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 7,352 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 2,425 | |||
MultiFamily Same-Store | Heritage Manor - Rochester, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 403 | |||
Buildings & Improvements | 6,968 | |||
Costs capitalized subsequent to acquisition | 3,741 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 790 | |||
Buildings & Improvements | 10,322 | |||
Total | 11,112 | 11,112 | ||
Accumulated Depreciation | (6,243) | (6,243) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 11,112 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 6,243 | |||
MultiFamily Same-Store | Homestead Garden - Rapid City, SD | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 655 | |||
Buildings & Improvements | 14,139 | |||
Costs capitalized subsequent to acquisition | 540 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 792 | |||
Buildings & Improvements | 14,542 | |||
Total | 15,334 | 15,334 | ||
Accumulated Depreciation | (3,427) | (3,427) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 15,334 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 3,427 | |||
MultiFamily Same-Store | Lakeside Village Lincoln, NE | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 11,489 | |||
Initial Cost to Company [Abstract] | ||||
Land | 1,215 | |||
Buildings & Improvements | 15,837 | |||
Costs capitalized subsequent to acquisition | 1,850 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,476 | |||
Buildings & Improvements | 17,426 | |||
Total | 18,902 | 18,902 | ||
Accumulated Depreciation | (5,230) | (5,230) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 18,902 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 5,230 | |||
MultiFamily Same-Store | Legacy - Grand Forks, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 13,072 | |||
Initial Cost to Company [Abstract] | ||||
Land | 1,362 | |||
Buildings & Improvements | 21,727 | |||
Costs capitalized subsequent to acquisition | 11,044 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 2,474 | |||
Buildings & Improvements | 31,659 | |||
Total | 34,133 | 34,133 | ||
Accumulated Depreciation | (18,730) | (18,730) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 34,133 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 18,730 | |||
MultiFamily Same-Store | Legacy Heights - Bismarck, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 1,207 | |||
Buildings & Improvements | 13,742 | |||
Costs capitalized subsequent to acquisition | 257 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,142 | |||
Buildings & Improvements | 14,064 | |||
Total | 15,206 | 15,206 | ||
Accumulated Depreciation | (2,604) | (2,604) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 15,206 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 2,604 | |||
MultiFamily Same-Store | Meadows - Jamestown, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 590 | |||
Buildings & Improvements | 4,519 | |||
Costs capitalized subsequent to acquisition | 2,087 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 730 | |||
Buildings & Improvements | 6,466 | |||
Total | 7,196 | 7,196 | ||
Accumulated Depreciation | (3,788) | (3,788) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 7,196 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 3,788 | |||
MultiFamily Same-Store | Monticello Crossings - Monticello, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 1,734 | |||
Buildings & Improvements | 30,136 | |||
Costs capitalized subsequent to acquisition | 376 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,951 | |||
Buildings & Improvements | 30,295 | |||
Total | 32,246 | 32,246 | ||
Accumulated Depreciation | (5,407) | (5,407) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 32,246 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 5,407 | |||
MultiFamily Same-Store | Monticello Village - Monticello, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 490 | |||
Buildings & Improvements | 3,756 | |||
Costs capitalized subsequent to acquisition | 1,234 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 655 | |||
Buildings & Improvements | 4,825 | |||
Total | 5,480 | 5,480 | ||
Accumulated Depreciation | (2,434) | (2,434) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 5,480 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 2,434 | |||
MultiFamily Same-Store | Northridge - Bismarck, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 884 | |||
Buildings & Improvements | 7,515 | |||
Costs capitalized subsequent to acquisition | 278 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,048 | |||
Buildings & Improvements | 7,629 | |||
Total | 8,677 | 8,677 | ||
Accumulated Depreciation | (1,641) | (1,641) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 8,677 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 1,641 | |||
MultiFamily Same-Store | Olympic Village - Billings, MT | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 1,164 | |||
Buildings & Improvements | 10,441 | |||
Costs capitalized subsequent to acquisition | 4,175 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,885 | |||
Buildings & Improvements | 13,895 | |||
Total | 15,780 | 15,780 | ||
Accumulated Depreciation | (8,287) | (8,287) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 15,780 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 8,287 | |||
MultiFamily Same-Store | Olympik Village - Rochester, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 1,034 | |||
Buildings & Improvements | 6,109 | |||
