What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2023-02-21 compared with 2022-02-28 · 89 added, 84 removed, 118 unchanged (59% of the section changed)

17 unchanged sentences

“Other” includes non-multifamily properties and non-multifamily components of mixed use properties.

We own the following interests in real estate either through our wholly-owned subsidiaries or by ownership of a controlling interest in an entity owning the real estate.

We own the following interests in real estate either through our wholly-owned subsidiaries or by ownership of a controlling interest in an

entity owning the real estate.

We account for these interests on a consolidated basis.

7 unchanged sentences

241 $ 67,264 95.0 %

Alps Park - Rapid City, SD 71 6,529 100.0 %

Arcata - Golden Valley, MN

Alps Park Apartments - Rapid City, SD 71 6,569 98.6 %

Arcata Apartments - Golden Valley, MN

165 33,700 93.3 %

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

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

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

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

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

Castlerock - Billings, MT 165 7,857 90.3 %

Chateau - Minot, ND 104 21,544 91.3 %

Cimarron Hills - Omaha, NE (1)

Ashland Apartment Homes - Grand Forks, ND 84 8,712 96.4 %

Avalon Cove Townhomes - Rochester, MN 187 37,570 92.5 %

Boulder Court Apartment Homes - Eagan, MN 115 9,744 94.8 %

Canyon Lake Apartments - Rapid City, SD 109 6,734 94.5 %

Cardinal Point Apartments - Grand Forks, ND 251 35,540 94.4 %

Cascade Shores Townhomes + Flats - Rochester, MN (1)

366 83,283 94.0 %

Castlerock Apartment Homes - Billings, MT 165 8,041 94.6 %

Chateau Apartment Homes - Minot, ND 104 21,615 92.3 %

Cimarron Hills Apartments - Omaha, NE (1)

234 15,550 97.4 %

Commons and Landing at Southgate - Minot, ND 341 56,250 97.7 %

Connelly on Eleven - Burnsville, MN 240 30,928 91.7 %

Cottonwood - Bismarck, ND 268 24,227 94.4 %

(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 %

Cypress Court - St.

Cottonwood Apartment Homes - Bismarck, ND 268 24,736 95.9 %

Country Meadows Apartment Homes - Billings, MT 133 10,042 99.3 %

Cypress Court Apartments - St.

Cloud, MN (1) (3)

196 21,128 96.4 %

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

Donovan - Lincoln, NE (1)

Deer Ridge Apartment Homes - Jamestown, ND 163 25,299 95.7 %

Donovan Apartment Homes - Lincoln, NE (1)

232 24,067 92.2 %

Dylan - Denver, CO 274 90,508 96.0 %

Evergreen - Isanti, MN 72 7,281 93.1 %

Dylan at RiNo - Denver, CO 274 90,578 96.4 %

Evergreen Apartment Homes - Isanti, MN 72 7,366 94.4 %

FreightYard Townhomes & Flats - Minneapolis, MN 96 26,877 95.8 %

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

Grand Gateway - St.

Gardens Apartments - Grand Forks, ND 74 9,380 96.0 %

Grand Gateway Apartment Homes - St.

Cloud, MN 116 10,288 99.1 %

GrandeVille Shores - Rochester, MN (1)

365 79,401 93.4 %

Greenfield - Omaha, NE 96 7,941 97.9 %

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

Lakeside Village - Lincoln, NE (1)

208 20,421 96.6 %

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

Legacy Heights - Bismarck, ND

Homestead Garden Apartments - Rapid City, SD 152 16,341 90.1 %

Ironwood - New Hope, MN 182 39,579 90.7 %

Lakeside Village Apartment Homes - Lincoln, NE 208 22,121 93.8 %

Legacy Apartments - Grand Forks, ND 360 34,125 95.0 %

Legacy Heights Apartment Homes - Bismarck, ND

119 15,348 98.3 %

Lugano at Cherry Creek - Denver, CO 328 99,022 94.8 %

Meadows - Jamestown, ND 81 7,184 87.7 %

Meadows Apartments - Jamestown, ND 81 7,212 98.8 %

Monticello Crossings - Monticello, MN

1 unchanged sentence

Monticello Village - Monticello, MN 60 5,509 95.0 %

Northridge - Bismarck, ND 68 8,695 97.1 %

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

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

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

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

Plaza - Minot, ND 71 16,769 94.4 %

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

Northridge Apartments - Bismarck, ND 68 8,665 95.6 %

Olympic Village Apartments - Billings, MT 274 16,069 95.6 %

Oxbo Urban Rentals - St Paul, MN 191 57,960 91.6 %

Park Meadows Apartment Homes - Waite Park, MN 360 20,391 95.3 %

Park Place Apartments - Plymouth, MN 500 110,422 95.4 %

Parkhouse Apartment Homes - Thornton, CO 465 144,162 95.1 %

Plaza Apartments - Minot, ND 71 16,811 87.3 %

Pointe West Apartments - Rapid City, SD 90 6,077 97.8 %

Ponds at Heritage Place - Sartell, MN 58 5,525 98.3 %

Quarry Ridge - Rochester, MN (1)

Prosper West - Waite Park, MN (1)(5)

313 28,349 82.4 %

Red 20 - Minneapolis, MN (1)

Quarry Ridge Apartments - Rochester, MN (1)(5)

320 41,055 90.0 %

Red 20 Apartments - Minneapolis, MN (1)

130 26,774 93.1 %

Regency Park Estates - St.

