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Investments in Unconsolidated Real Estate Entities (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023:
|  |  |  |  |  |  |  | Carrying Value As Of
Investments in Unconsolidated Real Estate Entities |  | Location |  | Units (1) (Unaudited) |  | IRT Ownership Interest |  | December 31, 2024 |  | December 31, 2023
Metropolis at Innsbrook (2) |  | Richmond, VA |  | 402 |  | 84.8 | % |  | $ | 21,163 |  |  | $ | 18,028 |
Views of Music City II (3) |  | Nashville, TN |  | 209 |  | 50.0 | % |  | 5,905 |  |  | 5,791 |
The Crockett (4) |  | Nashville, TN |  | — |  |  | — |  |  | — |  |  | 5,841 |
Lakeline Station |  | Austin, TX |  | 378 |  | 90.0 | % |  | 36,106 |  |  | 32,126 |
The Mustang (5) |  | Dallas, TX |  | 275 |  | 85.0 | % |  | 28,801 |  |  | 27,258 |
Total |  |  |  | 1,264 |  |  |  | $ | 91,975 |  |  | $ | 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 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. On June 21, 2024, we entered into an agreement with the developer to list the property for sale upon achieving 85% occupancy. (3)Views of Music City II is an operating property and was listed for sale subsequent to December 31, 2024. We have a right of first refusal on any sale of the Views of Music City II. (4)The Crockett is an operating property consisting of 199 units (unaudited). On July 16, 2024, we amended the joint venture agreement governing the entity that owns this property and Views of Music City II. The amendment to the joint venture resulted in the return of our invested capital in the amount of $5,541 and preferred return in the amount of $2,964, net, thereon on October 17, 2024, while also providing us with a right of first refusal on any future sale of The Crockett. (5)The Mustang became an operating property during the fourth quarter of 2024 and consists of 275 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 85% occupancy or August 15, 2025.
Schedule of Investments in Real Estate | The following table summarizes our investments in real estate:
| 2024 |  | 2023 |  | Depreciable Lives (In years)
Land | $ | 564,966 |  |  | $ | 540,950 |  |  | —
Building | 5,323,105 |  |  | 5,288,956 |  |  | 40
Furniture, fixtures and equipment | 475,865 |  |  | 429,306 |  |  | 5-10
Total investments in real estate | $ | 6,363,936 |  |  | $ | 6,259,212 |  |  |
Accumulated depreciation | (740,957) |  |  | (582,760) |  |  |
Investments in real estate, net | $ | 5,622,979 |  |  | $ | 5,676,452 |  |  |
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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