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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

															Gross Amount at Which Carried at															Life on Which
						Initial Cost to Company									Close of Period															Depreciation in
												Costs Capitalized															Date of			Latest Income
									Buildings &			Subsequent to						Buildings &						Accumulated			Construction			Statement is
Description			Encumbrances(1)			Land			Improvements			Acquisition			Land			Improvements			Total			Depreciation			or Acquisition			Computed
Same-Store
71 France - Edina, MN			$	50,933		$	4,721		$	61,762		$	781		$	4,801		$	62,463		$	67,264		$	(19,278)		2016			30-37			years
Alps Park Apartments - Rapid City, SD			—			287			5,551			731			336			6,233			6,569			(2,053)			2013			30-37			years
Arcata Apartments - Golden Valley, MN			—			2,088			31,036			576			2,128			31,572			33,700			(10,664)			2015			30-37			years
Ashland Apartment Homes - Grand Forks, ND			—			741			7,569			402			823			7,889			8,712			(2,981)			2012			30-37			years
Avalon Cove Townhomes - Rochester, MN			—			1,616			34,074			1,880			1,808			35,762			37,570			(8,751)			2016			30-37			years
Boulder Court Apartment Homes - Eagan, MN			—			1,067			5,498			3,179			1,576			8,168			9,744			(4,980)			2003			30-37			years
Canyon Lake Apartments - Rapid City, SD			—			305			3,958			2,471			420			6,314			6,734			(3,645)			2001			30-37			years
Cardinal Point Apartments - Grand Forks, ND			—			1,600			33,400			540			1,727			33,813			35,540			(5,318)			2013			30-37			years
Cascade Shores Townhomes + Flats - Rochester, MN			45,100			6,588			67,072			9,623			6,776			76,507			83,283			(19,922)			2015-2016			30-37			years
Castlerock Apartment Homes - Billings, MT			—			736			4,864			2,441			1,045			6,996			8,041			(4,917)			1998			30-37			years
Chateau Apartment Homes - Minot, ND			—			301			20,058			1,256			326			21,289			21,615			(7,659)			2013			30-37			years
Cimarron Hills Apartments - Omaha, NE			8,700			706			9,588			5,256			1,639			13,911			15,550			(8,665)			2001			30-37			years
Commons and Landing at Southgate - Minot, ND			—			5,945			47,512			2,793			6,424			49,826			56,250			(17,451)			2015			30-37			years
Connelly on Eleven - Burnsville, MN			—			2,401			11,515			17,012			3,206			27,722			30,928			(16,356)			2003			30-37			years
Cottonwood Apartment Homes - Bismarck, ND			—			1,056			17,372			6,308			1,962			22,774			24,736			(13,762)			1997			30-37			years
Country Meadows Apartment Homes - Billings, MT			—			491			7,809			1,742			599			9,443			10,042			(6,184)			1995			30-37			years
Cypress Court Apartments - St. Cloud, MN			11,023			1,583			18,879			666			1,625			19,503			21,128			(6,593)			2012			30-37			years
Deer Ridge Apartment Homes - Jamestown, ND			—			711			24,129			459			785			24,514			25,299			(8,119)			2013			30-37			years
Donovan Apartment Homes - Lincoln, NE			—			1,515			15,730			6,822			1,817			22,250			24,067			(7,838)			2012			30-37			years
Dylan at RiNo - Denver, CO			—			12,155			77,215			1,208			12,241			78,337			90,578			(13,596)			2018			30			years
Evergreen Apartment Homes - Isanti, MN			—			1,129			5,524			713			1,159			6,207			7,366			(2,550)			2008			30-37			years
FreightYard Townhomes & Flats - Minneapolis, MN			—			1,889			23,616			1,372			1,895			24,982			26,877			(3,031)			2019			30			years
Gardens Apartments - Grand Forks, ND			—			518			8,702			160			535			8,845			9,380			(2,441)			2015			30-37			years
Grand Gateway Apartment Homes - St. Cloud, MN			—			814			7,086			2,388			970			9,318			10,288			(4,316)			2012			30-37			years
Greenfield - Omaha, NE			—			578			4,122			3,241			876			7,065			7,941			(3,324)			2007			30-37			years
Homestead Garden Apartments - Rapid City, SD			—			655			14,139			1,547			792			15,549			16,341			(4,560)			2015			30-37			years
Ironwood - New Hope, MN			—			2,165			36,874			540			2,167			37,412			39,579			(3,966)			2020			30			years
Lakeside Village Apartment Homes - Lincoln, NE			—			1,215			15,837			5,069			1,476			20,645			22,121			(7,156)			2012			30-37			years
Legacy Apartments - Grand Forks, ND			—			1,362			21,727			11,036			2,474			31,651			34,125			(20,814)			1995-2005			30-37			years
Legacy Heights Apartment Homes - Bismarck, ND			—			1,207			13,742			399			1,142			14,206			15,348			(3,592)			2015			30-37			years
Lugano at Cherry Creek - Denver, CO			—			7,679			87,766			3,577			7,679			91,343			99,022			(11,223)			2019			30			years
Meadows Apartments - Jamestown, ND			—			590			4,519			2,103			730			6,482			7,212			(4,287)			1998			30-37			years
Monticello Crossings - Monticello, MN			—			1,734			30,136			631			1,951			30,550			32,501			(7,538)			2017			30-37			years
Monticello Village - Monticello, MN			—			490			3,756			1,263			655			4,854			5,509			(2,865)			2004			30-37			years
Northridge Apartments - Bismarck, ND			—			884			7,515			266			1,048			7,617			8,665			(2,182)			2015			30-37			years
Olympic Village Apartments - Billings, MT			—			1,164			10,441			4,464			1,885			14,184			16,069			(9,160)			2000			30-37			years
Oxbo Urban Rentals - St Paul, MN			—			5,809			51,586			565			5,822			52,138			57,960			(10,412)			2018			30			years
Park Meadows Apartment Homes - Waite Park, MN			—			1,143			9,099			10,149			2,140			18,251			20,391			(13,904)			1997			30-37			years
Park Place Apartments - Plymouth, MN			—			10,609			80,781			19,032			10,819			99,603			110,422			(21,002)			2018			30			years
Parkhouse Apartment Homes - Thornton, CO			—			10,474			132,105			1,583			10,484			133,678			144,162			(12,245)			2020			30			years

