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10-Q Filing

STERLING REAL ESTATE TRUST CIK: 1412502 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001558370-22-008307
Period End Date 20220331
Filing Date 20220511
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance sret-20220331x10q_htm.xml
Filing Contents
Balance Sheet 56 line items
Line Item Tag Value Unit Period
Land and land improvements LandAndLandImprovements $126.43M USD Point-in-time
Land and land improvements LandAndLandImprovements $125.34M USD Point-in-time
Building and improvements InvestmentBuildingAndBuildingImprovements $778.05M USD Point-in-time
Building and improvements InvestmentBuildingAndBuildingImprovements $763.00M USD Point-in-time
Construction in progress DevelopmentInProcess $7.00M USD Point-in-time
Construction in progress DevelopmentInProcess $8.36M USD Point-in-time
Real estate investments RealEstateInvestmentPropertyAtCost $911.48M USD Point-in-time
Real estate investments RealEstateInvestmentPropertyAtCost $896.70M USD Point-in-time
Less accumulated depreciation RealEstateInvestmentPropertyAccumulatedDepreciation $184.20M USD Point-in-time
Less accumulated depreciation RealEstateInvestmentPropertyAccumulatedDepreciation $179.16M USD Point-in-time
Real estate investments, net RealEstateInvestmentPropertyNet $727.28M USD Point-in-time
Real estate investments, net RealEstateInvestmentPropertyNet $717.55M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $51.51M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $49.85M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $13.89M USD Point-in-time
Restricted deposits RestrictedCashAndCashEquivalents $16.46M USD Point-in-time
Restricted deposits RestrictedCashAndCashEquivalents $11.64M USD Point-in-time
Restricted deposits RestrictedCashAndCashEquivalents $9.15M USD Point-in-time
Investment in unconsolidated affiliates InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $23.85M USD Point-in-time
Investment in unconsolidated affiliates InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $18.66M USD Point-in-time
Notes receivable NotesReceivableGross $6.89M USD Point-in-time
Notes receivable NotesReceivableGross $7.46M USD Point-in-time
Lease intangible assets, less accumulated amortization IntangibleAssetsNetExcludingGoodwill $6.01M USD Point-in-time
Lease intangible assets, less accumulated amortization IntangibleAssetsNetExcludingGoodwill $6.25M USD Point-in-time
Other assets, net OtherAssetsNetAmount $14.73M USD Point-in-time
Other assets, net OtherAssetsNetAmount $10.30M USD Point-in-time
Total Assets Assets $820.87M USD Point-in-time
Total Assets Assets $840.26M USD Point-in-time
Mortgage notes payable, net NotesPayable $502.14M USD Point-in-time
Mortgage notes payable, net NotesPayable $493.14M USD Point-in-time
Dividends payable DividendsPayableCurrentAndNoncurrent $8.37M USD Point-in-time
Dividends payable DividendsPayableCurrentAndNoncurrent $7.57M USD Point-in-time
Tenant security deposits payable SecurityDepositLiability $5.59M USD Point-in-time
Tenant security deposits payable SecurityDepositLiability $5.22M USD Point-in-time
Lease intangible liabilities, less accumulated amortization OffMarketLeaseUnfavorable $766.00K USD Point-in-time
Lease intangible liabilities, less accumulated amortization OffMarketLeaseUnfavorable $811.00K USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrentAndNoncurrent $13.87M USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrentAndNoncurrent $18.60M USD Point-in-time
Total Liabilities Liabilities $525.35M USD Point-in-time
Total Liabilities Liabilities $530.73M USD Point-in-time
COMMITMENTS and CONTINGENCIES - Note 13 CommitmentsAndContingencies - USD Point-in-time
COMMITMENTS and CONTINGENCIES - Note 13 CommitmentsAndContingencies - USD Point-in-time
Beneficial interest StockholdersEquityAttributableToParentBeneficialInterest $116.86M USD Point-in-time
Beneficial interest StockholdersEquityAttributableToParentBeneficialInterest $117.69M USD Point-in-time
Operating partnership MinorityInterestInOperatingPartnerships $183.59M USD Point-in-time
Operating partnership MinorityInterestInOperatingPartnerships $176.95M USD Point-in-time
Partially owned properties MinorityInterestInPartiallyOwnedProperties $2.66M USD Point-in-time