1 unchanged sentence

149 18,940 84.6 %

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

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

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

Rum River - Isanti, MN

72 6,181 93.1 %

Silver Springs - Rapid City, SD

Rimrock West Apartments - Billings, MT 78 5,921 93.6 %

River Ridge Apartment Homes - Bismarck, ND 146 26,460 99.3 %

Rocky Meadows Apartments - Billings, MT 98 8,114 96.9 %

Rum River Apartments - Isanti, MN

72 6,208 95.8 %

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

SouthFork Townhomes - Lakeville, MN (1)

(in thousands)

Investment Physical

Number of (initial cost plus Occupancy

Apartment improvements less as of

Community Name and Location Homes impairment) December 31, 2022

Silver Springs Apartment Homes - Rapid City, SD

52 4,338 88.5 %

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

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

Thomasbrook - Lincoln, NE (1)

South Pointe Apartment Homes - Minot, ND 196 16,472 92.4 %

SouthFork Townhomes + Flats - Lakeville, MN (1)

272 54,801 94.1 %

West Stonehill - Waite Park, MN (1)

Southpoint Apartments - Grand Forks, ND 96 10,913 95.8 %

Sunset Trail Apartment Homes - Rochester, MN 146 16,771 97.3 %

Thomasbrook Apartment - Lincoln, NE (1)

264 17,297 90.5 %

2 unchanged sentences

336 33,343 92.0 %

Woodridge - Rochester, MN 110 11,778 90.9 %

Woodridge on Second - Rochester, MN 110 12,771 95.5 %

TOTAL SAME-STORE 11,330 $ 1,794,544

NON-SAME-STORE

Bayberry Place - Minneapolis, MN (2)

Bayberry Place - Eagan, MN (2)

120 $ 16,721 93.3 %

Burgandy & Hillsboro Court - Minneapolis, MN (2)

Burgundy & Hillsboro - New Hope, MN (2)

250 35,799 96.8 %

Civic Lofts - Denver, CO 176 61,520 96.6 %

Gatewood - St.

Cloud, MN (2)

Elements of Linden Hills - Minneapolis, MN (1)

31 8,972 100.0 %

Grove Ridge - Minneapolis, MN (2)

Gatewood - Waite Park, MN (2)

120 7,993 95.8 %

Ironwood - Minneapolis, MN 182 39,277 94.5 %

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

Grove Ridge - Cottage Grove, MN (2)

84 12,072 98.8 %

(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)

Legacy Waite Park - Waite Park, MN (2)

119 10,976 95.8 %

Parkhouse - Thornton, CO 465 143,566 94.1 %

Plymouth Pointe - Minneapolis, MN (2)

Lyra Apartments - Centennial, CO 215 92,785 94.0 %

Martin Blu - Eden Prairie, MN (1)

191 49,082 96.3 %

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

150 15,213 97.3 %

Noko Apartments - Minneapolis, MN 131 44,649 93.9 %

Palisades - Roseville, MN (1)

330 54,506 94.9 %

Plymouth Pointe - Plymouth, MN (2)

96 14,653 96.9 %

Pointe West - St.

3 unchanged sentences

62 9,353 95.2 %

River Pointe - Minneapolis, MN (2)

300 37,415 96.3 %

Southdale Parc - Minneapolis, MN (2)

River Pointe - Fridley, MN (2)

300 38,608 93.0 %

The Legacy - St.

Cloud, MN (2)

Southdale Parc - Richfield, MN (2)

69 9,775 92.8 %

2 unchanged sentences

97 20,695 92.8 %

Windsor Gates - Minneapolis, MN (2)

Windsor Gates - Brooklyn Park, MN (2)

200 22,933 92.0 %

Wingate - Minneapolis, MN (2)

Wingate - New Hope, MN (2)

136 16,028 97.8 %

1 unchanged sentence

176 25,243 94.3 %

Woodland Pointe - Minneapolis, MN (2)

Woodland Pointe - Woodbury, MN (2)

288 49,721 93.8 %

Zest - Minneapolis, MN (1)

45 11,429 95.6 %

TOTAL NON-SAME-STORE 3,735 $ 712,904

10 unchanged sentences

Lugano at Cherry Creek - Denver, CO 13,295 2,338 76.0 %

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

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

Red 20 - Minneapolis, MN (1)

Noko Apartments - Minneapolis, MN 24,002 118 100.0 %

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

Plaza Apartments - Minot, ND 50,610 9,300 100.0 %

Red 20 Apartments - Minneapolis, MN (1)

9,155 2,959 81.4 %

Zest - Minneapolis, MN (1)

3,200 53 100.0 %

TOTAL OTHER - MIXED USE COMMERCIAL 134,294 $ 24,691

1 unchanged sentence

3100 10th St SW - Minot, ND (4)

9,690 $ 2,112 —

9,690 $ 1,985 N/A

TOTAL OTHER - COMMERCIAL 9,690 $ 1,985

TOTAL SQUARE FOOTAGE - OTHER 143,984

TOTAL GROSS REAL ESTATE INVESTMENTS, EXCLUDING MORTGAGE NOTES RECEIVABLE $ 2,271,170

TOTAL GROSS REAL ESTATE INVESTMENTS $ 2,534,124

(1) Encumbered by mortgage debt.

3 unchanged sentences

(4) This is our Minot corporate office building.

(5) Decreased physical occupancy resulting from value add projects.

Properties by State

The following table presents, as of December 31, 2021, the total amount of property owned, net of accumulated depreciation, by state:

The following table presents, as of December 31, 2022, the total property owned, net of accumulated depreciation, by state:

(in thousands)

13 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