XML 34 R24.htm IDEA: XBRL DOCUMENT v3.23.2

Investments in Unconsolidated Real Estate (Tables)

6 Months Ended

Jun. 30, 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 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.

X

- References

No definition available.

+ Details

Name:	us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

+ Details

Name:	us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration