NOTE 15 – ACQUISITIONS OF CONSOLIDATED PROPERTIES

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The Trust had no acquisitions during the six months ended June 30, 2025.

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The Trust had two acquisitions during the six months ended June 30, 2024.

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For the acquisition of Lexington Lofts, Sterling determined that it controls the key decision-making rights related to Lexington Lofts from the respective date it was acquired that most impact the economic benefits and obligations of the venture. The VIE that owned legal title to Lexington Lofts was included in Sterling’s consolidated financial statements as a consolidated variable interest entity from the date it was acquired.

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During the quarter ended December 31, 2024 the Trust determined that when allocating the purchase price for the Urban Plains acquisition, no value was assigned to an assumed interest rate derivative which resulted in an error in the purchase price allocation. The error has been corrected during the quarter and properly reflected in the financial statements as of and for the year ended December 31, 2024. The impact of this error to the previously reported amounts for the three months ended June 30, 2024 is as follows:

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The table below represents a summary of the purchase accounting allocation and reconciliation to net cash consideration of the properties acquired.

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