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Other Disclosures | 6 Months Ended
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Jun. 30, 2016
Commitments And Contingencies Disclosure [Abstract] |
Other Disclosures | NOTE 10: Other Disclosures Litigation On June 11, 2015, three purported stockholders filed a complaint in the Circuit Court of Maryland for Baltimore City on behalf of a putative class of TSRE stockholders and naming as defendants TSRE’s Board of Directors, or the individual defendants, and TSRE. The case was captioned Tony Blank Family Trust et al. v. Trade Street Residential, Inc. et al., Case No. 24-C-15-003081, or the Blank action. TSRE was listed as a defendant in the caption of plaintiffs’ complaint, but no claim was asserted against TSRE. On July 15, 2015, the plaintiffs amended their complaint and added Monarch Alternative Capital, LP, Senator Investment Group, LP, and BHR Capital LLC, or the shareholder defendants, as defendants. The amended complaint generally alleged that, in connection with the acquisition of TSRE by IRT, the individual defendants breached their fiduciary duties by approving an acquisition that was financially unfair to TSRE’s stockholders and by conducting a sale process in which the individual defendants had conflicts of interest. The amended complaint also alleges that the shareholder defendants aided and abetted the individual defendants’ alleged breaches of their fiduciary duties and were unjustly enriched by the TSRE merger. On September 25, 2015 the defendants moved to dismiss the amended complaint. On November 6, 2015, plaintiffs in the Blank action amended their complaint for a second time in response to certain arguments raised by defendants in their motions to dismiss. The second amended complaint added a claim against the shareholder defendants for breach of fiduciary duty as controlling stockholders of TSRE. The defendants moved to dismiss the second amended complaint and on May 18, 2016, the court granted defendants’ motions to dismiss in their entireties. Plaintiffs in the Blank action did not appeal the order of dismissal. We do not expect any loss or legal defense costs in the future in connection with this matter in excess of our previously reserved amounts. In addition, we are subject to various other legal proceedings and claims that arise in the ordinary course of our business operations. Matters which arise out of allegations of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these other matters cannot be predicted with certainty, we currently believe the final outcome of such matters will not have a material adverse effect on our financial position, results of operations or cash flows. Other Matters To the extent that a natural disaster or similar event occurs with more than a remote risk of having a material impact on the consolidated financial statements, we will disclose the estimated range of possible outcomes, and, if an outcome is probable, accrue an appropriate liability.

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