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Investments in Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2021
Real Estate [Abstract] |
Summary of Investments in Real Estate | The table below summarizes real estate held for investment:
|  | 2021 |  |  | 2020 |  |  | Depreciable Lives (In years)
Land |  | $ | 567,507 |  |  | $ | 251,365 |  |  | -
Building |  |  | 5,622,492 |  |  |  | 1,527,535 |  |  | 40
Furniture, fixtures and equipment |  |  | 272,356 |  |  |  | 137,870 |  |  | 5-10
Total investments in real estate |  | $ | 6,462,355 |  |  | $ | 1,916,770 |  |  |
Accumulated depreciation |  |  | (243,475 | ) |  |  | (208,618 | ) |  |
Investments in real estate, net |  | $ | 6,218,880 |  |  | $ | 1,708,152 |  |  |
Summary of Held for Sale Property | The table below summarizes our held for sale properties.
Property Name - Market |  | Net Carrying Value |  |  | Units (unaudited) |  |  | Sale Price |
Riverchase - Indianapolis, IN |  | $ | 17,713 |  |  | 216 |  |  | $ | 31,000 |
Heritage Park - Oklahoma City, OK |  |  | 16,606 |  |  | 453 |  |  |  | 48,500 |
Raindance - Oklahoma City, OK |  |  | 13,251 |  |  | 504 |  |  |  | 47,500 |
Haverford Place - Louisville, KY |  |  | 13,990 |  |  | 160 |  |  |  | 31,050 |
Total |  | $ | 61,560 |  |  |  | 1,333 |  |  | $ | 158,050 |
Summary of Purchase Price of STAR Merger | The following table summarizes the purchase price of STAR as of the date of the STAR Merger:
| Common Stock |  |  | OP Units |  |  | Amount |
Shares of STAR common stock and STAR OP common units exchanged |  | 110,188,893 |  |  |  | 7,104,399 |  |  |  | 117,293,292 |
Exchange ratio |  | 0.905 |  |  |  | 0.905 |  |  |  | 0.905 |
Shares of IRT common stock and IRT OP common units issued |  | 99,720,948 |  |  |  | 6,429,481 |  |  |  | 106,150,429 |
Closing stock price of IRT on December 15, 2021 | $ | 24.45 |  |  | $ | 24.45 |  |  | $ | 24.45 |
Fair value of IRT common stock and IRT OP common units issued to former holders of STAR common stock and STAR OP common units | $ | 2,438,177 |  |  | $ | 157,200 |  |  | $ | 2,595,378 |
STAR indebtedness paid off in connection with the Mergers |  |  |  |  |  |  |  |  |  | 288,530 |
Consideration transferred |  |  |  |  |  |  |  |  | $ | 2,883,908 |
Fair value of STAR debt assumed by IRT |  |  |  |  |  |  |  |  |  | 1,793,614 |
Total purchase price |  |  |  |  |  |  |  |  | $ | 4,677,522 |
The below table summarizes asset acquisitions for the year ended December 31, 2021:
Property Name |  | Date of Purchase |  | Market |  | Units (unaudited) |  |  | Purchase Price |
Solis City Park |  | 05/18/2021 |  | Charlotte, NC |  |  | 272 |  |  | $ | 66,544 |
Cyan Craig Ranch |  | 06/08/2021 |  | Dallas, TX |  |  | 322 |  |  |  | 73,372 |
Total |  |  |  |  |  |  | 594 |  |  | $ | 139,916 |
The below table summarizes asset acquisitions for the year ended December 31, 2020:
Property Name |  | Date of Purchase |  | Market |  | Units (unaudited) |  |  | Purchase Price |
Adley at Craig Ranch |  | 02/11/2020 |  | Dallas, TX |  |  | 251 |  |  | $ | 51,204 |
Legacy at Jones Farm |  | 12/01/2020 |  | Huntsville, AL |  |  | 421 |  |  |  | 94,027 |
Total |  |  |  |  |  |  | 672 |  |  | $ | 145,231 |
