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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Centerspace | NYSE:CSR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.39 | -0.56% | 69.41 | 70.14 | 69.32 | 70.12 | 91,425 | 22:30:00 |
North Dakota | 45-0311232 | |||||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |||||||
3100 10th Street SW | Post Office Box 1988 | |||||||
Minot | ND | 58702-1988 | ||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Shares of Beneficial Interest, no par value | CSR | New York Stock Exchange | ||||||
Series C Cumulative Redeemable Preferred Shares | CSR-PRC | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | Emerging growth company | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
PAGE | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
PART III | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
PART IV | ||||||||
Item 15. | ||||||||
F-2 |
(in thousands) | |||||||||||
Amount | Maturity Date | Interest Rate | |||||||||
Series A | $ | 75,000 | September 13, 2029 | 3.84 | % | ||||||
Series B | $ | 50,000 | September 30, 2028 | 3.69 | % | ||||||
Series C | $ | 50,000 | June 6, 2030 | 2.70 | % | ||||||
Series 2021-A | $ | 35,000 | September 17, 2030 | 2.50 | % | ||||||
Series 2021-B | $ | 50,000 | September 17, 2031 | 2.62 | % | ||||||
Series 2021-C | $ | 25,000 | September 17, 2032 | 2.68 | % | ||||||
Series 2021-D | $ | 15,000 | September 17, 2034 | 2.78 | % |
(in thousands) | ||||||||||||||
Investment | Physical | |||||||||||||
Net Rentable | (initial cost plus | Occupancy | ||||||||||||
Square | improvements less | as of | ||||||||||||
Property Name and Location | Footage | impairment) | December 31, 2021 | |||||||||||
OTHER - MIXED USE COMMERCIAL | ||||||||||||||
71 France - Edina, MN (1) | 20,955 | $ | 6,746 | 82.0 | % | |||||||||
Civic Lofts - Denver, CO | 1,600 | — | 100.0 | % | ||||||||||
Lugano at Cherry Creek - Denver, CO | 13,295 | 2,257 | 47.8 | % | ||||||||||
Oxbo - St Paul, MN | 11,477 | 3,526 | 100.0 | % | ||||||||||
Plaza - Minot, ND | 50,610 | 9,280 | 100.0 | % | ||||||||||
Red 20 - Minneapolis, MN (1) | 9,155 | 3,000 | 81.4 | % | ||||||||||
TOTAL OTHER - MIXED USE COMMERCIAL | 107,092 | $ | 24,809 | |||||||||||
OTHER - COMMERCIAL | ||||||||||||||
3100 10th St SW - Minot, ND(4) | 9,690 | $ | 2,112 | — | ||||||||||
TOTAL OTHER - COMMERCIAL | 9,690 | $ | 2,112 | |||||||||||
TOTAL SQUARE FOOTAGE - OTHER | 116,782 | |||||||||||||
TOTAL GROSS REAL ESTATE INVESTMENTS, EXCLUDING MORTGAGE NOTES RECEIVABLE | $ | 2,271,170 |
(in thousands) | |||||||||||
State | Total | % of Total | |||||||||
Minnesota | $ | 941,366 | 51.5 | % | |||||||
Colorado | 557,133 | 30.5 | % | ||||||||
North Dakota | 212,518 | 11.6 | % | ||||||||
Nebraska | 71,323 | 3.9 | % | ||||||||
South Dakota | 25,142 | 1.4 | % | ||||||||
Montana | 20,096 | 1.1 | % | ||||||||
Total | $ | 1,827,578 | 100.0 | % |
Maximum Dollar | |||||||||||||||||
Total Number of Shares | Amount of Shares That | ||||||||||||||||
Total Number of | Average Price | Purchased as Part of | May Yet Be Purchased | ||||||||||||||
Shares and Units | Paid per | Publicly Announced | Under the Plans or | ||||||||||||||
Period | Purchased(1) | Share and Unit(2) | Plans or Programs | Programs(3) | |||||||||||||
October 1 - 31, 2021 | — | $ | — | — | $ | — | |||||||||||
November 1 - 30, 2021 | — | — | — | — | |||||||||||||
December 1 - 31, 2021 | — | — | — | — | |||||||||||||
Total | — | $ | — | — |
Period Ending | ||||||||||||||||||||
Index | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 | ||||||||||||||
Centerspace | 100.00 | 83.52 | 76.11 | 117.40 | 119.46 | 193.85 | ||||||||||||||
S&P 500 Index | 100.00 | 121.83 | 116.49 | 153.17 | 181.35 | 233.41 | ||||||||||||||
FTSE Nareit Equity REITs | 100.00 | 105.23 | 100.36 | 126.45 | 116.34 | 166.64 | ||||||||||||||
FTSE Nareit Equity Apartments Index | 100.00 | 103.72 | 107.56 | 135.87 | 115.02 | 188.19 |
(in thousands, except percentages) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | $ Change | % Change | ||||||||||||||
Operating income (loss) | $ | 29,892 | $ | 33,843 | $ | (3,951) | (11.7) | % | |||||||||
Adjustments: | |||||||||||||||||
Property management expenses | 8,752 | 5,801 | 2,951 | 50.9 | % | ||||||||||||
Casualty loss | 344 | 1,662 | (1,318) | (79.3) | % | ||||||||||||
Depreciation and amortization | 92,165 | 75,593 | 16,572 | 21.9 | % | ||||||||||||
General and administrative expenses | 16,213 | 13,440 | 2,773 | 20.6 | % | ||||||||||||
(Gain) loss on sale of real estate and other investments | (27,518) | (25,503) | (2,015) | 7.9 | % | ||||||||||||
Net operating income | $ | 119,848 | $ | 104,836 | $ | 15,012 | 14.3 | % |
(in thousands) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | $ Change | % Change | ||||||||||||||
Revenue | |||||||||||||||||
Same-store | $ | 166,326 | $ | 158,702 | $ | 7,624 | 4.8 | % | |||||||||
Non-same-store | 29,298 | 5,424 | 23,874 | 440.2 | % | ||||||||||||
Other | 2,831 | 2,147 | 684 | 31.9 | % | ||||||||||||
Dispositions | 3,250 | 11,721 | (8,471) | (72.3) | % | ||||||||||||
Total | 201,705 | 177,994 | 23,711 | 13.3 | % | ||||||||||||
Property operating expenses, including real estate taxes | |||||||||||||||||
Same-store | 67,306 | 64,204 | 3,102 | 4.8 | % | ||||||||||||
Non-same-store | 11,790 | 2,152 | 9,638 | 447.9 | % | ||||||||||||
Other | 1,120 | 1,008 | 112 | 11.1 | % | ||||||||||||
Dispositions | 1,641 | 5,794 | (4,153) | (71.7) | % | ||||||||||||
Total | 81,857 | 73,158 | 8,699 | 11.9 | % | ||||||||||||
Net operating income | |||||||||||||||||
Same-store | 99,020 | 94,498 | 4,522 | 4.8 | % | ||||||||||||
Non-same-store | 17,508 | 3,272 | 14,236 | 435.1 | % | ||||||||||||
Other | 1,711 | 1,139 | 572 | 50.2 | % | ||||||||||||
Dispositions | 1,609 | 5,927 | (4,318) | (72.9) | % | ||||||||||||
Total | $ | 119,848 | $ | 104,836 | $ | 15,012 | 14.3 | % | |||||||||
Property management expense | (8,752) | (5,801) | 2,951 | 50.9 | % | ||||||||||||
Casualty loss | (344) | (1,662) | (1,318) | (79.3) | % | ||||||||||||
Depreciation and amortization | (92,165) | (75,593) | 16,572 | 21.9 | % | ||||||||||||
General and administrative expenses | (16,213) | (13,440) | 2,773 | 20.6 | % | ||||||||||||
Gain (loss) on sale of real estate and other investments | 27,518 | 25,503 | (2,015) | 7.9 | % | ||||||||||||
Interest expense | (29,078) | (27,525) | 1,553 | 5.6 | % | ||||||||||||
Loss on extinguishment of debt | (535) | (23) | 512 | 2,226.1 | % | ||||||||||||
Interest and other income (loss) | (2,380) | (1,552) | (828) | 53.4 | % | ||||||||||||
NET INCOME (LOSS) | $ | (2,101) | $ | 4,743 | $ | (6,844) | (144.3) | % | |||||||||
Dividends to preferred unitholders | (640) | (640) | — | — | |||||||||||||
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | 2,806 | 212 | 2,594 | 1,223.6 | % | ||||||||||||
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities | (94) | 126 | (220) | (174.6) | % | ||||||||||||
Net income (loss) attributable to controlling interests | (29) | 4,441 | (4,470) | (100.7) | % | ||||||||||||
Dividends to preferred shareholders | (6,428) | (6,528) | 100 | (1.5) | % | ||||||||||||
Redemption of preferred shares | — | 297 | (297) | 100.0 | % | ||||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ | (6,457) | $ | (1,790) | $ | (4,667) | 260.7 | % |
Year Ended December 31, | |||||||||||
Weighted Average Occupancy (1) | 2021 | 2020 | |||||||||
Same-store | 94.4 | % | 94.7 | % | |||||||
Non-same-store | 94.2 | % | 93.8 | % | |||||||
Total | 94.3 | % | 94.7 | % |
December 31, | |||||||||||
Number of Homes | 2021 | 2020 | |||||||||
