<!--Enhanced HTML document created with Toppan Merrill Bridge  9.7.0.58--><!--Created on: 6/30/2020 01:10:00 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1pt;padding-bottom:1pt;padding-top:1pt;text-align:center;border-bottom:1.0pt solid #000000;border-top:3.0pt solid #000000;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:14pt;font-weight:bold;">UNITED STATES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:14pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Washington, D.C. 20549</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:18pt;font-weight:bold;">FORM 8-K </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:7pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">CURRENT REPORT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Date of Report (Date of earliest event reported): June 25, 2020</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:24pt;font-weight:bold;">Sterling Real Estate Trust</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">dba Sterling Multifamily Trust</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Exact name of registrant as specified in its charter)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:31.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:31.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:31.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:31.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">North Dakota</b></p></td><td style="vertical-align:top;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:top;width:31.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">000-54295</b></p></td><td style="vertical-align:top;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:top;width:31.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">90-0115411</b></p></td></tr><tr><td style="vertical-align:top;width:31.95%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(State or other Jurisdiction of<br>Incorporation)</p></td><td style="vertical-align:top;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:31.95%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Commission File Number)</p></td><td style="vertical-align:top;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:31.95%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(IRS Employer Identification No.)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:50.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:2.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:47.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:50.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">1711 Gold Drive S., Suite 100</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Fargo, North Dakota</b></p></td><td style="vertical-align:bottom;width:2.78%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:47.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">58103</b></p></td></tr><tr><td style="vertical-align:bottom;width:50.08%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Address of Principal Executive Offices)</p></td><td style="vertical-align:bottom;width:2.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:47.13%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Zip Code)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Registrant&#8217;s telephone number, including area code: <b style="font-weight:bold;">(701) 353-2720</b></p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:23%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:53.99%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:22.99%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:23%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:53.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:22.99%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:23%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:53.99%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Former name or former address if changed since last report.)</p></td><td style="vertical-align:top;width:22.99%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Securities Registered pursuant to Section 12(b) of the Act</p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:33.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:23.23%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:43.42%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Title of Each Class</p></td><td style="vertical-align:top;width:23.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Trading Symbol(s)</p></td><td style="vertical-align:top;width:43.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Name of each exchange on which registered</p></td></tr><tr><td style="vertical-align:top;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Common Shares, $0.01 par value per share</p></td><td style="vertical-align:top;width:23.23%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">N/A</p></td><td style="vertical-align:top;width:43.