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Investments in Unconsolidated Real Estate Entities (Tables)

12 Months Ended

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

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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.

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