Summary of Purchase Price Allocation of Identifiable Assets and Liabilities Assumed | The following table shows the purchase price allocation of STAR’s identifiable assets and liabilities assumed as of the date of the STAR Merger:
| Amount |
Assets: |  |  |
Real estate held for investment | $ | 4,547,608 |
Real estate held for development |  | 38,949 |
Cash and cash equivalents |  | 69,179 |
Restricted cash |  | 33,228 |
Other assets |  | 23,596 |
Derivative assets |  | 90 |
Intangible assets |  | 58,048 |
Total assets | $ | 4,770,698 |
Liabilities: |  |  |
Indebtedness | $ | 1,793,614 |
Accounts payable and accrued liabilities |  | 79,099 |
Accrued interest payable |  | 3,113 |
Other liabilities |  | 10,965 |
Total liabilities |  | 1,886,791 |
Net assets acquired | $ | 2,883,907 |
The following table summarizes the aggregate fair value of the assets and liabilities associated with asset acquisition of pr operties during the year ended December 31, 20 2 1, on the date of acquisition.
Description |  | Fair Value of Assets Acquired During the Year Ended December 31, 2021 |
Assets acquired: |  |  |  |
Investments in real estate (a) |  | $ | 139,336 |
Other assets |  |  | 33 |
Intangible assets |  |  | 757 |
Total assets acquired |  | $ | 140,126 |
Liabilities assumed: |  |  |  |
Accounts payable and accrued expenses |  | $ | 795 |
Other liabilities |  |  | 100 |
Total liabilities assumed |  |  | 895 |
Estimated fair value of net assets acquired |  | $ | 139,231 |
| (a) | Includes $177 of property related acquisition costs capitalized during the year ended December 31, 2021.
Summary of Disposition of Property | The below table summarizes the dispositions for the year ended December 31, 2021:
Property Name |  | Date of Sale |  | Sale Price |  |  | Gain on sale (1) |
King's Landing |  | 07/28/2021 |  | $ | 40,100 |  |  | $ | 11,566 |
Crestmont |  | 12/13/2021 |  |  | 48,500 |  |  |  | 33,067 |
Creekside |  | 12/16/2021 |  |  | 91,000 |  |  |  | 43,104 |
Total |  |  |  | $ | 179,600 |  |  | $ | 87,737 |
| (1) | The gain for these properties is net of $2,312 of defeasance costs and debt prepayment costs.
The below table summarizes the dispositions for the year ended December 31, 2020:
Property Name |  | Date of Sale |  | Sale Price |  |  | Gain (impairment loss) on sale |
Trails at Signal Mountain |  | 10/27/2020 |  | $ | 20,000 |  |  | $ | 6,237 |
Live Oak Trace (1) |  | 11/10/2020 |  |  | 25,400 |  |  |  | (1,931 | )
Lakeshore on the Hill |  | 11/23/2020 |  |  | 14,330 |  |  |  | 3,537 |
Total |  |  |  | $ | 59,730 |  |  | $ | 7,843 |
| (1) | Includes a $1,840 impairment charge recorded in the three months ended September 30, 2020.
The below table summarizes the dispositions for the year ended December 31, 201 9:
Property Name |  | Date of Sale |  | Sale Price |  |  | Gain on sale (1) |
Reserve at Eagle Ridge |  | 04/30/2019 |  | $ | 42,000 |  |  | $ | 12,294 |
Little Rock, AR Portfolio |  | 07/18/2019 |  |  | 56,500 |  |  |  | 2,220 |
Iron Rock |  | 12/17/2019 |  |  | 56,000 |  |  |  | 20,683 |
Total |  |  |  | $ | 154,500 |  |  | $ | 35,197 |
| (1) | The gain for these properties is net of $7,417 of defeasance and debt prepayment costs.

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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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