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Investments in Unconsolidated Real Estate | 6 Months Ended
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Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Real Estate | NOTE 4: Investments in Unconsolidated Real Estate As of June 30, 2023, our investments in unconsolidated real estate entities had aggregate land, building, and construction in progress costs capitalized of $273,921 and aggregate construction debt of $143,638. 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 $1,205 and $1,981, respectively, from equity method investments during the three and six months ended June 30, 2023 and $871 and $934, respectively, during the three and six months ended June 30, 2022, 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 June 30, 2023 and December 31, 2022:
|  |  |  |  |  |  |  | Carrying Value As Of
Investments in Unconsolidated Real Estate Entities |  | Location |  | Units (1) (Unaudited) |  | IRT Ownership Interest |  | June 30, 2023 |  | December 31, 2022
Metropolis at Innsbrook (2) |  | Richmond, VA |  | 402 |  | 84.8 | % |  | $ | 18,395 |  |  | $ | 17,331 |
Views of Music City II/The Crockett (3) |  | Nashville, TN |  | 408 |  | 50.0 | % |  | 11,555 |  |  | 11,363 |
Virtuoso (4) |  | Huntsville, AL |  | 178 |  | 90.0 | % |  | 12,860 |  |  | 14,422 |
Lakeline Station |  | Austin, TX |  | 378 |  | 90.0 | % |  | 31,061 |  |  | 25,292 |
The Mustang |  | Dallas, TX |  | 275 |  | 85.0 | % |  | 26,097 |  |  | 11,812 |
Total |  |  |  | 1,641 |  |  |  | $ | 99,968 |  |  | $ | 80,220 |
(1)Represents the total number of units after development is complete and each property is placed in service. (2)Operations commenced during the three months ended June 30, 2023 with 172 units (unaudited) placed in service. The remaining 230 units (unaudited) will be placed in service throughout the second half of 2023. (3)As of June 30, 2023, all 199 units (unaudited) at The Crockett were complete and had ongoing operations. We have one year from the delivery date to exercise our purchase option on The Crockett. (4)As of June 30, 2023, all 178 units (unaudited) at the Virtuoso investment’s development were complete and had 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 -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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