															Gross Amount at Which Carried at															Life on Which
						Initial Cost to Company									Close of Period															Depreciation in
												Costs Capitalized															Date of			Latest Income
									Buildings &			Subsequent to						Buildings &						Accumulated			Construction			Statement is
Description			Encumbrances(1)			Land			Improvements			Acquisition			Land			Improvements			Total			Depreciation			or Acquisition			Computed
Plaza Apartments - Minot, ND			—			867			12,784			3,160			1,011			15,800			16,811			(6,823)			2009			30-37			years
Pointe West Apartments - Rapid City, SD			—			240			3,538			2,299			463			5,614			6,077			(4,303)			1994			30-37			years
Ponds at Heritage Place - Sartell, MN			—			395			4,564			566			419			5,106			5,525			(1,993)			2012			30-37			years
Prosper West - Waite Park, MN			16,425			939			10,167			17,243			1,912			26,437			28,349			(14,646)			1995			30-37			years
Quarry Ridge Apartments - Rochester, MN			22,733			2,254			30,024			8,777			2,412			38,643			41,055			(14,145)			2006			30-37			years
Red 20 Apartments - Minneapolis, MN			20,256			1,900			24,116			758			1,908			24,866			26,774			(8,313)			2015			30-37			years
Regency Park Estates - St. Cloud, MN			6,923			702			10,198			8,040			1,179			17,761			18,940			(6,476)			2011			30-37			years
Rimrock West Apartments - Billings, MT			—			330			3,489			2,102			568			5,353			5,921			(3,623)			1999			30-37			years
River Ridge Apartment Homes - Bismarck, ND			—			576			24,670			1,214			922			25,538			26,460			(9,992)			2008			30-37			years
Rocky Meadows Apartments - Billings, MT			—			656			5,726			1,732			840			7,274			8,114			(5,084)			1995			30-37			years
Rum River Apartments - Isanti, MN			—			843			4,823			542			870			5,338			6,208			(2,591)			2007			30-37			years
Silver Springs Apartment Homes - Rapid City, SD			—			215			3,007			1,116			273			4,065			4,338			(1,319)			2015			30-37			years
South Pointe Apartment Homes - Minot, ND			—			550			9,548			6,374			1,489			14,983			16,472			(11,368)			1995			30-37			years
SouthFork Townhomes + Flats - Lakeville, MN			21,675			3,502			40,153			11,146			3,583			51,218			54,801			(9,354)			2019			30			years
Southpoint Apartments - Grand Forks, ND			—			576			9,893			444			663			10,250			10,913			(3,098)			2013			30-37			years
Sunset Trail Apartment Homes - Rochester, MN			—			336			12,814			3,621			826			15,945			16,771			(10,109)			1999			30-37			years
Thomasbrook Apartment - Lincoln, NE			13,100			600			10,306			6,391			1,710			15,587			17,297			(9,677)			1999			30-37			years
Westend - Denver, CO			—			25,525			102,180			1,270			25,532			103,443			128,975			(17,153)			2018			30			years
Whispering Ridge - Omaha, NE			18,691			2,139			25,424			5,780			2,551			30,792			33,343			(10,636)			2012			30-37			years
Woodridge on Second - Rochester, MN			—			370			6,028			6,373			761			12,010			12,771			(7,328)			1997			30-37			years
Total Same-Store			$	235,559		$	142,236		$	1,427,116		$	225,192		$	158,655		$	1,635,889		$	1,794,544		$	(497,331)
Non-Same-Store
Bayberry Place - Eagan, MN			11,048			1,807			14,113			801			1,865			14,856			16,721			(736)			2021			30			years
Burgundy & Hillsboro - New Hope, MN			23,570			2,834			31,149			1,816			2,913			32,886			35,799			(1,686)			2021			30			years
Civic Lofts - Denver, CO			—			6,166			55,182			172			6,171			55,349			61,520			(2,318)			2021			30			years
Elements of Linden Hills - Minneapolis, MN			5,969			941			7,853			178			949			8,023			8,972			(332)			2022			30			years
Gatewood - Waite Park, MN			5,156			327			6,858			808			342			7,651			7,993			(428)			2021			30			years
Grove Ridge - Cottage Grove, MN			7,992			1,250			10,271			551			1,293			10,779			12,072			(546)			2021			30			years
Legacy Waite Park - Waite Park, MN			6,923			412			9,556			1,008			426			10,550			10,976			(580)			2021			30			years
Lyra Apartments - Centennial, CO			—			6,473			86,149			163			6,481			86,304			92,785			(1,123)			2022			30			years
Martin Blu - Eden Prairie, MN			27,939			3,547			45,212			323			3,560			45,522			49,082			(1,854)			2022			30			years
New Hope Garden & Village - New Hope, MN			9,943			1,603			12,578			1,032			1,651			13,562			15,213			(742)			2021			30			years
Noko Apartments - Minneapolis, MN			—			1,915			42,636			98			1,918			42,731			44,649			(1,690)			2022			30			years
Palisades - Roseville, MN			22,048			6,919			46,577			1,010			6,959			47,547			54,506			(2,360)			2021			30			years
Plymouth Pointe - Plymouth, MN			9,575			1,042			12,810			801			1,073			13,580			14,653			(723)			2021			30			years
Pointe West - St. Cloud, MN			5,008			246			6,850			765			260			7,601			7,861			(422)			2021			30			years
Portage - Minneapolis, MN			5,991			2,133			6,685			535			2,226			7,127			9,353			(348)			2021			30			years
River Pointe - Fridley, MN			25,412			3,346			33,118			2,144			3,426			35,182			38,608			(1,764)			2021			30			years
Southdale Parc - Richfield, MN			5,301			1,569			7,740			466			1,618			8,157			9,775			(401)			2021			30			years
Union Pointe - Longmont, CO			—			5,727			69,966			624			5,736			70,581			76,317			(5,495)			2021			30			years
Venue on Knox - Minneapolis, MN			11,660			3,438			14,743			2,514			3,530			17,165			20,695			(815)			2021			30			years

