Sterling Real Estate Trust Appoints New CFO and Treasurer, Pays 89th Consecutive Dividend
Sterling Real Estate Trust – doing business as Sterling Multifamily Trust, a North Dakota-based, multifamily real estate investment trust – announced that it has appointed Megan E. Schreiner as chief financial officer and treasurer, effective immediately, following the previously disclosed resignation of Elizabeth Reich.
The trust did not disclose any further executive moves in its announcement.
According to the trust, Schreiner has served as president of the trust since Jan. 1, 2024. She originally joined Sterling Management LLC as a financial accountant in August 2013. Prior to joining Sterling Management, Schreiner practiced as an auditor for a local CPA firm.
She received her Bachelor of Science degrees in accounting and finance from Minnesota State University Moorhead and is a certified public accountant licensed in North Dakota.
In similar news, the trust also highlighted activities for the quarterly period ended March 31, 2025. According to the report, the trust increased revenues from rental operations by $21,604, or 15.7%, for the first quarter of 2025, compared to the same three-month period in 2024.
The trust also reported property revenues of $42,180 for the first three months of 2025, an increase of $4,920 or 13.2%, compared to the same period in 2024.
Occupancy, as of March 31, was 92.8% for residential and 90.9% for commercial, a slight increase over last year’s occupancy of 92.1% and 90.6%, respectively.
Finally, the trust stated that it declared and paid dividends of $0.30 per common share for the three months ending March 31, 2025. This payment represents the trust’s 89th consecutive quarterly dividend of $0.30 per share and was paid to shareholders of record at the close of business on March 31, 2025. This dividend represents a 5% annual yield given the current share price of $24.00 per share.
Based in Fargo, N.D., Sterling Real Estate Trust was formed to invest in a portfolio of multifamily properties. From 2002 to 2010, the trust operated as a private, non-listed REIT. In 2011, the trust registered with the SEC and became a public non-listed REIT.
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