PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 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	13	664,000
	Mississippi	1	15,000
	Nebraska	1	19,000
	Wisconsin	5	63,000
		46	1,646,000

Summary of Estimated Useful Life

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

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

	Three months ended June 30, 2020
	Residential		Commercial		Total
	(in thousands)
Lease income related to fixed lease payments	$	23,613	$	5,035	$	28,648
Lease income related to variable lease payments		—		1,451		1,451
Other (a)		(88)		(76)		(164)
Lease Income (b)	$	23,525	$	6,410	$	29,935

	Three months ended June 30, 2019
	Residential		Commercial		Total
	(in thousands)
Lease income related to fixed lease payments	$	23,077	$	4,929	$	28,006
Lease income related to variable lease payments		—		1,551		1,551
Other (a)		(188)		(35)		(223)
Lease Income (b)	$	22,889	$	6,445	$	29,334

(a) For the three months ended June 30, 2020 and 2019, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements.

(b) Excludes other rental income for the three months ended June 30, 2020 and 2019 of $886 and $936, respectively, which is accounted for under the revenue recognition standard.

	Six months ended June 30, 2020
	Residential		Commercial		Total
	(in thousands)
Lease income related to fixed lease payments	$	46,816	$	9,749	$	56,565
Lease income related to variable lease payments		—		2,712		2,712
Other (a)		(342)		(166)		(508)
Lease Income (b)	$	46,474	$	12,295	$	58,769

	Six months ended June 30, 2019
	Residential		Commercial		Total
	(in thousands)
Lease income related to fixed lease payments	$	45,874	$	9,706	$	55,580
Lease income related to variable lease payments		—		3,038		3,038
Other (a)		(405)		81		(324)
Lease Income (b)	$	45,469	$	12,825	$	58,294

(c) For the six months ended June 30, 2020 and 2019, “Other” is comprised of revenue adjustments related to changes in collectability and amortization of above and below market lease intangibles and lease inducements.

(d) Excludes other rental income for the six months ended June 30, 2020 and 2019 of  $1,958 and $1,808, respectively, which is accounted for under the revenue recognition standard.

Schedule of Future Minimum Rental Income

Years ending December 31,	Amount
	(in thousands)
2020 (July 1, 2020 - December 31, 2020)	$	8,828
2021		14,879
2022		11,493
2023		9,505
2024		9,035
Thereafter		42,596
	$	96,336