Partially owned properties MinorityInterestInPartiallyOwnedProperties $2.69M USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-950.00K USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $5.57M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $295.52M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $309.54M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $293.86M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $291.53M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $820.87M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $840.26M USD Point-in-time
Income Statement 51 line items
Line Item Tag Value Unit Period
Real estate rental income Revenues $32.92M USD 1 Quarter
Real estate rental income Revenues $31.76M USD 1 Quarter
Operating expenses OperatingExpensesExcludingRealEstateTaxes $12.11M USD 1 Quarter
Operating expenses OperatingExpensesExcludingRealEstateTaxes $14.69M USD 1 Quarter
Real estate taxes RealEstateTaxExpense $3.24M USD 1 Quarter
Real estate taxes RealEstateTaxExpense $3.50M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $5.78M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $5.33M USD 1 Quarter
Interest FinancingInterestExpense $4.29M USD 1 Quarter
Interest FinancingInterestExpense $4.84M USD 1 Quarter
Total expenses from rental operations OperatingCostsAndExpenses $24.97M USD 1 Quarter
Total expenses from rental operations OperatingCostsAndExpenses $28.81M USD 1 Quarter
Administration of REIT GeneralAndAdministrativeExpense $1.20M USD 1 Quarter
Administration of REIT GeneralAndAdministrativeExpense $1.22M USD 1 Quarter
Total expenses CostsAndExpenses $30.03M USD 1 Quarter
Total expenses CostsAndExpenses $26.17M USD 1 Quarter
Income from operations OperatingIncomeLoss $2.89M USD 1 Quarter
Income from operations OperatingIncomeLoss $5.59M USD 1 Quarter
Equity in losses of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $-1.14M USD 1 Quarter
Equity in losses of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $-27.00K USD 1 Quarter
Other income OtherNonoperatingIncome $315.00K USD 1 Quarter
Other income OtherNonoperatingIncome $270.00K USD 1 Quarter
Gain on sale or conversion of real estate investments GainLossOnSaleOfRealEstateAndNonRealEstateInvestments $1.33M USD 1 Quarter
Total other income NonoperatingIncomeExpenseIncludingIncomeLossFromEquityMethodInvestments $243.00K USD 1 Quarter
Total other income NonoperatingIncomeExpenseIncludingIncomeLossFromEquityMethodInvestments $503.00K USD 1 Quarter
Net income ProfitLoss $3.39M USD 1 Quarter
Net income ProfitLoss $5.84M USD 1 Quarter
Net income attributable to noncontrolling interest in operating partnership NoncontrollingInterestInNetIncomeLossOperatingPartnerships $3.75M USD 1 Quarter
Net income attributable to noncontrolling interest in operating partnership NoncontrollingInterestInNetIncomeLossOperatingPartnerships $2.15M USD 1 Quarter
Net income attributable to noncontrolling interest in partially owned properties NoncontrollingInterestInNetIncomeLossPartiallyOwnedProperties $31.00K USD 1 Quarter
Net income attributable to noncontrolling interest in partially owned properties NoncontrollingInterestInNetIncomeLossPartiallyOwnedProperties $30.00K USD 1 Quarter
Net income attributable to Sterling Real Estate Trust NetIncomeLoss $1.21M USD 1 Quarter
Net income attributable to Sterling Real Estate Trust NetIncomeLoss $2.05M USD 1 Quarter
Net income attributable to Sterling Real Estate Trust per common share, basic EarningsPerShareBasic $210.00 USD 1 Quarter
Net income attributable to Sterling Real Estate Trust per common share, basic EarningsPerShareBasic $120.00 USD 1 Quarter
Net income attributable to Sterling Real Estate Trust per common share, diluted EarningsPerShareDiluted $0.12 USD 1 Quarter
Net income attributable to Sterling Real Estate Trust per common share, diluted EarningsPerShareDiluted $0.21 USD 1 Quarter
Net income ProfitLoss $3.39M USD 1 Quarter
Net income ProfitLoss $5.84M USD 1 Quarter
Other comprehensive gain - change in fair value of interest rate swaps OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $2.38M USD 1 Quarter
