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IRT and STAR Merger (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule 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

Schedule 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

Schedule of Unaudited Condensed Proforma Operating Information

The following unaudited pro forma operating information is presented as if the STAR Merger occurred in 2021 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 pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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