Costs capitalized subsequent to acquisition | 3,459 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,450 | |||
Buildings & Improvements | 9,152 | |||
Total | 10,602 | 10,602 | ||
Accumulated Depreciation | (4,136) | (4,136) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 10,602 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 4,136 | |||
MultiFamily Same-Store | Oxbo - St Paul, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 5,809 | |||
Buildings & Improvements | 51,586 | |||
Costs capitalized subsequent to acquisition | 214 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 5,822 | |||
Buildings & Improvements | 51,787 | |||
Total | 57,609 | 57,609 | ||
Accumulated Depreciation | $ (7,107) | (7,107) | ||
Life on which depreciation in latest income statement is computed | 30 years | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | $ 57,609 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 7,107 | |||
MultiFamily Same-Store | Park Meadows - Waite Park, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 1,143 | |||
Buildings & Improvements | 9,099 | |||
Costs capitalized subsequent to acquisition | 10,277 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 2,140 | |||
Buildings & Improvements | 18,379 | |||
Total | 20,519 | 20,519 | ||
Accumulated Depreciation | (12,605) | (12,605) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 20,519 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 12,605 | |||
MultiFamily Same-Store | Park Place - Plymouth, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 10,609 | |||
Buildings & Improvements | 80,781 | |||
Costs capitalized subsequent to acquisition | 10,433 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 10,819 | |||
Buildings & Improvements | 91,004 | |||
Total | 101,823 | 101,823 | ||
Accumulated Depreciation | $ (11,303) | (11,303) | ||
Life on which depreciation in latest income statement is computed | 30 years | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | $ 101,823 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 11,303 | |||
MultiFamily Same-Store | Plaza - Minot, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 867 | |||
Buildings & Improvements | 12,784 | |||
Costs capitalized subsequent to acquisition | 3,128 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,011 | |||
Buildings & Improvements | 15,768 | |||
Total | 16,779 | 16,779 | ||
Accumulated Depreciation | (5,734) | (5,734) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 16,779 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 5,734 | |||
MultiFamily Same-Store | Pointe West - Rapid City, SD | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 240 | |||
Buildings & Improvements | 3,538 | |||
Costs capitalized subsequent to acquisition | 2,185 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 463 | |||
Buildings & Improvements | 5,500 | |||
Total | 5,963 | 5,963 | ||
Accumulated Depreciation | (3,865) | (3,865) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 5,963 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 3,865 | |||
MultiFamily Same-Store | Ponds at Heritage Place - Sartell, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 395 | |||
Buildings & Improvements | 4,564 | |||
Costs capitalized subsequent to acquisition | 510 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 419 | |||
Buildings & Improvements | 5,050 | |||
Total | 5,469 | 5,469 | ||
Accumulated Depreciation | (1,539) | (1,539) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 5,469 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 1,539 | |||
MultiFamily Same-Store | Quarry Ridge - Rochester, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 24,057 | |||
Initial Cost to Company [Abstract] | ||||
Land | 2,254 | |||
Buildings & Improvements | 30,024 | |||
Costs capitalized subsequent to acquisition | 2,356 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 2,412 | |||
Buildings & Improvements | 32,222 | |||
Total | 34,634 | 34,634 | ||
Accumulated Depreciation | (10,969) | (10,969) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 34,634 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 10,969 | |||
MultiFamily Same-Store | Red 20 - Minneapolis, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 21,274 | |||
Initial Cost to Company [Abstract] | ||||
Land | 1,900 | |||
Buildings & Improvements | 24,116 | |||
Costs capitalized subsequent to acquisition | 397 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,908 | |||
Buildings & Improvements | 24,505 | |||
Total | 26,413 | 26,413 | ||
Accumulated Depreciation | (6,829) | (6,829) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 26,413 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 6,829 | |||
MultiFamily Same-Store | Regency Park Estates - St. Cloud, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 7,400 | |||
Initial Cost to Company [Abstract] | ||||
Land | 702 | |||
Buildings & Improvements | 10,198 | |||
Costs capitalized subsequent to acquisition | 3,337 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,179 | |||
Buildings & Improvements | 13,058 | |||
Total | 14,237 | 14,237 | ||
Accumulated Depreciation | (4,394) | (4,394) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 14,237 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 4,394 | |||
MultiFamily Same-Store | Rimrock West - Billings, MT | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 330 | |||
Buildings & Improvements | 3,489 | |||