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">N/A</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-family:'Times New Roman';">&#9723;</font> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-family:'Wingdings';visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-family:'Times New Roman';">&#9723;</font> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-family:'Times New Roman';">&#9723;</font> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-family:'Times New Roman';">&#9723;</font> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p><p style="border-bottom-style:none;font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="border-bottom-style:none;font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:0pt;padding-top:0pt;margin:0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167; 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167; 240.12b-2).</p><p style="border-bottom-style:none;font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:0pt;padding-top:0pt;margin:0pt;">Emerging growth company <font style="font-family:'Times New Roman';">&#9723;</font></p><p style="border-bottom-style:none;font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:0pt;padding-top:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="padding-bottom:1.0px;border-bottom:3.0pt solid #000000;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:1pt;padding-top:0pt;border-bottom:1.0pt solid #000000;margin:0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <font style="font-family:'Times New Roman';">&#9723;</font>&#160;&#160;&#160;&#160;</p></div><p style="display:none;line-height:0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Section 1 &#8211; Registrants&#8217; Business and Operations</b></p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item&#160;1.01 Amendment of a Material Definitive Agreement.</b></p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;letter-spacing:0.05pt;">A</i><i style="font-style:italic;">m</i><i style="font-style:italic;letter-spacing:0.05pt;">en</i><i style="font-style:italic;letter-spacing:-0.05pt;">d</i><i style="font-style:italic;letter-spacing:0.05pt;">e</i><i style="font-style:italic;">d</i><i style="font-style:italic;letter-spacing:-0.25pt;"> </i><i style="font-style:italic;letter-spacing:0.05pt;">a</i><i style="font-style:italic;letter-spacing:-0.05pt;">n</i><i style="font-style:italic;">d</i><i style="font-style:italic;letter-spacing:-0.05pt;"> </i><i style="font-style:italic;letter-spacing:0.05pt;">Re</i><i style="font-style:italic;letter-spacing:-0.05pt;">s</i><i style="font-style:italic;">t</i><i style="font-style:italic;letter-spacing:0.05pt;">a</i><i style="font-style:italic;">t</i><i style="font-style:italic;letter-spacing:0.05pt;">e</i><i style="font-style:italic;">d</i><i style="font-style:italic;letter-spacing:-0.25pt;"> Redemption</i><i style="font-style:italic;letter-spacing:-0.4pt;"> </i><i style="font-style:italic;letter-spacing:0.05pt;">P</i><i style="font-style:italic;">l</i><i style="font-style:italic;letter-spacing:-0.05pt;">a</i><i style="font-style:italic;letter-spacing:0.05pt;">n</i><i style="font-style:italic;">s</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">On <font style="letter-spacing:0.05pt;">June 25, 2020</font>,<font style="letter-spacing:-0.25pt;"> </font><font style="letter-spacing:0.1pt;">t</font><font style="letter-spacing:-0.05pt;">h</font>e<font style="letter-spacing:-0.05pt;"> </font><font style="letter-spacing:0.1pt;">Trust</font><font style="letter-spacing:-0.3pt;"> </font><font style="letter-spacing:0.05pt;">ame</font><font style="letter-spacing:-0.05pt;">n</font><font style="letter-spacing:0.05pt;">de</font>d<font style="letter-spacing:-0.25pt;"> </font>its<font style="letter-spacing:-0.1pt;"> </font><font style="letter-spacing:0.1pt;">Redemption</font><font style="letter-spacing:-0.4pt;"> </font>Pl<font style="letter-spacing:0.05pt;">an</font>s<font style="letter-spacing:-0.2pt;"> </font>to i<font style="letter-spacing:0.05pt;">nc</font><font style="letter-spacing:-0.05pt;">r</font><font style="letter-spacing:0.05pt;">ea</font><font style="letter-spacing:0.1pt;">s</font>e<font style="letter-spacing:-0.4pt;"> </font><font style="letter-spacing:0.1pt;">t</font><font style="letter-spacing:-0.05pt;">h</font>e<font style="letter-spacing:-0.05pt;"> </font><font style="letter-spacing:0.05pt;">ag</font><font style="letter-spacing:-0.05pt;">g</font><font style="letter-spacing:0.05pt;">rega</font>te<font style="letter-spacing:-0.35pt;"> </font><font style="letter-spacing:0.05pt;">ma</font><font style="letter-spacing:-0.05pt;">x</font>i<font style="letter-spacing:0.05pt;">mu</font>m<font style="letter-spacing:-0.3pt;"> </font><font style="letter-spacing:0.05pt;">a</font><font style="letter-spacing:-0.05pt;">m</font><font style="letter-spacing:0.05pt;">ou</font><font style="letter-spacing:-0.05pt;">n</font>t<font style="letter-spacing:-0.3pt;"> </font><font style="letter-spacing:0.05pt;">o</font>f<font style="letter-spacing:-0.05pt;"> s</font><font