															Gross Amount at Which Carried at															Life on Which
						Initial Cost to Company									Close of Period															Depreciation in
												Costs Capitalized															Date of			Latest Income
									Buildings &			Subsequent to						Buildings &						Accumulated			Construction			Statement is
Description			Encumbrances(1)			Land			Improvements			Acquisition			Land			Improvements			Total			Depreciation			or Acquisition			Computed
Windsor Gates - Brooklyn Park, MN			14,731			2,140			18,943			1,850			2,204			20,729			22,933			(1,065)			2021			30			years
Wingate - New Hope, MN			10,459			1,480			13,530			1,018			1,526			14,502			16,028			(766)			2021			30			years
Woodhaven - Minneapolis, MN			14,408			3,940			20,080			1,223			4,040			21,203			25,243			(1,036)			2021			30			years
Woodland Pointe - Woodbury, MN			31,675			5,367			40,422			3,932			5,449			44,272			49,721			(2,217)			2021			30			years
Zest - Minneapolis, MN			7,910			936			10,209			284			946			10,483			11,429			(421)			2022			30			years
Total Non-Same-Store			$	262,718		$	65,558		$	623,230		$	24,116		$	66,562		$	646,342		$	712,904		$	(29,868)
Total Multifamily			$	498,277		$	207,794		$	2,050,346		$	249,308		$	225,217		$	2,282,231		$	2,507,448		$	(527,199)
Other - Mixed Use
71 France - Edina, MN(2)			—			$	—		$	5,879		$	518		$	—		$	6,397		$	6,397		$	(1,457)		2016			30-37			years
Civic Lofts - Denver, CO			—			—			—			—			—			—			—			—			2021			30			years
Lugano at Cherry Creek - Denver, CO			—			—			1,600			738			—			2,338			2,338			(234)			2019			30			years
Noko Apartments - Minneapolis, MN			—			—			118			—			—			118			118			(8)			2022			30			years
Oxbo Urban Rentals- St Paul, MN			—			—			3,472			54			—			3,526			3,526			(620)			2015			30			years
Plaza Apartments - Minot, ND			—			389			5,444			3,467			607			8,693			9,300			(4,683)			2009			30-37			years
Red 20 Apartments - Minneapolis, MN(2)			—			—			2,525			434			—			2,959			2,959			(892)			2015			30-37			years
Zest - Minneapolis, MN(2)			—			—			52			1			—			53			53			(10)			2022			30			years
Total Other - Mixed Use			—			$	389		$	19,090		$	5,212		$	607		$	24,084		$	24,691		$	(7,904)
Other - Commercial
3100 10th St SW - Minot, ND			—			$	246		$	1,866		$	(127)		$	246		$	1,739		$	1,985		$	(298)		2019			30			years
Total Other - Commercial			—			$	246		$	1,866		$	(127)		$	246		$	1,739		$	1,985		$	(298)
Total			$	498,277		$	208,429		$	2,071,302		$	254,393		$	226,070		$	2,308,054		$	2,534,124		$	(535,401)

