LINES OF CREDIT	3 Months Ended
Mar. 31, 2018
LINES OF CREDIT
LINES OF CREDIT	NOTE 6 – LINES OF CREDIT We have a $27,000 variable rate (1-month LIBOR plus 2.25%) line of credit agreement with Wells Fargo Bank, which expires in June 2018; a $6,315 variable rate (prime rate less 0.5%) line of credit agreement with Bremer Bank, which expires in November 2019; and a $5,000 variable rate (1-month LIBOR plus 2.04%) line of credit agreement with Bank of the West, which expires November 2020. The lines of credit are secured by properties in Duluth, Minnesota; Minneapolis/St. Paul, Minnesota; Austin, Texas; Bismarck/Mandan, North Dakota; Fargo, North Dakota; Edina, Minnesota, St. Cloud, Minnesota; Moorhead, Minnesota; and Grand Forks, North Dakota. We also have a $2,000 variable rate (prime rate less 0.5%) unsecured line of credit agreement with Bremer Bank, which expires October 2018. At March 31, 2018, there was a balance of $2,964 outstanding on one of the lines of credit, leaving $36,051 available and unused under the agreements. Certain of the variable lines of credit have limits on availability based on collateral specific criteria. On June 30, 2017, one of the retail properties that secured the Wells Fargo line of credit was sold. Wells Fargo has released the property as collateral, however, the bank is currently in process of determining the new available borrowing amount. As of December 31, 2017, one residential property was out of compliance with Bremer’s debt service coverage ratio requirement on an individual property basis. In addition, one commercial property was out of compliance with Wells Fargo’s loan constant requirement on an individual property basis. Annual waivers were received from the lenders. As of March 31, 2018, we were in compliance with all covenants.

NOTE 6 – LINES OF CREDIT

We have a $27,000 variable rate (1-month LIBOR plus 2.25%) line of credit agreement with Wells Fargo Bank, which expires in June 2018; a $6,315 variable rate (prime rate less 0.5%) line of credit agreement with Bremer Bank, which expires in November 2019; and a $5,000 variable rate (1-month LIBOR plus 2.04%) line of credit agreement with Bank of the West, which expires November 2020. The lines of credit are secured by properties in Duluth, Minnesota; Minneapolis/St. Paul, Minnesota; Austin, Texas; Bismarck/Mandan, North Dakota; Fargo, North Dakota; Edina, Minnesota, St. Cloud, Minnesota; Moorhead, Minnesota; and Grand Forks, North Dakota. We also have a $2,000 variable rate (prime rate less 0.5%) unsecured line of credit agreement with Bremer Bank, which expires October 2018. At March 31, 2018, there was a balance of $2,964 outstanding on one of the lines of credit, leaving $36,051 available and unused under the agreements. Certain of the variable lines of credit have limits on availability based on collateral specific criteria.

On June 30, 2017, one of the retail properties that secured the Wells Fargo line of credit was sold. Wells Fargo has released the property as collateral, however, the bank is currently in process of determining the new available borrowing amount.

As of December 31, 2017, one residential property was out of compliance with Bremer’s debt service coverage ratio requirement on an individual property basis. In addition, one commercial property was out of compliance with Wells Fargo’s loan constant requirement on an individual property basis. Annual waivers were received from the lenders. As of March 31, 2018, we were in compliance with all covenants.