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Investments in Unconsolidated Real Estate | 3 Months Ended
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Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Real Estate | NOTE 4: Investments in Unconsolidated Real Estate As of March 31, 2024, our investments in unconsolidated real estate entities had aggregate land, building, and construction in progress costs capitalized of $292,639 and aggregate construction debt of $179,293. 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 $829 and $776 from equity method investments during the three months ended March 31, 2024 and 2023, respectively, and these losses were recorded in loss from investments in unconsolidated real estate entities in our condensed consolidated statements of operations. The following table summarizes our investments in unconsolidated real estate entities as of March 31, 2024 and December 31, 2023:
|  |  |  |  |  |  |  | Carrying Value As Of
Investments in Unconsolidated Real Estate Entities |  | Location |  | Units (1) (Unaudited) |  | IRT Ownership Interest |  | March 31, 2024 |  | December 31, 2023
Metropolis at Innsbrook (2) |  | Richmond, VA |  | 402 |  | 84.8 | % |  | $ | 17,363 |  |  | $ | 18,028 |
Views of Music City II / The Crockett (3) |  | Nashville, TN |  | 408 |  | 50.0 | % |  | 11,734 |  |  | 11,632 |
Lakeline Station |  | Austin, TX |  | 378 |  | 90.0 | % |  | 32,670 |  |  | 32,126 |
The Mustang |  | Dallas, TX |  | 275 |  | 85.0 | % |  | 27,720 |  |  | 27,258 |
Total |  |  |  | 1,463 |  |  |  |  | $ | 89,487 |  |  | $ | 89,044 |
(1)Represents the total number of units after development is complete and each property is placed in service. (2)The Metropolis at Innsbrook is an operating property consisting of 402 total units (unaudited). We have a call option that gives us the right to buy the property upon the earlier of the date upon which the property achieves 90% occupancy or October 17, 2025. We also have a right to initiate a sale of the property after June 7, 2024. (3)Views of Music City II and The Crockett are operating properties consisting of 209 total units (unaudited) and 199 units (unaudited), respectively. We have exercised our right of first offer on The Crockett, which permits us to acquire the property once we determine the fair market value. We have until October 1, 2024 to exercise our right of first offer on the Views of Music City II.

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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 + Details
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