Same-store | 10,672 | 10,672 | |||||||||
Non-same-store | 3,769 | 647 | |||||||||
Total | 14,441 | 11,319 |
(in thousands, except per share and unit amounts) | |||||||||||
Year Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Net income (loss) available to common shareholders | $ | (6,457) | $ | (1,790) | |||||||
Adjustments: | |||||||||||
Noncontrolling interests – Operating Partnership | (2,806) | (212) | |||||||||
Depreciation and amortization | 92,165 | 75,593 | |||||||||
Less depreciation – non real estate | (366) | (353) | |||||||||
Less depreciation – partially owned entities | (93) | (379) | |||||||||
(Gain) loss on sale of real estate | (27,518) | (25,503) | |||||||||
FFO applicable to common shares and Units | $ | 54,925 | $ | 47,356 | |||||||
Adjustments to Core FFO: | |||||||||||
Casualty loss (recovery) | $ | — | $ | 749 | |||||||
Loss on extinguishment of debt | 535 | 23 | |||||||||
Rebranding costs | — | 402 | |||||||||
Technology implementation costs | 2,020 | — | |||||||||
(Gain) loss on marketable securities | — | 3,378 | |||||||||
(Discount) premium on redemption of preferred shares | — | (297) | |||||||||
Commercial lease termination proceeds | (450) | — | |||||||||
Acquisition related costs | 230 | — | |||||||||
Interest rate swap termination, amortization, and mark-to-market | 4,942 | — | |||||||||
Amortization of assumed debt | (53) | — | |||||||||
Other miscellaneous items | (64) | — | |||||||||
Core FFO applicable to common shares and Units | $ | 62,085 | $ | 51,611 | |||||||
FFO applicable to common shares and Units | $ | 54,925 | $ | 47,356 | |||||||
Dividends to preferred unitholders | 640 | 640 | |||||||||
FFO applicable to common shares and Units - diluted | $ | 55,565 | $ | 47,996 | |||||||
Core FFO applicable to common shares and Units | $ | 62,085 | $ | 51,611 | |||||||
Dividends to preferred unitholders | 640 | 640 | |||||||||
Core FFO applicable to common shares and Units - diluted | $ | 62,725 | $ | 52,251 | |||||||
Per Share Data | |||||||||||
Earnings (loss) per common share - diluted | $ | (0.47) | $ | (0.15) | |||||||
FFO per share and Unit - diluted | $ | 3.54 | $ | 3.47 | |||||||
Core FFO per share and Unit - diluted | $ | 3.99 | $ | 3.78 | |||||||
Weighted average shares and Units - diluted | 15,704 | 13,835 |
(in thousands) | |||||||||||
Amount | Maturity Date | Interest Rate | |||||||||
Series A | $ | 75,000 | September 13, 2029 | 3.84 | % | ||||||
Series B | $ | 50,000 | September 30, 2028 | 3.69 | % | ||||||
Series C | $ | 50,000 | June 6, 2030 | 2.70 | % | ||||||
Series 2021-A | $ | 35,000 | September 17, 2030 | 2.50 | % | ||||||
Series 2021-B | $ | 50,000 | September 17, 2031 | 2.62 | % | ||||||
Series 2021-C | $ | 25,000 | September 17, 2032 | 2.68 | % | ||||||
Series 2021-D | $ | 15,000 | September 17, 2034 | 2.78 | % |
(in thousands) | ||||||||||||||||||||||||||||||||
Less than | More than | |||||||||||||||||||||||||||||||
Total | 1 Year | 1-3 Years | 3-5 Years | 5 Years | ||||||||||||||||||||||||||||
Mortgages payable (principal and interest) | $ | 590,992 | $ | 43,056 | $ | 77,269 | $ | 105,374 | $ | 365,293 | ||||||||||||||||||||||
Lines of credit (principal and interest)(1) | $ | 84,665 | $ | 2,164 | $ | 4,584 | 77,917 | — | ||||||||||||||||||||||||
Total | $ | 675,657 | $ | 45,220 | $ | 81,853 | $ | 183,291 | $ | 365,293 |
Future Principal Payments (in thousands, except percentages) | |||||||||||||||||||||||||||||
Fair | |||||||||||||||||||||||||||||
Debt | 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | Value | |||||||||||||||||||||
Fixed Rate | $ | 27,113 | $ | 45,067 | $ | 4,054 | $ | 32,850 | $ | 49,047 | $ | 625,653 | $ | 783,784 | $ | 791,698 | |||||||||||||
Average Interest Rate(1) | 3.85 | % | 3.83 | % | 3.80 | % | 3.80 | % | 3.84 | % | 3.15 | % | 3.25 | % | |||||||||||||||
Variable Rate(2) | $ | — | $ | — | — | $ | 76,000 | $ | — | — | $ | 76,000 | $ | 76,000 | |||||||||||||||
Average Interest Rate(1) | — | — | — | 2.74 | % | — | — | 2.74 | % |
EXHIBIT NO. | DESCRIPTION | |||||||
4.13 | ||||||||
4.14 | ||||||||
4.15 | ||||||||
10.1** | ||||||||
10.2** | ||||||||
10.3** | ||||||||
10.4** | ||||||||
10.5** | ||||||||
10.6** | ||||||||
10.7** | ||||||||
10.8** | ||||||||
10.9** | ||||||||
10.10** | ||||||||
10.11** | ||||||||
10.12 | ||||||||
10.13 | ||||||||
10.14 | ||||||||
10.15 | ||||||||
EXHIBIT NO. | DESCRIPTION | |||||||
10.16 | ||||||||
10.17 | ||||||||
10.18 | ||||||||
10.19 | ||||||||
10.20 | ||||||||
10.21 | ||||||||
10.22 | ||||||||
10.23 | ||||||||
21.1† | ||||||||
23.1† | ||||||||
24.1† | Power of Attorney (included on the signature page to this Annual Report on Form 10-K and incorporated by reference herein). | |||||||
31.1† | ||||||||
31.2† | ||||||||
32.1† | ||||||||
32.2† | ||||||||
101† | The following materials from our Annual Report on Form 10-K for the twelve-months ended December 31, 2021 formatted in Inline eXtensible Business Reporting Language ("iXBRL"): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Equity, (iv) the Consolidated Statements of Cash Flows, (v) notes to these consolidated financial statements, and (vi) the Cover Page to our Annual Report on From 10-K. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline iXBRL and contained in Exhibit 101) |
Date: February 28, 2022 | Centerspace | |||||||
By: | /s/ Mark O. Decker, Jr. | |||||||
Mark O. Decker, Jr. | ||||||||
President & Chief Executive Officer |
Signature | Title | Date | ||||||||||||
/s/ John A. Schissel | ||||||||||||||
John A. Schissel | Trustee & Chairman | February 28, 2022 | ||||||||||||
/s/ Mark O. Decker, Jr. | ||||||||||||||
Mark O. Decker, Jr. | President & Chief Executive Officer (Principal Executive Officer); Trustee | February 28, 2022 | ||||||||||||
/s/ Bhairav Patel | ||||||||||||||
Bhairav Patel | Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | February 28, 2022 | ||||||||||||
/s/ Michael T. Dance | ||||||||||||||
Michael T. Dance | Trustee | February 28, 2022 | ||||||||||||
/s/ Emily Nagle Green | ||||||||||||||
Emily Nagle Green | Trustee | February 28, 2022 | ||||||||||||
/s/ Linda J. Hall | ||||||||||||||
Linda J. Hall | Trustee | February 28, 2022 | ||||||||||||
/s/ Jeffrey P. Caira | ||||||||||||||
Jeffrey P. Caira | Trustee | February 28, 2022 | ||||||||||||
/s/ Mary J. Twinem | ||||||||||||||
Mary J. Twinem | Trustee | February 28, 2022 | ||||||||||||
/s/ Rodney Jones-Tyson | ||||||||||||||
Rodney Jones-Tyson | Trustee | February 28, 2022 | ||||||||||||
(in thousands, except per share data) | |||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Real estate investments | |||||||||||
Property owned | $ | 2,271,170 | $ | 1,812,557 | |||||||
Less accumulated depreciation | (443,592) | (399,249) | |||||||||
1,827,578 | 1,413,308 | ||||||||||
Mortgage loans receivable | 43,276 | 24,661 | |||||||||
Total real estate investments | 1,870,854 | 1,437,969 | |||||||||
Cash and cash equivalents | 31,267 | 392 | |||||||||
Restricted cash | 7,358 | 6,918 | |||||||||
Other assets | 30,582 | 18,904 | |||||||||
TOTAL ASSETS | $ | 1,940,061 | $ | 1,464,183 | |||||||
LIABILITIES, MEZZANINE EQUITY, AND EQUITY | |||||||||||
LIABILITIES | |||||||||||
Accounts payable and accrued expenses | $ | 62,403 | $ | 55,609 | |||||||
Revolving lines of credit | 76,000 | 152,871 | |||||||||
Notes payable, net of unamortized loan costs of $656 and $754, respectively | 299,344 | 269,246 | |||||||||
Mortgages payable, net of unamortized loan costs of $3,187 and $1,371, respectively | 480,703 | 297,074 | |||||||||
TOTAL LIABILITIES | $ | 918,450 | $ | 774,800 | |||||||
COMMITMENTS AND CONTINGENCIES (NOTE 12) | |||||||||||
