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10-Q Filing

STERLING REAL ESTATE TRUST CIK: 1412502 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0001558370-20-005931
Period End Date 20200331
Filing Date 20200508
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance sret-20200331.xml
Filing Contents
Balance Sheet 60 line items
Line Item Tag Value Unit Period
Lease intangible assets, accumulated amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $15.43M USD Point-in-time
Lease intangible assets, accumulated amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $15.56M USD Point-in-time
Lease intangible liabilities, accumulated amortization BelowMarketLeaseAccumulatedAmortization $1.92M USD Point-in-time
Lease intangible liabilities, accumulated amortization BelowMarketLeaseAccumulatedAmortization $1.88M USD Point-in-time
Land and land improvements LandAndLandImprovements $116.10M USD Point-in-time
Land and land improvements LandAndLandImprovements $114.67M USD Point-in-time
Building and improvements InvestmentBuildingAndBuildingImprovements $676.23M USD Point-in-time
Building and improvements InvestmentBuildingAndBuildingImprovements $686.19M USD Point-in-time
Construction in progress DevelopmentInProcess $17.02M USD Point-in-time
Construction in progress DevelopmentInProcess $11.13M USD Point-in-time
Real estate investments RealEstateInvestmentPropertyAtCost $819.31M USD Point-in-time
Real estate investments RealEstateInvestmentPropertyAtCost $802.03M USD Point-in-time
Less accumulated depreciation RealEstateInvestmentPropertyAccumulatedDepreciation $150.82M USD Point-in-time
Less accumulated depreciation RealEstateInvestmentPropertyAccumulatedDepreciation $146.32M USD Point-in-time
Real estate investments, net RealEstateInvestmentPropertyNet $655.71M USD Point-in-time
Real estate investments, net RealEstateInvestmentPropertyNet $668.49M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $9.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $21.34M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $4.29M USD Point-in-time
Restricted deposits RestrictedCashAndCashEquivalents $7.72M USD Point-in-time
Restricted deposits RestrictedCashAndCashEquivalents $8.38M USD Point-in-time
Restricted deposits RestrictedCashAndCashEquivalents $11.40M USD Point-in-time
Investment in unconsolidated affiliates InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $7.85M USD Point-in-time
Investment in unconsolidated affiliates InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $7.92M USD Point-in-time
Note receivable NotesReceivableGross $1.30M USD Point-in-time
Note receivable NotesReceivableGross $1.30M USD Point-in-time
Lease intangible assets, less accumulated amortization of $15,429 in 2020 and $15,558 in 2019 IntangibleAssetsNetExcludingGoodwill $8.39M USD Point-in-time
Lease intangible assets, less accumulated amortization of $15,429 in 2020 and $15,558 in 2019 IntangibleAssetsNetExcludingGoodwill $9.13M USD Point-in-time
Other assets, net OtherAssets $6.22M USD Point-in-time
Other assets, net OtherAssets $8.24M USD Point-in-time
Total Assets Assets $707.94M USD Point-in-time
Total Assets Assets $699.69M USD Point-in-time
Mortgage notes payable, net NotesPayable $393.16M USD Point-in-time
Mortgage notes payable, net NotesPayable $395.07M USD Point-in-time
Dividends payable DividendsPayableCurrentAndNoncurrent $7.12M USD Point-in-time
Dividends payable DividendsPayableCurrentAndNoncurrent $7.36M USD Point-in-time
Tenant security deposits payable SecurityDepositLiability $4.65M USD Point-in-time
Tenant security deposits payable SecurityDepositLiability $4.44M USD Point-in-time
Lease intangible liabilities, less accumulated amortization of $1,916 in 2020 and $1,881 in 2019 OffMarketLeaseUnfavorable $1.21M USD Point-in-time
Lease intangible liabilities, less accumulated amortization of $1,916 in 2020 and $1,881 in 2019 OffMarketLeaseUnfavorable $1.15M USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrentAndNoncurrent $14.71M USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrentAndNoncurrent $13.70M USD Point-in-time
Total Liabilities Liabilities $420.64M USD Point-in-time
Total Liabilities Liabilities $421.93M USD Point-in-time
