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			sret_Current_Folio_8K
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:14pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:12pt;">Washington, D.C. 20549</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:18pt;">FORM 8-K</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:12pt;">CURRENT REPORT</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:12pt;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Date of Report (Date of earliest event reported): December 12, 2019</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:24pt;">Sterling Real Estate Trust</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:12pt;">dba Sterling Multifamily Trust</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;">(Exact name of registrant as specified in its charter)</font>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">North Dakota</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">000-54295</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">90-0115411</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;">(State or other Jurisdiction of<br></font><font style="display:inline;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;">Incorporation)</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;">(Commission File Number)</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;">(IRS Employer Identification No.)</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">1711 Gold Drive S., Suite 100</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Fargo, North Dakota</font></p>
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						<font style="display:inline;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">58103</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;">(Address of Principal Executive Offices)</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;">(Zip Code)</font></p>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;">Registrant&#x2019;s telephone number, including area code: </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">(701) 353-2720</font>
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			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;">(Former name or former address if changed since last report.)</font></p>
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			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;">Securities Registered pursuant to Section 12(b) of the Act</font>
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			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">Title of Each Class</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;">Trading Symbol(s)</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;">Name of each exchange on which registered</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;">Common Shares, $0.01 par value per share</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">N/A</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">N/A</font></p>
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			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;">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:</font>
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			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;">&#x2610;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font>
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			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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			<font style="display:inline;">&#x2610;</font><font style="display:inline;font-family:Times New Roman,Times,serif;"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font>
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			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;">&#x2610;</font><font style="display:inline;font-family:Times New Roman,Times,serif;"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font>
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			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;">&#x2610;</font><font style="display:inline;font-family:Times New Roman,Times,serif;"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">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 &#xA7; 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#xA7; 240.12b-2).</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">Emerging growth company </font><font style="display:inline;color:#000000;">&#x2610;</font>
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			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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		<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">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><font style="display:inline;color:#000000;">&#x2610;</font>
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		<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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			<font style="display:inline;font-size:1pt;">&nbsp;</font>
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			&nbsp;
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			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"><font style="display:inline;"></font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Section 1 &#x2013; Registrants&#x2019; Business and Operations</font>
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			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Item 7.01 Regulation FD Disclosure</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-style:italic;">Share and Unit Price Increase</font>
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			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">The Board of Trustees approved an increase in the common share price from $19.00 per share to $19.25 per share effective January 1, 2020.</font>
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			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">The Board of Trustees, acting as general partner of Sterling Properties, LLLP, also approved an increase in the limited liability limited partnership unit price from $19.00 per unit to $19.25 per unit effective January 1, 2020.</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">In connection with the above changes, the Board of Trustees also approved a revision of the share and unit redemption price effective January 1, 2020 to $18.25 per share or unit, respectively.&nbsp;&nbsp;A copy of the revised Share and Unit Redemption Plans reflecting the revised price are filed at Exhibit 99.1 and 99.2, respectively.</font>
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			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">In determining the fair value of the shares and limited partnership units, the Board relied upon their experience with, and knowledge about, the Trust&#x2019;s real estate portfolio and debt obligations.&nbsp;&nbsp;The Board typically determines the share price on an annual basis. The trustees determine the price in their discretion and use data points to guide their determination which is typically based on a consensus of opinion. In addition, the Board considers how the price chosen will affect existing share and unit values, redemption prices, dividend coverage ratios, yield&nbsp;percentages, dividend reinvestment factors, and future UPREIT transactions, among other considerations and information.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">Determination of price is a matter within the Board&#x2019;s sole discretion. The Trust does not determine price based on any rote formula or specific factors. At this time, no shares are held in street name accounts and the Trust is not subject to FINRA&#x2019;s specific pricing requirements set out in Rule&nbsp;2340 or otherwise. Thus, the Trust does not employ any specific valuation methodology or formula. Rather, the Board looks to available data and information, which is often adjusted and weighted to comport more closely with the assets held by the Trust at the time of valuation. The principal valuation methodology utilized is the NAV calculation method. The information made available to the Board is assembled by the Trust&#x2019;s Advisor.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">As with any valuation methodology, the methodologies utilized by the Board in reaching an estimate of the value of the shares and limited partnership units are based upon a number of estimates, assumptions, judgments or opinions that may, or may not, prove to be correct.&nbsp;&nbsp;The use of different estimates, assumptions, judgments, or opinions would likely have resulted in significantly different estimates of the value of the shares and limited partnership units.&nbsp;&nbsp;In addition, the Board&#x2019;s estimate of share and limited partnership unit value is not based on the book values of our real estate, as determined by GAAP, as our book value for most real estate is based on the amortized cost of the property, subject to certain adjustments.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">Furthermore, in reaching an estimate of the value of the shares and limited partnership units, the Board applied a liquidity discount of 25% to one valuation scenario in order to reflect the fact that the shares and limited partnership units are not currently traded on a national securities exchange; a discount for debt that may include a prepayment obligation or a provision precluding assumption of the debt by a third party;&nbsp;&nbsp;or the costs that are likely to be incurred in connection with an appropriate exit strategy, whether that strategy might be a listing of the limited partnership units or common shares on a national securities exchange or a merger or sale of our portfolio.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Section 5 &#x2013; Corporate Governance and Management</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">On December 12, 2019, the Board of Trustees approved minor administrative changes to the Amended and Restated Bylaws. The description herein of the Amended and Restated Bylaws is qualified in its entirety, and the terms therein are incorporated herein, by reference to Amended and Restated Bylaws effective December 12, 2019 filed as Exhibit 3.1 hereto.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;">Item 9.01. Financial Statements and Exhibits.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">(d) Exhibits</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;">&nbsp;</font></p>
