CENTERSPACE, 10-K filed on 2/28/2022
Annual Report
v3.22.0.1
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2021
Feb. 21, 2022
Jun. 30, 2021
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2021    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-35624    
Entity Registrant Name CENTERSPACE    
Entity Incorporation, State or Country Code ND    
Entity Tax Identification Number 45-0311232    
Entity Address, Address Line One 3100 10th Street SW    
Entity Address, Address Line Two Post Office Box 1988    
Entity Address, 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     $ 1,098,455,584
Entity Common Stock, Outstanding   15,041,487  
Entity Central Index Key 0000798359    
Document Fiscal Year Focus 2021    
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    
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Audit Information
 12 Months Ended
Dec. 31, 2021
Auditor Information [Abstract]  
Auditor Name GRANT THORNTON LLP
Auditor Firm ID 248
Auditor Location Minneapolis, Minnesota
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Real estate investments    
Property owned $ 2,271,170 $ 1,812,557
Less accumulated depreciation (443,592) (399,249)
Total property owned 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    
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
Investors Real Estate Trust shareholders’ equity    
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 3,881 shares issued and outstanding at December 31, 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
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
EQUITY    
Preferred units, par value (in dollars per share) $ 100 $ 100
Preferred units, shares issued (in shares) 166,000 166,000
Preferred units, shares outstanding (in shares) 166,000 166,000
Preferred units, liquidation preference $ 16,560 $ 16,560
Preferred shares, issued (in shares) 3,881,000 3,881,000
Preferred shares, outstanding (in shares) 3,881,000 3,881,000
Preferred shares, liquidation preference $ 97,036 $ 97,036
Common stock issued (in shares) 15,016,000 13,027,000
Common shares outstanding (in shares) 15,016,000 13,027,000
Term loans    
LIABILITIES    
Unamortized loan costs $ 656 $ 754
Mortgages payable - Fannie Mae credit facility    
LIABILITIES    
Unamortized loan costs $ 3,187 $ 1,371
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]      
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 0 0 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 0 297 0
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ (6,457) $ (1,790) $ 71,848
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC (in dollars per share) $ (0.47) $ (0.15) $ 6.06
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) $ (0.47) $ (0.15) $ 6.00
Weighted average shares - basic (in shares) 13,803 12,564 11,744
Weighted average shares - diluted (in shares) 15,704 13,594 13,182
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
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
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CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Preferred Shares
Common Shares
Accumulated Distributions In Excess of Net Income
Accumulated Other Comprehensive Income
Nonredeemable Noncontrolling Interest
Series C Preferred Stock
Series C Preferred Stock
Accumulated Distributions In Excess of Net Income
Series E Preferred Stock
Series E Preferred Stock
Common Shares
Series E Preferred Stock
Nonredeemable Noncontrolling Interest
Beginning balance at Dec. 31, 2018 $ 643,449 $ 99,456 $ 899,234 $ (429,048) $ (856) $ 74,663          
Beginning 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)          
Distributions - preferred shares (6,821)           $ (6,821) $ (6,821)      
Share-based compensation, net of forfeitures (in shares)     11                
Share-based compensation, net of forfeitures 1,905   $ 1,905                
Sale of common shares, net (in shares)     308                
Sale of common shares, net 22,019   $ 22,019                
Redemption of units for common shares (in shares)     173                
Redemption of Units for common shares 0   $ 7,823     (7,823)          
Redemption of Units for cash (8,147)         (8,147)          
Shares repurchased (in shares)     (329)                
Shares repurchased (18,023) $ (18,023)              
Acquisition of redeemable noncontrolling interests 4,529   $ 4,529                
Other (in shares)     (7)                
Other (307)   $ (87)     (220)          
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)          
Distributions - preferred shares (6,528)           (6,528) (6,528)      
Share-based compensation, net of forfeitures (in shares)     20                
Share-based compensation, net of forfeitures 2,106   $ 2,106                
Sale of common shares, net (in shares)     829                
Sale of common shares, net 58,852   $ 58,852                
Redemption of units for common shares (in shares)     81                
Redemption of Units for common shares 0   $ (1,750)     1,750          
Shares repurchased (in shares)                    
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 (927)   $ (761)     (166)          
Ending balance at Dec. 31, 2020 672,823 93,530 $ 968,263 (427,681) (15,905) 54,616          
Ending balance (in shares) at Dec. 31, 2020     13,027                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income (loss) attributable to controlling interest and noncontrolling interests (2,741)     (29)   (2,712)          
Change in fair value of derivatives 11,470       11,470            
Distributions - commons shares and units (42,669)     (40,180)   (2,489)          
Distributions - preferred shares (6,428)           $ (6,428) $ (6,428) $ (2,343)   $ (2,343)
Share-based compensation, net of forfeitures (in shares)     28                
Share-based compensation, net of forfeitures 2,689   $ 2,689                
Sale of common shares, net (in shares)     1,817                
Sale of common shares, net 156,038   $ 156,038           $ 217,513 $ 44,905 $ 172,608
Redemption of units for common shares (in shares)     144                
Redemption of Units for common shares 0   $ (4,714)     4,714          
Change in value of Series D preferred units (8,771)   $ (8,771)                
Other (in shares)     0                
Other (1,301)   $ (1,155)     (146)          
Ending balance at Dec. 31, 2021 $ 996,280 $ 93,530 $ 1,157,255 $ (474,318) $ (4,435) $ 224,248          
Ending balance (in shares) at Dec. 31, 2021     15,016                
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CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Common stock, dividends declared (in usd per share) $ 2.84 $ 2.80 $ 2.80
Series C Preferred Stock      
Preferred Stock, dividends declared (in usd per share) 1.65625 $ 1.65625 $ 1.65625
Series E Preferred Stock      
Preferred Stock, dividends declared (in usd per share) $ 1.301667    
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 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 0 3,378 0
(Gain) loss on extinguishment of debt and discontinued operations 535 23 2,360
(Gain) loss on litigation settlement 0 0 (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 0 0
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 0 10,020 0
Proceeds from sale of marketable securities 0 3,856 0
Increase in mortgages and notes receivable (18,614) (24,862) (6,279)
Purchase of marketable securities 0 (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 0 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 0 124,878
Principal payments on notes payable and other debt (145,000) 0 0
Payments for termination of interest rate swaps (3,804) 0 0
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 0 (12,221) (1,260)
Repurchase of common shares 0 0 (18,023)
Repurchase of preferred shares 0 (5,629) 0
Repurchase of partnership units 0 (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
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 0 0
Real estate assets acquired through assumption of debt 20,000 0 0
Fair value adjustment to debt 2,367 0 0
Property acquired through issuance of Series D preferred units 0 0 16,560
Real estate assets acquired through exchange of note receivable 0 17,663 0
Note receivable exchanged through real estate acquisition 0 (17,663) 0
Real estate acquired through issuance of Series E preferred units 217,513 0 0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash paid for interest 26,528 26,051 28,679
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
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ORGANIZATION
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION ORGANIZATION 
Centerspace (“Centerspace,” “we,” “our,” or “us”) is a real estate investment trust (“REIT”) focused on the ownership, management, acquisition, redevelopment and development of apartment communities. As of December 31, 2021, we held for investment 79 apartment communities with 14,441 homes. We conduct a majority of our business activities through our consolidated operating partnership, Centerspace, LP, (the “Operating Partnership”), as well as through a number of other subsidiary entities. 
All references to Centerspace, we, our, or us refer to Centerspace and its consolidated subsidiaries.
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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2021
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.
Our interest in the Operating Partnership as of December 31, 2021 and 2020 was 83.3% and 93.0%, 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.
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”).
StandardDescriptionDate of AdoptionEffect on the Financial Statements or Other Significant Matters
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 adopted this guidance in June 2021 on a prospective basis. This adoption did not have a material impact on the 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 early adopted this guidance in the first quarter of 2021 using the modified retrospective method. The adoption did not have a material impact on the 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.
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 $1.8 billion and $1.4 billion as of December 31, 2021 and 2020, 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. We did not capitalize interest during the years ended December 31, 2021, 2020, and 2019.
Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five to twenty years. Property sales or dispositions are recorded when control of the assets transfers to the buyer and we have no significant continuing involvement with the property sold.
We periodically evaluate our long-lived assets, including real estate investments, for impairment indicators. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each 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, 2021, 2020, and 2019 we did not incur a loss for impairment on real estate.
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, 2021 and 2020.
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, 2021 restricted cash consisted of $5.0 million of real estate deposits for property acquisitions and $2.4 million in escrows held by lenders. As of December 31, 2020, 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
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 98.2% of our total revenues and includes gross market rent less adjustments for concessions, vacancy loss, and bad debt. Other property revenues represent the remaining 1.8% of our total revenues and are primarily driven by other fee income, which is typically recognized when earned, at a point in time.
Some of our apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three to fifteen years. The leases for commercial spaces generally include options to extend the lease for additional terms.
Beginning in April 2020, we abated rent, common area maintenance, and real estate taxes for commercial tenants that experienced government-mandated interruptions or closures of their businesses. We elected to account for these accommodations as though enforceable rights and obligations 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. The accommodations were recognized as variable lease payments. During the years ended December 31, 2021 and 2020, we recognized a reduction in revenue of $47,000 and $656,000, respectively, 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, 2021, was as follows:
(in thousands)
2022$2,447 
20232,455 
20242,453 
20252,400 
20261,804 
Thereafter880 
Total scheduled lease income - operating leases$12,439 
REVENUE
Revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration the company expects to be entitled for those goods and services.
Revenue streams that are included in revenues from contracts with customers include:
•Other property revenues: 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: 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.
The following table presents the disaggregation of revenue streams of our rental income for the years ended December 31, 2021, 2020, and 2019:
(in thousands)
Year ended December 31,
Revenue StreamApplicable Standard202120202019
Fixed lease income - operating leasesLeases$189,452 $168,119 $176,706 
Variable lease income - operating leasesLeases8,565 7,068 5,586 
Other property revenueRevenue from contracts with customers3,688 2,807 3,463 
Total revenue$201,705 $177,994 $185,755 
INCOME TAXES
We operate in a manner intended to enable us to continue to qualify as a REIT under Sections 856-860 of the Code. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding capital gains, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the years ended December 31, 2021, 2020, and 2019, 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, 2021, 2020, and 2019.
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, 2021, 2020, and 2019:
CALENDAR YEAR 202120202019
Tax status of distributions
Capital gain0.92 %13.62 %38.53 %
Ordinary income7.82 %7.91 %23.43 %
Return of capital91.26 %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, 2021 and 2020, other assets consisted of the following amounts:
in thousands
December 31, 2021December 31, 2020
Receivable arising from straight line rents$343 $336 
Accounts receivable, net of allowance
667 523 
Real estate related loans receivable6,208 6,332 
Prepaid and other assets9,693 5,702 
Intangible assets, net of accumulated amortization
7,370 1,150 
Property and equipment, net of accumulated depreciation
3,370 2,674 
Goodwill866 986 
Deferred charges and leasing costs2,065 1,201 
Total Other Assets$30,582 $18,904 
Intangible assets consist of in-place leases valued at the time of acquisition. For the years ended December 31, 2021, 2020, and 2019, we recognized $13.5 million, $3.1 million, and $2.0 million, respectively, of amortization expense related to these intangibles, included within depreciation and amortization in the consolidated statements of operations. The intangible assets remaining at December 31, 2021 will be amortized in 2022.
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, 2021 and 2020, property and equipment cost was $4.7 million and $4.7 million, respectively. Accumulated depreciation was $1.4 million and $2.0 million as of December 31, 2021 and 2020, respectively, and are included within other assets in the consolidated balance sheets.
MORTGAGE LOANS RECEIVABLE AND NOTES RECEIVABLE
In 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 an initial principal balance of $6.6 million. As of December 31, 2021 and 2020, the principal balance was $6.4 million and $6.6 million, respectively, 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.
In 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, 2021, we had fully funded the $29.9 million construction loan and $13.4 million of the mezzanine loan, both of which appear within mortgage loans receivable in our Consolidated Balance Sheets. As of December 31, 2020, we had funded $24.7 million of the construction loan. The loans are secured by mortgages and mature on December 31, 2023, and the agreement provides us with an option to purchase the development. The loans represent an investment in an unconsolidated variable interest entity. We are not the primary beneficiary of the VIE as we do not have the power to direct the activities which most significantly impact the entity’s economic performance nor do we have significant influence over the entity.
MARKETABLE SECURITIES
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. During the year ended December 31, 2020, we had a realized loss of $3.4 million arising from marketable securities which were disposed during the year ended December 31, 2020. As of December 31, 2021 and 2020, we had no marketable 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.
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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE 
Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. We have issued restricted stock units (“RSUs”) and incentive stock options (“ISOs”) under our 2015 Incentive Plan, Series D Convertible Preferred Units (“Series D preferred units”), and Series E Convertible Preferred Units (“Series E preferred units”), which could have a dilutive effect on our earnings per share upon exercise of the RSUs, ISOs, or upon conversion of the Series D or Series E preferred units (refer to Note 4 for further discussion of the preferred units). Other than the issuance of RSUs, ISOs, Series D preferred units, and Series E preferred units, we have no outstanding options, warrants, convertible stock, or other contractual obligations requiring issuance of additional common shares that would result in a dilution of earnings. Under the terms of the Operating Partnership’s Agreement of Limited Partnership, limited partners have the right to require the Operating Partnership to redeem their limited partnership units (“Units”) any time following the first anniversary of the date they acquired such Units (“Exchange Right”). Upon the exercise of Exchange Rights, and in our sole discretion, we may issue common shares in exchange for Units on a one-for-one-basis.
For the years ended December 31, 2021, 2020, and 2019, performance-based restricted stock awards of 31,821, 26,994, and 37,822 were excluded from the calculation of diluted earnings per share because the assumed proceeds per share plus the average unearned compensation were greater than the average market price of the common shares for the periods presented and, therefore, were anti-dilutive. Refer to Note 16 - Share-Based Compensation for discussion of the terms for these awards.
For the year ended December 31, 2020, Series D preferred units of 228,000, stock options of 86,000, and time-based RSUs of 13,000 were excluded from the calculation of diluted earnings per share because they were anti-dilutive. Including these items would have improved earnings per share.
The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the consolidated financial statements for the years ended December 31, 2021, 2020, and 2019:
 (in thousands, except per share data)
 Year Ended December 31,
 202120202019
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 unitholders640 640 537 
Numerator for diluted earnings (loss) per share$(8,623)$(1,362)$79,137 
DENOMINATOR  
Denominator for basic earnings per share weighted average shares13,803 12,564 11,744 
Effect of redeemable operating partnership units899 1,030 1,237 
Effect of Series D preferred units228 — 193 
Effect of Series E preferred units729 — — 
Effect of diluted restricted stock awards and restricted stock units45 — 8 
Denominator for diluted earnings per share15,704 13,594 13,182 
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC$(0.47)$(0.15)$6.06 
NET EARNINGS (LOSS) PER COMMON SHARE – DILUTED$(0.47)$(0.15)$6.00 
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EQUITY AND MEZZANINE EQUITY
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
EQUITY AND MEZZANINE EQUITY EQUITY AND MEZZANINE EQUITY
Operating Partnership Units. Outstanding Units in the Operating Partnership were 832,000 Units at December 31, 2021 and 977,000 Units at December 31, 2020.
Exchange Rights.  Pursuant to the exercise of Exchange Rights, we redeemed Units in exchange for common shares during the years ended December 31, 2021 and 2020 as detailed in the table below.
(in thousands)
Number ofTotal Book
UnitsValue
Year ended December 31, 2021144 $(4,714)
Year ended December 31, 202081 $(1,750)
Series E Preferred Units (Noncontrolling interest). On September 1, 2021, we issued 1.8 million Series E preferred units with a par value of $100 per Series E preferred unit as partial consideration for the acquisition of 17 apartment communities. The Series E preferred unit holders receive a preferred distribution at the rate of 3.875% per year. Each Series E preferred unit is convertible, at the holder’s option, into 1.2048 Units, representing a conversion exchange rate of $83 per unit. We have the option, at our sole election, to convert Series E preferred units into OP Units if our stock has traded at or above $83 per share for 15 of 30 consecutive trading days and we have made at least three consecutive quarters of distributions with a rate of at least $0.804 per OP unit. The Series E preferred units have an aggregate liquidation preference of $181.4 million. The holders of the Series E preferred units do not have voting rights and are required to hold the units for one year before they may elect to convert.
Common Shares and Equity Awards. Common shares outstanding on December 31, 2021 and 2020, totaled 15.0 million and 13.0 million, respectively. During the years ended December 31, 2021 and 2020, we issued approximately 27,351 and 21,000 common shares, respectively, with a total grant-date value of $1.0 million, under our 2015 Incentive Plan, as share-based compensation for employees and trustees. During the years ended December 31, 2021 and 2020, approximately 500 and 2,400 common shares were forfeited under the 2015 Incentive Plan, respectively.
Equity Distribution Agreement. In September 2021, we entered into an equity distribution agreement in connection with a new at-the-market offering program (“2021 ATM Program”), replacing our prior at-the-market offering program (“2019 ATM Program”). Under the 2021 ATM Program, we may offer and sell common shares having an aggregate sales price of up to $250.0 million, in amounts and at times determined by management. Under the 2021 ATM Program, we may enter into separate forward sale agreements. The proceeds from the sale of common shares under the 2021 ATM Program are intended to be used for general purposes, which may include the funding of acquisitions, construction or mezzanine loans, community
renovations, and the repayment of indebtedness. As of December 31, 2021, we had common shares having an aggregate offering price of up to $158.7 million remaining available under the 2021 ATM Program.
The table below provides details on the sale of common shares during the years ended December 31, 2021 and 2020.
(in thousands, except per share amounts)
Number of Common Shares
Total Consideration(1)
Average Price Per Share(1)
Year ended December 31, 20211,817 $156,449 $86.13 
Year ended December 31, 2020829 $59,187 $71.39 
(1)Total consideration is net of $2.1 million and $901,000 in commissions for the years ended December 31, 2021 and 2020, respectively.
Share Repurchase Program. On December 5, 2019, our Board of Trustees terminated the existing 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 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 year ended December 31, 2020 are detailed in the table below.
(in thousands, except per share amounts)
Number of Preferred Shares
Aggregate Cost(1)
Average Price Per Share(1)
Year ended December 31, 2020237 $5,629 $23.75 
(1)Amount includes commissions.
Issuance of Series C Preferred Shares. On October 2, 2017, we issued 4.1 million shares of our 6.625% Series C Cumulative Redeemable Preferred Shares (“Series C preferred shares”). As of December 31, 2021 and 2020, we had 3.9 million Series C preferred shares outstanding. The Series C preferred shares are nonvoting and redeemable for cash at $25.00 per share at our option on or after October 2, 2022. Holders of these shares are entitled to cumulative distributions, payable quarterly (as and if declared by the Board of Trustees). Distributions accrue at an annual rate of $1.65625 per share, which is equal to 6.625% of the $25.00 per share liquidation preference ($97.0 million liquidation preference in the aggregate, as of December 31, 2021 and 2020).