COMMITMENTS and CONTINGENCIES - Note 16 CommitmentsAndContingencies - USD Point-in-time
COMMITMENTS and CONTINGENCIES - Note 16 CommitmentsAndContingencies - USD Point-in-time
Beneficial interest StockholdersEquityAttributableToParentBeneficialInterest $102.37M USD Point-in-time
Beneficial interest StockholdersEquityAttributableToParentBeneficialInterest $103.75M USD Point-in-time
Noncontrolling interest in Operating partnership MinorityInterestInOperatingPartnerships $181.30M USD Point-in-time
Noncontrolling interest in Operating partnership MinorityInterestInOperatingPartnerships $174.22M USD Point-in-time
Partially owned properties MinorityInterestInPartiallyOwnedProperties $2.41M USD Point-in-time
Partially owned properties MinorityInterestInPartiallyOwnedProperties $2.42M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.45M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $37.00K USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $286.01M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $282.09M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $283.75M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $279.05M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $699.69M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $707.94M USD Point-in-time
Income Statement 49 line items
Line Item Tag Value Unit Period
Real estate rental income Revenues $29.83M USD 1 Quarter
Real estate rental income Revenues $29.91M USD 1 Quarter
Operating expenses, excluding real estate taxes OperatingExpensesExcludingRealEstateTaxes $12.18M USD 1 Quarter
Operating expenses, excluding real estate taxes OperatingExpensesExcludingRealEstateTaxes $12.54M USD 1 Quarter
Real estate taxes RealEstateTaxExpense $3.03M USD 1 Quarter
Real estate taxes RealEstateTaxExpense $3.16M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $5.25M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $5.54M USD 1 Quarter
Interest FinancingInterestExpense $4.71M USD 1 Quarter
Interest FinancingInterestExpense $4.35M USD 1 Quarter
Total expenses from rental operations OperatingCostsAndExpenses $25.46M USD 1 Quarter
Total expenses from rental operations OperatingCostsAndExpenses $25.30M USD 1 Quarter
Administration of REIT GeneralAndAdministrativeExpense $1.11M USD 1 Quarter
Administration of REIT GeneralAndAdministrativeExpense $1.16M USD 1 Quarter
Total expenses CostsAndExpenses $26.57M USD 1 Quarter
Total expenses CostsAndExpenses $26.46M USD 1 Quarter
Income from operations OperatingIncomeLoss $3.26M USD 1 Quarter
Income from operations OperatingIncomeLoss $3.44M USD 1 Quarter
Equity in income of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $132.00K USD 1 Quarter
Equity in income of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $158.00K USD 1 Quarter
Other income OtherNonoperatingIncome $119.00K USD 1 Quarter
Other income OtherNonoperatingIncome $70.00K USD 1 Quarter
Gain on sale of real estate and non-real estate investments GainLossOnSaleOfRealEstateAndNonRealEstateInvestments $1.46M USD 1 Quarter
(Loss)/gain on involuntary conversion GainLossOnInvoluntaryConversions $329.00K USD 1 Quarter
(Loss)/gain on involuntary conversion GainLossOnInvoluntaryConversions $52.00K USD 1 Quarter
Total other income NonoperatingIncomeExpenseIncludingIncomeLossFromEquityMethodInvestments $531.00K USD 1 Quarter
Total other income NonoperatingIncomeExpenseIncludingIncomeLossFromEquityMethodInvestments $1.78M USD 1 Quarter
Net income ProfitLoss $3.79M USD 1 Quarter
Net income ProfitLoss $5.23M USD 1 Quarter
Net income attributable to noncontrolling interest in operating partnership NoncontrollingInterestInNetIncomeLossOperatingPartnerships $3.42M USD 1 Quarter
Net income 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 $-5.00K USD 1 Quarter
Net income (loss) attributable to noncontrolling interest in partially owned properties NoncontrollingInterestInNetIncomeLossPartiallyOwnedProperties $-30.00K 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 $1.81M USD 1 Quarter
Net income per common share, basic and diluted EarningsPerShareBasicAndDiluted $190.00 USD 1 Quarter
Net income per common share, basic and diluted EarningsPerShareBasicAndDiluted $140.00 USD 1 Quarter
Net income ProfitLoss $3.79M USD 1 Quarter
Net income ProfitLoss $5.23M USD 1 Quarter