style="letter-spacing:0.05pt;">hare</font>s<font style="letter-spacing:-0.25pt;"> </font><font style="letter-spacing:0.05pt;">a</font><font style="letter-spacing:-0.05pt;">n</font>d<font style="letter-spacing:-0.05pt;"> </font><font style="letter-spacing:0.05pt;">u</font><font style="letter-spacing:-0.05pt;">n</font>i<font style="letter-spacing:0.1pt;">t</font>s<font style="letter-spacing:-0.2pt;"> </font>t<font style="letter-spacing:0.05pt;">ha</font>t<font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:-0.05pt;">m</font><font style="letter-spacing:0.05pt;">a</font>y<font style="letter-spacing:-0.05pt;"> </font><font style="letter-spacing:0.05pt;">b</font>e <font style="letter-spacing:0.05pt;">re</font><font style="letter-spacing:-0.05pt;">d</font><font style="letter-spacing:0.05pt;">eeme</font>d<font style="letter-spacing:-0.3pt;"> </font><font style="letter-spacing:-0.05pt;">f</font><font style="letter-spacing:0.05pt;">ro</font>m<font style="letter-spacing:-0.1pt;"> </font><font style="letter-spacing:-0.05pt;">$</font><font style="letter-spacing:0.05pt;">35</font><font style="letter-spacing:-0.1pt;">.</font>0<font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:0.05pt;">m</font>illi<font style="letter-spacing:0.05pt;">o</font>n<font style="letter-spacing:-0.2pt;"> </font>to<font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:0.05pt;">$40.</font>0<font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:-0.05pt;">m</font><font style="letter-spacing:0.1pt;">i</font>lli<font style="letter-spacing:0.05pt;">o</font>n<font style="letter-spacing:-0.35pt;"> </font><font style="letter-spacing:0.05pt;">effec</font>ti<font style="letter-spacing:0.05pt;">v</font>e,<font style="letter-spacing:-0.4pt;"> </font><font style="letter-spacing:0.05pt;">June 25, 2020</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="letter-spacing:0.05pt;">Th</font>e<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:0.05pt;">de</font><font style="letter-spacing:-0.05pt;">s</font><font style="letter-spacing:0.05pt;">cr</font>i<font style="letter-spacing:0.05pt;">p</font>ti<font style="letter-spacing:0.05pt;">o</font>n<font style="letter-spacing:-0.35pt;"> </font><font style="letter-spacing:-0.05pt;">h</font><font style="letter-spacing:0.05pt;">ere</font>in<font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:-0.05pt;">o</font>f<font style="letter-spacing:-0.05pt;"> </font>t<font style="letter-spacing:0.05pt;">h</font>e<font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:0.15pt;">A</font><font style="letter-spacing:-0.05pt;">m</font><font style="letter-spacing:0.05pt;">ende</font>d<font style="letter-spacing:-0.45pt;"> </font><font style="letter-spacing:0.05pt;">an</font>d<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:0.1pt;">R</font><font style="letter-spacing:0.05pt;">e</font><font style="letter-spacing:-0.05pt;">s</font><font style="letter-spacing:0.1pt;">t</font><font style="letter-spacing:0.05pt;">a</font>t<font style="letter-spacing:0.05pt;">e</font>d<font style="letter-spacing:-0.4pt;"> </font><font style="letter-spacing:0.1pt;">Redemption</font><font style="letter-spacing:-0.4pt;"> </font>Pl<font style="letter-spacing:0.05pt;">an</font>s<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:0.05pt;">ar</font>e<font style="letter-spacing:-0.05pt;"> q</font><font style="letter-spacing:0.05pt;">ua</font>li<font style="letter-spacing:0.05pt;">f</font>i<font style="letter-spacing:0.05pt;">e</font>d<font style="letter-spacing:-0.25pt;"> </font>in<font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:0.1pt;">t</font><font style="letter-spacing:-0.05pt;">h</font><font style="letter-spacing:0.05pt;">e</font>ir<font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:0.05pt;">en</font>ti<font style="letter-spacing:0.05pt;">re</font>t<font style="letter-spacing:-0.05pt;">y</font>,<font style="letter-spacing:-0.3pt;"> </font><font style="letter-spacing:0.05pt;">an</font>d<font style="letter-spacing:-0.2pt;"> </font>t<font style="letter-spacing:0.05pt;">h</font>e<font style="letter-spacing:-0.05pt;"> </font>t<font style="letter-spacing:0.05pt;">erm</font>s<font style="letter-spacing:-0.2pt;"> </font>t<font style="letter-spacing:0.05pt;">he</font><font style="letter-spacing:-0.05pt;">r</font><font style="letter-spacing:0.05pt;">e</font><font style="letter-spacing:0.1pt;">i</font>n<font style="letter-spacing:-0.35pt;"> </font><font style="letter-spacing:0.05pt;">ar</font>e<font style="letter-spacing:-0.05pt;"> </font>i<font style="letter-spacing:0.05pt;">n</font><font style="letter-spacing:-0.1pt;">c</font><font style="letter-spacing:0.05pt;">orp</font><font style="letter-spacing:-0.05pt;">o</font><font style="letter-spacing:0.05pt;">ra</font>t<font style="letter-spacing:0.05pt;">e</font>d <font style="letter-spacing:0.05pt;">he</font><font style="letter-spacing:-0.05pt;">r</font><font style="letter-spacing:0.05pt;">e</font><font style="letter-spacing:0.1pt;">i</font><font