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Investments in Unconsolidated Real Estate | 9 Months Ended
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Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Real Estate | NOTE 4: Investments in Unconsolidated Real Estate We have entered into joint ventures with unrelated third parties to own, operate, acquire, develop and manage real estate assets that are accounted for under the equity method of accounting, and are included in investments in unconsolidated real estate entities on the consolidated balance sheets. Our joint ventures are funded with a combination of debt and equity. We will consolidate entities that we control as well as any variable interest entity where we are the primary beneficiary. Under the VIE model, we will consolidate an entity when we have the ability to direct the activities of the VIE and the obligations to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, we consolidate an entity when we control the entity through ownership of a majority voting interest. We separately analyzed the initial accounting for each investment in unconsolidated entity and concluded that each are a voting interest entity. Our equity interest varies for each joint venture between 50% to 90% but, in each case, we share control of the major decisions that most significantly impact the joint ventures with our partners. Since we do not control the joint venture through our ownership interest, they are accounted for under the equity method of accounting. As of September 30, 2022, our investments in unconsolidated real estate entities had aggregate land, building, and construction in progress costs capitalized of $174,839 and aggregate construction debt of $77,975. We do not guarantee any debt, capital payout or other obligations associated with our joint ventures. We recognize earnings or losses from our investments in unconsolidated real estate entities consisting of our proportionate share of the net earnings or losses of the joint ventures. The following table summarizes our investments in unconsolidated real estate entities as of September 30, 2022 and December 31, 2021:
|  |  |  |  |  |  |  | Carrying Value As Of
Investments in Unconsolidated Real Estate Entities |  | Location |  | Units(1) (Unaudited) |  | IRT Ownership Interest |  | September 30, 2022 |  | December 31, 2021
Metropolis at Innsbrook |  | Richmond, VA |  | 402 |  | 84.8 | % |  | $ | 17,152 |  |  | $ | 14,632 |
Views of Music City II / The Crockett |  | Nashville, TN |  | 408 |  | 50.0 | % |  | 11,198 |  |  | 10,368 |
Virtuoso |  | Huntsville, AL |  | 400 |  | 90.0 | % |  | 14,170 |  |  | — |
Lakeline Station |  | Austin, TX |  | 378 |  | 90.0 | % |  | 18,810 |  |  | — |
The Mustang |  | Dallas, TX |  | 275 |  | 85.0 | % |  | 9,278 |  |  | — |
Total |  |  |  | 1,863 |  |  |  | $ | 70,608 |  |  | $ | 24,999 |
(1)Represents the total number of units after development is complete and each property is placed in service. As of September 30, 2022 only 178-units at the Virtuoso investment’s development is complete and has ongoing operations.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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