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10-Q Filing

STERLING REAL ESTATE TRUST CIK: 1412502 Q1 2019
Filing Information
Form Type 10-Q
Accession Number 0001558370-19-004632
Period End Date 20190331
Filing Date 20190509
Fiscal Year 2019
Fiscal Period Q1
XBRL Instance sret-20190331.xml
Filing Contents
Balance Sheet 60 line items
Line Item Tag Value Unit Period
Accumulated amortization on intangible assets FiniteLivedIntangibleAssetsAccumulatedAmortization $13.71M USD Point-in-time
Accumulated amortization on intangible assets FiniteLivedIntangibleAssetsAccumulatedAmortization $13.85M USD Point-in-time
Accumulated amortization on unfavorable leases DeferredRevenueLeasesAccumulatedAmortization $1.69M USD Point-in-time
Land and land improvements LandAndLandImprovements $113.68M USD Point-in-time
Land and land improvements LandAndLandImprovements $114.03M USD Point-in-time
Accumulated amortization on unfavorable leases DeferredRevenueLeasesAccumulatedAmortization $1.62M USD Point-in-time
Building and improvements InvestmentBuildingAndBuildingImprovements $675.31M USD Point-in-time
Building and improvements InvestmentBuildingAndBuildingImprovements $673.29M USD Point-in-time
Construction in progress DevelopmentInProcess $1.36M USD Point-in-time
Construction in progress DevelopmentInProcess $1.50M USD Point-in-time
Real estate investments RealEstateInvestmentPropertyAtCost $790.70M USD Point-in-time
Real estate investments RealEstateInvestmentPropertyAtCost $788.47M USD Point-in-time
Less accumulated depreciation RealEstateInvestmentPropertyAccumulatedDepreciation $128.11M USD Point-in-time
Less accumulated depreciation RealEstateInvestmentPropertyAccumulatedDepreciation $132.20M USD Point-in-time
Real estate investments, net RealEstateInvestmentPropertyNet $656.27M USD Point-in-time
Real estate investments, net RealEstateInvestmentPropertyNet $662.58M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $21.34M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $9.97M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $21.21M USD Point-in-time
Restricted deposits RestrictedCashAndCashEquivalents $8.85M USD Point-in-time
Restricted deposits RestrictedCashAndCashEquivalents $7.72M USD Point-in-time
Restricted deposits RestrictedCashAndCashEquivalents $7.04M USD Point-in-time
Investment in unconsolidated affiliates InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $2.57M USD Point-in-time
Investment in unconsolidated affiliates InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $2.69M USD Point-in-time
Assets held for sale AssetsOfDisposalGroupIncludingDiscontinuedOperation $2.11M USD Point-in-time
Lease intangible assets, less accumulated amortization of $13,854 in 2019 and $13,715 in 2018 IntangibleAssetsNetExcludingGoodwill $10.11M USD Point-in-time
Lease intangible assets, less accumulated amortization of $13,854 in 2019 and $13,715 in 2018 IntangibleAssetsNetExcludingGoodwill $10.98M USD Point-in-time
Other assets, net OtherAssets $8.25M USD Point-in-time
Other assets, net OtherAssets $8.15M USD Point-in-time
Total Assets Assets $714.47M USD Point-in-time
Total Assets Assets $708.38M USD Point-in-time
Mortgage notes payable, net NotesPayable $406.02M USD Point-in-time
Mortgage notes payable, net NotesPayable $403.00M USD Point-in-time
Dividends payable DividendsPayableCurrentAndNoncurrent $6.83M USD Point-in-time
Dividends payable DividendsPayableCurrentAndNoncurrent $7.04M USD Point-in-time
Tenant security deposits payable SecurityDepositLiability $4.49M USD Point-in-time
Tenant security deposits payable SecurityDepositLiability $4.29M USD Point-in-time
Lease intangible liabilities, less accumulated amortization of $1,688 in 2019 and $1,621 in 2018 OffMarketLeaseUnfavorable $1.40M USD Point-in-time
Lease intangible liabilities, less accumulated amortization of $1,688 in 2019 and $1,621 in 2018 OffMarketLeaseUnfavorable $1.47M USD Point-in-time
Liabilities related to assets held for sale LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation $1.00K USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrentAndNoncurrent $12.12M USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrentAndNoncurrent $10.36M USD Point-in-time
Total Liabilities Liabilities $426.29M USD Point-in-time