style="letter-spacing:-0.05pt;">n</font>,<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:0.05pt;">b</font>y<font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:0.05pt;">refe</font><font style="letter-spacing:-0.05pt;">r</font><font style="letter-spacing:0.05pt;">enc</font>e<font style="letter-spacing:-0.3pt;"> </font>to<font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:0.1pt;">t</font><font style="letter-spacing:-0.05pt;">h</font>e<font style="letter-spacing:-0.05pt;"> </font>A<font style="letter-spacing:0.05pt;">men</font><font style="letter-spacing:-0.05pt;">d</font><font style="letter-spacing:0.05pt;">e</font>d<font style="letter-spacing:-0.3pt;"> </font><font style="letter-spacing:0.05pt;">an</font>d<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:0.1pt;">R</font><font style="letter-spacing:0.05pt;">e</font><font style="letter-spacing:-0.05pt;">s</font>t<font style="letter-spacing:0.05pt;">a</font>t<font style="letter-spacing:0.05pt;">e</font>d<font style="letter-spacing:-0.25pt;"> </font><font style="letter-spacing:-0.05pt;">Redemption </font><font style="letter-spacing:0.1pt;">P</font>l<font style="letter-spacing:0.05pt;">an</font>s<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:0.05pt;">f</font>il<font style="letter-spacing:0.05pt;">e</font>d<font style="letter-spacing:-0.25pt;"> </font><font style="letter-spacing:0.05pt;">a</font>s <font style="letter-spacing:-0.05pt;">E</font><font style="letter-spacing:0.05pt;">xh</font>i<font style="letter-spacing:0.05pt;">b</font>its<font style="letter-spacing:-0.35pt;"> </font><font style="letter-spacing:0.05pt;">10.1</font><font style="letter-spacing:-0.1pt;"> </font><font style="letter-spacing:0.05pt;">an</font>d<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:0.05pt;">10.2,</font><font style="letter-spacing:-0.1pt;"> </font><font style="letter-spacing:-0.05pt;">h</font><font style="letter-spacing:0.05pt;">ere</font>t<font style="letter-spacing:0.05pt;">o</font>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Amended and Restated Dividend Reinvestment Plan</i></p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">On June 25, 2020, the Trust amended its Dividend Reinvestment Plan to increase the number of shares authorized to be issued under the Plan from 4,000,000 shares of common stock to 6,000,000 shares of common stock effective June 25, 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="letter-spacing:0.05pt;">Th</font>e<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:0.05pt;">de</font><font style="letter-spacing:-0.05pt;">s</font><font style="letter-spacing:0.05pt;">cr</font>i<font style="letter-spacing:0.05pt;">p</font>ti<font style="letter-spacing:0.05pt;">o</font>n<font style="letter-spacing:-0.35pt;"> </font><font style="letter-spacing:-0.05pt;">h</font><font style="letter-spacing:0.05pt;">ere</font>in<font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:-0.05pt;">o</font>f<font style="letter-spacing:-0.05pt;"> </font>t<font style="letter-spacing:0.05pt;">h</font>e<font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:0.15pt;">A</font><font style="letter-spacing:-0.05pt;">m</font><font style="letter-spacing:0.05pt;">ende</font>d<font style="letter-spacing:-0.45pt;"> </font><font style="letter-spacing:0.05pt;">an</font>d<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:0.1pt;">R</font><font style="letter-spacing:0.05pt;">e</font><font style="letter-spacing:-0.05pt;">s</font><font style="letter-spacing:0.1pt;">t</font><font style="letter-spacing:0.05pt;">a</font>t<font style="letter-spacing:0.05pt;">e</font>d<font style="letter-spacing:-0.4pt;"> </font><font style="letter-spacing:0.1pt;">Dividend Reinvestment Plan is</font><font style="letter-spacing:-0.05pt;"> q</font><font style="letter-spacing:0.05pt;">ua</font>li<font style="letter-spacing:0.05pt;">f</font>i<font style="letter-spacing:0.05pt;">e</font>d<font style="letter-spacing:-0.25pt;"> </font>in<font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:0.1pt;">its</font><font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:0.05pt;">en</font>ti<font style="letter-spacing:0.05pt;">re</font>t<font style="letter-spacing:-0.05pt;">y</font>,<font style="letter-spacing:-0.3pt;"> </font><font style="letter-spacing:0.05pt;">an</font>d<font style="letter-spacing:-0.2pt;"> </font>t<font style="letter-spacing:0.05pt;">h</font>e<font style="letter-spacing:-0.05pt;"> </font>t<font style="letter-spacing:0.05pt;">erm</font>s<font style="letter-spacing:-0.2pt;"> </font>t<font style="letter-spacing:0.05pt;">he</font><font style="letter-spacing:-0.05pt;">r</font><font style="letter-spacing:0.05pt;">e</font><font style="letter-spacing:0.1pt;">i</font>n<font style="letter-spacing:-0.35pt;"> </font><font style="letter-spacing:0.05pt;">ar</font>e<font style="letter-spacing:-0.05pt;"> </font>i<font style="letter-spacing:0.05pt;">n</font><font style="letter-spacing:-0.1pt;">c</font><font style="letter-spacing:0.05pt;">orp</font><font