Series D Preferred Units (Mezzanine Equity). On February 26, 2019, we issued 165,600 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 based on changes in the trading value of our common shares and are charged to common shares on our Consolidated Balance Sheets each quarter. The holders of the Series D preferred units do not have any voting rights. Distributions to Series D unitholders are presented in the consolidated statements of equity within net income (loss) attributable to controlling interests and noncontrolling interests.
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NONCONTROLLING INTERESTS
 12 Months Ended
Dec. 31, 2021
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, 2021 and 2020 were as follows:
 (in thousands)
 December 31, 2021December 31, 2020
IRET - Cypress Court Apartments, LLC$648 $686 
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DEBT
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
DEBT DEBT
As of December 31, 2021, 48 apartment communities were not encumbered by mortgages and are available to provide credit support for our unsecured borrowings. Our primary unsecured credit facility (“unsecured credit facility”) is a revolving, multi-bank line of credit, with 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 unencumbered properties. As of December 31, 2021, we had additional borrowing availability of $173.5 million beyond the $76.0 million drawn, priced at an interest rate of 2.74%, including the impact of our interest rate swap. At December 31, 2020, the line of credit borrowing capacity was $250.0 million based on the value of our unencumbered asset pool (“UAP”), of which $152.9 million was drawn on the line. This credit facility was amended on September 30, 2021 to extend the maturity date to September 2025 and has an accordion option to increase borrowing capacity up to $400.0 million.
Prior to the amendment, the unsecured credit facility also had unsecured term loans of $70.0 million and $75.0 million, included within notes payable on the consolidated balance sheets. These terms loans were paid in full as of December 31, 2021.
The interest rate on the line of credit is based, at our option, on the lender's base rate plus a margin, ranging from 25-80 basis points, or the London Interbank Offered Rate (“LIBOR”), plus a margin that ranges from 125-180 basis points based on our consolidated leverage, as defined under the Third Amended and Restated Credit Agreement. 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, 2021.
In January 2021, we amended and expanded our private shelf agreement with PGIM, Inc., an affiliate of Prudential Financial, Inc., and certain affiliates of PGIM, Inc. (collectively, PGIM) to increase the aggregate amount available for issuance of unsecured senior promissory notes (“unsecured senior notes”) to $225.0 million. We also issued $50.0 million of unsecured senior notes in connection with the amendment. Under this agreement, we issued $200.0 million unsecured senior notes with $25.0 million remaining available as of December 31, 2021. In September 2021, we entered into a note purchase agreement for the issuance of $125.0 million senior unsecured promissory notes. The following table shows the notes issued under both agreements.
(in thousands)
AmountMaturity DateInterest Rate
Series A$75,000 September 13, 20293.84 %
Series B$50,000 September 30, 20283.69 %
Series C$50,000 June 6, 20302.70 %
Series 2021-A$35,000 September 17, 20302.50 %
Series 2021-B$50,000 September 17, 20312.62 %
Series 2021-C$25,000 September 17, 20322.68 %
Series 2021-D$15,000 September 17, 20342.78 %
In September 2021, we entered into a $198.9 million Fannie Mae Credit Facility Agreement (“FMCF”) for financing the acquisition of 16 apartment communities. The FMCF is currently secured by mortgages on those apartment communities. The notes are interest-only, have varying maturity dates of 7, 10, and 12 years, and a blended weighted average interest rate of 2.78%. As of December 31, 2021, the FMCF had a balance of $198.9 million. The FMCF is included within mortgages payable on the Consolidated Balance Sheets.
As of December 31, 2021, we owned 15 apartment communities that served as collateral for mortgage loans, in addition to the apartment communities secured by the FMCF. All of these mortgage loans were non-recourse to us other than for standard carve-out obligations. Interest rates on mortgage loans range from 3.47% to 4.31%, and the mortgage loans have varying maturity dates from July 1, 2022, through September 1, 2031. As of December 31, 2021, 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 unsecured operating line of credit. This operating line of credit is designed to enhance treasury management activities and more effectively manage cash balances. This operating line matures on November 29, 2022, with pricing based on a market spread plus the one-month LIBOR index rate.
The following table summarizes our indebtedness:
(in thousands)
December 31, 2021December 31, 2020Weighted 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 debt376,000 422,871 7.84
Mortgages payable - Fannie Mae credit facility198,850 — 9.56
Mortgages payable - other284,934 298,445 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 notes3.12 %3.78 %
Mortgages payable - Fannie Mae credit facility2.78 %— 
Mortgages payable - other3.81 %3.93 %
Total debt3.26 %3.62 %
(1)Included within notes payable on our consolidated balance sheets.
(2)The current rate on our line of credit is LIBOR plus 150 basis points. The LIBOR exposure on the line of credit as of December 31, 2021 was hedged using an interest rate swap with a notional of $75.0 million and a fixed rate of 2.81%. The interest rate swap was terminated in February 2022.
The aggregate amount of required future principal payments on mortgages payable, notes payable, and lines of credit as of December 31, 2021 is as follows:
(in thousands)
2022$27,113 
202345,067 
20244,054 
2025108,850 
202649,047 
Thereafter625,653 
Total payments$859,784 
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DERIVATIVE INSTRUMENTS
 12 Months Ended
Dec. 31, 2021
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 debt.
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 swaps will be reclassified to interest expense as interest payments are made on our term loan and line of credit. During the next 12 months, we estimate an additional $1.5 million will be reclassified as an increase to interest expense.
At December 31, 2021, we had one interest rate swap contract designated as a cash flow hedge of interest rate risk with a total notional amount of $75.0 million to fix the interest rate on the line of credit. We also had one interest rate swap with a notional amount of $70.0 million that is not effective until January 31, 2023 and was not designated as a hedge in a qualifying hedging relationship.
At December 31, 2020, we had three interest rate swap contracts designated as cash flow hedges of interest rate risk with a total notion 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. These interest rate swaps fixed the interest on the term loans and a portion of the line of credit.
In September 2021, we paid $3.8 million to terminate our $50.0 million interest rate swap and our $70.0 million interest rate swap in connection with the pay down of our term loans (see Note 6 - Debt for additional details). We accelerated the reclassification of a $5.4 million loss from OCI into other income loss in Consolidated Statements of Operations as a result of the hedged transactions becoming probable not to occur.
Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements. Changes in fair value of derivatives not designated in hedging relationships are recorded directly into earnings within other income loss in the Consolidated Statements of Operations. For the year ended December 31, 2021, we recorded a gain of $419,000 related to the interest rate swap not designated in a hedging relationship. As of December 31, 2020, we did not have any outstanding interest rate hedges that were not designated as hedges in a qualifying hedging relationship.
The fair value of our derivative financial instruments as well as their classification on our Consolidated Balance Sheets as of December 31, 2021 and 2020 is detailed below.
(in thousands)
December 31, 2021December 31, 2020
Balance Sheet LocationFair ValueFair Value
Total derivative instruments designated as hedging instruments - interest rate swapsAccounts Payable and Accrued Expenses$4,610 $15,905 
Total derivative instruments not designated as hedging instruments - interest rate swapsAccounts Payable and Accrued Expenses$1,097 $— 
The effect of the Company's derivative financial instruments on the consolidated statements of operations as of December 31, 2021, 2020, and 2019 is detailed below.
(in thousands)
Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from Accumulated OCI into IncomeGain (Loss) Reclassified from Accumulated OCI into Income
Year Ended December 31,Year Ended December 31,
202120202019202120202019
Total derivatives in cash flow hedging relationships - interest rate swaps$2,383 $(11,068)$(7,040)Interest expense$(9,087)$(2,770)$(289)
We have agreements with each of our derivative counterparties that contain a provision where if we either default or are capable of being declared in default on any of our indebtedness, then we could also be declared in default on our derivative obligations.
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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2021
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)
TotalLevel 1Level 2Level 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 
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.
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 10.75%), and instrument specific credit risk (range of 0.5% to 1.0%). Changes in fair value of these receivables from period to period are reported in interest and other income on our Consolidated Statements of Operations.
(in thousands)
Fair Value MeasurementOther 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 
As of December 31, 2021, we had an investment of $903,000 in a real estate technology venture consisting of privately held entities that develop technology related to the real estate industry. The investment is measured at net asset value (“NAV”) as a practical expedient under ASC 820. As of December 31, 2021, we had unfunded commitments of $1.2 million.
Fair Value Measurements on a Nonrecurring Basis
There were no non-financial assets measured at fair value on a nonrecurring basis at December 31, 2021 and 2020.
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, 2021 and 2020 are as follows:
 (in thousands)
 December 31, 2021December 31, 2020
 AmountFair ValueAmountFair Value
FINANCIAL ASSETS    
Cash and cash equivalents$31,267 $31,267 $392 $392 
Restricted cash7,358 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 notes300,000 308,302 125,000 133,181 
Mortgages payable - Fannie Mae credit facility198,850 198,850 — — 
Mortgages payable - other284,934 284,546 298,445 308,855 
(1)Excluding the effect of the interest rate swap agreement.
v3.22.0.1
ACQUISITIONS AND DISPOSITIONS
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS AND DISPOSITIONS ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS 
We acquired $499.8 million and $191.0 million of new real estate during the years ended December 31, 2021 and 2020, respectively. Our acquisitions during the years ended December 31, 2021 and 2020 are detailed below.
Year Ended December 31, 2021
(in thousands)
TotalForm of ConsiderationInvestment Allocation
DateAcquisitionIntangible
AcquisitionsAcquired
Cost(1)
Cash
Units(2)
Other(3)
LandBuildingAssets
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, 202116,673 898 9,855 5,920 1,807 14,113 753 — 
251 homes - Burgandy & Hillsboro Court - Minneapolis, MN
September 1, 202135,569 2,092 22,542 10,935 2,834 31,148 1,587 — 
97 homes - Venue on Knox - Minneapolis, MN
September 1, 202118,896 500 11,375 7,021 3,438 14,743 715 — 
120 homes - Gatewood - St. Cloud, MN
September 1, 20217,781 378 3,388 4,015 327 6,858 596 — 
84 homes - Grove Ridge - Minneapolis, MN
September 1, 202112,060 121 8,579 3,360 1,250 10,271 539 — 
119 homes - The Legacy - St. Cloud, MN
September 1, 202110,560 229 5,714 4,617 412 9,556 592 — 
151 homes - New Hope Garden & Village - Minneapolis, MN
September 1, 202115,006 1,435 10,812 2,759 1,603 12,578 825 — 
330 homes - Palisades - Minneapolis, MN
September 1, 202153,354 2,884 30,470 20,000 6,919 46,577 2,211 (2,353)
96 homes - Plymouth Pointe - Minneapolis, MN
September 1, 202114,450 370 9,061 5,019 1,042 12,809 599 — 
93 homes - Pointe West - St. Cloud, MN
September 1, 20217,558 91 3,605 3,862 246 6,849 463 — 
301 homes - River Pointe - Minneapolis MN
September 1, 202138,348 2,249 21,653 14,446 3,346 33,117 1,885 — 
70 homes - Southdale Parc - Minneapolis, MN
September 1, 20219,670 165 7,907 1,598 1,569 7,740 361 — 
62 homes - Portage - Minneapolis, MN
September 1, 20219,171 323 5,588 3,260 2,133 6,685 353 — 
200 homes - Windsor Gates - Minneapolis, MN
September 1, 202122,231 1,122 12,080 9,029 2,140 18,943 1,148 — 
136 homes - Wingate - Minneapolis, MN
September 1, 202115,784 723 10,246 4,815 1,480 13,530 774 — 
178 homes - Woodhaven - Minneapolis, MN
September 1, 202125,009 1,682 15,200 8,127 3,940 20,080 989 — 
288 homes - Woodland Pointe - Minneapolis, MN
September 1, 202147,796 437 29,438 17,921 5,367 40,422 2,007 — 
176 homes - Civic Lofts - Denver, CO
December 21, 202163,000 63,000 — — 6,166 55,204 1,630 — 
Total Acquisitions$499,816 $155,599 $217,513 $126,704 $51,746 $431,189 $19,234 $(2,353)
(1)Includes $36.1 million for additional fair value of Series E preferred units with a liquidation preference of $181.4 million for the September 1, 2021 portfolio acquisition.
(2)Fair value of Series E preferred units at the acquisition date.
(3)Payoff of debt or assumption of seller's debt upon closing.
(4)Debt discount on assumed mortgage.
Year Ended December 31, 2020
 (in thousands)
 TotalForm of ConsiderationInvestment Allocation
DateAcquisition          Intangible
AcquisitionsAcquiredCostCash
Other(1)
LandBuildingAssets
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, 2020144,750 144,750 — 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.
DISPOSITIONS 
During the year ended December 31, 2021, we continued our portfolio transformation by disposing of five apartment communities and one commercial property for a total sales price of $62.3 million. The dispositions for the years ended December 31, 2021 and 2020 are detailed below.
Year Ended December 31, 2021
(in thousands)
DateBook Value
DispositionsDisposedSales Priceand Sale CostGain/(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, 20216,700 4,474 2,226 
182 homes-Heritage Manor-Rochester, MN
May 25, 202114,125 4,892 9,233 
140 homes-Olympik Village-Rochester, MN
May 25, 202110,725 6,529 4,196 
151-homes-Winchester/Village Green-Rochester, MN
May 25, 202114,800 7,010 7,790 
$60,000 $33,160 $26,840 
Other
Minot IPSOctober 18, 2021$2,250 $1,573 $677 
Total Dispositions$62,250 $34,733 $27,517 
Year Ended December 31, 2020
(in thousands)
DateBook Value
DispositionsDisposedSales Priceand Sale CostGain/(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, 20203,725 1,348 2,377 
164 homes - Southwind - Grand Forks, ND
August 18, 202010,850 4,573 6,277 
168 homes - Valley Park - Grand Forks, ND
August 18, 20208,300 4,059 4,241 
$42,500 $16,864 $25,636 
Other
Dakota WestAugust 7, 2020$500 $474 $26 
Unimproved Land
Rapid City Land - Rapid City, SDJune 29, 2020$1,300 $1,490 $(190)
Total Dispositions$44,300 $18,828 $25,472 
v3.22.0.1
SEGMENTS
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
We operate in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities. Each of our operating properties is considered a separate operating segment because each property earns revenues, incurs expenses, and has discrete financial information. Our chief operating decision-makers evaluate each property’s operating results to make decisions about resources to be allocated and to assess performance. We do not group our operations based on geography, size, or type. Our apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, our apartment communities are aggregated into a single reportable segment. “All other” is composed of non-multifamily properties, non-multifamily components of mixed use properties, and properties disposed or designated as held for sale.
Our executive management team comprises our chief operating decision-makers. This team measures the performance of our reportable segment based on net operating income (“NOI”), which we define as total real estate revenues less property operating expenses, including real estate taxes. We believe that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization, financing, property management overhead, and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance.
The following tables present NOI for the years ended December 31, 2021, 2020, and 2019 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, 2021MultifamilyAll OtherTotal
Revenue$195,624 $6,081 $201,705 
Property operating expenses, including real estate taxes79,096 2,761 81,857 
Net operating income$116,528 $3,320 $119,848 
Property management expenses(8,752)
Casualty loss(344)
Depreciation and amortization(92,165)
General and administrative expenses(16,213)
Gain (loss) on sale of real estate and other investments27,518 
Interest expense(29,078)
Loss on debt extinguishment(535)
Interest and other income (loss)(2,380)
Net income (loss)$(2,101)
 (in thousands)
Year ended December 31, 2020MultifamilyAll OtherTotal
Revenue$164,126 $13,868 $177,994 
Property operating expenses, including real estate taxes66,356 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 investments25,503 
Interest expense  (27,525)
Loss on debt extinguishment  (23)
Interest and other income  (1,552)
Net income (loss)  $4,743 
 
 (in thousands)
Year ended December 31, 2019MultifamilyAll OtherTotal
Revenue$148,644 $37,111 $185,755 
Property operating expenses, including real estate taxes60,760 17,555 78,315 
Net operating income$87,884 $19,556 $107,440 
Property management expenses(6,186)
Casualty loss(1,116)
Depreciation and amortization  (74,271)
General and administrative expenses  (14,450)
Gain (loss) on sale of real estate and other investments97,624 
Interest expense  (30,537)
Loss on debt extinguishment  (2,360)
Interest and other income  2,092 
Income (loss) before gain on litigation settlement  78,236 
Gain (loss) on litigation settlement6,586 
Net income (loss)  $84,822 
Segment Assets and Accumulated Depreciation 
 (in thousands)
As of December 31, 2021MultifamilyAll OtherTotal
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 equivalents31,267 
Restricted cash7,358 
Other assets30,582 
Mortgage loans receivable43,276 
Total Assets$1,940,061 

 (in thousands)
As of December 31, 2020MultifamilyAll OtherTotal
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 cash6,918 
Other assets  18,904 
Mortgage loans receivable  24,661 
Total Assets  $1,464,183 
v3.22.0.1
RETIREMENT PLANS
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
RETIREMENT PLANS RETIREMENT PLANS  We sponsor a defined contribution 401(k) plan to provide retirement benefits for employees that meet minimum employment criteria. We currently match, dollar for dollar, employee contributions to the 401(k) plan in an amount equal to up to 5.0% of the eligible wages of each participating employee. Matching contributions are fully vested when made. We recognized expense of approximately $1.0 million, $875,000, and $738,000 in the years ended December 31, 2021, 2020, and 2019, respectively.
v3.22.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2021
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, lead, or underground storage tanks. For certain of these properties, we estimated the fair value of the conditional asset retirement obligation and chose not to book a liability because the amounts involved were immaterial. With respect to certain other properties, we have not recorded any related asset retirement obligation as the fair value of the liability cannot be reasonably estimated due to insufficient information. We believe we do not have sufficient information to estimate the fair value of the asset retirement obligations for these properties because a settlement date or range of potential settlement dates has not been specified by others 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. Thirty-four of our apartment communities, consisting of approximately 6,511 homes, are subject to restrictions on taxable dispositions under agreements entered into with some of the sellers or contributors of the properties and are effective for varying periods. We do not believe that the agreements materially affect the conduct of our business or our decisions whether to dispose of restricted properties during the restriction period because we generally hold these and our other properties for investment purposes rather than for sale. Where we deem it to be in our shareholders’ best interests to dispose of such properties, we generally seek to structure sales of such properties as tax deferred transactions under Section 1031 of the Code. Otherwise, we may be required to provide tax indemnification payments to the parties to these agreements.
Redemption Value of Units. Pursuant to a Unitholder’s exercise of its Exchange Rights, we have the right, in our sole discretion, to acquire such Units by either making a cash payment or acquiring the Units for our common shares, on a one-for-one basis. All Units receive the same per Unit cash distributions as the per share dividends paid on common shares. Units are redeemable for an amount of cash per Unit equal to the average of the daily market price of our common shares for the ten consecutive trading days immediately preceding the date of valuation of the Unit. As of December 31, 2021 and 2020, the aggregate redemption value of the then-outstanding Units owned by limited partners, as determined by the ten-day average market price for our common shares, was approximately $90.9 million and $69.0 million, respectively.
v3.22.0.1
SHARE BASED COMPENSATION
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
SHARE BASED COMPENSATION SHARE BASED COMPENSATION 
Share-based awards are provided to officers, non-officer employees, and trustees under our 2015 Incentive Plan approved by shareholders on September 15, 2015, as amended and restated on May 18, 2021 which allows for awards in the form of cash, unrestricted, and restricted common shares, stock options, stock appreciation rights, and restricted stock units (“RSUs”) up to an aggregate of 775,000 shares over the ten-year period in which the plan will be in effect. Under our 2015 Incentive Plan, officers and non-officer employees may earn share awards under a long-term incentive plan, 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, 2021, awards under the 2015 Incentive Plan consisted of restricted and unrestricted common shares, RSUs, and stock options. We account for forfeitures of restricted and unrestricted common shares, RSUs, and stock options when they occur instead of estimating the forfeitures.
