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IRT and STAR Merger (Tables)
 12 Months Ended
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 StockOP UnitsAmount
Shares of STAR common stock and STAR OP common units exchanged110,188,893 7,104,399 117,293,292 
Exchange ratio0.905 0.905 0.905 
Shares of IRT common stock and IRT OP common units issued99,720,948 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 Mergers288,530 
Consideration transferred$2,883,908 
Fair value of STAR debt assumed by IRT1,793,614 
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.