XML 47 R35.htm IDEA: XBRL DOCUMENT v3.5.0.2
Indebtedness - Additional Information (Detail) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Oct. 24, 2016
Oct. 11, 2016
Oct. 05, 2016
Jun. 24, 2016
May 26, 2016
May 20, 2016
May 17, 2016
Sep. 17, 2015
Oct. 31, 2016
May 31, 2016
Apr. 30, 2016
Mar. 31, 2016
Feb. 29, 2016
Jan. 31, 2016
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
Debt Instrument [Line Items]                                      
Indebtedness, weighted average interest rate                             3.50%   3.50%   3.70%
Debt outstanding Principal                             $ 888,078,000   $ 888,078,000   $ 975,531,000
Cash paid for interest                                 25,988,000 $ 13,354,000  
Secured credit facility borrowing capacity                             325,000,000   325,000,000   325,000,000
Debt instrument repayment                                 242,198,000 272,295,000  
Principal amount outstanding                             $ 247,335,000   $ 247,335,000   $ 271,500,000
Exit fees pursuant to mortgage indebtedness                                   23,219,000  
Key Bank Senior Facility                                      
Debt Instrument [Line Items]                                      
Line of Credit Drew Down                       $ 8,000,000              
Repayments Of Lines Of Credit                   $ 77,665,000                  
Proceeds from credit facility                       45,476,000              
Key Bank Interim Facility                                      
Debt Instrument [Line Items]                                      
Repayments Of Lines Of Credit                   30,000,000 $ 30,000,000 6,000,000 $ 23,784,000 $ 23,784,000          
Secured Credit Facility                                      
Debt Instrument [Line Items]                                      
Indebtedness, weighted average interest rate                             2.80% [1],[2]   2.80% [1],[2]   2.90% [3]
Debt outstanding Principal                             $ 247,335,000 [1],[2]   $ 247,335,000 [1],[2]   $ 271,500,000 [3]
Principal amount outstanding                             325,000,000   325,000,000    
Secured Credit Facility | Subsequent Event                                      
Debt Instrument [Line Items]                                      
Repayments Of Lines Of Credit $ 30,000,000 $ 30,000,000 $ 47,335,000           $ 107,335,000                    
Secured Credit Facility | Key Bank Senior Facility                                      
Debt Instrument [Line Items]                                      
Secured credit facility borrowing capacity               $ 325,000,000                      
Secured credit facility, remaining borrowing capacity                             77,665,000   $ 77,665,000    
Secured credit facility, unused fee percentage                                 0.25%    
Secured Credit Facility | Key Bank Senior Facility | Limited Partner                                      
Debt Instrument [Line Items]                                      
Secured credit facility, maturity date               Sep. 17, 2018                      
Increase in maximum borrowing capacity               $ 450,000,000                      
Secured Credit Facility | 1-month LIBOR | Key Bank Senior Facility                                      
Debt Instrument [Line Items]                                      
Debt instrument interest rate                                 2.45%    
Senior Interim Term Loan | Key Bank Interim Facility                                      
Debt Instrument [Line Items]                                      
Secured credit facility borrowing capacity               $ 120,000,000                      
Senior Secured credit facility, amended amount       $ 40,000,000                              
Senior Term Loan Facility | Subsequent Event                                      
Debt Instrument [Line Items]                                      
Repayment of term loan facility     $ 40,000,000                                
Senior Term Loan Facility | Key Bank Interim Facility                                      
Debt Instrument [Line Items]                                      
Secured credit facility borrowing capacity       $ 40,000,000                              
Secured credit facility, maturity date       Sep. 17, 2018                              
Proceeds from credit facility       $ 40,000,000                              
Interest payment period                                 Monthly    
Principal date       Jun. 30, 2017                              
Percentage of net proceeds from equity issuances, sales of assets, refinancing of assets       50.00%                              
Periodic principal payment monthly       $ 100,000                              
Debt instrument closing costs       416,000                              
Debt instrument repayment       $ 33,512,000                              