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 166 units issued and outstanding at December 31, 2021 and 2020, aggregate liquidation preference of $16,560) | $ | 25,331 | $ | 16,560 | |||||||
EQUITY | |||||||||||
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 3,881 shares issued and outstanding at December 31, 2021 and 2020, aggregate liquidation preference of $97,036) | 93,530 | 93,530 | |||||||||
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 15,016 shares issued and outstanding at December 31, 2021 and 13,027 shares issued and outstanding at December 31, 2020) | 1,157,255 | 968,263 | |||||||||
Accumulated distributions in excess of net income | (474,318) | (427,681) | |||||||||
Accumulated other comprehensive income (loss) | (4,435) | (15,905) | |||||||||
Total shareholders’ equity | $ | 772,032 | $ | 618,207 | |||||||
Noncontrolling interests – Operating Partnership and Series E preferred units | 223,600 | 53,930 | |||||||||
Noncontrolling interests – consolidated real estate entities | 648 | 686 | |||||||||
TOTAL EQUITY | $ | 996,280 | $ | 672,823 | |||||||
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY | $ | 1,940,061 | $ | 1,464,183 |
(in thousands, except per share data) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
REVENUE | $ | 201,705 | $ | 177,994 | $ | 185,755 | ||||||||||||||
EXPENSES | ||||||||||||||||||||
Property operating expenses, excluding real estate taxes | 57,753 | 51,625 | 57,249 | |||||||||||||||||
Real estate taxes | 24,104 | 21,533 | 21,066 | |||||||||||||||||
Property management expense | 8,752 | 5,801 | 6,186 | |||||||||||||||||
Casualty loss | 344 | 1,662 | 1,116 | |||||||||||||||||
Depreciation and amortization | 92,165 | 75,593 | 74,271 | |||||||||||||||||
General and administrative expenses | 16,213 | 13,440 | 14,450 | |||||||||||||||||
TOTAL EXPENSES | 199,331 | 169,654 | 174,338 | |||||||||||||||||
Gain (loss) on sale of real estate and other investments | 27,518 | 25,503 | 97,624 | |||||||||||||||||
Operating income (loss) | 29,892 | 33,843 | 109,041 | |||||||||||||||||
Interest expense | (29,078) | (27,525) | (30,537) | |||||||||||||||||
Loss on extinguishment of debt | (535) | (23) | (2,360) | |||||||||||||||||
Interest and other income (loss) | (2,380) | (1,552) | 2,092 | |||||||||||||||||
Gain (loss) on litigation settlement | — | — | 6,586 | |||||||||||||||||
NET INCOME (LOSS) | (2,101) | 4,743 | 84,822 | |||||||||||||||||
Dividends to preferred unitholders | (640) | (640) | (537) | |||||||||||||||||
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | 2,806 | 212 | (6,752) | |||||||||||||||||
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities | (94) | 126 | 1,136 | |||||||||||||||||
Net income (loss) attributable to controlling interests | (29) | 4,441 | 78,669 | |||||||||||||||||
Dividends to preferred shareholders | (6,428) | (6,528) | (6,821) | |||||||||||||||||
Redemption of preferred shares | — | 297 | — | |||||||||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ | (6,457) | $ | (1,790) | $ | 71,848 | ||||||||||||||
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC | $ | (0.47) | $ | (0.15) | $ | 6.06 | ||||||||||||||
NET EARNINGS (LOSS) PER COMMON SHARE – DILUTED | $ | (0.47) | $ | (0.15) | $ | 6.00 | ||||||||||||||
Weighted average shares - basic | 13,803 | 12,564 | 11,744 | |||||||||||||||||
Weighted average shares - dilutive | 15,704 | 13,594 | 13,182 |
(in thousands) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
NET INCOME (LOSS) | $ | (2,101) | $ | 4,743 | $ | 84,822 | ||||||||||||||
Other comprehensive income: | ||||||||||||||||||||
Unrealized gain (loss) from derivative instrument | 2,383 | (11,068) | (7,040) | |||||||||||||||||
(Gain) loss on derivative instrument reclassified into earnings | 9,087 | 2,770 | 289 | |||||||||||||||||
Total comprehensive income (loss) | $ | 9,369 | $ | (3,555) | $ | 78,071 | ||||||||||||||
Net comprehensive (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | 4,407 | 882 | (6,058) | |||||||||||||||||
Net comprehensive (income) loss attributable to noncontrolling interests – consolidated real estate entities | (94) | 126 | 1,136 | |||||||||||||||||
Comprehensive income (loss) attributable to controlling interests | $ | 13,682 | $ | (2,547) | $ | 73,149 |
(in thousands, except per share amounts) | ||||||||||||||||||||||||||
NUMBER | ACCUMULATED | ACCUMULATED | ||||||||||||||||||||||||
OF | DISTRIBUTIONS | OTHER | NONREDEEMABLE | |||||||||||||||||||||||
PREFERRED | COMMON | COMMON | IN EXCESS OF | COMPREHENSIVE | NONCONTROLLING | TOTAL | ||||||||||||||||||||
SHARES | SHARES | SHARES | NET INCOME | INCOME | INTERESTS | EQUITY | ||||||||||||||||||||
Balance at December 31, 2018 | $ | 99,456 | 11,942 | $ | 899,234 | $ | (429,048) | $ | (856) | $ | 74,663 | $ | 643,449 | |||||||||||||
Net income (loss) attributable to controlling interest and noncontrolling interests | 78,669 | 5,790 | 84,459 | |||||||||||||||||||||||
Change in fair value of derivatives | (6,751) | (6,751) | ||||||||||||||||||||||||
Distributions – common shares and Units ($2.80 per share and Unit) | (32,996) | (3,414) | (36,410) | |||||||||||||||||||||||
Distributions – Series C preferred shares ($1.65625 per Series C share) | (6,821) | (6,821) | ||||||||||||||||||||||||
Share-based compensation, net of forfeitures | 11 | 1,905 | 1,905 | |||||||||||||||||||||||
Sale of common shares, net | 308 | 22,019 | 22,019 | |||||||||||||||||||||||
Redemption of Units for common shares | 173 | 7,823 | (7,823) | — | ||||||||||||||||||||||
Redemption of Units for cash | (8,147) | (8,147) | ||||||||||||||||||||||||
Shares repurchased | (329) | (18,023) | (18,023) | |||||||||||||||||||||||
Acquisition of redeemable noncontrolling interests | 4,529 | 4,529 | ||||||||||||||||||||||||
Other | (7) | (87) | (220) | (307) | ||||||||||||||||||||||
Balance at December 31, 2019 | $ | 99,456 | 12,098 | $ | 917,400 | $ | (390,196) | $ | (7,607) | $ | 60,849 | $ | 679,902 | |||||||||||||
Net income (loss) attributable to controlling interests and noncontrolling interests | 4,441 | (338) | 4,103 | |||||||||||||||||||||||
Change in fair value of derivatives | (8,298) | (8,298) | ||||||||||||||||||||||||
Distributions – common shares and Units ($2.80 per share and Unit) | (35,695) | (2,842) | (38,537) | |||||||||||||||||||||||
Distributions – Series C preferred shares ($1.65625 per Series C share) | (6,528) | (6,528) | ||||||||||||||||||||||||
Share-based compensation, net of forfeitures | 20 | 2,106 | 2,106 | |||||||||||||||||||||||
Sale of common shares, net | 829 | 58,852 | 58,852 | |||||||||||||||||||||||
Redemption of Units for common shares | 81 | (1,750) | 1,750 | — | ||||||||||||||||||||||
Shares repurchased | (5,926) | 297 | (5,629) | |||||||||||||||||||||||
Acquisition of nonredeemable noncontrolling interests – consolidated real estate entities | (7,584) | (4,637) | (12,221) | |||||||||||||||||||||||
Other | (1) | (761) | (166) | (927) | ||||||||||||||||||||||
Balance at December 31, 2020 | $ | 93,530 | 13,027 | $ | 968,263 | $ | (427,681) | $ | (15,905) | $ | 54,616 | $ | 672,823 | |||||||||||||
Net income (loss) attributable to controlling interests and noncontrolling interests | (29) | (2,712) | (2,741) | |||||||||||||||||||||||
Change in fair value of derivatives | 11,470 | 11,470 | ||||||||||||||||||||||||
Distributions – common shares and Units ($2.84 per share and Unit) | (40,180) | (2,489) | (42,669) | |||||||||||||||||||||||
Distributions – Series C preferred shares ($1.65625 per Series C share) | (6,428) | (6,428) | ||||||||||||||||||||||||
