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Investments in Unconsolidated Real Estate (Tables)

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Summary of Investments in Unconsolidated Real Estate

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.

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- References

No definition available.

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- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

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