Year Ended December 31, 2021 LTIP Awards
Awards granted to employees on January 1, 2021, consist of an aggregate of 6,410 time-based RSU awards, 19,224 performance based RSUs based on total shareholder return (“TSR”), and 43,629 stock options. The time-based RSUs vest as to one-third of the shares on each of January 1, 2022, January 1, 2023, and January 1, 2024. The stock options vest as to 25% on each of January 1, 2022, January 1, 2023, January 1, 2024, and January 1, 2025 and expire 10 years after grant date. The fair value of stock options was $7.383 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
Exercise price$70.64 
Risk-free rate0.650 %
Expected term6.25 years
Expected volatility21.08 %
Dividend Yield3.963 %
The TSR performance RSUs are earned based on the Company’s TSR as compared to the FTSE Nareit Apartment Index over a forward looking three-year period. The maximum number of RSUs eligible to be earned is 38,448 RSUs, which is 200% of the RSUs granted. Earned awards (if any) will fully vest as of the last day of the measurement period. These awards have market conditions in addition to service conditions that must be met for the awards to vest. Compensation expense is recognized ratably based on the grant date fair value, as determined using the Monte Carlo valuation model, regardless of whether the market conditions are achieved and the awards ultimately vest. Therefore, previously recorded compensation expense is not adjusted in the event that the market conditions are not achieved. The Company based the expected volatility on a weighted average of the historical volatility of the Company’s daily closing share price and a select peer average volatility, the risk-free interest rate on the interest rates on U.S. treasury bonds with a maturity equal to the remaining performance period of the award, and the expected term on the performance period of the award. The assumptions used to value the TSR performance RSUs were an expected volatility of 20.63%, a risk-free interest rate of 0.17%, and an expected life of 3 years. The share price at the grant date, January 1, 2021, was $70.64 per share.
Awards granted to trustees in May 2021 consisted of 6,061 RSUs with a one-year vesting period. All of these awards are classified as equity awards. We recognize compensation expense associated with the time-based awards ratably over the requisite service period. The fair value of share awards at grant date for non-employee trustees was approximately $425,000, $533,000, and $505,000 for the years ended December 31, 2021, 2020, and 2019, respectively.
Share-Based Compensation Expense 
Total share-based compensation expense recognized in the consolidated financial statements for the years ended December 31, 2021, 2020, and 2019, for all share-based awards was as follows:
(in thousands)
 Year Ended December 31,
 202120202019
Share based compensation expense$2,687 $2,106 $1,905 
 
Restricted Share Awards
The total fair value of time-based share grants vested during the years ended December 31, 2020 and 2019 was $136,000 and $310,000, respectively.
The activity for the years ended December 31, 2020 and 2019, related to our restricted share awards was as follows:
Awards with Service Conditions
  Wtd Avg Grant-
 SharesDate Fair Value
Unvested at December 31, 20187,191 
Granted— 
Vested(4,999)$61.06 
Forfeited— 
Unvested at December 31, 20192,192 59.20 
Granted— 
Vested(2,192)$59.20 
Forfeited— 
Unvested at December 31, 2020— 
 
Restricted Stock Units
During the year ended December 31, 2021, we issued 7,416 time-based RSUs to employees and 6,277 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, 2021 was $980,000. The total compensation cost related to non-vested time-based RSUs not yet recognized is $491,000, which we expect to recognize over a weighted average period of 1.2 years.
The unamortized value of RSUs with market conditions as of December 31, 2021, 2020, and 2019, was approximately $1.1 million, $487,000, and $1.3 million, respectively.
The activity for the years ended December 31, 2021, 2020, and 2019, related to our RSUs was as follows:
RSUs with Service ConditionsRSUs with Market Conditions
  Wtd Avg Grant- Wtd Avg Grant-
 SharesDate Fair ValueSharesDate Fair Value
Unvested at December 31, 201818,260 $55.13 25,319 $62.84 
Granted16,084 $59.76 12,978 $79.49 
Vested(11,633)$55.35 — — 
Forfeited(365)$51.73 (475)$57.70 
Unvested at December 31, 201922,346 $58.41 37,822 $68.62 
Granted17,981 $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, 202024,828 $65.03 26,994 $67.87 
Granted13,693 $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, 202120,974 $69.97 19,224 $87.04 
(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, 2021, we issued 43,629 stock options to employees. The stock options vest over a four-year period. The fair value of the stock options granted during the year ended December 31, 2021 was $7.383 per share. The total compensation costs related to non-vested stock options not yet recognized is $387,000, which we expect to recognize over a weighted average period of 2.4 years.
The stock option activity for the years ended December 31, 2021 and 2020 was as follows:
Number of SharesWeighted Average Exercise Price
Outstanding at December 31, 2019— — 
Granted141,000 $66.36 
Exercised— — 
Forfeited(1,952)$66.36 
Outstanding at December 31, 2020139,048 $66.36 
Exercisable at December 31, 2020— — 
Granted43,629 70.64 
Exercised— — 
Forfeited— — 
Outstanding at December 31, 2021182,677 67.38 
Exercisable at December 31, 202134,758 66.36 
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, 2021, stock options outstanding had an aggregate intrinsic value of $8.0 million with a weighted average remaining contractual term of 8.54 years.
v3.22.0.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On January 4, 2022, we acquired a portfolio of three apartment communities located in the Minneapolis, Minnesota region for an aggregate purchase price of $68.1 million. The acquisition was financed through the assumption of $41.6 million in mortgage debt, the issuance of 209,156 Units, and cash.
On January 26, 2022, we acquired Noko Apartments in Minneapolis, Minnesota for an aggregate purchase price of $46.4 million. We financed the development of Noko Apartments with a construction loan and a mezzanine loan which had
principal balances of $29.9 million and $13.4 million, respectively, as of December 31, 2021. The loans were exchanged to fund, in part, the acquisition.On February 23, 2022, we paid $3.3 million to terminate our $75.0 million interest rate swap and our $70.0 million forward swap.
v3.22.0.1
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2021
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 oflatest income
   Buildings &subsequent to Buildings & AccumulatedConstructionstatement is
Description
Encumbrances(1)
LandImprovementsacquisitionLandImprovementsTotalDepreciationor Acquisitioncomputed
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, NE8,700 706 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, MN11,338 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, NE11,270 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)201830years
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)201930years
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, MN46,320 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, NE11,158 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)201930years
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)201830years
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)201830years
CENTERSPACE AND SUBSIDIARIES
December 31, 2021
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 oflatest income
   Buildings &subsequent to Buildings & AccumulatedConstructionstatement is
Description
Encumbrances(1)
LandImprovementsacquisitionLandImprovementsTotalDepreciationor Acquisitioncomputed
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, MN23,409 2,254 30,024 5,223 2,412 35,089 37,501 (12,114)2006
30-37
years
Red 20 - Minneapolis, MN20,775 1,900 24,116 521 1,908 24,629 26,537 (7,560)2015
30-37
years
Regency Park Estates - St. Cloud, MN7,167 702 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, MN21,675 3,502 40,153 8,626 3,583 48,698 52,281 (6,292)201930years
Sunset Trail - Rochester, MN— 336 12,814 3,429 826 15,753 16,579 (9,579)1999
30-37
years
Thomasbrook - Lincoln, NE13,100 600 10,306 5,474 1,710 14,670 16,380 (9,080)1999
30-37
years
West Stonehill - Waite Park, MN16,425 939 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)201830years
Whispering Ridge - Omaha, NE19,187 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, MN11,048 1,807 14,113 538 1,865 14,593 16,458 (177)202130years
Burgundy and Hillsboro Court - Minneapolis, MN23,570 2,834 31,149 1,177 2,913 32,247 35,160 (398)202130years
Civic Lofts - Denver, CO— 6,166 55,182 51 6,171 55,228 61,399 (148)202130years
Gatewood - St Cloud, MN5,156 327 6,858 348 342 7,191 7,533 (95)202130years
Grove Ridge - Minneapolis, MN7,992 1,250 10,271 405 1,293 10,633 11,926 (133)202130years
Ironwood - Minneapolis, MN— 2,165 36,874 238 2,167 37,110 39,277 (2,564)202030years
Legacy Waite Park - St Cloud, MN6,923 412 9,556 428 426 9,970 10,396 (135)202130years
New Hope Garden and Village - Minneapolis, MN9,943 1,603 12,578 480 1,651 13,010 14,661 (170)202130years
Palisades - Minneapolis, MN22,260 6,919 46,577 386 6,959 46,923 53,882 (574)202130years
Parkhouse - Thornton, CO— 10,474 132,105 987 10,484 133,082 143,566 (6,922)202030years
Plymouth Pointe - Minneapolis, MN9,575 1,042 12,810 526 1,073 13,305 14,378 (174)202130years
Pointe West St Cloud - St Cloud, MN5,008 246 6,850 437 260 7,273 7,533 (98)202130years
Portage - Minneapolis, MN5,991 2,133 6,685 415 2,226 7,007 9,233 (83)202130years
River Pointe - Minneapolis, MN25,412 3,346 33,118 951 3,426 33,989 37,415 (422)202130years
Southdale Parc - Minneapolis, MN5,301 1,569 7,740 302 1,618 7,993 9,611 (96)202130years
Union Pointe - Denver, CO— 5,727 69,966 336 5,736 70,293 76,029 (2,723)202130years
Venue on Knox - Minneapolis, MN11,660 3,438 14,743 548 3,530 15,199 18,729 (177)202130years
Windsor - Minneapolis, MN14,731 2,140 18,943 738 2,204 19,617 21,821 (243)202130years
Wingate - Minneapolis, MN$10,459 $1,480 $13,530 $503 $1,526 $13,987 $15,513 $(180)202130years
Woodhaven - Minneapolis, MN14,408 3,940 20,080 627 4,040 20,607 24,647 (245)202130years
Woodland Pointe - Minneapolis, MN31,673 5,367 40,422 843 5,449 41,183 46,632 (516)202130years
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)
CENTERSPACE AND SUBSIDIARIES
December 31, 2021
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 oflatest income
   Buildings &subsequent to Buildings & AccumulatedConstructionstatement is
Description
Encumbrances(1)
LandImprovementsacquisitionLandImprovementsTotalDepreciationor Acquisitioncomputed
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)201930years
Oxbo - St Paul, MN— — 3,472 54 — 3,526 3,526 (541)201530years
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)201930years
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)
(1)Amounts in this column are the mortgages payable balance as of December 31, 2021. 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, 2021 and 2020
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

Reconciliations of the carrying value of total property owned for the years ended December 31, 2021 and 2020 are as follows:
 (in thousands)
Year Ended December 31,
 20212020
Balance at beginning of year$1,812,557 $1,643,078 
Additions during year 
Multifamily and Other491,648 181,771 
Improvements and Other34,427 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 
 
Reconciliations of accumulated depreciation/amortization for the years ended December 31, 2021 and 2020 are as follows:
 (in thousands)
Year Ended December 31,
 20212020
Balance at beginning of year$399,249 $349,122 
Additions during year 
Provisions for depreciation78,268 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 
CENTERSPACE AND SUBSIDIARIES
December 31, 2021 and 2020
Schedule III - REAL ESTATE AND ACCUMULATED DEPRECIATION (in thousands)

Reconciliations of unimproved land for the years ended December 31, 2021 and 2020 are as follows: 
 (in thousands)
Year Ended December 31,
 20212020
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)Consists of the write off of fully depreciated assets and accumulated amortization and miscellaneous disposed assets.
(2)The net basis, including held for sale properties, for Federal Income Tax purposes was $1.8 billion and $1.4 billion at December 31, 2021 and December 31, 2020, respectively.
v3.22.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATIONThe accompanying consolidated financial statements include our accounts and the accounts of all our subsidiaries in which we maintain a controlling interest, including the Operating Partnership. All intercompany balances and transactions are eliminated in consolidation.
CONSOLIDATION The consolidated financial statements also reflect the ownership by the Operating Partnership of certain joint venture entities in which the Operating Partnership has a general partner’s or controlling interest. These entities are consolidated into our other operations with noncontrolling interests reflecting the noncontrolling partners’ share of ownership, income, and expenses.
USE OF ESTIMATES
USE OF ESTIMATES
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS
The following table provides a brief description of recent GAAP accounting standards updates (“ASUs”).
StandardDescriptionDate of AdoptionEffect on the Financial Statements or Other Significant Matters
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 adopted this guidance in June 2021 on a prospective basis. This adoption did not have a material impact on the 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 early adopted this guidance in the first quarter of 2021 using the modified retrospective method. The adoption did not have a material impact on the 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.
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 $1.8 billion and $1.4 billion as of December 31, 2021 and 2020, 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. We did not capitalize interest during the years ended December 31, 2021, 2020, and 2019.
Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Renovations and improvements that improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life, generally five to twenty years. Property sales or dispositions are recorded when control of the assets transfers to the buyer and we have no significant continuing involvement with the property sold.
We periodically evaluate our long-lived assets, including real estate investments, for impairment indicators. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions, expected holding period of each 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.
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, 2021 and 2020.
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, 2021 restricted cash consisted of $5.0 million of real estate deposits for property acquisitions and $2.4 million in escrows held by lenders. As of December 31, 2020, 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
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 98.2% of our total revenues and includes gross market rent less adjustments for concessions, vacancy loss, and bad debt. Other property revenues represent the remaining 1.8% of our total revenues and are primarily driven by other fee income, which is typically recognized when earned, at a point in time.
Some of our apartment communities have commercial spaces available for lease. Lease terms for these spaces typically range from three to fifteen years. The leases for commercial spaces generally include options to extend the lease for additional terms.
Beginning in April 2020, we abated rent, common area maintenance, and real estate taxes for commercial tenants that experienced government-mandated interruptions or closures of their businesses. We elected to account for these accommodations as though enforceable rights and obligations 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. The accommodations were recognized as variable lease payments. During the years ended December 31, 2021 and 2020, we recognized a reduction in revenue of $47,000 and $656,000, respectively, 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.
REVENUE
REVENUE
Revenue is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration the company expects to be entitled for those goods and services.
Revenue streams that are included in revenues from contracts with customers include:
•Other property revenues: 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: 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 Code. Under those sections, a REIT which distributes at least 90% of its REIT taxable income, excluding capital gains, as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to shareholders. For the years ended December 31, 2021, 2020, and 2019, 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, 2021, 2020, and 2019.
We conduct our business activity as an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) through our Operating Partnership. UPREIT status allows us to accept the contribution of real estate in exchange for Units. Generally, such a contribution to a limited partnership allows for the deferral of gain by an owner of appreciated real estate.
VARIABLE INTEREST ENTITY
VARIABLE INTEREST ENTITY
We have determined that our Operating Partnership and each of our less-than-wholly owned real estate partnerships is a variable interest entity (“VIE”), as the limited partners or the functional equivalent of limited partners lack substantive kick-out rights and substantive participating rights. We are the primary beneficiary of the VIEs, and the VIEs are required to be consolidated on our balance sheet because we have a controlling financial interest in the VIEs and have both the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. Because our Operating Partnership is a VIE, all of our assets and liabilities are held through a VIE.
PROPERTY AND EQUIPMENT PROPERTY AND 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.
MARKETABLE SECURITIES MARKETABLE SECURITIESMarketable 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.
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 swaps will be reclassified to interest expense as interest payments are made on our term loan and line of credit.
v3.22.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Schedule of Recent Accounting Standards Updates
The following table provides a brief description of recent GAAP accounting standards updates (“ASUs”).
StandardDescriptionDate of AdoptionEffect on the Financial Statements or Other Significant Matters
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 adopted this guidance in June 2021 on a prospective basis. This adoption did not have a material impact on the 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 early adopted this guidance in the first quarter of 2021 using the modified retrospective method. The adoption did not have a material impact on the 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, 2021, was as follows:
(in thousands)
2022$2,447 
20232,455 
20242,453 
20252,400 
20261,804 
Thereafter880 
Total scheduled lease income - operating leases$12,439 
Disaggregation of Revenue
The following table presents the disaggregation of revenue streams of our rental income for the years ended December 31, 2021, 2020, and 2019:
(in thousands)
Year ended December 31,
Revenue StreamApplicable Standard202120202019
Fixed lease income - operating leasesLeases$189,452 $168,119 $176,706 
Variable lease income - operating leasesLeases8,565 7,068 5,586 
Other property revenueRevenue from contracts with customers3,688 2,807 3,463 
Total revenue$201,705 $177,994 $185,755 
Federal Income Tax Distributions
The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2021, 2020, and 2019:
CALENDAR YEAR 202120202019
Tax status of distributions
Capital gain0.92 %13.62 %38.53 %
Ordinary income7.82 %7.91 %23.43 %
Return of capital91.26 %78.47 %38.04 %
Schedule of Other Assets
As of December 31, 2021 and 2020, other assets consisted of the following amounts:
in thousands
December 31, 2021December 31, 2020
Receivable arising from straight line rents$343 $336 
Accounts receivable, net of allowance
667 523 
Real estate related loans receivable6,208 6,332 
Prepaid and other assets9,693 5,702 
Intangible assets, net of accumulated amortization
7,370 1,150 
Property and equipment, net of accumulated depreciation
3,370 2,674 
Goodwill866 986 
Deferred charges and leasing costs2,065 1,201 
Total Other Assets$30,582 $18,904 
v3.22.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted Earnings per Share The following table presents a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share reported in the consolidated financial statements for the years ended December 31, 2021, 2020, and 2019:
 (in thousands, except per share data)
 Year Ended December 31,
 202120202019
NUMERATOR  
Net income (loss) attributable to controlling interests(29)4,441 78,669 
Dividends to preferred shareholders(6,428)(6,528)(6,821)
Redemption of preferred shares— 297 — 
Numerator for basic earnings per share – net income (loss) available to common shareholders(6,457)(1,790)71,848 
Noncontrolling interests – Operating Partnership and Series E preferred units(2,806)(212)6,752 
Dividends to preferred unitholders640 640 537 
Numerator for diluted earnings (loss) per share$(8,623)$(1,362)$79,137 
DENOMINATOR  
Denominator for basic earnings per share weighted average shares13,803 12,564 11,744 
Effect of redeemable operating partnership units899 1,030 1,237 
Effect of Series D preferred units228 — 193 
Effect of Series E preferred units729 — — 
Effect of diluted restricted stock awards and restricted stock units45 — 8 
Denominator for diluted earnings per share15,704 13,594 13,182 
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC$(0.47)$(0.15)$6.06 
NET EARNINGS (LOSS) PER COMMON SHARE – DILUTED$(0.47)$(0.15)$6.00 
v3.22.0.1
EQUITY AND MEZZANINE EQUITY (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Schedule of Conversions of Stock Pursuant to the exercise of Exchange Rights, we redeemed Units in exchange for common shares during the years ended December 31, 2021 and 2020 as detailed in the table below.