style="letter-spacing:-0.05pt;">o</font><font style="letter-spacing:0.05pt;">ra</font>t<font style="letter-spacing:0.05pt;">e</font>d <font style="letter-spacing:0.05pt;">he</font><font style="letter-spacing:-0.05pt;">r</font><font style="letter-spacing:0.05pt;">e</font><font style="letter-spacing:0.1pt;">i</font><font style="letter-spacing:-0.05pt;">n</font>,<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:0.05pt;">b</font>y<font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:0.05pt;">refe</font><font style="letter-spacing:-0.05pt;">r</font><font style="letter-spacing:0.05pt;">enc</font>e<font style="letter-spacing:-0.3pt;"> </font>to<font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:0.1pt;">t</font><font style="letter-spacing:-0.05pt;">h</font>e<font style="letter-spacing:-0.05pt;"> </font>A<font style="letter-spacing:0.05pt;">men</font><font style="letter-spacing:-0.05pt;">d</font><font style="letter-spacing:0.05pt;">e</font>d<font style="letter-spacing:-0.3pt;"> </font><font style="letter-spacing:0.05pt;">an</font>d<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:0.1pt;">R</font><font style="letter-spacing:0.05pt;">e</font><font style="letter-spacing:-0.05pt;">s</font>t<font style="letter-spacing:0.05pt;">a</font>t<font style="letter-spacing:0.05pt;">e</font>d<font style="letter-spacing:-0.25pt;"> Dividend Reinvestment Plan</font><font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:0.05pt;">f</font>il<font style="letter-spacing:0.05pt;">e</font>d<font style="letter-spacing:-0.25pt;"> </font><font style="letter-spacing:0.05pt;">a</font>s <font style="letter-spacing:-0.05pt;">E</font><font style="letter-spacing:0.05pt;">xh</font>i<font style="letter-spacing:0.05pt;">b</font>its<font style="letter-spacing:-0.35pt;"> </font><font style="letter-spacing:0.05pt;">10.3,</font><font style="letter-spacing:-0.1pt;"> </font><font style="letter-spacing:-0.05pt;">h</font><font style="letter-spacing:0.05pt;">ere</font>t<font style="letter-spacing:0.05pt;">o.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Section 5 &#8211; Corporate Governance and Management</b> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item&#160;5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.</b></p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(c) On June 25, 2020, the Trust&#8217;s Board of Trustees appointed Joel S. Thomsen as the Trust&#8217;s President, Ryan M. Downs as the Trust&#8217;s Chief Investment Officer, and Wayne W. Carlson as the Trust&#8217;s General Counsel and Secretary.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Mr. Carlson, 54 years of age, has over 30 years of experience in general corporate practice, mergers and acquisitions, commercial transactions, agribusiness, securities, finance, and real estate. Prior to Sterling, Mr. Carlson was an attorney with the Fredrikson &amp; Byron law firm. He also previously served as Senior Vice President and General Counsel of AgCountry Farm Credit Services and as an attorney with the Vogel Law Firm.&#160; He is licensed to practice law in North Dakota and Minnesota.&#160; He holds a Bachelor of Science degree in Economics from North Dakota State University and a Juris Doctor degree from the University of Minnesota Law School.&#160; Mr. Carlson, since October 2018, has served as General Counsel of Sterling Management, LLC, the Advisor to the Trust.<font style="font-family:'TimesNewRoman';"> As with other Trust officers, Mr. Carlson will not receive any compensation for serving in these positions. </font><font style="white-space:pre-wrap;">With respect to the disclosure required by Item 401(d) of Regulation S-K, there are no family relationships between Mr. Carlson and any of the Trust&#8217;s directors or executive officers.  With respect to Item 404(a) of Regulation S-K, there are no relationships or related transactions between Mr. Carlson and the Trust that would be required to be reported.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item 5.07 Submission of Matters to a Vote of Security Holders.</b> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="white-space:pre-wrap;">On June 25, 2020, Sterling Real Estate Trust (the &#8220;Trust&#8221;) held its annual meeting of shareholders.  At the meeting, the Trust&#8217;s shareholders approved the following proposals as stated in the Definitive Proxy Statement on Form DEF 14A filed with the SEC on April 29, 2020: </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">1.</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Election of eight trustees to serve until the next annual meeting of shareholders and until their successors are duly elected and qualified. The result of the votes to elect the eight trustees was as follows:</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="background-color:#ffffff;border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:79.99%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:38.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:15.