Investments in Unconsolidated Real Estate

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Real Estate

As of December 31, 2022, our investments in unconsolidated real estate entities had aggregate land, building, and construction in progress costs capitalized of $206,986 and aggregate construction debt of $91,554. 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. We recognized losses of $2,169, $0, and $0 from equity method investments during the years ended December 31, 2022, 2021, and 2020, and these losses were recorded in loss from investments in unconsolidated real estate entities in our consolidated statements of operations.

The following table summarizes our investments in unconsolidated real estate entities as of December 31, 2022 and December 31, 2021:


					Carrying Value As Of
Investments in Unconsolidated Real Estate Entities	Location	Units(1) (Unaudited)	IRT Ownership Interest		December 31, 2022		December 31, 2021
Metropolis at Innsbrook	Richmond, VA	402	84.8	%	$	17,331	$	14,632
Views of Music City II / The Crockett	Nashville, TN	408	50.0	%	11,363		10,368
Virtuoso	Huntsville, AL	178	90.0	%	14,422		—
Lakeline Station	Austin, TX	378	90.0	%	25,292		—
The Mustang	Dallas, TX	275	85.0	%	11,812		—
Total		1,641			$	80,220	$	24,999

(1)Represents the total number of units after development is complete and each property is placed in service. As of December 31, 2022 the Virtuoso investment’s development is complete and has ongoing operations.