(in thousands)
Number ofTotal Book
UnitsValue
Year ended December 31, 2021144 $(4,714)
Year ended December 31, 202081 $(1,750)
Schedule of Sale of Common Shares
The table below provides details on the sale of common shares during the years ended December 31, 2021 and 2020.
(in thousands, except per share amounts)
Number of Common Shares
Total Consideration(1)
Average Price Per Share(1)
Year ended December 31, 20211,817 $156,449 $86.13 
Year ended December 31, 2020829 $59,187 $71.39 
(1)Total consideration is net of $2.1 million and $901,000 in commissions for the years ended December 31, 2021 and 2020, respectively.
Schedule of Repurchase Agreements Shares repurchased during the year ended December 31, 2020 are detailed in the table below.
(in thousands, except per share amounts)
Number of Preferred Shares
Aggregate Cost(1)
Average Price Per Share(1)
Year ended December 31, 2020237 $5,629 $23.75 
(1)Amount includes commissions.
v3.22.0.1
NONCONTROLLING INTERESTS (Tables)
 12 Months Ended
Dec. 31, 2021
Noncontrolling Interest [Abstract]  
Schedule of Noncontrolling Interests - Consolidated Real Estate Entities Our noncontrolling interests – consolidated real estate entities at December 31, 2021 and 2020 were as follows:
 (in thousands)
 December 31, 2021December 31, 2020
IRET - Cypress Court Apartments, LLC$648 $686 
v3.22.0.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt The following table shows the notes issued under both agreements.
(in thousands)
AmountMaturity DateInterest Rate
Series A$75,000 September 13, 20293.84 %
Series B$50,000 September 30, 20283.69 %
Series C$50,000 June 6, 20302.70 %
Series 2021-A$35,000 September 17, 20302.50 %
Series 2021-B$50,000 September 17, 20312.62 %
Series 2021-C$25,000 September 17, 20322.68 %
Series 2021-D$15,000 September 17, 20342.78 %
The following table summarizes our indebtedness:
(in thousands)
December 31, 2021December 31, 2020Weighted 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 debt376,000 422,871 7.84
Mortgages payable - Fannie Mae credit facility198,850 — 9.56
Mortgages payable - other284,934 298,445 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 notes3.12 %3.78 %
Mortgages payable - Fannie Mae credit facility2.78 %— 
Mortgages payable - other3.81 %3.93 %
Total debt3.26 %3.62 %
(1)Included within notes payable on our consolidated balance sheets.
(2)The current rate on our line of credit is LIBOR plus 150 basis points. The LIBOR exposure on the line of credit as of December 31, 2021 was hedged using an interest rate swap with a notional of $75.0 million and a fixed rate of 2.81%. The interest rate swap was terminated in February 2022.
Aggregate Amount of Required Future Principal Payments on Mortgages Payable
The aggregate amount of required future principal payments on mortgages payable, notes payable, and lines of credit as of December 31, 2021 is as follows:
(in thousands)
2022$27,113 
202345,067 
20244,054 
2025108,850 
202649,047 
Thereafter625,653 
Total payments$859,784 
v3.22.0.1
DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021 and 2020 is detailed below.
(in thousands)
December 31, 2021December 31, 2020
Balance Sheet LocationFair ValueFair Value
Total derivative instruments designated as hedging instruments - interest rate swapsAccounts Payable and Accrued Expenses$4,610 $15,905 
Total derivative instruments not designated as hedging instruments - interest rate swapsAccounts Payable and Accrued Expenses$1,097 $— 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The effect of the Company's derivative financial instruments on the consolidated statements of operations as of December 31, 2021, 2020, and 2019 is detailed below.
(in thousands)
Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from Accumulated OCI into IncomeGain (Loss) Reclassified from Accumulated OCI into Income
Year Ended December 31,Year Ended December 31,
202120202019202120202019
Total derivatives in cash flow hedging relationships - interest rate swaps$2,383 $(11,068)$(7,040)Interest expense$(9,087)$(2,770)$(289)
v3.22.0.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Estimated Fair Values of Financial Instruments
Fair Value Measurements on a Recurring Basis
(in thousands)
TotalLevel 1Level 2Level 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 
The estimated fair values of our financial instruments as of December 31, 2021 and 2020 are as follows:
 (in thousands)
 December 31, 2021December 31, 2020
 AmountFair ValueAmountFair Value
FINANCIAL ASSETS    
Cash and cash equivalents$31,267 $31,267 $392 $392 
Restricted cash7,358 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 notes300,000 308,302 125,000 133,181 
Mortgages payable - Fannie Mae credit facility198,850 198,850 — — 
Mortgages payable - other284,934 284,546 298,445 308,855 
(1)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 MeasurementOther 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 
v3.22.0.1
ACQUISITIONS AND DISPOSITIONS (Tables)
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Our acquisitions during the years ended December 31, 2021 and 2020 are detailed below.
Year Ended December 31, 2021
(in thousands)
TotalForm of ConsiderationInvestment Allocation
DateAcquisitionIntangible
AcquisitionsAcquired
Cost(1)
Cash
Units(2)
Other(3)
LandBuildingAssets
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, 202116,673 898 9,855 5,920 1,807 14,113 753 — 
251 homes - Burgandy & Hillsboro Court - Minneapolis, MN
September 1, 202135,569 2,092 22,542 10,935 2,834 31,148 1,587 — 
97 homes - Venue on Knox - Minneapolis, MN
September 1, 202118,896 500 11,375 7,021 3,438 14,743 715 — 
120 homes - Gatewood - St. Cloud, MN
September 1, 20217,781 378 3,388 4,015 327 6,858 596 — 
84 homes - Grove Ridge - Minneapolis, MN
September 1, 202112,060 121 8,579 3,360 1,250 10,271 539 — 
119 homes - The Legacy - St. Cloud, MN
September 1, 202110,560 229 5,714 4,617 412 9,556 592 — 
151 homes - New Hope Garden & Village - Minneapolis, MN
September 1, 202115,006 1,435 10,812 2,759 1,603 12,578 825 — 
330 homes - Palisades - Minneapolis, MN
September 1, 202153,354 2,884 30,470 20,000 6,919 46,577 2,211 (2,353)
96 homes - Plymouth Pointe - Minneapolis, MN
September 1, 202114,450 370 9,061 5,019 1,042 12,809 599 — 
93 homes - Pointe West - St. Cloud, MN
September 1, 20217,558 91 3,605 3,862 246 6,849 463 — 
301 homes - River Pointe - Minneapolis MN
September 1, 202138,348 2,249 21,653 14,446 3,346 33,117 1,885 — 
70 homes - Southdale Parc - Minneapolis, MN
September 1, 20219,670 165 7,907 1,598 1,569 7,740 361 — 
62 homes - Portage - Minneapolis, MN
September 1, 20219,171 323 5,588 3,260 2,133 6,685 353 — 
200 homes - Windsor Gates - Minneapolis, MN
September 1, 202122,231 1,122 12,080 9,029 2,140 18,943 1,148 — 
136 homes - Wingate - Minneapolis, MN
September 1, 202115,784 723 10,246 4,815 1,480 13,530 774 — 
178 homes - Woodhaven - Minneapolis, MN
September 1, 202125,009 1,682 15,200 8,127 3,940 20,080 989 — 
288 homes - Woodland Pointe - Minneapolis, MN
September 1, 202147,796 437 29,438 17,921 5,367 40,422 2,007 — 
176 homes - Civic Lofts - Denver, CO
December 21, 202163,000 63,000 — — 6,166 55,204 1,630 — 
Total Acquisitions$499,816 $155,599 $217,513 $126,704 $51,746 $431,189 $19,234 $(2,353)
(1)Includes $36.1 million for additional fair value of Series E preferred units with a liquidation preference of $181.4 million for the September 1, 2021 portfolio acquisition.
(2)Fair value of Series E preferred units at the acquisition date.
(3)Payoff of debt or assumption of seller's debt upon closing.
(4)Debt discount on assumed mortgage.
Year Ended December 31, 2020
 (in thousands)
 TotalForm of ConsiderationInvestment Allocation
DateAcquisition          Intangible
AcquisitionsAcquiredCostCash
Other(1)
LandBuildingAssets
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, 2020144,750 144,750 — 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.
Schedule of Dispositions The dispositions for the years ended December 31, 2021 and 2020 are detailed below.
Year Ended December 31, 2021
(in thousands)
DateBook Value
DispositionsDisposedSales Priceand Sale CostGain/(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, 20216,700 4,474 2,226 
182 homes-Heritage Manor-Rochester, MN
May 25, 202114,125 4,892 9,233 
140 homes-Olympik Village-Rochester, MN
May 25, 202110,725 6,529 4,196 
151-homes-Winchester/Village Green-Rochester, MN
May 25, 202114,800 7,010 7,790 
$60,000 $33,160 $26,840 
Other
Minot IPSOctober 18, 2021$2,250 $1,573 $677 
Total Dispositions$62,250 $34,733 $27,517 
Year Ended December 31, 2020
(in thousands)
DateBook Value
DispositionsDisposedSales Priceand Sale CostGain/(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, 20203,725 1,348 2,377 
164 homes - Southwind - Grand Forks, ND
August 18, 202010,850 4,573 6,277 
168 homes - Valley Park - Grand Forks, ND
August 18, 20208,300 4,059 4,241 
$42,500 $16,864 $25,636 
Other
Dakota WestAugust 7, 2020$500 $474 $26 
Unimproved Land
Rapid City Land - Rapid City, SDJune 29, 2020$1,300 $1,490 $(190)
Total Dispositions$44,300 $18,828 $25,472 
v3.22.0.1
SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Revenues and Net Operating Income for Reportable Segments
The following tables present NOI for the years ended December 31, 2021, 2020, and 2019 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, 2021MultifamilyAll OtherTotal
Revenue$195,624 $6,081 $201,705 
Property operating expenses, including real estate taxes79,096 2,761 81,857 
Net operating income$116,528 $3,320 $119,848 
Property management expenses(8,752)
Casualty loss(344)
Depreciation and amortization(92,165)
General and administrative expenses(16,213)
Gain (loss) on sale of real estate and other investments27,518 
Interest expense(29,078)
Loss on debt extinguishment(535)
Interest and other income (loss)(2,380)
Net income (loss)$(2,101)
 (in thousands)
Year ended December 31, 2020MultifamilyAll OtherTotal
Revenue$164,126 $13,868 $177,994 
Property operating expenses, including real estate taxes66,356 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 investments25,503 
Interest expense  (27,525)
Loss on debt extinguishment  (23)
Interest and other income  (1,552)
Net income (loss)  $4,743 
 
 (in thousands)
Year ended December 31, 2019MultifamilyAll OtherTotal
Revenue$148,644 $37,111 $185,755 
Property operating expenses, including real estate taxes60,760 17,555 78,315 
Net operating income$87,884 $19,556 $107,440 
Property management expenses(6,186)
Casualty loss(1,116)
Depreciation and amortization  (74,271)
General and administrative expenses  (14,450)
Gain (loss) on sale of real estate and other investments97,624 
Interest expense  (30,537)
Loss on debt extinguishment  (2,360)
Interest and other income  2,092 
Income (loss) before gain on litigation settlement  78,236 
Gain (loss) on litigation settlement6,586 
Net income (loss)  $84,822 
Segment Assets and Accumulated Depreciation
Segment Assets and Accumulated Depreciation 
 (in thousands)
As of December 31, 2021MultifamilyAll OtherTotal
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 equivalents31,267 
Restricted cash7,358 
Other assets30,582 
Mortgage loans receivable43,276 
Total Assets$1,940,061 

 (in thousands)
As of December 31, 2020MultifamilyAll OtherTotal
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 cash6,918 
Other assets  18,904 
Mortgage loans receivable  24,661 
Total Assets  $1,464,183 
v3.22.0.1
SHARE BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Fair Value Stock Options The fair value of stock options was $7.383 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
Exercise price$70.64 
Risk-free rate0.650 %
Expected term6.25 years
Expected volatility21.08 %
Dividend Yield3.963 %
Schedule of Compensation Expense Recognized
Total share-based compensation expense recognized in the consolidated financial statements for the years ended December 31, 2021, 2020, and 2019, for all share-based awards was as follows:
(in thousands)
 Year Ended December 31,
 202120202019
Share based compensation expense$2,687 $2,106 $1,905 
Schedule of Restricted Share Awards Activity
The activity for the years ended December 31, 2020 and 2019, related to our restricted share awards was as follows:
Awards with Service Conditions
  Wtd Avg Grant-
 SharesDate Fair Value
Unvested at December 31, 20187,191 
Granted— 
Vested(4,999)$61.06 
Forfeited— 
Unvested at December 31, 20192,192 59.20 
Granted— 
Vested(2,192)$59.20 
Forfeited— 
Unvested at December 31, 2020— 
The activity for the years ended December 31, 2021, 2020, and 2019, related to our RSUs was as follows:
RSUs with Service ConditionsRSUs with Market Conditions
  Wtd Avg Grant- Wtd Avg Grant-
 SharesDate Fair ValueSharesDate Fair Value
Unvested at December 31, 201818,260 $55.13 25,319 $62.84 
Granted16,084 $59.76 12,978 $79.49 
Vested(11,633)$55.35 — — 
Forfeited(365)$51.73 (475)$57.70 
Unvested at December 31, 201922,346 $58.41 37,822 $68.62 
Granted17,981 $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, 202024,828 $65.03 26,994 $67.87 
Granted13,693 $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, 202120,974 $69.97 19,224 $87.04 
(1)Represents the change in the number of restricted stock units earned at the end of the measurement period.