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:14.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:19.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="background-color:#ffffff;vertical-align:bottom;width:38.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Nominee</b></p></td><td style="background-color:#ffffff;vertical-align:bottom;white-space:nowrap;width:3.7%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="background-color:#ffffff;vertical-align:bottom;width:15.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">For</b></p></td><td style="background-color:#ffffff;vertical-align:bottom;white-space:nowrap;width:3.7%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="background-color:#ffffff;vertical-align:bottom;width:14.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Withheld</b></p></td><td style="background-color:#ffffff;vertical-align:bottom;white-space:nowrap;width:3.7%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="background-color:#ffffff;vertical-align:bottom;width:19.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Broker&#160;Non-Vote</b></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:top;width:38.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">Ann L. Christenson</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:top;width:15.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">5,160,232</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:top;width:14.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">35,870</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:top;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0&#160;</p></td></tr><tr><td style="vertical-align:top;width:38.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">Timothy Haugen</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:15.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">5,189,004</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">7,099</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0&#160;</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:top;width:38.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">Timothy Hunt</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:top;width:15.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">5,189,004</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:top;width:14.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">7,099</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:top;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0&#160;</p></td></tr><tr><td style="vertical-align:top;width:38.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">Michelle Korsmo</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:15.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">5,189,004</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">7,099</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0&#160;</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:top;width:38.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">Mark T. Polovitz</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:top;width:15.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">5,160,232</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:top;width:14.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">35,870</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:top;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0&#160;</p></td></tr><tr><td style="vertical-align:top;width:38.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">Kenneth P. Regan</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:15.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">5,175,832</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;20,271</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0&#160;</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:top;width:38.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">James S. Wieland</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:top;width:15.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">5,175,832</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:top;width:14.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">20,271</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:top;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0&#160;</p></td></tr><tr><td style="vertical-align:top;width:38.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">Lance R. Wolf</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:15.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">5,189,004</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">7,099</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0&#160;</p></td></tr><tr><td style="vertical-align:top;width:38.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:15.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:19.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="background-color:#ffffff;font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">2.