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10-Q Filing

STERLING REAL ESTATE TRUST CIK: 1412502 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001558370-23-009057
Period End Date 20230331
Filing Date 20230510
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance sret-20230331x10q_htm.xml
Filing Contents
Balance Sheet 60 line items
Line Item Tag Value Unit Period
Land and land improvements LandAndLandImprovements $129.98M USD Point-in-time
Land and land improvements LandAndLandImprovements $129.68M USD Point-in-time
Building and improvements InvestmentBuildingAndBuildingImprovements $837.19M USD Point-in-time
Building and improvements InvestmentBuildingAndBuildingImprovements $834.36M USD Point-in-time
Construction in progress DevelopmentInProcess $7.11M USD Point-in-time
Construction in progress DevelopmentInProcess $6.09M USD Point-in-time
Real estate investments RealEstateInvestmentPropertyAtCost $973.26M USD Point-in-time
Real estate investments RealEstateInvestmentPropertyAtCost $971.15M USD Point-in-time
Less accumulated depreciation RealEstateInvestmentPropertyAccumulatedDepreciation $194.85M USD Point-in-time
Less accumulated depreciation RealEstateInvestmentPropertyAccumulatedDepreciation $200.58M USD Point-in-time
Real estate investments, net RealEstateInvestmentPropertyNet $776.30M USD Point-in-time
Real estate investments, net RealEstateInvestmentPropertyNet $772.68M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $12.06M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $49.85M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $3.26M USD Point-in-time
Restricted deposits RestrictedCashAndCashEquivalents $9.32M USD Point-in-time
Restricted deposits RestrictedCashAndCashEquivalents $11.64M USD Point-in-time
Restricted deposits RestrictedCashAndCashEquivalents $9.24M USD Point-in-time
Investment in securities MarketableSecurities $29.37M USD Point-in-time
Investment in securities MarketableSecurities $10.11M USD Point-in-time
Investment in unconsolidated affiliates InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $29.42M USD Point-in-time
Investment in unconsolidated affiliates InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $29.89M USD Point-in-time
Notes receivable NotesReceivableGross $9.79M USD Point-in-time
Notes receivable NotesReceivableGross $8.45M USD Point-in-time
Lease intangible assets, less accumulated amortization IntangibleAssetsNetExcludingGoodwill $4.59M USD Point-in-time
Lease intangible assets, less accumulated amortization IntangibleAssetsNetExcludingGoodwill $5.29M USD Point-in-time
Other assets, net OtherAssetsNetAmount $27.31M USD Point-in-time
Other assets, net OtherAssetsNetAmount $24.79M USD Point-in-time
Total Assets Assets $888.72M USD Point-in-time
Total Assets Assets $873.16M USD Point-in-time
Mortgage notes payable, net MortgageNotesPayableNet $529.77M USD Point-in-time
Mortgage notes payable, net MortgageNotesPayableNet $506.17M USD Point-in-time
Notes payable NotesPayableToBank $26.50M USD Point-in-time
Lines of credit LineOfCredit $1.01M USD Point-in-time
Dividends payable DividendsPayableCurrentAndNoncurrent $8.49M USD Point-in-time
Dividends payable DividendsPayableCurrentAndNoncurrent $8.52M USD Point-in-time
Tenant security deposits payable SecurityDepositLiability $6.37M USD Point-in-time
Tenant security deposits payable SecurityDepositLiability $6.57M USD Point-in-time
Lease intangible liabilities, less accumulated amortization OffMarketLeaseUnfavorable $646.00K USD Point-in-time
Lease intangible liabilities, less accumulated amortization OffMarketLeaseUnfavorable $609.00K USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrentAndNoncurrent $13.65M USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrentAndNoncurrent $16.07M USD Point-in-time
Total Liabilities Liabilities $565.26M USD Point-in-time
Total Liabilities Liabilities $559.12M 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 $123.68M USD Point-in-time
Beneficial interest StockholdersEquityAttributableToParentBeneficialInterest $124.00M USD Point-in-time
Operating partnership MinorityInterestInOperatingPartnerships $183.05M USD Point-in-time
Operating partnership MinorityInterestInOperatingPartnerships $176.35M USD Point-in-time
Partially owned properties MinorityInterestInPartiallyOwnedProperties $2.60M USD Point-in-time
Partially owned properties MinorityInterestInPartiallyOwnedProperties $2.64M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $13.78M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $11.40M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $309.54M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $295.52M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $314.04M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $323.47M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $873.16M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $888.72M USD Point-in-time
Income Statement 52 line items
Line Item Tag Value Unit Period
Real estate rental income Revenues $35.18M USD 1 Quarter
Real estate rental income Revenues $32.92M USD 1 Quarter
Operating expenses OperatingExpensesExcludingRealEstateTaxes $14.69M USD 1 Quarter
Operating expenses OperatingExpensesExcludingRealEstateTaxes $18.12M USD 1 Quarter
Real estate taxes RealEstateTaxExpense $3.80M USD 1 Quarter
