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Investments in Real Estate (Tables)

12 Months Ended

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 properties during the year ended December 31, 2021, 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, 2019:  

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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