XML 43 R29.htm IDEA: XBRL DOCUMENT v3.20.4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Fiscal Period Durations

The references in these notes to the consolidated financial statements to the terms listed below reflect the respective periods presented in the consolidated financial statements:

Term						Financial Reporting Period
Year ended December 31, 2020						January 1, 2020 through December 31, 2020
Year ended December 31, 2019						January 1, 2019 through December 31, 2019
Transition period ended December 31, 2018						May 1, 2018 through December 31, 2018
Fiscal year ended April 30, 2018						May 1, 2017 through April 30, 2018

Schedule of Recent Accounting Standards Updates

The following table provides a brief description of recent GAAP accounting standards updates (“ASUs”).

Standard			Description			Date of Adoption			Effect on the Financial Statements or Other Significant Matters
ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; ASU 2018-19, Codification Improvements to Topic 326; ASU 2019-05, Financial Instruments - Credit Losses - Targeted Transition Relief; ASU 2019-11, Codification improvements to Topic 326, Financial Instruments - Credit Losses			These ASUs require entities to estimate a lifetime expected credit loss for most financial assets, such as loans and other financial instruments, and to present the net amount expected to be collected. In 2018, another ASU was issued to amend ASU 2016-13 which clarifies that it does not apply to operating lease receivables. In 2019, an additional ASU was issued to provide transition relief in which an entity is allowed to elect the fair value option on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326.			These ASUs are effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted.			We elected the fair value option for all of our mortgages and notes receivable at January 1, 2020, as allowed by ASU 2019-05. As a result, we do not have any receivables or other financial instruments to which we are applying this standard.
ASU 2018-13, Fair Value Measurements (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirement for Fair Value Measurements			This ASU eliminates certain disclosure requirements affecting all levels of measurement, and modifies and adds new disclosure requirements for Level 3 measurements.			This ASU is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted.			The new standard did not have a material impact on our consolidated financial statements.
ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting			This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur.			This ASU is optional and may be elected over time.			We are currently evaluating the practical expedients and the impact they may have on our consolidated financial statements.
ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entitiy's Own Equity			This ASU simplifies accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies the diluted earnings per share calculation in certain areas and provide updated disclosure requirements.			This ASU is effective for annual reporting periods beginning after December 31, 2021. Early adoption is permitted.			We are currently evaluating the ASU and the impact it may have on our consolidated financial statements.

Future Scheduled Lease Income for Operating Leases

The aggregate amount of future scheduled lease income on our operating leases for commercial spaces, excluding any variable lease income and non-lease components, as of December 31, 2020, was as follows:

						(in thousands)
2021						$	2,216
2022						2,214
2023						2,208
2024						2,194
2025						2,166
Thereafter						2,373
Total scheduled lease income - operating leases						$	13,371

Disaggregation of Revenue

The following table presents the disaggregation of revenue streams of our rental income for the years ended December 31, 2020 and 2019, and the transition period ended December 31, 2018:

									(in thousands)
									Year ended December 31,									Transition period ended
Revenue Stream			Applicable Standard						2020			2019						December 31, 2018
Fixed lease income - operating leases			Leases						$	168,119		$	176,706					$	114,047
Variable lease income - operating leases			Leases						7,068			5,586						3,528
Other property revenue			Revenue from contracts with customers						2,807			3,463						4,296
Total revenue									$	177,994		$	185,755					$	121,871

Federal Income Tax Distributions

The following table indicates how distributions were characterized for federal income tax purposes for the years ended December 31, 2020, December 31, 2019, and December 31, 2018:

CALENDAR YEAR						2020			2019			2018
Tax status of distributions
Capital gain						13.62		%	38.53		%	100.00		%
Ordinary income						7.91		%	23.43		%	—
Return of capital						78.47		%	38.04		%	—

Schedule of Other Assets

As of December 31, 2020 and 2019, other assets consisted of the following amounts:

			in thousands
			December 31, 2020			December 31, 2019
Receivable arising from straight line rents			$	336		$	785
Accounts receivable, net of allowance			523			154
Real estate related loans receivable			6,332			16,557
Marketable securities			—			7,055
Prepaid and other assets			5,702			4,866
Intangible assets, net of accumulated amortization			1,150			1,212
Property and equipment, net of accumulated depreciation			2,674			1,277
Goodwill			986			1,086
Deferred charges and leasing costs			1,201			1,837
Total Other Assets			$	18,904		$	34,829

X

- Definition

Fiscal Period Durations

+ References

No definition available.

+ Details

Name:	iret_FiscalPeriodDurationsTableTextBlock
Namespace Prefix:	iret_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

+ Details

Name:	us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the federal tax basis of investment holdings. This item captures the aggregate cost of securities, aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost, aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value, net unrealized appreciation (depreciation), and an explanation of the differences between tax and book.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(h)(2))
-URI http://asc.fasb.org/extlink&oid=120401367&loc=d3e600178-122990

+ Details

Name:	us-gaap_FederalIncomeTaxNoteTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121576215&loc=SL77919396-209981

+ Details

Name:	us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e765-108305

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e725-108305

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

+ Details

Name:	us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the carrying amounts of other assets. This disclosure includes other current assets and other noncurrent assets.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfOtherAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration