PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2015

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES

Schedule of Types of Real Estate Properties by Location

Residential Property	Location	No. of Properties	Units
	North Dakota	78	5,013
	Minnesota	16	3,027
	Missouri	1	164
	Nebraska	2	316
		97	8,520
Commercial Property	Location	No. of Properties	Sq. Ft
	North Dakota	21	832,908
	Arkansas	2	29,370
	Colorado	1	13,390
	Iowa	1	32,532
	Louisiana	1	14,560
	Michigan	1	11,737
	Minnesota	14	657,273
	Mississippi	1	14,820
	Texas	1	7,296
	Wisconsin	6	74,916
		49	1,688,802

Summary of Estimated Useful Life

Buildings and improvements	40 years
Furniture, fixtures and equipment	5-9 years

Schedule of Tax Status

	Tax Year Ended December 31,
	Dividend		%		Dividend		%
	2015		2015		2014		2014
Tax status
Ordinary income	$	0.8671	93.24	%	$	0.6649	73.88	%
Capital Gain		0.0098	1.05	%		0.0281	3.12	%
Return of capital		0.0531	5.71	%		0.2070	23.00	%
	$	0.9300	100.00	%	$	0.9000	100.00	%