Distributions – Series E preferred units ($1.301667 per unit) | (2,343) | (2,343) | ||||||||||||||||||||||||
Share-based compensation, net of forfeitures | 28 | 2,689 | 2,689 | |||||||||||||||||||||||
Sale of common shares, net | 1,817 | 156,038 | 156,038 | |||||||||||||||||||||||
Issuance of Series E preferred units | 44,905 | 172,608 | 217,513 | |||||||||||||||||||||||
Redemption of Units for common shares | 144 | (4,714) | 4,714 | — | ||||||||||||||||||||||
Change in value of Series D preferred units | — | (8,771) | (8,771) | |||||||||||||||||||||||
Other | — | (1,155) | (146) | (1,301) | ||||||||||||||||||||||
Balance at December 31, 2021 | $ | 93,530 | 15,016 | $ | 1,157,255 | $ | (474,318) | $ | (4,435) | $ | 224,248 | $ | 996,280 |
(in thousands) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net income (loss) | $ | (2,101) | $ | 4,743 | $ | 84,822 | ||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 93,110 | 76,596 | 75,408 | |||||||||||||||||
(Gain) loss on sale of real estate, land, and other investments | (27,518) | (25,503) | (97,624) | |||||||||||||||||
Realized (gain) loss on marketable securities | — | 3,378 | — | |||||||||||||||||
(Gain) loss on extinguishment of debt and discontinued operations | 535 | 23 | 2,360 | |||||||||||||||||
(Gain) loss on litigation settlement | — | — | (1,349) | |||||||||||||||||
Share-based compensation expense | 2,687 | 2,106 | 1,905 | |||||||||||||||||
(Gain) loss on interest rate swap termination, amortization, and mark-to-market | 4,931 | — | — | |||||||||||||||||
Bad debt expense | 2,304 | 2,332 | 1,050 | |||||||||||||||||
Other, net | (268) | 1,310 | 46 | |||||||||||||||||
Changes in other assets and liabilities: | ||||||||||||||||||||
Other assets | (5,402) | (4,818) | 1,076 | |||||||||||||||||
Accounts payable and accrued expenses | 15,750 | 1,061 | 1,930 | |||||||||||||||||
Net cash provided (used) by operating activities | $ | 84,028 | $ | 61,228 | $ | 69,624 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Proceeds from repayment of mortgage loans receivable | — | 10,020 | — | |||||||||||||||||
Proceeds from sale of marketable securities | — | 3,856 | — | |||||||||||||||||
Increase in mortgages and notes receivable | (18,614) | (24,862) | (6,279) | |||||||||||||||||
Purchase of marketable securities | — | (179) | (6,942) | |||||||||||||||||
Proceeds from sale of real estate and other investments | 61,334 | 43,686 | 199,282 | |||||||||||||||||
Payments for acquisitions of real estate assets | (273,566) | (168,696) | (158,466) | |||||||||||||||||
Payments for improvements of real estate assets | (35,877) | (30,315) | (20,954) | |||||||||||||||||
Other investing activities | (502) | 1,525 | 366 | |||||||||||||||||
Net cash provided (used) by investing activities | $ | (267,225) | $ | (164,965) | $ | 7,007 | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from mortgages payable | 196,725 | — | 59,900 | |||||||||||||||||
Principal payments on mortgages payable | (36,282) | (33,422) | (177,743) | |||||||||||||||||
Proceeds from revolving lines of credit | 258,580 | 155,028 | 245,397 | |||||||||||||||||
Principal payments on revolving lines of credit | (335,451) | (52,235) | (252,818) | |||||||||||||||||
Proceeds from notes payable and other debt | 174,544 | — | 124,878 | |||||||||||||||||
Principal payments on notes payable and other debt | (145,000) | — | — | |||||||||||||||||
Payments for termination of interest rate swaps | (3,804) | — | — | |||||||||||||||||
Proceeds from sale of common shares, net of issuance costs | 156,038 | 58,852 | 22,019 | |||||||||||||||||
Payments for acquisition of noncontrolling interests – consolidated real estate entities | — | (12,221) | (1,260) | |||||||||||||||||
Repurchase of common shares | — | — | (18,023) | |||||||||||||||||
Repurchase of preferred shares | — | (5,629) | — | |||||||||||||||||
Repurchase of partnership units | — | (50) | (8,147) | |||||||||||||||||
Distributions paid to common shareholders | (38,487) | (35,045) | (32,891) | |||||||||||||||||
Distributions paid to preferred shareholders | (6,428) | (6,528) | (6,821) | |||||||||||||||||
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units | (4,916) | (2,900) | (3,630) | |||||||||||||||||
Distributions paid to preferred unitholders | (640) | (640) | (377) | |||||||||||||||||
Other financing activities | (367) | (280) | (254) | |||||||||||||||||
Net cash provided (used) by financing activities | $ | 214,512 | $ | 64,930 | $ | (49,770) | ||||||||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 31,315 | (38,807) | 26,861 | |||||||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR | 7,310 | 46,117 | 19,256 | |||||||||||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR | $ | 38,625 | $ | 7,310 | $ | 46,117 |
(in thousands) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||||||||||||||||||
Accrued capital expenditures | $ | (802) | $ | (1,420) | $ | 1,273 | ||||||||||||||
Operating partnership units converted to shares | (4,714) | (1,750) | 7,823 | |||||||||||||||||
Distributions declared but not paid | 11,411 | 9,802 | 9,210 | |||||||||||||||||
Retirement of shares withheld for taxes | 933 | — | — | |||||||||||||||||
Real estate assets acquired through assumption of debt | 20,000 | — | — | |||||||||||||||||
Fair value adjustment to debt | 2,367 | — | — | |||||||||||||||||
Property acquired through issuance of Series D preferred units | — | — | 16,560 | |||||||||||||||||
Real estate assets acquired through exchange of note receivable | — | 17,663 | — | |||||||||||||||||
Note receivable exchanged through real estate acquisition | — | (17,663) | — | |||||||||||||||||
Real estate acquired through issuance of Series E preferred units | 217,513 | — | — | |||||||||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||||||||||||||
Cash paid for interest | 26,528 | 26,051 | 28,679 |
(in thousands) | |||||||||||||||||
Balance sheet description | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Cash and cash equivalents | $ | 31,267 | $ | 392 | $ | 26,579 | |||||||||||
Restricted cash | 7,358 | 6,918 | 19,538 | ||||||||||||||
Total cash, cash equivalents and restricted cash | $ | 38,625 | $ | 7,310 | $ | 46,117 |
(in thousands) | ||||||||
2022 | $ | 2,447 | ||||||
2023 | 2,455 | |||||||
2024 | 2,453 | |||||||
2025 | 2,400 | |||||||
2026 | 1,804 | |||||||
Thereafter | 880 | |||||||
Total scheduled lease income - operating leases | $ | 12,439 |
(in thousands) | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
Revenue Stream | Applicable Standard | 2021 | 2020 | 2019 | |||||||||||||
Fixed lease income - operating leases | Leases | $ | 189,452 | $ | 168,119 | $ | 176,706 | ||||||||||
Variable lease income - operating leases | Leases | 8,565 | 7,068 | 5,586 | |||||||||||||
Other property revenue | Revenue from contracts with customers | 3,688 | 2,807 | 3,463 | |||||||||||||
Total revenue | $ | 201,705 | $ | 177,994 | $ | 185,755 |
CALENDAR YEAR | 2021 | 2020 | 2019 | |||||||||||
Tax status of distributions | ||||||||||||||
Capital gain | 0.92 | % | 13.62 | % | 38.53 | % | ||||||||
Ordinary income | 7.82 | % | 7.91 | % | 23.43 | % | ||||||||
Return of capital | 91.26 | % | 78.47 | % | 38.04 | % |
in thousands | ||||||||
December 31, 2021 | December 31, 2020 | |||||||
Receivable arising from straight line rents | $ | 343 | $ | 336 | ||||
Accounts receivable, net of allowance | 667 | 523 | ||||||
Real estate related loans receivable | 6,208 | 6,332 | ||||||
Prepaid and other assets | 9,693 | 5,702 | ||||||
Intangible assets, net of accumulated amortization | 7,370 | 1,150 | ||||||
