BUSINESS COMBINATIONS AND ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of fair value of assets acquired and liabilities assumed

		Year Ended
		December 31,
		2016		2015		2014
Land, building, tenant improvements and FF&E	$	34,102	$	71,493	$	132,990
Acquired lease intangible assets		1,386		12,735		-
Acquired lease intangible liabilities		(176)		(1,642)		-
Mortgages notes payable assumed		-		(719)		(2,637)
Other liabilities		(78)		(1,329)		(1,361)
Net assets acquired		35,234		80,538		128,992
Equity/limited partnership unit consideration		(23,020)		(11,228)		(17,461)
New loans		(2,662)		(45,830)		(67,477)
Net cash consideration (a)	$	9,552	$	23,480	$	44,054

(a) The 2016 total does not include the $193 cash outflow related to the change in control of real estate investment, in which the operating partnership acquired the remaining 17.50% ownership interest in a 61 unit property in December 2016 (described above). 

Schedule of unaudited condensed pro forma financial information

	Year Ended
	December 31,
	2016		2015		2014
		(in thousands, except per share data)
Total revenues	$	108,063	$	101,807	$	78,735
Net income	$	12,857	$	11,457	$	5,772
Net income attributable to Sterling Real Estate Trust	$	4,425	$	5,998	$	2,657
Earnings per common share, basic and diluted
Net income per common share attributable to Sterling Real Estate Trust	$	0.56	$	0.83	$	0.48
Weighted average number of common shares outstanding - basic		7,844		7,223		5,507

Real Estate Property Acquisitions 2016

Schedule of acquisitions

Date	Property Name	Location	Property Type	Units/ Square Footage/ Acres		Acquisition Price		Prorata Acquisition Price
1/29/16	Titan Machinery	North Platte, NE	Implement dealership	16,480 sq. ft.	$	1,769	$	1,769
2/1/16	Bristol Park Apartments	Grand Forks, ND	Apartment complex	80 units		5,050		5,050
2/1/16	Redpath	White Bear Lake, MN	Office building	25,817 sq. ft.		4,000		4,000
3/1/16	Eagle Sky I Apartments	Bismarck, ND	Apartment complex	20 units		1,525		1,525
3/1/16	Eagle Sky II Apartments	Bismarck, ND	Apartment complex	20 units		1,525		1,525
5/4/16	Garden Grove Apartments	Bismarck, ND	Apartment complex	95 units		7,072		7,072
5/4/16	Washington Apartments	Grand Forks, ND	Apartment complex	17 units		667		667
8/1/16	Roughrider	Grand Forks, ND	Apartment complex	12 units		582		582
8/29/16	West 80 Development Land	Rochester, MN	Land	18.8 acres		900		900
9/13/16	Amberwood Apartments	Grand Forks, ND	Apartment complex	95 units		3,942		3,942
12/19/16	Bridgeport Apartments	Fargo, ND	Apartment complex	120 units		8,280		8,280
					$	35,312	$	35,312

Real Estate Property Acquisitions 2015

Schedule of acquisitions

Date	Property Name	Location	Property Type	Units/ Square Footage/ Acres		Acquisition Price		Prorata Acquisition Price
1/13/15	Valley Homes Duplexes	Grand Forks, ND	Duplex complex	24 units	$	2,148	$	2,148
1/28/15	Titan Machinery	Bismarck, ND	Implement dealership	22,293 sq. ft.		3,416		3,416
2/3/15	Quail Creek	Springfield, MO	Apartment complex	164 units		10,900		10,900
5/13/15	Parkview Arms	Bismarck, ND	Apartment complex	62 units		4,464		4,464
6/16/15	Development land	Mankato, MN	Land	1.13 acres		263		263
7/20/15	Development land	Fargo, ND	Land	1.95 acres		500		500
8/4/15	Huntington	Fargo, ND	Apartment complex	10 units		420		420
8/4/15	Summerfield	Fargo, ND	Apartment complex	18 units		774		774
8/13/15	Bell Plaza (FKA Northland Plaza)	Bloomington, MN	Office building	296,967 sq. ft.		52,500		36,750
9/1/15	Columbine Apartments	Grand Forks, ND	Apartment complex	12 units		629		629
10/1/15	Summit Point	Fargo, ND	Apartment complex	87 units		6,572		6,572
					$	82,586	$	66,836

Real Estate Property Acquisitions 2014

Schedule of acquisitions

Date	Property Name	Location	Property Type	Units/ Square Footage/ Acres		Acquisition Price		Prorata Acquisition Price
1/2/14	Barrett Arms Apartments	Crookston, MN	Apartment complex	24 units	$	1,104	$	1,104
1/2/14	Chandler 1802	Grand Forks, ND	Apartment complex	24 units		1,320		1,320
1/2/14	Echo Manor Apartments	Hutchinson, MN	Apartment complex	30 units		1,080		1,080
1/2/14	Westcourt Apartments	Fargo, ND	Apartment complex	64 units		3,520		3,520
5/1/14	Eagle Run Apartments (1)	West Fargo, ND	Apartment complex	144 units		1,566		1,566
6/9/14	Griffin Court Apartments	Moorhead, MN	Apartment complex	128 units		4,848		4,848
6/30/14	Parkwest Gardens Apartments	West Fargo, ND	Apartment complex	142 units		6,840		6,840
8/7/14	Dakota Manor Apartments	Fargo, ND	Apartment complex	54 units		2,646		2,646
10/1/14	Twin Oaks	Hutchinson, MN	Apartment complex	80 units		4,320		4,320
10/23/14	Development land	Bismarck, ND	Land	16 acres		2,246		2,246
12/19/14	Brighton Village Apartments	New Brighton, MN	Apartment complex	240 units		16,800		16,800
12/19/14	Georgetown on the River	Fridley, MN	Apartment complex	462 units		30,400		30,400
12/19/14	Maplewood Apartments	Maplewood, MN	Apartment complex	240 units		15,600		15,600
12/19/14	Robinwood Apartments	Coon Rapids, MN	Apartment complex	120 units		7,500		7,500
12/19/14	Rosedale Estates North	Roseville, MN	Apartment complex	180 units		12,850		12,850
12/19/14	Rosedale Estates South	Roseville, MN	Apartment complex	180 units		12,850		12,850
12/19/14	Valley View	Golden Valley, MN	Apartment complex	72 units		7,500		7,500
					$	132,990	$	132,990

(1) Assumed loan presented as consideration given, however, previously consolidated the single asset LLP due to controlling financial interest.