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Stockholder Equity and NonControlling Interests | 9 Months Ended
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Sep. 30, 2015
Equity [Abstract] |
Stockholder Equity and NonControlling Interests | NOTE 6: Shareholder Equity and Non-Controlling Interests Stockholder Equity Common Shares On September 17, 2015, IRT completed the TSRE merger. As a result of the Merger, each outstanding share of TSRE common stock was converted automatically into the right to receive (a) $3.80 in cash and (b) 0.4108 shares of IRT Common Stock, plus cash in lieu of fractional shares. IRT issued 15,110,994 shares of IRT common stock as equity consideration in the merger. On January 19, 2015, our board of directors declared the following dividends:
Month |  | Record Date |  | Payment Date |  | Dividend Declared Per Share |
January 2015 |  | January 30, 2015 |  | February 17, 2015 |  | $ | 0.06 |
February 2015 |  | February 27 2015 |  | March 16, 2015 |  | $ | 0.06 |
March 2015 |  | March 31, 2015 |  | April 15, 2015 |  | $ | 0.06 |
On April 13, 2015, our board of directors declared the following dividends:
Month |  | Record Date |  | Payment Date |  | Dividend Declared Per Share |
April 2015 |  | April 30, 2015 |  | May 15, 2015 |  | $ | 0.06 |
May 2015 |  | May 29, 2015 |  | June 15, 2015 |  | $ | 0.06 |
June 2015 |  | June 30, 2015 |  | July 15, 2015 |  | $ | 0.06 |
On July 1, 2015, our board of directors declared dividends for July, August and September 2015. On September 4, 2015 our board of directors approved the division of the September 2015 monthly dividend of $0.06 per share into two prorated dividends in preparation of the expected closing of the TSRE merger, as follows:
Month |  | Record Date |  | Payment Date |  | Dividend Declared Per Share |
July 2015 |  | July 31, 2015 |  | August 17, 2015 |  | $ | 0.06 |
August 2015 |  | August 31, 2015 |  | September 15, 2015 |  | $ | 0.06 |
September 2015 |  | September 15, 2015 |  | October 15, 2015 |  | $ | 0.034 |
September 2015 |  | September 30, 2015 |  | October 15, 2015 |  | $ | 0.026 |
On October 19, 2015 our board of directors declared the following dividends:
Month |  | Record Date |  | Payment Date |  | Dividend Declared Per Share |
October 2015 |  | October 30, 2015 |  | November 16, 2015 |  | $ | 0.06 |
November 2015 |  | November 30, 2015 |  | December 15, 2015 |  | $ | 0.06 |
December 2015 |  | December 31, 2015 |  | January 15, 2016 |  | $ | 0.06 |
Non-controlling Interest On September 17, 2015, immediately prior to the TSRE merger, the sole third party holder of units of TSR OP units contributed all of their TSR OP units to IROP in exchange for 1,925,419 of IROP units, plus cash in lieu of fractional IROP units, valued at $13,998. As of September 30, 2015, there were 3,154,935 IROP Units outstanding with a redemption value of $22,747, based on IRT’s stock price as of September 30, 2015.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C + Details
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