Total Liabilities Liabilities $430.72M USD Point-in-time
COMMITMENTS and CONTINGENCIES - Note 14 CommitmentsAndContingencies - USD Point-in-time
COMMITMENTS and CONTINGENCIES - Note 14 CommitmentsAndContingencies - USD Point-in-time
Beneficial interest StockholdersEquityAttributableToParentBeneficialInterest $99.01M USD Point-in-time
Beneficial interest StockholdersEquityAttributableToParentBeneficialInterest $97.88M USD Point-in-time
Noncontrolling interest in operating partnership MinorityInterestInOperatingPartnerships $183.36M USD Point-in-time
Noncontrolling interest in operating partnership MinorityInterestInOperatingPartnerships $180.60M USD Point-in-time
Noncontrolling in partially owned properties MinorityInterestInPartiallyOwnedProperties $2.51M USD Point-in-time
Noncontrolling in partially owned properties MinorityInterestInPartiallyOwnedProperties $2.54M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-26.00K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-30.00K USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $282.09M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $273.77M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $275.79M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $283.75M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $708.38M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $714.47M USD Point-in-time
Income Statement 48 line items
Line Item Tag Value Unit Period
Income from rental operations Revenues $29.10M USD 1 Quarter
Income from rental operations Revenues $29.83M USD 1 Quarter
Operating expenses, excluding real estate taxes OperatingExpensesExcludingRealEstateTaxes $11.00M USD 1 Quarter
Operating expenses, excluding real estate taxes OperatingExpensesExcludingRealEstateTaxes $12.18M USD 1 Quarter
Real estate taxes RealEstateTaxExpense $2.85M USD 1 Quarter
Real estate taxes RealEstateTaxExpense $3.03M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $5.54M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $5.35M USD 1 Quarter
Interest FinancingInterestExpense $4.71M USD 1 Quarter
Interest FinancingInterestExpense $4.50M USD 1 Quarter
Total expenses from rental operations CostOfRevenue $25.46M USD 1 Quarter
Total expenses from rental operations CostOfRevenue $23.70M USD 1 Quarter
Administration of REIT OperatingExpenses $1.11M USD 1 Quarter
Administration of REIT OperatingExpenses $1.16M USD 1 Quarter
Total expenses CostsAndExpenses $24.85M USD 1 Quarter
Total expenses CostsAndExpenses $26.57M USD 1 Quarter
Income from operations OperatingIncomeLoss $4.25M USD 1 Quarter
Income from operations OperatingIncomeLoss $3.26M USD 1 Quarter
Equity in income of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $132.00K USD 1 Quarter
Equity in income of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $157.00K USD 1 Quarter
Other income OtherNonoperatingIncome $106.00K USD 1 Quarter
Other income OtherNonoperatingIncome $70.00K USD 1 Quarter
Gain on involuntary conversion GainLossOnInvoluntaryConversions $329.00K USD 1 Quarter
Gain on involuntary conversion GainLossOnInvoluntaryConversions $747.00K USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpenseIncludingIncomeLossFromEquityMethodInvestments $1.01M USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpenseIncludingIncomeLossFromEquityMethodInvestments $531.00K USD 1 Quarter
Net income ProfitLoss $5.26M USD 1 Quarter
Net income ProfitLoss $3.79M USD 1 Quarter
Net income (loss) attributable to noncontrolling interest in operating partnership NoncontrollingInterestInNetIncomeLossOperatingPartnerships $3.54M USD 1 Quarter
Net income (loss) attributable to noncontrolling interest in operating partnership NoncontrollingInterestInNetIncomeLossOperatingPartnerships $2.53M USD 1 Quarter
Net income (loss) attributable to noncontrolling interest in partially owned properties NoncontrollingInterestInNetIncomeLossPartiallyOwnedProperties $-30.00K USD 1 Quarter
Net income (loss) attributable to noncontrolling interest in partially owned properties NoncontrollingInterestInNetIncomeLossPartiallyOwnedProperties $-19.00K USD 1 Quarter
Net income attributable to Sterling Real Estate Trust NetIncomeLoss $1.29M USD 1 Quarter
Net income attributable to Sterling Real Estate Trust NetIncomeLoss $1.74M USD 1 Quarter