Schedule of Stock Options Activity
The stock option activity for the years ended December 31, 2021 and 2020 was as follows:
Number of SharesWeighted Average Exercise Price
Outstanding at December 31, 2019— — 
Granted141,000 $66.36 
Exercised— — 
Forfeited(1,952)$66.36 
Outstanding at December 31, 2020139,048 $66.36 
Exercisable at December 31, 2020— — 
Granted43,629 70.64 
Exercised— — 
Forfeited— — 
Outstanding at December 31, 2021182,677 67.38 
Exercisable at December 31, 202134,758 66.36 
v3.22.0.1
ORGANIZATION (Details)
Dec. 31, 2021
numberOfApartmentHomes
apartment_community
Real Estate Properties [Line Items]  
Number of properties | apartment_community 79
Apartment Properties  
Real Estate Properties [Line Items]  
Number of apartment homes | numberOfApartmentHomes 14,441
v3.22.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation (Details)
Dec. 31, 2021
Dec. 31, 2020
Accounting Policies [Abstract]    
Interest in operating partnership 83.30% 93.00%
Percentage of general interest partnership 100.00% 100.00%
v3.22.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Real Estate Investments (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Real Estate Properties [Line Items]      
Real estate investments $ 1,827,578,000 $ 1,413,308,000  
Construction period interest capitalized $ 0 $ 0 $ 0
Minimum | Buildings and Improvements      
Real Estate Properties [Line Items]      
Estimated useful life of assets (in years) 10 years    
Minimum | 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    
v3.22.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Change in Depreciable Lives of Real Estate Assets and Real Estate Held For Sale (Details) - apartmentProperty
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Real Estate Properties [Line Items]    
Number of year after date of acquisition related to adjustment of real estate preliminary allocations of purchase price 1 year  
Assets Held for Sale    
Real Estate Properties [Line Items]    
Number of real estate properties classified as held for sale 0 0
v3.22.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]      
Restricted cash $ 7,358 $ 6,918 $ 19,538
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 $ 2,400    
v3.22.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Lessor, Lease, Description [Line Items]    
Reduction in revenue, due to abated rent $ 47 $ 656
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]    
2022 2,447  
2023 2,455  
2024 2,453  
2025 2,400  
2026 1,804  
Thereafter 880  
Lessor, Operating Lease, Payments to be Received, Total $ 12,439  
Minimum    
Lessor, Lease, Description [Line Items]    
Term of lease contract 3 years  
Maximum    
Lessor, Lease, Description [Line Items]    
Term of lease contract 15 years  
Rental Income | Product Concentration Risk | Revenue Benchmark    
Lessor, Lease, Description [Line Items]    
Concentration risk 98.20%  
Fee Income | Product Concentration Risk | Revenue Benchmark    
Lessor, Lease, Description [Line Items]    
Concentration risk 1.80%  
v3.22.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]      
Fixed lease income - operating leases $ 189,452 $ 168,119 $ 176,706
Variable lease income - operating leases 8,565 7,068 5,586
Revenues, Total 201,705 177,994 185,755
Other Property Revenue      
Disaggregation of Revenue [Line Items]      
Other property revenue $ 3,688 $ 2,807 $ 3,463
v3.22.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - consolidatedEntity
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounting Policies [Abstract]      
Minimum dividend distribution percentage 90.00%    
Dividend distribution percentage 90.00% 90.00% 90.00%
Number of TRS 1    
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%
v3.22.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Other Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounting Policies [Abstract]      
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  
Amortization of intangible assets $ 13,500 $ 3,100 $ 2,000
v3.22.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Business Combinations [Abstract]    
Property and equipment cost $ 4.7 $ 4.7
Accumulated depreciation $ 1.4 $ 2.0
v3.22.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Mortgage Loans Receivable and Notes Receivable (Details) - Multifamily - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Dec. 31, 2021
Dec. 31, 2020
Ironwood | Tax Increment Financing        
Real Estate Properties [Line Items]        
Loan commitment $ 6.6   $ 6.4 $ 6.6
Interest rate on mortgages payable 4.50%      
Minneapolis, Minnesota | Construction Loans        
Real Estate Properties [Line Items]        
Loan commitment   $ 29.9    
Interest rate on mortgages payable   4.50%    
Mortgage loans receivable     29.9 $ 24.7
Minneapolis, Minnesota | Mezzanine Loan        
Real Estate Properties [Line Items]        
Loan commitment   $ 15.3    
Interest rate on mortgages payable   11.50%    
Mortgage loans receivable     $ 13.4  
v3.22.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Reportable Segments (Details)
 12 Months Ended
Dec. 31, 2021
segment
Business Combination and Asset Acquisition [Abstract]  
Number of reportable segments 1
v3.22.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Marketable Securities (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounting Policies [Abstract]      
Realized gain (loss) on marketable securities $ 0 $ 3,378,000 $ 0
Marketable securities $ 0 $ 0  
v3.22.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Gain on Litigation Settlement (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
Accounting Policies [Abstract]  
Gain (loss) related to litigation settlement $ 6.6
Proceeds from legal settlements 5.2
Liability waived $ 1.4
v3.22.0.1
EARNINGS PER SHARE - Narrative (Details)
 12 Months Ended
Dec. 31, 2021
shares
Dec. 31, 2020
shares
Dec. 31, 2019
shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Ratio of units exchanged for shares 1    
Performance Shares And Restricted Stock Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded (in shares) 31,821 26,994 37,822
Series D Preferred Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded (in shares)   228,000  
Restricted Stock Units (RSU)      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded (in shares)   13,000  
Stock Options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded (in shares)   86,000  
v3.22.0.1
EARNINGS PER SHARE - Reconciliation of Numerator and Denominator Used To Calculate Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 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 0 297 0
Numerator for basic earnings per share – net income (loss) available to common shareholders (6,457) (1,790) 71,848
Net (income) loss attributable to 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 (in shares) 13,803 12,564 11,744
Effect of redeemable operating partnership units (in shares) 899 1,030 1,237
Effect of diluted restricted stock awards and restricted stock units (in shares) 45 0 8
Denominator for diluted earnings per share (in shares) 15,704 13,594 13,182
NET EARNINGS (LOSS) PER COMMON SHARE – BASIC (in dollars per share) $ (0.47) $ (0.15) $ 6.06
NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) $ (0.47) $ (0.15) $ 6.00
Series D Preferred Stock      
DENOMINATOR      
Effect of preferred units (in shares) 228 0 193
Series E Preferred Stock      
DENOMINATOR      
Effect of preferred units (in shares) 729 0 0
v3.22.0.1
EQUITY AND MEZZANINE EQUITY - Additional Information (Details)
 12 Months Ended
Sep. 01, 2021
USD ($)
apartmentUnit
qtr
$ / shares
shares
Feb. 26, 2019
$ / shares
shares
Oct. 02, 2017
$ / shares
shares
Dec. 31, 2021
USD ($)
apartment_community
$ / shares
shares
Dec. 31, 2020
USD ($)
$ / shares
shares
Dec. 31, 2019
USD ($)
Dec. 05, 2019
USD ($)
Feb. 16, 2019
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Noncontrolling interests - operating partnership (in shares)       832,000 977,000      
Preferred units, shares issued (in shares)       3,881,000 3,881,000      
Number of properties | apartment_community       79        
Preferred shares, liquidation preference | $       $ 97,036,000 $ 97,036,000      
Common shares outstanding (in shares)       15,016,000 13,027,000      
Sale of common shares, net | $       $ 156,038,000 $ 58,852,000 $ 22,019,000    
Preferred shares of beneficial interest, shares outstanding (in shares)       3,881,000 3,881,000      
Preferred units, shares issued (in shares)       166,000 166,000     165,600
Preferred units, issuance price (in dollars per share) | $ / shares       $ 100 $ 100      
Conversion exchange rate (in dollars per share) | $ / shares   $ 72.50            
Convertible units (in shares)   1.37931            
2021 Acquisitions                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Number of properties | apartmentUnit 17              
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  
At-The-Market Offering                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Aggregate gross sales price of common shares, authorized amount | $       $ 250,000,000        
Aggregate gross sales price of common shares, remaining authorized amount | $       $ 158,700,000        
Incentive Plan 2015                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Common shares forfeited (in shares)       500 2,400      
Incentive Plan 2015 | Performance Shares                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Equity awards issued (in shares)       27,351 21,000      
Sale of common shares, net | $       $ 1,000,000        
Series C Preferred Stock                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Distribution rate       6.625%        
Preferred shares, liquidation preference | $       $ 97,000,000 $ 97,000,000      
Preferred shares of beneficial interest, shares outstanding (in shares)     4,100,000          
Liquidation preference per share (in dollars per share) | $ / shares     $ 25.00          
Distribution accrual rate (in dollars per share) | $ / shares     $ 1.65625          
Series D Preferred Units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Temporary equity, distribution rate   3.862%            
Series E Preferred Stock                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Preferred units, shares issued (in shares) 1,800,000              
Preferred units, par value (in dollars per share) | $ / shares $ 100              
Distribution rate 3.875%              
Preferred units, conversion ratio 1.2048              
Preferred units, conversion exchange rate (in dollars per share) | $ / shares $ 83              
Preferred units, conversion exchange rate, minimum threshold (in dollars per share) | $ / shares $ 83              
Preferred stock, threshold trading days 15 days              
Preferred stock, threshold consecutive trading days 30 days              
Number of consecutive distribution periods | qtr 3              
Minimum distribution rate (in dollars per share) | $ / shares $ 0.804              
Preferred shares, liquidation preference | $ $ 181,400,000              
Sale of common shares, net | $       $ 217,513,000        
v3.22.0.1
EQUITY AND MEZZANINE EQUITY - Schedule of Conversions of Common Stock (Details) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Conversion of Stock [Line Items]      
Redemption of units for common shares $ 0 $ 0 $ 0
Exercise of Exchange Rights      
Conversion of Stock [Line Items]      
Redemption of units for common shares (in shares) 144 81  
Redemption of units for common shares $ (4,714) $ (1,750)  
v3.22.0.1
EQUITY AND MEZZANINE EQUITY - Sale of Common Shares (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Average price per share (in dollars per share) $ 86.13 $ 71.39
Commissions $ 2,100 $ 901
At-The-Market Offering    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of common shares (in shares) 1,817 829
Total consideration $ 156,449 $ 59,187
v3.22.0.1
EQUITY AND MEZZANINE EQUITY - Share Repurchase Program (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Equity, Class of Treasury Stock [Line Items]    
Average price per share (in dollars per share) $ 86.13 $ 71.39
Share Repurchase Program    
Equity, Class of Treasury Stock [Line Items]    
Number of preferred shares (in shares)   237
Aggregated cost   $ 5,629
Average price per share (in dollars per share)   $ 23.75
v3.22.0.1
NONCONTROLLING INTERESTS - Narrative (Details) - IRET - 71 France, LLC
$ in Millions
 12 Months Ended
Dec. 31, 2020
USD ($)
Noncontrolling Interest [Line Items]  
Noncontrolling interest, ownership percentage 47.40%
Payments to acquire additional interests $ 12.2
v3.22.0.1
NONCONTROLLING INTERESTS - Schedule of Noncontrolling Interests (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Noncontrolling Interest [Line Items]    
Noncontrolling interests – consolidated real estate entities $ 648 $ 686
IRET - Cypress Court Apartments, LLC    
Noncontrolling Interest [Line Items]    
Noncontrolling interests – consolidated real estate entities $ 648 $ 686
v3.22.0.1
DEBT - Narrative (Details)
 9 Months Ended 12 Months Ended
Sep. 30, 2021
USD ($)
apartmentProperty
Dec. 31, 2021
USD ($)
apartmentProperty
loan
Jan. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Line of Credit Facility [Line Items]        
Number of real estate properties, unencumbered by mortgages | apartmentProperty   48    
Maximum borrowing capacity   $ 6,000,000    
Revolving lines of credit   $ 76,000,000   $ 152,871,000
Annual Weighted Average Interest Rates   3.26%   3.62%
Carrying principal value   $ 859,784,000   $ 721,316,000
Number of real estate communities, serving as collateral for mortgage loans | apartmentProperty   15    
Domestic Line of Credit | Base Rate | Minimum        
Line of Credit Facility [Line Items]        
Interest rate spread (as a percent)   0.25%    
Domestic Line of Credit | Base Rate | Maximum        
Line of Credit Facility [Line Items]        
Interest rate spread (as a percent)   0.80%    
Domestic Line of Credit | London Interbank Offered Rate (LIBOR) | Minimum        
Line of Credit Facility [Line Items]        
Interest rate spread (as a percent)   1.25%    
Domestic Line of Credit | London Interbank Offered Rate (LIBOR) | Maximum        
Line of Credit Facility [Line Items]        
Interest rate spread (as a percent)   1.80%    
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       152,900,000
Accordion option $ 400,000,000      
BMO Line of Credit | Domestic Line of Credit        
Line of Credit Facility [Line Items]        
Remaining borrowing capacity   173,500,000    
Revolving lines of credit   $ 76,000,000    
Operating line of credit, interest rate   2.74%    
Mortgages payable - Fannie Mae credit facility        
Line of Credit Facility [Line Items]        
Number of loans in default | loan   0    
Mortgages payable - Fannie Mae credit facility | Minimum        
Line of Credit Facility [Line Items]        
Mortgage loans, interest rate   3.47%    
Mortgages payable - Fannie Mae credit facility | Maximum        
Line of Credit Facility [Line Items]        
Mortgage loans, interest rate   4.31%    
Mortgages payable - Fannie Mae credit facility | Fannie Mae Credit Facility Agreement        
Line of Credit Facility [Line Items]        
Original principal balance $ 198,900,000      
Annual Weighted Average Interest Rates 2.78%      
Carrying principal value   $ 198,850,000   $ 0
Mortgages payable - Fannie Mae credit facility | Fannie Mae Credit Facility Agreement | Interest Only Payment Date One        
Line of Credit Facility [Line Items]        
Term 7 years      
Mortgages payable - Fannie Mae credit facility | Fannie Mae Credit Facility Agreement | Interest Only Payment Date Two        
Line of Credit Facility [Line Items]        
Term 10 years      
Mortgages payable - Fannie Mae credit facility | Fannie Mae Credit Facility Agreement | Interest Only Payment Date Three        
Line of Credit Facility [Line Items]        
Term 12 years      
Mortgages payable - Fannie Mae credit facility | Fannie Mae Credit Facility Agreement | 2021 Acquisitions        
Line of Credit Facility [Line Items]        
Number of apartment units | apartmentProperty 16      
Unsecured debt        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity   225,000,000    
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 | Private Shelf Agreement        
Line of Credit Facility [Line Items]        
Carrying principal value     $ 200,000,000  
Unsecured debt | Note Purchase Agreement        
Line of Credit Facility [Line Items]        
Original principal balance   $ 125,000,000    
v3.22.0.1
DEBT - September Note Purchase Agreement, Schedule of Debt (Details) - Unsecured debt
Dec. 31, 2021
USD ($)
Series A  
Line of Credit Facility [Line Items]  
Original principal balance $ 75,000,000
Interest rate percentage 3.84%
Series B  
Line of Credit Facility [Line Items]  
Original principal balance $ 50,000,000
Interest rate percentage 3.69%
Series C  
Line of Credit Facility [Line Items]  
Original principal balance $ 50,000,000
Interest rate percentage 2.70%
Series 2021-A  
Line of Credit Facility [Line Items]  
Original principal balance $ 35,000,000
Interest rate percentage 2.50%
Series 2021-B  
Line of Credit Facility [Line Items]  
Original principal balance $ 50,000,000
Interest rate percentage 2.62%
Series 2021-C  
Line of Credit Facility [Line Items]  
Original principal balance $ 25,000,000
Interest rate percentage 2.68%
Series 2021-D  
Line of Credit Facility [Line Items]  
Original principal balance $ 15,000,000
Interest rate percentage 2.78%
v3.22.0.1
DEBT - Schedule of Debt (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Sep. 30, 2021
Dec. 31, 2020
Debt Instrument [Line Items]      
Carrying principal value $ 859,784,000   $ 721,316,000
Weighted Average Maturity in Years 7 years 2 months 8 days    
Annual Weighted Average Interest Rates 3.26%   3.62%
Interest Rate Swap | Designated as Hedging Instrument      
Debt Instrument [Line Items]      
Notional amount $ 75,000,000   $ 195,000,000
Fixed rate 2.81%    
Mortgages payable - Fannie Mae credit facility | Fannie Mae Credit Facility Agreement      
Debt Instrument [Line Items]      
Carrying principal value $ 198,850,000   0
Weighted Average Maturity in Years 9 years 6 months 21 days    
Annual Weighted Average Interest Rates   2.78%  
Mortgages payable - other      
Debt Instrument [Line Items]      
Carrying principal value $ 284,934,000   $ 298,445,000
Weighted Average Maturity in Years 4 years 11 months 4 days    
Annual Weighted Average Interest Rates 3.81%   3.93%
Unsecured debt      
Debt Instrument [Line Items]      
Carrying principal value $ 376,000,000   $ 422,871,000
Weighted Average Maturity in Years 7 years 10 months 2 days    
Unsecured debt | Lines of credit      
Debt Instrument [Line Items]      
Carrying principal value $ 76,000,000   $ 152,871,000
Weighted Average Maturity in Years 3 years 9 months    
Annual Weighted Average Interest Rates 2.74%   2.85%
Unsecured debt | Term loans      
Debt Instrument [Line Items]      
Carrying principal value $ 0   $ 145,000,000
Weighted Average Maturity in Years    
Annual Weighted Average Interest Rates 0.00%   4.15%
Unsecured debt | Unsecured senior notes      
Debt Instrument [Line Items]      
Carrying principal value $ 300,000,000   $ 125,000,000
Weighted Average Maturity in Years 8 years 7 months 17 days    
Annual Weighted Average Interest Rates 3.12%   3.78%
Unsecured debt | Mortgages payable - Fannie Mae credit facility | Fannie Mae Credit Facility Agreement      
Debt Instrument [Line Items]      
Annual Weighted Average Interest Rates 2.78%   0.00%
v3.22.0.1
DEBT - Schedule of Required Payments (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Debt Disclosure [Abstract]  
2022 $ 27,113
2023 45,067
2024 4,054
2025 108,850
2026 49,047
Thereafter 625,653
Total payments $ 859,784
v3.22.0.1
DERIVATIVE INSTRUMENTS - Narrative (Details)
 1 Months Ended 12 Months Ended
Sep. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
derivativeInstrument
Dec. 31, 2020
USD ($)
derivativeInstrument
Dec. 31, 2019
USD ($)
Jan. 31, 2023
USD ($)
derivativeInstrument
Derivative [Line Items]          
Cash flow hedge gain (loss) to be reclassified within twelve months   $ 1,500,000      
Payments to terminate derivative   $ 3,804,000 $ 0 $ 0  
Designated as Hedging Instrument | Interest Rate Swap          
Derivative [Line Items]          
Number of instruments held | derivativeInstrument   1 3    
Notional amount   $ 75,000,000 $ 195,000,000    
Payments to terminate derivative $ 3,800,000        
Notional amount of interest rate swaps 50,000,000        
Accelerated reclassification loss from OCI 5,400,000        
Not Designated as Hedging Instrument | Interest Rate Swap          
Derivative [Line Items]          
Notional amount $ 70,000,000        
Gain on derivative   $ 419,000      
Not Designated as Hedging Instrument | Interest Rate Swap | Scenario, Forecast          
Derivative [Line Items]          
Number of instruments held | derivativeInstrument         1
Notional amount         $ 70,000,000
v3.22.0.1
DERIVATIVE INSTRUMENTS - Fair Value of Derivative Financial Instruments (Details) - Interest Rate Swap - Accounts Payable and Accrued Expenses - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Designated as Hedging Instrument    
Derivative [Line Items]    
Total derivative instruments $ 4,610 $ 15,905
Not Designated as Hedging Instrument    
Derivative [Line Items]    
Total derivative instruments $ 1,097 $ 0
v3.22.0.1
DERIVATIVE INSTRUMENTS - Derivative Instruments on Statement of Operations (Details) - Interest Rate Swap - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Derivative [Line Items]      
Gain (Loss) Recognized in OCI $ 2,383 $ (11,068) $ (7,040)
Interest Expense      
Derivative [Line Items]      
Gain (Loss) Reclassified from Accumulated OCI into Income $ (9,087) $ (2,770) $ (289)
v3.22.0.1
FAIR VALUE MEASUREMENTS - Fair Value Measurements on a Recurring Basis (Details) - Fair Value, Recurring - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgages and notes receivable $ 49,484 $ 30,994
Interest Rate Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative instruments - interest rate swaps 5,707 15,905
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgages and notes receivable 0 0
Level 1 | Interest Rate Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative instruments - interest rate swaps 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgages and notes receivable 0 0
Level 2 | Interest Rate Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative instruments - interest rate swaps 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgages and notes receivable 49,484 30,994
Level 3 | Interest Rate Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative instruments - interest rate swaps $ 5,707 $ 15,905
v3.22.0.1
FAIR VALUE MEASUREMENTS - Narrative (Details) - Fair Value, Recurring
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Real estate investment, unfunded commitments $ 1,200
Level 3 | Interest Rate | Minimum  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Receivables, measurement input 0.00000375
Level 3 | Interest Rate | Maximum  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Receivables, measurement input 0.00001075
Level 3 | Credit Risk | Minimum  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Receivables, measurement input 0.00005
Level 3 | Credit Risk | Maximum  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Receivables, measurement input 0.00010
Fair Value Measured at Net Asset Value Per Share  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Real estate investment, fair value disclosure $ 903
v3.22.0.1
FAIR VALUE MEASUREMENTS - Changes in Fair Value of Receivable (Details) - Fair Value, Recurring - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Mortgages and notes receivable $ 49,484 $ 30,994
Changes in fair value of receivables 2,417 1,454
