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Note 4 - Investments in Unconsolidated Real Estate

6 Months Ended

Jun. 30, 2026

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

NOTE 4: Investments in Unconsolidated Real Estate

As of  June 30, 2026, our investments in unconsolidated real estate entities had aggregate land, building, and capitalized construction in progress costs of $184,432 and aggregate construction debt of $93,872. 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 $836 and $1,883 from equity method investments during the three and six months ended June 30, 2026, respectively, and $562 and $1,151, respectively, during the three and six months ended June 30, 2025, and these were recognized within 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  June 30, 2026 and  December 31, 2025: 

												Carrying Value As Of
Investments in Unconsolidated Real Estate Entities		Location		Units (1)				IRT Ownership Interest				June 30, 2026				December 31, 2025
Lakeline Station (2)		Austin, TX			—				—			$	—			$	42,179
The Mustang (3)		Dallas, TX			275				85.0	%			31,036				30,578
Nexton Pine Hollow		Charleston, SC			324				90.0	%			29,892				22,097
The Approach		Indianapolis, IN			318				66.6	%			9,042				3,409
Total					917							$	69,970			$	98,263

(1) Represents the total number of units after development is complete and each property is placed in service.

(2) On January 20, 2026, we acquired our joint venture partner's 10% membership interest and assumed full operational control and 100% equity ownership of the Tisdale at Lakeline Station property underlying this joint venture. We began consolidating the assets and liabilities of the property and its operating results effective January 20, 2026. As of December 31, 2025, we had a 90% interest in the 378-unit property underlying the joint venture.

(3) The Mustang is an operating property consisting of 275 total units. 

The following table summarizes the assets and liabilities recognized upon the consolidation of Tisdale at Lakeline Station, our former unconsolidated real estate entity during the six months ended  June 30, 2026 on the date of consolidation of January 20, 2026. 

​	​	Assets and Liabilities Consolidated During the		​
​	​	Six Months Ended		​
​	​	June 30, 2026		​
Assets:	​	​	​	​
Cash and cash equivalents	​	$	41	​
Restricted cash	​	​	53	​
Other assets	​	​	204	​
Investments in real estate	​	​	28,708	​
Investments in real estate under development	​	​	90,395	​
Total assets	​	$	119,401	​
Liabilities:	​	​	​	​
Accounts payable and accrued expenses	​	$	4,394	​
Other liabilities	​	​	49	​
Mortgage loan (1)	​	​	72,675	​
Total liabilities	​	​	77,118	​
Derecognition of investments in unconsolidated real estate entities	​	​	42,283	​
Total liabilities and equity	​	$	119,401	​

(1) The mortgage loan was repaid using proceeds from our unsecured revolver and paid off concurrently with acquiring our joint venture partner's 10% membership interest on January 20, 2026.

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- References

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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

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