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:88.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:10.00%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Exhibit</font></p>
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">No.</font></p>
				</td>
				<td valign="bottom" style="width:02.00%;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 8pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:88.00%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Title</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:10.00%;border-top:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">3.1</font></p>
				</td>
				<td valign="bottom" style="width:02.00%;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:88.00%;border-top:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<a href="ex-3d1.htm"><font style="display:inline;font-family:Times New Roman,Times,serif;">Amended and Restated Bylaws effective December 12, 2019</font></a></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.00%;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:88.00%;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">99.1</font></p>
				</td>
				<td valign="bottom" style="width:02.00%;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:88.00%;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<a href="ex-99d1.htm"><font style="display:inline;font-family:Times New Roman,Times,serif;">Amended and Restated Share Repurchase Plan effective January 1, 2020</font></a></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.00%;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:88.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">99.2</font></p>
				</td>
				<td valign="bottom" style="width:02.00%;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:88.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<a href="ex-99d2.htm"><font style="display:inline;font-family:Times New Roman,Times,serif;">Amended and Restated Unit Repurchase Plan, effective January 1, 2020</font></a></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">SIGNATURES</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">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.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Sterling Real Estate Trust</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">Date: December 16, 2019</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
			</tr>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.70%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">By:</font></p>
				</td>
				<td valign="bottom" style="width:46.30%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">/s/ Ryan M. Downs</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">Name: Ryan M. Downs</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">Title: President</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:avoid;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div>
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{"company-data": {"conformed-name": "Sterling Real Estate Trust", "cik": "0001412502", "assigned-sic": "6798", "irs-number": "900115411", "state-of-incorporation": "ND", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-54295", "film-number": "191287585"}, "business-address": {"street1": "1711 GOLD DRIVE S", "street2": "SUITE 100", "city": "FARGO", "state": "ND", "zip": "58103", "phone": "701-353-2720"}, "mail-address": {"street1": "1711 GOLD DRIVE S", "street2": "SUITE 100", "city": "FARGO", "state": "ND", "zip": "58103"}, "former-company": {"former-conformed-name": "INREIT Real Estate Investment Trust", "date-changed": "20070917"}}
sret_Current_Folio_8K
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): December 12, 2019
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 7.01 Regulation FD Disclosure
Share and Unit Price Increase
The Board of Trustees approved an increase in the common share price from $19.00 per share to $19.25 per share effective January 1, 2020.
The Board of Trustees, acting as general partner of Sterling Properties, LLLP, also approved an increase in the limited liability limited partnership unit price from $19.00 per unit to $19.25 per unit effective January 1, 2020.
In connection with the above changes, the Board of Trustees also approved a revision of the share and unit redemption price effective January 1, 2020 to $18.25 per share or unit, respectively.  A copy of the revised Share and Unit Redemption Plans reflecting the revised price are filed at Exhibit 99.1 and 99.2, respectively.
In determining the fair value of the shares and limited partnership units, the Board relied upon their experience with, and knowledge about, the Trust's real estate portfolio and debt obligations.  The Board typically determines the share price on an annual basis. The trustees determine the price in their discretion and use data points to guide their determination which is typically based on a consensus of opinion. In addition, the Board considers how the price chosen will affect existing share and unit values, redemption prices, dividend coverage ratios, yield percentages, dividend reinvestment factors, and future UPREIT transactions, among other considerations and information.
Determination of price is a matter within the Board's sole discretion. The Trust does not determine price based on any rote formula or specific factors. At this time, no shares are held in street name accounts and the Trust is not subject to FINRA's specific pricing requirements set out in Rule 2340 or otherwise. Thus, the Trust does not employ any specific valuation methodology or formula. Rather, the Board looks to available data and information, which is often adjusted and weighted to comport more closely with the assets held by the Trust at the time of valuation. The principal valuation methodology utilized is the NAV calculation method. The information made available to the Board is assembled by the Trust's Advisor.
As with any valuation methodology, the methodologies utilized by the Board in reaching an estimate of the value of the shares and limited partnership units are based upon a number of estimates, assumptions, judgments or opinions that may, or may not, prove to be correct.  The use of different estimates, assumptions, judgments, or opinions would likely have resulted in significantly different estimates of the value of the shares and limited partnership units.  In addition, the Board's estimate of share and limited partnership unit value is not based on the book values of our real estate, as determined by GAAP, as our book value for most real estate is based on the amortized cost of the property, subject to certain adjustments.
Furthermore, in reaching an estimate of the value of the shares and limited partnership units, the Board applied a liquidity discount of 25% to one valuation scenario in order to reflect the fact that the shares and limited partnership units are not currently traded on a national securities exchange; a discount for debt that may include a prepayment obligation or a provision precluding assumption of the debt by a third party;  or the costs that are likely to be incurred in connection with an appropriate exit strategy, whether that strategy might be a listing of the limited partnership units or common shares on a national securities exchange or a merger or sale of our portfolio.
Section 5 – Corporate Governance and Management
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
On December 12, 2019, the Board of Trustees approved minor administrative changes to the Amended and Restated Bylaws. The description herein of the Amended and Restated Bylaws is qualified in its entirety, and the terms therein are incorporated herein, by reference to Amended and Restated Bylaws effective December 12, 2019 filed as Exhibit 3.1 hereto.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No.
Title
3.1
Amended and Restated Bylaws effective December 12, 2019
99.1
Amended and Restated Share Repurchase Plan effective January 1, 2020
99.2
Amended and Restated Unit Repurchase Plan, effective January 1, 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: December 16, 2019
By:
/s/ Ryan M. Downs
Name: Ryan M. Downs
Title: President