Property and equipment, net of accumulated depreciation | 3,370 | 2,674 | ||||||
Goodwill | 866 | 986 | ||||||
Deferred charges and leasing costs | 2,065 | 1,201 | ||||||
Total Other Assets | $ | 30,582 | $ | 18,904 |
(in thousands, except per share data) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
NUMERATOR | ||||||||||||||||||||
Net income (loss) attributable to controlling interests | (29) | 4,441 | 78,669 | |||||||||||||||||
Dividends to preferred shareholders | (6,428) | (6,528) | (6,821) | |||||||||||||||||
Redemption of preferred shares | — | 297 | — | |||||||||||||||||
Numerator for basic earnings per share – net income (loss) available to common shareholders | (6,457) | (1,790) | 71,848 | |||||||||||||||||
Noncontrolling interests – Operating Partnership and Series E preferred units | (2,806) | (212) | 6,752 | |||||||||||||||||
Dividends to preferred unitholders | 640 | 640 | 537 | |||||||||||||||||
Numerator for diluted earnings (loss) per share | $ | (8,623) | $ | (1,362) | $ | 79,137 | ||||||||||||||
DENOMINATOR | ||||||||||||||||||||
Denominator for basic earnings per share weighted average shares | 13,803 | 12,564 | 11,744 | |||||||||||||||||
Effect of redeemable operating partnership units | 899 | 1,030 | 1,237 | |||||||||||||||||
Effect of Series D preferred units | 228 | — | 193 | |||||||||||||||||
Effect of Series E preferred units | 729 | — | — | |||||||||||||||||
Effect of diluted restricted stock awards and restricted stock units | 45 | — | 8 | |||||||||||||||||
Denominator for diluted earnings per share | 15,704 | 13,594 | 13,182 | |||||||||||||||||
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC | $ | (0.47) | $ | (0.15) | $ | 6.06 | ||||||||||||||
NET EARNINGS (LOSS) PER COMMON SHARE – DILUTED | $ | (0.47) | $ | (0.15) | $ | 6.00 |
(in thousands) | |||||||||||
Number of | Total Book | ||||||||||
Units | Value | ||||||||||
Year ended December 31, 2021 | 144 | $ | (4,714) | ||||||||
Year ended December 31, 2020 | 81 | $ | (1,750) |
(in thousands, except per share amounts) | |||||||||||
Number of Common Shares | Total Consideration(1) | Average Price Per Share(1) | |||||||||
Year ended December 31, 2021 | 1,817 | $ | 156,449 | $ | 86.13 | ||||||
Year ended December 31, 2020 | 829 | $ | 59,187 | $ | 71.39 |
(in thousands, except per share amounts) | |||||||||||
Number of Preferred Shares | Aggregate Cost(1) | Average Price Per Share(1) | |||||||||
Year ended December 31, 2020 | 237 | $ | 5,629 | $ | 23.75 |
(in thousands) | |||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||
IRET - Cypress Court Apartments, LLC | $ | 648 | $ | 686 | |||||||
(in thousands) | |||||||||||
Amount | Maturity Date | Interest Rate | |||||||||
Series A | $ | 75,000 | September 13, 2029 | 3.84 | % | ||||||
Series B | $ | 50,000 | September 30, 2028 | 3.69 | % | ||||||
Series C | $ | 50,000 | June 6, 2030 | 2.70 | % | ||||||
Series 2021-A | $ | 35,000 | September 17, 2030 | 2.50 | % | ||||||
Series 2021-B | $ | 50,000 | September 17, 2031 | 2.62 | % | ||||||
Series 2021-C | $ | 25,000 | September 17, 2032 | 2.68 | % | ||||||
Series 2021-D | $ | 15,000 | September 17, 2034 | 2.78 | % |
(in thousands) | ||||||||||||||
December 31, 2021 | December 31, 2020 | Weighted Average Maturity in Years | ||||||||||||
Lines of credit | $ | 76,000 | $ | 152,871 | 3.75 | |||||||||
Term loans(1) | — | 145,000 | ||||||||||||
Unsecured senior notes(1) | 300,000 | 125,000 | 8.63 | |||||||||||
Unsecured debt | 376,000 | 422,871 | 7.84 | |||||||||||
Mortgages payable - Fannie Mae credit facility | 198,850 | — | 9.56 | |||||||||||
Mortgages payable - other | 284,934 | 298,445 | 4.93 | |||||||||||
Total debt | $ | 859,784 | $ | 721,316 | 7.19 | |||||||||
Annual Weighted Average Interest Rates | ||||||||||||||
Lines of credit (rate with swap) (2) | 2.74 | % | 2.85 | % | ||||||||||
Term loans (rate with swaps) | — | 4.15 | % | |||||||||||
Unsecured senior notes | 3.12 | % | 3.78 | % | ||||||||||
Mortgages payable - Fannie Mae credit facility | 2.78 | % | — | |||||||||||
Mortgages payable - other | 3.81 | % | 3.93 | % | ||||||||||
Total debt | 3.26 | % | 3.62 | % |
(in thousands) | ||||||||
2022 | $ | 27,113 | ||||||
2023 | 45,067 | |||||||
2024 | 4,054 | |||||||
2025 | 108,850 | |||||||
2026 | 49,047 | |||||||
Thereafter | 625,653 | |||||||
Total payments | $ | 859,784 |
(in thousands) | |||||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||
Balance Sheet Location | Fair Value | Fair Value | |||||||||||||||
Total derivative instruments designated as hedging instruments - interest rate swaps | Accounts Payable and Accrued Expenses | $ | 4,610 | $ | 15,905 | ||||||||||||
Total derivative instruments not designated as hedging instruments - interest rate swaps | Accounts Payable and Accrued Expenses | $ | 1,097 | $ | — |
(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, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Total derivatives in cash flow hedging relationships - interest rate swaps | $ | 2,383 | $ | (11,068) | $ | (7,040) | Interest expense | $ | (9,087) | $ | (2,770) | $ | (289) |
(in thousands) | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2021 | |||||||||||||||||
Assets | |||||||||||||||||
Mortgages and notes receivable | $ | 49,484 | $ | — | $ | — | $ | 49,484 | |||||||||
Liabilities | |||||||||||||||||
Derivative instruments - interest rate swaps | $ | 5,707 | $ | — | $ | — | $ | 5,707 | |||||||||
December 31, 2020 | |||||||||||||||||
Assets | |||||||||||||||||
Mortgages and notes receivable | $ | 30,994 | $ | — | $ | — | $ | 30,994 | |||||||||
Liabilities | |||||||||||||||||
Derivative instruments - interest rate swaps | $ | 15,905 | $ | — | $ | — | $ | 15,905 |
(in thousands) | |||||||||||||||||
Fair Value Measurement | Other Gains (Losses) | Interest Income | Total Changes in Fair Value Included in Current Period Earnings | ||||||||||||||
Year ended December 31, 2021 | $ | 49,484 | $ | 14 | $ | 2,403 | $ | 2,417 | |||||||||
Year ended December 31, 2020 | $ | 30,994 | $ | 12 | $ | 1,442 | $ | 1,454 |
(in thousands) | |||||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
FINANCIAL ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 31,267 | $ | 31,267 | $ | 392 | $ | 392 | |||||||||
Restricted cash | 7,358 | 7,358 | 6,918 | 6,918 | |||||||||||||
FINANCIAL LIABILITIES | |||||||||||||||||
Revolving lines of credit(1) | 76,000 | 76,000 | 152,871 | 152,871 | |||||||||||||
Term loans(1) | — | — | 145,000 | 145,000 | |||||||||||||
Unsecured senior notes | 300,000 | 308,302 | 125,000 | 133,181 | |||||||||||||
Mortgages payable - Fannie Mae credit facility | 198,850 | 198,850 | — | — | |||||||||||||
Mortgages payable - other | 284,934 | 284,546 | 298,445 | 308,855 |
(in thousands) | ||||||||||||||||||||||||||||||||
Total | Form of Consideration | Investment Allocation | ||||||||||||||||||||||||||||||
Date | Acquisition | Intangible | ||||||||||||||||||||||||||||||
Acquisitions | Acquired | Cost(1) | Cash | Units(2) | Other(3) | Land | Building | Assets | Other(4) | |||||||||||||||||||||||
256 homes -Union Pointe Apartment Homes - Longmont, CO | January 6, 2021 | $ | 76,900 | $ | 76,900 | $ | — | $ | — | $ | 5,727 | $ | 69,966 | $ | 1,207 | $ | — | |||||||||||||||
120 homes - Bayberry Place - Minneapolis, MN | September 1, 2021 | 16,673 | 898 | 9,855 | 5,920 | 1,807 | 14,113 | 753 | — | |||||||||||||||||||||||
251 homes - Burgandy & Hillsboro Court - Minneapolis, MN | September 1, 2021 | 35,569 | 2,092 | 22,542 | 10,935 | 2,834 | 31,148 | 1,587 | — | |||||||||||||||||||||||
