What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2022-02-28 compared with 2021-02-22 · 56 added, 60 removed, 146 unchanged (44% of the section changed)

We are organized as a REIT under Sections 856-858 of the Code and are structured as an UPREIT, which allows us to accept the contribution of real estate to our Operating Partnership in exchange for OP Units.

Our business is focused on the ownership, management, acquisition, redevelopment, and development of apartment communities, which we own and operate through our Operating Partnership.

10 unchanged sentences

Summary of Communities Owned as of December 31, 2021

The following table presents information regarding our 67 apartment communities and two other properties held for investment, as of December 31, 2020.

The following table presents information regarding our 79 apartment communities held for investment, as of December 31, 2021.

We provide certain information on a same-store and non-same-store basis.

16 unchanged sentences

Ashland - Grand Forks, ND 83 8,674 92.8 %

84 8,656 92.9 %

Avalon Cove - Rochester, MN 187 36,515 96.8 %

Boulder Court - Eagan, MN 115 9,689 92.2 %

115 9,870 96.5 %

Canyon Lake - Rapid City, SD 109 6,548 96.3 %

109 6,529 99.1 %

Cardinal Point - Grand Forks, ND 251 35,400 95.6 %

251 35,288 96.0 %

Cascade Shores - Rochester, MN (1)

90 18,444 100.0 %

Castlerock - Billings, MT 165 7,857 90.3 %

166 8,138 100.0 %

Chateau - Minot, ND 104 21,544 91.3 %

104 21,453 95.2 %

Cimarron Hills - Omaha, NE (1)

234 14,978 93.2 %

Colonial Villa - Burnsville, MN (2)

239 29,511 93.3 %

Colony - Lincoln, NE (1)

232 20,376 97.8 %

Commons and Landing at Southgate - Minot, ND 341 55,905 94.4 %

341 55,516 93.0 %

Connelly on Eleven - Burnsville, MN 240 29,926 93.3 %

Cottonwood - Bismarck, ND 268 24,227 94.4 %

268 24,481 95.5 %

(in thousands)

Investment Physical

Number of (initial cost plus Occupancy

Apartment improvements less as of

Community Name and Location Homes impairment) December 31, 2021

Country Meadows - Billings, MT 133 9,923 97.0 %

133 10,145 94.7 %

Crystal Bay - Rochester, MN 76 12,218 97.4 %

Cypress Court - St.

2 unchanged sentences

Deer Ridge - Jamestown, ND 163 25,188 92.6 %

Donovan - Lincoln, NE (1)

232 22,197 96.6 %

Dylan - Denver, CO 274 90,508 96.0 %

274 90,400 96.4 %

Evergreen - Isanti, MN 72 7,281 93.1 %

72 7,222 98.6 %

French Creek - Rochester, MN 40 5,192 100.0 %

FreightYard Townhomes & Flats - Minneapolis, MN 96 26,801 90.6 %

Gardens - Grand Forks, ND 74 9,361 91.9 %

74 9,352 94.6 %

Grand Gateway - St.

Cloud, MN 116 10,052 92.2 %

116 9,964 95.7 %

GrandeVille at Cascade Lake - Rochester, MN (1)

GrandeVille Shores - Rochester, MN (1)

365 79,401 93.4 %

Greenfield - Omaha, NE 96 7,707 96.9 %

96 7,352 86.5 %

Heritage Manor - Rochester, MN 182 11,112 95.1 %

Homestead Garden - Rapid City, SD 152 16,013 94.7 %

2 unchanged sentences

Legacy - Grand Forks, ND 360 34,047 95.3 %

360 34,133 96.9 %

Legacy Heights - Bismarck, ND

119 15,239 98.3 %

Lugano at Cherry Creek - Denver, CO 328 96,762 95.4 %

Meadows - Jamestown, ND 81 7,184 87.7 %

81 7,196 98.8 %

Monticello Crossings - Monticello, MN

1 unchanged sentence

Monticello Village - Monticello, MN 60 5,457 98.3 %

60 5,480 95.0 %

Northridge - Bismarck, ND 68 8,695 97.1 %

68 8,677 97.1 %

Olympic Village - Billings, MT 274 15,652 90.9 %

274 15,780 97.8 %

Olympik Village - Rochester, MN 140 10,602 85.7 %

Oxbo - St Paul, MN 191 57,658 92.7 %

191 57,609 97.4 %

Park Meadows - Waite Park, MN 360 20,218 96.1 %

Park Place - Plymouth, MN 499 104,977 92.6 %

500 101,823 92.2 %

Plaza - Minot, ND 71 16,769 94.4 %

71 16,779 91.5 %

(in thousands)

Investment Physical

Number of (initial cost plus Occupancy

Apartment improvements less as of

Community Name and Location Homes impairment) December 31, 2020

Pointe West - Rapid City, SD 90 5,987 95.6 %

90 5,963 98.9 %

Ponds at Heritage Place - Sartell, MN 58 5,499 100.0 %

58 5,469 93.1 %

Quarry Ridge - Rochester, MN (1)