Net income per common share, basic and diluted EarningsPerShareBasicAndDiluted $140.00 USD 1 Quarter
Net income per common share, basic and diluted EarningsPerShareBasicAndDiluted $200.00 USD 1 Quarter
Net income ProfitLoss $5.26M USD 1 Quarter
Net income ProfitLoss $3.79M USD 1 Quarter
Other comprehensive gain - change in fair value of interest rate swaps OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $4.00K USD 1 Quarter
Other comprehensive gain - change in fair value of interest rate swaps OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $13.00K USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $3.79M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $5.27M USD 1 Quarter
Comprehensive income attributable to noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $3.53M USD 1 Quarter
Comprehensive income attributable to noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $2.50M USD 1 Quarter
Comprehensive income attributable to Sterling Real Estate Trust ComprehensiveIncomeNetOfTax $1.74M USD 1 Quarter
Comprehensive income attributable to Sterling Real Estate Trust ComprehensiveIncomeNetOfTax $1.29M USD 1 Quarter
Weighted average Common Shares outstanding WeightedAverageNumberOfSharesOutstandingBasic 8.63M shares 1 Quarter
Weighted average Common Shares outstanding WeightedAverageNumberOfSharesOutstandingBasic 9.09M shares 1 Quarter
Cash Flow Statement 56 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $5.26M USD 1 Quarter
Net income ProfitLoss $3.79M USD 1 Quarter
Gain on involuntary conversion GainLossOnInvoluntaryConversions $329.00K USD 1 Quarter
Gain on involuntary conversion GainLossOnInvoluntaryConversions $747.00K USD 1 Quarter
Equity in income of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $132.00K USD 1 Quarter
Equity in income of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $157.00K USD 1 Quarter
Distributions of earnings of unconsolidated affiliates EquityMethodInvestmentDividendsOrDistributions $132.00K USD 1 Quarter
Distributions of earnings of unconsolidated affiliates EquityMethodInvestmentDividendsOrDistributions $157.00K USD 1 Quarter
Allowance for uncollectible accounts receivable ProvisionForDoubtfulAccounts $50.00K USD 1 Quarter
Depreciation Depreciation $5.01M USD 1 Quarter
Depreciation Depreciation $4.77M USD 1 Quarter
Amortization AmortizationOfIntangibleAssets $570.00K USD 1 Quarter
Amortization AmortizationOfIntangibleAssets $512.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $166.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $155.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $2.26M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-613.00K USD 1 Quarter
Tenant security deposits payable IncreaseDecreaseInSecurityDeposits $203.00K USD 1 Quarter
Tenant security deposits payable IncreaseDecreaseInSecurityDeposits $20.00K USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilities $-1.50M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilities $-1.73M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $8.28M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $6.27M USD 1 Quarter
Purchase of real estate investment properties PaymentsToAcquireAndDevelopRealEstate $2.98M USD 1 Quarter
Capital expenditures and tenant improvements PaymentsForLeasingCostsCommissionsAndTenantImprovements $1.58M USD 1 Quarter
Capital expenditures and tenant improvements PaymentsForLeasingCostsCommissionsAndTenantImprovements $1.26M USD 1 Quarter
Proceeds from involuntary conversion ProceedsFromInsuranceForInvoluntaryConversions $294.00K USD 1 Quarter
Proceeds from involuntary conversion ProceedsFromInsuranceForInvoluntaryConversions $152.00K USD 1 Quarter
Distributions in excess of earnings received from unconsolidated affiliates ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $121.00K USD 1 Quarter
Distributions in excess of earnings received from unconsolidated affiliates ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $93.00K USD 1 Quarter
NET CASH USED IN INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-4.32M USD 1 Quarter
NET CASH USED IN INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-848.00K USD 1 Quarter
Payments for financing, debt issuance and lease costs PaymentsOfFinancingCosts $38.00K USD 1 Quarter