Costs capitalized subsequent to acquisition | 2,157 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 568 | |||
Buildings & Improvements | 5,408 | |||
Total | 5,976 | 5,976 | ||
Accumulated Depreciation | (3,250) | (3,250) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 5,976 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 3,250 | |||
MultiFamily Same-Store | River Ridge - Bismarck, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 576 | |||
Buildings & Improvements | 24,670 | |||
Costs capitalized subsequent to acquisition | 1,092 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 922 | |||
Buildings & Improvements | 25,416 | |||
Total | 26,338 | 26,338 | ||
Accumulated Depreciation | (8,025) | (8,025) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 26,338 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 8,025 | |||
MultiFamily Same-Store | Rocky Meadows - Billings, MT | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 656 | |||
Buildings & Improvements | 5,726 | |||
Costs capitalized subsequent to acquisition | 1,745 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 840 | |||
Buildings & Improvements | 7,287 | |||
Total | 8,127 | 8,127 | ||
Accumulated Depreciation | (4,687) | (4,687) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 8,127 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 4,687 | |||
MultiFamily Same-Store | Rum River - Isanti, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 3,041 | |||
Initial Cost to Company [Abstract] | ||||
Land | 843 | |||
Buildings & Improvements | 4,823 | |||
Costs capitalized subsequent to acquisition | 544 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 870 | |||
Buildings & Improvements | 5,340 | |||
Total | 6,210 | 6,210 | ||
Accumulated Depreciation | (2,162) | (2,162) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 6,210 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 2,162 | |||
MultiFamily Same-Store | Silver Springs - Rapid City, SD | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 1,997 | |||
Initial Cost to Company [Abstract] | ||||
Land | 215 | |||
Buildings & Improvements | 3,007 | |||
Costs capitalized subsequent to acquisition | 890 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 273 | |||
Buildings & Improvements | 3,839 | |||
Total | 4,112 | 4,112 | ||
Accumulated Depreciation | (958) | (958) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 4,112 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 958 | |||
MultiFamily Same-Store | South Pointe - Minot, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 550 | |||
Buildings & Improvements | 9,548 | |||
Costs capitalized subsequent to acquisition | 5,990 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,489 | |||
Buildings & Improvements | 14,599 | |||
Total | 16,088 | 16,088 | ||
Accumulated Depreciation | (10,311) | (10,311) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 16,088 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 10,311 | |||
MultiFamily Same-Store | Southpoint - Grand Forks, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 576 | |||
Buildings & Improvements | 9,893 | |||
Costs capitalized subsequent to acquisition | 236 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 663 | |||
Buildings & Improvements | 10,042 | |||
Total | 10,705 | 10,705 | ||
Accumulated Depreciation | (2,293) | (2,293) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 10,705 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 2,293 | |||
MultiFamily Same-Store | Sunset Trail - Rochester, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 336 | |||
Buildings & Improvements | 12,814 | |||
Costs capitalized subsequent to acquisition | 3,560 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 826 | |||
Buildings & Improvements | 15,884 | |||
Total | 16,710 | 16,710 | ||
Accumulated Depreciation | (9,024) | (9,024) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 16,710 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 9,024 | |||
MultiFamily Same-Store | Thomasbrook - Lincoln, NE | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 13,100 | |||
Initial Cost to Company [Abstract] | ||||
Land | 600 | |||
Buildings & Improvements | 10,306 | |||
Costs capitalized subsequent to acquisition | 5,686 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,710 | |||
Buildings & Improvements | 14,882 | |||
Total | 16,592 | 16,592 | ||
Accumulated Depreciation | (8,563) | (8,563) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 16,592 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 8,563 | |||
MultiFamily Same-Store | Village Green - Rochester, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 234 | |||
Buildings & Improvements | 2,296 | |||
Costs capitalized subsequent to acquisition | 1,083 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 361 | |||
Buildings & Improvements | 3,252 | |||
Total | 3,613 | 3,613 | ||
Accumulated Depreciation | (1,682) | (1,682) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 3,613 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 1,682 | |||
MultiFamily Same-Store | West Stonehill - Waite Park, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 16,425 | |||
Initial Cost to Company [Abstract] | ||||
Land | 939 | |||
Buildings & Improvements | 10,167 | |||
Costs capitalized subsequent to acquisition | 8,171 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,912 | |||
Buildings & Improvements | 17,365 | |||
Total | 19,277 | 19,277 | ||
