INVESTMENT IN UNCONSOLIDATED AFFILIATES (Tables)

9 Months Ended

Sep. 30, 2022

INVESTMENT IN UNCONSOLIDATED AFFILIATES

Schedule of investments in unconsolidated real estate ventures

			Total Investment in Unconsolidated Affiliates at
Unconsolidated Affiliates	Date Acquired	Trust Ownership Interest	September 30, 2022		December 31, 2021
Banner Building	2007	66.67%	$	(608)	$	60
Grand Forks INREIT, LLC	2003	50%		3,635		2,493
SE Savage, LLC	2019	60%		1,892		2,946
SE Maple Grove, LLC	2019	60%		1,859		2,823
SE Rogers, LLC	2020	60%		2,546		2,986
ST Oak Cliff, LLC	2021	70%		9,214		4,324
SE Brooklyn Park, LLC	2021	60%		2,995		3,026
SE Fossil Creek, LLC	2022	70%		4,643		-
			$	26,176	$	18,658

Schedule of financial information of unconsolidated entities

The following is a summary of the financial position of the unconsolidated affiliates at September 30, 2022 and December 31, 2021.

	September 30, 2022		December 31, 2021
	(in thousands)
ASSETS
Real estate investments	$	202,492	$	134,839
Accumulated depreciation		(15,158)		(10,940)
		187,334		123,899
Cash and cash equivalents		2,054		1,131
Restricted deposits		856		650
Intangible assets, less accumulated amortization		349		41
Other assets, net		740		909
Total Assets	$	191,333	$	126,630
LIABILITIES
Mortgage notes payable, net	$	139,087	$	87,996
Tenant security deposits payable		192		108
Accrued expenses and other liabilities		10,415		8,029
Total Liabilities	$	149,694	$	96,133
SHAREHOLDERS' EQUITY
Total Shareholders' Equity	$	41,639	$	30,497
Total liabilities and shareholders' equity	$	191,333	$	126,630

The following is a summary of results of operations of the unconsolidated affiliates for the three and nine months ended September 30, 2022

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
	(in thousands)					(in thousands)
Income from rental operations	$	2,638	$	1,296	$	6,444	$	3,109
Expenses from rental operations		957		417		2,451		999
Net operating income	$	1,681	$	879	$	3,993	$	2,110
Depreciation and Amortization		1,316		358		4,331		871
Interest		1,178		644		2,854		1,524
Other expense		2		(9)		13		(9)
Net loss	$	(815)	$	(114)	$	(3,205)	$	(276)