97 homes - Venue on Knox - Minneapolis, MN | September 1, 2021 | 18,896 | 500 | 11,375 | 7,021 | 3,438 | 14,743 | 715 | — | |||||||||||||||||||||||
120 homes - Gatewood - St. Cloud, MN | September 1, 2021 | 7,781 | 378 | 3,388 | 4,015 | 327 | 6,858 | 596 | — | |||||||||||||||||||||||
84 homes - Grove Ridge - Minneapolis, MN | September 1, 2021 | 12,060 | 121 | 8,579 | 3,360 | 1,250 | 10,271 | 539 | — | |||||||||||||||||||||||
119 homes - The Legacy - St. Cloud, MN | September 1, 2021 | 10,560 | 229 | 5,714 | 4,617 | 412 | 9,556 | 592 | — | |||||||||||||||||||||||
151 homes - New Hope Garden & Village - Minneapolis, MN | September 1, 2021 | 15,006 | 1,435 | 10,812 | 2,759 | 1,603 | 12,578 | 825 | — | |||||||||||||||||||||||
330 homes - Palisades - Minneapolis, MN | September 1, 2021 | 53,354 | 2,884 | 30,470 | 20,000 | 6,919 | 46,577 | 2,211 | (2,353) | |||||||||||||||||||||||
96 homes - Plymouth Pointe - Minneapolis, MN | September 1, 2021 | 14,450 | 370 | 9,061 | 5,019 | 1,042 | 12,809 | 599 | — | |||||||||||||||||||||||
93 homes - Pointe West - St. Cloud, MN | September 1, 2021 | 7,558 | 91 | 3,605 | 3,862 | 246 | 6,849 | 463 | — | |||||||||||||||||||||||
301 homes - River Pointe - Minneapolis MN | September 1, 2021 | 38,348 | 2,249 | 21,653 | 14,446 | 3,346 | 33,117 | 1,885 | — | |||||||||||||||||||||||
70 homes - Southdale Parc - Minneapolis, MN | September 1, 2021 | 9,670 | 165 | 7,907 | 1,598 | 1,569 | 7,740 | 361 | — | |||||||||||||||||||||||
62 homes - Portage - Minneapolis, MN | September 1, 2021 | 9,171 | 323 | 5,588 | 3,260 | 2,133 | 6,685 | 353 | — | |||||||||||||||||||||||
200 homes - Windsor Gates - Minneapolis, MN | September 1, 2021 | 22,231 | 1,122 | 12,080 | 9,029 | 2,140 | 18,943 | 1,148 | — | |||||||||||||||||||||||
136 homes - Wingate - Minneapolis, MN | September 1, 2021 | 15,784 | 723 | 10,246 | 4,815 | 1,480 | 13,530 | 774 | — | |||||||||||||||||||||||
178 homes - Woodhaven - Minneapolis, MN | September 1, 2021 | 25,009 | 1,682 | 15,200 | 8,127 | 3,940 | 20,080 | 989 | — | |||||||||||||||||||||||
288 homes - Woodland Pointe - Minneapolis, MN | September 1, 2021 | 47,796 | 437 | 29,438 | 17,921 | 5,367 | 40,422 | 2,007 | — | |||||||||||||||||||||||
176 homes - Civic Lofts - Denver, CO | December 21, 2021 | 63,000 | 63,000 | — | — | 6,166 | 55,204 | 1,630 | — | |||||||||||||||||||||||
Total Acquisitions | $ | 499,816 | $ | 155,599 | $ | 217,513 | $ | 126,704 | $ | 51,746 | $ | 431,189 | $ | 19,234 | $ | (2,353) |
(in thousands) | |||||||||||||||||||||||||||||
Total | Form of Consideration | Investment Allocation | |||||||||||||||||||||||||||
Date | Acquisition | Intangible | |||||||||||||||||||||||||||
Acquisitions | Acquired | Cost | Cash | Other(1) | Land | Building | Assets | Other(2) | |||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||
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 |
(in thousands) | |||||||||||||||||
Date | Book Value | ||||||||||||||||
Dispositions | Disposed | Sales Price | and Sale Cost | Gain/(Loss) | |||||||||||||
Multifamily | |||||||||||||||||
76 homes-Crystal Bay-Rochester, MN | May 25, 2021 | $ | 13,650 | $ | 10,255 | $ | 3,395 | ||||||||||
40 homes-French Creek-Rochester, MN | May 25, 2021 | 6,700 | 4,474 | 2,226 | |||||||||||||
182 homes-Heritage Manor-Rochester, MN | May 25, 2021 | 14,125 | 4,892 | 9,233 | |||||||||||||
140 homes-Olympik Village-Rochester, MN | May 25, 2021 | 10,725 | 6,529 | 4,196 | |||||||||||||
151-homes-Winchester/Village Green-Rochester, MN | May 25, 2021 | 14,800 | 7,010 | 7,790 | |||||||||||||
$ | 60,000 | $ | 33,160 | $ | 26,840 | ||||||||||||
Other | |||||||||||||||||
Minot IPS | October 18, 2021 | $ | 2,250 | $ | 1,573 | $ | 677 | ||||||||||
Total Dispositions | $ | 62,250 | $ | 34,733 | $ | 27,517 |
(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 |
(in thousands) | ||||||||||||||
Year ended December 31, 2021 | Multifamily | All Other | Total | |||||||||||
Revenue | $ | 195,624 | $ | 6,081 | $ | 201,705 | ||||||||
Property operating expenses, including real estate taxes | 79,096 | 2,761 | 81,857 | |||||||||||
Net operating income | $ | 116,528 | $ | 3,320 | $ | 119,848 | ||||||||
Property management expenses | (8,752) | |||||||||||||
Casualty loss | (344) | |||||||||||||
Depreciation and amortization | (92,165) | |||||||||||||
General and administrative expenses | (16,213) | |||||||||||||
Gain (loss) on sale of real estate and other investments | 27,518 | |||||||||||||
Interest expense | (29,078) | |||||||||||||
Loss on debt extinguishment | (535) | |||||||||||||
Interest and other income (loss) | (2,380) | |||||||||||||
Net income (loss) | $ | (2,101) |
(in thousands) | ||||||||||||||
Year ended December 31, 2020 | Multifamily | All Other | Total | |||||||||||
Revenue | $ | 164,126 | $ | 13,868 | $ | 177,994 | ||||||||
Property operating expenses, including real estate taxes | 66,356 | 6,802 | 73,158 | |||||||||||
Net operating income | $ | 97,770 | $ | 7,066 | $ | 104,836 | ||||||||
Property management expenses | (5,801) | |||||||||||||
Casualty loss | (1,662) | |||||||||||||
Depreciation and amortization | (75,593) | |||||||||||||
General and administrative expenses | (13,440) | |||||||||||||
Gain (loss) on sale of real estate and other investments | 25,503 | |||||||||||||
Interest expense | (27,525) | |||||||||||||
Loss on debt extinguishment | (23) | |||||||||||||
Interest and other income | (1,552) | |||||||||||||
Net income (loss) | $ | 4,743 |
(in thousands) | ||||||||||||||
As of December 31, 2021 | Multifamily | All Other | Total | |||||||||||
Segment assets | ||||||||||||||
Property owned | $ | 2,244,250 | $ | 26,920 | $ | 2,271,170 | ||||||||
Less accumulated depreciation | (436,004) | (7,588) | (443,592) | |||||||||||
Total property owned | $ | 1,808,246 | $ | 19,332 | $ | 1,827,578 | ||||||||
Cash and cash equivalents | 31,267 | |||||||||||||
Restricted cash | 7,358 | |||||||||||||
Other assets | 30,582 | |||||||||||||
Mortgage loans receivable | 43,276 | |||||||||||||
Total Assets | $ | 1,940,061 |
(in thousands) | ||||||||||||||
As of December 31, 2020 | Multifamily | All Other | Total | |||||||||||
Segment assets | ||||||||||||||
Property owned | $ | 1,727,287 | $ | 85,270 | $ | 1,812,557 | ||||||||
Less accumulated depreciation | (368,717) | (30,532) | (399,249) | |||||||||||
Total property owned | $ | 1,358,570 | $ | 54,738 | $ | 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 |
Exercise price | $ | 70.64 | |||
Risk-free rate | 0.650 | % | |||
Expected term | 6.25 years | ||||
Expected volatility | 21.08 | % | |||
Dividend Yield | 3.963 | % |
(in thousands) | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2021 | 2020 | 2019 | ||||||||||||
Share based compensation expense | $ | 2,687 | $ | 2,106 | $ | 1,905 |
Awards with Service Conditions | |||||||||||
Wtd Avg Grant- | |||||||||||
Shares | Date Fair Value | ||||||||||
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 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 | ||||||||||||||
Granted | 13,693 | $ | 71.54 | 19,224 | $ | 87.04 | ||||||||||||||
Vested | (17,065) | $ | 63.42 | (35,920) | $ | 65.34 | ||||||||||||||
Change in awards(1) | — | — | 8,926 | — | ||||||||||||||||
Forfeited | (482) | $ | 70.44 | — | $ | — | ||||||||||||||
Unvested at December 31, 2021 | 20,974 | $ | 69.97 | 19,224 | $ | 87.04 |
Number of Shares | Weighted Average Exercise Price | ||||||||||
Outstanding at December 31, 2019 | — | — | |||||||||
Granted | 141,000 | $ | 66.36 | ||||||||
Exercised | — | — | |||||||||
Forfeited | (1,952) | $ | 66.36 | ||||||||
Outstanding at December 31, 2020 | 139,048 | $ | 66.36 | ||||||||
Exercisable at December 31, 2020 | — | — | |||||||||
