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Investments in Unconsolidated Real Estate Entities (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Investments in Unconsolidated Real Estate | The following table summarizes our investments in unconsolidated real estate entities as of December 31, 2023 and 2022:
|  |  |  |  |  |  |  | Carrying Value As Of
Investments in Unconsolidated Real Estate Entities |  | Location |  | Units(1) (Unaudited) |  | IRT Ownership Interest |  | December 31, 2023 |  | December 31, 2022
Metropolis at Innsbrook (2) |  | Richmond, VA |  | 402 |  | 84.8 | % |  | $ | 18,028 |  |  | $ | 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 | % |  | 32,126 |  |  | 25,292 |
The Mustang |  | Dallas, TX |  | 275 |  | 85.0 | % |  | 27,258 |  |  | 11,812 |
Virtuoso (4) |  | Huntsville, AL |  | — |  |  | 90.0 | % |  | — |  |  | 14,422 |
Total |  |  |  | 1,463 |  |  |  | $ | 89,044 |  | $ | 89,044 |  | $ | 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. We have a call option, which takes effect on June 1, 2024, to exercise our purchase option on Metropolis at Innsbrook when the property achieves 90% occupancy. (3)Views of Music City II is an operating property consisting of 209 total units (unaudited) delivered 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 until April 4, 2024 and October 1, 2024 to exercise our purchase options on The Crockett and Views of Music City II, respectively. (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. As a result of the amendment, we reassessed the accounting for Virtuoso, a former unconsolidated real estate entity that consists of 178 units (unaudited) in Huntsville, Alabama. 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 consolidated balance sheets.
Schedule of Investments in Real Estate | The following table summarizes our investments in real estate:
| 2023 |  | 2022 |  | Depreciable Lives (In years)
Land | $ | 540,950 |  |  | $ | 579,094 |  |  | —
Building | 5,288,956 |  |  | 5,695,711 |  |  | 40
Furniture, fixtures and equipment | 429,306 |  |  | 340,438 |  |  | 5-10
Total investments in real estate | $ | 6,259,212 |  |  | $ | 6,615,243 |  |  |
Accumulated depreciation | (582,760) |  |  | (425,034) |  |  |
Investments in real estate, net | $ | 5,676,452 |  |  | $ | 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 year ended December 31, 2023, on the date of consolidation.
|  | Assets and Liabilities Consolidated During the Year Ended December 31, 2023
Assets: |  |
Investments in real estate |  | $ | 49,939 |
Cash and cash equivalents |  | 816 |
Restricted cash |  | 1,329 |
Other assets |  | 396 |
Intangible assets |  | 398 |
Total assets |  | $ | 52,878 |
Liabilities: |  |
Indebtedness |  | $ | 39,281 |
Accounts payable and accrued expenses |  | 255 |
Accrued interest payable |  | 283 |
Other liabilities |  | 112 |
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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