Other Gains (Losses)    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Changes in fair value of receivables 14 12
Interest Income    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Changes in fair value of receivables $ 2,403 $ 1,442
v3.22.0.1
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
FINANCIAL LIABILITIES    
Unsecured senior notes $ 299,344 $ 269,246
Mortgages payable 859,784  
Amount    
FINANCIAL ASSETS    
Cash and cash equivalents 31,267 392
FINANCIAL LIABILITIES    
Revolving lines of credit 76,000 152,871
Term loans 0 145,000
Unsecured senior notes 300,000 125,000
Amount | Mortgages payable - Fannie Mae credit facility    
FINANCIAL LIABILITIES    
Mortgages payable 284,934 298,445
Amount | Fannie Mae Credit Facility Agreement | Mortgages payable - Fannie Mae credit facility    
FINANCIAL LIABILITIES    
Mortgages payable 198,850 0
Amount | Restricted cash    
FINANCIAL ASSETS    
Cash and cash equivalents 7,358 6,918
Fair Value    
FINANCIAL ASSETS    
Cash and cash equivalents 31,267 392
FINANCIAL LIABILITIES    
Revolving lines of credit 76,000 152,871
Term loans 0 145,000
Unsecured senior notes 308,302 133,181
Fair Value | Mortgages payable - Fannie Mae credit facility    
FINANCIAL LIABILITIES    
Mortgages payable 284,546 308,855
Fair Value | Fannie Mae Credit Facility Agreement | Mortgages payable - Fannie Mae credit facility    
FINANCIAL LIABILITIES    
Mortgages payable 198,850 0
Fair Value | Restricted cash    
FINANCIAL ASSETS    
Cash and cash equivalents $ 7,358 $ 6,918
v3.22.0.1
ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details)
$ in Thousands
 12 Months Ended
Sep. 01, 2021
USD ($)
Dec. 31, 2021
USD ($)
apartmentUnit
Dec. 31, 2020
USD ($)
apartmentUnit
Investment Allocation      
Preferred shares, liquidation preference   $ 97,036 $ 97,036
Series E Preferred Stock      
Investment Allocation      
Preferred shares, liquidation preference $ 181,400    
2021 Acquisitions      
Acquisitions and development projects placed in service [Abstract]      
Total acquisition costs   499,816  
Form of Consideration      
Form of consideration, cash   155,599  
Form of consideration, units   217,513  
Form of consideration, other   126,704  
Investment Allocation      
Investment allocation, land   51,746  
Investment allocation, building   431,189  
Investment allocation, intangible assets   19,234  
Other, Liabilities   $ (2,353)  
2021 Acquisitions | Series E Preferred Stock      
Acquisitions and development projects placed in service [Abstract]      
Total acquisition costs $ 36,100    
Union Pointe Apartment Homes - Longmont, CO      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   256  
Total acquisition costs   $ 76,900  
Form of Consideration      
Form of consideration, cash   76,900  
Form of consideration, units   0  
Form of consideration, other   0  
Investment Allocation      
Investment allocation, land   5,727  
Investment allocation, building   69,966  
Investment allocation, intangible assets   1,207  
Other, Liabilities   $ 0  
Bayberry Place - Minneapolis, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   120  
Total acquisition costs   $ 16,673  
Form of Consideration      
Form of consideration, cash   898  
Form of consideration, units   9,855  
Form of consideration, other   5,920  
Investment Allocation      
Investment allocation, land   1,807  
Investment allocation, building   14,113  
Investment allocation, intangible assets   753  
Other, Liabilities   $ 0  
Burgandy & Hillsboro Court - Minneapolis, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   251  
Total acquisition costs   $ 35,569  
Form of Consideration      
Form of consideration, cash   2,092  
Form of consideration, units   22,542  
Form of consideration, other   10,935  
Investment Allocation      
Investment allocation, land   2,834  
Investment allocation, building   31,148  
Investment allocation, intangible assets   1,587  
Other, Liabilities   $ 0  
Venue on Knox - Minneapolis, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   97  
Total acquisition costs   $ 18,896  
Form of Consideration      
Form of consideration, cash   500  
Form of consideration, units   11,375  
Form of consideration, other   7,021  
Investment Allocation      
Investment allocation, land   3,438  
Investment allocation, building   14,743  
Investment allocation, intangible assets   715  
Other, Liabilities   $ 0  
Gatewood - St. Cloud, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   120  
Total acquisition costs   $ 7,781  
Form of Consideration      
Form of consideration, cash   378  
Form of consideration, units   3,388  
Form of consideration, other   4,015  
Investment Allocation      
Investment allocation, land   327  
Investment allocation, building   6,858  
Investment allocation, intangible assets   596  
Other, Liabilities   $ 0  
Grove Ridge - Minneapolis, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   84  
Total acquisition costs   $ 12,060  
Form of Consideration      
Form of consideration, cash   121  
Form of consideration, units   8,579  
Form of consideration, other   3,360  
Investment Allocation      
Investment allocation, land   1,250  
Investment allocation, building   10,271  
Investment allocation, intangible assets   539  
Other, Liabilities   $ 0  
The Legacy - St. Cloud, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   119  
Total acquisition costs   $ 10,560  
Form of Consideration      
Form of consideration, cash   229  
Form of consideration, units   5,714  
Form of consideration, other   4,617  
Investment Allocation      
Investment allocation, land   412  
Investment allocation, building   9,556  
Investment allocation, intangible assets   592  
Other, Liabilities   $ 0  
New Hope Garden & Village - Minneapolis, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   151  
Total acquisition costs   $ 15,006  
Form of Consideration      
Form of consideration, cash   1,435  
Form of consideration, units   10,812  
Form of consideration, other   2,759  
Investment Allocation      
Investment allocation, land   1,603  
Investment allocation, building   12,578  
Investment allocation, intangible assets   825  
Other, Liabilities   $ 0  
Palisades - Minneapolis, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   330  
Total acquisition costs   $ 53,354  
Form of Consideration      
Form of consideration, cash   2,884  
Form of consideration, units   30,470  
Form of consideration, other   20,000  
Investment Allocation      
Investment allocation, land   6,919  
Investment allocation, building   46,577  
Investment allocation, intangible assets   2,211  
Other, Liabilities   $ (2,353)  
Plymouth Pointe - Minneapolis, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   96  
Total acquisition costs   $ 14,450  
Form of Consideration      
Form of consideration, cash   370  
Form of consideration, units   9,061  
Form of consideration, other   5,019  
Investment Allocation      
Investment allocation, land   1,042  
Investment allocation, building   12,809  
Investment allocation, intangible assets   599  
Other, Liabilities   $ 0  
Pointe West - St. Cloud, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   93  
Total acquisition costs   $ 7,558  
Form of Consideration      
Form of consideration, cash   91  
Form of consideration, units   3,605  
Form of consideration, other   3,862  
Investment Allocation      
Investment allocation, land   246  
Investment allocation, building   6,849  
Investment allocation, intangible assets   463  
Other, Liabilities   $ 0  
River Pointe - Minneapolis, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   301  
Total acquisition costs   $ 38,348  
Form of Consideration      
Form of consideration, cash   2,249  
Form of consideration, units   21,653  
Form of consideration, other   14,446  
Investment Allocation      
Investment allocation, land   3,346  
Investment allocation, building   33,117  
Investment allocation, intangible assets   1,885  
Other, Liabilities   $ 0  
Southdale Parc - Minneapolis, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   70  
Total acquisition costs   $ 9,670  
Form of Consideration      
Form of consideration, cash   165  
Form of consideration, units   7,907  
Form of consideration, other   1,598  
Investment Allocation      
Investment allocation, land   1,569  
Investment allocation, building   7,740  
Investment allocation, intangible assets   361  
Other, Liabilities   $ 0  
Portage - Minneapolis, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   62  
Total acquisition costs   $ 9,171  
Form of Consideration      
Form of consideration, cash   323  
Form of consideration, units   5,588  
Form of consideration, other   3,260  
Investment Allocation      
Investment allocation, land   2,133  
Investment allocation, building   6,685  
Investment allocation, intangible assets   353  
Other, Liabilities   $ 0  
Windsor Gates - Minneapolis, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   200  
Total acquisition costs   $ 22,231  
Form of Consideration      
Form of consideration, cash   1,122  
Form of consideration, units   12,080  
Form of consideration, other   9,029  
Investment Allocation      
Investment allocation, land   2,140  
Investment allocation, building   18,943  
Investment allocation, intangible assets   1,148  
Other, Liabilities   $ 0  
Wingate - Minneapolis, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   136  
Total acquisition costs   $ 15,784  
Form of Consideration      
Form of consideration, cash   723  
Form of consideration, units   10,246  
Form of consideration, other   4,815  
Investment Allocation      
Investment allocation, land   1,480  
Investment allocation, building   13,530  
Investment allocation, intangible assets   774  
Other, Liabilities   $ 0  
Woodhaven - Minneapolis, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   178  
Total acquisition costs   $ 25,009  
Form of Consideration      
Form of consideration, cash   1,682  
Form of consideration, units   15,200  
Form of consideration, other   8,127  
Investment Allocation      
Investment allocation, land   3,940  
Investment allocation, building   20,080  
Investment allocation, intangible assets   989  
Other, Liabilities   $ 0  
Woodland Pointe - Minneapolis, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   288  
Total acquisition costs   $ 47,796  
Form of Consideration      
Form of consideration, cash   437  
Form of consideration, units   29,438  
Form of consideration, other   17,921  
Investment Allocation      
Investment allocation, land   5,367  
Investment allocation, building   40,422  
Investment allocation, intangible assets   2,007  
Other, Liabilities   $ 0  
Civic Lofts - Denver, CO      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit   176  
Total acquisition costs   $ 63,000  
Form of Consideration      
Form of consideration, cash   63,000  
Form of consideration, units   0  
Form of consideration, other   0  
Investment Allocation      
Investment allocation, land   6,166  
Investment allocation, building   55,204  
Investment allocation, intangible assets   1,630  
Other, Liabilities   $ 0  
2020 Acquisitions      
Acquisitions and development projects placed in service [Abstract]      
Total acquisition costs     191,013
Form of Consideration      
Form of consideration, cash     173,350
Form of consideration, other     17,663
Investment Allocation      
Investment allocation, land     12,639
Investment allocation, building     168,974
Investment allocation, intangible assets     2,995
Other, Assets     $ 6,405
Ironwood Apartments - New Hope, MN      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit     182
Total acquisition costs     $ 46,263
Form of Consideration      
Form of consideration, cash     28,600
Form of consideration, other     17,663
Investment Allocation      
Investment allocation, land     2,165
Investment allocation, building     36,869
Investment allocation, intangible assets     824
Other, Assets     $ 6,405
Parkhouse Apartment Homes - Thornton, CO      
Acquisitions and development projects placed in service [Abstract]      
Number of apartment homes | apartmentUnit     465
Total acquisition costs     $ 144,750
Form of Consideration      
Form of consideration, cash     144,750
Form of consideration, other     0
Investment Allocation      
Investment allocation, land     10,474
Investment allocation, building     132,105
Investment allocation, intangible assets     2,171
Other, Assets     $ 0
v3.22.0.1
ACQUISITIONS AND DISPOSITIONS - Dispositions (Details) - Disposed of by Sale
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
apartmentUnit
apartmentProperty
Dec. 31, 2021
USD ($)
apartmentUnit
commercialProperty
Dec. 31, 2021
USD ($)
apartmentUnit
Dec. 31, 2020
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of properties sold 5 1    
Sales Price $ 62,250 $ 62,250 $ 62,250 $ 44,300
Book Value and Sales Cost 34,733 34,733 34,733 18,828
Gain/(Loss)     27,517 25,472
Multifamily        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Sales Price 60,000 60,000 60,000 42,500
Book Value and Sales Cost $ 33,160 $ 33,160 33,160 16,864
Gain/(Loss)     $ 26,840 25,636
Multifamily | Crystal Bay - Rochester, MN        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of apartment units | apartmentUnit 76 76 76  
Sales Price $ 13,650 $ 13,650 $ 13,650  
Book Value and Sales Cost $ 10,255 $ 10,255 10,255  
Gain/(Loss)     $ 3,395  
Multifamily | French Creek - Rochester, MN        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of apartment units | apartmentUnit 40 40 40  
Sales Price $ 6,700 $ 6,700 $ 6,700  
Book Value and Sales Cost $ 4,474 $ 4,474 4,474  
Gain/(Loss)     $ 2,226  
Multifamily | Heritage Manor- Rochester, MN        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of apartment units | apartmentUnit 182 182 182  
Sales Price $ 14,125 $ 14,125 $ 14,125  
Book Value and Sales Cost $ 4,892 $ 4,892 4,892  
Gain/(Loss)     $ 9,233  
Multifamily | Olympik Village - Rochester, MN        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of apartment units | apartmentUnit 140 140 140  
Sales Price $ 10,725 $ 10,725 $ 10,725  
Book Value and Sales Cost $ 6,529 $ 6,529 6,529  
Gain/(Loss)     $ 4,196  
Multifamily | Winchester/Village Green-Rochester, MN        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of apartment units | apartmentUnit 151 151 151  
Sales Price $ 14,800 $ 14,800 $ 14,800  
Book Value and Sales Cost $ 7,010 $ 7,010 7,010  
Gain/(Loss)     $ 7,790  
Multifamily | Forest Park - Grand Forks, ND        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of apartment units | apartmentUnit 268 268 268  
Sales Price       19,625
Book Value and Sales Cost       6,884
Gain/(Loss)       12,741
Multifamily | Landmark, Grand Forks, ND        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of apartment units | apartmentUnit 90 90 90  
Sales Price       3,725
Book Value and Sales Cost       1,348
Gain/(Loss)       2,377
Multifamily | Southwind, Grand Forks, ND        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of apartment units | apartmentUnit 164 164 164  
Sales Price       10,850
Book Value and Sales Cost       4,573
Gain/(Loss)       6,277
Multifamily | Valley Park - Grand Forks, ND        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of apartment units | apartmentUnit 168 168 168  
Sales Price       8,300
Book Value and Sales Cost       4,059
Gain/(Loss)       4,241
Other | Minot IPS        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Sales Price $ 2,250 $ 2,250 $ 2,250  
Book Value and Sales Cost 1,573 1,573 1,573  
Gain/(Loss)     677  
Other | Dakota West        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Sales Price       500
Book Value and Sales Cost       474
Gain/(Loss)       26
Unimproved Land | Rapid City Land - Rapid City, SD        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Sales Price $ 1,300 $ 1,300 $ 1,300  
Book Value and Sales Cost       1,490
Gain/(Loss)       $ (190)
v3.22.0.1
SEGMENTS - Revenues and Net Operating Income for Reportable Segments (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
segment
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable segments | segment 1    
Segment Reporting Information, Profit (Loss) [Abstract]      
Revenue $ 201,705 $ 177,994 $ 185,755
Property operating expenses, including real estate taxes 81,857 73,158 78,315
Net operating income 119,848 104,836 107,440
Property management expenses (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)
Gain (loss) on sale of real estate and other investments 27,518 25,503 97,624
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
Income (loss) before gain on litigation settlement     78,236
Gain (loss) on litigation settlement 0 0 6,586
Net income (loss) (2,101) 4,743 84,822
Multifamily      
Segment Reporting Information, Profit (Loss) [Abstract]      
Revenue 195,624 164,126 148,644
Property operating expenses, including real estate taxes 79,096 66,356 60,760
Net operating income 116,528 97,770 87,884
All Other      
Segment Reporting Information, Profit (Loss) [Abstract]      
Revenue 6,081 13,868 37,111
Property operating expenses, including real estate taxes 2,761 6,802 17,555
Net operating income $ 3,320 $ 7,066 $ 19,556
v3.22.0.1
SEGMENT REPORTING - Segment Assets and Accumulated Depreciation (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segment Reporting Information [Line Items]      
Property owned $ 2,271,170 $ 1,812,557  
Less accumulated depreciation (443,592) (399,249)  
Total property owned 1,827,578 1,413,308  
Cash and cash equivalents 31,267 392 $ 26,579
Restricted cash 7,358 6,918 $ 19,538
Other assets 30,582 18,904  
Mortgage loans receivable 43,276 24,661  
TOTAL ASSETS 1,940,061 1,464,183  
Multifamily      
Segment Reporting Information [Line Items]      
Property owned 2,244,250 1,727,287  
Less accumulated depreciation (436,004) (368,717)  
Total property owned 1,808,246 1,358,570  
All Other      
Segment Reporting Information [Line Items]      
Property owned 26,920 85,270  
Less accumulated depreciation (7,588) (30,532)  
Total property owned $ 19,332 $ 54,738  
v3.22.0.1
RETIREMENT PLANS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Retirement Benefits [Abstract]      
Maximum contribution each employee, towards 401(k) plan 5.00%    
Employer contribution towards profit sharing plan and 401(k) plan $ 1,000 $ 875 $ 738
v3.22.0.1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
apartmentProperty
apartment_community
numberOfApartmentHomes
Dec. 31, 2020
USD ($)
Real Estate Properties [Line Items]    
Number of properties | apartment_community 79  
Redemption basis 1  
Number of consecutive trading days for valuation 10 days  
Aggregate redemption value of units of operating partnership owned by limited partners | $ $ 90.9 $ 69.0
Subject to Restrictions on Taxable Dispositions    
Real Estate Properties [Line Items]    
Number of properties | apartmentProperty 34  
Number of apartment homes (approximately) | numberOfApartmentHomes 6,511  
v3.22.0.1
SHARE BASED COMPENSATION - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Jan. 01, 2021
Sep. 15, 2015
May 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock options granted (in shares)       43,629 141,000  
Stock options outstanding, aggregate intrinsic value       $ 8,000    
Weighted average remaining contractual term       8 years 6 months 14 days    
Restricted Stock Units (RSU)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Awards vested during period       $ 980    
Total compensation cost related to non-vested share awards       $ 491    
Weighted average period to recognize cost       1 year 2 months 12 days    
Unamortized value       $ 1,100 $ 487 $ 1,300
Stock Options            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Expected volatility       21.08%    
Risk-free rate       0.65%    
Expected term       6 years 3 months    
Exercise price (in usd per share)       $ 70.64    
Award vesting period       4 years    
Total compensation cost related to non-vested share awards       $ 387    
Weighted average period to recognize cost       2 years 4 months 24 days    
Restricted Share Awards            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Equity instruments other than options, granted (in shares)         0 0
Awards vested during period         $ 136 $ 310
Incentive Plan 2015            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares (in shares)   775,000        
Term of award   10 years        
2021 Long-term Incentive Plan ("LTIP") Awards            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Term of award       3 years    
Fair value of stock options granted (in usd per share)       $ 7.383    
2021 Long-term Incentive Plan ("LTIP") Awards | Performance Shares            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares eligible to be earned (in shares) 38,448          
Shares eligible to be earned, percentage of awards granted 2          
Expected volatility       20.63%    
Risk-free rate       0.17%    
Expected term       3 years    
Exercise price (in usd per share)       $ 70.64    
2021 Long-term Incentive Plan ("LTIP") Awards | Stock Options            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Expiration period 10 years          
2021 Long-term Incentive Plan ("LTIP") Awards | Stock Options | Vesting Periods One            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage 25.00%          
2021 Long-term Incentive Plan ("LTIP") Awards | Stock Options | Vesting Periods Two            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage 25.00%          
2021 Long-term Incentive Plan ("LTIP") Awards | Stock Options | Vesting Periods Three            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage 25.00%          
2021 Long-term Incentive Plan ("LTIP") Awards | Stock Options | Vesting Period Four            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting percentage 25.00%          
Employees | Restricted Stock Units (RSU)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Equity instruments other than options, granted (in shares)       7,416    
Award vesting period       3 years    
Employees | 2021 Long-term Incentive Plan ("LTIP") Awards | Restricted Stock Units (RSU)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Equity instruments other than options, granted (in shares) 6,410          
Employees | 2021 Long-term Incentive Plan ("LTIP") Awards | Performance Shares            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Equity instruments other than options, granted (in shares) 19,224          
Employees | 2021 Long-term Incentive Plan ("LTIP") Awards | Stock Options            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock options granted (in shares) 43,629          
Trustee | Restricted Stock Units (RSU)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Equity instruments other than options, granted (in shares)       6,277    
Award vesting period       1 year    
Trustee | Performance Shares            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Awards vested during period       $ 425 $ 533 $ 505
Trustee | 2021 Long-term Incentive Plan ("LTIP") Awards | Restricted Stock Units (RSU)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Equity instruments other than options, granted (in shares)     6,061      
Award vesting period     1 year      
v3.22.0.1
SHARE BASED COMPENSATION - Schedule of Fair Value Stock Options (Details) - Stock Options
 12 Months Ended
Dec. 31, 2021
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise price (in usd per share) $ 70.64
Risk-free rate 0.65%
Expected term 6 years 3 months
Expected volatility 21.08%
Dividend Yield 3.963%
v3.22.0.1
SHARE BASED COMPENSATION - Schedule of Total Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]      
Share based compensation expense $ 2,687 $ 2,106 $ 1,905
v3.22.0.1
SHARE BASED COMPENSATION - Activity for Restricted Shares Awards and Restricted Stock Units (Details) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Restricted Share Awards      
Shares [Roll Forward]      
Unvested, beginning of period (in shares) 0 2,192 7,191
Granted (in shares)   0 0
Vested (in shares)   (2,192) (4,999)
Forfeited (in shares)   0 0
Unvested, end of period (in shares)   0 2,192
Wtd Avg Grant-Date Fair Value [Abstract]      
Unvested, beginning of period (in dollars per share)   $ 59.20
Granted (in dollars per share)  
Vested (in dollars per share)   $ 59.20 61.06
Unvested, end of period (in dollars per share)     $ 59.20
Restricted Stock Units with Service Conditions | Restricted Stock Units (RSU)      
Shares [Roll Forward]      
Unvested, beginning of period (in shares) 24,828 22,346 18,260
Granted (in shares) 13,693 17,981 16,084
Vested (in shares) (17,065) (14,991) (11,633)
Change in awards (in shares) 0 0  
Forfeited (in shares) (482) (508) (365)
Unvested, end of period (in shares) 20,974 24,828 22,346
Wtd Avg Grant-Date Fair Value [Abstract]      
Unvested, beginning of period (in dollars per share) $ 65.03 $ 58.41 $ 55.13
Granted (in dollars per share) 71.54 68.25 59.76
Vested (in dollars per share) 63.42 59.10 55.35
Change in awards (in dollars per share) 0 0  
Forfeited (in dollars per share) 70.44 62.99 51.73
Unvested, end of period (in dollars per share) $ 69.97 $ 65.03 $ 58.41
Restricted Stock With Market Conditions | Restricted Stock Units (RSU)      
Shares [Roll Forward]      
Unvested, beginning of period (in shares) 26,994 37,822 25,319
Granted (in shares) 19,224 0 12,978
Vested (in shares) (35,920) (13,357) 0
Change in awards (in shares) 8,926 4,436  
Forfeited (in shares) 0 (1,907) (475)
Unvested, end of period (in shares) 19,224 26,994 37,822
Wtd Avg Grant-Date Fair Value [Abstract]      
Unvested, beginning of period (in dollars per share) $ 67.87 $ 68.62 $ 62.84
Granted (in dollars per share) 87.04 0 79.49
Vested (in dollars per share) 65.34 74.68 0
Change in awards (in dollars per share) 0 0  
Forfeited (in dollars per share) 0 63.92 57.70
Unvested, end of period (in dollars per share) $ 87.04 $ 67.87 $ 68.62
v3.22.0.1
SHARE BASED COMPENSATION - Schedule of Stock Options Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Number of Shares    
Outstanding at beginning of year (in shares) 139,048 0
Granted (in shares) 43,629 141,000
Exercised (in shares) 0 0
Forfeited (in shares) 0 (1,952)
Outstanding at end of year (in shares) 182,677 139,048
Exercisable at end of year (in shares) 34,758 0
Weighted Average Exercise Price (in usd per share)    
Outstanding at beginning of year (in usd per share) $ 66.36 $ 0
Granted (in usd per share) 70.64 66.36
Exercised (in usd per share) 0  
Forfeited (in usd per share) 0 66.36
Outstanding at end of year (in usd per share) 67.38 66.36
Exercisable at end of year (in usd per share) $ 66.36 $ 0
v3.22.0.1
SUBSEQUENT EVENTS (Details)
 1 Months Ended 12 Months Ended
Feb. 23, 2022
USD ($)
Jan. 26, 2022
USD ($)
Jan. 04, 2022
USD ($)
apartment_community
shares
Sep. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Jan. 31, 2023
USD ($)
Subsequent Event [Line Items]                
Payments to terminate derivative         $ 3,804,000 $ 0 $ 0  
Interest Rate Swap | Designated as Hedging Instrument                
Subsequent Event [Line Items]                
Payments to terminate derivative       $ 3,800,000        
Notional amount         75,000,000 195,000,000    
Interest Rate Swap | Not Designated as Hedging Instrument                
Subsequent Event [Line Items]                
Notional amount       $ 70,000,000        
Interest Rate Swap | Not Designated as Hedging Instrument | Scenario, Forecast                
Subsequent Event [Line Items]                
Notional amount               $ 70,000,000
Subsequent Event                
Subsequent Event [Line Items]                
Payments to terminate derivative $ 3,300,000              
Minneapolis, Minnesota | Multifamily | Construction Loans                
Subsequent Event [Line Items]                
Mortgage loans receivable         29,900,000 $ 24,700,000    
Minneapolis, Minnesota | Multifamily | Mezzanine Loan                
Subsequent Event [Line Items]                
Mortgage loans receivable         $ 13,400,000      
Minneapolis, Minnesota | Subsequent Event                
Subsequent Event [Line Items]                
Number of acquired properties | apartment_community     3          
Aggregate purchase price     $ 68,100,000          
Debt assumed     $ 41,600,000          
Number of shares (issued) | shares     209,156          
Noko Apartments - Minneapolis, Minnesota | Subsequent Event                
Subsequent Event [Line Items]                
Aggregate purchase price   $ 46,400,000            
v3.22.0.1
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Gross amount at which carries at close of period [Abstract]    
Accumulated Depreciation $ (443,592) $ (399,249)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Total real estate investments 1,870,854 1,437,969
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]    
Balance at beginning of year 399,249 349,122
Additions during year [Abstract]    
Provisions for depreciation 78,268 72,051
Deductions during year [Abstract]    
Accumulated depreciation on real estate sold or classified as held for sale (24,161) (21,440)
Other (9,764) (484)
Balance at close of year 443,592 399,249
Net basis of real estate investments for federal income tax purposes 1,800,000 1,400,000
Unimproved Land    
Gross amount at which carries at close of period [Abstract]    
Total 0 0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at beginning of year 0 1,376
Cost of real estate sold 0 (1,376)
Balance at close of year 0 0
Total real estate investments 1,827,578 1,413,308
Wholly Owned Properties    
Gross amount at which carries at close of period [Abstract]    
Total 2,271,170 1,812,557
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at beginning of year 1,812,557 1,643,078
Improvements and Other 34,427 27,460
Total additions 2,338,632 1,852,309
Cost of real estate sold (57,698) (38,111)
Other (9,764) (1,641)
Balance at close of year 2,271,170 1,812,557
Multifamily    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 262,673  
Initial Cost to Company [Abstract]    
Land 129,597  
Buildings & Improvements 1,258,137  
Costs capitalized subsequent to acquisition 180,716  
Gross amount at which carries at close of period [Abstract]    
Land 146,004  
Buildings & Improvements 1,422,446  
Total 1,568,450  
Accumulated Depreciation (419,730)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 1,568,450  
Deductions during year [Abstract]    
Balance at close of year 419,730  
Multifamily | 71 France - Edina, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 52,149  
Initial Cost to Company [Abstract]    
Land 4,721  
Buildings & Improvements 61,762  
Costs capitalized subsequent to acquisition 625  
Gross amount at which carries at close of period [Abstract]    
Land 4,801  
Buildings & Improvements 62,307  
Total 67,108  
Accumulated Depreciation (17,093)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 67,108  
Deductions during year [Abstract]    
Balance at close of year 17,093  
Multifamily | 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 691  
Gross amount at which carries at close of period [Abstract]    
Land 336  
Buildings & Improvements 6,193  
Total 6,529  
Accumulated Depreciation (1,817)  
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 1,817  
Multifamily | 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 413  
Gross amount at which carries at close of period [Abstract]    
Land 2,128  
Buildings & Improvements 31,409  
Total 33,537  
Accumulated Depreciation (9,627)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 33,537  
Deductions during year [Abstract]    
Balance at close of year 9,627  
Multifamily | Ashland - Grand Forks, ND    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 0  
Initial Cost to Company [Abstract]    
Land 741  
Buildings & Improvements 7,569  
Costs capitalized subsequent to acquisition 364  
Gross amount at which carries at close of period [Abstract]    
Land 823  
Buildings & Improvements 7,851  
Total 8,674  
Accumulated Depreciation (2,688)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 8,674  
Deductions during year [Abstract]    
Balance at close of year 2,688  
Multifamily | 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 825  
Gross amount at which carries at close of period [Abstract]    
Land 1,808  
Buildings & Improvements 34,707  
Total 36,515  
Accumulated Depreciation (7,327)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 36,515  
Deductions during year [Abstract]    
Balance at close of year 7,327  
Multifamily | 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 3,124  
Gross amount at which carries at close of period [Abstract]    
Land 1,576  
Buildings & Improvements 8,113  
Total 9,689  
Accumulated Depreciation (4,590)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 9,689  
Deductions during year [Abstract]    
Balance at close of year 4,590  
Multifamily | Canyon Lake - Rapid City, SD    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 0  
Initial Cost to Company [Abstract]    
Land 305  
Buildings & Improvements 3,958  
Costs capitalized subsequent to acquisition 2,285  
Gross amount at which carries at close of period [Abstract]    
Land 420  
Buildings & Improvements 6,128  
Total 6,548  
Accumulated Depreciation (3,287)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 6,548  
Deductions during year [Abstract]    
Balance at close of year 3,287  
Multifamily | 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 400  
Gross amount at which carries at close of period [Abstract]    
Land 1,727  
Buildings & Improvements 33,673  
Total 35,400  
Accumulated Depreciation (4,132)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 35,400  
Deductions during year [Abstract]    
Balance at close of year 4,132  
Multifamily | 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 2,257  
Gross amount at which carries at close of period [Abstract]    
Land 1,045  
Buildings & Improvements 6,812  
Total 7,857  
Accumulated Depreciation (4,582)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 7,857  
Deductions during year [Abstract]    
Balance at close of year 4,582  
Multifamily | 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 1,185  
Gross amount at which carries at close of period [Abstract]    
Land 326  
Buildings & Improvements 21,218  
Total 21,544  
Accumulated Depreciation (6,880)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 21,544  
Deductions during year [Abstract]    
Balance at close of year 6,880  
Multifamily | 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 4,684  
Gross amount at which carries at close of period [Abstract]    
Land 1,639  
Buildings & Improvements 13,339  
Total 14,978  
Accumulated Depreciation (7,998)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 14,978  
Deductions during year [Abstract]    
Balance at close of year 7,998  
Multifamily | Commons and Landing at Southgate - Minot, ND    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 0  
Initial Cost to Company [Abstract]    
Land 5,945  
Buildings & Improvements 47,512  
Costs capitalized subsequent to acquisition 2,448  
Gross amount at which carries at close of period [Abstract]    
Land 6,424  
Buildings & Improvements 49,481  
Total 55,905  
Accumulated Depreciation (15,690)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 55,905  
Deductions during year [Abstract]    
Balance at close of year 15,690  
Multifamily | Connelly on Eleven - Burnsville, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 0  
Initial Cost to Company [Abstract]    
Land 2,401  
Buildings & Improvements 11,515  
Costs capitalized subsequent to acquisition 16,010  
Gross amount at which carries at close of period [Abstract]    
Land 3,206  
Buildings & Improvements 26,720  
Total 29,926  
Accumulated Depreciation (14,315)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 29,926  
Deductions during year [Abstract]    
Balance at close of year 14,315  
Multifamily | 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 5,799  
Gross amount at which carries at close of period [Abstract]    
Land 1,962  
Buildings & Improvements 22,265  
Total 24,227  
Accumulated Depreciation (13,046)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 24,227  
Deductions during year [Abstract]    
Balance at close of year 13,046  
Multifamily | 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 1,623  
Gross amount at which carries at close of period [Abstract]    
Land 599  
Buildings & Improvements 9,324  
Total 9,923  
Accumulated Depreciation (5,872)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 9,923  
Deductions during year [Abstract]    
Balance at close of year 5,872  
Multifamily | Cypress Court - St. Cloud, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 11,338  
Initial Cost to Company [Abstract]    
Land 1,583  
Buildings & Improvements 18,879  
Costs capitalized subsequent to acquisition 545  
Gross amount at which carries at close of period [Abstract]    
Land 1,625  
Buildings & Improvements 19,382  
Total 21,007  
Accumulated Depreciation (5,995)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 21,007  
Deductions during year [Abstract]    
Balance at close of year 5,995  
Multifamily | 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 348  
Gross amount at which carries at close of period [Abstract]    
Land 785  
Buildings & Improvements 24,403  
Total 25,188  
Accumulated Depreciation (7,292)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 25,188  
Deductions during year [Abstract]    
Balance at close of year 7,292  
Multifamily | Donovan - Lincoln, NE    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 11,270  
Initial Cost to Company [Abstract]    
Land 1,515  
Buildings & Improvements 15,730  
Costs capitalized subsequent to acquisition 4,952  
Gross amount at which carries at close of period [Abstract]    
Land 1,817  
Buildings & Improvements 20,380  
Total 22,197  
Accumulated Depreciation (6,531)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 22,197  
Deductions during year [Abstract]    
Balance at close of year 6,531  
Multifamily | 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 1,138  
Gross amount at which carries at close of period [Abstract]    
Land 12,241  
Buildings & Improvements 78,267  
Total 90,508  
Accumulated Depreciation $ (10,892)  
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 $ 90,508  
Deductions during year [Abstract]    
Balance at close of year 10,892  
Multifamily | 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 628  
Gross amount at which carries at close of period [Abstract]    
Land 1,159  
Buildings & Improvements 6,122  
Total 7,281  
Accumulated Depreciation (2,290)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 7,281  
Deductions during year [Abstract]    
Balance at close of year 2,290  
Multifamily | Freightyard - Minneapolis, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 0  
Initial Cost to Company [Abstract]    
Land 1,889  
Buildings & Improvements 23,616  
Costs capitalized subsequent to acquisition 1,296  
Gross amount at which carries at close of period [Abstract]    
Land 1,895  
Buildings & Improvements 24,906  
Total 26,801  
Accumulated Depreciation $ (2,091)  
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 $ 26,801  
Deductions during year [Abstract]    
Balance at close of year 2,091  
Multifamily | 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 141  
Gross amount at which carries at close of period [Abstract]    
Land 535  
Buildings & Improvements 8,826  
Total 9,361  
Accumulated Depreciation (2,100)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 9,361  
Deductions during year [Abstract]    
Balance at close of year 2,100  
Multifamily | 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 2,152  
Gross amount at which carries at close of period [Abstract]    
Land 970  
Buildings & Improvements 9,082  
Total 10,052  
Accumulated Depreciation (3,972)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 10,052  
Deductions during year [Abstract]    
Balance at close of year 3,972  
Multifamily | GrandeVille Shores - Rochester, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 46,320  
Initial Cost to Company [Abstract]    
Land 6,588  
Buildings & Improvements 67,072  
Costs capitalized subsequent to acquisition 5,741  
Gross amount at which carries at close of period [Abstract]    
Land 6,776  
Buildings & Improvements 72,625  
Total 79,401  
Accumulated Depreciation (16,311)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 79,401  
Deductions during year [Abstract]    
Balance at close of year 16,311  
Multifamily | Greenfield - Omaha, NE    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 0  
Initial Cost to Company [Abstract]    
Land 578  
Buildings & Improvements 4,122  
Costs capitalized subsequent to acquisition 3,007  
Gross amount at which carries at close of period [Abstract]    
Land 876  
Buildings & Improvements 6,831  
Total 7,707  
Accumulated Depreciation (2,769)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 7,707  
Deductions during year [Abstract]    
Balance at close of year 2,769  
Multifamily | 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 1,219  
Gross amount at which carries at close of period [Abstract]    
Land 792  
Buildings & Improvements 15,221  
Total 16,013  
Accumulated Depreciation (3,944)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 16,013  
Deductions during year [Abstract]    
Balance at close of year 3,944  
Multifamily | Lakeside Village - Lincoln, NE    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 11,158  
Initial Cost to Company [Abstract]    
Land 1,215  
Buildings & Improvements 15,837  
Costs capitalized subsequent to acquisition 3,369  
Gross amount at which carries at close of period [Abstract]    
Land 1,476  
Buildings & Improvements 18,945  
Total 20,421  
Accumulated Depreciation (6,098)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 20,421  
Deductions during year [Abstract]    
Balance at close of year 6,098  
Multifamily | Legacy - Grand Forks, ND    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 0  
Initial Cost to Company [Abstract]    
Land 1,362  
Buildings & Improvements 21,727  
Costs capitalized subsequent to acquisition 10,958  
Gross amount at which carries at close of period [Abstract]    
Land 2,474  
Buildings & Improvements 31,573  
Total 34,047  
Accumulated Depreciation (19,735)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 34,047  
Deductions during year [Abstract]    
Balance at close of year 19,735  
Multifamily | 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 290  
Gross amount at which carries at close of period [Abstract]    
Land 1,142  
Buildings & Improvements 14,097  
Total 15,239  
Accumulated Depreciation (3,102)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 15,239  
Deductions during year [Abstract]    
Balance at close of year 3,102  
Multifamily | 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 1,317  
Gross amount at which carries at close of period [Abstract]    
Land 7,679  
Buildings & Improvements 89,083  
Total 96,762  
Accumulated Depreciation $ (7,670)  
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 $ 96,762  
Deductions during year [Abstract]    
Balance at close of year 7,670  
Multifamily | 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 2,075  
Gross amount at which carries at close of period [Abstract]    
Land 730  
Buildings & Improvements 6,454  
Total 7,184  
Accumulated Depreciation (4,101)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 7,184  
Deductions during year [Abstract]    
Balance at close of year 4,101  
Multifamily | 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 649  
Gross amount at which carries at close of period [Abstract]    
Land 1,951  
Buildings & Improvements 30,568  
Total 32,519  
Accumulated Depreciation (6,660)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 32,519  
Deductions during year [Abstract]    
Balance at close of year 6,660  
Multifamily | 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 1,211  
Gross amount at which carries at close of period [Abstract]    
Land 655  
Buildings & Improvements 4,802  
Total 5,457  
Accumulated Depreciation (2,655)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 5,457  
Deductions during year [Abstract]    
Balance at close of year 2,655  
Multifamily | 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 296  
Gross amount at which carries at close of period [Abstract]    
Land 1,048  
Buildings & Improvements 7,647  
Total 8,695  
Accumulated Depreciation (1,912)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 8,695  
Deductions during year [Abstract]    
Balance at close of year 1,912  
Multifamily | 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 4,047  
Gross amount at which carries at close of period [Abstract]    
Land 1,885  
Buildings & Improvements 13,767  
Total 15,652  
Accumulated Depreciation (8,539)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 15,652  
Deductions during year [Abstract]    
Balance at close of year 8,539  
Multifamily | 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 263  
Gross amount at which carries at close of period [Abstract]    
Land 5,822  
Buildings & Improvements 51,836  
Total 57,658  
Accumulated Depreciation $ (8,896)  
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 $ 57,658  
Deductions during year [Abstract]    
Balance at close of year 8,896  
Multifamily | 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 9,976  
Gross amount at which carries at close of period [Abstract]    
Land 2,140  
Buildings & Improvements 18,078  
Total 20,218  
Accumulated Depreciation (13,170)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 20,218  
Deductions during year [Abstract]    
Balance at close of year 13,170  
Multifamily | 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 13,587  
Gross amount at which carries at close of period [Abstract]    
Land 10,819  
Buildings & Improvements 94,158  
Total 104,977  
Accumulated Depreciation $ (15,767)  
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 $ 104,977  
Deductions during year [Abstract]    
Balance at close of year 15,767  
Multifamily | 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 3,118  
Gross amount at which carries at close of period [Abstract]    
Land 1,011  
Buildings & Improvements 15,758  
Total 16,769  
Accumulated Depreciation (6,270)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 16,769  
Deductions during year [Abstract]    
Balance at close of year 6,270  
Multifamily | 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 2,209  
Gross amount at which carries at close of period [Abstract]    
Land 463  
Buildings & Improvements 5,524  
Total 5,987  
Accumulated Depreciation (4,044)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 5,987  
Deductions during year [Abstract]    
Balance at close of year 4,044  
Multifamily | 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 540  
Gross amount at which carries at close of period [Abstract]    
Land 419  
Buildings & Improvements 5,080  
Total 5,499  
Accumulated Depreciation (1,773)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 5,499  
Deductions during year [Abstract]    
Balance at close of year 1,773  
Multifamily | Quarry Ridge - Rochester, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 23,409  
Initial Cost to Company [Abstract]    
Land 2,254  
Buildings & Improvements 30,024  
Costs capitalized subsequent to acquisition 5,223  
Gross amount at which carries at close of period [Abstract]    
Land 2,412  