Real estate taxes RealEstateTaxExpense $3.50M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $6.55M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $5.78M USD 1 Quarter
Interest FinancingInterestExpense $5.36M USD 1 Quarter
Interest FinancingInterestExpense $4.84M USD 1 Quarter
Total expenses from rental operations OperatingCostsAndExpenses $33.83M USD 1 Quarter
Total expenses from rental operations OperatingCostsAndExpenses $28.81M USD 1 Quarter
Administration of REIT GeneralAndAdministrativeExpense $1.31M USD 1 Quarter
Administration of REIT GeneralAndAdministrativeExpense $1.22M USD 1 Quarter
Total expenses CostsAndExpenses $35.14M USD 1 Quarter
Total expenses CostsAndExpenses $30.03M USD 1 Quarter
Income from operations OperatingIncomeLoss $41.00K USD 1 Quarter
Income from operations OperatingIncomeLoss $2.89M USD 1 Quarter
Equity in (losses) of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $-1.14M USD 1 Quarter
Equity in (losses) of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $-1.14M USD 1 Quarter
Other income OtherNonoperatingIncome $407.00K USD 1 Quarter
Other income OtherNonoperatingIncome $290.00K USD 1 Quarter
Gain on sale or conversion of real estate investments GainLossOnSaleOfRealEstateAndNonRealEstateInvestments $1.33M USD 1 Quarter
Gain on involuntary conversion GainLossOnInvoluntaryConversions $25.00K USD 1 Quarter
Total other (loss) income NonoperatingIncomeExpenseIncludingIncomeLossFromEquityMethodInvestments $503.00K USD 1 Quarter
Total other (loss) income NonoperatingIncomeExpenseIncludingIncomeLossFromEquityMethodInvestments $-729.00K USD 1 Quarter
Net (loss) income ProfitLoss $3.39M USD 1 Quarter
Net (loss) income ProfitLoss $-688.00K USD 1 Quarter
Net income attributable to noncontrolling interest in operating partnership NoncontrollingInterestInNetIncomeLossOperatingPartnerships $-408.00K 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 $-40.00K USD 1 Quarter
Net income attributable to noncontrolling interest in partially owned properties NoncontrollingInterestInNetIncomeLossPartiallyOwnedProperties $30.00K USD 1 Quarter
Net (loss) income attributable to Sterling Real Estate Trust NetIncomeLoss $-240.00K USD 1 Quarter
Net (loss) income attributable to Sterling Real Estate Trust NetIncomeLoss $1.21M USD 1 Quarter
Net income attributable to Sterling Real Estate Trust per common share, basic EarningsPerShareBasic $0.12 USD 1 Quarter
Net income attributable to Sterling Real Estate Trust per common share, basic EarningsPerShareBasic $-0.02 USD 1 Quarter
Net income attributable to Sterling Real Estate Trust per common share, diluted EarningsPerShareDiluted $-0.02 USD 1 Quarter
Net income attributable to Sterling Real Estate Trust per common share, diluted EarningsPerShareDiluted $0.12 USD 1 Quarter
Net (loss) income ProfitLoss $3.39M USD 1 Quarter
Net (loss) income ProfitLoss $-688.00K USD 1 Quarter
Other comprehensive (loss) gain - change in fair value of interest rate swaps OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $6.52M USD 1 Quarter
Other comprehensive (loss) gain - change in fair value of interest rate swaps OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $-2.38M USD 1 Quarter
Comprehensive (loss) income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-3.07M USD 1 Quarter
Comprehensive (loss) income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $9.91M USD 1 Quarter
Comprehensive (loss) income attributable to noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $6.34M USD 1 Quarter
Comprehensive (loss) income attributable to noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-1.95M USD 1 Quarter
Comprehensive (loss) income attributable to Sterling Real Estate Trust ComprehensiveIncomeNetOfTax $-1.12M USD 1 Quarter
Comprehensive (loss) income attributable to Sterling Real Estate Trust ComprehensiveIncomeNetOfTax $3.57M USD 1 Quarter
Weighted average Common Shares outstanding, basic WeightedAverageNumberOfSharesOutstandingBasic 10.46M shares 1 Quarter
Weighted average Common Shares outstanding, basic WeightedAverageNumberOfSharesOutstandingBasic 10.95M shares 1 Quarter
Weighted average Common Shares outstanding, diluted WeightedAverageNumberOfDilutedSharesOutstanding 10.95M shares 1 Quarter
Weighted average Common Shares outstanding, diluted WeightedAverageNumberOfDilutedSharesOutstanding 10.46M shares 1 Quarter
Cash Flow Statement 63 line items
Line Item Tag Value Unit Period
Net (loss) income ProfitLoss $3.39M USD 1 Quarter
Net (loss) income ProfitLoss $-688.00K USD 1 Quarter
Gain on sale or conversion of real estate investments GainsLossesOnSalesOfInvestmentRealEstate $1.33M USD 1 Quarter
Change in fair value of securities UnrealizedGainLossOnInvestments $109.00K USD 1 Quarter
Equity in loss of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $-1.14M USD 1 Quarter
Equity in loss of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $-1.14M USD 1 Quarter
Distributions of earnings of unconsolidated affiliates EquityMethodInvestmentDividendsOrDistributions $4.00K USD 1 Quarter
Allowance for uncollectible accounts receivable ProvisionForDoubtfulAccounts $-225.00K USD 1 Quarter
Allowance for uncollectible accounts receivable ProvisionForDoubtfulAccounts $-544.00K USD 1 Quarter
Depreciation Depreciation $5.39M USD 1 Quarter
Depreciation Depreciation $5.80M USD 1 Quarter
Amortization AmortizationOfIntangibleAssets $392.00K USD 1 Quarter