Granted | 43,629 | 70.64 | |||||||||
Exercised | — | — | |||||||||
Forfeited | — | — | |||||||||
Outstanding at December 31, 2021 | 182,677 | 67.38 | |||||||||
Exercisable at December 31, 2021 | 34,758 | 66.36 |
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 | $ | 52,149 | $ | 4,721 | $ | 61,762 | $ | 625 | $ | 4,801 | $ | 62,307 | $ | 67,108 | $ | (17,093) | 2016 | 30-37 | years | ||||||||||||||||
Alps Park - Rapid City, SD | — | 287 | 5,551 | 691 | 336 | 6,193 | 6,529 | (1,817) | 2013 | 30-37 | years | ||||||||||||||||||||||||
Arcata - Golden Valley, MN | — | 2,088 | 31,036 | 413 | 2,128 | 31,409 | 33,537 | (9,627) | 2015 | 30-37 | years | ||||||||||||||||||||||||
Ashland - Grand Forks, ND | — | 741 | 7,569 | 364 | 823 | 7,851 | 8,674 | (2,688) | 2012 | 30-37 | years | ||||||||||||||||||||||||
Avalon Cove - Rochester, MN | — | 1,616 | 34,074 | 825 | 1,808 | 34,707 | 36,515 | (7,327) | 2016 | 30-37 | years | ||||||||||||||||||||||||
Boulder Court - Eagan, MN | — | 1,067 | 5,498 | 3,124 | 1,576 | 8,113 | 9,689 | (4,590) | 2003 | 30-37 | years | ||||||||||||||||||||||||
Canyon Lake - Rapid City, SD | — | 305 | 3,958 | 2,285 | 420 | 6,128 | 6,548 | (3,287) | 2001 | 30-37 | years | ||||||||||||||||||||||||
Cardinal Point - Grand Forks, ND | — | 1,600 | 33,400 | 400 | 1,727 | 33,673 | 35,400 | (4,132) | 2013 | 30-37 | years | ||||||||||||||||||||||||
Castlerock - Billings, MT | — | 736 | 4,864 | 2,257 | 1,045 | 6,812 | 7,857 | (4,582) | 1998 | 30-37 | years | ||||||||||||||||||||||||
Chateau - Minot, ND | — | 301 | 20,058 | 1,185 | 326 | 21,218 | 21,544 | (6,880) | 2013 | 30-37 | years | ||||||||||||||||||||||||
Cimarron Hills - Omaha, NE | 8,700 | 706 | 9,588 | 4,684 | 1,639 | 13,339 | 14,978 | (7,998) | 2001 | 30-37 | years | ||||||||||||||||||||||||
Commons and Landing at Southgate - Minot, ND | — | 5,945 | 47,512 | 2,448 | 6,424 | 49,481 | 55,905 | (15,690) | 2015 | 30-37 | years | ||||||||||||||||||||||||
Connelly on Eleven - Burnsville, MN | — | 2,401 | 11,515 | 16,010 | 3,206 | 26,720 | 29,926 | (14,315) | 2003 | 30-37 | years | ||||||||||||||||||||||||
Cottonwood - Bismarck, ND | — | 1,056 | 17,372 | 5,799 | 1,962 | 22,265 | 24,227 | (13,046) | 1997 | 30-37 | years | ||||||||||||||||||||||||
Country Meadows - Billings, MT | — | 491 | 7,809 | 1,623 | 599 | 9,324 | 9,923 | (5,872) | 1995 | 30-37 | years | ||||||||||||||||||||||||
Cypress Court - St. Cloud, MN | 11,338 | 1,583 | 18,879 | 545 | 1,625 | 19,382 | 21,007 | (5,995) | 2012 | 30-37 | years | ||||||||||||||||||||||||
Deer Ridge - Jamestown, ND | — | 711 | 24,129 | 348 | 785 | 24,403 | 25,188 | (7,292) | 2013 | 30-37 | years | ||||||||||||||||||||||||
Donovan - Lincoln, NE | 11,270 | 1,515 | 15,730 | 4,952 | 1,817 | 20,380 | 22,197 | (6,531) | 2012 | 30-37 | years | ||||||||||||||||||||||||
Dylan - Denver, CO | — | 12,155 | 77,215 | 1,138 | 12,241 | 78,267 | 90,508 | (10,892) | 2018 | 30 | years | ||||||||||||||||||||||||
Evergreen - Isanti, MN | — | 1,129 | 5,524 | 628 | 1,159 | 6,122 | 7,281 | (2,290) | 2008 | 30-37 | years | ||||||||||||||||||||||||
Freightyard - Minneapolis, MN | — | 1,889 | 23,616 | 1,296 | 1,895 | 24,906 | 26,801 | (2,091) | 2019 | 30 | years | ||||||||||||||||||||||||
Gardens - Grand Forks, ND | — | 518 | 8,702 | 141 | 535 | 8,826 | 9,361 | (2,100) | 2015 | 30-37 | years | ||||||||||||||||||||||||
Grand Gateway - St. Cloud, MN | — | 814 | 7,086 | 2,152 | 970 | 9,082 | 10,052 | (3,972) | 2012 | 30-37 | years | ||||||||||||||||||||||||
GrandeVille Shores - Rochester, MN | 46,320 | 6,588 | 67,072 | 5,741 | 6,776 | 72,625 | 79,401 | (16,311) | 2015 | 30-37 | years | ||||||||||||||||||||||||
Greenfield - Omaha, NE | — | 578 | 4,122 | 3,007 | 876 | 6,831 | 7,707 | (2,769) | 2007 | 30-37 | years | ||||||||||||||||||||||||
Homestead Garden - Rapid City, SD | — | 655 | 14,139 | 1,219 | 792 | 15,221 | 16,013 | (3,944) | 2015 | 30-37 | years | ||||||||||||||||||||||||
Lakeside Village - Lincoln, NE | 11,158 | 1,215 | 15,837 | 3,369 | 1,476 | 18,945 | 20,421 | (6,098) | 2012 | 30-37 | years | ||||||||||||||||||||||||
Legacy - Grand Forks, ND | — | 1,362 | 21,727 | 10,958 | 2,474 | 31,573 | 34,047 | (19,735) | 1995-2005 | 30-37 | years | ||||||||||||||||||||||||
Legacy Heights - Bismarck, ND | — | 1,207 | 13,742 | 290 | 1,142 | 14,097 | 15,239 | (3,102) | 2015 | 30-37 | years | ||||||||||||||||||||||||
Lugano at Cherry Creek - Denver, CO | — | 7,679 | 87,766 | 1,317 | 7,679 | 89,083 | 96,762 | (7,670) | 2019 | 30 | years | ||||||||||||||||||||||||
Meadows - Jamestown, ND | — | 590 | 4,519 | 2,075 | 730 | 6,454 | 7,184 | (4,101) | 1998 | 30-37 | years | ||||||||||||||||||||||||
Monticello Crossings - Monticello, MN | — | 1,734 | 30,136 | 649 | 1,951 | 30,568 | 32,519 | (6,660) | 2017 | 30-37 | years | ||||||||||||||||||||||||
Monticello Village - Monticello, MN | — | 490 | 3,756 | 1,211 | 655 | 4,802 | 5,457 | (2,655) | 2004 | 30-37 | years | ||||||||||||||||||||||||
Northridge - Bismarck, ND | — | 884 | 7,515 | 296 | 1,048 | 7,647 | 8,695 | (1,912) | 2015 | 30-37 | years | ||||||||||||||||||||||||
Olympic Village - Billings, MT | — | 1,164 | 10,441 | 4,047 | 1,885 | 13,767 | 15,652 | (8,539) | 2000 | 30-37 | years | ||||||||||||||||||||||||
Oxbo - St Paul, MN | — | 5,809 | 51,586 | 263 | 5,822 | 51,836 | 57,658 | (8,896) | 2018 | 30 | years | ||||||||||||||||||||||||
Park Meadows - Waite Park, MN | — | 1,143 | 9,099 | 9,976 | 2,140 | 18,078 | 20,218 | (13,170) | 1997 | 30-37 | years | ||||||||||||||||||||||||
Park Place - Plymouth, MN | — | 10,609 | 80,781 | 13,587 | 10,819 | 94,158 | 104,977 | (15,767) | 2018 | 30 | years |
Gross amount at which carried at | Life on which | ||||||||||||||||||||||||||||||||||
Initial Cost to Company | close of period | depreciation in | |||||||||||||||||||||||||||||||||
Costs capitalized | Date of | latest income | |||||||||||||||||||||||||||||||||
Buildings & | subsequent to | Buildings & | Accumulated | Construction | statement is | ||||||||||||||||||||||||||||||
Description | Encumbrances(1) | Land | Improvements | acquisition | Land | Improvements | Total | Depreciation | or Acquisition | computed | |||||||||||||||||||||||||
Plaza - Minot, ND | — | 867 | 12,784 | 3,118 | 1,011 | 15,758 | 16,769 | (6,270) | 2009 | 30-37 | years | ||||||||||||||||||||||||
Pointe West - Rapid City, SD | — | 240 | 3,538 | 2,209 | 463 | 5,524 | 5,987 | (4,044) | 1994 | 30-37 | years | ||||||||||||||||||||||||
Ponds at Heritage Place - Sartell, MN | — | 395 | 4,564 | 540 | 419 | 5,080 | 5,499 | (1,773) | 2012 | 30-37 | years | ||||||||||||||||||||||||
Quarry Ridge - Rochester, MN | 23,409 | 2,254 | 30,024 | 5,223 | 2,412 | 35,089 | 37,501 | (12,114) | 2006 | 30-37 | years | ||||||||||||||||||||||||
Red 20 - Minneapolis, MN | 20,775 | 1,900 | 24,116 | 521 | 1,908 | 24,629 | 26,537 | (7,560) | 2015 | 30-37 | years | ||||||||||||||||||||||||
Regency Park Estates - St. Cloud, MN | 7,167 | 702 | 10,198 | 6,155 | 1,179 | 15,876 | 17,055 | (5,205) | 2011 | 30-37 | years | ||||||||||||||||||||||||
Rimrock West - Billings, MT | — | 330 | 3,489 | 2,044 | 568 | 5,295 | 5,863 | (3,403) | 1999 | 30-37 | years | ||||||||||||||||||||||||
River Ridge - Bismarck, ND | — | 576 | 24,670 | 1,154 | 922 | 25,478 | 26,400 | (9,018) | 2008 | 30-37 | years | ||||||||||||||||||||||||
Rocky Meadows - Billings, MT | — | 656 | 5,726 | 1,632 | 840 | 7,174 | 8,014 | (4,817) | 1995 | 30-37 | years | ||||||||||||||||||||||||
Rum River - Isanti, MN | — | 843 | 4,823 | 515 | 870 | 5,311 | 6,181 | (2,358) | 2007 | 30-37 | years | ||||||||||||||||||||||||