Accumulated Depreciation | (12,060) | (12,060) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 19,277 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 12,060 | |||
MultiFamily Same-Store | Westend - Denver CO | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 25,525 | |||
Buildings & Improvements | 102,180 | |||
Costs capitalized subsequent to acquisition | 605 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 25,532 | |||
Buildings & Improvements | 102,778 | |||
Total | 128,310 | 128,310 | ||
Accumulated Depreciation | $ (9,952) | (9,952) | ||
Life on which depreciation in latest income statement is computed | 30 years | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | $ 128,310 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 9,952 | |||
MultiFamily Same-Store | Whispering Ridge - Omaha, NE | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 19,664 | |||
Initial Cost to Company [Abstract] | ||||
Land | 2,139 | |||
Buildings & Improvements | 25,424 | |||
Costs capitalized subsequent to acquisition | 2,992 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 2,551 | |||
Buildings & Improvements | 28,004 | |||
Total | 30,555 | 30,555 | ||
Accumulated Depreciation | (7,850) | (7,850) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 30,555 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 7,850 | |||
MultiFamily Same-Store | Winchester - Rochester, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 748 | |||
Buildings & Improvements | 5,622 | |||
Costs capitalized subsequent to acquisition | 3,040 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,112 | |||
Buildings & Improvements | 8,298 | |||
Total | 9,410 | 9,410 | ||
Accumulated Depreciation | (4,418) | (4,418) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 9,410 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 4,418 | |||
MultiFamily Same-Store | Woodridge - Rochester, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 5,202 | |||
Initial Cost to Company [Abstract] | ||||
Land | 370 | |||
Buildings & Improvements | 6,028 | |||
Costs capitalized subsequent to acquisition | 5,498 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 761 | |||
Buildings & Improvements | 11,135 | |||
Total | 11,896 | 11,896 | ||
Accumulated Depreciation | (6,266) | (6,266) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 11,896 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | $ 6,266 | |||
MultiFamily Same-Store | Minimum | 71 France - Edina, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Alps Park - Rapid City, SD | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Ashland - Grand Forks, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Avalon Cove - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Boulder Court - Eagan, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Canyon Lake - Rapid City, SD | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Cardinal Point - Grand Forks, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Cascade Shores - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Castlerock - Billings, MT | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Chateau - Minot, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Cimarron Hills - Omaha, NE | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Colonial Villa - Burnsville, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Colony - Lincoln, NE | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Commons at Southgate - Minot, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Cottonwood - Bismarck, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Country Meadows - Billings, MT | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Crystal Bay - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Cypress Court - St. Cloud, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Deer Ridge - Jamestown, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Evergreen - Isanti, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | French Creek - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Gardens - Grand Forks, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Grand Gateway - St. Cloud, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | GrandeVille at Cascade Lake - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Greenfield - Omaha, NE | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Heritage Manor - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Homestead Garden - Rapid City, SD | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Lakeside Village Lincoln, NE | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Legacy - Grand Forks, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Legacy Heights - Bismarck, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Meadows - Jamestown, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Monticello Crossings - Monticello, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Monticello Village - Monticello, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Northridge - Bismarck, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Olympic Village - Billings, MT | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Olympik Village - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Park Meadows - Waite Park, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Plaza - Minot, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Pointe West - Rapid City, SD | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Ponds at Heritage Place - Sartell, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Quarry