Other comprehensive (loss) gain - change in fair value of interest rate swaps OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $4.00K USD 1 Quarter
Other comprehensive (loss) gain - change in fair value of interest rate swaps OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $-1.49M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $3.74M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $3.79M USD 1 Quarter
Comprehensive income attributable to noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $2.44M USD 1 Quarter
Comprehensive income attributable to noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $2.50M USD 1 Quarter
Comprehensive income attributable to Sterling Real Estate Trust ComprehensiveIncomeNetOfTax $1.30M USD 1 Quarter
Comprehensive income attributable to Sterling Real Estate Trust ComprehensiveIncomeNetOfTax $1.29M USD 1 Quarter
Weighted average Common Shares outstanding WeightedAverageNumberOfShareOutstandingBasicAndDiluted 9.56M shares 1 Quarter
Weighted average Common Shares outstanding WeightedAverageNumberOfShareOutstandingBasicAndDiluted 9.09M shares 1 Quarter
Cash Flow Statement 61 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $3.79M USD 1 Quarter
Net income ProfitLoss $5.23M USD 1 Quarter
Gain on sale of real estate investments GainsLossesOnSalesOfInvestmentRealEstate $1.46M USD 1 Quarter
Loss/(Gain) on involuntary conversion GainLossOnInvoluntaryConversions $329.00K USD 1 Quarter
Loss/(Gain) on involuntary conversion GainLossOnInvoluntaryConversions $52.00K USD 1 Quarter
Equity in income of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $132.00K USD 1 Quarter
Equity in income of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $158.00K USD 1 Quarter
Distributions of earnings of unconsolidated affiliates EquityMethodInvestmentDividendsOrDistributions $132.00K USD 1 Quarter
Distributions of earnings of unconsolidated affiliates EquityMethodInvestmentDividendsOrDistributions $158.00K USD 1 Quarter
Allowance for uncollectible accounts receivable ProvisionForDoubtfulAccounts $50.00K USD 1 Quarter
Allowance for uncollectible accounts receivable ProvisionForDoubtfulAccounts $113.00K USD 1 Quarter
Depreciation Depreciation $5.01M USD 1 Quarter
Depreciation Depreciation $4.87M USD 1 Quarter
Depreciation Depreciation $5.01M USD Annual
Amortization AmortizationOfIntangibleAssets $512.00K USD 1 Quarter
Amortization AmortizationOfIntangibleAssets $380.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $140.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $155.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-1.45M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-613.00K USD 1 Quarter
Tenant security deposits payable IncreaseDecreaseInSecurityDeposits $131.00K USD 1 Quarter
Tenant security deposits payable IncreaseDecreaseInSecurityDeposits $203.00K USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilities $-3.62M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilities $-1.73M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $7.18M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $8.28M USD 1 Quarter
Purchase of real estate investment properties PaymentsToAcquireAndDevelopRealEstate $375.00K USD 1 Quarter
Capital expenditures and tenant improvements PaymentsForLeasingCostsCommissionsAndTenantImprovements $1.26M USD 1 Quarter
Capital expenditures and tenant improvements PaymentsForLeasingCostsCommissionsAndTenantImprovements $5.06M USD 1 Quarter
Proceeds from sale of real estate investments and non-real estate investments PaymentsForProceedsFromRealEstatePartnershipInvestmentAndOtherInvestmentsNet $-3.49M USD 1 Quarter
Proceeds from involuntary conversion ProceedsFromInsuranceForInvoluntaryConversions $294.00K USD 1 Quarter
Proceeds from involuntary conversion ProceedsFromInsuranceForInvoluntaryConversions $259.00K USD 1 Quarter
Investment in unconsolidated affiliates PaymentsToAcquireEquityMethodInvestments $38.00K 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 $105.00K USD 1 Quarter
NET CASH USED IN INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-848.00K USD 1 Quarter
NET CASH USED IN INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-1.61M USD 1 Quarter
