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Note 4 - Investments in Unconsolidated Real Estate | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 4: Investments in Unconsolidated Real Estate As of March 31, 2025, our investments in unconsolidated real estate entities had aggregate land, building, and capitalized construction in progress costs of $344,057 and aggregate construction debt of $225,887. 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 $590 and $829 from equity method investments during the three months ended March 31, 2025 and 2024, 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, 2025 and December 31, 2024:
|  |  |  |  |  |  |  |  |  |  |  | Carrying Value As Of |
Investments in Unconsolidated Real Estate Entities |  | Location |  | Units (1) |  |  | IRT Ownership Interest |  |  | March 31, 2025 |  |  | December 31, 2024 |
Metropolis at Innsbrook (2) |  | Richmond, VA |  |  | 402 |  |  |  | 84.8 | % |  | $ | 20,816 |  |  | $ | 21,163 |
Views of Music City II (3) |  | Nashville, TN |  |  | 209 |  |  |  | 50.0 | % |  |  | 5,912 |  |  |  | 5,905 |
Lakeline Station |  | Austin, TX |  |  | 378 |  |  |  | 90.0 | % |  |  | 36,609 |  |  |  | 36,106 |
The Mustang (4) |  | Dallas, TX |  |  | 275 |  |  |  | 85.0 | % |  |  | 29,288 |  |  |  | 28,801 |
Nexton Pine Hollow (5) |  | Charleston, SC |  |  | 324 |  |  |  | 90.0 | % |  |  | 9,015 |  |  |  | — |
Total |  |  | 1,588 |  |  |  |  |  |  | $ | 101,640 |  |  | $ | 91,975 |
| (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. The property was listed for sale during the three months ended March 31, 2025 and is under contract to be sold during the three months ended June 30, 2025. From the sale, we expect to receive a return of our invested capital in the amount of $24,500 and to recognize a gain of approximately $10,300.
| (3) | Views of Music City II is an operating property consisting of 209 units and was listed for sale during the three months ended March 31, 2025. We expect this property to be sold during 2025 and to receive our preferred return and invested capital.
| (4) | The Mustang is an operating property consisting of 275 total units. 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.
| (5) | On January 30, 2025, we entered into a joint venture for the development of Nexton Pine Hollow, a to-be-built multifamily apartment project comprised of 324 units in Charleston, SC. We have committed to invest an aggregate of $28,582 in this joint venture.

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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/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: 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 3: 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 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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