Ridge - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Red 20 - Minneapolis, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Regency Park Estates - St. Cloud, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Rimrock West - Billings, MT | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | River Ridge - Bismarck, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Rocky Meadows - Billings, MT | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Rum River - Isanti, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Silver Springs - Rapid City, SD | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | South Pointe - Minot, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Southpoint - Grand Forks, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Sunset Trail - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Thomasbrook - Lincoln, NE | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Village Green - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | West Stonehill - Waite Park, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Whispering Ridge - Omaha, NE | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Winchester - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Minimum | Woodridge - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
MultiFamily Same-Store | Maximum | 71 France - Edina, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Alps Park - Rapid City, SD | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Ashland - Grand Forks, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Avalon Cove - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Boulder Court - Eagan, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Canyon Lake - Rapid City, SD | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Cardinal Point - Grand Forks, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Cascade Shores - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Castlerock - Billings, MT | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Chateau - Minot, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Cimarron Hills - Omaha, NE | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Colonial Villa - Burnsville, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Colony - Lincoln, NE | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Commons at Southgate - Minot, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Cottonwood - Bismarck, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Country Meadows - Billings, MT | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Crystal Bay - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Cypress Court - St. Cloud, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Deer Ridge - Jamestown, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Evergreen - Isanti, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | French Creek - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Gardens - Grand Forks, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Grand Gateway - St. Cloud, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | GrandeVille at Cascade Lake - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Greenfield - Omaha, NE | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Heritage Manor - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Homestead Garden - Rapid City, SD | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Lakeside Village Lincoln, NE | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Legacy - Grand Forks, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Legacy Heights - Bismarck, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Meadows - Jamestown, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Monticello Crossings - Monticello, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Monticello Village - Monticello, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Northridge - Bismarck, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Olympic Village - Billings, MT | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Olympik Village - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Park Meadows - Waite Park, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Plaza - Minot, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Pointe West - Rapid City, SD | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Ponds at Heritage Place - Sartell, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Quarry Ridge - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Red 20 - Minneapolis, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Regency Park Estates - St. Cloud, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Rimrock West - Billings, MT | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | River Ridge - Bismarck, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Rocky Meadows - Billings, MT | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Rum River - Isanti, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Silver Springs - Rapid City, SD | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | South Pointe - Minot, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Southpoint - Grand Forks, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Sunset Trail - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Thomasbrook - Lincoln, NE | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Village Green - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | West Stonehill - Waite Park, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Whispering Ridge - Omaha, NE | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Winchester - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Maximum | Woodridge - Rochester, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
MultiFamily Same-Store | Wholly Owned Properties | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Multifamily and Other | $ 181,771 | $ 168,504 | ||
MultiFamily Non-Same-Store | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 21,675 | |||
Initial Cost to Company [Abstract] | ||||
Land | 25,709 | |||
Buildings & Improvements | 320,514 | |||
Costs capitalized subsequent to acquisition | 8,946 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 25,808 | |||
Buildings & Improvements | 329,361 | |||
Total | 355,169 | 355,169 | ||
Accumulated Depreciation | (12,048) | (12,048) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 355,169 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 12,048 | |||
MultiFamily Non-Same-Store | FreightYard Townhomes & Flats - Minneapolis, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 1,889 | |||
Buildings & Improvements | 23,616 | |||
Costs capitalized subsequent to acquisition | 877 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 1,895 | |||
Buildings & Improvements | 24,487 | |||
Total | 26,382 | 26,382 | ||
Accumulated Depreciation | $ (1,171) | (1,171) | ||
Life on which depreciation in latest income statement is computed | 30 years | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | $ 26,382 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 1,171 | |||
MultiFamily Non-Same-Store | Ironwood - Minneapolis, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 2,165 | |||
Buildings & Improvements | 36,874 | |||
Costs capitalized subsequent to acquisition | 84 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 2,167 | |||
Buildings & Improvements | 36,956 | |||
Total | 39,123 | 39,123 | ||
Accumulated Depreciation | $ (1,187) | (1,187) | ||
Life on which depreciation in latest income statement is computed | 30 years | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | $ 39,123 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 1,187 | |||
MultiFamily Non-Same-Store | Lugano at Cherry Creek - Denver, CO | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 7,679 | |||
Buildings & Improvements | 87,766 | |||
Costs capitalized subsequent to acquisition | 635 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 7,679 | |||
Buildings & Improvements | 88,401 | |||
Total | 96,080 | 96,080 | ||
Accumulated Depreciation | $ (4,330) | (4,330) | ||
Life on which depreciation in latest income statement is computed | 30 years | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | $ 96,080 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 4,330 | |||
MultiFamily Non-Same-Store | Parkhouse - Thornton, CO | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 10,474 | |||
Buildings & Improvements | 132,105 | |||
Costs capitalized subsequent to acquisition | 228 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 10,484 | |||
Buildings & Improvements | 132,323 | |||
Total | 142,807 | 142,807 | ||
Accumulated Depreciation | $ (1,722) | (1,722) | ||
Life on which depreciation in latest income statement is computed | 30 years | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | $ 142,807 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 1,722 | |||
MultiFamily Non-Same-Store | SouthFork Townhomes | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 21,675 | |||
Initial Cost to Company [Abstract] | ||||
Land | 3,502 | |||
Buildings & Improvements | 40,153 | |||
Costs capitalized subsequent to acquisition | 7,122 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 3,583 | |||
Buildings & Improvements | 47,194 | |||
Total | 50,777 | 50,777 | ||
Accumulated Depreciation | $ (3,638) | (3,638) | ||
Life on which depreciation in latest income statement is computed | 30 years | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | $ 50,777 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 3,638 | |||
Total Multifamily | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 298,445 | |||
Initial Cost to Company [Abstract] | ||||
Land | 145,289 | |||
Buildings & Improvements | 1,464,272 | |||
Costs capitalized subsequent to acquisition | 169,817 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 163,058 | |||
Buildings & Improvements | 1,616,320 | |||
Total | 1,779,378 | 1,779,378 | ||
Accumulated Depreciation | (387,990) | (387,990) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 1,779,378 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 387,990 | |||
Other - Mixed Use | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 389 | |||
Buildings & Improvements | 18,920 | |||
Costs capitalized subsequent to acquisition | 5,391 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 607 | |||
Buildings & Improvements | 24,093 | |||
Total | 24,700 | 24,700 | ||
Accumulated Depreciation | (6,647) | (6,647) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 24,700 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 6,647 | |||
Other - Mixed Use | 71 France - Edina, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 0 | |||
Buildings & Improvements | 5,879 | |||
Costs capitalized subsequent to acquisition | 867 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 0 | |||
Buildings & Improvements | 6,746 | |||
Total | 6,746 | 6,746 | ||
Accumulated Depreciation | (1,151) | (1,151) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 6,746 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 1,151 | |||
