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Investments in Unconsolidated Real Estate Entities

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Real Estate Entities

Investments in Unconsolidated Real Estate Entities

As of December 31, 2023, our investments in unconsolidated real estate entities had aggregate land, building, and construction in progress costs capitalized of $240,940 and aggregate construction debt of $125,065. We do not guarantee any debt, capital payout or other obligations associated with these entities. 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 $4,488, $2,169, and $0 from equity method investments during the years ended December 31, 2023, 2022, and 2021, respectively, and these losses were recorded in loss from investments in unconsolidated real estate entities in our consolidated statements of operations.

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.

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- References

No definition available.

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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

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