Investments in Unconsolidated Real Estate

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Real Estate

NOTE 4: Investments in Unconsolidated Real Estate

As of March 31, 2023, our investments in unconsolidated real estate entities had aggregate land, building, and construction in progress costs capitalized of $241,114 and aggregate construction debt of $115,882. 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 $776 and $63 from equity method investments during the three months ended March 31, 2023 and 2022, respectively, and these losses were recorded in loss from investments in unconsolidated real estate entities in our condensed consolidated statements of operations.

The following table summarizes our investments in unconsolidated real estate entities as of March 31, 2023 and December 31, 2022:


					Carrying Value As Of
Investments in Unconsolidated Real Estate Entities	Location	Units(1) (Unaudited)	IRT Ownership Interest		March 31, 2023		December 31, 2022
Metropolis at Innsbrook	Richmond, VA	402	84.8	%	$	17,583	$	17,331
Views of Music City II / The Crockett	Nashville, TN	408	50.0	%	11,483		11,363
Virtuoso	Huntsville, AL	178	90.0	%	13,647		14,422
Lakeline Station	Austin, TX	378	90.0	%	30,571		25,292
The Mustang	Dallas, TX	275	85.0	%	19,598		11,812
Total		1,641			$	92,882	$	80,220

(1)Represents the total number of units after development is complete and each property is placed in service. As of March 31, 2023 178-units (unaudited) at the Virtuoso investment’s development and 199-units (unaudited) at The Crockett are complete and had ongoing operations. We have one year from the delivery date to exercise our purchase option on The Crockett.