6 unchanged sentences

Rimrock West - Billings, MT 78 5,863 92.3 %

78 5,976 96.2 %

River Ridge - Bismarck, ND 146 26,400 97.3 %

146 26,338 95.2 %

Rocky Meadows - Billings, MT 97 8,014 97.9 %

98 8,127 99.0 %

Rum River - Isanti, MN

3 unchanged sentences

South Pointe - Minot, ND 196 15,912 90.8 %

SouthFork Townhomes - Lakeville, MN (1)

272 52,281 90.4 %

Southpoint - Grand Forks, ND 96 10,753 89.6 %

96 10,705 96.9 %

Sunset Trail - Rochester, MN 146 16,579 96.6 %

1 unchanged sentence

264 16,380 95.8 %

Village Green - Rochester, MN 36 3,613 100.0 %

West Stonehill - Waite Park, MN (1)

1 unchanged sentence

Westend - Denver, CO 390 128,640 93.6 %

390 128,310 95.9 %

Whispering Ridge - Omaha, NE (1)

336 31,278 94.0 %

Winchester - Rochester, MN 115 9,410 93.0 %

Woodridge - Rochester, MN 110 11,778 90.9 %

110 11,896 94.5 %

TOTAL SAME-STORE 10,672 $ 1,568,450 94.0 %

NON-SAME-STORE

FreightYard Townhomes & Flats - Minneapolis, MN (4)

Bayberry Place - Minneapolis, MN (2)

120 $ 16,458 93.3 %

Burgandy & Hillsboro Court - Minneapolis, MN (2)

250 35,160 96.8 %

Civic Lofts - Denver, CO 176 61,399 93.2 %

Gatewood - St.

Cloud, MN (2)

120 7,533 93.3 %

Grove Ridge - Minneapolis, MN (2)

84 11,926 95.2 %

Ironwood - Minneapolis, MN 182 39,277 94.5 %

Lugano at Cherry Creek - Denver, CO (4)

New Hope Garden & Village - Minneapolis, MN (2)

150 14,661 99.3 %

(in thousands)

Investment Physical

Number of (initial cost plus Occupancy

Apartment improvements less as of

Community Name and Location Homes impairment) December 31, 2021

Palisades - Minneapolis, MN (1)

330 53,882 93.0 %

Parkhouse - Thornton, CO 465 143,566 94.1 %

Plymouth Pointe - Minneapolis, MN (2)

96 14,378 96.9 %

SouthFork Townhomes - Lakeville, MN (1) (4)

Pointe West - St.

Cloud, MN (2)

93 7,533 98.9 %

Portage - Minneapolis, MN (2)

62 9,233 93.5 %

River Pointe - Minneapolis, MN (2)

300 37,415 96.3 %

Southdale Parc - Minneapolis, MN (2)

69 9,611 97.1 %

The Legacy - St.

Cloud, MN (2)

119 10,396 97.5 %

Union Pointe - Longmont, CO 256 76,029 92.6 %

Venue on Knox - Minneapolis, MN (2)

97 18,729 91.8 %

Windsor Gates - Minneapolis, MN (2)

200 21,821 94.5 %

Wingate - Minneapolis, MN (2)

136 15,513 94.9 %

Woodhaven - Minneapolis, MN (2)

176 24,647 93.2 %

Woodland Pointe - Minneapolis, MN (2)

288 46,632 90.3 %

TOTAL NON-SAME-STORE 3,769 $ 675,799 95.1 %

8 unchanged sentences

20,955 $ 6,746 82.0 %

Civic Lofts - Denver, CO 1,600 — 100.0 %

Lugano at Cherry Creek - Denver, CO 13,295 2,257 47.8 %

Oxbo - St Paul, MN 11,477 3,526 100.0 %

11,477 3,526 100.0 %

Plaza - Minot, ND 50,610 9,280 100.0 %

50,610 9,678 100.0 %

Red 20 - Minneapolis, MN (1)

4 unchanged sentences

9,690 $ 2,112 —

Minot IPS - Minot, ND 27,698 6,368 —

TOTAL OTHER - COMMERCIAL 9,690 $ 2,112

2 unchanged sentences

(1) Encumbered by mortgage debt.

(2) Pledged as credit support on unencumbered asset pool for our line of credit.

(2) Encumbered by mortgage in our Fannie Mae Credit Facility.

(3) Owned by a joint venture entity and consolidated in our financial statements.

We have an approximately 86.1% ownership in Cypress Court.

(4) Non-same-store for the comparison of the year ended December 31, 2019 to the year ended December 31, 2018.

(5) Non-same-store for the comparison of the eight months ended December 31, 2018 to the eight months ended December 31, 2017.

(4) This is our Minot corporate office building.

2 unchanged sentences

(in thousands)

State Multifamily Other Total % of Total

State Total % of Total

Minnesota $ 941,366 51.5 %

11 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties