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IRT and STAR Merger (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Combinations [Abstract] |
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 Unaudited Condensed Proforma Operating Information | The following unaudited condensed pro forma operating information is presented as if the STAR Merger occurred in 2020 and had been included in operations as of January 1, 2020. This pro forma information does not purport to represent what the actual results of the Company would have been had the STAR Merger occurred on this date, nor does it purport to predict the results of operations for future periods.
| Unaudited Year Ended December 31, |
| 2021 |  | 2020 |
Revenue | $ | 591,292 |  | $ | 540,516 |
Net income (loss) (a) | $ | 103,932 |  | $ | (44,899 | )
Net (income) loss attributable to noncontrolling interests | $ | (3,426 | ) | $ | 1,480 |
Net income (loss) attributable to common stockholders | $ | 100,506 |  | $ | (43,419 | )
Net income (loss) attributable to common stockholders per share - basic and diluted | $ | 0.45 |  | $ | (0.22 | )
| (a) | Contemporaneously with the closing of the STAR Merger, we hired 485 employees, previously employed by STAR, to operate the properties acquired in the STAR Merger in addition to serving in corporate positions.

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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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