Payments for financing, debt issuance and lease costs PaymentsOfFinancingCosts $98.00K USD 1 Quarter
Principal payments on special assessments payable PrincipalPaymentsOnSpecialAssessmentsPayable $253.00K USD 1 Quarter
Principal payments on special assessments payable PrincipalPaymentsOnSpecialAssessmentsPayable $32.00K USD 1 Quarter
Proceeds from issuance of mortgage notes payable and subordinated debt ProceedsFromIssuanceOfLongTermDebt $7.79M USD 1 Quarter
Principal payments on mortgage notes payable RepaymentsOfLongTermDebt $3.15M USD 1 Quarter
Principal payments on mortgage notes payable RepaymentsOfLongTermDebt $9.13M 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 $1.20M USD 1 Quarter
Shares/units redeemed PaymentsForRepurchaseOfCommonStock $1.24M USD 1 Quarter
Shares/units redeemed PaymentsForRepurchaseOfCommonStock $826.00K USD 1 Quarter
Dividends/distributions paid PaymentsOfDividendsCommonStock $5.53M USD 1 Quarter
Dividends/distributions paid PaymentsOfDividendsCommonStock $5.35M USD 1 Quarter
NET CASH USED IN FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $-8.43M USD 1 Quarter
NET CASH USED IN FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $-7.26M USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-1.69M 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 YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $15.69M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $30.07M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.38M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $29.07M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $15.69M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $30.07M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.38M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $29.07M USD Point-in-time
Stockholders Equity 27 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $286.01M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $282.09M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $283.75M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $279.05M USD Point-in-time
Beginning Balance (in shares) CommonStockSharesOutstanding 9.55M shares Point-in-time
Beginning Balance (in shares) CommonStockSharesOutstanding 9.44M shares Point-in-time
Contribution of assets in exchange for the issuance of noncontrolling interest shares NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest $9.03M USD 1 Quarter
Shares/units redeemed StockRepurchasedDuringPeriodValue $826.00K USD 1 Quarter
Shares/units redeemed StockRepurchasedDuringPeriodValue $1.24M USD 1 Quarter
Dividends declared DividendsCommonStockCash $7.04M USD 1 Quarter
Dividends declared DividendsCommonStockCash $7.36M USD 1 Quarter
Dividends reinvested - stock dividend StockIssuedDuringPeriodValueDividendReinvestmentPlan $1.48M USD 1 Quarter
Dividends reinvested - stock dividend StockIssuedDuringPeriodValueDividendReinvestmentPlan $1.58M USD 1 Quarter
Dividends reinvested - stock dividend (in shares) StockIssuedDuringPeriodSharesDividendReinvestmentPlan 82,000.00 shares 1 Quarter
Dividends reinvested - stock dividend (in shares) StockIssuedDuringPeriodSharesDividendReinvestmentPlan 87,000.00 shares 1 Quarter
Issuance of shares under optional purchase plan StockIssuedDuringPeriodValueStockPurchasePlan $929.00K USD 1 Quarter
Issuance of shares under optional purchase plan StockIssuedDuringPeriodValueStockPurchasePlan $1.20M USD 1 Quarter
Change in fair value of interest rate swaps OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $4.00K USD 1 Quarter
Change in fair value of interest rate swaps OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $-1.49M USD 1 Quarter
Net income ProfitLoss $3.79M USD 1 Quarter
Net income ProfitLoss $5.23M USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $286.01M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $282.09M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $283.75M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $279.05M USD Point-in-time
Ending balance (in shares) CommonStockSharesOutstanding 9.55M shares Point-in-time
Ending balance (in shares) CommonStockSharesOutstanding 9.44M shares Point-in-time

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

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