v3.26.3
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Income from rental operations        
Real estate rental income $ 46,370 $ 43,730 $ 136,628 $ 128,910
Expenses from rental operations        
Operating expenses 18,652 19,228 56,373 53,695
Real estate taxes 4,211 4,682 13,131 12,764
Depreciation and amortization 7,093 7,592 22,246 21,313
Interest 7,370 6,828 21,885 19,469
Total expenses from rental operations 37,326 38,330 113,635 107,241
Loss on impairment of property   735   735
Administration of REIT 1,430 1,391 4,514 4,335
Total expenses 38,756 40,456 118,149 112,311
Income from operations 7,614 3,274 18,479 16,599
Other income (loss)        
Equity in income (losses) of unconsolidated affiliates (249) (870) 112 (2,767)
Other income 120 273 592 666
Gain on sale or conversion of real estate investments 1,082   1,082  
Gain on involuntary conversion     239  
Total other income (loss) 953 (597) 2,025 (2,101)
Net income 8,567 2,677 20,504 14,498
Net income (loss) attributable to noncontrolling interest:        
Operating partnership 5,055 1,622 12,151 8,735
Partially owned properties (42) (52) (152) (309)
Net income attributable to Sterling Real Estate Trust $ 3,554 $ 1,107 $ 8,505 $ 6,072
Net income attributable to Sterling Real Estate Trust per common share, basic (in dollars per share) $ 0.26 $ 0.08 $ 0.64 $ 0.47
Net income attributable to Sterling Real Estate Trust per common share, diluted (in dollars per share) $ 0.26 $ 0.08 $ 0.64 $ 0.47
Comprehensive income        
Net income $ 8,567 $ 2,677 $ 20,504 $ 14,498
Other comprehensive income (loss):        
Gain on cash flow hedges 3,476 139 5,788 (2,528)
Cash flow hedge losses reclassified to earnings (557) (787) (1,668) (2,358)
Total other comprehensive gain (loss) 2,919 (648) 4,120 (4,886)
Total comprehensive income 11,486 2,029 24,624 9,612
Comprehensive income attributable to noncontrolling interest 6,725 1,186 14,423 5,544
Comprehensive income attributable to Sterling Real Estate Trust $ 4,761 $ 843 $ 10,201 $ 4,068
Weighted average common shares outstanding, basic (in shares) 13,475,000 13,032,000 13,359,000 12,970,000
Weighted average common shares outstanding, diluted (in shares) 13,475,000 13,032,000 13,359,000 12,970,000