Other comprehensive gain - change in fair value of interest rate swaps OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $6.52M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $8.22M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $9.91M USD 1 Quarter
Comprehensive income attributable to noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $6.34M USD 1 Quarter
Comprehensive income attributable to noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $5.32M USD 1 Quarter
Comprehensive income attributable to Sterling Real Estate Trust ComprehensiveIncomeNetOfTax $3.57M USD 1 Quarter
Comprehensive income attributable to Sterling Real Estate Trust ComprehensiveIncomeNetOfTax $2.90M USD 1 Quarter
Weighted average Common Shares outstanding, basic WeightedAverageNumberOfSharesOutstandingBasic 9.98M shares 1 Quarter
Weighted average Common Shares outstanding, basic WeightedAverageNumberOfSharesOutstandingBasic 10.46M shares 1 Quarter
Weighted average Common Shares outstanding, diluted WeightedAverageNumberOfDilutedSharesOutstanding 9.98M shares 1 Quarter
Weighted average Common Shares outstanding, diluted WeightedAverageNumberOfDilutedSharesOutstanding 10.46M shares 1 Quarter
Cash Flow Statement 62 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $3.39M USD 1 Quarter
Net income ProfitLoss $5.84M USD 1 Quarter
Gain on sale of real estate investments GainsLossesOnSalesOfInvestmentRealEstate $1.33M USD 1 Quarter
Equity in loss of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $-1.14M USD 1 Quarter
Equity in loss of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $-27.00K USD 1 Quarter
Distributions of earnings of unconsolidated affiliates EquityMethodInvestmentDividendsOrDistributions $57.00K USD 1 Quarter
Distributions of earnings of unconsolidated affiliates EquityMethodInvestmentDividendsOrDistributions $4.00K USD 1 Quarter
Allowance for uncollectible accounts receivable ProvisionForDoubtfulAccounts $-47.00K USD 1 Quarter
Allowance for uncollectible accounts receivable ProvisionForDoubtfulAccounts $-544.00K USD 1 Quarter
Depreciation Depreciation $5.39M USD 1 Quarter
Depreciation Depreciation $5.01M USD 1 Quarter
Amortization AmortizationOfIntangibleAssets $315.00K USD 1 Quarter
Amortization AmortizationOfIntangibleAssets $392.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $157.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $130.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-229.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-1.58M USD 1 Quarter
Tenant security deposits payable IncreaseDecreaseInSecurityDeposits $176.00K USD 1 Quarter
Tenant security deposits payable IncreaseDecreaseInSecurityDeposits $362.00K USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilities $-3.09M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilities $-2.82M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $7.46M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $8.91M USD 1 Quarter
Purchase of real estate investment properties PaymentsToAcquireAndDevelopRealEstate $4.89M USD 1 Quarter
Capital expenditures and tenant improvements PaymentsForLeasingCostsCommissionsAndTenantImprovements $2.40M USD 1 Quarter
Capital expenditures and tenant improvements PaymentsForLeasingCostsCommissionsAndTenantImprovements $3.69M USD 1 Quarter
Proceeds from sale of real estate investments and non-real estate investments PaymentsForProceedsFromRealEstatePartnershipInvestmentAndOtherInvestmentsNet $-2.62M USD 1 Quarter
Proceeds from involuntary conversion ProceedsFromInsuranceForInvoluntaryConversions $261.00K USD 1 Quarter
Proceeds from involuntary conversion ProceedsFromInsuranceForInvoluntaryConversions $1.64M USD 1 Quarter
Investment in unconsolidated affiliates PaymentsToAcquireEquityMethodInvestments $2.09M USD 1 Quarter
Investment in unconsolidated affiliates PaymentsToAcquireEquityMethodInvestments $6.44M USD 1 Quarter
Distributions in excess of earnings received from unconsolidated affiliates ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $1.00K USD 1 Quarter
Distributions in excess of earnings received from unconsolidated affiliates ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $105.00K USD 1 Quarter
Notes receivable issued net of payments received ProceedsFromCollectionOfNotesReceivable $564.00K USD 1 Quarter