Amortization AmortizationOfIntangibleAssets $751.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $153.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $157.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-1.58M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-434.00K USD 1 Quarter
Tenant security deposits payable IncreaseDecreaseInSecurityDeposits $201.00K USD 1 Quarter
Tenant security deposits payable IncreaseDecreaseInSecurityDeposits $362.00K USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilities $-2.98M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilities $-3.09M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $7.46M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $4.47M USD 1 Quarter
Proceeds from maturity of securities ProceedsFromSaleAndMaturityOfMarketableSecurities $19.37M USD 1 Quarter
Purchase of real estate investment properties PaymentsToAcquireAndDevelopRealEstate $4.89M USD 1 Quarter
Capital expenditures and tenant improvements PaymentsForLeasingCostsCommissionsAndTenantImprovements $1.78M USD 1 Quarter
Capital expenditures and tenant improvements PaymentsForLeasingCostsCommissionsAndTenantImprovements $2.40M 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
Investment in unconsolidated affiliates PaymentsToAcquireEquityMethodInvestments $2.26M USD 1 Quarter
Investment in unconsolidated affiliates PaymentsToAcquireEquityMethodInvestments $6.44M USD 1 Quarter
Distributions in excess of earnings received from unconsolidated affiliates ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $659.00K 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 PaymentsToAcquireNotesReceivableNet $-564.00K USD 1 Quarter
Notes receivable issued net of payments received PaymentsToAcquireNotesReceivableNet $1.34M USD 1 Quarter
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $14.64M USD 1 Quarter
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-10.19M USD 1 Quarter
Payments for financing, debt issuance PaymentsOfFinancingCosts $158.00K USD 1 Quarter
Payments for financing, debt issuance PaymentsOfFinancingCosts $95.00K USD 1 Quarter
Proceeds from issuance of mortgage notes payable and subordinated debt ProceedsFromIssuanceOfLongTermDebt $30.25M USD 1 Quarter
Proceeds from issuance of mortgage notes payable and subordinated debt ProceedsFromIssuanceOfLongTermDebt $12.87M USD 1 Quarter
Principal payments on mortgage notes payable RepaymentsOfLongTermDebt $6.64M USD 1 Quarter
Principal payments on mortgage notes payable RepaymentsOfLongTermDebt $3.93M USD 1 Quarter
Payments on lines of credit RepaymentsOfLinesOfCredit $1.01M USD 1 Quarter
Payment on notes payable RepaymentsOfNotesPayable $26.50M 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 $1.29M USD 1 Quarter
Shares/units redeemed PaymentsForRepurchaseOfCommonStock $736.00K USD 1 Quarter
Shares/units redeemed PaymentsForRepurchaseOfCommonStock $1.10M USD 1 Quarter
Dividends/distributions paid PaymentsOfDividendsCommonStock $6.53M USD 1 Quarter
Dividends/distributions paid PaymentsOfDividendsCommonStock $5.85M USD 1 Quarter
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $3.57M USD 1 Quarter
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $-10.39M USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $8.73M USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $837.00K USD 1 Quarter
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 BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $12.58M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $21.31M USD Point-in-time
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 END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $61.49M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $12.58M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $21.31M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $60.66M USD Point-in-time
Stockholders Equity 21 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $309.54M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $295.52M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $314.04M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $323.47M 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 $736.00K USD 1 Quarter
Shares/units redeemed StockRepurchasedDuringPeriodValue $1.10M USD 1 Quarter
Dividends and distributions declared DividendsCommonStockCash $8.37M USD 1 Quarter
Dividends and distributions declared DividendsCommonStockCash $8.52M USD 1 Quarter
Dividends reinvested - stock dividend StockIssuedDuringPeriodValueDividendReinvestmentPlan $1.96M 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 $1.29M USD 1 Quarter
Change in fair value of interest rate swaps OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $6.52M USD 1 Quarter
Change in fair value of interest rate swaps OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $-2.38M USD 1 Quarter
Net (loss) income ProfitLoss $3.39M USD 1 Quarter
Net (loss) income ProfitLoss $-688.00K USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $309.54M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $295.52M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $314.04M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $323.47M USD Point-in-time

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

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