</td><td style="background-color:#ffffff;padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Ratification of the appointment of Baker Tilly Virchow Krause, LLP to serve as independent registered public accounting firm for the year ending December 31, 2020. The proposal received: 5,184,248 For; 5,927 Against; and 5,928 Abstained.</font></td></tr></table><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item 9.01. Financial Statements and Exhibits.</b></p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(d) Exhibits</p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:9.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:2.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:87.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:9.85%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Exhibit</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.</b></p></td><td style="vertical-align:bottom;width:2.28%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;width:87.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Title</b></p></td></tr><tr><td style="vertical-align:bottom;width:9.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-align:center;text-indent:-7.2pt;margin:0pt;">10.1</p></td><td style="vertical-align:bottom;width:2.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:87.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a href="tmb-20200625xex10d1.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Amended and Restated Share Redemption Plan effective June 25, 2020</font></a></p></td></tr><tr style="height:18.9pt;"><td style="vertical-align:bottom;width:9.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-align:center;text-indent:-7.2pt;margin:0pt;">10.2</p></td><td style="vertical-align:bottom;width:2.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:87.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a href="tmb-20200625xex10d2.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Amended and Restated Unit Redemption Plan effective June 25, 2020</font></a></p></td></tr><tr style="height:18.9pt;"><td style="vertical-align:bottom;width:9.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-align:center;text-indent:-7.2pt;margin:0pt;">10.3</p></td><td style="vertical-align:bottom;width:2.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:87.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a href="tmb-20200625xex10d3.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Amended and Restated Dividend Reinvestment Plan effective June 25, 2020</font></a></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SIGNATURES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:3.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:46.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Sterling Real Estate Trust</b></p></td></tr><tr><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Date: June 30, 2020</p></td><td colspan="2" style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td style="vertical-align:bottom;width:46.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Joel S. Thomsen</p></td></tr><tr><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Name: Joel S. Thomsen</p></td></tr><tr><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Title: President</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:avoid;width:79.41%;border-width:0;"></body></html>
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​
​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
​
FORM 8-K
​
​
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
​
Date of Report (Date of earliest event reported): June 25, 2020
​
Sterling Real Estate Trust
dba Sterling Multifamily Trust
(Exact name of registrant as specified in its charter)
​
​
​
​
​
​
North Dakota
000-54295
90-0115411
(State or other Jurisdiction of
Incorporation)
​
(Commission File Number)
​
(IRS Employer Identification No.)
​
​
​
​
​
1711 Gold Drive S., Suite 100
Fargo, North Dakota
​
58103
(Address of Principal Executive Offices)
​
(Zip Code)
​
Registrant's telephone number, including area code:
(701) 353-2720
​
​
​
​
​
​
​
(Former name or former address if changed since last report.)
​
​
Securities Registered pursuant to Section 12(b) of the Act
​
​
​
Title of Each Class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares, $0.01 par value per share
N/A
N/A
​
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
​
◻
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
​
◻
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
​
◻
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
​
◻
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
​
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR § 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR § 240.12b-2).
Emerging growth company
◻
​
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
◻
Section 1 – Registrants' Business and Operations
​
Item 1.01 Amendment of a Material Definitive Agreement.