Notes receivable issued net of payments received ProceedsFromCollectionOfNotesReceivable $17.00K USD 1 Quarter
NET CASH USED IN INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-10.19M USD 1 Quarter
NET CASH USED IN INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-4.12M USD 1 Quarter
Payments for financing, debt issuance PaymentsOfFinancingCosts $95.00K USD 1 Quarter
Payments for financing, debt issuance PaymentsOfFinancingCosts $154.00K USD 1 Quarter
Payments on investment certificates and subordinated debt PaymentsOnInvestmentCertificatesAndSubordinatedDebt $25.00K USD 1 Quarter
Proceeds from issuance of mortgage notes payable and subordinated debt ProceedsFromIssuanceOfLongTermDebt $12.87M USD 1 Quarter
Proceeds from issuance of mortgage notes payable and subordinated debt ProceedsFromIssuanceOfLongTermDebt $18.48M USD 1 Quarter
Principal payments on mortgage notes payable RepaymentsOfLongTermDebt $3.93M USD 1 Quarter
Principal payments on mortgage notes payable RepaymentsOfLongTermDebt $14.53M USD 1 Quarter
Proceeds from issuance of shares under optional purchase plan ProceedsFromIssuanceOfSharesUnderOptionalPurchasePlan $1.31M USD 1 Quarter
Proceeds from issuance of shares under optional purchase plan ProceedsFromIssuanceOfSharesUnderOptionalPurchasePlan $1.31M USD 1 Quarter
Shares/units redeemed PaymentsForRepurchaseOfCommonStock $736.00K USD 1 Quarter
Shares/units redeemed PaymentsForRepurchaseOfCommonStock $1.41M USD 1 Quarter
Dividends/distributions paid PaymentsOfDividendsCommonStock $5.85M USD 1 Quarter
Dividends/distributions paid PaymentsOfDividendsCommonStock $5.76M USD 1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $-2.08M USD 1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $3.57M USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $837.00K USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $2.71M USD 1 Quarter
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $60.66M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $30.35M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $27.64M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $61.49M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $60.66M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $30.35M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $27.64M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $61.49M USD Point-in-time
Stockholders Equity 21 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $295.52M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $309.54M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $293.86M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $291.53M USD Point-in-time
Contribution of assets in exchange for the issuance of noncontrolling interest shares NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest $10.18M USD 1 Quarter
Shares/units redeemed StockRepurchasedDuringPeriodValue $1.41M USD 1 Quarter
Shares/units redeemed StockRepurchasedDuringPeriodValue $736.00K USD 1 Quarter
Dividends and distributions declared DividendsCommonStockCash $7.48M USD 1 Quarter
Dividends and distributions declared DividendsCommonStockCash $8.37M USD 1 Quarter
Dividends reinvested - stock dividend StockIssuedDuringPeriodValueDividendReinvestmentPlan $1.69M USD 1 Quarter
Dividends reinvested - stock dividend StockIssuedDuringPeriodValueDividendReinvestmentPlan $1.72M USD 1 Quarter
Issuance of shares under optional purchase plan StockIssuedDuringPeriodValueStockPurchasePlan $1.31M USD 1 Quarter
Issuance of shares under optional purchase plan StockIssuedDuringPeriodValueStockPurchasePlan $1.31M USD 1 Quarter
Change in fair value of interest rate swaps OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $2.38M USD 1 Quarter
Change in fair value of interest rate swaps OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $6.52M USD 1 Quarter
Net income ProfitLoss $3.39M USD 1 Quarter
Net income ProfitLoss $5.84M USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $295.52M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $309.54M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $293.86M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $291.53M USD Point-in-time

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

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