Principal amount outstanding                             40,000,000   $ 40,000,000    
Senior Term Loan Facility | 1-month LIBOR | Key Bank Interim Facility                                      
Debt Instrument [Line Items]                                      
Debt instrument interest rate       4.00%                         4.00%    
Senior Term Loan Facility | Base Rate | Key Bank Interim Facility                                      
Debt Instrument [Line Items]                                      
Debt instrument interest rate       3.00%                              
Sponsor                                      
Debt Instrument [Line Items]                                      
Cash paid for interest                             $ 0 $ 243,000 $ 361,000 $ 722,000  
Mortgages-Fixed Rate                                      
Debt Instrument [Line Items]                                      
Indebtedness, weighted average interest rate                             3.80%   3.80%   3.80%
Debt outstanding Principal                             $ 600,743,000   $ 600,743,000   $ 545,956,000
Debt instrument repayment                       $ 43,694,000              
Repayment of term loan facility                         $ 6,659,000            
Mortgages-Fixed Rate | Aston                                      
Debt Instrument [Line Items]                                      
Debt outstanding Principal         $ 25,050,000                            
Indebtedness maturity (in years)         30 years                            
Interest payment period                                 Monthly    
Principal date         Dec. 31, 2019                            
Debt interest rate         3.40%                            
Maturity date         Jun. 30, 2023                            
Mortgages-Fixed Rate | Craig Ranch                                      
Debt Instrument [Line Items]                                      
Debt outstanding Principal             $ 31,250,000                        
Indebtedness maturity (in years)             30 years                        
Interest payment period                                 Monthly    
Principal date             May 31, 2019                        
Debt interest rate             3.30%                        
Maturity date             Jun. 30, 2023                        
Mortgages-Fixed Rate | Big Creek                                      
Debt Instrument [Line Items]                                      
Debt outstanding Principal           $ 49,680,000                          
Indebtedness maturity (in years)           30 years                          
Interest payment period                                 Monthly    
Principal date           Jun. 30, 2019                          
Debt interest rate           3.70%                          
Maturity date           Jun. 30, 2026                          
Mortgages-Fixed Rate | Key Bank Interim Facility                                      
Debt Instrument [Line Items]                                      
Repayments Of Lines Of Credit                   $ 26,704,000                  
Mortgages-Fixed Rate | Key Bank Interim Facility | Minimum                                      
Debt Instrument [Line Items]                                      
Indebtedness maturity (in years)                   7 years                  
Mortgages-Fixed Rate | Key Bank Interim Facility | Maximum                                      
Debt Instrument [Line Items]                                      
Indebtedness maturity (in years)                   10 years                  
Mortgages-Floating Rate                                      
Debt Instrument [Line Items]                                      
Indebtedness, weighted average interest rate                                     2.80%
Debt outstanding Principal                             $ 0   $ 0   $ 38,075,000
Repayment of term loan facility                   $ 27,500,000 $ 10,575,000                
Mortgages-Floating Rate | Mortgages-Floating Rate April 2016                                      
Debt Instrument [Line Items]                                      
Exit fees pursuant to mortgage indebtedness                                 211,000    
Mortgages-Floating Rate | Mortgages-Floating Rate May 2016                                      
Debt Instrument [Line Items]                                      
Exit fees pursuant to mortgage indebtedness                                 $ 275,000    
[1] As of September 30, 2016, IRT maintained a float-to-fixed interest rate swap with a $150,000 notional amount. This swap, which expires on June 17, 2021 and has a fixed rate of 1.145%, has converted $150,000 of our floating rate debt to fixed rate debt.
[2] The secured credit facility total capacity is $325,000, of which $247,335 was outstanding as of September 30, 2016.
[3] The secured credit facility total capacity was $325,000, of which $271,500 was outstanding as of December 31, 2015.