​
A
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Redemption
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On
June 25, 2020
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June 25, 2020
.
​
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10.1
an
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10.2,
h
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o
.
​
Amended and Restated Dividend Reinvestment Plan
On June 25, 2020, the Trust amended its Dividend Reinvestment Plan to increase the number of shares authorized to be issued under the Plan from 4,000,000 shares of common stock to 6,000,000 shares of common stock effective June 25, 2020.
​
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Dividend Reinvestment Plan is
q
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Dividend Reinvestment Plan
f
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10.3,
h
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o.
​
Section 5 – Corporate Governance and Management
​
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
​
(c) On June 25, 2020, the Trust's Board of Trustees appointed Joel S. Thomsen as the Trust's President, Ryan M. Downs as the Trust's Chief Investment Officer, and Wayne W. Carlson as the Trust's General Counsel and Secretary.
​
Mr. Carlson, 54 years of age, has over 30 years of experience in general corporate practice, mergers and acquisitions, commercial transactions, agribusiness, securities, finance, and real estate. Prior to Sterling, Mr. Carlson was an attorney with the Fredrikson & Byron law firm. He also previously served as Senior Vice President and General Counsel of AgCountry Farm Credit Services and as an attorney with the Vogel Law Firm.  He is licensed to practice law in North Dakota and Minnesota.  He holds a Bachelor of Science degree in Economics from North Dakota State University and a Juris Doctor degree from the University of Minnesota Law School.  Mr. Carlson, since October 2018, has served as General Counsel of Sterling Management, LLC, the Advisor to the Trust.
As with other Trust officers, Mr. Carlson will not receive any compensation for serving in these positions.
With respect to the disclosure required by Item 401(d) of Regulation S-K, there are no family relationships between Mr. Carlson and any of the Trust's directors or executive officers.  With respect to Item 404(a) of Regulation S-K, there are no relationships or related transactions between Mr. Carlson and the Trust that would be required to be reported.
​
Item 5.07 Submission of Matters to a Vote of Security Holders.
​
On June 25, 2020, Sterling Real Estate Trust (the "Trust") held its annual meeting of shareholders.  At the meeting, the Trust's shareholders approved the following proposals as stated in the Definitive Proxy Statement on Form DEF 14A filed with the SEC on April 29, 2020:
​
1.
Election of eight trustees to serve until the next annual meeting of shareholders and until their successors are duly elected and qualified. The result of the votes to elect the eight trustees was as follows:
​
Nominee
For
Withheld
Broker Non-Vote
Ann L. Christenson
​
5,160,232
​
35,870
​
0
Timothy Haugen
​
5,189,004
​
7,099
​
0
Timothy Hunt
​
5,189,004
​
7,099
​
0
Michelle Korsmo
​
5,189,004
​
7,099
​
0
Mark T. Polovitz
​
5,160,232
​
35,870
​
0
Kenneth P. Regan
​
5,175,832
​
20,271
​
0
James S. Wieland
​
5,175,832
​
20,271
​
0
Lance R. Wolf
​
5,189,004
​
7,099
​
0
​
​
​
​
​
​
​
​
2.
Ratification of the appointment of Baker Tilly Virchow Krause, LLP to serve as independent registered public accounting firm for the year ending December 31, 2020. The proposal received: 5,184,248 For; 5,927 Against; and 5,928 Abstained.
​
​
Item 9.01. Financial Statements and Exhibits.
​
(d) Exhibits
​
​
​
​
​
Exhibit
No.
Title
10.1
​
Amended and Restated Share Redemption Plan effective June 25, 2020
10.2
​
Amended and Restated Unit Redemption Plan effective June 25, 2020
10.3
​
Amended and Restated Dividend Reinvestment Plan effective June 25, 2020
​
​
SIGNATURES
​
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
​
​
​
​
​
Sterling Real Estate Trust
​
​
Date: June 30, 2020
​
​
By:
/s/ Joel S. Thomsen
​
Name: Joel S. Thomsen
​
Title: President
​