Principal payments on special assessments payable PrincipalPaymentsOnSpecialAssessmentsPayable $12.00K USD 1 Quarter
Principal payments on special assessments payable PrincipalPaymentsOnSpecialAssessmentsPayable $32.00K USD 1 Quarter
Principal payments on mortgage notes payable RepaymentsOfLongTermDebt $3.83M USD 1 Quarter
Principal payments on mortgage notes payable RepaymentsOfLongTermDebt $3.15M USD 1 Quarter
Advances on lines of credit ProceedsFromLinesOfCredit $2.96M USD 1 Quarter
Proceeds from issuance of shares under optional purchase plan ProceedsFromIssuanceOfSharesUnderOptionalPurchasePlan $929.00K USD 1 Quarter
Proceeds from issuance of shares under optional purchase plan ProceedsFromIssuanceOfSharesUnderOptionalPurchasePlan $1.41M USD 1 Quarter
Shares/units redeemed PaymentsForRepurchaseOfCommonStock $826.00K USD 1 Quarter
Shares/units redeemed PaymentsForRepurchaseOfCommonStock $930.00K USD 1 Quarter
Dividends/distributions paid PaymentsOfDividendsCommonStock $5.35M USD 1 Quarter
Dividends/distributions paid PaymentsOfDividendsCommonStock $5.06M USD 1 Quarter
NET CASH USED IN FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $-8.43M USD 1 Quarter
NET CASH USED IN FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $-5.50M USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-3.54M USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-996.00K USD 1 Quarter
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $29.07M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $30.07M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.01M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $20.55M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $29.07M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $30.07M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.01M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $20.55M USD Point-in-time
Stockholders Equity 27 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $282.09M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $273.77M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $275.79M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $283.75M USD Point-in-time
Beginning Balance (in shares) CommonStockSharesOutstanding 9.09M shares Point-in-time
Beginning Balance (in shares) CommonStockSharesOutstanding 8.97M shares Point-in-time
Contribution of assets in exchange for the issuance of noncontrolling interest shares NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest $1.55M USD 1 Quarter
Shares/units redeemed StockRepurchasedDuringPeriodValue $826.00K USD 1 Quarter
Shares/units redeemed StockRepurchasedDuringPeriodValue $930.00K USD 1 Quarter
Dividends declared DividendsCommonStockCash $7.04M USD 1 Quarter
Dividends declared DividendsCommonStockCash $6.66M USD 1 Quarter
Dividends reinvested - stock dividend StockIssuedDuringPeriodValueDividendReinvestmentPlan $1.48M USD 1 Quarter
Dividends reinvested - stock dividend StockIssuedDuringPeriodValueDividendReinvestmentPlan $1.37M USD 1 Quarter
Dividends reinvested - stock dividend (in shares) StockIssuedDuringPeriodSharesDividendReinvestmentPlan 82,000.00 shares 1 Quarter
Dividends reinvested - stock dividend (in shares) StockIssuedDuringPeriodSharesDividendReinvestmentPlan 79,000.00 shares 1 Quarter
Issuance of shares under optional purchase plan StockIssuedDuringPeriodValueStockPurchasePlan $929.00K USD 1 Quarter
Issuance of shares under optional purchase plan StockIssuedDuringPeriodValueStockPurchasePlan $1.41M USD 1 Quarter
Change in fair value of interest rate swaps OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $4.00K USD 1 Quarter
Change in fair value of interest rate swaps OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $13.00K USD 1 Quarter
Net income ProfitLoss $5.26M USD 1 Quarter
Net income ProfitLoss $3.79M USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $282.09M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $273.77M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $275.79M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $283.75M USD Point-in-time
Ending balance (in shares) CommonStockSharesOutstanding 9.09M shares Point-in-time
Ending balance (in shares) CommonStockSharesOutstanding 8.97M shares Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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