Buildings & Improvements 35,089  
Total 37,501  
Accumulated Depreciation (12,114)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 37,501  
Deductions during year [Abstract]    
Balance at close of year 12,114  
Multifamily | Red 20 - Minneapolis, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 20,775  
Initial Cost to Company [Abstract]    
Land 1,900  
Buildings & Improvements 24,116  
Costs capitalized subsequent to acquisition 521  
Gross amount at which carries at close of period [Abstract]    
Land 1,908  
Buildings & Improvements 24,629  
Total 26,537  
Accumulated Depreciation (7,560)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 26,537  
Deductions during year [Abstract]    
Balance at close of year 7,560  
Multifamily | Regency Park Estates - St. Cloud, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 7,167  
Initial Cost to Company [Abstract]    
Land 702  
Buildings & Improvements 10,198  
Costs capitalized subsequent to acquisition 6,155  
Gross amount at which carries at close of period [Abstract]    
Land 1,179  
Buildings & Improvements 15,876  
Total 17,055  
Accumulated Depreciation (5,205)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 17,055  
Deductions during year [Abstract]    
Balance at close of year 5,205  
Multifamily | 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 2,044  
Gross amount at which carries at close of period [Abstract]    
Land 568  
Buildings & Improvements 5,295  
Total 5,863  
Accumulated Depreciation (3,403)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 5,863  
Deductions during year [Abstract]    
Balance at close of year 3,403  
Multifamily | 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 1,154  
Gross amount at which carries at close of period [Abstract]    
Land 922  
Buildings & Improvements 25,478  
Total 26,400  
Accumulated Depreciation (9,018)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 26,400  
Deductions during year [Abstract]    
Balance at close of year 9,018  
Multifamily | 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 1,632  
Gross amount at which carries at close of period [Abstract]    
Land 840  
Buildings & Improvements 7,174  
Total 8,014  
Accumulated Depreciation (4,817)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 8,014  
Deductions during year [Abstract]    
Balance at close of year 4,817  
Multifamily | Rum River - Isanti, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 0  
Initial Cost to Company [Abstract]    
Land 843  
Buildings & Improvements 4,823  
Costs capitalized subsequent to acquisition 515  
Gross amount at which carries at close of period [Abstract]    
Land 870  
Buildings & Improvements 5,311  
Total 6,181  
Accumulated Depreciation (2,358)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 6,181  
Deductions during year [Abstract]    
Balance at close of year 2,358  
Multifamily | Silver Springs - Rapid City, SD    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 0  
Initial Cost to Company [Abstract]    
Land 215  
Buildings & Improvements 3,007  
Costs capitalized subsequent to acquisition 1,077  
Gross amount at which carries at close of period [Abstract]    
Land 273  
Buildings & Improvements 4,026  
Total 4,299  
Accumulated Depreciation (1,142)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 4,299  
Deductions during year [Abstract]    
Balance at close of year 1,142  
Multifamily | 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 5,814  
Gross amount at which carries at close of period [Abstract]    
Land 1,489  
Buildings & Improvements 14,423  
Total 15,912  
Accumulated Depreciation (10,819)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 15,912  
Deductions during year [Abstract]    
Balance at close of year 10,819  
Multifamily | 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 284  
Gross amount at which carries at close of period [Abstract]    
Land 663  
Buildings & Improvements 10,090  
Total 10,753  
Accumulated Depreciation (2,696)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 10,753  
Deductions during year [Abstract]    
Balance at close of year 2,696  
Multifamily | Southfork - Lakeville, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 21,675  
Initial Cost to Company [Abstract]    
Land 3,502  
Buildings & Improvements 40,153  
Costs capitalized subsequent to acquisition 8,626  
Gross amount at which carries at close of period [Abstract]    
Land 3,583  
Buildings & Improvements 48,698  
Total 52,281  
Accumulated Depreciation $ (6,292)  
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 $ 52,281  
Deductions during year [Abstract]    
Balance at close of year 6,292  
Multifamily | 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 3,429  
Gross amount at which carries at close of period [Abstract]    
Land 826  
Buildings & Improvements 15,753  
Total 16,579  
Accumulated Depreciation (9,579)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 16,579  
Deductions during year [Abstract]    
Balance at close of year 9,579  
Multifamily | 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 5,474  
Gross amount at which carries at close of period [Abstract]    
Land 1,710  
Buildings & Improvements 14,670  
Total 16,380  
Accumulated Depreciation (9,080)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 16,380  
Deductions during year [Abstract]    
Balance at close of year 9,080  
Multifamily | 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 10,933  
Gross amount at which carries at close of period [Abstract]    
Land 1,912  
Buildings & Improvements 20,127  
Total 22,039  
Accumulated Depreciation (12,812)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 22,039  
Deductions during year [Abstract]    
Balance at close of year 12,812  
Multifamily | 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 935  
Gross amount at which carries at close of period [Abstract]    
Land 25,532  
Buildings & Improvements 103,108  
Total 128,640  
Accumulated Depreciation $ (13,525)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 128,640  
Deductions during year [Abstract]    
Balance at close of year 13,525  
Multifamily | Whispering Ridge - Omaha, NE    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 19,187  
Initial Cost to Company [Abstract]    
Land 2,139  
Buildings & Improvements 25,424  
Costs capitalized subsequent to acquisition 3,715  
Gross amount at which carries at close of period [Abstract]    
Land 2,551  
Buildings & Improvements 28,727  
Total 31,278  
Accumulated Depreciation (9,162)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 31,278  
Deductions during year [Abstract]    
Balance at close of year 9,162  
Multifamily | Woodridge - Rochester, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 0  
Initial Cost to Company [Abstract]    
Land 370  
Buildings & Improvements 6,028  
Costs capitalized subsequent to acquisition 5,380  
Gross amount at which carries at close of period [Abstract]    
Land 761  
Buildings & Improvements 11,017  
Total 11,778  
Accumulated Depreciation (6,625)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 11,778  
Deductions during year [Abstract]    
Balance at close of year $ 6,625  
Multifamily | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | Minimum | Commons and Landing 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 | Minimum | Connelly on Eleven - 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 | 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 | 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 | 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 | 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 | Minimum | Donovan - 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 | 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 | 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 | 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 | Minimum | GrandeVille 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | Maximum | Commons and Landing 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 | Maximum | Connelly on Eleven - 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 | 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 | 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 | 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 | 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 | Maximum | Donovan - 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 | 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 | 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 | 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 | Maximum | GrandeVille 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | Wholly Owned Properties    
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Multifamily and Other $ 491,648 $ 181,771
MultiFamily Non-Same-Store    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 221,110  
Initial Cost to Company [Abstract]    
Land 64,385  
Buildings & Improvements 600,150  
Costs capitalized subsequent to acquisition 11,264  
Gross amount at which carries at close of period [Abstract]    
Land 65,359  
Buildings & Improvements 610,440  
Total 675,799  
Accumulated Depreciation (16,273)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 675,799  
Deductions during year [Abstract]    
Balance at close of year 16,273  
MultiFamily Non-Same-Store | Bayberry Place - Minneapolis, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 11,048  
Initial Cost to Company [Abstract]    
Land 1,807  
Buildings & Improvements 14,113  
Costs capitalized subsequent to acquisition 538  
Gross amount at which carries at close of period [Abstract]    
Land 1,865  
Buildings & Improvements 14,593  
Total 16,458  
Accumulated Depreciation $ (177)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 16,458  
Deductions during year [Abstract]    
Balance at close of year 177  
MultiFamily Non-Same-Store | Burgundy and Hillsboro Court - Minneapolis, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 23,570  
Initial Cost to Company [Abstract]    
Land 2,834  
Buildings & Improvements 31,149  
Costs capitalized subsequent to acquisition 1,177  
Gross amount at which carries at close of period [Abstract]    
Land 2,913  
Buildings & Improvements 32,247  
Total 35,160  
Accumulated Depreciation $ (398)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 35,160  
Deductions during year [Abstract]    
Balance at close of year 398  
MultiFamily Non-Same-Store | Civic Lofts - Denver, CO    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 0  
Initial Cost to Company [Abstract]    
Land 6,166  
Buildings & Improvements 55,182  
Costs capitalized subsequent to acquisition 51  
Gross amount at which carries at close of period [Abstract]    
Land 6,171  
Buildings & Improvements 55,228  
Total 61,399  
Accumulated Depreciation $ (148)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 61,399  
Deductions during year [Abstract]    
Balance at close of year 148  
MultiFamily Non-Same-Store | Gatewood - St Cloud, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 5,156  
Initial Cost to Company [Abstract]    
Land 327  
Buildings & Improvements 6,858  
Costs capitalized subsequent to acquisition 348  
Gross amount at which carries at close of period [Abstract]    
Land 342  
Buildings & Improvements 7,191  
Total 7,533  
Accumulated Depreciation $ (95)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 7,533  
Deductions during year [Abstract]    
Balance at close of year 95  
MultiFamily Non-Same-Store | Grove Ridge - Minneapolis, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 7,992  
Initial Cost to Company [Abstract]    
Land 1,250  
Buildings & Improvements 10,271  
Costs capitalized subsequent to acquisition 405  
Gross amount at which carries at close of period [Abstract]    
Land 1,293  
Buildings & Improvements 10,633  
Total 11,926  
Accumulated Depreciation $ (133)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 11,926  
Deductions during year [Abstract]    
Balance at close of year 133  
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 238  
Gross amount at which carries at close of period [Abstract]    
Land 2,167  
Buildings & Improvements 37,110  
Total 39,277  
Accumulated Depreciation $ (2,564)  
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 $ 39,277  
Deductions during year [Abstract]    
Balance at close of year 2,564  
MultiFamily Non-Same-Store | Legacy Waite Park - St Cloud, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 6,923  
Initial Cost to Company [Abstract]    
Land 412  
Buildings & Improvements 9,556  
Costs capitalized subsequent to acquisition 428  
Gross amount at which carries at close of period [Abstract]    
Land 426  
Buildings & Improvements 9,970  
Total 10,396  
Accumulated Depreciation $ (135)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 10,396  
Deductions during year [Abstract]    
Balance at close of year 135  
MultiFamily Non-Same-Store | New Hope Garden and Village - Minneapolis, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 9,943  
Initial Cost to Company [Abstract]    
Land 1,603  
Buildings & Improvements 12,578  
Costs capitalized subsequent to acquisition 480  
Gross amount at which carries at close of period [Abstract]    
Land 1,651  
Buildings & Improvements 13,010  
Total 14,661  
Accumulated Depreciation $ (170)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 14,661  
Deductions during year [Abstract]    
Balance at close of year 170  
MultiFamily Non-Same-Store | Palisades - Minneapolis, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 22,260  
Initial Cost to Company [Abstract]    
Land 6,919  
Buildings & Improvements 46,577  
Costs capitalized subsequent to acquisition 386  
Gross amount at which carries at close of period [Abstract]    
Land 6,959  
Buildings & Improvements 46,923  
Total 53,882  
Accumulated Depreciation $ (574)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 53,882  
Deductions during year [Abstract]    
Balance at close of year 574  
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 987  
Gross amount at which carries at close of period [Abstract]    
Land 10,484  
Buildings & Improvements 133,082  
Total 143,566  
Accumulated Depreciation $ (6,922)  
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 $ 143,566  
Deductions during year [Abstract]    
Balance at close of year 6,922  
MultiFamily Non-Same-Store | Plymouth Pointe - Minneapolis, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 9,575  
Initial Cost to Company [Abstract]    
Land 1,042  
Buildings & Improvements 12,810  
Costs capitalized subsequent to acquisition 526  
Gross amount at which carries at close of period [Abstract]    
Land 1,073  
Buildings & Improvements 13,305  
Total 14,378  
Accumulated Depreciation $ (174)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 14,378  
Deductions during year [Abstract]    
Balance at close of year 174  
MultiFamily Non-Same-Store | Pointe West St Cloud - St Cloud, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 5,008  
Initial Cost to Company [Abstract]    
Land 246  
Buildings & Improvements 6,850  
Costs capitalized subsequent to acquisition 437  
Gross amount at which carries at close of period [Abstract]    
Land 260  
Buildings & Improvements 7,273  
Total 7,533  
Accumulated Depreciation $ (98)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 7,533  
Deductions during year [Abstract]    
Balance at close of year 98  
MultiFamily Non-Same-Store | Portage - Minneapolis, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 5,991  
Initial Cost to Company [Abstract]    
Land 2,133  
Buildings & Improvements 6,685  
Costs capitalized subsequent to acquisition 415  
Gross amount at which carries at close of period [Abstract]    
Land 2,226  
Buildings & Improvements 7,007  
Total 9,233  
Accumulated Depreciation $ (83)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 9,233  
Deductions during year [Abstract]    
Balance at close of year 83  
MultiFamily Non-Same-Store | River Pointe - Minneapolis, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 25,412  
Initial Cost to Company [Abstract]    
Land 3,346  
Buildings & Improvements 33,118  
Costs capitalized subsequent to acquisition 951  
Gross amount at which carries at close of period [Abstract]    
Land 3,426  
Buildings & Improvements 33,989  
Total 37,415  
Accumulated Depreciation $ (422)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 37,415  
Deductions during year [Abstract]    
Balance at close of year 422  
MultiFamily Non-Same-Store | Southdale Parc - Minneapolis, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 5,301  
Initial Cost to Company [Abstract]    
Land 1,569  
Buildings & Improvements 7,740  
Costs capitalized subsequent to acquisition 302  
Gross amount at which carries at close of period [Abstract]    
Land 1,618  
Buildings & Improvements 7,993  
Total 9,611  
Accumulated Depreciation $ (96)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 9,611  
Deductions during year [Abstract]    
Balance at close of year 96  
MultiFamily Non-Same-Store | Union Pointe - Denver, CO    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 0  
Initial Cost to Company [Abstract]    
Land 5,727  
Buildings & Improvements 69,966  
Costs capitalized subsequent to acquisition 336  
Gross amount at which carries at close of period [Abstract]    
Land 5,736  
Buildings & Improvements 70,293  
Total 76,029  
Accumulated Depreciation $ (2,723)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 76,029  
Deductions during year [Abstract]    
Balance at close of year 2,723  
MultiFamily Non-Same-Store | Venue on Knox - Minneapolis, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 11,660  
Initial Cost to Company [Abstract]    
Land 3,438  
Buildings & Improvements 14,743  
Costs capitalized subsequent to acquisition 548  
Gross amount at which carries at close of period [Abstract]    
Land 3,530  
Buildings & Improvements 15,199  
Total 18,729  
Accumulated Depreciation $ (177)  
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 $ 18,729  
Deductions during year [Abstract]    
Balance at close of year 177  
MultiFamily Non-Same-Store | Windsor - Minneapolis, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 14,731  
Initial Cost to Company [Abstract]    
Land 2,140  
Buildings & Improvements 18,943  
Costs capitalized subsequent to acquisition 738  
Gross amount at which carries at close of period [Abstract]    
Land 2,204  
Buildings & Improvements 19,617  
Total 21,821  
Accumulated Depreciation $ (243)  
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 $ 21,821  
Deductions during year [Abstract]    
Balance at close of year 243  
MultiFamily Non-Same-Store | Wingate - Minneapolis, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 10,459  
Initial Cost to Company [Abstract]    
Land 1,480  
Buildings & Improvements 13,530  
Costs capitalized subsequent to acquisition 503  
Gross amount at which carries at close of period [Abstract]    
Land 1,526  
Buildings & Improvements 13,987  
Total 15,513  
Accumulated Depreciation $ (180)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 15,513  
Deductions during year [Abstract]    
Balance at close of year 180  
MultiFamily Non-Same-Store | Woodhaven - Minneapolis, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 14,408  
Initial Cost to Company [Abstract]    
Land 3,940  
Buildings & Improvements 20,080  
Costs capitalized subsequent to acquisition 627  
Gross amount at which carries at close of period [Abstract]    
Land 4,040  
Buildings & Improvements 20,607  
Total 24,647  
Accumulated Depreciation $ (245)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 24,647  
Deductions during year [Abstract]    
Balance at close of year 245  
MultiFamily Non-Same-Store | Woodland Pointe - Minneapolis, MN    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 31,673  
Initial Cost to Company [Abstract]    
Land 5,367  
Buildings & Improvements 40,422  
Costs capitalized subsequent to acquisition 843  
Gross amount at which carries at close of period [Abstract]    
Land 5,449  
Buildings & Improvements 41,183  
Total 46,632  
Accumulated Depreciation $ (516)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 46,632  
Deductions during year [Abstract]    
Balance at close of year 516  
Total Multifamily    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 483,783  
Initial Cost to Company [Abstract]    
Land 193,982  
Buildings & Improvements 1,858,287  
Costs capitalized subsequent to acquisition 191,980  
Gross amount at which carries at close of period [Abstract]    
Land 211,363  
Buildings & Improvements 2,032,886  
Total 2,244,249  
Accumulated Depreciation (436,003)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 2,244,249  
Deductions during year [Abstract]    
Balance at close of year 436,003  
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 5,500  
Gross amount at which carries at close of period [Abstract]    
Land 607  
Buildings & Improvements 24,202  
Total 24,809  
Accumulated Depreciation (7,201)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 24,809  
Deductions during year [Abstract]    
Balance at close of year 7,201  
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  
Accumulated Depreciation (1,399)  
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 1,399  
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 657  
Gross amount at which carries at close of period [Abstract]    
Land 0  
Buildings & Improvements 2,257  
Total 2,257  
Accumulated Depreciation $ (148)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 2,257  
Deductions during year [Abstract]    
Balance at close of year 148  
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  
Accumulated Depreciation $ (541)  
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 541  
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 3,447  
Gross amount at which carries at close of period [Abstract]    
Land 607  
Buildings & Improvements 8,673  
Total 9,280  
Accumulated Depreciation (4,303)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 9,280  
Deductions during year [Abstract]    
Balance at close of year 4,303  
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 475  
Gross amount at which carries at close of period [Abstract]    
Land 0  
Buildings & Improvements 3,000  
Total 3,000  
Accumulated Depreciation (810)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 3,000  
Deductions during year [Abstract]    
Balance at close of year $ 810  
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 246  
Buildings & Improvements 1,866  
Costs capitalized subsequent to acquisition 0  
Gross amount at which carries at close of period [Abstract]    
Land 246  
Buildings & Improvements 1,866  
Total 2,112  
Accumulated Depreciation (388)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 2,112  
Deductions during year [Abstract]    
Balance at close of year 388  
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 0  
Gross amount at which carries at close of period [Abstract]    
Land 246  
Buildings & Improvements 1,866  
Total 2,112  
Accumulated Depreciation $ (388)  
Life on which depreciation in latest income statement is computed 30 years  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year $ 2,112  
Deductions during year [Abstract]    
Balance at close of year 388  
Total    
Real Estate And Accumulated Depreciation [Abstract]    
Encumbrances 483,783  
Initial Cost to Company [Abstract]    
Land 194,617  
Buildings & Improvements 1,879,073  
Costs capitalized subsequent to acquisition 197,480  
Gross amount at which carries at close of period [Abstract]    
Land 212,216  
Buildings & Improvements 2,058,954  
Total 2,271,170  
Accumulated Depreciation (443,592)  
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]    
Balance at close of year 2,271,170  
Deductions during year [Abstract]    
Balance at close of year $ 443,592