(1)Amounts in this column are the mortgages payable balance as of December 31, 2022. These amounts do not include amounts owing under the Company's multi-bank line of credit, term loan, or unsecured senior notes.

(2)Encumbrances are listed with the multifamily property description.

Reconciliations of the carrying value of total property owned for the years ended December 31, 2022, 2021, and 2020 are as follows:

						(in thousands)
						Year Ended December 31,
						2022			2021			2020
Balance at beginning of year						$	2,271,170		$	1,812,557		$	1,643,077
Additions during year
Multifamily and Other						206,623			491,648			181,771
Improvements and Other						57,203			34,427			27,460
						2,534,996			2,338,632			1,852,308
Deductions during year
Cost of real estate sold						—			(57,698)			(38,111)
Other (1)						(872)			(9,764)			(1,640)
Balance at close of year						$	2,534,124		$	2,271,170		$	1,812,557

Reconciliations of accumulated depreciation/amortization for the years ended December 31, 2022, 2021, and 2020 are as follows:

						(in thousands)
						Year Ended December 31,
						2022			2021			2020
Balance at beginning of year						$	443,592		$	399,249		$	349,122
Additions during year
Provisions for depreciation						92,056			78,268			72,051
Deductions during year
Accumulated depreciation on real estate sold or classified as held for sale						—			(24,161)			(21,440)
Other (1)						(247)			(9,764)			(484)
Balance at close of year						$	535,401		$	443,592		$	399,249
Total real estate investments, excluding mortgage notes receivable (2)						$	1,998,723		$	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 estimated net basis, including held for sale properties, for Federal Income Tax purposes was $1.5 billion and $1.8 billion at December 31, 2022 and December 31, 2021, respectively.

X

- References

No definition available.

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X

- Definition

The entire disclosure of real estate investments and associated accumulated depreciation for entities with a significant portion of their business acquiring and holding investment real estate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 970
-SubTopic 360
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28)
-URI https://asc.fasb.org/extlink&oid=120402810&loc=d3e638233-123024

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