Other - Mixed Use | Oxbo - St Paul, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 0 | |||
Buildings & Improvements | 3,472 | |||
Costs capitalized subsequent to acquisition | 54 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 0 | |||
Buildings & Improvements | 3,526 | |||
Total | 3,526 | 3,526 | ||
Accumulated Depreciation | $ (436) | (436) | ||
Life on which depreciation in latest income statement is computed | 30 years | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | $ 3,526 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 436 | |||
Other - Mixed Use | Plaza - Minot, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 389 | |||
Buildings & Improvements | 5,444 | |||
Costs capitalized subsequent to acquisition | 3,845 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 607 | |||
Buildings & Improvements | 9,071 | |||
Total | 9,678 | 9,678 | ||
Accumulated Depreciation | (4,305) | (4,305) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 9,678 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 4,305 | |||
Other - Mixed Use | Red 20 - Minneapolis, MN | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 0 | |||
Buildings & Improvements | 2,525 | |||
Costs capitalized subsequent to acquisition | 419 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 0 | |||
Buildings & Improvements | 2,944 | |||
Total | 2,944 | 2,944 | ||
Accumulated Depreciation | (683) | (683) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 2,944 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 683 | |||
Other - Mixed Use | Lugano at Cherry Creek - Denver, CO | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 0 | |||
Buildings & Improvements | 1,600 | |||
Costs capitalized subsequent to acquisition | 206 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 0 | |||
Buildings & Improvements | 1,806 | |||
Total | 1,806 | 1,806 | ||
Accumulated Depreciation | $ (72) | (72) | ||
Life on which depreciation in latest income statement is computed | 30 years | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | $ 1,806 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | $ 72 | |||
Other - Mixed Use | Minimum | 71 France - Edina, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
Other - Mixed Use | Minimum | Plaza - Minot, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
Other - Mixed Use | Minimum | Red 20 - Minneapolis, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
Other - Mixed Use | Maximum | 71 France - Edina, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
Other - Mixed Use | Maximum | Plaza - Minot, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
Other - Mixed Use | Maximum | Red 20 - Minneapolis, MN | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
Other - Commercial | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 662 | |||
Buildings & Improvements | 7,818 | |||
Costs capitalized subsequent to acquisition | (1) | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 662 | |||
Buildings & Improvements | 7,817 | |||
Total | $ 8,479 | 8,479 | ||
Accumulated Depreciation | (4,612) | (4,612) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 8,479 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 4,612 | |||
Other - Commercial | 3100 10th St SW - Minot, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 246 | |||
Buildings & Improvements | 1,866 | |||
Costs capitalized subsequent to acquisition | (1) | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 246 | |||
Buildings & Improvements | 1,865 | |||
Total | 2,111 | 2,111 | ||
Accumulated Depreciation | (103) | (103) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 2,111 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | 103 | |||
Other - Commercial | Minot IPS - Minot, ND | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to Company [Abstract] | ||||
Land | 416 | |||
Buildings & Improvements | 5,952 | |||
Costs capitalized subsequent to acquisition | 0 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 416 | |||
Buildings & Improvements | 5,952 | |||
Total | 6,368 | 6,368 | ||
Accumulated Depreciation | (4,509) | (4,509) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 6,368 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | $ 4,509 | |||
Other - Commercial | Minimum | Minot IPS - Minot, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
Other - Commercial | Maximum | 3100 10th St SW - Minot, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 30 years | |||
Other - Commercial | Maximum | Minot IPS - Minot, ND | ||||
Gross amount at which carries at close of period [Abstract] | ||||
Life on which depreciation in latest income statement is computed | 37 years | |||
Total | ||||
Real Estate And Accumulated Depreciation [Abstract] | ||||
Encumbrances | 298,445 | |||
Initial Cost to Company [Abstract] | ||||
Land | 146,340 | |||
Buildings & Improvements | 1,491,010 | |||
Costs capitalized subsequent to acquisition | 175,207 | |||
Gross amount at which carries at close of period [Abstract] | ||||
Land | 164,327 | |||
Buildings & Improvements | 1,648,230 | |||
Total | $ 1,812,557 | 1,812,557 | ||
Accumulated Depreciation | (399,249) | $ (399,249) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at close of year | 1,812,557 | |||
Deductions during year [Abstract] | ||||
Balance at close of year | $ 399,249 |
Uncategorized Items - iret-2020
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 56,800,000 |