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Investments in Unconsolidated Real Estate (Tables) | 9 Months Ended
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Sep. 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 September 30, 2023 and December 31, 2022:
|  |  |  |  |  |  |  | Carrying Value As Of
Investments in Unconsolidated Real Estate Entities |  | Location |  | Units (1) (Unaudited) |  | IRT Ownership Interest |  | September 30, 2023 |  | December 31, 2022
Metropolis at Innsbrook (2) |  | Richmond, VA |  | 402 |  | 84.8 | % |  | $ | 17,576 |  |  | $ | 17,331 |
Views of Music City II / The Crockett (3) |  | Nashville, TN |  | 408 |  | 50.0 | % |  | 11,632 |  |  | 11,363 |
Lakeline Station |  | Austin, TX |  | 378 |  | 90.0 | % |  | 31,585 |  |  | 25,292 |
The Mustang |  | Dallas, TX |  | 275 |  | 85.0 | % |  | 26,799 |  |  | 11,812 |
Virtuoso (4) |  | Huntsville, AL |  | — |  |  | 90.0 | % |  | — |  |  | 14,422 |
Total |  |  |  | 1,463 |  |  |  |  | $ | 87,592 |  |  | $ | 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) were placed in service during the three months ended September 30, 2023. (3)Views of Music City phase II had 121 units (unaudited) placed in service during the three months ended September 30, 2023 and became an operating property consisting of 209 total units (unaudited) as of October 2, 2023. The Crockett is an operating property consisting of 199 units (unaudited) delivered during the three months ended March 31, 2023. We have one year from their respective delivery dates to exercise our purchase options on The Crockett and Views of Music City phase II. (4)An amendment to the Virtuoso joint venture agreement on August 1, 2023 provided us with control over the major decisions that most significantly impact the joint venture and removed our joint venture partner’s rights to a promote interest. This caused us to reassess the accounting for Virtuoso, a former unconsolidated real estate entity that consists of 178 units (unaudited) in Huntsville, Alabama, during the quarter ended September 30, 2023. Because we concluded that Virtuoso is a voting interest entity and that we now control the major decisions that most significantly impact the joint venture through our 90% voting interest, we began consolidating the assets and liabilities and operating results of Virtuoso effective August 1, 2023. In accordance with FASB Topic ASC 805, upon consolidation, we recognized the assets and liabilities of Virtuoso at carryover basis, allocating the individual assets and liabilities based upon their relative fair values on our condensed consolidated balance sheets.
Summary of Investments in Real Estate | The following table summarizes our investments in real estate, excluding one property we classified as held for sale:
| As of September 30, 2023 |  | As of December 31, 2022 |  | Depreciable Lives (In years)
Land | $ | 586,361 |  |  | $ | 579,094 |  |  | —
Building | 5,728,541 |  |  | 5,695,711 |  |  | 40
Furniture, fixtures and equipment | 439,120 |  |  | 340,438 |  |  | 5-10
Total investments in real estate | $ | 6,754,022 |  |  | $ | 6,615,243 |  |  |
Accumulated depreciation | (567,200) |  |  | (425,034) |  |  |
Investments in real estate, net | $ | 6,186,822 |  |  | $ | 6,190,209 |  |  |
The following table summarizes the assets and liabilities recognized upon the consolidation of Virtuoso, our former unconsolidated real estate entity during the nine months ended September 30, 2023, on the date of consolidation.
|  | Assets and Liabilities Consolidated During the Nine Months Ended September 30, 2023
Assets: |  |
Investments in real estate |  | $ | 49,939 |
Cash and cash equivalents |  | 817 |
Restricted cash |  | 1,329 |
Other assets |  | 395 |
Intangible assets |  | 398 |
Total assets |  | $ | 52,878 |
Liabilities: |  |
Indebtedness |  | $ | 39,281 |
Accounts payable and accrued expenses |  | 255 |
Accrued interest payable |  | 283 |
Other liabilities |  | 111 |
Total liabilities |  | 39,931 |
Noncontrolling interest |  | 256 |
Derecognition of investments in unconsolidated real estate entities |  | 12,691 |
Total Liabilities and equity |  | $ | 52,878 |

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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://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
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- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
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