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IRT and STAR Merger (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Purchase Price of STAR Merger | The following table summarizes the purchase price of STAR as of the date of the STAR Merger:
| Common Stock |  | OP Units |  | Amount
Shares of STAR common stock and STAR OP common units exchanged | 110,188,893 |  |  | 7,104,399 |  |  | 117,293,292 |
Exchange ratio | 0.905 |  |  | 0.905 |  |  | 0.905 |
Shares of IRT common stock and IRT OP common units issued | 99,720,948 |  |  | 6,429,481 |  |  | 106,150,429 |
Closing stock price of IRT on December 15, 2021 | $ | 24.45 |  |  | $ | 24.45 |  |  | $ | 24.45 |
Fair value of IRT common stock and IRT OP common units issued to former holders of STAR common stock and STAR OP common units | $ | 2,438,177 |  |  | $ | 157,200 |  |  | $ | 2,595,378 |
STAR indebtedness paid off in connection with the Mergers |  |  |  |  | 288,530 |
Consideration transferred |  |  |  |  | $ | 2,883,908 |
Fair value of STAR debt assumed by IRT |  |  |  |  | 1,793,614 |
Total purchase price |  |  |  |  | $ | 4,677,522 |
Schedule of Unaudited Condensed Proforma Operating Information | The following unaudited pro forma operating information is presented as if the STAR Merger occurred in 2021 and had been included in operations as of January 1, 2020. This pro forma information does not purport to represent what the actual results of the Company would have been had the STAR Merger occurred on this date, nor does it purport to predict the results of operations for future periods.
| (Unaudited) Year Ended December 31, 2021
Revenue | $ | 591,292 |  |  |
Net income (loss) (a) | $ | 103,932 |  |  |
Net (income) loss attributable to noncontrolling interests | $ | (3,426) |  |  |
Net income (loss) attributable to common stockholders | $ | 100,506 |  |  |
Net income (loss) attributable to common stockholders per share - basic and diluted | $ | 0.45 |  |  |
| (a) | Contemporaneously with the closing of the STAR Merger, we hired 485 employees, previously employed by STAR, to operate the properties acquired in the STAR Merger in addition to serving in corporate positions.

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