PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2020

PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES

Schedule of Types of Real Estate Properties by Location

Residential Property	Location	No. of Properties	Units
	North Dakota	111	6,348
	Minnesota	16	3,033
	Missouri	1	164
	Nebraska	3	495
		131	10,040
Commercial Property	Location	No. of Properties	Sq. Ft
	North Dakota	20	780,000
	Arkansas	2	28,000
	Colorado	1	17,000
	Iowa	1	33,000
	Louisiana	1	15,000
	Michigan	1	12,000
	Minnesota	14	675,000
	Mississippi	1	15,000
	Nebraska	1	19,000
	Wisconsin	5	63,000
		47	1,657,000

Summary of Estimated Useful Life

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

Schedule of Lease Income related to the Company's Operating Leases

	Three months ended  March 31, 2020
	Residential		Commercial		Total
	(in thousands)
Lease income related to fixed lease payments	$	23,203	$	4,714	$	27,917
Lease income related to variable lease payments		—		1,261		1,261
Other (a)		(257)		(90)		(347)
Lease Income (b)	$	22,946	$	5,885	$	28,831

	Three months ended  March 31, 2019
	Residential		Commercial		Total
	(in thousands)
Lease income related to fixed lease payments	$	22,797	$	4,777	$	27,574
Lease income related to variable lease payments		—		1,487		1,487
Other (a)		(217)		117		(100)
Lease Income (b)	$	22,580	$	6,381	$	28,961

(a) For the three months ended March 31, 2020 and 2019, “Other” is comprised of revenue adjustments related to changes in collectibility and amortization of above and below market lease intangibles and lease inducements.

(b) Excludes other rental income for the three months ended March 31, 2020 and 2019 of $1,075 and $870,  respectively, which is accounted for under the revenue recognition standard.

Schedule of Future Minimum Rental Income

Years ending December 31,	Amount
	(in thousands)
2020 (April 1, 2020 – December 31, 2020)	$	13,288
2021		14,836
2022		11,453
2023		9,479
2024		9,017
Thereafter		42,479
	$	100,552