Silver Springs - Rapid City, SD | — | 215 | 3,007 | 1,077 | 273 | 4,026 | 4,299 | (1,142) | 2015 | 30-37 | years | ||||||||||||||||||||||||
South Pointe - Minot, ND | — | 550 | 9,548 | 5,814 | 1,489 | 14,423 | 15,912 | (10,819) | 1995 | 30-37 | years | ||||||||||||||||||||||||
Southpoint - Grand Forks, ND | — | 576 | 9,893 | 284 | 663 | 10,090 | 10,753 | (2,696) | 2013 | 30-37 | years | ||||||||||||||||||||||||
Southfork - Lakeville, MN | 21,675 | 3,502 | 40,153 | 8,626 | 3,583 | 48,698 | 52,281 | (6,292) | 2019 | 30 | years | ||||||||||||||||||||||||
Sunset Trail - Rochester, MN | — | 336 | 12,814 | 3,429 | 826 | 15,753 | 16,579 | (9,579) | 1999 | 30-37 | years | ||||||||||||||||||||||||
Thomasbrook - Lincoln, NE | 13,100 | 600 | 10,306 | 5,474 | 1,710 | 14,670 | 16,380 | (9,080) | 1999 | 30-37 | years | ||||||||||||||||||||||||
West Stonehill - Waite Park, MN | 16,425 | 939 | 10,167 | 10,933 | 1,912 | 20,127 | 22,039 | (12,812) | 1995 | 30-37 | years | ||||||||||||||||||||||||
Westend - Denver, CO | — | 25,525 | 102,180 | 935 | 25,532 | 103,108 | 128,640 | (13,525) | 2018 | 30 | years | ||||||||||||||||||||||||
Whispering Ridge - Omaha, NE | 19,187 | 2,139 | 25,424 | 3,715 | 2,551 | 28,727 | 31,278 | (9,162) | 2012 | 30-37 | years | ||||||||||||||||||||||||
Woodridge - Rochester, MN | — | 370 | 6,028 | 5,380 | 761 | 11,017 | 11,778 | (6,625) | 1997 | 30-37 | years | ||||||||||||||||||||||||
Total Same-Store | $ | 262,673 | $ | 129,597 | $ | 1,258,137 | $ | 180,716 | $ | 146,004 | $ | 1,422,446 | $ | 1,568,450 | $ | (419,730) | |||||||||||||||||||
Non-Same-Store | |||||||||||||||||||||||||||||||||||
Bayberry Place - Minneapolis, MN | 11,048 | 1,807 | 14,113 | 538 | 1,865 | 14,593 | 16,458 | (177) | 2021 | 30 | years | ||||||||||||||||||||||||
Burgundy and Hillsboro Court - Minneapolis, MN | 23,570 | 2,834 | 31,149 | 1,177 | 2,913 | 32,247 | 35,160 | (398) | 2021 | 30 | years | ||||||||||||||||||||||||
Civic Lofts - Denver, CO | — | 6,166 | 55,182 | 51 | 6,171 | 55,228 | 61,399 | (148) | 2021 | 30 | years | ||||||||||||||||||||||||
Gatewood - St Cloud, MN | 5,156 | 327 | 6,858 | 348 | 342 | 7,191 | 7,533 | (95) | 2021 | 30 | years | ||||||||||||||||||||||||
Grove Ridge - Minneapolis, MN | 7,992 | 1,250 | 10,271 | 405 | 1,293 | 10,633 | 11,926 | (133) | 2021 | 30 | years | ||||||||||||||||||||||||
Ironwood - Minneapolis, MN | — | 2,165 | 36,874 | 238 | 2,167 | 37,110 | 39,277 | (2,564) | 2020 | 30 | years | ||||||||||||||||||||||||
Legacy Waite Park - St Cloud, MN | 6,923 | 412 | 9,556 | 428 | 426 | 9,970 | 10,396 | (135) | 2021 | 30 | years | ||||||||||||||||||||||||
New Hope Garden and Village - Minneapolis, MN | 9,943 | 1,603 | 12,578 | 480 | 1,651 | 13,010 | 14,661 | (170) | 2021 | 30 | years | ||||||||||||||||||||||||
Palisades - Minneapolis, MN | 22,260 | 6,919 | 46,577 | 386 | 6,959 | 46,923 | 53,882 | (574) | 2021 | 30 | years | ||||||||||||||||||||||||
Parkhouse - Thornton, CO | — | 10,474 | 132,105 | 987 | 10,484 | 133,082 | 143,566 | (6,922) | 2020 | 30 | years | ||||||||||||||||||||||||
Plymouth Pointe - Minneapolis, MN | 9,575 | 1,042 | 12,810 | 526 | 1,073 | 13,305 | 14,378 | (174) | 2021 | 30 | years | ||||||||||||||||||||||||
Pointe West St Cloud - St Cloud, MN | 5,008 | 246 | 6,850 | 437 | 260 | 7,273 | 7,533 | (98) | 2021 | 30 | years | ||||||||||||||||||||||||
Portage - Minneapolis, MN | 5,991 | 2,133 | 6,685 | 415 | 2,226 | 7,007 | 9,233 | (83) | 2021 | 30 | years | ||||||||||||||||||||||||
River Pointe - Minneapolis, MN | 25,412 | 3,346 | 33,118 | 951 | 3,426 | 33,989 | 37,415 | (422) | 2021 | 30 | years | ||||||||||||||||||||||||
Southdale Parc - Minneapolis, MN | 5,301 | 1,569 | 7,740 | 302 | 1,618 | 7,993 | 9,611 | (96) | 2021 | 30 | years | ||||||||||||||||||||||||
Union Pointe - Denver, CO | — | 5,727 | 69,966 | 336 | 5,736 | 70,293 | 76,029 | (2,723) | 2021 | 30 | years | ||||||||||||||||||||||||
Venue on Knox - Minneapolis, MN | 11,660 | 3,438 | 14,743 | 548 | 3,530 | 15,199 | 18,729 | (177) | 2021 | 30 | years | ||||||||||||||||||||||||
Windsor - Minneapolis, MN | 14,731 | 2,140 | 18,943 | 738 | 2,204 | 19,617 | 21,821 | (243) | 2021 | 30 | years | ||||||||||||||||||||||||
Wingate - Minneapolis, MN | $ | 10,459 | $ | 1,480 | $ | 13,530 | $ | 503 | $ | 1,526 | $ | 13,987 | $ | 15,513 | $ | (180) | 2021 | 30 | years | ||||||||||||||||
Woodhaven - Minneapolis, MN | 14,408 | 3,940 | 20,080 | 627 | 4,040 | 20,607 | 24,647 | (245) | 2021 | 30 | years | ||||||||||||||||||||||||
Woodland Pointe - Minneapolis, MN | 31,673 | 5,367 | 40,422 | 843 | 5,449 | 41,183 | 46,632 | (516) | 2021 | 30 | years | ||||||||||||||||||||||||
Total Non-Same-Store | $ | 221,110 | $ | 64,385 | $ | 600,150 | $ | 11,264 | $ | 65,359 | $ | 610,440 | $ | 675,799 | $ | (16,273) | |||||||||||||||||||
Total Multifamily | $ | 483,783 | $ | 193,982 | $ | 1,858,287 | $ | 191,980 | $ | 211,363 | $ | 2,032,886 | $ | 2,244,249 | $ | (436,003) |
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 | $ | (1,399) | 2016 | 30-37 | years | |||||||||||||||||
Lugano at Cherry Creek - Denver, CO | — | — | 1,600 | 657 | — | 2,257 | 2,257 | (148) | 2019 | 30 | years | ||||||||||||||||||||||||
Oxbo - St Paul, MN | — | — | 3,472 | 54 | — | 3,526 | 3,526 | (541) | 2015 | 30 | years | ||||||||||||||||||||||||
Plaza - Minot, ND | — | 389 | 5,444 | 3,447 | 607 | 8,673 | 9,280 | (4,303) | 2009 | 30-37 | years | ||||||||||||||||||||||||
Red 20 - Minneapolis, MN | — | — | 2,525 | 475 | — | 3,000 | 3,000 | (810) | 2015 | 30-37 | years | ||||||||||||||||||||||||
Total Other - Mixed Use | — | $ | 389 | $ | 18,920 | $ | 5,500 | $ | 607 | $ | 24,202 | $ | 24,809 | $ | (7,201) | ||||||||||||||||||||
Other - Commercial | |||||||||||||||||||||||||||||||||||
3100 10th St SW - Minot, ND | — | $ | 246 | $ | 1,866 | $ | — | $ | 246 | $ | 1,866 | $ | 2,112 | $ | (388) | 2019 | 30 | years | |||||||||||||||||
Total Other - Commercial | — | $ | 246 | $ | 1,866 | $ | — | $ | 246 | $ | 1,866 | $ | 2,112 | $ | (388) | ||||||||||||||||||||
Total | $ | 483,783 | $ | 194,617 | $ | 1,879,073 | $ | 197,480 | $ | 212,216 | $ | 2,058,954 | $ | 2,271,170 | $ | (443,592) |
(in thousands) | |||||||||||
Year Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Balance at beginning of year | $ | 1,812,557 | $ | 1,643,078 | |||||||
Additions during year | |||||||||||
Multifamily and Other | 491,648 | 181,771 | |||||||||
Improvements and Other | 34,427 | 27,460 | |||||||||
2,338,632 | 1,852,309 | ||||||||||
Deductions during year | |||||||||||
Cost of real estate sold | (57,698) | (38,111) | |||||||||
Other (1) | (9,764) | (1,641) | |||||||||
Balance at close of year | $ | 2,271,170 | $ | 1,812,557 |
(in thousands) | |||||||||||
Year Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Balance at beginning of year | $ | 399,249 | $ | 349,122 | |||||||
Additions during year | |||||||||||
Provisions for depreciation | 78,268 | 72,051 | |||||||||
Deductions during year | |||||||||||
Accumulated depreciation on real estate sold or classified as held for sale | (24,161) | (21,440) | |||||||||
Other (1) | (9,764) | (484) | |||||||||
Balance at close of year | $ | 443,592 | $ | 399,249 |
(in thousands) | |||||||||||
Year Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Balance at beginning of year | $ | — | $ | 1,376 | |||||||
Deductions during year | |||||||||||
Cost of real estate sold | — | (1,376) | |||||||||
Balance at close of year | — | — | |||||||||
Total real estate investments, excluding mortgage notes receivable (2) | $ | 1,827,578 | $ | 1,413,308 |
1 Year Centerspace Chart |
1 Month Centerspace Chart |
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